The Company holds an investment in a variable interest entity (“Welland VIE”) that was created in the third quarter of 2025 together with a group of investors to acquire, own, and lease land and buildings used in the Company’s production operations in Welland, Canada. The Welland VIE is financed through a combination of equity contributions from investors and third-party debt.

The Company’s variable interests in the Welland VIE consist of its equity investment and a lease arrangement for the production facility in Welland, Canada. The Company determined that it is the primary beneficiary of the Welland VIE because it has (i) the power to direct the activities that most significantly impact the Welland VIE’s economic performance and (ii) the obligation to absorb losses and the right to receive benefits that could potentially be significant to the Welland VIE. Accordingly, the Company consolidates the Welland VIE.

The Welland VIE’s assets and liabilities included in the Company’s consolidated statements of financial position primarily consist of debt of $33.7 million as of June 30, 2026.

The Company has no obligation to provide additional financial support to the Welland VIE and creditors of the Welland VIE have no recourse to the Company.

Variable interest entities	6 Months Ended
Jun. 30, 2026
Variable Interest Entity [Abstract]
Variable interest entities	Note 26. Variable interest entities Welland, Canada Production Facility The Company holds an investment in a variable interest entity (“Welland VIE”) that was created in the third quarter of 2025 together with a group of investors to acquire, own, and lease land and buildings used in the Company’s production operations in Welland, Canada. The Welland VIE is financed through a combination of equity contributions from investors and third-party debt. The Company’s variable interests in the Welland VIE consist of its equity investment and a lease arrangement for the production facility in Welland, Canada. The Company determined that it is the primary beneficiary of the Welland VIE because it has (i) the power to direct the activities that most significantly impact the Welland VIE’s economic performance and (ii) the obligation to absorb losses and the right to receive benefits that could potentially be significant to the Welland VIE. Accordingly, the Company consolidates the Welland VIE. The Welland VIE’s assets and liabilities included in the Company’s consolidated statements of financial position primarily consist of debt of $33.7 million as of June 30, 2026. The Company has no obligation to provide additional financial support to the Welland VIE and creditors of the Welland VIE have no recourse to the Company. Nordic LuxCo / Heaten Group The Company holds a 24.9% equity interest in Nordic LuxCo, which was acquired through a non-cash capital contribution from its parent on March 30, 2026. See Note 25 – Related party transactions for a description of the related-party service and manufacturing agreements with Heaten Germany GmbH, a subsidiary of Nordic LuxCo. The Company has determined that it is not the primary beneficiary of Nordic LuxCo because it does not have the power to direct the activities that most significantly impact Nordic LuxCo’s economic performance, which are governed by Nordic LuxCo’s board of directors and its majority shareholder. Accordingly, Nordic LuxCo is not consolidated by the Company and the Company accounts for its interest under the equity method of accounting. The carrying amount of the Company’s investment in Nordic LuxCo was approximately $6.6 million as of June 30, 2026. The Company’s maximum exposure to loss as of June 30, 2026 was $7.4 million, limited to the carrying amount of its investment and amounts receivable under the related service and manufacturing arrangements. The Company has not provided any explicit guarantees or other forms of financial support to Nordic LuxCo beyond its equity investment.

The Company holds a 24.9% equity interest in Nordic LuxCo, which was acquired through a

non-cash

capital contribution from its parent on March 30, 2026. See Note 25 – Related party transactions for a description of the related-party service and manufacturing agreements with Heaten Germany GmbH, a subsidiary of Nordic LuxCo.

The Company has determined that it is not the primary beneficiary of Nordic LuxCo because it does not have the power to direct the activities that most significantly impact Nordic LuxCo’s economic performance, which are governed by Nordic LuxCo’s board of directors and its majority shareholder. Accordingly, Nordic LuxCo is not consolidated by the Company and the Company accounts for its interest under the equity method of accounting.

The carrying amount of the Company’s investment in Nordic LuxCo was approximately $6.6 million as of June 30, 2026. The Company’s maximum exposure to loss as of June 30, 2026 was $7.4 million, limited to the carrying amount of its investment and amounts receivable under the related service and manufacturing arrangements. The Company has not provided any explicit guarantees or other forms of financial support to Nordic LuxCo beyond its equity investment.