Risk factors

KBR is executing a planned spinoff of its Mission Technology Solutions business by the second half of fiscal 2026.

Acquisition risks introduced for Distributed Power Solutions LLC and $1.54B in new senior notes added to long-term debt.

Kinetik added focus on $139.4 million of net operating loss carryforwards and Section 382 limitations. Inflation risks now reflect 2.6% CPI and a 3.50% - 3.75% FOMC rate. Geopolitical mentions expanded to include recent events in Venezuela alongside Ukraine and the Middle East.

Koppers faces new risks from copper and import tariffs, evolving geopolitical supply chain threats, and cyber threats.

New risks highlight concerns over operator drilling success, hydraulic fracturing regulations, trade tariffs, and tax reporting uncertainties.

Kymera added risks around operational restructuring, third-party collaborations, and IP litigation. Tax disclosures now explicitly cite the OBBBA enacted July 4, 2025. Macro risks incorporate new tariffs and policy changes under the 2025 administration.

LandBridge Co added risks concerning capital access under low-carbon scenarios, credit facility asset security, and share repurchases. The company lost emerging growth status, triggering auditor attestation requirements. Share counts and governance applicability expanded to NYSE Texas rules.

Global tariffs increased material costs and supply chain risks in 2025, while Supreme Court rulings altered tariff enforcement.

Refinancing replaced 2027 and 2028 notes with a $675.0 million 7.00% note due 2030. Climate change and new environmental regulations like EU-ETS now pose direct fleet threats.

This is an initial filing following the Split-Off from Liberty Media with no prior risk section.

Cheniere faces new risks from U.S. trade policies restricting maritime transport and expiring property tax incentives for major LNG terminals.

Lantheus faces upcoming generic expiration risks for PYLARIFY in May 2026. Executive leadership turnover occurred with CEO Brian Markison retiring. The company expanded its share buyback program to $400.0 million.