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Our nuclear fleet is the nation’s largest, with current generating capacity of approximately 22 GWs, producing 183 TWhs of zero-emissions electricity during 2025 – enough to power 16 million homes and avoid more than 122 million metric tons of carbon emissions according to the EPA GHG Equivalencies Calculator.

The site, once operational, will have approximately 835 MWs of emissions-free capacity. The timing of the restart is subject to certain regulatory approvals, interconnection-related construction, permitting, and obtaining a renewed operating license.

Our nuclear fleet is the nation’s largest, with current generating capacity of approximately 22 GWs, producing 183 TWhs of zero-emissions electricity during 2025

Net income (loss) attributable to common shareholders $ 2,319  $ 3,749  $ 1,623 

Cash provided by operating activities was $4,237 million for the year ended December 31, 2025, compared to cash used in operating activities of ($2,464) million for the year ended December 31, 2024. Changes in our cash flows from operations were generally consistent with changes in results of operations, as adjusted for changes in working capital in the normal course of business. In December 2024, we amended our Accounts Receivable Facility whereby we now retain the rights to our receivables and any changes in our receivable balance flow through operating activities. This increase in cash flows from operating activities was partially offset by cash outflows associated with an increase in collateral postings. See Note 7 — Accounts Receivable and Note 15 — Derivative Financial Instruments of the Combined Notes to Consolidated Financial Statements for additional information.

Our Board of Directors approved a 10% increase in the 2026 quarterly dividend per share compared to the 2025 quarterly dividend per share. The 2026 quarterly dividend will be $0.4265 per share.

| Total | | | $ | 7,403  | |

Cash used in investing activities was ($3,198) million for the year ended December 31, 2025, compared to cash provided by investing activities of $7,428 million for the year ended December 31, 2024. The change was primarily due to an amendment of our Accounts Receivable Facility. Prior to the amendment, the collection and reinvestment of proceeds associated with the sale of receivables were treated as cash flows from investing activities in the Consolidated Statements of Cash Flows. As a result of the amendment, cash collections of accounts receivable are now treated as Cash flows from operating activities in the Consolidated Statements of Cash Flows. See Note 7 — Accounts Receivable of the Combined Notes to Consolidated Financial Statements for additional information.

In January 2026, upon completion of the acquisition of Calpine, we assumed all of Calpine's outstanding obligations including approximately $12.6 billion of debt composed of approximately $7.6 billion of long-term debt and approximately $5 billion of various project financing arrangements. The acquisition of Calpine had the following impacts on our liquidity position: •The purchase price included cash consideration of approximately $4.5 billion which was funded through cash on hand from normal operating activities at the time of acquisition.

Our most recent estimate of capital expenditures, inclusive of Calpine, is approximately $5.7 billion and $4.7 billion for 2026 and 2027, respectively. Approximately 29% of projected capital expenditures is for the acquisition of nuclear fuel, which includes additional nuclear fuel to increase inventory levels in response to the potential for the continuing Russia and Ukraine conflict to impact our long-term nuclear fuel supply. Additionally, the above estimates of capital expenditures include $3.9 billion of growth capital expenditures, including our planned restart of Crane, nuclear uprates, co-location infrastructure, and license renewals. The remaining amounts primarily reflect additions and upgrades to existing generation facilities (including material condition improvements during nuclear refueling outages). See ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, Other Key Business Drivers for more information on the Russia and Ukraine conflict.

We serve approximately 5 million residential, commercial, and industrial retail customers with electricity and natural gas. Our generation fleet totals approximately 44,000 megawatts of generation capacity powered by a diverse portfolio, including natural gas, nuclear, coal, solar, and battery energy storage facilities.

Our natural gas-fueled generation fleet is comprised of 28 CCGT generation facilities totaling 22,167 MW and 12 peaking generation facilities totaling 4,822 MW. We satisfy our fuel requirements at these facilities through a combination of spot market and near-term purchase contracts. Additionally, we have near-term natural gas transportation agreements and natural gas storage agreements in place to ensure fleet reliability.

The Company brings its products and services to market in 18 states and the District of Columbia, including all major competitive wholesale power markets in the U.S. We serve approximately 5 million residential, commercial, and industrial retail customers with electricity and natural gas. Our generation fleet totals approximately 44,000 megawatts of generation capacity powered by a diverse portfolio, including natural gas, nuclear, coal, solar, and battery energy storage facilities.

Net income for the year ended December 31, 2025 compared to the year ended December 31, 2024 decreased by $1.868 billion. Adjusted EBITDA for the year ended December 31, 2025 compared to the year ended December 31, 2024 increased by $299 million. The primary drivers for the decrease in net income and the increase in Adjusted EBITDA include:

Cash provided by operating activities 4,070  4,563  5,453  Cash flows — investing activities: Capital expenditures, including nuclear fuel purchases and LTSA prepayments (2,752) (2,078) (1,676)

Net income attributable to Vistra $ 944  $ 2,659  $ 1,493 

Total long-term debt, including amounts due currently $ 17,043 

In 2025, NEER added approximately 1,604 MW of new wind generating capacity, 2,859 MW of solar generating capacity and 1,799 MW of battery storage capacity and increased its backlog of contracted development projects.

RTO and ISO rules and procedures are currently being revisited in stakeholder processes and other proceedings, including proceedings before FERC, in response to the substantial increase in power demand from data centers and other large-load customers. Any such rule changes could impact the manner in which data centers and other large loads interconnect to the grid and interact with the wholesale power markets, which could in turn create new risks and opportunities for NEER’s businesses.

In 2025, NEER added approximately 1,604 MW of new wind generating capacity, 2,859 MW of solar generating capacity and 1,799 MW of battery storage capacity

FPL obtains its operating revenues primarily from the sale of electricity to retail customers at rates established by the FPSC through base rates and cost recovery clause mechanisms. FPL’s net income for 2025 and 2024 was $5,012 million and $4,543 million, respectively, representing an increase of $469 million. The increase was primarily driven by higher earnings from investments in plant in service and other property. Such investments grew FPL's average rate base by approximately $5.5 billion in 2025 and reflect, among other things, solar generation additions and ongoing transmission and distribution additions. The increase was also due to a higher earned regulatory ROE in 2025.

NEER owns, develops, constructs, manages and operates a diversified portfolio of electric generation and battery storage facilities in wholesale energy markets in the U.S. and Canada, and includes assets and investments in other businesses with a clean energy focus. NEER also owns, develops, constructs and operates regulated electric and gas transmission assets. In addition, NEER provides full energy and capacity requirements services, engages in energy-related commodity marketing and trading activities and participates in natural gas, natural gas liquids and oil production. NEER’s net income less net loss attributable to noncontrolling interests for 2025 and 2024 was $2,975 million and $2,299 million, respectively, resulting in an increase in 2025 of $676 million. The primary drivers, on an after-tax basis, of the change are in the following table.

Total capital expenditures, independent power and other investments and nuclear fuel purchases $ 24,606  $ 24,729  $ 25,113 

FPL's net income increased in 2025 primarily driven by continued investments in plant in service and other property and a higher earned regulatory ROE in 2025.

We produced 21.0 million pounds of uranium (our share), exceeding our revised consolidated annual production guidance of up to 20 million pounds, announced on August 28, 2025.

