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DE 3533 99-2746883 3300 North Sam Houston Parkway East Houston TX 77032 281 449-2000 Dwight W. Rettig 3300 North Sam Houston Parkway East Houston TX 77032 281 449-2000 Non-accelerated Filer false true false true http://fasb.org/srt/2026#ChiefExecutiveOfficerMember 10 10 10 10 0.01 0.01 1000 1000 1000 1000 1000 1000 10 10 10 10 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">1. Organization and nature of business </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">HMH Holding Inc. (the “Company”) was incorporated in the State of Delaware on April 29, 2024. The Company is authorized to issue 1,000 shares of one class of common stock with a par value of $0.01. The Company was formed with the intent that it will be included in a reorganization into a holding corporate structure and its sole material asset is expected to be a controlling equity interest in HMH Holding B.V. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On April 29, 2024, HMH Holding B.V. acquired 1,000 shares of the Company’s common stock for cash consideration of $0.01 per share, or total cash consideration of $10. </div> 1000 0.01 1000 0.01 10 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">2. Summary of significant accounting policies </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Basis of presentation </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company’s balance sheets have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). As there has been no operating activity for this entity since its inception, separate statements of income and comprehensive income, cash flows and changes in stockholder’s equity have not been presented. The Company’s <span style="white-space:nowrap;display:inline;">year-end</span> is December 31. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Summary of significant accounting policies </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The preparation of financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, related revenues and expenses and the disclosure of gain and loss contingencies at the date of the financial statements and during the periods presented. The Company bases these estimates on historical results and various other assumptions believed to be reasonable, all of which form the basis for making estimates concerning the carrying values of assets and liabilities that are not readily available from other sources. Actual results could differ materially from those estimates. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Offering costs </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In connection with the Company’s initial public offering, affiliates of the Company have or will incur accounting, legal and other costs, which will be reimbursed by the Company upon consummation of the initial public offering. Such costs will be deferred and recorded as a reduction to stockholder’s equity and recorded against the proceeds from the offering. In the event the offering is aborted, such deferred offering costs will be expensed. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Organization costs </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Organization costs will be expensed as incurred. Such costs are comprised of the legal and professional fees associated with the formation of the Company. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Basis of presentation </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company’s balance sheets have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). As there has been no operating activity for this entity since its inception, separate statements of income and comprehensive income, cash flows and changes in stockholder’s equity have not been presented. The Company’s <span style="white-space:nowrap;display:inline;">year-end</span> is December 31. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Summary of significant accounting policies </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The preparation of financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, related revenues and expenses and the disclosure of gain and loss contingencies at the date of the financial statements and during the periods presented. The Company bases these estimates on historical results and various other assumptions believed to be reasonable, all of which form the basis for making estimates concerning the carrying values of assets and liabilities that are not readily available from other sources. Actual results could differ materially from those estimates. </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Offering costs </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In connection with the Company’s initial public offering, affiliates of the Company have or will incur accounting, legal and other costs, which will be reimbursed by the Company upon consummation of the initial public offering. Such costs will be deferred and recorded as a reduction to stockholder’s equity and recorded against the proceeds from the offering. In the event the offering is aborted, such deferred offering costs will be expensed. </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Organization costs </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Organization costs will be expensed as incurred. Such costs are comprised of the legal and professional fees associated with the formation of the Company. </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">3. Subsequent events </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Management has performed an analysis of activities and transactions through March 4, 2026, which is the date the financial statements were issued, to determine the need for any adjustments to or additional disclosures within these financial statements. We determined that there are no significant subsequent events requiring adjustment or disclosure. </div> 96585000 0 19916000 116501000 108060000 0 0 108060000 1499000 0 0 1499000 3653000 0 0 3653000 114918000 0 0 114918000 253759000 0 0 253759000 17854000 0 0 17854000 32882000 0 -21326000 11556000 629210000 0 -1410000 627800000 200818000 0 0 200818000 307014000 0 0 307014000 67224000 0 0 67224000 54846000 0 0 54846000 33604000 0 -9352000 24252000 48739000 0 0 48739000 16249000 0 0 16249000 1357704000 0 -10762000 1346942000 56206000 0 0 56206000 107000 0 0 107000 715000 0 0 715000 35249000 0 0 35249000 95780000 0 0 95780000 35582000 0 0 35582000 223639000 0 0 223639000 195636000 0 0 195636000 143732000 0 -143732000 0 39922000 0 0 39922000 54323000 3424000 0 58189000 657252000 3424000 -143732000 517386000 1 200 200 200 0 0 0 0 0.01 0 0 114000 114000 0.01 0 326000 0 326000 610431000 -531833000 68478000 147076000 83943000 0 -21186000 62757000 4239000 0 0 4239000 698613000 -531507000 47406000 214512000 1839000 528083000 85564000 615486000 700452000 -3424000 132970000 829998000 1357704000 0 -10762000 1346942000 383385000 0 0 383385000 213544000 0 0 213544000 224380000 0 0 224380000 445000 0 0 445000 821754000 0 0 821754000 253541000 0 0 253541000 183509000 0 0 183509000 138974000 0 0 138974000 576024000 0 0 576024000 130397000 0 21186000 151583000 2813000 0 0 2813000 4631000 0 0 4631000 713865000 0 21186000 735051000 107889000 0 -21186000 86703000 6790000 0 0 6790000 1263000 0 0 1263000 43352000 0 -10218000 33134000 72590000 0 -10968000 61622000 26467000 0 0 26467000 46123000 0 -10968000 35155000 669000 0 26068000 26737000 45454000 0 -37036000 8418000 0.74 0.74 11422504 11422504 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">1. Basis of presentation and description of the transactions </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The unaudited pro forma consolidated financial information was prepared in accordance with Article 11 of Regulation <span style="white-space:nowrap;display:inline;">S-X and</span> presents the pro forma financial condition and results of operations of the Company based upon the historical financial information of HMH B.V. after giving effect to the transaction accounting adjustments set forth in the notes to unaudited pro forma consolidated financial information. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">For purposes of the unaudited pro forma consolidated balance sheet, it is assumed that the Transactions had taken place on December 31, 2025. For purposes of the unaudited pro forma consolidated statement of income, it is assumed that the Transactions had taken place on January 1, 2025. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The unaudited pro forma consolidated financial information presented assumes no exercise by the underwriters of their option to purchase additional shares of Class A common stock. In addition, the unaudited pro forma consolidated financial information does not reflect any cost savings, operating synergies or revenue enhancements that the consolidated company may achieve as a result of the Transactions. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Reorganization transactions and offering transactions </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Immediately prior to the Offering and the Corporate Reorganization, (i) Baker Hughes Company (Nasdaq: BKR) and its wholly owned subsidiary, Baker Hughes Holdings LLC (collectively, “Baker Hughes”), and (ii) Akastor ASA (OSE: AKAST) and its wholly owned subsidiaries, Akastor AS, Mercury HoldCo AS and Mercury HoldCo Inc. (collectively, “Akastor” and, together with Baker Hughes, the “Principal Stockholders”), will collectively own all of the equity interests in HMH B.V. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company is offering shares of Class A common stock in this Offering at an initial public offering price of $20.00 per share. The Company intends to use the proceeds (net of underwriting discounts and commissions and other estimated offering expenses) from the issuance of Class A common stock to acquire 10,520,000 B.V. Voting Class A Shares and 10,520,000 B.V. Voting Class B Shares (each as defined elsewhere in this prospectus) from the Principal Stockholders and contribute all the remaining net proceeds from the Offering to HMH B.V in exchange for a number of B.V. Voting Class A Shares and B.V. Voting Class B Shares, which HMH B.V will in turn use to repay outstanding indebtedness under the Shareholder Loans (as defined elsewhere in this prospectus) and for general corporate purposes, which may include funding for acquisitions, working capital requirements, capital expenditures and the repayment, refinancing, redemption or repurchase of indebtedness or other securities. If the underwriters exercise in full their option to purchase additional shares of Class A common stock, we intend to contribute all of the additional net proceeds to HMH B.V. in exchange for an additional 1,578,000 B.V. Voting Class A Shares and 1,578,000 B.V. Voting Class B Shares. HMH B.V. intends to use such additional net proceeds to purchase in equal proportion from Baker Hughes and Akastor, respectively, an aggregate number of shares of Class B common stock, B.V. Non-Voting Class A Shares and B.V. Non-Voting Class B Shares, respectively, equal to the number of shares of Class A common stock issued upon the underwriters’ exercise of the option. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">After giving effect to the Corporate Reorganization and the Offering contemplated by this prospectus (assuming the underwriters do not exercise their option to purchase additional shares of Class A common stock and prior to giving effect to the 902,504 shares of Class A common stock issuable upon consummation of this offering pursuant to LTI Awards (as defined elsewhere in this prospectus) that will vest in connection with this offering), the Company will be a holding company, and its sole material asset will be a controlling equity interest in HMH </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">B.V. As a result of the Corporate Reorganization and the Transactions, the Company will own approximately 24.4% of the economic interest in HMH B.V. but will have 100% of the voting power and will control the management of HMH B.V. The Company will be responsible for all operational, management and administrative decisions relating to HMH B.V.’s business and will have the obligation to absorb losses and receive benefits from HMH B.V. The Corporate Reorganization lacks economic substance under GAAP and therefore will be accounted for in a manner consistent with a reorganization of entities under common control. As a result, the consolidated financial statements of the Company will recognize the assets and liabilities received in the Corporate Reorganization at their historical carrying amounts, as reflected in the historical consolidated financial statements of HMH B.V. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">For a complete description of the Corporate Reorganization, see the section entitled “Corporate reorganization” included elsewhere in this prospectus. </div> 20 10520000 10520000 1578000 1578000 902504 0.244 1 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">2. Notes to unaudited pro forma consolidated balance sheet </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Transaction accounting adjustments include the following adjustments related to the unaudited pro forma consolidated balance sheet as of December 31, 2025, as follows: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left">(a)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">HMH B.V. incurred $21.3 million of legal, accounting and other direct costs associated with the Offering, which are recorded in “Prepaid expenses and other current assets” in the consolidated balance sheet. Upon completion of the Offering, these costs will be offset against the proceeds and recorded as a reduction of additional <span style="white-space:nowrap;display:inline;">paid-in</span> capital. </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left">(b)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">As a result of the Corporate Reorganization and the Transactions (assuming the underwriters do not exercise their option to purchase additional shares of Class A common stock and prior to giving effect to the 902,504 shares of Class A common stock issuable upon consummation of this offering pursuant to LTI Awards that will vest in connection with this offering), the Company will own approximately 24.4% of the economic interest in HMH B.V. and will control the management of HMH B.V. Immediately following the completion of the Corporate Reorganization, the ownership percentage held by the Company and by <span style="white-space:nowrap;display:inline;">non-controlling</span> interests will be approximately 24.4% and 75.6%, respectively. </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial">Represents an adjustment to equity reflecting (i) the par value for Class A common stock and the Company’s Class B common stock, par value $0.01 per share (“Class B common stock”), (ii) $528.1 million of <span style="white-space:nowrap;display:inline;">non-controlling</span> interests related to the 75.6% economic interest held by the Principal Stockholders and (iii) reclassification of HMH B.V.’s interest of $528.4 million to additional <span style="white-space:nowrap;display:inline;">paid-in</span> capital. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left">(c)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">In connection with the closing of the Offering, we will enter into a tax receivable agreement (the “Tax Receivable Agreement”) with the Principal Stockholders that provides for the payment by us to the Principal Stockholders of 85% of the realized benefits, if any, as a result of increases in our share of existing tax basis and adjustments to the tax basis of the assets of HMH B.V. as a result of sales or exchanges of B.V. <span style="white-space:nowrap;display:inline;">Non-Voting</span> Shares (as defined elsewhere in this prospectus), and our utilization of certain tax attributes related to entering into the Tax Receivable Agreement, including tax benefits attributable to payments under the Tax Receivable Agreement. For a complete description of the Tax Receivable Agreement, see the section entitled “Certain relationships and related party transactions—Tax Receivable Agreement” included elsewhere in this prospectus. The Tax Receivable Agreement will be accounted for as a contingent liability, with amounts accrued when considered probable and reasonably estimable. The following are the Tax Receivable Agreement adjustments: </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:4%;vertical-align:top;text-align:left">a.</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">We estimate that we will not realize the benefit represented by the deferred tax assets, based on an analysis of expected future earnings, and will reduce deferred tax assets with a full valuation allowance; </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:4%;vertical-align:top;text-align:left">b.</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">We will record a $3.4 million liability under the Tax Receivable Agreement (or $5.5 million if the underwriters exercise in full their option to purchase additional shares of Class A common stock and after giving effect to the application of the net proceeds therefrom) based on our estimate of the aggregate amount that we will pay to the Principal Stockholders under the Tax Receivable Agreement as a result of the Transactions; and </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="width:4%;vertical-align:top;text-align:left">c.</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">We will record an adjustment to decrease additional <div style="white-space:nowrap;display:inline;">paid-in</div> capital of $3.4 million, t<div style="display:inline;">o</div> reflect the increa<div style="display:inline;">s</div>e in the Tax Receivable Agreement liability payable to the Principal Stockholders as a result of the Offering Transactions, with no deferred tax asset recognized. </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial">Due to the uncertainty as to the amount and timing of future exchanges of B.V. <div style="white-space:nowrap;display:inline;">Non-Voting</div> Shares (together with an equal number of shares of Class B common stock) by the Principal Stockholders and as to the price per share of our Class A common stock at the time of any such exchanges, the unaudited pro forma consolidated financial information does not assume that exchanges have occurred. Therefore, no increases in tax basis in the Company’s assets or other tax benefits that may be realized as a result of any such future exchanges have been reflected in the unaudited pro forma consolidated financial information. </div><div style="margin-top:8pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial">However, if all of the Principal Stockholders were to exchange their B.V. <div style="white-space:nowrap;display:inline;">Non-Voting</div> Shares (together with an equal number of shares of Class B common stock) for shares of Class A common stock immediately following the completion of the Offering, we would recognize an incremental deferred tax asset of approximately $42.9 million and a <div style="white-space:nowrap;display:inline;">non-current</div> liability of approximately $33.0 million based on the Company’s estimate of the aggregate amount that it will pay under the Tax Receivable Agreement as a result of such future exchanges, utilizing various assumptions set forth in the Tax Receivable Agreement, including without limitation the following: (i) a price of $20.00 per share; (ii) a constant combined federal and state corporate tax rate of 25%; (iii) we will have sufficient taxable income to fully utilize the tax benefits; and (iv) no material changes in tax law. These amounts are estimates and have been prepared for informational purposes only. The actual amount of deferred tax assets and related <div style="white-space:nowrap;display:inline;">non-current</div> liabilities that we will recognize as a result of any such future exchanges will differ based on, among other things: (i) the amount and timing of future exchanges of B.V. <div style="white-space:nowrap;display:inline;">Non-Voting</div> Shares (together with an equal number of shares of Class B common stock) by the Principal Stockholders, and the extent to which such exchanges are taxable; (ii) the price per share of our Class A common stock at the time of the exchanges; (iii) the amount and timing of future income against which to offset the tax benefits; and (iv) the tax rates then in effect. </div><div style="margin-top:8pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial">There is a reasonable possibility that, within the next 12 months, future developments could cause us to change our conclusions regarding the valuation allowance and/or the Tax Receivable Agreement liability that has been recognized. Any such change could result in an income tax benefit in the period in which the valuation allowance is released and/or an increase in pre-tax income in the period in which the Tax Receivable Agreement liability is released. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left">(d)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Represents (i) the net proceeds of approximately $193.8 million based on an initial public offering price of $20.00 per share after deducting assumed underwriting discounts and commissions and other estimated offering expenses (or $223.4 million if the underwriters exercise in full their option to purchase additional shares of Class A common stock), (ii) the related use of $146.6 million of the proceeds to repay all outstanding indebtedness under the Shareholder Loans and (iii) an incremental $9.5 million of proceeds estimated to be received (via offset against repayment of the Shareholder Loans) from the Shareholder Notes (as defined elsewhere in this prospectus). </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left">(e)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">Reflects an adjustment to retained earnings of $21.2 million for share-based compensation expense that will be recognized upon completion of the Offering related to historical share awards issued by HMH B.V. to management and certain employees, which will vest when certain performance objectives are achieved. </div></td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt">All of the awards are contingent on a liquidity event, which is defined as an initial public offering or a change of control of the Company. </div></td></tr></table> 21300000 902504 0.244 0.244 0.756 0.01 528100000 0.756 528400000 0.85 3400000 5500000 3400000 42900000 33000000 20 0.25 193800000 20 223400000 146600000 9500000 21200000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">3. Notes to unaudited pro forma consolidated statement of income </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Transaction accounting adjustments include the following adjustments related to the unaudited pro forma consolidated statement of income for the year ended December 31, 2025, as follows: </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">(f) Following the Corporate Reorganization, HMH Holding Inc. will be subject to U.S. federal income taxes, in addition to state, local and foreign taxes. However due to HMH Holding B.V.’s historial pre-tax losses and the associated valuation allowance, there will be no tax benefit recognized as an adjustment to our taxes on the unaudited pro forma consolidated statement of income, assuming the federal rates currently in effect and the highest statutory rates apportioned to each state, local and foreign jurisdiction. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">(g) Reflects share-based compensation expense related to historical share awards issued by HMH B.V. to management and certain employees, which will vest when certain performance objectives are achieved. All of the awards are contingent on a liquidity event, which is defined as an initial public offering or a change of control of the Company. Upon completion of the Offering, the Company will recognize $21.2 million in <span style="white-space:nowrap;display:inline;">share-based</span> compensation expense. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">(h) Reflects the reduction in interest expense of $10.9 million for the year ended December 31, 2025, as a result of the repayment of the outstanding indebtedness under the Shareholder Loans from Baker Hughes Holdings LLC and Akastor AS, as described in “Use of proceeds,” as if such repayment occurred on January 1, 2025. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">(i) Reflects the reduction in interest income of $0.7 million for the year ended December 31, 2025, as a result of the settlement of the outstanding Shareholder Note receivable of $3.5 million from Baker Hughes Holdings LLC and $3.5 million from Akastor AS, as if such receipt occurred on January 1, 2025. