UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF ...

Customer Concentration and Sales - In 2025, sales to the top ten customers accounted for 74% of total revenue, with Customer A, B, and C contributing 31%, 17%, and 11% respectively[73] - The company relies on a small number of customers, with three customers accounting for over 10% of total net revenue, increasing vulnerability to customer loss[73] - The company is affected by seasonality, with the strongest sales typically occurring in the fourth quarter due to holiday-related demand[102] Cost and Pricing Pressures - Significant increases in raw material costs, particularly aluminum, negatively impacted results in 2025[78] - The company experienced fluctuations in raw material and energy costs, which represent a significant portion of the cost of sales[78] - Labor costs in the United States continue to rise, potentially impacting operating expenses and growth[84] - The company has implemented price increases, which may slow sales growth or create volume declines as customers react to these changes[99] Regulatory and Compliance Risks - Regulatory changes regarding environmental sustainability could materially affect sales and product offerings, particularly in the Hefty Tableware segment[87] - The lack of a uniform regulatory framework across the U.S. complicates compliance and impacts marketing and product development strategies[90] - The company is subject to various governmental regulations, which may incur material liabilities and compliance costs, potentially affecting its financial condition and operations[123] - Environmental, health, and safety laws impose strict liabilities that could lead to significant fines, penalties, and increased compliance costs, impacting profitability[124] - The company may face increased costs due to new regulations aimed at reducing plastic waste, which could affect demand for certain products[127] - Stakeholder focus on environmental issues, including climate change and sustainability, may hinder access to capital and impact consumer demand for products[128] Financial and Debt Management - As of December 31, 2025, the company had $1,586 million of outstanding indebtedness under its senior secured term loan facility maturing in 2032 and $693 million of borrowing capacity under its senior secured revolving credit facility maturing in 2029[118] - The unhedged portion of the Term Loan Facility was approximately $586 million as of December 31, 2025, exposing the company to interest rate risk[121] - Higher interest rates during the year ended December 31, 2023, increased the company's debt service obligations on unhedged variable rate indebtedness, leading to a decrease in net income and cash flows[122] - As of December 31, 2025, the company had significant variable rate debt commitments outstanding, accruing interest at the SOFR rate plus an applicable margin of 1.75%[292] - The aggregate notional amount of interest rate swaps in effect as of December 31, 2025, was $1,000 million, with fixed rates ranging from 2.66% to 3.40%[293] - Additional interest rate swaps with a notional value of $900 million were entered into, fixing the SOFR to an annual rate of 3.33% to 3.41%[294] - A 100-basis point increase in interest rates under the Term Loan Facility would result in a $6 million increase in interest expense per annum on outstanding borrowings[296] Competition and Market Dynamics - The company faces competitive pressures from both established and new entrants in the market, necessitating continuous innovation[75] - Economic downturns and inflationary pressures have historically led to decreased demand for products, impacting overall sales[92][94] Operational Challenges - Supply chain disruptions, including reduced trucking capacity, have led to increased transportation costs and operational challenges[82] - The company faces intense competition for qualified personnel, which could hinder its ability to conduct research and development activities[104] - The company has quality control measures in place, but any failure to maintain product safety and quality could result in recalls and harm to its reputation[100] - Cybersecurity threats pose risks to the company's IT and operational technology systems, which could disrupt operations and adversely impact financial results[134] Corporate Governance and Ownership - PFL controls