After meeting our 2025 delivery commitments, we have long-term commitments to deliver about 230 million pounds of uranium, including an annual average delivery volume of about 28 million pounds over the next five years, that retain exposure to the improving fundamentals as our customers look to secure their long-term needs. In Fuel Services, with strong demand and historically high pricing in the UF₆ conversion market, we were successful in adding new long-term conversion contracts that bring our total contracted volumes to about 83 million kgU of UF₆ that will underpin our fuel services operations for years to come.

  •   Deliveries and Inventory: In addition to our uranium production, we purchased a total of 9.6 million pounds of uranium (including JV Inkai purchases). We delivered 33.0 million pounds of uranium in alignment with the commitments under our contract portfolio, and finished 2025 with a uranium inventory of 9.7 million pounds, with an average inventory cost of $61.85 per pound. At fuel services, we delivered 13.1 million kgU of combined fuel services product under contract.

  •   Contracting: In our uranium segment, we continued contract negotiations, successfully adding to our long-term portfolio. After meeting our 2025 delivery commitments, we have long-term commitments to deliver about 230 million pounds of uranium, including an annual average delivery volume of about 28 million pounds over the next five years, that retain exposure to the improving fundamentals as our customers look to secure their long-term needs. In Fuel Services, with strong demand and historically high pricing in the UF₆ conversion market, we were successful in adding new long-term conversion contracts that bring our total contracted volumes to about 83 million kgU of UF₆ that will underpin our fuel services operations for years to come.

Adjusted EBITDA      1,255       219        780       (325 )      1,929  

Net earnings attributable to equity holders      199       135       590       172       361                                            Adjustments            Adjustments on derivatives      (35 )      133       (144 )      152       (59 )  Unrealized foreign exchange losses (gains)      15       (56 )      54       (66 )      (10 )  Share-based compensation      20       17       79       44       63   Adjustments on other operating expense (income)      (9 )      (23 )      (22 )      (35 )      (2 )  Income taxes on adjustments      5       (37 )      22       (46 )      2   Adjustments on equity investees (net of tax):            Inventory purchase accounting      4       3       8       53       20   Acquisition-related transition costs      —        —        —        22       —    Unrealized foreign exchange losses (gains)      13       (16 )      18       (7 )      8   Long-term incentive plan      5       1       22       3       —                                             Adjusted net earnings      217       157       627       292       383  

A distribution of US$100 million from Westinghouse was paid in February 2025, of which our share was US$49 million. This was the first distribution since the acquisition closed. Additionally, we received US$171.5 million in October, representing our share of a distribution from Westinghouse related to participation in the construction project for two nuclear reactors at the Dukovany power plant in Czech Republic. To reflect the improvement in our financial performance and the additional distribution received from Westinghouse, we advanced our dividend growth plan, paying a $0.24 per common share dividend in 2025.

($MILLIONS) (our share)    2025     2024     CHANGE   Net earnings (loss)      58       (218 )      >100 %  Depreciation and amortization      383       357       7 %  Finance income      (3 )      (4 )      (25 )%  Finance costs      213       225       (5 )%  Income tax recovery      (4 )      (61 )      (93 )%                           EBITDA ²      647       299       >100 %  Inventory purchase accounting¹      11       71       (85 )%  Acquisition-related transition costs      —        29       (100 )%  Restructuring costs      60       63       (5 )%  Other expenses      53       19       >100 %  Unrealized foreign exchange losses (gains)      9       2       >100 %                           Adjusted EBITDA²      780       483       61 %                           Capital expenditures      206       176       17 %                           Adjusted free cash flow ²      574       307       87 % 

Williams has operations in 11 supply areas that provide natural gas gathering and processing (G&P), transmission and storage services; NGL fractionation, transportation, and storage services; and marketing services to approximately 800 customers. Williams owns an interest in and operates over 32,000 miles of pipelines in 24 states and in the Gulf of America, 35 natural gas processing facilities, 9 NGL fractionation facilities, approximately 23 million barrels of NGL storage capacity, and 423 Bcf of natural gas storage capacity, and delivers natural gas that is used every day for clean-power generation, heating, and industrial use.

The projects, located in Ohio and Utah, represent a combined 1.9 gigawatts of total capacity and are backed by up to 12.5 year, primarily fixed-price agreements, with an option for the customer to extend the term of the agreements. The projects will require additional capital to fund construction until the projects are placed in-service. Williams plans to place the projects into service during 2026 through 2028, assuming timely receipt of permits, and continues to pursue additional projects to support the power demands created by new data center and industrial development.

Williams is an energy company committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Williams has operations in 11 supply areas that provide natural gas gathering and processing (G&P), transmission and storage services; NGL fractionation, transportation, and storage services; and marketing services to approximately 800 customers. Williams owns an interest in and operates over 32,000 miles of pipelines in 24 states and in the Gulf of America, 35 natural gas processing facilities, 9 NGL fractionation facilities, approximately 23 million barrels of NGL storage capacity, and 423 Bcf of natural gas storage capacity, and delivers natural gas that is used every day for clean-power generation, heating, and industrial use.

The projects, located in Ohio and Utah, represent a combined 1.9 gigawatts of total capacity and are backed by up to 12.5 year, primarily fixed-price agreements

Net income (loss) attributable to The Williams Companies, Inc. for the year ended December 31, 2025, increased $393 million compared to the year ended December 31, 2024. Further discussion of the results is found in this report in the Results of Operations.

During 2025, investing and financing expenditures included $4.9 billion of capital expenditures, including the Rimrock, Saber, and Driftwood Pipeline asset purchases as well as Power Innovation projects; $2.4 billion of dividends paid to common shareholders; and $0.5 billion of investments in unconsolidated affiliates, including Cogentrix and Louisiana LNG. These expenditures were funded primarily by $5.9 billion of cash provided by operating activities and $2.4 billion of net borrowing activity in 2025. Williams ended the year with $63 million of Cash and cash equivalents. See also the following section titled Sources (Uses) of Cash.

Williams’ total outstanding long-term debt (including current portion and commercial paper) as of December 31, 2025, was $29.4 billion, including the long-term debt of Transco and NWP. The total outstanding long-term debt (including current portion) as of December 31, 2025, for Transco and NWP was $5.9 billion and $748 million, respectively.

Orders 5,367 4,218 27.6%¹

GS’ competitors include a small number of multinational original equipment manufacturers (OEMs), some of which hold significant market positions.

GS relies on a hybrid model that combines capital -intensive infrastructure projects - such as combined cycle power plants - with long-term service agreements. The wide-ranging service portfolio includes maintenance, performance enhancements, digitalization, and consulting.