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">(j) The basic and diluted pro forma earnings per share of Class A common stock represents net income attributable to HMH Holding Inc. divided by the combination of the shares owned by the Principal Stockholders and the Class A common stock issued in the Offering. The <span style="white-space:nowrap;display:inline;">non-controlling</span> interest owners own shares of Class B common stock. These shares of Class B common stock are not considered participating securities because they have no right to receive dividends or a distribution on the liquidation or winding up of HMH Holding Inc. and no earnings are allocable to such class. Accordingly, basic and diluted earnings per share of Class B common stock have not been presented. The table below presents the computation of pro forma basic and diluted earnings per share of HMH Holding Inc. (in thousands, except share and per share amounts): </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Year ended<br/> December 31,<br/> 2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Numerator:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">35,155</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net income <span style="white-space:nowrap;display:inline;">attributable to non-controlling interests</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">26,737</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net income attributable to HMH Holding Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,418</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Denominator:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Weighted average shares of Class A common stock outstanding (basic)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11,423</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Incremental common shares attributable to dilutive securities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">–</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Weighted average shares of Class A common stock outstanding (diluted)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11,423</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Earnings per share – basic and diluted</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">0.74</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 21200000 10900000 700000 3500000 3500000 The table below presents the computation of pro forma basic and diluted earnings per share of HMH Holding Inc. (in thousands, except share and per share amounts): <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Year ended<br/> December 31,<br/> 2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Numerator:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">35,155</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net income <span style="white-space:nowrap;display:inline;">attributable to non-controlling interests</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">26,737</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net income attributable to HMH Holding Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,418</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Denominator:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Weighted average shares of Class A common stock outstanding (basic)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11,423</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Incremental common shares attributable to dilutive securities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">–</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Weighted average shares of Class A common stock outstanding (diluted)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11,423</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Earnings per share – basic and diluted</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">0.74</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 35155000 26737000 8418000 11423000 0 11423000 0.74 0.74 89072000 92332000 161081000 175840000 20027000 58812000 52493000 113470000 61163000 52151000 127682000 112325000 560000 162000 887000 252000 170822000 203457000 342143000 401887000 58766000 63671000 111824000 120749000 16527000 53422000 41894000 100119000 34231000 34452000 72439000 72560000 109524000 151545000 226157000 293428000 60354000 29441000 95465000 65679000 771000 649000 1185000 1680000 5004000 1072000 5004000 4343000 175653000 182707000 327811000 365130000 -4831000 20750000 14332000 36757000 -591000 2948000 -2819000 6941000 -158000 334000 -413000 647000 3945000 9106000 10898000 18285000 -9525000 14926000 202000 26060000 -4506000 5158000 1346000 10414000 -5019000 9768000 -1144000 15646000 -9995000 819000 -9568000 585000 4976000 8949000 8424000 15061000 0.43 0.13 1.44 0.22 0.42 0.13 1.26 0.22 11662000 69355000 5863000 69355000 11971000 69355000 6688000 69355000 -5019000 9768000 -1144000 15646000 -2017000 9915000 3995000 20710000 -59000 90000 -560000 4006000 -13000 98000 -123000 881000 -46000 -8000 -437000 3125000 -109000 1537000 -81000 2015000 -27000 415000 -20000 544000 -82000 1122000 -61000 1471000 -1981000 8785000 3619000 22364000 -7000000 18553000 2475000 38010000 -11444000 819000 -11017000 585000 4444000 17734000 13492000 37425000 119705000 96585000 1820000 2889000 125099000 108060000 1605000 1499000 4357000 3653000 104622000 114918000 252192000 253759000 22500000 17854000 18828000 32882000 648908000 629210000 76391000 67372000 197673000 200818000 307954000 307014000 50254000 46299000 63338000 67224000 58920000 49731000 52064000 54846000 22656000 33604000 45834000 48739000 24138000 16249000 1362565000 1357704000 64439000 56206000 13 107 1473000 715000 42780000 35249000 84964000 95780000 24648000 35582000 218317000 223639000 196363000 195636000 0 143732000 40469000 39922000 61017000 54323000 516166000 657252000 0 698613000 0.01 1000000000 12296857 12042625 120000 0 0.01 500000000 31891652 31891652 319000 0 185133000 0 27566000 0 2011000 0 254232 4888000 0 210261000 698613000 636138000 1839000 846399000 700452000 1362565000 1357704000 0 0 0 0 610431000 9839000 0 87391000 2266000 709927000 11206 112000 32578 326000 210232000 210670000 686 7000 -631000 13518000 12894000 39480000 39480000 -570015000 -7296000 -64801000 642112000 0 26189000 26189000 6522000 6522000 4976000 -9995000 -5019000 837 8000 6045000 16722000 22775000 4888000 4888000 -532000 -1449000 -1981000 12043 120000 31892 319000 185133000 2011000 -4888000 27566000 636138000 846399000 0 0 0 0 610431000 4239000 83943000 1839000 700452000 3448000 427000 3875000 5600000 5600000 11206 112000 32578 326000 210232000 210670000 686 7000 -631000 13518000 12894000 39480000 39480000 -570015000 -7296000 -64801000 642112000 0 26189000 26189000 6522000 6522000 4976000 -9995000 -5019000 837 8000 6045000 16722000 22775000 4888000 4888000 -532 -1449 -1981 12043 120000 31892 319000 185133000 2011000 -4888000 27566000 636138000 846399000 0 0 0 0 610431000 -5174000 0 44601000 936000 650794000 8949000 819000 9768000 8785000 8785000 0 0 0 0 610431000 3611000 0 53550000 1755000 669347000 0 0 0 0 610431000 -18753000 0 38489000 1170000 631337000 15061000 585000 15646000 22364000 22364000 0 0 0 0 610431000 3611000 0 53550000 1755000 669347000 -1144000 15646000 21719000 20993000 22775000 0 727000 975000 0 1800000 -6725000 846000 2908000 5421000 468000 480000 1989000 3034000 16371000 6569000 -11419000 -18196000 956000 -1307000 5083000 -13412000 1636000 7582000 7858000 -38875000 -12427000 -22192000 7504000 -295000 -9915000 -8957000 -2046000 5192000 25156000 -7552000 2086000 4840000 5896000 1073000 770000 0 -8752000 -5913000 210670000 0 39480000 0 12894000 0 10380000 0 137099000 0 719000 90000000 0 92000000 4888000 0 6648000 -2000000 68000 4966000 23120000 -10499000 96585000 48912000 119705000 38413000 13020000 9175000 9195000 13700000 15809000 0 9541000 0 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">1. Basis of presentation and summary of significant accounting policies </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Description of business </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">HMH Holding Inc. (“HMH,” the “Company,” “we,” “us” or “our”) is a leading global provider of offshore and onshore drilling equipment and services. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">We were incorporated in the State of Delaware on April 29, 2024 as a holding entity with an intent to complete our initial public offering (“IPO”) and other related transactions in order to carry on business of HMH Holding B.V. (“HMH B.V.”). HMH B.V. was operationally established with effect from October 1, 2021, through its acquisition of all shares in the MHWirth business from Akastor ASA and the Subsea Drilling Systems business from Baker Hughes Company. After these transactions, the shareholders of HMH B.V. were Baker Hughes Holdings LLC (50%), Akastor AS (25%) and Mercury HoldCo Inc. (25%). Baker Hughes Holdings LLC is a wholly owned subsidiary of Baker Hughes Company (together with Baker Hughes Holdings LLC, “Baker Hughes”), and Akastor AS and Mercury HoldCo Inc. are wholly owned subsidiaries of Akastor ASA (together with Akastor AS, Mercury HoldCo AS and Mercury HoldCo Inc., “Akastor”). </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Initial public offering </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On April 2, 2026, we completed our IPO of our Class A common stock, par value $0.01 per share (“Class A common stock”), and received net proceeds of approximately $197.8 million after deducting the underwriters’ discounts and offering fees of $12.6 million. We also granted the IPO underwriters a <span style="white-space:nowrap;display:inline;">30-day</span> over-allotment option to purchase additional shares of Class A common stock on the same terms. On April 30, 2026, the underwriters partially exercised the option, resulting in additional net proceeds of $12.9 million, after deducting the underwriters’ discounts and offering fees of $0.8 million. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Corporate reorganization </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">We used approximately $39.5 million of the net proceeds from the IPO as the cash consideration to purchase an aggregate of 2,100,000 voting Class A ordinary shares of HMH B.V., par value $0.01 per share (“B.V. Voting Class A Shares”), and 2,100,000 voting Class B ordinary shares of HMH B.V., par value $0.01 per share (“B.V. Voting Class B Shares” and, together with B.V. Voting Class A Shares, the “B.V. Voting Shares”), from Baker Hughes and Akastor (collectively referred to as the “Principal Stockholders”). </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On April 2, 2026, we contributed all of the remaining net proceeds from the IPO to HMH B.V. in exchange for a number of B.V. Voting Class A Shares and B.V. Voting Class B Shares such that the number of B.V. Voting Class A Shares and B.V. Voting Class B Shares, respectively, held by the Company, taking into account the B.V. Voting Class A Shares and B.V. Voting Class B Shares acquired by the Company from the Principal Stockholders, equals the number of shares of Class A common stock sold by us in the IPO. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On May 5, 2026, we contributed all of the net proceeds from the underwriters’ exercise of the over-allotment option to HMH B.V. in exchange for an additional 685,844 B.V. Voting Class A Shares and 685,844 B.V. Voting Class B Shares. HMH B.V. used such additional net proceeds to purchase in equal proportion from Baker Hughes and Akastor, respectively, an aggregate number of shares of the Company’s Class B common stock, par value $0.01 per share (“Class B common stock”), <span style="white-space:nowrap;display:inline;">non-voting</span> Class A ordinary shares of HMH B.V. (“B.V. <span style="white-space:nowrap;display:inline;">Non-Voting</span> Class A Shares”) and <span style="white-space:nowrap;display:inline;">non-voting</span> Class B ordinary shares of HMH B.V. (“B.V. <span style="white-space:nowrap;display:inline;">Non-Voting</span> Class B Shares” and, </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">together with the B.V. <div style="white-space:nowrap;display:inline;">Non-Voting</div> Class A Shares, the “B.V. <div style="white-space:nowrap;display:inline;">Non-Voting</div> Shares”), respectively, equal to the number of shares of the Company’s Class A common stock purchased by the underwriters pursuant to the exercise of the option. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">After giving effect to these transactions, including the shares of the Company’s Class A common stock issuable upon the consummation of the IPO pursuant to equity awards granted to employees that vested in connection with the IPO, Baker Hughes and Akastor each owned 15,945,826 shares of the Company’s Class B common stock, collectively representing approximately 73% of the total voting power of our capital stock, and each owned 15,945,826 <div style="white-space:nowrap;display:inline;">non-voting</div> Class A ordinary shares of HMH B.V. and 15,945,826 <div style="white-space:nowrap;display:inline;">non-voting</div> Class B ordinary shares of HMH B.V., collectively representing approximately a 73% equity interest in HMH B.V. and 0% voting power of the equity in HMH B.V. Immediately following the underwriters’ exercise of the over-allotment option, the investors in the IPO, collectively, owned all of the shares of the Company’s Class A common stock, representing approximately 27% of the total voting power of our capital stock. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Basis of presentation </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The accompanying condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These statements, therefore, should be read in conjunction with the consolidated financial statements and related notes of HMH B.V. for the year ended December 31, 2025 included in the final prospectus of HMH Holding dated March 31, 2026 and filed with the SEC on April 1, 2026. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The condensed consolidated financial statements included in this Registration Statement on Form <div style="white-space:nowrap;display:inline;">S-1</div> reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of our consolidated financial position as of June 30, 2026 and December 31, 2025 and the consolidated results of operations and cash flows for the three and six months ended June 30, 2026 and 2025. The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Immediately following the closing of the IPO, we are the successor to HMH B.V. for financial reporting purposes. Subsequent to the IPO, the Company’s sole material asset is its equity interest in HMH B.V. As the sole managing member and holder of 100% of the voting interest of HMH B.V., we operate and control all of its business and affairs and therefore consolidate its results for financial reporting purposes. The reorganization transactions are accounted for as a reorganization of entities under common control. Accordingly, the condensed consolidated financial statements have been retrospectively presented to reflect the assets and liabilities received in the Corporate Reorganization at HMH B.V.’s historical carrying amounts, as if the common control transaction had occurred on January 1, 2025, the earliest period presented. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Certain amounts in prior periods have been reclassified to conform with current period presentation. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Use of estimates </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Although management believes these assumptions to be reasonable, given historical experience, actual amounts and results could differ from these estimates. Estimates are used for, but are not limited to, determining the following: allowance for credit losses and inventory valuation reserves; recoverability of long-lived assets; revenue recognition on long-term contracts; valuation of goodwill; useful lives used in depreciation and amortization; income taxes and related valuation allowances; accruals for </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">contingencies; actuarial assumptions to determine costs and liabilities related to employee benefit plans; stock-based compensation expense; valuation of derivatives; and the fair value of assets acquired and liabilities assumed in business combinations. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accou<div style="display:inline;">nting</div> estimates are recognized in the period in which the estimate is revised and in any future periods affected. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Offering costs </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In connection with our IPO, HMH B.V. and its affiliates incurred accounting, legal and other costs, which were reimbursed by us. Such costs were recorded as a reduction to equity against the proceeds from the IPO. Deferred offering costs of $21.3 million and $26.2 million were recognized in prepaids and other current assets<span style="font-style:italic;display:inline;"> </span>in our condensed consolidated balance sheets as of December 31, 2025 and at the IPO date of April 2, 2026, respectively. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Share-based compensation </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">We account for share-based compensation awards granted to employees, directors, and <span style="white-space:nowrap;display:inline;">non-employees</span> in accordance with <span style="font-style:italic;display:inline;">ASC 718, Compensation—Stock Compensation</span> based on the estimated grant date fair value and recognize the expense over the requisite service period, net of actual forfeitures. The fair value of restricted stock awards and RSUs is determined based on the closing price of our common stock on the date of grant and the fair value of PSUs is measured using a Monte Carlo simulation model. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The fair value of RSUs and PSUs granted prior to the IPO was determined with the assistance of independent third-party valuations. These awards were contingent upon a liquidity event, which is defined as an IPO or a change of control (each as defined in the applicable award agreement) of the Company and the completion of a service period. The performance condition related to these awards was met upon the commencement of trading of our Class A common stock on The Nasdaq Global Select Market. For the three and six months ended June 30, 2026, we recognized share-based compensation of $22.8 million, including $22.5 million related to <span style="white-space:nowrap;display:inline;">pre-IPO</span> share-based awards<span style="font-style:italic;display:inline;">.</span> </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Concentration risk </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">During the three months ended June 30, 2026, two customers accounted for approximately 11.7% and 10.6% of total revenue compared to two customers accounting for approximately 14.1% and 11.7% during the three months ended June 30, 2025. During the six months ended June 30, 2026, two customers accounting for approximately 12.1% and 11.0% of total revenue compared to two customers accounted for 14.2% and 10.3% during the six months ended June 30, 2025. The revenue associated with these customers was included in both Equipment and System Solutions (“ESS”) and Pressure Control Systems (“PCS”) revenue. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As of June 30, 2026, two customers accounted for approximately 19.4% and 10.2% of current accounts receivable. As of December 31, 2025, one customer accounted for approximately 11.2% of current accounts receivable. The Company expects to maintain its relationship with these customers. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">New accounting standards to be adopted </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (the “JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The JOBS Act does not preclude an EGC from </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">early adopting new or revised accounting standards codification. The Company has elected to use extended transition periods permissible under the JOBS Act, while also early adopting certain accounting pronouncements. The adoption dates discussed below reflect these elections. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) <div style="white-space:nowrap;display:inline;">2023-09,</div> “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU <div style="white-space:nowrap;display:inline;">2023-09”),</div> which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU <div style="white-space:nowrap;display:inline;">2023-09</div> provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU <div style="white-space:nowrap;display:inline;">2023-09</div> is effective for the Company prospectively for all annual periods beginning after December 15, 2025. The Company is currently evaluating the impact of this standard on its disclosures. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In November 2024, the FASB issued ASU <div style="white-space:nowrap;display:inline;">No. 2024-03,</div> “Disaggregation of Income Statement Expenses <div style="white-space:nowrap;display:inline;">(Subtopic 220-40).”</div> The ASU requires public entities to disaggregate, in a tabular presentation, certain income statement expenses into different categories, such as purchases of inventory, employee compensation, depreciation and intangible asset amortization. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and may be applied retrospectively. The Company is currently evaluating the impact of adopting the new ASU on its consolidated financial statements and related disclosures. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In September 2025, the FASB issued ASU <div style="white-space:nowrap;display:inline;">2025-06,</div> “Intangibles—Goodwill and <div style="white-space:nowrap;display:inline;">Other—Internal-Use</div> Software (Subtopic <div style="white-space:nowrap;display:inline;">350-40):</div> Targeted Improvements to the Accounting for <div style="white-space:nowrap;display:inline;">Internal-Use</div> Software” (“ASU <div style="white-space:nowrap;display:inline;">2025-06”).</div> Under the new guidance, <div style="white-space:nowrap;display:inline;">internal-use</div> software costs are capitalized when management has authorized and committed to funding the project and it is probable that the software will be completed and used for its intended function. ASU <div style="white-space:nowrap;display:inline;">2025-06</div> is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new ASU on its consolidated financial statements and related disclosures. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In November 2025, the FASB issued ASU <div style="white-space:nowrap;display:inline;">2025-09,</div> “Hedge Accounting Improvements” (“ASU <div style="white-space:nowrap;display:inline;">2025-09”).</div> The new guidance provides targeted improvements to the hedge accounting guidance to primarily address cash flow hedging, but also impact certain fair value and net investment hedges, including (i) permitting designation of variable price components of forecasted purchases or sales of nonfinancial assets when clearly and closely related to the underlying asset, (ii) allowing groups of forecasted transactions with similar risk exposures (including those based on different interest rate indexes) to be hedged together, and (iii) introducing a model for cash flow hedges of forecasted interest payments on “choose-your-rate” debt instruments that permits a borrower to change the designated interest rate index and/or tenor without automatically discontinuing hedge accounting. ASU <div style="white-space:nowrap;display:inline;">2025-09</div> is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU <div style="white-space:nowrap;display:inline;">2025-09</div> on its consolidated financial statements and related disclosures. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Description of business </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">HMH Holding Inc. (“HMH,” the “Company,” “we,” “us” or “our”) is a leading global provider of offshore and onshore drilling equipment and services. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">We were incorporated in the State of Delaware on April 29, 2024 as a holding entity with an intent to complete our initial public offering (“IPO”) and other related transactions in order to carry on business of HMH Holding B.V. (“HMH B.V.”). HMH B.V. was operationally established with effect from October 1, 2021, through its acquisition of all shares in the MHWirth business from Akastor ASA and the Subsea Drilling Systems business from Baker Hughes Company. After these transactions, the shareholders of HMH B.V. were Baker Hughes Holdings LLC (50%), Akastor AS (25%) and Mercury HoldCo Inc. (25%). Baker Hughes Holdings LLC is a wholly owned subsidiary of Baker Hughes Company (together with Baker Hughes Holdings LLC, “Baker Hughes”), and Akastor AS and Mercury HoldCo Inc. are wholly owned subsidiaries of Akastor ASA (together with Akastor AS, Mercury HoldCo AS and Mercury HoldCo Inc., “Akastor”). </div> 0.50 0.25 0.25 0.01 197800000 12600000 12900000 800000 39500000 2100000 0.01 2100000 0.01 685844 685844 0.01 15945826 15945826 0.73 15945826 15945826 15945826 15945826 0.73 0 0.27 1 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Certain amounts in prior periods have been reclassified to conform with current period presentation. </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Use of estimates </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Although management believes these assumptions to be reasonable, given historical experience, actual amounts and results could differ from these estimates. Estimates are used for, but are not limited to, determining the following: allowance for credit losses and inventory valuation reserves; recoverability of long-lived assets; revenue recognition on long-term contracts; valuation of goodwill; useful lives used in depreciation and amortization; income taxes and related valuation allowances; accruals for </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">contingencies; actuarial assumptions to determine costs and liabilities related to employee benefit plans; stock-based compensation expense; valuation of derivatives; and the fair value of assets acquired and liabilities assumed in business combinations. