Accounting flags

“The Company had recurring losses and negative cash flows from operations that raise substantial doubt about their ability to continue as a going concern.”

New this year: Evaluation of audit evidence pertaining to the existence and rights to the digital assets (“As discussed in Notes 2(d), (e) and (f) to the consolidated financial statements, the Company’s digital assets are comprised of crypto assets at fair value, crypto assets at cost, and USDC stablecoin. These assets are held through custodial arrangements with qualified third-party custodians and incl”); We evaluated the design and implementation; We obtained confirmation of the; We compared the Company’s; We obtained and assessed the. No longer listed: Revenue from Contracts with Customers; Description of Matter; Convertible Debenture and Related Warrants; Description of Matter. Same as last year: F-2

Receivables +879.5% vs revenue +63.9% (+815.7 pts)

Receivables +42.8% vs revenue +17.5% (+25.2 pts)

Receivables +24.3% vs revenue +0.1% (+24.1 pts)

Inventory +16.8% vs revenue +0.1% (+16.6 pts)

New this year: March 2, 2026. No longer listed: February 27, 2025. Same as last year: Minneapolis, Minnesota

“Any sustained decline in the value of bitcoin, or any inability to repurpose or redeploy our miners, could materially and adversely affect our business, financial condition, and results of operations, and could raise substantial doubt about our ability to continue as a going concern.”

Receivables +31.7% vs revenue +3.7% (+28.1 pts)

“In addition, we may conclude that there is a substantial doubt about our ability to operate as a going concern, which could have additional effects on our credit ratings and the availability and/or cost of financing.”

New this year: Bitcoin Mining Revenue (“As described in Note 4 to the consolidated financial statements, the Company recorded $907 million of revenues during the year ended December 31, 2025, of which $839.2 million related to the Company providing bitcoin transaction verification services to the transaction requester, in addition to the ”); Existence of and Rights to Bitcoin Digital Assets (“As described in Notes 2 and 5 to the consolidated financial statements, the Company has investments in bitcoin digital assets. As disclosed by management, digital assets are controllable only by the possessor of both the unique public key and private key relating to the local or online digital walle”). No longer listed: F-2; Table of Contents; Revenue Recognition from Mining Operations; Assets Acquired and Liabilities Assumed in Business Combinations; Table of Contents. Same as last year: F-3

Receivables +6.3% vs revenue -5.2% (+11.5 pts)

“Acquisition and Capital Structure Risks We, and certain of our subsidiaries, currently do not have the necessary cash on hand, projected future cash flows or committed financing to fund our obligations over the next twelve months, which raises substantial doubt about our, and certain of our subsidiaries, ability to continue as a going concern.”

New this year: Impairment of spectrum assets (“As discussed in Notes 1 and 8 to the consolidated financial statements, the carrying value of the Company’s Regulatory Authorizations is $34.549 billion as of December 31, 2025, which includes spectrum assets. During the third quarter of 2025, management, assisted by a third party, performed a quant”). Same as last year: Sufficiency of audit evidence over revenue; F-3

Receivables +20.0% vs revenue +9.6% (+10.5 pts)

New this year: Business Combinations – Valuation of intangible assets (“As described in Note 7 to the consolidated financial statements, the Company completed the acquisition of Informatica, Inc. during fiscal year 2026 for total net consideration of $9.6 billion. In connection with this acquisition, management recognized customer relationship and developed technology i”). No longer listed: Impairment of Strategic Investments. Same as last year: Revenue Recognition

8-K item 4.02 (non-reliance on previous financial statements) filed 2026-03-02

New this year: Evaluation of the sufficiency of audit evidence over self-mining revenue; As discussed in Note 2 to the consolidated financial statements, the Company provides hash calculations to third-party pool operators. No longer listed: Digital Asset Self-Mining Revenue

“Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that, as of December 31, 2025, our disclosure controls and procedures were not effective due to the material weakness in internal control over financial reporting described below.”