Siemens Energy gas turbines operate in over 60 countries, with more than 7,000 units installed worldwide, proving their reliability and efficiency. Morrow Repower project, USA (2023) Repowering project to

Orders 9,967 6,180 61.9%¹ Revenue 3,756 3,118 20.8%¹ Profit 645 402 60.3% Profit margin 17.2%

1,700+ gas turbines delivered for power and industrial applications across 50+ countries

Order Intake 2,022.4 billion yen (+413.2 billion yen year-on-year) Revenue 1,194.2 billion yen (+160.0 billion yen year-on-year)

Combined Cycle Efficiency More than 64% Total commercial operating hours Over 3.2 million hours J Series as of December 2025

These turbine designs undergo long-term operation of at least 8,000 hours of validation, equivalent to nearly one year of normal operation. Explore more Overview and

The signing marks the latest milestone in the partnership between the companies, with their collaboration now extending to parts and inspection management. It is also the latest contribution by Mitsubishi Power to Ilihan, having supplied M501G gas turbines to the power plant in 2002. Under the LTPSA, MHI-PSC will provide critical parts and services - including hot parts and spare parts supply, repair works, and technical advisory services - to the M501G gas turbines. Through the agreement, Mitsubishi Power will help ensure the plant's continued operational reliability and optimal performance amid evolving market conditions.

[PDF page 11] © Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 11 RevenueOrder Intake Q1 FY25 Q1 FY26 GTCC 602.5 930.0 Steam Power 92.9 160.8 Aero Engines 62.8 98.6 Nuclear Power 101.4 155.5 Financial Results: Energy Systems Takeaways FY25 FY26 ◼ In GTCC, order intake particularly strong in North America and Asia. Business profit increased from revenue growth and improved margins. ◼ In Steam Power, order intake strong in Middle East and Asia ◼ In Aero Engines, order intake and revenue increased particularly in maintenance, repair & overhaul (MRO) ◼ In Nuclear Power, both order intake and revenue strong ◼ Raised full-year order intake forecast GTCC Steam Power Aero Engines Nuclear Power Others Increase: - GTCC - Nuclear Power YoY Changes in Business Profit Order Intake(billion yen) Revenue Business Profit Q1 FY25 Q1 FY26 196.8 274.9 96.2 86.9 59.4 76.0 53.7 80.3 Main Businesses FY25 FY26 FY25 FY26 (Q1) 423.2 (Q1) 536.3 18.9% 13.3% (Q1) 871.3 (Q1) 1,359.3 (Q1) 56.4 (Q1) 101.3 Full Year 3,936.7 3,550.0 (prev. 3,450.0) Q1 Progress 22% 38％ 2,062.6 2,200.0 21% 24％ 267.2 340.0 21% 30％ +80% [PDF page 12]

[PDF page 21] © Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 21 Appendix: Reference Data Large Frame Gas Turbine Order Intake and Contract Backlog (units) Commercial Aviation Deliveries (units) 777 Q1 Q2 Q3 Q4 Total FY25 6 8 4 5 23 FY26 7 7 777X Q1 Q2 Q3 Q4 Total FY25 0 3 5 1 9 FY26 1 1 787 Q1 Q2 Q3 Q4 Total FY25 18 17 16 22 73 FY26 21 21 (Reference) China Licensee Order Intake Q1 FY25 FY25 Q1 FY26 Order Intake 3 13 2 Q1 FY25 FY25 Q1 FY26 Americas 6 19 4 Asia 2 12 6 EMEA - 4 - Other Regions - - - Order Intake Total 8 (4 GW) 35 (16 GW) 10 (4 GW) Contract Backlog 53 (23 GW) 74 (33 GW) 80 (35 GW) [PDF page 22] © Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 22 (billion yen) Q1 FY25 Q1 FY26 FY26 Forecast R&D Expenses3 46.1 65.4 350.0 Depreciation and Amortization 28.7 30.7 120.0 Capital Expenditures4 26.7 27.9 210.0 (billion yen) FY25 Year-End Q1 FY26 Quarter-End Energy Systems 6,983.2 7,814.6 Plants & Infrastructure Systems 2,102.8 2,286.1 Industrial Solutions2 87.5 103.2 Aircraft, Defense & Space 4,063.2 3,898.3 Others, Corporate & Eliminations2 0.8 0.6 Total 13,237.6 14,103.0 (billion, except where otherwise stated) USD EUR Amounts to Affect Business P/L 3.2 0.6 Amounts to Affect Finance Income/Costs 1.8 - Exchange Rate Assumptions ¥150.0 ¥180.0 Foreign Currency Amounts Expected to Affect P/L Q1 FY25 Q1 FY26 U.S. Dollar (JPY/USD) 145.8 157.2 Euro (JPY/EUR) 162.3 183.7 (billion yen) Q1 FY25 Q1 FY26 SG&A 144.4 152.7 Appendix: Reference Data1 R&D Expenses, Depreciation and Amortization, and Capital Expenditures Selling, General, and Administrative Expenses Foreign Exchange Rates (Average Rates Used for Revenue Recognition) Order Backlog Q1 FY25 Q1 FY26 GTCC 55% 45% Steam Power 67% 79% Aero Engines 73% 72% Nuclear Power 74% 66% Segment Total 64% 59% Energy Systems After-Sales Services Revenue Ratios (Cumulative) 1 FY25 results exclude ML 2 FY25 results retroactively adjusted to reflect April 1, 2026, organizational changes 3 R&D Expenses include R&D contracted to MHI by third parties 4 Capital expenditures include costs incurred during acquisition of fixed assets related to production preparation services rendered for consideration [PDF page 23]

Its products and solutions include investment castings for jet engines and industrial gas turbines (nickel superalloys, titanium, and aluminum), including airfoils and structural parts

gas turbines market includes industrial gas turbines and oil and gas, which represented approximately 11% of the Company’s revenue in 2025.

Gas Turbines 944

was $1,508, or $3.71 per diluted share, for 2025 compared to $1,155, or $2.81 per diluted share, in 2024. The increase in results of $353, or 31%, was primarily due to growth in the commercial aerospace, defense aerospace, and gas turbines markets, including engine spares, favorable product pricing, a reduction in interest expense due to lower long-term debt levels, and an increase of foreign currency translation gains, partially offset by lower volumes in the commercial transportation market.

Income before income taxes increased 33% from 2024. Total Segment Adjusted EBITDA (1) increased 25% from 2024 primarily due to growth in the commercial aerospace, defense aerospace, and gas turbines markets, and favorable product pricing, partially offset by lower volumes in the commercial transportation market. Management continued its focus on liquidity and cash flows as well as improving its operating performance through profitable revenue, efficient operations, and margin enhancement. Management has also continued its intensified focus on capital efficiency. Management’s focus and the related results enabled Howmet to end 2025 with a solid financial position. The following financial information reflects certain key highlights of Howmet’s 2025 results: • Sales of $8,252, an increase of 11% from 2024, driven by growth in the commercial aerospace, defense aerospace, and gas turbines markets, including engine spares, partially offset by lower volumes in the commercial transportation market; • Net income of $1,508, an increase of 31%, or $3.71 per diluted share, an increase of 32%, from 2024; • Income before income taxes of $1,840, an increase of $457, or 33%, from 2024; • Total Segment Adjusted EBITDA (1) of $2,507, an increase of $498, or 25%, from 2024;

Cash provided from operations of $1,884; cash used for financing activities of $1,269; and cash used for investing activities of $438;

The use of cash in 2025 was primarily related to repayments on the aggregate outstanding principal amount of long-term debt of approximately $765, repurchases of common stock of $700, dividends paid to shareholders of $181, redemption of preferred stock of $55, taxes paid for net share settlement of equity awards of $46, premiums paid on the early redemption of debt of $15, and debt issuance costs for the

We offer a full line of alloys for land based gas turbine components as well as products for the various equipment and infrastructure found in the balance of plant.