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accou<div style="display:inline;">nting</div> estimates are recognized in the period in which the estimate is revised and in any future periods affected. </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Offering costs </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In connection with our IPO, HMH B.V. and its affiliates incurred accounting, legal and other costs, which were reimbursed by us. Such costs were recorded as a reduction to equity against the proceeds from the IPO. Deferred offering costs of $21.3 million and $26.2 million were recognized in prepaids and other current assets<span style="font-style:italic;display:inline;"> </span>in our condensed consolidated balance sheets as of December 31, 2025 and at the IPO date of April 2, 2026, respectively. </div> 21300000 26200000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Share-based compensation </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">We account for share-based compensation awards granted to employees, directors, and <span style="white-space:nowrap;display:inline;">non-employees</span> in accordance with <span style="font-style:italic;display:inline;">ASC 718, Compensation—Stock Compensation</span> based on the estimated grant date fair value and recognize the expense over the requisite service period, net of actual forfeitures. The fair value of restricted stock awards and RSUs is determined based on the closing price of our common stock on the date of grant and the fair value of PSUs is measured using a Monte Carlo simulation model. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The fair value of RSUs and PSUs granted prior to the IPO was determined with the assistance of independent third-party valuations. These awards were contingent upon a liquidity event, which is defined as an IPO or a change of control (each as defined in the applicable award agreement) of the Company and the completion of a service period. The performance condition related to these awards was met upon the commencement of trading of our Class A common stock on The Nasdaq Global Select Market. For the three and six months ended June 30, 2026, we recognized share-based compensation of $22.8 million, including $22.5 million related to <span style="white-space:nowrap;display:inline;">pre-IPO</span> share-based awards<span style="font-style:italic;display:inline;">.</span> </div> 22800000 22800000 22500000 22500000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Concentration risk </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">During the three months ended June 30, 2026, two customers accounted for approximately 11.7% and 10.6% of total revenue compared to two customers accounting for approximately 14.1% and 11.7% during the three months ended June 30, 2025. During the six months ended June 30, 2026, two customers accounting for approximately 12.1% and 11.0% of total revenue compared to two customers accounted for 14.2% and 10.3% during the six months ended June 30, 2025. The revenue associated with these customers was included in both Equipment and System Solutions (“ESS”) and Pressure Control Systems (“PCS”) revenue. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As of June 30, 2026, two customers accounted for approximately 19.4% and 10.2% of current accounts receivable. As of December 31, 2025, one customer accounted for approximately 11.2% of current accounts receivable. The Company expects to maintain its relationship with these customers. </div> 0.117 0.106 0.141 0.117 0.121 0.11 0.142 0.103 0.194 0.102 0.112 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">New accounting standards to be adopted </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (the “JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The JOBS Act does not preclude an EGC from </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">early adopting new or revised accounting standards codification. The Company has elected to use extended transition periods permissible under the JOBS Act, while also early adopting certain accounting pronouncements. The adoption dates discussed below reflect these elections. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) <div style="white-space:nowrap;display:inline;">2023-09,</div> “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU <div style="white-space:nowrap;display:inline;">2023-09”),</div> which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU <div style="white-space:nowrap;display:inline;">2023-09</div> provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU <div style="white-space:nowrap;display:inline;">2023-09</div> is effective for the Company prospectively for all annual periods beginning after December 15, 2025. The Company is currently evaluating the impact of this standard on its disclosures. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In November 2024, the FASB issued ASU <div style="white-space:nowrap;display:inline;">No. 2024-03,</div> “Disaggregation of Income Statement Expenses <div style="white-space:nowrap;display:inline;">(Subtopic 220-40).”</div> The ASU requires public entities to disaggregate, in a tabular presentation, certain income statement expenses into different categories, such as purchases of inventory, employee compensation, depreciation and intangible asset amortization. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and may be applied retrospectively. The Company is currently evaluating the impact of adopting the new ASU on its consolidated financial statements and related disclosures. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In September 2025, the FASB issued ASU <div style="white-space:nowrap;display:inline;">2025-06,</div> “Intangibles—Goodwill and <div style="white-space:nowrap;display:inline;">Other—Internal-Use</div> Software (Subtopic <div style="white-space:nowrap;display:inline;">350-40):</div> Targeted Improvements to the Accounting for <div style="white-space:nowrap;display:inline;">Internal-Use</div> Software” (“ASU <div style="white-space:nowrap;display:inline;">2025-06”).</div> Under the new guidance, <div style="white-space:nowrap;display:inline;">internal-use</div> software costs are capitalized when management has authorized and committed to funding the project and it is probable that the software will be completed and used for its intended function. ASU <div style="white-space:nowrap;display:inline;">2025-06</div> is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new ASU on its consolidated financial statements and related disclosures. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In November 2025, the FASB issued ASU <div style="white-space:nowrap;display:inline;">2025-09,</div> “Hedge Accounting Improvements” (“ASU <div style="white-space:nowrap;display:inline;">2025-09”).</div> The new guidance provides targeted improvements to the hedge accounting guidance to primarily address cash flow hedging, but also impact certain fair value and net investment hedges, including (i) permitting designation of variable price components of forecasted purchases or sales of nonfinancial assets when clearly and closely related to the underlying asset, (ii) allowing groups of forecasted transactions with similar risk exposures (including those based on different interest rate indexes) to be hedged together, and (iii) introducing a model for cash flow hedges of forecasted interest payments on “choose-your-rate” debt instruments that permits a borrower to change the designated interest rate index and/or tenor without automatically discontinuing hedge accounting. ASU <div style="white-space:nowrap;display:inline;">2025-09</div> is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU <div style="white-space:nowrap;display:inline;">2025-09</div> on its consolidated financial statements and related disclosures. </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">2. Business combinations </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On October 1, 2025, Hydril PCB Limited completed the acquisition of Deep Blue Oil &amp; Gas Limited (“Deep Blue”), a <span style="white-space:nowrap;display:inline;">UK-based</span> company specializing in <span style="white-space:nowrap;display:inline;"><span style="white-space:nowrap;display:inline;">managed-pressure-drilling</span></span> (“MPD”) systems. Deep Blue holds a portfolio of patents and proprietary technology with applications in offshore drilling, including advanced MPD control and sealing systems. The Company accounted for the transaction as a business combination and allocated the total purchase price to assets acquired, liabilities and contingent consideration assumed based on their fair values at the date of acquisition. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table provides the allocation of the purchase price to major classes of assets and liabilities assumed in USD as of the acquisition date, translated at the exchange rate on the acquisition date. The goodwill reflected below increased by £0.6 million ($0.8 million) from December 31, 2025, which resulted from working capital measurement period adjustments. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:69%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in millions)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">British pounds</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Exchange rate<br/> at acquisition<br/> date</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">USD</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Cash consideration paid, including £0.2 million cash acquired</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">3.5</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.3446</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">4.7</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Contingent consideration<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.6</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.3446</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2.2</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total consideration</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5.1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6.9</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Identified intangible assets acquired</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.9</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.3446</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2.6</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Goodwill acquired</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">£</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">3.2</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">4.3</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a).</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">The contingent consideration consists of deferred payments by the Company to the acquiree’s prior equity holders for three years, contingent on meeting specific earnings and operational targets. </td></tr></table> <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table provides the allocation of the purchase price to major classes of assets and liabilities assumed in USD as of the acquisition date, translated at the exchange rate on the acquisition date. The goodwill reflected below increased by £0.6 million ($0.8 million) from December 31, 2025, which resulted from working capital measurement period adjustments. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:69%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in millions)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">British pounds</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Exchange rate<br/> at acquisition<br/> date</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">USD</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Cash consideration paid, including £0.2 million cash acquired</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">3.5</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.3446</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">4.7</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Contingent consideration<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.6</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.3446</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2.2</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total consideration</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5.1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6.9</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Identified intangible assets acquired</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.9</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.3446</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2.6</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Goodwill acquired</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">£</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">3.2</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">4.3</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a).</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">The contingent consideration consists of deferred payments by the Company to the acquiree’s prior equity holders for three years, contingent on meeting specific earnings and operational targets. </td></tr></table> 600000 800000 200000 3500000 4700000 1600000 2200000 5100000 6900000 1900000 2600000 3200000 4300000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">3. Inventories </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Inventories, net of reserves of $96.1 million and $99.9 million as of June 30, 2026 and December 31, 2025, respectively, consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:78%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">June 30,</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">2026</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">December 31,<br/> 2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Stock of raw materials</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">21,299</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18,550</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Work in progress</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">32,825</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">29,397</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Finished goods</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">198,068</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">205,812</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Inventories, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">252,192</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">253,759</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Inventory write-downs for the three and six months ended June 30, 2026 were $1.6 million and $2.0 million, respectively, compared to $1.1 million and $3.0 million for the three and six months ended June 30, 2025, respectively. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Inventories, net of reserves of $96.1 million and $99.9 million as of June 30, 2026 and December 31, 2025, respectively, consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:78%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">June 30,</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">2026</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">December 31,<br/> 2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Stock of raw materials</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">21,299</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18,550</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Work in progress</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">32,825</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">29,397</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Finished goods</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">198,068</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">205,812</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Inventories, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">252,192</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">253,759</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 96100000 99900000 21299000 18550000 32825000 29397000 198068000 205812000 252192000 253759000 1600000 2000000 1100000 3000000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">4. Goodwill </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The changes in carrying value of goodwill are detailed by segment below: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of January 1, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">187,788</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">119,226</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">307,014</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Acquisition and purchase accounting adjustments<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">770</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">770</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Currency translation differences</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">170</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">170</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">188,728</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">119,226</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">307,954</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a).</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">ESS segment includes purchase price adjustment of $0.8 million, related to working capital measurement period adjustments for Deep Blue acquisition. See Note 2—“Business Combinations” for more information.  </td></tr></table> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The changes in carrying value of goodwill are detailed by segment below: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of January 1, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">187,788</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">119,226</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">307,014</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Acquisition and purchase accounting adjustments<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">770</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">770</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Currency translation differences</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">170</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">170</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">188,728</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">119,226</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">307,954</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a).</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">ESS segment includes purchase price adjustment of $0.8 million, related to working capital measurement period adjustments for Deep Blue acquisition. See Note 2—“Business Combinations” for more information.  </td></tr></table> 187788000 119226000 307014000 770000 0 770000 170000 0 170000 188728000 119226000 307954000 800000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">5. Financial instruments </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following tables set forth the Company’s financial instruments that are measured at fair value on a recurring basis by level within the fair value hierarchy: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:72%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 1</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 2</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 3<span style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(a)</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Assets:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—designated as cash flow hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">63</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">63</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—not designated as hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">445</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">445</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">508</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">508</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Liabilities:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—designated as cash flow hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—not designated as hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,375</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,375</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2,393</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2,393</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Assets:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—designated as cash flow hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,262</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,262</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—not designated as hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">140</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">140</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1,402</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1,402</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Liabilities:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—designated as cash flow hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—not designated as hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">520</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">520</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">555</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">555</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a).</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">The fair value (Level 3) of the seller’s receivable against Akastor AS on proceeds from the sales or liquidation of Step Oiltools B.V. has been remeasured to zero as of June 30, 2026 and December 31, 2025. </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">We classify financial instruments in our condensed consolidated balance sheets based on the maturity date of these instruments. As of June 30, 2026 and December 31, 2025, the fair value of our financial instruments are presented in other current receivables and<span style="font-style:italic;display:inline;"> </span>other current liabilities<span style="font-style:italic;display:inline;"> </span>in our condensed consolidated balance sheets. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The carrying value of cash and cash equivalents, current receivables, accounts payable and accrued expenses approximates fair value based on the short-term nature of these accounts. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div></div><div><div style="line-height:normal;display: inline;"></div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Designated hedges </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the fair value of the derivative financial instruments and a maturity analysis of the derivatives’ cash flows. Valuation techniques and inputs for forward contracts are based on the quoted forward exchange rate. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:68%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">6 months</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">and less</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><span style="white-space:nowrap;display:inline;">6-12</span></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">Months</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><span style="white-space:nowrap;display:inline;">1-2</span></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">years</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchange forward contracts to hedge highly probable forecasted sales:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">891</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">891</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.79</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchange forward contracts to hedge highly probable forecasted purchases:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">245</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">245</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.90</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchange forward contracts to hedge highly probable forecasted sales:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts USD</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">13,812</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">13,812</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (USD/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10.58</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="vertical-align:bottom;text-align:right">490</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="vertical-align:bottom;text-align:right">490</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12.14</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">2,076</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">1,185</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">891</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.85</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.79</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchange forward contracts to hedge highly probable forecasted purchases:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="vertical-align:bottom;text-align:right">150</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="vertical-align:bottom;text-align:right">150</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12.03</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">940</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">695</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">245</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.92</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.90</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold"><div style="white-space:nowrap;display:inline;">Non-Designated</div> Hedges </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The table below presents the notional value of the <div style="white-space:nowrap;display:inline;">non-designated</div> derivative financial instruments and a maturity analysis of the related derivatives’ cash flows. Valuation techniques and inputs for forward contracts are based on the quoted forward exchange rate. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:45%"></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-weight:bold;display:inline;">(in thousands)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">6 months</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">and less</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><div style="white-space:nowrap;display:inline;">6-12</div></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">Months</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><div style="white-space:nowrap;display:inline;">1-2</div></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">years</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchange forward contracts:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts NOK</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 69,800</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 28,200</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 41,600</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK     —</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (NOK/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.10</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.10</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">11,200</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">6,100</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">5,100</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">42,100</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">22,800</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">19,300</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.20</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.21</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchange forward contracts:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts NOK</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 131,200</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 97,900</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 16,500</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 16,800</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (NOK/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.10</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.10</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.10</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">13,800</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">6,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">5,300</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">2,500</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.34</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">49,300</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">21,600</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">18,900</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">8,800</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.19</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.20</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.21</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">For the three and six months ended June 30, 2026, we recorded a (gain) loss of nil and $1.5 million, respectively, related to <div style="white-space:nowrap;display:inline;">non-designated</div> hedges in other <div style="white-space:nowrap;display:inline;">non-operating</div> income (loss), net<div style="font-style:italic;display:inline;"> </div>in our condensed consolidated statements of income. The Company did not have any open <div style="white-space:nowrap;display:inline;">non-designated</div> hedges during the three and six months ended June 30, 2025. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following tables set forth the Company’s financial instruments that are measured at fair value on a recurring basis by level within the fair value hierarchy: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:72%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 1</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 2</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 3<span style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(a)</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Assets:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—designated as cash flow hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">63</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">63</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—not designated as hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">445</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">445</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">508</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">508</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Liabilities:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—designated as cash flow hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—not designated as hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,375</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,375</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2,393</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2,393</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Assets:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—designated as cash flow hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,262</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,262</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—not designated as hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">140</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">140</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1,402</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1,402</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Liabilities:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—designated as cash flow hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—not designated as hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">520</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">520</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">555</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">555</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a).</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">The fair value (Level 3) of the seller’s receivable against Akastor AS on proceeds from the sales or liquidation of Step Oiltools B.V. has been remeasured to zero as of June 30, 2026 and December 31, 2025. </td></tr></table> 0 63000 0 63000 0 445000 0 445000 0 508000 0 508000 0 18000 0 18000 0 2375000 0 2375000 0 2393000 0 2393000 0 1262000 0 1262000 0 140000 0 140000 0 1402000 0 1402000 0 35000 0 35000 0 520000 0 520000 0 555000 0 555000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Designated hedges </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the fair value of the derivative financial instruments and a maturity analysis of the derivatives’ cash flows. Valuation techniques and inputs for forward contracts are based on the quoted forward exchange rate. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:68%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">6 months</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">and less</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><span style="white-space:nowrap;display:inline;">6-12</span></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">Months</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><span style="white-space:nowrap;display:inline;">1-2</span></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">years</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchange forward contracts to hedge highly probable forecasted sales:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">891</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">891</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.79</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchange forward contracts to hedge highly probable forecasted purchases:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">245</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">245</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.90</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchange forward contracts to hedge highly probable forecasted sales:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts USD</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">13,812</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">13,812</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (USD/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10.58</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="vertical-align:bottom;text-align:right">490</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="vertical-align:bottom;text-align:right">490</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12.14</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">2,076</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">1,185</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">891</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.85</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.79</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchange forward contracts to hedge highly probable forecasted purchases:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="vertical-align:bottom;text-align:right">150</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="vertical-align:bottom;text-align:right">150</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12.03</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">940</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">695</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">245</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.92</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.90</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold"><div style="white-space:nowrap;display:inline;">Non-Designated</div> Hedges </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The table below presents the notional value of the <div style="white-space:nowrap;display:inline;">non-designated</div> derivative financial instruments and a maturity analysis of the related derivatives’ cash flows. Valuation techniques and inputs for forward contracts are based on the quoted forward exchange rate. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:45%"></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-weight:bold;display:inline;">(in thousands)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">6 months</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">and less</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><div style="white-space:nowrap;display:inline;">6-12</div></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">Months</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><div style="white-space:nowrap;display:inline;">1-2</div></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">years</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchange forward contracts:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts NOK</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 69,800</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 28,200</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 41,600</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK     —</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (NOK/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.10</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.10</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">11,200</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">6,100</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">5,100</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">42,100</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">22,800</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">19,300</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.20</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.21</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchange forward contracts:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts NOK</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 131,200</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 97,900</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 16,500</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 16,800</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (NOK/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.10</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.10</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.10</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">13,800</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">6,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">5,300</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">2,500</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.34</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">49,300</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">21,600</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">18,900</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">8,800</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.19</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.20</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.21</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 891000 891000 0 0 13.79 0 0 245000 245000 0 0 13.9 0 0 13812000 13812000 0 0 10.58 0 0 490000 490000 0 0 12.14 0 0 2076000 1185000 891000 0 13.85 13.79 0 150000 150000 0 0 12.03 0 0 940000 695000 245000 0 13.92 13.9 0 69800000 28200000 41600000 0 0.1 0.1 0 11200000 6100000 5100000 0 1.35 1.35 0 42100000 22800000 19300000 0 1.2 1.21 0 131200000 97900000 16500000 16800000 0.1 0.1 0.1 13800000 6000000 5300000 2500000 1.35 1.35 1.34 49300000 21600000 18900000 8800000 1.19 1.2 1.21 -0 -1500000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">6. Other current liabilities </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Other current liabilities consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">June 30,</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">2026</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">December 31,<br/> 2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Income tax payable</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">7,314</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">12,388</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating lease liability</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,718</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10,470</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Public duties and taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,697</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,050</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">External derivative financial liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,393</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">555</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Withheld taxes and other deductions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">526</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,692</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">427</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Other current liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">24,648</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">35,582</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Other current liabilities consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">June 30,</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">2026</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">December 31,<br/> 2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Income tax payable</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">7,314</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">12,388</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating lease liability</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,718</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10,470</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Public duties and taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,697</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,050</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">External derivative financial liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,393</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">555</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Withheld taxes and other deductions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">526</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,692</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">427</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Other current liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">24,648</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">35,582</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 7314000 12388000 6718000 10470000 7697000 8050000 2393000 555000 526000 3692000 0 427000 24648000 35582000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">7. Leases </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth supplemental condensed consolidated balance sheets information related to leases: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:33%"></td> <td style="vertical-align:bottom;width:5%"></td> <td style="width:42%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><span style="font-weight:bold;display:inline;">Classification</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">June 30,</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">2026</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">December 31,<br/> 2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="2" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Assets:</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating lease assets</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><span style="white-space:nowrap;display:inline;"><span style="white-space:nowrap;display:inline;">Right-of-use</span></span> assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">45,834</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">48,739</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total lease assets</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">45,834</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">48,739</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="2" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Liabilities:</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Current:</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other current liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">6,718</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">10,470</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Noncurrent:</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Noncurrent lease liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">40,469</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">39,922</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total lease liabilities</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">47,187</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">50,392</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="10" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">For the three and six months ended June 30, 2026, we recognized operating lease cost of $2.7 million and $5.5 million, respectively, and $2.7 million and $5.5 million for the three and six months ended June 30, 2025, respectively, in our condensed consolidated statements of income. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth supplemental condensed consolidated balance sheets information related to leases: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:33%"></td> <td style="vertical-align:bottom;width:5%"></td> <td style="width:42%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><span style="font-weight:bold;display:inline;">Classification</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">June 30,</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">2026</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">December 31,<br/> 2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="2" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Assets:</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating lease assets</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><span style="white-space:nowrap;display:inline;"><span style="white-space:nowrap;display:inline;">Right-of-use</span></span> assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">45,834</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">48,739</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total lease assets</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">45,834</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">48,739</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="2" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Liabilities:</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Current:</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other current liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">6,718</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">10,470</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Noncurrent:</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Noncurrent lease liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">40,469</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">39,922</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total lease liabilities</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">47,187</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">50,392</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="10" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 45834000 48739000 45834000 48739000 6718000 10470000 40469000 39922000 47187000 50392000 2700000 5500000 2700000 5500000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">8. Debt </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Below are the contractual terms of the Company’s interest-bearing loans and borrowings that are measured at amortized cost. The carrying values of the Company’s short-term and long-term debt consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="6" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><span style="font-weight:bold;display:inline;">Debt outstanding</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">June 30,<br/> 2026</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">December 31,<br/> 2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Maturity</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">7.875% Senior Secured Bonds due 2028</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">196,363</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">195,636</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Dec 2028</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Shareholder Loans</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">143,732</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Dec 2028</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revolving Credit Facility</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Credit Line in China (a)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,473</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">715</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total debt, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">197,836</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">340,083</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Current debt, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,473</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">715</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><span style="white-space:nowrap;display:inline;">Non-current</span> debt, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">196,363</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">339,368</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total debt, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">197,836</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">340,083</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a).</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Expired on March 26, 2026, with the Company retaining a <span style="white-space:nowrap;display:inline;">one-year</span> period from each respective withdrawal date to remit payment. </td></tr></table><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Fair values </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As of June 30, 2026 and December 31, 2025, the fair value of the 7.875% Senior Secured Bonds due 2028 was $205.0 million and $204.5 million, respectively. The fair value was determined using a market approach based on observable inputs. For the remaining debt instruments, the book values of each instrument approximate its respective carrying amount, as these interest rates are variable in nature and are reflective of market rates. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Below are the contractual terms of the Company’s interest-bearing loans and borrowings that are measured at amortized cost. The carrying values of the Company’s short-term and long-term debt consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="6" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><span style="font-weight:bold;display:inline;">Debt outstanding</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">June 30,<br/> 2026</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">December 31,<br/> 2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Maturity</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">7.875% Senior Secured Bonds due 2028</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">196,363</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">195,636</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Dec 2028</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Shareholder Loans</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">143,732</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Dec 2028</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revolving Credit Facility</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Credit Line in China (a)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,473</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">715</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total debt, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">197,836</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">340,083</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Current debt, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,473</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">715</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><span style="white-space:nowrap;display:inline;">Non-current</span> debt, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">196,363</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">339,368</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total debt, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">197,836</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">340,083</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a).</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Expired on March 26, 2026, with the Company retaining a <span style="white-space:nowrap;display:inline;">one-year</span> period from each respective withdrawal date to remit payment. </td></tr></table> 0.07875 196363000 195636000 0 143732000 0 0 1473000 715000 197836000 340083000 1473000 715000 196363000 339368000 197836000 340083000 0.07875 0.07875 205000000 204500000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">9. Revenue from contracts with customers </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Disaggregated revenue </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company disaggregates revenue from contracts with customers by revenue type for both its ESS and PCS segments, as it believes this best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following tables present revenue from contracts with customers: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:40%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2026</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Three Months Ended June 30,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Project and other manufacturing contracts revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">5,395</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">4,698</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">10,093</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">29,102</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">4,037</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">33,139</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Sale of products</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,508</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,986</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10,494</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12,986</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12,849</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">25,835</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Product revenue<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12,903</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,684</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">20,587</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">42,088</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">16,886</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">58,974</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Service revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">53,815</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">35,257</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">89,072</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">56,722</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">35,610</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">92,332</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Spare parts revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">30,942</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">30,221</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">61,163</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">26,737</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">25,414</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">52,151</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">97,660</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">73,162</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">170,822</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">125,547</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">77,910</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">203,457</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Six Months Ended June 30,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Project and other manufacturing contracts revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">14,416</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">7,969</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">22,385</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">48,276</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">9,480</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">57,756</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Sale of products</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">15,651</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">15,344</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">30,995</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">29,923</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">26,043</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">55,966</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Product revenue<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">30,067</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">23,313</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">53,380</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">78,199</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">35,523</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">113,722</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Service revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">97,968</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">63,113</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">161,081</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">98,120</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">77,720</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">175,840</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Spare parts revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">70,315</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">57,367</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">127,682</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">56,769</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">55,556</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">112,325</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">198,350</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">143,793</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">342,143</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">233,088</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">168,799</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">401,887</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a).</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Product revenue includes related party revenue. </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the timing of revenue recognition: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:40%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2026</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Three Months Ended June 30,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transferred overtime</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">65,013</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">39,955</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">104,968</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">89,340</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">39,647</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">128,987</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transferred at point in time</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">32,647</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">33,207</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">65,854</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">36,207</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">38,263</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">74,470</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">97,660</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">73,162</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">170,822</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">125,547</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">77,910</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">203,457</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Six Months Ended June 30,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transferred overtime</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">125,033</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">71,082</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">196,115</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">162,326</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">87,200</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">249,526</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transferred at point in time</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">73,317</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">72,711</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">146,028</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">70,762</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">81,599</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">152,361</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">198,350</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">143,793</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">342,143</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">233,088</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">168,799</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">401,887</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div></div><div><div style="line-height:normal;display: inline;"></div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Contract assets consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:89%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">(in thousands)</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">June 30,<br/> 2026</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Balance as of January 1, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">114,918</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Additions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">140,722</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Transfers to accounts receivable</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(151,018</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Balance as of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">$</span></span></td> <td style="vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">104,622</span></span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Contract liabilities consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:90%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">(in thousands)</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">June 30,<br/> 2026</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Balance as of January 1, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">35,249</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Additions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">88,333</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Revenue recognized</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(80,802</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Balance as of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">$</span></span></td> <td style="vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">42,780</span></span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Revenue recognized during the six months ended June 30, 2026 and 2025 that was included in the contract liabilities balance at the beginning of such periods was $20.9 million and $33.7 million, respectively. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Transaction price allocated to the remaining performance obligations </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As of June 30, 2026, the aggregate amount of the transaction price allocated to the unsatisfied or partially unsatisfied performance obligations was $414.4 million. As of June 30, 2026, the Company expected to recognize substantially all of the revenue from the total remaining performance obligations over the next 12 months. Contract modifications could affect both the timing to complete as well as the amount to be received as the Company fulfills the related remaining performance obligations. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following tables present revenue from contracts with customers: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:40%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2026</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Three Months Ended June 30,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Project and other manufacturing contracts revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">5,395</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">4,698</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">10,093</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">29,102</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">4,037</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">33,139</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Sale of products</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,508</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,986</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10,494</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12,986</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12,849</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">25,835</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Product revenue<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12,903</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,684</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">20,587</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">42,088</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">16,886</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">58,974</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Service revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">53,815</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">35,257</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">89,072</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">56,722</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">35,610</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">92,332</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Spare parts revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">30,942</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">30,221</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">61,163</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">26,737</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">25,414</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">52,151</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">97,660</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">73,162</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">170,822</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">125,547</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">77,910</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">203,457</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Six Months Ended June 30,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Project and other manufacturing contracts revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">14,416</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">7,969</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">22,385</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">48,276</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">9,480</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">57,756</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Sale of products</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">15,651</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">15,344</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">30,995</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">29,923</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">26,043</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">55,966</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Product revenue<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">30,067</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">23,313</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">53,380</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">78,199</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">35,523</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">113,722</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Service revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">97,968</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">63,113</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">161,081</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">98,120</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">77,720</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">175,840</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Spare parts revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">70,315</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">57,367</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">127,682</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">56,769</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">55,556</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">112,325</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">198,350</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">143,793</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">342,143</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">233,088</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">168,799</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">401,887</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a).</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Product revenue includes related party revenue. </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the timing of revenue recognition: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:40%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2026</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Three Months Ended June 30,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transferred overtime</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">65,013</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">39,955</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">104,968</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">89,340</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">39,647</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">128,987</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transferred at point in time</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">32,647</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">33,207</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">65,854</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">36,207</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">38,263</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">74,470</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">97,660</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">73,162</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">170,822</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">125,547</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">77,910</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">203,457</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Six Months Ended June 30,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transferred overtime</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">125,033</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">71,082</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">196,115</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">162,326</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">87,200</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">249,526</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transferred at point in time</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">73,317</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">72,711</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">146,028</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">70,762</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">81,599</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">152,361</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">198,350</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">143,793</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">342,143</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">233,088</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">168,799</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">401,887</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 5395000 4698000 10093000 29102000 4037000 33139000 7508000 2986000 10494000 12986000 12849000 25835000 12903000 7684000 20587000 42088000 16886000 58974000 53815000 35257000 89072000 56722000 35610000 92332000 30942000 30221000 61163000 26737000 25414000 52151000 97660000 73162000 170822000 125547000 77910000 203457000 14416000 7969000 22385000 48276000 9480000 57756000 15651000 15344000 30995000 29923000 26043000 55966000 30067000 23313000 53380000 78199000 35523000 113722000 97968000 63113000 161081000 98120000 77720000 175840000 70315000 57367000 127682000 56769000 55556000 112325000 198350000 143793000 342143000 233088000 168799000 401887000 65013000 39955000 104968000 89340000 39647000 128987000 32647000 33207000 65854000 36207000 38263000 74470000 97660000 73162000 170822000 125547000 77910000 203457000 125033000 71082000 196115000 162326000 87200000 249526000 73317000 72711000 146028000 70762000 81599000 152361000 198350000 143793000 342143000 233088000 168799000 401887000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Contract assets consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:89%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">(in thousands)</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">June 30,<br/> 2026</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Balance as of January 1, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">114,918</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Additions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">140,722</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Transfers to accounts receivable</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(151,018</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Balance as of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">$</span></span></td> <td style="vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">104,622</span></span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Contract liabilities consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:90%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">(in thousands)</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">June 30,<br/> 2026</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Balance as of January 1, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">35,249</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Additions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">88,333</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Revenue recognized</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(80,802</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Balance as of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">$</span></span></td> <td style="vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">42,780</span></span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 114918000 140722000 151018000 104622000 35249000 88333000 80802000 42780000 20900000 33700000 414400000 P12M <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">10. Accrued expenses </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Accrued expenses consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">(in thousands)</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">June 30,</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 9pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">2026</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">December 31,<br/> 2025</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Accrued payroll and employee related liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">34,082</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">38,119</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Accrued vendor costs</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">31,629</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">38,049</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Provisions—warranty</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,813</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,371</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Provisions—restructuring</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,100</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">858</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Provisions—environmental<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,219</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,236</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Provisions for loss contingencies</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">759</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,962</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Accrued interest</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">656</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">646</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Accrued sales and other taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">268</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">220</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,438</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,319</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Accrued expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">$</span></span></td> <td style="vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">84,964</span></span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">$</span></span></td> <td style="vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">95,780</span></span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a).