Receivables +155.2% vs revenue +20.3% (+134.9 pts)

Receivables +17.2% vs revenue +3.0% (+14.2 pts)

New this year: Evaluation of the qualitative goodwill impairment indicator assessment; As described in Note 10 to the consolidated financial statements, the Company’s goodwill balance as of December 31, 2025 was; We identified the selection and evaluation of qualitative goodwill impairment indicators, or qualitative factors, for the (i) North. No longer listed: Statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or; Evaluation of the fair value of acquired plant and machinery assets; As described in Note 2 to the Consolidated Financial Statements, the Company completed the acquisition of WestRock Company on

“The Chief Executive Officer (CEO) and the Chief Financial Officer (CFO), with assistance from other members of management, have reviewed the effectiveness of our disclosure controls and procedures as of December 31, 2025 and, based on their evaluation, have concluded that the disclosure controls and procedures were not effective as of such date due to a material weakness in internal control over financial reporting, described below.”

Receivables +18.7% vs revenue +3.6% (+15.1 pts)

Inventory +20.1% vs revenue +3.6% (+16.4 pts)

New this year: Valuation of Acquired Customer Relationships Intangible Asset (“Description of As described in Note 2 to the consolidated financial statements, on December 1, 2025, the Company completed the acquisition of the remaining 55% interest in New Process Steel, L.P. for a purchase price of $229 million. The Company measured the assets and liabilities assumed at fair va”). Same as last year: Valuation of Goodwill; Addressed the; Matter in Our; Audit; Addressed the; Matter in Our; Audit

Cash from operations $369.0M vs net income $1.6B (FY ending 2025-12-31)

New this year: Divestiture of Purification and Filtration Business - Gain on Sale (“As described in Notes 1, 3, and 8 to the consolidated financial statements, on February 25, 2025, the Company entered into a Transaction Agreement to sell its Purification and Filtration business to Thermo Fisher Scientific Inc. ("Buyer"). On June 25, 2025, the Company and Buyer entered into an Amen”); Acquisition of Acera Surgical - Valuation of Developed Technology (“As described in Note 3 to the consolidated financial statements, on December 23, 2025, the Company acquired Acera Surgical (“Acera”) for total purchase consideration of $776 million, which included cash consideration of $696 million, net of cash acquired, and a future milestone payment of an additio”); The principal considerations for our determination that performing procedures relating to the valuation (“of developed technology acquired in the acquisition of Acera is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the developed technology acquired; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedur”). No longer listed: Table of Contents. Same as last year: Revenue Recognition

Receivables +17.5% vs revenue +5.1% (+12.5 pts)

Receivables +48.2% vs revenue +26.4% (+21.7 pts)

8-K item 4.02 (non-reliance on previous financial statements) filed 2026-02-27

“Due to this finding of a material weakness, we concluded that our internal control over financial reporting was not effective as of December 31, 2024 and December 31, 2025.”

Inventory +32.0% vs revenue +8.4% (+23.6 pts)

New this year: F- 32 (“to the knowledge, skill, and ability of third-party specialists and their relationship to the Company, determination of necessary activities required to treat contaminated water, and the development of the significant assumptions utilized in the process. We compared water treatment unit cost estimat”). No longer listed: F- 31. Same as last year: Evaluation of asset retirement obligations for water treatment costs

Receivables +32.5% vs revenue +10.7% (+21.8 pts)

New this year: The Company sponsors or manages investment funds, investment vehicles and accounts (“investment funds”) that have; In addition, the Company recognizes carried interest from investment funds based on cumulative fund performance to; III Investments held by the investment funds is a significant input into the determination of carried interest for each reporting; Performing audit procedures to evaluate the appropriateness of these inputs used by Management required a high; Our audit procedures related to the unobservable pricing inputs used by Management to estimate the fair values of Level; The Company’s products include the fixed-indexed annuity product, which contains equity indexed features that are; Management applies significant judgment in selecting assumptions used to estimate the value of embedded derivative; We identified the valuation of embedded derivative liabilities, and MRBs associated with the fixed-indexed annuity; Performing audit procedures to evaluate the judgments made and the reasonableness of assumptions and models used; Our audit procedures related to the valuation of embedded derivative liabilities and MRBs associated with the fixed-. Same as last year: Fair Value - Level III Investments