Sales in fiscal year 2025 increased 5%, to $4.6 billion, and gross profit increased 12%, to $1.0 billion, compared to fiscal year 2024, reflecting increased demand for products within our aerospace & defense end markets, partially offset by softness in the medical, other industrial, and specialty energy end markets.

Total Aerospace & Defense 3,111.5 68 % 2,720.9 62 % Other Markets: Specialty Energy 257.3 6 % 284.6

Segment EBITDA (a) : High Performance Materials & Components $ 575.8 $ 461.4 $ 433.6 % of Sales 23.6 % 20.3 % 20.5 % Advanced Alloys & Solutions 349.0 320.9

Net income attributable to ATI was $404.3 million, or $2.85 per share, in fiscal year 2025, compared to $367.8 million, or $2.55 per share, for fiscal year 2024.

Cash provided by operations was $614.3 million for fiscal year 2025 and $407.2 million fiscal year 2024. The 2025 period improvement was due to higher net income and improved working capital changes compared to the 2024 period, including cash flows from accounts receivable. Accounts receivable were positively impacted by the sale of $80 million of accounts receivable in exchange for cash under the new Receivables Facility. Working capital balances, and consequently cash from operations, can fluctuate throughout any operating period based upon the timing of receipts from customers and payments to vendors. However, we actively manage our working capital to allow for the required flexibility to meet our strategic objectives. Other significant fiscal year 2025 operating cash flow items included payment of 2024 annual incentive compensation. Other significant fiscal year 2024 operating cash flow items included payment of 2023 annual incentive compensation. Cash used in investing activities was $234.5 million in fiscal year 2025, reflecting $280.6 million in capital expenditures to grow our capacity and capabilities with a focus on our aerospace & defense market. These investing activity outflows were partially offset by $26.8 million of proceeds from the sale of non-core businesses previously reported in the HPMC segment and proceeds of $11.1 million from property, plant and equipment sales, primarily for oil and gas rights. We expect to fund our capital expenditures with cash on hand, cash flow generated from our operations and, if needed, by using a portion of the ABL credit facility. Cash used in investing activities was $159.6 million in fiscal year 2024, reflecting $239.1 million in capital expenditures to grow our capacity and capabilities with a focus on aerospace & defense. These investing activity outflows were partially offset by $48.0 million of proceeds from the sale of our New Bedford, MA operations and Remscheid, Germany operations and $27.6 million of proceeds from property, plant and equipment sales, which included $11.6 million of proceeds on the sale of certain oil and gas rights and $3.5 million of proceeds received for the sale of assets for our idled Houston, PA facility.

Total debt 1,761.0 1,909.5 Less: Cash (416.7) (721.2) Net debt $ 1,344.3 $ 1,188.3 Debt to Adjusted EBITDA 2.05 2.62 Net Debt to Adjusted EBITDA 1.56

Carpenter Technology provides the high-performance superalloys and stainless steels required for gas, steam, and nuclear power systems to ensure consistent uptime and long-term structural integrity.

Sales to the Energy end-use market of $230.6 million reflect a 15 percent increase from fiscal year 2025. Excluding surcharge revenue, sales increased 13 percent. The fiscal year 2026 results reflect higher demand in the power generation sub-market for both new and refurbished industrial gas turbines partially offset by decreased shipments for material used in the oil and gas sub-market compared to fiscal year 2025.

Net sales excluding surcharge revenue (1) $ 2,527.5 $ 2,346.1 $ 2,167.7 Operating income $ 702.0 $ 521.8 $ 323.1 Adjusted operating income (1) $ 702.0 $ 525.4 $ 354.1 Net income $ 529.8

Carpenter Technology completed fiscal year 2026 as the most profitable year in the Company’s history, realizing $702.0 million in operating income. This represents an increase in adjusted operating income of $176.6 million, or 34 percent, from fiscal year 2025 when excluding the $3.6 million of restructuring charges discussed below. The SAO segment drove results, exceeding expectations with $782.9 million of operating income and an operating margin of 27.7 percent of net sales (34.7 percent of net sales excluding surcharge revenue) compared to operating income of $588.6 million, or 23.0 percent of net sales (28.6 percent of net sales excluding surcharge revenue), for fiscal year 2025. Margin expansion in fiscal year 2026 was driven by a combination of continued productivity gains and pricing realization across both long-term and transactional business. These factors enabled SAO to deliver its strongest operating performance to date.

The profitability improvement was accompanied by meaningful cash generation, reflecting the higher earnings and continued discipline in working capital management. We generated $605.0 million of cash from operating activities in fiscal year 2026, as compared with cash generated from operating activities of $440.4 million in fiscal year 2025. Adjusted free cash flow was $362.3 million in fiscal year 2026, as compared with $287.5 million in fiscal year 2025. With a strong balance sheet and adjusted free cash flow, we will continue to take a balanced approach to capital allocation: sustaining our current asset base to achieve our targets, returning cash to stockholders through our stock buyback and dividend programs and investing in incremental growth initiatives, including the brownfield expansion project in Athens, Alabama. During fiscal year 2026, we repurchased 545,000 shares of our common stock in the open market for an aggregate $179.1 million and paid dividends of $40.3 million.

During fiscal year 2026, we repurchased 545,000 shares of our common stock in the open market for an aggregate $179.1 million and paid dividends of $40.3 million.

generated $14.6 billion of revenues

electrical components, switchgear, digital devices, enclosures,

ABB INTERIM REPORT I Q2 2026 6 — Electrification Growth Q2 Q2 Change year-on-year Orders Revenues Comparable 58% 19% FX 2% 2% Portfolio changes 0% -1% Record orders Total 60% 20% surpassing $7 bn Orders and revenues • Revenues increased by 20% (19% comparable) to Demand advanced from an already strong trajectory, and $5,200 million, equally supported by strong for the first time order intake surpassed the $7 billion improvement in both the short-cycle and project mark. At $7,231 million, orders improved by 60% (58% businesses. Majority of the growth was due to higher comparable), reflecting a strong underlying market with volumes, but also from a solid price contribution. no indications of pre-ordering. Changes in exchange rates added 2%. • Orders improved at a strong double-digit rate in both short-cycle and project businesses. Our resilient supply Profit chain supports consistent delivery performance. Strong increase of 26% (23% in local currencies) in • Market sentiment is strong in all major segments. Operational EBITA to $1,301 million, representing a Rapidly expanding investments in data center build-out margin improvement of 100 basis points to 24.9%. remained a primary catalyst, driving exceptional triple- • Gross margin declined by 140 basis points. Almost digit growth in the segment. In the utility market, the half the decline was due to the impact from unrealized underlying demand and long-term investment need FX and commodities derivatives. As expected, there remained strong, although order growth was limited was also some pressure from the price/cost gap as against the high prior-year comparable. The buildings pricing did not yet fully offset higher input expenses segment improved driven by the commercial area in the for raw materials. United States and Europe. Orders aimed at modernizing electrical infrastructure for land-based transport • Increase in Operational EBITA margin was supported maintained a strong trend. by operational leverage on higher volumes, • The Americas increased by 114% (114% comparable). operational efficiency improvements and stringent Europe was up by 19% (16% comparable). Asia, Middle management of SG&A expenses which declined in East and Africa improved by 21% (20% comparable) relation to revenues. including 20% (14% comparable) in China. CHANGE CHANGE ($ millions, unless otherwise indicated) Q2 2026 Q2 2025 US$ Comparable H1 2026 H1 2025 US$ Comparable Orders 7,231 4,518 60% 58% 13,878 8,912 56% 51% Order backlog 13,676 8,685 57% 59% 13,676 8,685 57% 59% Revenues 5,200 4,331 20% 19% 9,813 8,156 20% 17% Gross Profit 2,097 1,807 16% 3,948 3,445 15% as % of revenues 40.3% 41.7% -1.4 pts 40.2% 42.2% -2 pts Operational EBITA 1,301 1,033 26% 2,406 1,919 25% as % of operational revenues 24.9% 23.9% +1 pts 24.5% 23.6% +0.9 pts Cash flow from operating activities 1,253 956 31% 2,264 1,477 53% No. of employees (FTE equiv.) 55,800 52,800 6%