approximately 74% of the company's outstanding shares, allowing it to determine the outcome of corporate actions requiring stockholder approval[150] - The concentration of PFL's ownership may discourage other parties from making tender offers, potentially preventing stockholders from receiving a premium for their shares[152] - The company is classified as a "controlled company" under Nasdaq rules, which allows it to rely on exemptions from certain corporate governance requirements[158] Legal and Insurance Risks - Legal claims and proceedings could require significant time and resources to defend, potentially affecting cash flows and financial condition[137] - The company maintains insurance for some risks, but may face uninsured liabilities that could adversely affect cash position and results of operations[141] Strategic Initiatives - The company may pursue acquisitions of brands, businesses, assets, or technologies, which could involve risks such as the assumption of contingent liabilities and potential impairments of acquired intangible assets[105] - The company intends to continue paying quarterly cash dividends on its common stock, but this ability may be limited by various factors including financial condition and capital requirements[148] - The company relies on effective systems to gather and use consumer data for marketing, with risks associated with new product development and market entry[98]

Revenue and Sales Performance - Revenue for Q4 2025 was $9.7 million, a 3% increase sequentially from $9.5 million in Q3 2025, but a 10% decrease year-over-year from $10.8 million in Q4 2024[5] - Full year 2025 net sales were $39.8 million, a 7% decrease compared to $43.0 million in 2024[5] Membership and Active Users - Active Members decreased to 26,650 as of December 31, 2025, down from 28,030 at September 30, 2025, and 30,870 at December 31, 2024[5] Profitability and Loss - Operating loss for Q4 2025 was $635,000, compared to $495,000 in Q3 2025 and $421,000 in Q4 2024; excluding restructuring charges, the loss would have been $352,000[5] - Net loss for Q4 2025 was $588,000, or $0.05 per diluted share, compared to a net loss of $431,000, or $0.04 per diluted share, in Q3 2025, and net income of $176,000, or $0.02 per diluted share, in Q4 2024[5] - Net income for 2025 was $(882) million, a decrease from $572 million in 2024[18] Cash Flow and Liquidity - Total cash, cash equivalents, and marketable securities were $28.9 million as of December 31, 2025, down from $32.0 million as of September 30, 2025[11] - Operating cash flow for Q4 2025 was a net outflow of $959,000, compared to a net inflow of $88,000 in Q4 2024[11] - Net cash used in operating activities increased to $(5,997) million in 2025 from $(3,367) million in 2024[18] - Total cash, cash equivalents, and restricted cash decreased to $6,820 million at the end of 2025 from $13,567 million at the end of 2024[18] Dividends and Shareholder Returns - The company declared a quarterly cash dividend of $0.10 per share, payable on February 27, 2026[11] - Dividends paid remained consistent at approximately $(9,210) million for both 2025 and 2024[18] Inventory and Assets - Inventories increased to $1,274 million in 2025 from $1,000 million in 2024[18] - Other current assets showed a significant change, increasing to $1,224 million in 2025 from $(113) million in 2024[18] - Right-of-use assets obtained in exchange for operating lease liabilities rose to $487 million in 2025 from $124 million in 2024[18] Cost Management and Restructuring - The company expects to realize $1.5 million in annualized cost savings from restructuring initiatives that are substantially complete[4] - The company relocated about 40% of its product sourcing base from America to East Asia to reduce tariff uncertainty and streamline logistics[4] Cash Flow from Investments - Cash flows from investing activities provided $8,148 million in 2025, contrasting with $(30,075) million used in 2024[18] - Purchases of marketable securities decreased to $(50,742) million in 2025 from $(70,431) million in 2024[18] Foreign Exchange Impact - The effect of exchange rates on cash resulted in a gain of $312 million in 2025 compared to $5 million in 2024[18]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 000-19034 REGENERON PHARMACEUTICALS, INC. (Exact name of registrant as specified in its charter) New York 13-34446 ...