New this year: As of December 31, 2025, the Company’s US Pension Plan held approximately $2.2 billion in investments whose; These NAVs are generally determined by the US Pension Plan’s third-party administrators or fund managers and; Given a lack of a readily determinable value of these investments and the subjective nature of the valuation; Our audit procedures related to the determination of NAV associated with the Company’s US Pension Plan’s; December 31, 2025. This roll forward procedure included consideration of the Company’s transactions in; Goodwill - Packaging Solutions EMEA; The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of each reporting unit; Changes to the assumptions and estimates may result in a significantly different estimate of the fair value of the; Our audit procedures related to forecasts of future revenues and operating margins, and the selection of the; PS EMEA by comparing the forecasts to (1) forecasted information in industry reports, market data, and; Business Combinations - Acquisition of DS Smith - Valuation of Customer Relationships and Lists - Refer; The Company completed the acquisition of DS Smith for $9.9 billion on January 31, 2025. The Company allocates; Smith included customer relationships and lists of $3.4 billion. Management estimated the fair value of the customer; Our audit procedures related to the forecasts of future revenues and operating margins, and the selection of the. No longer listed: Income taxes - Legal entity restructuring. Same as last year: Retirement Plans - Fair value of other investments

Receivables +6.6% vs revenue -5.2% (+11.8 pts)

Inventory +5.3% vs revenue -5.2% (+10.4 pts)

Receivables +1305.2% vs revenue +1.8% (+1303.4 pts)

New this year: F-1 (“Description of the primary We evaluated the design and tested the operating effectiveness of certain internal controls over the digital assets process, including a control over the comparison of the Company’s records of digital assets”); Evaluation of audit evidence pertaining to the existence and control of the Company’s digital assets (“Description of the primary We evaluated the design and tested the operating effectiveness of certain internal controls over the digital assets process, including a control over the comparison of the Company’s records of digital assets”). No longer listed: Valuation of TMTG Earnout Shares

New this year: Auditing the Company's annual goodwill impairment tests for reporting units to which a material amount of; Addressed the Company’s goodwill impairment review process, including controls over management’s review of the; Matter in Our significant assumptions described above. For example, we tested controls over management’s review of; Audit EBITDA margin forecasts and the discounts rates used in the determination of the reporting units’ estimated; To test the reporting units' estimated fair values, our audit procedures included, among others, assessing the. No longer listed: Company’s quantitative impairment test involves estimating the fair value of each reporting unit using a; Auditing the Company's estimate of fair value for the Payroll Card reporting unit was complex and subjective; Interest Taxes Depreciation and Amortization (EBITDA) margin as well as the discount rate, which are; Matter in Our inclusive of the underlying data used by the Company in its development of these assumptions. We involved; Audit our valuation specialists to assist us in evaluating the Company’s estimated discount rate methodology and; The Company recorded intangible assets from these acquisitions, including customer and vendor relationships. Same as last year: Valuation of goodwill; Description of At December 31, 2025, the Company’s goodwill was $7.6 billion. As discussed in Note 2 to the consolidated; How We We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the; Valuation of acquired customer relationship intangible assets; Description of As discussed in Notes 2 and 7 to the consolidated financial statements, the Company completed the acquisition; Auditing the preliminary fair values of the Alpha customer relationships was complex and subjective due to the; How We We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the; Addressed the valuation of customer relationships, including controls over models to estimate the fair values of the above

Receivables +22.6% vs revenue +9.2% (+13.4 pts)

Receivables +60.0% vs revenue +0.3% (+59.7 pts)

Inventory +50.8% vs revenue +0.3% (+50.5 pts)

New this year: Tab le of Cont ents (“Our audit procedures related to the application of specialized rules to account for the effects of cost-based rate regulation and the uncertainty of future decisions by the Commissions included the following, among others:”)

New this year: Fair value of acquired customer relationships intangible asset (“As discussed in Note 5 to the consolidated financial statements, the Company acquired the containerboard business of Greif, Inc. on September 2, 2025, for a total purchase consideration of $1.8 billion. In connection with the acquisition, the Company recorded intangible assets with an acquisition-da”). Same as last year: Evaluation of the value of the pension benefit obligation

Inventory +5.9% vs revenue -4.4% (+10.3 pts)

New this year: Acquisition of Northwind Midstream - Valuation of Intangibles (“As described in Note 5 to the consolidated financial statements, on August 29, 2025, the Company completed the acquisition of 100 percent of Northwind Midstream for $2.4 billion in cash. Of the total assets acquired, $951 million relates to intangibles. The fair value of the identifiable intangible ”). No longer listed: T able of Contents; Goodwill Impairment Test - Crude Gathering Reporting Unit

