Risk factors

AI risk disclosure now includes regulatory, litigation, operational and financial exposure, including potential unauthorized practice of law claims.

Total debt rose to $1,677.1 million from $952.8 million, with €500 million of notes issued to refinance 2026 notes.

Mattel added risks from responsible AI use and the costs, competition, and third-party dependencies of digital games.

Revenue concentration in the top 20 Demand Partners rose to 82% from 72%; the two largest accounted for 25% and 24%.\nP&C insurance accounted for 90.1% of revenue, up from 76.1%, as the risk discussion narrowed its focus to that vertical.\nThe FTC claims were resolved through a Consent Order effective October 16, 2025; the filing still identifies litigation and regulatory exposure.

New AI risk says expanding use of AI and machine learning could create operational, legal, and compliance exposure.

Risk disclosures add Units as a possible influence on common-share price.

Our principal shipboard subsidiary is now identified as a Cayman Islands entity rather than a Bahamas entity.

Climate-related risks now expressly include changing weather conditions, alongside transition risks to oil, NGLs and natural gas demand.

First Citizens integration adds execution, cost, employee-retention and customer-disruption risks.

The proposed Valaris combination adds risks from closing conditions, deal-related disruption and restrictions, and post-merger integration.

The PotlatchDeltic merger adds integration, financing, litigation, and pension risks, including a pension plan funded at 90.9%.

Olympic Steel’s integration adds execution costs and uncertainty over synergies and timing.