Financial Performance - Brookfield Asset Management reported record quarterly fee-related earnings of $867 million, up 28% year-over-year, and distributable earnings of $767 million, up 18% year-over-year[2][10]. - Net income for Q4 2025 was $615 million, with total net income for the year reaching $2.4 billion, marking a significant increase from the previous year[9][28]. - Brookfield's total revenues for 2025 reached $4.8 billion, up from $3.98 billion in 2024, driven by strong management and incentive fee revenues[28]. - Net income for Q4 2025 was $615 million, a decrease of 9.6% from $680 million in Q4 2024[29]. - Fee-related earnings (FRE) increased to $867 million in Q4 2025, up 28.1% from $677 million in Q4 2024[33]. - Distributable earnings (DE) rose to $767 million in Q4 2025, compared to $649 million in Q4 2024, reflecting an 18.2% increase[29]. - Base management and advisory fees reached $873 million in Q4 2025, a 9.9% increase from $794 million in Q4 2024[33]. - Incentive fees surged to $212 million in Q4 2025, doubling from $106 million in Q4 2024[33]. - Total fee revenues for the year ended December 31, 2025, were $5.487 billion, a 16.6% increase from $4.706 billion in 2024[33]. - The company reported a provision for taxes of $299 million in Q4 2025, significantly higher than $129 million in Q4 2024[29]. - Depreciation and amortization expenses increased to $24 million in Q4 2025 from $3 million in Q4 2024[29]. Dividends and Shareholder Returns - Brookfield announced a 15% increase in its quarterly dividend to $0.5025 per share, payable on March 31, 2026[5]. Fundraising and Investments - The company achieved a record fundraising of $35 billion in Q4 2025, totaling $112 billion for the year, with fee-bearing capital growing to over $600 billion, reflecting a 12% year-over-year increase[2][11]. - As of December 31, 2025, Brookfield had $134 billion in uncalled fund commitments, with $63 billion expected to generate approximately $630 million in annual fees once deployed[20]. - Corporate liquidity stood at $3.0 billion, including cash and undrawn capacity on revolving credit[21]. Strategic Initiatives - The company launched a $100 billion global AI infrastructure program, with $5 billion already secured in commitments for the Brookfield AI Infrastructure Fund[14][24]. - Brookfield completed the acquisition of a majority interest in Angel Oak, a leading asset manager with over $10 billion in fee-bearing capital[24]. - The company plans to acquire the remaining 26% of Oaktree for approximately $3.0 billion, expected to close in the first half of 2026[24]. Long-term Focus - The company emphasized its focus on long-term investments in real assets and essential service businesses, managing over $1 trillion in assets[41]. - Shareholders are encouraged to review the detailed financial results and strategy documents available on the company's website[36].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 4, 2026 GRI BIO, INC. (Exact name of registrant as specified in its charter) Delaware 001-40034 82-4369909 (State or other jurisdiction (Commission File Number) (IRS Employer Identification No.) of incorporation) 2223 Avenida de la Playa, Suite 208 (Registrant's telephone number, inclu ...

Financial Results - GRI Bio, Inc. reiterated its financial results for the fiscal year 2025 on February 4, 2026[4]. Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[3]. Recent Highlights - A press release summarizing key recent highlights was issued, which is attached as Exhibit 99.1[4].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Yes □ No 区 If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g-32(b):82- FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER Pursuant to rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 4 February 2026 NOVO NORDISK A/S (Exact name of Registrant as specified in its charter) Novo Allé DK-2880 Bagsværd Denmark (Address of principal executive offices) Indicate by check mark whether the ...

Financial Performance - Fourth quarter 2025 diluted earnings per share decreased by 11.4% to $1.09 compared to $1.23 in Q4 2024[2] - Total revenue for Q4 2025 was $1,307.3 million, a decrease of 5.7% from $1,385.8 million in Q4 2024[2] - LTL services revenue for Q4 2025 was $1,295.9 million, down 5.6% from $1,372.3 million in Q4 2024[2] - Operating income for Q4 2025 was $304.3 million, an 8.9% decrease from $334.0 million in Q4 2024[2] - Net income for Q4 2025 was $229.5 million, down 12.8% from $263.1 million in Q4 2024[2] - Revenue for Q4 2025 was $1,307,290, a decrease of 5.6% from Q4 2024's $1,385,820, with year-to-date revenue at $5,496,380, down 5.5% from $5,814,810 in 2024[15] - Operating income for Q4 2025 was $304,251, representing 23.3% of revenue, compared to $334,020 or 24.1% in Q4 2024, with year-to-date operating income at $1,361,040, down 11.8% from $1,543,998 in 2024[15] - Net income for Q4 2025 was $229,470, a decrease of 13.0% from $263,144 in Q4 2024, with year-to-date net