New this year: Valuation of the Customer Relationship Intangible Asset Acquired in a Business Combination (“As described in Note 4 to the consolidated financial statements, during the year ended December 31, 2025, the Company completed the acquisition of Miller Electric Company (“Miller Electric”) for total consideration of approximately $876.8 million. The preliminary purchase price was allocated to asse”). Same as last year: Revenue Recognition from Construction Contracts

New this year: Valuation of Certain Identified Intangible Assets Related to the Acquisitions of Matterport, LLC and Domain Holdings Australia Pty Limited (“As discussed in Note 4 of the consolidated financial statements, during the year ended December 31, 2025, the Company completed the acquisitions of Matterport, LLC (“Matterport”) and Domain Holdings Australia Pty Limited (“Domain”) for an aggregate purchase price of approximately $3.9 billion. These”); F-3 (“To test the estimated fair value of the acquired intangible assets, we performed audit procedures that included, among others, evaluating the Company’s valuation methodologies used, evaluating the significant assumptions discussed above, and testing the completeness and accuracy of the underlying da”). Same as last year: Highly Automated Revenue Systems related to Subscription Revenue; F-2

Receivables +8.3% vs revenue -2.2% (+10.6 pts)

“Going Concern - Management evaluates at each annual and interim period whether there are conditions or events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the consolidated financial statements are issued.”

New this year: Sufficiency of audit evidence over quantities of inventories (“As discussed in Note 4 to the consolidated financial statements, the Company held $7.6 billion of inventories as of December 31, 2025. The Company’s inventories are held across its refineries, renewable diesel plants, ethanol plants, and third-party locations.”); Fair value of certain long-lived assets (“As discussed in Note 1 to the consolidated financial statements, long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. A long-lived asset is not deemed recoverable if its carrying amount exce”). No longer listed: Assessment of gross unrecognized tax benefits

Cash from operations $2.5B vs net income $2.8B (FY ending 2025-12-31)

Receivables +17.9% vs revenue -2.6% (+20.5 pts)

Cash from operations $386.2M vs net income $424.0M (FY ending 2026-01-02)

New this year: Index to Financial Statements (“entitlement; and (ii) evaluated that each sampled item utilized the appropriate standalone selling price in the allocation of the transaction price over the performance obligations.”). No longer listed: Divestitures – Goodwill allocation and underlying fair value assumptions. Same as last year: Evaluation of standalone selling prices of performance obligations

“In our opinion, because of the effect of the material weaknesses, described below, on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of January 2, 2026, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.”

Receivables +32.0% vs revenue -3.1% (+35.0 pts)

“In light of the Unrecorded Expenses and related facts, WWE concluded that its internal control over financial reporting was not effective as a result of one or more material weaknesses.”

Cash from operations $4.1B vs net income $5.4B (FY ending 2025-12-31)

New this year: Acquisition of the Remaining Interest in The Taubman Realty Group (“On October 31, 2025, the Company completed its acquisition of the remaining 12% ownership interest in The Taubman Realty Group (TRG) for consideration of approximately $0.9 billion, as described in Note 4 of the consolidated financial statements. The Company accounted for this acquisition as a busin”). No longer listed: Evaluation of Investments in Unconsolidated Entities for Impairment. Same as last year: Evaluation of Investment Properties for Impairment

Receivables +20.0% vs revenue +9.1% (+11.0 pts)

New this year: Assessment of the expected holding period for long-lived assets (“As discussed in Note 1 to the consolidated financial statements, the Company evaluates long-lived assets for impairment whenever events or changes in circumstances, including shortening the estimated holding periods of such assets, indicate that the carrying amount of these assets may not be recover”). No longer listed: Evaluation of the Fair Value of Acquired Land; Table of Contents

Cash from operations $102.7B vs net income $120.1B (FY ending 2026-01-25)

Inventory +112.3% vs revenue +65.5% (+46.9 pts)

Receivables +16.1% vs revenue +5.7% (+10.3 pts)

Receivables +48.6% vs revenue -3.1% (+51.7 pts)

New this year: E-vapor Definite-Lived Intangible Assets Impairment Assessment (“As described in Notes 2 and 4 to the consolidated financial statements, the Company’s definite-lived intangible assets carrying value was $787 million as of December 31, 2025, and the carrying value associated with e-vapor definite-lived intangible assets was $60 million. Management reviews long-liv”). No longer listed: T able of Contents; E-Vapor Product Litigation; T able of Contents. Same as last year: Skoal Trademark Impairment Assessment; Goodwill Impairment Assessments - E-vapor Reporting Unit