变压器 1,007,926.76 822,153.53 18.43 9.34 4.13 增加 4.08 个百分点

归属于上市公司股东的净利润 68,806.81 59,818.72 15.03

经营活动产生的现金流量净额 -29,721.05 -2,930.31 不适用

国际设备直接出 口同比大幅增长，多项产品成功进入意大利、沙特、摩洛哥等市场，斩获一批海外输变电、数据 中心等重点项目。

减（%） 营业成本 比上年增 减（%） 毛利率比上年增减 开关 870,121.06 632,395.23 27.32 2.32 1.20 增加 0.8 个百分点 变压器 1,007,926.76 822,153.53 18.43 9.34 4.13 增加 4.08 个百分点 电力电子器

变压器 万千伏安 23,410 23,472 1,184 24.81 27.01 -4.98

国际设备直接出 口同比大幅增长，多项产品成功进入意大利、沙特、摩洛哥等市场，斩获一批海外输变电、数据 中心等重点项目

2、 重大的非股权投资 √适用 □不适用 报告期内，公司累计完成重大非股权投资 153,707 万元，包含西电西安智慧产业基地及入园企业数字化工厂建设项目、西电常变特高压变压器及电 抗器生产提升项目、西电中特大型特种变产线建设项目、西电兴启数字化绝缘纸及纸板生产线项目等 12 项重点固定资产投资项目。

签字会计师姓名 黄飞、解飞 七、 近三年主要会计数据和财务指标 (一) 主要会计数据 单位：万元 币种：人民币 主要会计数据 2025年 2024年 本期比上年同期 增减(%) 2023年 营业收入 2,375,641.87 2,217,477.61 7.13 2,100,092.95 利润总额 167,791.83 134,652.51 24.61 116,179.32 归属于上市公司股东的净利润 126,967.96 105,415.25 20.45 89,717.33 归属于上市公司股东的扣除非 经常性损益的净利润 119,454.22 99,656.06 19.86 64,078.82 经营活动产生的现金流量净额 274,019.00 349,879.73 -21.68 126,505.19 2025年末 2024年末 本期末比上年同 期末增减（%） 2023年末

(一) 主要会计数据 单位：万元 币种：人民币 主要会计数据 本报告期 （1－6月） 上年同期 本报告期比上年 同期增减(%) 营业收入 1,221,303.62 1,130,129.11 8.07 利润总额 107,852.82 81,108.55 32.97 归属于上市公司股东的净利润 68,806.81 59,818.72 15.03 归属于上市公司股东的扣除非经常性 损益的净利润 73,585.67 60,943.32 20.74 经营活动产生的现金流量净额 -29,721.05 -2,930.31 不适用 本报告期末 上年度末 本报告期末比上 年度末增减(%)

稳定、持续、可预期的分红机制，持续夯实股东回报，与投资者共享发展红利，传递长期发展价 值与诚意。2026 年 6 月，公司实施 2025 年年度利润分配方案，以总股本 5,125,882,352 股为基数， [PDF page 18] 中国西电电气股份有限公司2026 年半年度报告 18 / 185 向全体股东每 10 股派发现金股利 0.54 元（含税），合计派发现金红利 276,797,647.01 元（含税）， 2025 年度公司现金分红（包括中期已分配的现金红利）总额 517,714,117.55 元（含税），占 2025 年度归属于上市公司股东的净利润的 40.78%。2026 年度拟实施中期分红，以总股本 5,125,882,352 股为基数，向全体股东每 10 股派发现金股利 0.55 元（含税），共计分配人民币 281,923,529.36 元， 占 2026 年上半年归属于上市公司股东净利润的比例为 40.97%。

电气设备产品 1,496,820.51 1,204,249.83 19.55 11.98 11.39 增加 0.43 个百分点

归属于上市公司股东的净利润 255,231.03 318,386.53 -19.84

增长。2026 年上半年，公司输变电产业国内市场签约 372.85 亿元。

比上年增 减（%） 毛利率比上年增减 （%） 电气设备产品 1,496,820.51 1,204,249.83 19.55 11.98 11.39 增加 0.43 个百分点 电线电缆产品 1,084,107.89 988,718.89 8.80 38.23 36.57 增加 1.11 个百分点 输变电成套工程 296,880.00 267,452.92 9.91 27.40 36.01 减少 5.70 个百分点

(2).产销量情况分析表 √适用 □不适用 产销量情况说明 报告期，公司变压器产品实现产量超 5 亿 kVA，公司的输变电产品主要采取 “以销定产”的方式生产，仅有部分标准化产品根据市场需求先少量生产再销售， 不存在积压情况。公司完成并确认收入的风能及光伏建设项目装机约 2.74GW，

数据中心、电化学储能市场等增量市场实现高速 增长。2026 年上半年，公司输变电产业国内市场签约 372.85 亿元

(一) 主要会计数据 单位：万元 币种：人民币 主要会计数据 本报告期 （1－6月） 上年同期 本报告期比上年 同期增减(%) 营业收入 5,655,475.49 4,835,127.02 16.97 利润总额 396,133.10 442,262.31 -10.43 归属于上市公司股东的净利润 255,231.03 318,386.53 -19.84 归属于上市公司股东的扣除非 经常性损益的净利润 267,342.03 278,746.61 -4.09 经营活动产生的现金流量净额 621,968.76 463,677.12 34.14 本报告期末 上年度末 本报告期末比上 年度末增减(%) 归属于上市公司股东的净资产 7,555,977.78 7,439,182.16 1.57