income at $1,186,073, down 23.0% from $1,543,998 in 2024[15] - Basic earnings per share for Q4 2025 was $1.10, down from $1.23 in Q4 2024, with diluted earnings per share at $1.09 compared to $1.23 in the previous year[15] Operating Efficiency - The operating ratio increased by 80 basis points to 76.7% in Q4 2025, compared to 75.9% in Q4 2024[4] - Total operating expenses for Q4 2025 were $1,003,040, accounting for 76.7% of revenue, compared to $1,051,800 or 75.9% in Q4 2024[15] - The operating ratio for Q4 2025 was 76.7%, compared to 75.9% in Q4 2024, indicating a decline in operational efficiency[19] Cash Flow and Capital Expenditures - Cash provided by operating activities was $310.2 million for Q4 2025 and $1.4 billion for the full year[5] - Capital expenditures for Q4 2025 were $45.7 million, with an expected total of approximately $265 million for 2026[6] Shareholder Returns - The company declared a quarterly cash dividend of $0.29 per share, representing a 3.6% increase from the previous year[8] - The company returned $730.3 million to shareholders through share repurchases and paid $235.6 million in cash dividends for the year[7] Workforce and Operational Metrics - Average active full-time employees decreased by 6.0% to 20,706 in Q4 2025 from 22,032 in Q4 2024[19] - LTL intercity miles decreased by 11.1% to 144,055 in Q4 2025 from 162,124 in Q4 2024, with year-to-date miles down 8.5% to 616,261[19] - LTL revenue per hundredweight increased by 5.6% to $33.91 in Q4 2025 from $32.10 in Q4 2024, reflecting improved pricing despite lower volumes[19] Balance Sheet - Cash and cash equivalents increased to $120,091 in 2025 from $108,676 in 2024, while total assets decreased slightly to $5,470,160 from $5,491,395[21]

Financial Performance - Earnings per share on a GAAP basis for Q1 fiscal 2026 was $1.39, compared to a loss of $0.11 in the same quarter last year [2]. - Net income for the three months ended December 31, 2025, was $43,629,000, a significant improvement from a net loss of $3,472,000 in the same period of 2024 [17]. - Adjusted net loss for the three months ended December 31, 2025, was $(6,011,000), translating to an adjusted loss per share of $(0.19), compared to adjusted net income of $4,334,000 and $0.14 per share in 2024 [23]. - Adjusted EBITDA for the same period was $35,238,000, with an adjusted EBITDA margin of 12.4%, compared to $40,023,000 and a margin of 10.0% in 2024 [20]. Sales and Revenue - The Memorialization segment reported sales of $204.2 million, an increase from $190.5 million a year ago, driven by the acquisition of The Dodge Company and higher sales volumes [15]. - The Industrial Technologies segment experienced a decline in sales to $69.0 million from $80.5 million, primarily due to challenges in the engineering business [15]. - Reported sales for the three months ended December 31, 2025, totaled $284,763,000, while constant currency sales were $282,208,000, reflecting a decrease due to foreign exchange translation rates [25]. Cash Flow and Financing - The company experienced a net cash used in operating activities of $51,992,000 for the three months ended December 31, 2025, compared to $25,009,000 in 2024 [17]. - Cash flows from investing activities provided $237,443,000 in the three months ended December 31, 2025, primarily due to proceeds from divestitures of $240,168,000 [17]. - The company reported a net cash used in financing activities of $186,637,000 for the three months ended December 31, 2025, compared to a net cash provided of $18,437,000 in 2024 [17]. Debt and Liabilities - The company executed divestitures generating $225.4 million in cash proceeds, leading to a $174 million reduction in outstanding debt [6]. - The company redeemed $300 million of 8.625% Senior Secured Second Lien Notes due 2027, expected to significantly reduce interest expense [6]. - Total assets decreased to $1.55 billion from $1.69 billion, while total liabilities reduced to $1.01 billion from $1.21 billion [16]. Strategic Initiatives - The integration of the SGK business with SGS into Propelis Group is projected to achieve cost synergies of approximately $60 million, expected to be realized in calendar 2026 [7]. - The company maintains its earnings guidance for fiscal 2026, projecting adjusted EBITDA of at least $180 million, including an estimated 40% share of Propelis adjusted EBITDA [9]. - The company incurred acquisition and divestiture costs of $777,000 in Q4 2025, up from $355,000 in Q4 2024 [23]. - Strategic initiatives and other charges amounted to $12,569,000 in Q4 2025, compared to $704,000 in Q4 2024 [23]. - The company reported a gain on divestitures of $(72,295,000) in Q4 2025, which negatively impacted adjusted net income [23]. Profitability Metrics - Adjusted EBITDA for the total company was $35.2 million, down from $40.0 million in the prior year [15]. - The gross profit margin improved to 35.0% from 31.3% year-over-year, reflecting better operating margins in the Memorialization segment [13].