Receivables +345.3% vs revenue +44.8% (+300.5 pts)

New this year: Evaluation of audit evidence pertaining to the existence of and rights to digital assets (“As discussed in Notes 2 and 8 to the consolidated financial statements, the Company’s digital assets are either held in segregated custody accounts for the benefit of the Company, held in segregated custody accounts under the Company’s ownership and pledged as collateral under a borrowing arrangemen”); Evaluation of the sufficiency of audit evidence over Bitcoin mining revenue (“As discussed in Notes 2 and 8 to the consolidated financial statements, the Company recorded $186.9 million of Bitcoin mining revenue for the year ended December 31, 2025. The Company has entered into arrangements with mining pool operators to perform hash computations for the mining pools. In excha”)

New this year: Valuation of the North America Consumer Products reporting unit (“As discussed in Notes 1 and 8 to the consolidated financial statements, the Company assesses goodwill and other intangible assets with indefinite lives at least annually, or more frequently if an event occurs or circumstances change that indicate the carrying value of a reporting unit may not be rec”). Same as last year: Evaluation of the sufficiency of audit evidence over royalty revenues and related contract assets and liabilities

Inventory +26.6% vs revenue +14.2% (+12.5 pts)

New this year: Testing the source information underlying the determination of the discount rates and the mathematical accuracy of the valuation. o (“For acquired management contracts, evaluating the reasonableness of the methodology used, and developing a range of independent estimates and comparing those to the discount rates and a long-term growth rate selected by management. o”). Same as last year: F-2

New this year: Revenue Recognition for Certain Contracts with Customers for Products and Services (“As described in Note 1 to the consolidated financial statements, the Company’s net sales were $2.8 billion for the year ended December 31, 2025, a significant portion of which relates to certain contracts with customers for products and services. The Company derives revenue from two primary sources:”); Table o f Contents (“Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the revenue recognition process, including controls ”). No longer listed: Revenue Recognition for Certain Products and Services; Valuation of Certain Intangible Assets - Acquisitions of Fusus and Dedrone

“Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures were not effective as of December 31, 2025, as a result of the material weakness in internal control over financial reporting discussed below.”

New this year: F-3 (“As disclosed in Note 3 of the consolidated financial statements, the Company acquired the international business of GLP Capital Partners Limited and certain of its affiliates, excluding its operations in Greater China (“GCP International”) in 2025 for total consideration of $3,916.5 million. The tra”); Accounting for the acquisition of GCP International (“As disclosed in Note 3 of the consolidated financial statements, the Company acquired the international business of GLP Capital Partners Limited and certain of its affiliates, excluding its operations in Greater China (“GCP International”) in 2025 for total consideration of $3,916.5 million. The tra”). Same as last year: F-2; Valuation of underlying investments of equity method investments

“In addition, to the extent that the current markets make it difficult or impossible for a portfolio company to refinance debt that is maturing in the near term, it may face substantial doubt as to its status as a going concern (which may result in an event of default under various agreements) or it may be unable to repay such debt at maturity and be forced to sell assets, undergo a recapitalizatio”

New this year: Regulatory Accounting (“As discussed in Note 1 to the consolidated financial statements, certain of the Company’s consolidated subsidiaries are regulated by the Federal Energy Regulatory Commission (“FERC”) and apply accounting principles outlined in Accounting Standards Codification (“ASC”) Topic 980, Regulated Operations”). No longer listed: Pension Benefits Obligation

New this year: Valuation of Goodwill and Indefinite-Lived Intangibles (“As reflected in the Company’s consolidated financial statements, at January 3, 2026, the Company’s goodwill and indefinite-lived intangible assets, consisting of trade names, totaled $7.3 billion and $2.3 billion, respectively. As discussed in Note A to the consolidated financial statements, goodwil”). No longer listed: Centredale Site Environmental Accrual

Receivables +17.8% vs revenue +3.7% (+14.1 pts)

New this year: Goodwill - Impairment Assessment (“As described in Notes 1 and 5 to the consolidated financial statements, the Company's consolidated goodwill balance was $ 3,538.1 million as of December 31, 2025. Management performs a goodwill impairment test annually in the fourth quarter, or more frequently if events or circumstances indicate tha”). No longer listed: Income Taxes - Completeness of Uncertain Tax Positions