购建固定资产、无形资产和其他长期资产 支付的现金 12,098,363,036.56

公司向全体股东每股派发 现金红利 0.36 元（含税），共计派发现金红利 18.07 亿元（含税），占 2025 年 度归属于上市公司股东净利润的 30.35%

营业收入 27,767,190,529.75 24,243,208,440.39 14.54

公司在电网调度自动化、继电保护、柔性输 电、新能源并网控制等核心细分领域市场份额行业领先，竞争优势明显。

主要产品包括电网安全稳定分析与控制、电网调度自动化、电力市场、新能源并网控制、

新一代调度、电力现货市场、配电自动化、新一代 用采等核心产品广泛部署

公司是智能电网技术、产品及一体化整体解决方案供应商，综合实力国际领先，处于市场龙 头地位。面向大电网安全稳定、调度、输电、变电、配电、用电、微网、智慧园区、能效服务等 环节，主要产品包括电网安全稳定分析与控制、电网调度自动化、电力市场、新能源并网控制、 新一代集控、新一代自主可控变电站监控、继电保护、变电站智能运检、直流输电系统、柔性交 流输电系统、源网荷储协同控制、输变电在线监测、配电网统一平台、配电网中低压柔性互联、 智能电表、新型采集终端、需求侧响应、虚拟电厂、超级充电桩、车网互动等。公司获批建设电

网运行风险防御技术与装备全国重点实验室。新一代调度、电力现货市场、配电自动化、新一代 用采等核心产品广泛部署，“首个、首套、首台”先进装备支撑川渝特高压、西藏构网型 SVG 等 一系列标志性工程竣工。智能电网主配网调度及监控自动化系统、柔性直流换流阀、电力控制保 护设备入选国家级制造业单项冠军。“特高压直流与柔性输电高端装备攻关团队”获国家卓越工

产品和服务覆盖全国及 100 多个国家和地区。凭借深厚的技术积淀与品牌壁垒，公司在电网调度自动化、继电保护、柔性输 电、新能源并网控制等核心细分领域市场份额行业领先

主要会计数据 本报告期 （1－6月） 上年同期 本报告期比上年 同期增减(%) 营业收入 27,767,190,529.75 24,243,208,440.39 14.54 利润总额 3,715,406,166.91 3,553,008,257.52 4.57 归属于上市公司股东的净利润 3,072,688,826.28 2,952,191,275.23 4.08 归属于上市公司股东的扣除非经常性 损益的净利润 2,925,285,478.78 2,804,289,840.63 4.31 经营活动产生的现金流量净额 591,109,591.80 2,808,524,757.71 -78.95

财务费用 92,607,909.15 -131,378,213.47 不适用 研发费用 1,656,526,012.16 1,513,234,813.12 9.47 经营活动产生的现金流量净额 591,109,591.80 2,808,524,757.71 -78.95 投资活动产生的现金流量净额 836,923,591.77 -1,987,077,254.86 不适用 筹资活动产生的现金流量净额 -4,058,575,143.40 -3,724,960,044.42 不适用 公允价值变动收益（损失以“－”号填列） 127,570,245.98 74,299,011.70 71.70 信用减值损失（损失以“－”号填列） -281,541,527.50 -175,562,109.26 不适用 资产减值损失（损失以“－”号填列） 16,067,079.75 7,771,035.44 106.76 资产处置收益（损失以“－”号填列） 81,927.63 -74,613.28 不适用 营业外收入 3,928,422.04 10,716,502.14 -63.34 营业外支出 6,956,662.36 3,007,302.36 131.33 财务费用变动原因说明：财务费用较上年同期增加，主要系利息收入减少及外币汇率变动汇兑损 失增加所致。 经营活动产生的现金流量净额变动原因说明：经营活动产生的现金流量净额较上年同期减少，主 要系本期支付采购款增加所致。

拟派发现金红利1,221,949,631.85元（含税）。2026年上半 年度以现金为对价，采用集中竞价方式已实施的股份回购金额38,824,905.00元，现金分红和回购 金额合计1,260,774,536.85元，占半年度归属于上市公司股东净利润的比例41.03%

营业收入（元） 10,795,207,710.32 8,496,879,187.48 27.05%

开关类业务 4,330,395,746.48 40.12% 3,536,068,715.75 41.62% 22.46%

积极开拓以超级电容为核心的数据中心市场业务

√适用 □ 不适用 单位：元 营业收入 营业成本 毛利率 营业收入比上 年同期增减 营业成本比上 年同期增减 毛利率比上 年同期增减 分行业 分产品 开关类业务 4,330,395,746.48 2,639,021,392.08 39.06% 22.46% 15.51% 3.67% 变压器类业务 2,260,573,136.03 1,438,614,256.74 36.36% 12.46% 10.83% 0.93% 保护及自动化类业 务 1,144,813,885.26 746,032,856.25 34.83% 15.80% 18.17% -1.31% 电力电子类业务 539,617,537.14 436,122,702.14 19.18% -25.03% -8.72% -14.44% EPC 类业务 1,117,365,345.83 995,757,160.38 10.88% 38.42% 41.31% -1.82%

金额 占营业收入比 重 金额 占营业收入比重 营业收入合计 10,795,207,710.32 100% 8,496,879,187.48 100% 27.05% 分行业 分产品 开关类业务 4,330,395,746.48 40.12% 3,536,068,715.75 41.62% 22.46% 变压器类业务 2,260,573,136.03 20.94% 2,010,103,471.21 23.66% 12.46% 保护及自动化类业务 1,144,813,885.26 10.60% 988,601,319.36 11.63% 15.80% 电力电子类业务 539,617,537.14 5.00% 719,753,482.34 8.47% -25.03% EPC 类业务 1,117,365,345.83 10.35% 807,209,594.62 9.50% 38.42% 储能系统及元件类业务 1,391,285,555.96 12.89% 420,015,071.90 4.94% 231.25%

锡等产业基地，凭借多年的市场拓展与品牌经营，公司已成为全球输配电领域的知名品牌之一。公司注 重在人力资本、市场管理、产品研发、质量管理、精益供应链建设等方面的持续积累投入，为未来发展 奠定基础。公司已从成立时的单一产品供应商，发展成为覆盖开关设备、变压器、保护及自动化、电力 电子、储能系统及元件、工程总承包（EPC）六大核心业务线的全产业链解决方案提供商，能够为电力 系统提供一次设备、二次设备、储能及电能质量治理相关设备及 EPC 服务。业务已覆盖全球 100 多个国 家和地区，海外收入占比提升至 29.49%，成功切入发达市场顶级电网运营商供应链，全球化布局取得 阶段性成效。

场站级储能系统、家庭光储系统、汽车电子电器、超级电容/混合超容单体及模组、高功率锂电池、移 动/预制式变电站等。公司主要收入来源于上述设备的销售及 EPC 业务。 由于行业特点，公司主要产品的个性化设计或客户订制程度较高，因此公司大都采用以销定产的 生产模式，通常是按订单生产（MTO）或按订单设计（ETO），交付周期包括设计、制造、物流运输、验

□ 适用 √ 不适用 四、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 本报告期 上年同期 本报告期比上年同期增减 营业收入（元） 10,795,207,710.32 8,496,879,187.48 27.05% 归属于上市公司股东的净利润（元） 1,463,716,011.88 1,292,697,963.66 13.23% 归属于上市公司股东的扣除非经常性 损益的净利润（元） 1,398,219,558.77 1,236,068,551.03 13.12% 经营活动产生的现金流量净额（元） 227,212,823.34 -713,276,433.22 131.85%

经营活动产生的现金流量净额 227,212,823.34 -713,276,433.22 131.85% 主要是报告期内销售商品收 到的现金增加

TRANSMISSION Q4 MARGIN IS BEST-IN-CLASS (20.9% VS. 14.5%, Q4’24) AND COMPLEMENTED BY ORGANIC GROWTH (+8.4%). BACKLOG AT €17 BILLION

PRYSMIAN CLOSES FY25 WITH ITS HIGHEST-EVER ADJUSTED EBITDA (€2,398 MILLION), NET INCOME (€1,270 MILLION) AND CASH GENERATION (€1,171 MILLION) CONTINUED ORGANIC GROWTH (+4.3%) AND PROFITABILITY1 ENHANCEMENT (14.5% VS. 12.7%, Q4’24) IN Q4 TRANSMISSION Q4 MARGIN IS BEST-IN-CLASS (20.9% VS. 14.5%, Q4’24) AND COMPLEMENTED BY ORGANIC GROWTH (+8.4%). BACKLOG AT €17 BILLION POWER GRID ORGANIC GROWTH ACCELERATION IN Q4 (+12.8%), DRIVEN BY NORTH AMERICA & EMEA ELECTRIFICATION: INDUSTRIAL & CONSTRUCTION REGISTERS ORGANIC GROWTH (+0.6%) AND GROWING MARGINS (13.5% VS. 12.9%, Q4’24) IN Q4, DRIVEN BY DATA CENTER EXPANSION IN NORTH AMERICA DIGITAL SOLUTIONS ADJUSTED EBITDA NEARLY DOUBLES IN Q4 (€75 MILLION VS. €40 MILLION, Q4’24), INCLUDING THE STRONG CONTRIBUTION FROM CHANNELL. REVENUES UP (+8.4% ORGANIC GROWTH) FREE CASH FLOW BEATS FY25 GUIDANCE AT €1.171 MILLION (+15.8% VS. FY24)

including electric power transmission and distribution networks; substation facilities

our ten largest customers accounted for 30% of our consolidated revenues

We see strong demand for these services by data center, manufacturing, semiconductor and other large load facilities

Net cash provided by operating activities of $2.23 billion and $2.08 billion in 2025 and 2024

DSO as of December 31, 2025 was 60 days, which was slightly higher than DSO of 59 days as of December 31, 2024 and lower than our five-year historical average DSO of 75 days.

Net cash provided by financing activities in the year ended December 31, 2025 were also net of $134.6 million of repurchases of common stock, $112.3 million of payments to satisfy tax withholding obligations associated with stock-based compensation, $102.6 million of payments for contingent consideration liabilities and $60.4 million for the payment of dividends.

In 2025, we had revenues of $16.99 billion.

Our United States electrical and mechanical construction operations accounted for approximately 72% of our 2025 total revenues.

the construction of manufacturing facilities, data centers, warehousing and distribution facilities, hospitals, and commercial buildings

Our remaining performance obligations at December 31, 2025 were $13.25 billion, a $3.15 billion increase compared to remaining performance obligations of $10.10 billion at December 31, 2024.

Net income of $1.27 billion, or $28.19 per diluted share, for the year ended December 31, 2025, compares favorably to net income of $1.01 billion, or $21.52 per diluted share, for the year ended December 31, 2024.

For 2025, net cash provided by operating activities was approximately $1.30 billion compared to approximately $1.41 billion in 2024.

During 2025, we paid a regular quarterly dividend of $0.25 per share. In December 2025, our Board of Directors announced its intention to increase the regular quarterly dividend to $0.40 per share commencing with the dividend to be paid in January 2026.

Record H1 Group revenues of €21.2 billion, up +14% organic

While demand in Data Centers remained at a very high level

Record H1 Group revenues of €21.2 billion, up +14% organic ​ • Record H1 Adj. EBITA of €4.1 billion, up +22% organic ​ • Strong progression in adj. EBITA margin of +120bps org., reaching 19.3% ​ • Net Income of €2.5 billion, up +30% ​ • Free Cash Flow of €1.6 billion, up +244% ​ •

Net sales$3,951 $3,350 18 %$7,551 $6,360 19 % Operating profit$1,088 $987 10 %$2,010 $1,891 6 % Operating margin27.5 %29.5 %26.6 %29.7 %

Backlog$15,175 $11,377 33 %17 %

Net cash provided by operating activities increased by $478 million in the first six months of 2026 compared to 2025. The material factor affecting this increase was working capital balances being $564 lower, partially offset by lower net income of $257 million.

At June 30, 2026, the Company had Short-term debt of $2,091 million, Current portion of long-term debt of $11 million, and Long-term debt of $18,509 million.

On February 27, 2025, the Eaton Board of Directors renewed the 2022 Program by providing authority for up to $9.0 billion in repurchases to be made during the three-year period commencing on that date

Our broad range of offerings includes AC and DC power management, thermal management, low/medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, energy storage solutions, hardware, software for managing IT equipment and services.

Vertiv’s estimated combined order backlog was $15.0 billion and $7.2 billion as of December 31, 2025 and 2024, respectively

Our broad range of offerings includes AC and DC power management, thermal management, low/medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems

Net sales were $10,229.9 in 2025, an increase of $2,218.1, or 27.7%, compared with $8,011.8 in 2024.

Operating profit (loss) in 2025 was $1,714.3, an increase of $616.5, or 56.2%, compared with 2024.

Net cash provided by operating activities was $2,113.8 in 2025, a $794.5 increase in cash generation compared to 2024.

The Company did not repurchase any shares under its stock repurchase program in the second half of 2024 or in 2025. As of December 31, 2025, $2.4 billion remains for additional share repurchases under the current approved program.

Power Solutions Power Distribution Systems Liquid and Air Cooling Rack & Accessories Data Center Infrastructure Management (DCIM)

Performance by Segment 主要部門表現 Sales% NT$ million 營收佔比 新台幣百萬元 Sales Y/Y Q/Q Profits Y/Y Q/Q Power 28% 32% 34% Electronics 96,296 +50% +12% 20,142 +50% +7% 11% 電源及零組件 9% 8% 9% 5% 5% Mobility 52% 54% 53% 交通 8,242 -23% +6% (386) -340% +48% Automation n.m. n.m. 2Q25 1Q26 2Q26 自動化 15,513 +15% +8% (443)(turned to (turned loss) to loss) Others Infrastructure Infrastructure Automation 基礎設施 62,938 +78% +23% 11,257 +121% +10%Mobility Power Electronics Delta Confidential 6