New this year: Revenue Recognition - Liquids Commodity Sales (“As described in Note A to the consolidated financial statements, the Company records revenue from liquids commodity sales when the commodity is delivered to the customer as this represents the point in time when control of the product is transferred to the customer. Revenue is recorded based on the ”). No longer listed: Acquisition of EnLink Midstream, LLC - Valuation of Pipelines, Rights-of-Way and Processing Plants. Same as last year: Tulsa, Oklahoma; February 24, 2026

Receivables +14.6% vs revenue +1.3% (+13.3 pts)

Cash from operations $16.5B vs net income $18.3B (FY ending 2025-12-31)

Cash from operations $2.0B vs net income $2.1B (FY ending 2025-12-31)

Inventory +33.4% vs revenue +8.2% (+25.3 pts)

Receivables +19.4% vs revenue +5.1% (+14.3 pts)

Receivables +19.2% vs revenue +7.6% (+11.6 pts)

New this year: Global Distribution and Value-Added Services, Global Specialty Products and Global Technology segments during; Company estimated the fair value of identifiable intangible assets using the relief-from-royalty method and the; We identified the revenue growth rates for certain periods and the discount rates used in estimating the fair value of; Utilizing specialists with skill and knowledge in valuation to evaluate the reasonableness of the discount. No longer listed: We identified the revenue growth rates for certain periods used in the determination of the fair value of the acquired; Auditing these considerations involved especially subjective and challenging auditor judgement due to the nature. Same as last year: Business Acquisition - Valuation of Acquired Intangible Assets; As described in Notes 1 and 5 of the consolidated financial statements, the Company acquired entities within the; Evaluating the reasonableness of the revenue growth rates used in estimating the fair value of certain trade

New this year: Revenue Recognition (“As disclosed in the consolidated statements of operations, the Company's net sales were $5.2 billion for the year ended December 31, 2025. As described in Note 15 to the consolidated financial statements, the Company recognizes revenue for module sales at a point in time following the transfer of co”). No longer listed: Revenue Recognition - Modules Segment

New this year: Evaluation of income tax positions related to certain transactions (“As discussed in Note 17 to the consolidated financial statements, the Company’s provision for income taxes for the year ended December 31, 2025 was $265 million. The Company has consolidated deferred tax liabilities, net of $1,188 million (including a valuation allowance of $914 million) as of Decem”). No longer listed: Evaluation of the accounting for income taxes; Sufficiency of audit evidence over the Sale of the Worldpay Merchant Solutions business. Same as last year: Sufficiency of audit evidence over revenue

New this year: F-4 (“The Company’s determination of the fair value of their oil and gas properties, inclusive of acquired oil and natural gas properties, requires management to make significant estimates and apply a high level of judgement. In doing so, management has utilized the income valuation technique which incorp”); F-5 (“◦ Evaluating the reasonableness of significant assumptions used by management related to estimates of future oil, NGL and natural gas prices, reserve adjustment factors and the weighted average cost of capital rate”)

Inventory +7.0% vs revenue -6.8% (+13.8 pts)

New this year: Acquisition of Hess - Valuation of Oil and Gas Properties (“As described in Note 29 to the consolidated financial statements, on July 18, 2025, the Company acquired Hess and recorded estimated fair values of the acquired properties, plant and equipment of approximately $73.5 billion, of which a significant portion relates to oil and gas properties. Oil and g”). Same as last year: The Impact of Proved Developed Crude Oil and Natural Gas Reserves on Upstream Property, Plant, and Equipment, Net

Receivables +20.4% vs revenue +5.1% (+15.3 pts)

Inventory +19.9% vs revenue +7.0% (+12.9 pts)

New this year: Table of contents (“KeyCorp’s loan and lease portfolio totaled $106.5 billion as of December 31, 2025 and the associated ALLL was $1.4 billion. As discussed in Note 1 and 4 of the financial statements, the ALLL represents management’s current estimate of lifetime credit losses inherent in the loan portfolio at the bala”). No longer listed: Goodwill Impairment Test of the Institutional Bank Reporting Unit. Same as last year: Allowance for Loan and Lease Losses (ALLL)

Receivables +13.4% vs revenue +2.2% (+11.3 pts)