[03:06] Rodney Liu | Investor Rela�ons Director I will leave th e reven u e an d op era�n g p ro fit figures fo r each b u sin ess segment o n th e screen fo r your referen ce. As in th e p ast several qu arters, the main sou rces of reven u e an d p ro fit grow th were Power Electronics and Infrastructure. The strongest demand growth came from data center-related applica�ons, which are primarily reported under these two segments. Revenue from Power Electronics grew 50%, led by par�cularly rapid growth in power products and certain liquid-cooling components. In Infrastructure, we offer a wide range of data center infrastructure solu�ons, including liquid cooling, which also grew rapidly in the first half. This drove profit growth in both segments. Mobility declined, while Automa�on recorded a loss. Automa�on experienced component shortages during the first half, which prevented some products from being shipped. Nevertheless, Automa�on revenue s�ll grew 15%. [04:16] Rodney Liu | Investor Rela�ons Director Non-opera�ng income was a brighter spot in the second quarter, reaching NT$4.4 billion. Part of this was a paper gain resul�ng from mark-to-market investment gains. Interest income, foreign-exchange gains and losses, and other items were all within a rela�vely normal range. [04:40] Rodney Liu | Investor Rela�ons Director Pre-tax profit was therefore NT$35.0 billion, with a pre-tax margin of 19.1%. Apart from the previous quarter, this was also our best-ever quarterly result. EBITDA reached NT$44.1 billion, an all- �me high, with an EBITDA margin of 24%. Pre-tax profit and EBITDA increased by nearly 80% and 64%, respec�vely, from a year earlier. [05:08] Rodney Liu | Investor Rela�ons Director The effec�ve tax rate has remained broadly stable over the past several quarters and is unlikely to change significantly in the near term. It is approximately 22%. Non-controlling interests were lower two quarters ago, mainly because profit in Thailand was lower, so this item can fluctuate more significantly. A�er deduc�ng the smaller amount atributable to non-controlling interests, second-quarter net profit was approximately NT$25.1 billion, up 80% year over year and 22% quarter over quarter. This was also a record high in absolute terms. [05:58] Rodney Liu | Investor Rela�ons Director This translated into second-quarter EPS of NT$9.68, also an all- �me high. [06:07] Rodney Liu | Investor Rela�ons Director For the first half as a whole, revenue was NT$342.6 billion, up 41% year over year, represen�ng a slight accelera�on from last year. This was because data centers are contribu�ng an increasing share of the company’s revenue, and the growth rate remains very strong. In the first half, data c enter- related business accounted for more than half of our consolidated revenue. Gross profit reached NT$124.3 billion, with a gross margin of 36.3%, represen�ng a 52% increase from a year earlier.

challenge a new record? Thank you. [09:48] Beau Yu | Chief Financial Officer Let me begin. The higher gross margin in the first quarter was atributable to two factors. First, we recorded one- �me income from an order cancella�on. Second, certain liquid-cooling products were more significant in the first quarter, and some were sold under DDP terms— Delivered Duty Paid. This raised the reported gross margin but had no impact on net profit. [10:27] Ping Cheng | Chairman and Chief Execu�ve Officer We believe a gross margin of around 35% is reasonable. Of course, it also depends on our overall product mix. Delta has a very broad product por�olio, and the mix affects gross margin. Even if revenue increases, I think gross margin will probably remain at roughly this level. There are many variables in the market, including new product pla�orms, deployment delays, and component shortages. These issues may become somewhat more serious in the second half of this year, but they are all rela�vely normal. We will do our utmost to respond. Our overall coopera�on with customers remains quite normal. New-product development, capacity expansion, and our visibility into component availability are all progressing reasonably well. Unless there is a major market change, I do not foresee any significant problems in the second half. [11:49] Ques�oner — Albert, J.P. Morgan My second ques�on concerns the new products that were just men�oned as beginning to ramp in the second half. We are closely watching the GPU server market, where the second half is expected to be an exci�ng product cycle. From the company ’s perspec�ve, could you share when you expect these new products to ramp and what the rollout patern may look like? Also, how willing are customers to adopt high -voltage direct current, or HVDC, in these new products? HVDC may involve different raw materials, so how might this affect average selling prices or profitability? Thank you. [12:40] Ping Cheng | Chairman and Chief Execu�ve Officer For HVDC, we expect to begin mass produc�on of both ±400V and 800V products in the third quarter. However, I believe shipments will s�ll be limited in the fourth quarter— and, in fact, throughout this year. We probably will not see meaningful volume un�l n e x t y e a r. [13:06] Lanford Liu | Vice President, Corporate Investment; Moderator Let me add that what we are seeing in the market is broadly consistent with what we discussed previously. The rollout of ±400V will be more aggressive. As for 800V, Nvidia is the primary driver, and its adop�on will depend on when end customers decide to use that power architecture in their data centers. Based on current market indica�ons, there should be more ±400V shipments this year. However, as the Chairman just men�oned, overall HVDC volume will s�ll not be very large this year. If you look at Nvidia’s own shipment mix, Blackwell shipments should s�ll substan�ally exceed Rubin shipments. [14:02] Ques�oner — Albert, J.P. Morgan Understood. That is very clear. My final ques�on concerns the compe��ve landscape. The company

Power & Energy’s total sales were $32.201 billion in 2025, an increase of $3.347 billion, or 12 percent, compared with $28.854 billion in 2024. The increase was primarily due to higher sales volume of $2.401 billion and favorable price realization of $592 million.

Power Generation – Sales increased in large reciprocating engines, primarily data center applications. Turbines and turbine-related services increased as well.

Power & Energy’s total sales were $32.201 billion in 2025, an increase of $3.347 billion, or 12 percent, compared with $28.854 billion in 2024. The increase was primarily due to higher sales volume of $2.401 billion and favorable price realization of $592 million. •Oil and Gas – Sales increased in turbines and turbine-related services. The increase was partially offset by lower sales of reciprocating engines, primarily engines used in gas compression applications. •Power Generation – Sales increased in large reciprocating engines, primarily data center applications. Turbines and turbine-related services increased as well.

Power & Energy 6,418  5,736  682  12 %

•Enterprise operating cash flow was $11.7 billion in 2025. Caterpillar ended 2025 with $10.0 billion of enterprise cash.

Each quarter, our Board of Directors reviews the company's dividend for the applicable quarter. The Board evaluates the financial condition of the company and considers corporate cash flow, the company's liquidity needs, the economic outlook, and the health and stability of global credit markets to determine whether to maintain or change the quarterly dividend. In December 2025, the Board of Directors approved maintaining our quarterly dividend representing $1.51 per share, and we continue to expect our strong financial position to support the dividend. Dividends paid totaled $2.749 billion in 2025. Our share repurchase plans are subject to the company’s resource allocation framework and are evaluated on an ongoing basis considering the financial condition of the company, corporate cash flow, the company's liquidity needs, the economic outlook, and the health and stability of global credit markets. The timing and amount of future repurchases may vary depending on market conditions and investing priorities. In May 2022, the Board approved a share repurchase authorization (the 2022 Authorization) of up to $15.0 billion of Caterpillar common stock effective August 1, 2022 with no expiration. In June 2024, the Board approved an additional share repurchase authorization (the 2024 Authorization) of up to $20.0 billion of Caterpillar common stock, effective June 12, 2024, with no expiration. In 2025, we repurchased $5.190 billion of Caterpillar common stock. As of December 31, 2025, the 2022 Authorization was fully utilized and $14.937 billion remained under the 2024 Authorization. Caterpillar's basic shares outstanding as of December 31, 2025 were approximately 465 million.

We invoice in advance of recognizing the sale of certain products. We recognize advanced customer payments as a contract liability in Customer advances and Other liabilities in Statement 3. Contract liabilities were $4,678 million, $2,745 million and $2,389 million as of December 31, 2025, 2024 and 2023, respectively. We reduce the contract liability when we recognize revenue. During 2025, we recognized $1,894 million of revenue that was recorded as a contract liability at the beginning of 2025. During 2024, we recognized $1,591 million of revenue that was recorded as a contract liability at the beginning of 2024.