</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Costs of future estimated expenditures for environmental remediation liabilities are not discounted to their present value due to the timing of the future expenditures not being reliably determinable. The environmental remediation liability is related to two plants. </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table describes the changes to the Company’s warranty liability: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:91%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">(in thousands)</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">June 30,</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 9pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">2026</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Balance as of January 1, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">8,371</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Accrued expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">797</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Payments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,045</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Provision reversed during the period</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,264</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Currency translation differences</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(46</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Balance as of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">$</span></span></td> <td style="vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">5,813</span></span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">We recognized warranty expense of $0.4 million and $0.8 million for the three and six months ended June 30, 2026, respectively, and $0.4 million and $2.7 million for the three and six months ended June 30, 2025, respectively. These expenses were recorded in our condensed consolidated statements of Income within total cost of sales. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Accrued expenses consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">(in thousands)</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">June 30,</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 9pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">2026</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">December 31,<br/> 2025</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Accrued payroll and employee related liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">34,082</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">38,119</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Accrued vendor costs</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">31,629</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">38,049</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Provisions—warranty</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,813</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,371</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Provisions—restructuring</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,100</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">858</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Provisions—environmental<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,219</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,236</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Provisions for loss contingencies</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">759</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,962</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Accrued interest</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">656</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">646</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Accrued sales and other taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">268</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">220</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,438</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,319</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Accrued expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">$</span></span></td> <td style="vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">84,964</span></span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">$</span></span></td> <td style="vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">95,780</span></span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a).</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Costs of future estimated expenditures for environmental remediation liabilities are not discounted to their present value due to the timing of the future expenditures not being reliably determinable. The environmental remediation liability is related to two plants. </td></tr></table> 34082000 38119000 31629000 38049000 5813000 8371000 4100000 858000 3219000 3236000 759000 1962000 656000 646000 268000 220000 4438000 4319000 84964000 95780000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table describes the changes to the Company’s warranty liability: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:91%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">(in thousands)</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">June 30,</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 9pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">2026</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Balance as of January 1, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">8,371</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Accrued expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">797</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Payments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,045</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Provision reversed during the period</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,264</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Currency translation differences</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(46</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Balance as of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">$</span></span></td> <td style="vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">5,813</span></span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 8371000 797 1045000 -2264000 -46000 5813000 400000 800000 400000 2700000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">11. Other liabilities </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Other liabilities consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">(in thousands)</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">June 30,</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 9pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">2026</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">December 31,<br/> 2025</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Pension and other post—retirement liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">20,321</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">21,142</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Deferred tax liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">20,982</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17,404</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Contingent considerations—related party</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,291</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,291</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Provisions long-term</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,385</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,227</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Tax receivable agreement liability</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,760</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Other long-term liabilities<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,278</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,259</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Total</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">$</span></span></td> <td style="vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">61,017</span></span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">$</span></span></td> <td style="vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">54,323</span></span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a).</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Other long-term liabilities include $3.7 million of contingent consideration related to the Drillform acquisition, as of both June 30, 2026, and December 31, 2025. </td></tr></table> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Other liabilities consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">(in thousands)</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">June 30,</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 9pt; font-family: Arial; font-weight: bold; text-align: right; line-height: normal;">2026</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">December 31,<br/> 2025</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Pension and other post—retirement liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">20,321</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">21,142</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Deferred tax liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">20,982</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17,404</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Contingent considerations—related party</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,291</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,291</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Provisions long-term</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,385</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,227</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Tax receivable agreement liability</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,760</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; line-height: normal;">Other long-term liabilities<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,278</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,259</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: Arial; font-weight: bold; line-height: normal;">Total</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">$</span></span></td> <td style="vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">61,017</span></span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">$</span></span></td> <td style="vertical-align:bottom;text-align:right"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">54,323</span></span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr></table> 20321000 21142000 20982000 17404000 8291000 8291000 1385000 1227000 3760000 0 6278000 6259000 61017000 54323000 3700000 3700000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">12. Equity </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Prior to the IPO, the capital structure of HMH B.V. consisted of two different classes of ordinary shares, 100 Class A ordinary shares and 100 Class B ordinary shares at <span style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">€</span>1.00 par value each. Baker Hughes and Akastor as Principal Stockholders owned all of the equity interests in HMH B.V. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Amendment and restatement of certificate of incorporation </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In connection with the reorganization, the certificate of incorporation of HMH was amended and restated, among other things, to provide for the authorization of (i) 1,000,000,000 shares of Class A common stock, (ii) 500,000,000 shares of Class B common stock and (iii) 10,000,000 shares of preferred stock. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The holders of Class A common stock have both voting and economic rights, including rights to dividends and liquidation proceeds. In contrast, holders of Class B common stock have voting rights only and are not entitled to dividends or liquidation distributions. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Reorganization and initial public offering </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following is a summary of the securities reclassified in connection with the reorganization transactions and IPO: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">HMH B.V. underwent a 346,774.96 for 1 stock split, after which Baker Hughes owned 17,338,748 B.V. Voting Class A Shares and 17,338,748 B.V. Voting Class B Shares and Akastor owned 17,338,748 B.V. Voting Class A Shares and 17,338,748 B.V. Voting Class B Shares. </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">HMH B.V. recapitalized to convert (i) 32,577,496 B.V. Voting Class A Shares to B.V. <div style="white-space:nowrap;display:inline;">Non-Voting</div> Class A Shares and (ii) 32,577,496 B.V. Voting Class B Shares to B.V. <div style="white-space:nowrap;display:inline;">Non-Voting</div> Class B Shares. </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">HMH and the Principal Stockholders entered into an exchange agreement under which the Principal Stockholders may, subject to certain limitations, exchange their HMH B.V. <div style="white-space:nowrap;display:inline;">non-voting</div> Class A and Class B ordinary shares, together with an equivalent number of shares of Class B common stock in HMH, for shares of Class A common stock on a <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">one-for-one</div></div> basis or, at the Company’s election, for cash. </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">On April 2, 2026, HMH completed the IPO of 10,520,000 shares of Class A common stock, and received net proceeds of approximately $197.8 million after deducting the underwriters’ discounts and offering fees of $12.6 million. HMH also granted the IPO underwriters a <div style="white-space:nowrap;display:inline;">30-day</div> over-allotment option to purchase additional shares of Class A common stock on the same terms. On April 30, 2026, the underwriters partially exercised the option for 685,844 shares of Class A common stock, resulting in additional net proceeds of $12.9 million, after deducting the underwriters’ discounts and offering fees of $0.8 million. </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">HMH used approximately $39.5 million of the net proceeds from the IPO as the cash consideration to purchase an aggregate of 2,100,000 B.V. Voting Class A Shares and 2,100,000 B.V. Voting Class B Shares from the Principal Stockholders, and the Principal Stockholders received 32,577,496 shares of Class B common stock in HMH in exchange for relinquishing voting rights on 32,577,496 of their B.V. Voting Class A Shares and 32,577,496 of their B.V. Voting Class B Shares. </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">HMH contributed the remaining net proceeds from the IPO to HMH B.V. in exchange for B.V. Voting Shares, consisting of 8,420,000 B.V. Voting Class A Shares and 8,420,000 B.V. Voting Class B Shares, such that, after the exchange, HMH will hold, after taking into account the B.V. Voting Shares acquired from the Principal Stockholders, one B.V. Voting Class A Share and one B.V. Voting Class B Share, respectively, for each share of our Class A common stock outstanding following the IPO and reorganization. </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">On May 5, 2026, HMH contributed all of the net proceeds from the underwriters’ exercise of the over-allotment option of $12.9 million to HMH B.V. in exchange for an additional 685,844 B.V. Voting Class A Shares and 685,844 B.V. Voting Class B Shares. HMH B.V. used such additional net proceeds to purchase in equal proportion from the Principal Stockholders an aggregate number of shares of the Company’s Class B common stock, B.V. <div style="white-space:nowrap;display:inline;">Non-Voting</div> Class A Shares and B.V. <div style="white-space:nowrap;display:inline;">Non-Voting</div> Class B Shares equal to the number of shares of the Company’s Class A common stock repurchased by the underwriters pursuant to the exercise of the option. </div></td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">After giving effect to these transactions, including 836,781 shares of the Company’s Class A common stock issuable upon the consummation of the IPO pursuant to equity awards granted to employees that vested in connection with the IPO, Baker Hughes and Akastor each owned 15,945,826 shares of the Company’s Class B common stock, collectively representing approximately 73% of the total voting power of the Company’s capital stock, and each owned 15,945,826 B.V. <div style="white-space:nowrap;display:inline;">Non-Voting</div> Class A Shares and 15,945,826 B.V. <div style="white-space:nowrap;display:inline;">Non-Voting</div> Class B Shares, collectively representing an approximately 73% equity interest in HMH B.V. and 0% voting power of the equity in HMH B.V. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold"><div style="white-space:nowrap;display:inline;">Non-controlling</div> interest </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Following the reorganization and the IPO, HMH consolidates the full results of HMH B.V. and its subsidiaries. The portion of the net assets and results of HMH B.V. attributable to the economic interests retained by the Principal Stockholders through their B.V. <div style="white-space:nowrap;display:inline;">non-voting</div> shares is presented as <div style="white-space:nowrap;display:inline;">non-controlling</div> interest in the Company’s consolidated financial statements. Upon the reorganization, the Company recognized a <div style="white-space:nowrap;display:inline;">non-controlling</div> interest of approximately $642.1 million, with a corresponding adjustment to the condensed consolidated statements of changes in equity. The <div style="white-space:nowrap;display:inline;">non-controlling</div> interest is subsequently adjusted for the Principal Shareholders’ proportionate share of net income and other comprehensive income of HMH B.V. and is reduced as Principal Stockholders exercise their exchange rights, at which point the corresponding economic interest is reclassified from <div style="white-space:nowrap;display:inline;">non-controlling</div> interest to equity attributable to HMH Holding Inc. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table summarizes the change in ownership of HMH B.V.: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:41%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Ownership</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Ownership Percentage</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">HMH</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">Holding</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">Inc.</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;"><span style="white-space:nowrap;display:inline;">Non-</span><br/> controlling<br/> Interests</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">HMH<br/> Holding<br/> Inc.</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;"><span style="white-space:nowrap;display:inline;">Non-</span><br/> controlling<br/> Interests</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of April 2, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">16,840,000</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">69,354,992</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">86,194,992</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">19.5%</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">80.5%</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">100%</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Purchase of HMH B.V. Shares</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,200,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,200,000</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4.9%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4.9)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">—%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Partial Exercise of Underwriters Purchase Option</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,371,688</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,371,688</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1.6)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">—%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Issuance under the Equity Based Compensation Plan</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,673,568</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,673,568</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.4%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1.4)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">—%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">24,085,256</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">63,783,304</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">87,868,560</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">27.4%</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">72.6%</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">100.0%</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As of June 30, 2026, the 63,783,304 total B.V. <div style="white-space:nowrap;display:inline;">Non-Voting</div> Class A Shares and B.V. <div style="white-space:nowrap;display:inline;">Non-Voting</div> Class B Shares together with 31,891,652 shares of the Company’s Class B common stock could be exchanged for 31,891,652 shares of the Company’s Class A common stock. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Treasury stock </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Repurchases of the Company’s Class A common stock are included in treasury stock at the cost of shares repurchased. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Accumulated other comprehensive income (loss) </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Accumulated other comprehensive income (loss) consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">June 30,</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">2026</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">December 31,<br/> 2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Hedging reserve adjustments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">6</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">465</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Pension remeasurement reserve adjustments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">712</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,691</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Currency translation reserve adjustments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,293</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,083</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2,011</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">4,239</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 100 100 1 1000000000 500000000 10000000 346774.96 17338748 17338748 17338748 17338748 32577496 32577496 1 10520000 197800000 12600000 685844 12900000 800000 39500000 2100000 2100000 32577496 32577496 32577496 8420000 8420000 12900000 685844 685844 836781 15945826 0.73 15945826 15945826 0.73 0 642100000 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table summarizes the change in ownership of HMH B.V.: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:41%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Ownership</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Ownership Percentage</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">HMH</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">Holding</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">Inc.</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;"><span style="white-space:nowrap;display:inline;">Non-</span><br/> controlling<br/> Interests</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">HMH<br/> Holding<br/> Inc.</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;"><span style="white-space:nowrap;display:inline;">Non-</span><br/> controlling<br/> Interests</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of April 2, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">16,840,000</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">69,354,992</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">86,194,992</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">19.5%</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">80.5%</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">100%</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Purchase of HMH B.V. Shares</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,200,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,200,000</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4.9%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4.9)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">—%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Partial Exercise of Underwriters Purchase Option</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,371,688</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,371,688</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1.6)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">—%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Issuance under the Equity Based Compensation Plan</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,673,568</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,673,568</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.4%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1.4)%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">—%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">24,085,256</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">63,783,304</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">87,868,560</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">27.4%</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">72.6%</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">100.0%</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 16840000 69354992 86194992 0.195 0.805 1 4200000 -4200000 0 0.049 -0.049 1371688 -1371688 0 0.016 -0.016 1673568 0 1673568 0.014 -0.014 24085256 63783304 87868560 0.274 0.726 1 63783304 31891652 31891652 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Accumulated other comprehensive income (loss) consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">June 30,</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">2026</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">December 31,<br/> 2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Hedging reserve adjustments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">6</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">465</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Pension remeasurement reserve adjustments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">712</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,691</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Currency translation reserve adjustments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,293</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,083</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2,011</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">4,239</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 6000 465000 712000 2691000 1293000 1083000 2011000 4239000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">13. Share-based compensation </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold"><span style="white-space:nowrap;display:inline;">Pre-IPO</span> plans </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Prior to the IPO, the Board of Directors of the Company (the “Board”) established the founders’ phantom equity award, the 2022 long-term incentive program, the 2023 long-term incentive program, the 2024 long-term incentive program and the 2025 long-term incentive program (collectively, the <span style="white-space:nowrap;display:inline;">“Pre-IPO</span> Plans”) as award programs for management and certain key personnel to entitle them to compensation when certain strategic goals are met. The 2026 Plan (as defined herein) replaced the <span style="white-space:nowrap;display:inline;">Pre-IPO</span> Plans, and no additional awards will be granted under those historical plans. In connection with the closing of the IPO, all outstanding equity awards previously granted under the <span style="white-space:nowrap;display:inline;">Pre-IPO</span> Plans were replaced with substantially similar awards under the 2026 Plan (the “Replacement Awards”). </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">2026 Long-term incentive plan </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On March 31, 2026, the Board approved the HMH Holding Inc. 2026 Long-Term Incentive Plan (the “2026 Plan”), which became effective upon the closing of the IPO. The 2026 Plan authorizes the grant of incentive stock options, RSUs, and other equity-based awards to eligible employees, <span style="white-space:nowrap;display:inline;">non-employee</span> directors, and consultants. As of June 30, 2026, the Company has reserved a maximum of 2.2 million shares of Class A common stock for issuance under the 2026 Plan, of which approximately 1.4 million shares are available for issuance of future awards. This share reserve includes an evergreen provision allowing for an annual increase of up to 5% of outstanding shares, effective on the first day of each fiscal year at the discretion of the Board. The Company has reserved an additional 1,500,714 shares of Class A common stock for issuance under the 2026 Plan to be used exclusively to satisfy the obligations under the Replacement Awards. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Share-based compensation cost </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">For the three and six months ended June 30, 2026, the Company recognized total share-based compensation expense of $22.8 million, upon the consummation of the IPO. The Company recorded $22.3 million of this expense within selling, general, and administrative expenses and $0.5 million was recognized within cost of sales<span style="font-style:italic;display:inline;"> </span>in the<span style="font-style:italic;display:inline;"> </span>condensed consolidated statements of income<span style="font-style:italic;display:inline;">.</span> </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As of June 30, 2026, there was approximately $18.6 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under both the <span style="white-space:nowrap;display:inline;">Pre-IPO</span> Plans and the 2026 Plan. This cost is expected to be recognized over a weighted-average period of 2.52 years. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Restricted stock: </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">RSUs generally vest over a three-year period, with fair value determined by the closing market price of the Company’s Class A common stock on the date of grant. The following table presents a summary of RSU activity for the six months ended June 30, 2026: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:75%"></td> <td style="vertical-align:bottom;width:9%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:9%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands, except per share amounts)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Restricted<br/> stock units</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Weighted average<br/> price on the date<br/> of grant</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance as of January 1, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Converted at IPO</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,204</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">15.89</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><span style="white-space:nowrap;display:inline;">Post-IPO</span> grant</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">355</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">18.68</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Vested upon the consummation of the IPO (a)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(924</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">14.57</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">635</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">19.37</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a).</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">During the three and six months ended June 30, 2026, the total grant date fair value of restricted stock unit awards that vested was $13.5 million. </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Performance share units </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">PSUs generally cliff vest three years from the date of grant, with their grant-date fair value measured utilizing a Monte Carlo simulation model. For the 2026 PSU grant, the number of shares of Class A common stock issuable is determined by comparing the Company’s Total Shareholder Return Compound Annual Growth Rate (TSR CAGR) against the TSR CAGR of the peer group over a three-year performance period ending December 31, 2028. Initial payouts range from 0% to 200% of target. The following table presents a summary of PSU activity for the six months ended June 30, 2026: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:72%"></td> <td style="vertical-align:bottom;width:11%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:11%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-weight:bold;display:inline;">(in thousands, except per share amounts)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Performance<br/> share units</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Weighted average<br/> price on the Date<br/> of grant</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance as of January 1, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Converted at IPO</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">520</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">18.40</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><div style="white-space:nowrap;display:inline;">Post-IPO</div> Grant</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">225</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">27.05</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Vested upon the consummation of the IPO</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(167</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.97</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">578</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">23.04</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The company estimated the fair value of PSU awards using the following weighted average assumptions: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:90%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">June 30,</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">2026</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Risk free interest rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4.15%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Stock price volatility</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">56.00%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Contracted term in years</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Expected dividend yield</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Grant date price of HMH common stock</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18.66</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 2200000 1400000 0.05 1500714 22800000 22800000 22300000 22300000 500000 500000 18600000 P2Y6M7D P3Y The following table presents a summary of RSU activity for the six months ended June 30, 2026: <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:75%"></td> <td style="vertical-align:bottom;width:9%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:9%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands, except per share amounts)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Restricted<br/> stock units</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Weighted average<br/> price on the date<br/> of grant</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance as of January 1, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Converted at IPO</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,204</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">15.89</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><span style="white-space:nowrap;display:inline;">Post-IPO</span> grant</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">355</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">18.68</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Vested upon the consummation of the IPO (a)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(924</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">14.57</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">635</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">19.37</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a).</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">During the three and six months ended June 30, 2026, the total grant date fair value of restricted stock unit awards that vested was $13.5 million. </td></tr></table> 0 0 1204000 15.89 355000 18.68 924000 14.57 635000 19.37 13500000 P3Y P3Y 0 2 The following table presents a summary of PSU activity for the six months ended June 30, 2026: <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:72%"></td> <td style="vertical-align:bottom;width:11%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:11%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-weight:bold;display:inline;">(in thousands, except per share amounts)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Performance<br/> share units</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Weighted average<br/> price on the Date<br/> of grant</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance as of January 1, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Converted at IPO</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">520</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">18.40</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><div style="white-space:nowrap;display:inline;">Post-IPO</div> Grant</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">225</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">27.05</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Vested upon the consummation of the IPO</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(167</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.97</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of June 30, 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">578</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">23.04</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 0 0 520000 18.4 225000 27.05 167000 13.97 578000 23.04 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The company estimated the fair value of PSU awards using the following weighted average assumptions: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:90%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">June 30,</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">2026</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Risk free interest rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4.15%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Stock price volatility</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">56.00%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Contracted term in years</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Expected dividend yield</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Grant date price of HMH common stock</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18.66</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 0.0415 0.56 P3Y 0 18.66 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">14. Employee benefit expenses </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The components of net periodic cost recognized in selling, general and administrative expenses in our condensed consolidated statements of income consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:56%"></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Three Months Ended June 30,</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Six Months Ended June 30,</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2026</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2026</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Service cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">43</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">125</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">83</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">246</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">175</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">182</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">345</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">357</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Amortization of net actuarial loss</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">22</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">15</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">44</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Net periodic cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">225</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">329</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">443</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">647</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The components of net periodic cost recognized in selling, general and administrative expenses in our condensed consolidated statements of income consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:56%"></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Three Months Ended June 30,</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Six Months Ended June 30,</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2026</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2026</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Service cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">43</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">125</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">83</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">246</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">175</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">182</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">345</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">357</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Amortization of net actuarial loss</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">22</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">15</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">44</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Net periodic cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">225</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">329</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">443</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">647</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 43000 125000 83000 246000 175000 182000 345000 357000 -7000 -22000 -15000 -44000 225000 329000 443000 647000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">15. Income taxes </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Provision for income taxes </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">We recorded a tax benefit of $4.5 million and a tax provision of $1.3 million for the three and six months ended June 30, 2026, respectively, compared to tax provisions of $5.2 million and $10.4 million for the corresponding prior year periods, respectively. The decreases in our tax provisions for both the three and <span style="white-space:nowrap;display:inline;">six-month</span> ended-periods were primarily attributable to stock compensation expenses recorded in 2026 upon completion of the IPO and shifts in the Company’s geographic mix of income, which unfavorably altered our estimated annual </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">effective tax rate. Consequently, our effective tax rate shifted to 47.3% and 666.3% for the three and six months ended June 30, 2026, respectively, compared to 34.6% and 40.0% for the same periods in 2025, respectively. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">These fluctuating effective rates were heavily driven by valuation allowances on losses in certain foreign jurisdictions where tax benefits cannot currently be realized, along with the ongoing impacts of localized withholding taxes, statutory jurisdictional rate differentials, and pass-through <div style="white-space:nowrap;display:inline;">non-controlling</div> interests related to U.S. income taxed at the owner level. For the three and six months ended June 30, 2026, our income tax included the impact of a $22.5 million stock-based compensation expense related to <div style="white-space:nowrap;display:inline;">pre-IPO</div> stock-based awards. For the six months ended June 30, 2026, our income tax also included $0.5 million of IPO related transaction costs. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Tax receivable agreement </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On April 2, 2026, the Company entered into a Tax Receivable Agreement (the “TRA”) with HMH B.V. and the Principal Stockholders. The TRA requires the Company to pay 85% of the net cash savings, if any, actually realized or deemed to be realized in certain circumstances to the Principal Stockholders in connection with U.S. federal, state, local and foreign income taxes and franchise taxes resulting from (i) acquisitions of B.V. Voting Shares from the Principal Stockholders by the Company in connection with the IPO, (ii) the acquisition of B.V. <div style="white-space:nowrap;display:inline;">Non-Voting</div> Shares from the Principal Stockholders using the net proceeds from any future offering, (iii) redemptions or exchanges of B.V. <div style="white-space:nowrap;display:inline;">Non-Voting</div> Shares by the Principal Stockholders and the corresponding number of shares of the Company’s Class B common stock for shares of the Company’s Class A common stock or cash or (iv) tax benefits related to imputed interest deemed arising as a result of payments made under the TRA. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">During the three months ended June 30, 2026, the Company recorded a TRA liability of $3.8 million. The Company also recorded a deferred tax liability of $2.8 million, resulting from the difference between the book and tax basis of the Company’s investment in HMH B.V. which was reflected in additional <div style="white-space:nowrap;display:inline;">paid-in</div> capital in our condensed consolidated balance sheet<div style="font-style:italic;display:inline;"> </div>as of June 30, 2026<div style="font-style:italic;display:inline;">. </div> </div> 4500000 1300000 5200000 10400000 0.473 6.663 0.346 0.40 22500000 500000 3800000 2800000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">16. Commitments and contingencies </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">We are involved in various claims and legal actions arising in the ordinary course of business. A liability is recognized in our consolidated financial statements when a loss is considered probable and amounts can be reasonably estimated. When a material loss contingency is reasonably possible but not probable, we will disclose the nature of the claim and, if possible, an estimate of the loss or range of loss. We believe it is remote that outcomes of such known matters would have a material adverse impact on our consolidated financial position, results of operations or liquidity. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Restructuring </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company has taken a substantial workforce decrease and reorganization in recent years, driven by the desire to increase efficiency and flexibility and rationalize its footprint. In January 2025, the Company initiated a restructuring plan primarily focused on global workforce reductions and the reorganization of facilities in Horten and Fornebu, Norway. In June 2026, the Company expanded the scope of this restructuring plan to include the reorganization of its operations in Mexico. These initiatives impacted 195 individuals, comprising 110 employees in Norway, 60 employees in Mexico, and 25 employees in Germany. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">For both the three and six months ended June 30, 2026, we recognized restructuring and other expenses of $5.0 million. For the three and six months ended June 30, 2025, restructuring and other expenses were </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">$1.1 million and $4.3 million, respectively, which included $0.7 million and $1.8 million, respectively, in <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">right-of-use</div></div> (ROU) asset impairment charges. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table summarizes the changes to the Company’s provision balance for restructuring and other charges: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:91%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000; border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">June 30,</span><br/> <span style="font-weight:bold;display:inline;">2026</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance at the beginning of the period</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">2,085</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Additions for costs expensed</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,004</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Reductions for payments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,546</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign currency translation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(58</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance at the end of the period</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">5,485</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Other </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In the normal course of business with customers, vendors and others, the Company has issued various bank guarantees, such as advance payment guarantees, surety bonds, performance guarantees, bid bonds, customs and tax guarantees to guarantee the Company’s performance as it relates to contracts with customers, contract bidding, customs duties, tax appeals and obligations in various jurisdictions. As of June 30, 2026, the Company had outstanding bank guarantees of $30.1 million. As of June 30, 2026, none of these guarantees either has, or is likely to have, a material impact on the Company’s financial position, results of operations or cash flows as the Company expects to comply with the underlying performance requirements. </div> 195 110 60 25 5000000 5000000 1100000 4300000 700000 1800000 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table summarizes the changes to the Company’s provision balance for restructuring and other charges: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:91%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000; border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">June 30,</span><br/> <span style="font-weight:bold;display:inline;">2026</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance at the beginning of the period</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">2,085</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Additions for costs expensed</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,004</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Reductions for payments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,546</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign currency translation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(58</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance at the end of the period</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">5,485</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 2085000 5004000 1546000 -58000 5485000 30100000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">17. Related party transactions </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following tables set forth a summary of transactions and balances with significant related parties: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:58%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Baker</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Hughes</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Holdings</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">LLC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Akastor</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">AS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Other</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Baker</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Hughes</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">companies</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Other</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Akastor</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">companies</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Tanajib</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Holding</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Company</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><span style="font-style:italic;display:inline;">Condensed Consolidated Statements of Income</span></div></td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Arial"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">Three Months Ended June 30, 2026</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">47</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">513</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">560</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest expense, net</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(49</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(13</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(62</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">Six Months Ended June 30, 2026</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">175</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">712</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">887</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest expense, net</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,182</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(538</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,720</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><span style="font-style:italic;display:inline;">Condensed Consolidated Balance Sheets</span></div></td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Arial"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">As of June 30, 2026</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Related party accounts receivable</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,305</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">300</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,605</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Related party notes receivable—current</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,544</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,813</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,357</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Related party notes receivable</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">19,056</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,600</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">22,656</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accounts payable—related party</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Tax receivable agreement liability</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,880</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,880</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,760</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other liabilities</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">384</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,907</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,291</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:58%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-weight:bold;display:inline;">(in thousands)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Baker</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Hughes</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Holdings</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">LLC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Akastor</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">AS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Other</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Baker</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Hughes</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">companies</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Other</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Akastor</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">companies</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Tanajib</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Holding</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Company</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><div style="font-style:italic;display:inline;">Condensed Consolidated Statements of Income</div></div></td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Arial"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">Three Months Ended June 30, 2025</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">49</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">113</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">162</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest expense, net</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,031</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(486</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,517</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">Six Months Ended June 30, 2025</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">74</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">178</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">252</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest expense, net</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,001</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(956</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,957</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1pt"> <td colspan="25" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><div style="font-style:italic;display:inline;">Condensed Consolidated Balance Sheets</div></div></td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Arial"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">As of December 31, 2025</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Related party accounts receivable</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">424</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">942</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">133</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,499</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Related party notes receivable—current</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,544</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,109</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,653</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Related party notes receivable</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,654</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">24,545</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,405</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">33,604</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accounts payable—related party</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">102</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">107</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Long-term debt, net—related party</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">112,471</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">31,261</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">143,732</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other liabilities</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">384</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,907</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,291</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following tables set forth a summary of transactions and balances with significant related parties: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:58%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Baker</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Hughes</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Holdings</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">LLC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Akastor</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">AS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Other</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Baker</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Hughes</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">companies</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Other</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Akastor</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">companies</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Tanajib</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Holding</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Company</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><span style="font-style:italic;display:inline;">Condensed Consolidated Statements of Income</span></div></td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Arial"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">Three Months Ended June 30, 2026</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">47</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">513</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">560</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest expense, net</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(49</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(13</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(62</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">Six Months Ended June 30, 2026</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">175</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">712</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">887</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest expense, net</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,182</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(538</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,720</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><span style="font-style:italic;display:inline;">Condensed Consolidated Balance Sheets</span></div></td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Arial"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">As of June 30, 2026</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Related party accounts receivable</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,305</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">300</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,605</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Related party notes receivable—current</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,544</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,813</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,357</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Related party notes receivable</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">19,056</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,600</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">22,656</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accounts payable—related party</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Tax receivable agreement liability</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,880</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,880</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,760</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other liabilities</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">384</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,907</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,291</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:58%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-weight:bold;display:inline;">(in thousands)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Baker</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Hughes</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Holdings</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">LLC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Akastor</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">AS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Other</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Baker</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Hughes</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">companies</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Other</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Akastor</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">companies</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Tanajib</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Holding</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Company</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><div style="font-style:italic;display:inline;">Condensed Consolidated Statements of Income</div></div></td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Arial"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">Three Months Ended June 30, 2025</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">49</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">113</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">162</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest expense, net</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,031</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(486</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,517</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">Six Months Ended June 30, 2025</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">74</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">178</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">252</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest expense, net</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,001</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(956</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,957</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1pt"> <td colspan="25" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><div style="font-style:italic;display:inline;">Condensed Consolidated Balance Sheets</div></div></td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Arial"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">As of December 31, 2025</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Related party accounts receivable</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">424</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">942</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">133</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,499</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Related party notes receivable—current</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,544</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,109</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,653</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Related party notes receivable</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,654</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">24,545</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,405</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">33,604</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accounts payable—related party</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">102</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">107</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Long-term debt, net—related party</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">112,471</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">31,261</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">143,732</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other liabilities</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">384</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,907</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,291</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 0 0 47000 513000 0 560000 -49000 -13000 0 0 0 -62000 0 0 175000 712000 0 887000 -2182000 -538000 0 0 0 -2720000 0 0 1305000 300000 0 1605000 0 1544000 0 0 2813000 4357000 0 19056000 0 0 3600000 22656000 0 0 0 13000 0 13000 1880000 0 0 1880000 0 3760000 384000 7907000 0 0 0 8291000 0 0 49000 113000 0 162000 -2031000 -486000 0 0 0 -2517000 0 0 74000 178000 0 252000 -4001000 -956000 0 0 0 -4957000 0 424000 942000 133000 0 1499000 0 1544000 0 0 2109000 3653000 4654000 24545000 0 0 4405000 33604000 0 0 102000 5000 0 107000 112471000 31261000 0 0 0 143732000 384000 7907000 0 0 0 8291000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">18. Segment information </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Operating segments are defined as components of an entity for which separate financial information is available and evaluated on a regular basis by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess performance. As of June 30, 2026 and 2025, the Company had two operating segments, ESS and PCS. The Company has identified its reportable segments based on the nature of the products and services, markets served and pricing and <span style="white-space:nowrap;display:inline;"><span style="white-space:nowrap;display:inline;">go-to-market</span></span> strategies. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">ESS is a supplier of drilling solutions and complete topside drilling packages and services to both onshore and offshore oil and gas customers. Key product offerings consist of overhaul, equipment installation and commissioning, services account management, 24/7 technical support, logistics, engineering upgrades, spare parts supply and training and condition-based maintenance. The ESS segment is derived from the acquisition of MHWirth AS. </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">PCS is a supplier of integrated drilling products and services. Key product offerings consist of blowout preventer systems, controls and drilling riser equipment, spare parts supply for rig operations and maintenance programs, overhaul and recertification and reactivation of rigs and technical and operational rig support. The PCS segment is derived from the acquisition of Subsea Drilling Systems. </div></td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In addition to its reportable segments, the Company has corporate operations (Headquarters) which include general corporate expenses. Headquarters includes certain corporate stewardship items discussed below necessary to reconcile the reportable segments to the Company’s total amounts. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The CODM, who is the Company’s Chief Executive Officer, uses segment operating income as the primary financial measure to evaluate segment performance. Segment operating income is defined as income before taxes (excluding certain corporate stewardship costs which are not allocable to the segments, such as legal, certain corporate finance functions and centrally managed initiatives, other <span style="white-space:nowrap;display:inline;">non-operating</span> items, and depreciation and amortization related to certain long-lived assets, including the headquarters office space), net other operating expenses (income), net foreign currency gain (loss), net other <span style="white-space:nowrap;display:inline;">non-operating</span> income (loss), and </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">net interest income (expense). Inter-segment pricing is determined on an arm’s length basis. The CODM uses segment operating income in the budget and forecasting process and to monitor budget versus actual results, which are used in assessing the performance of the segments and to allocate resources to the segments. Segment assets are not reported to, or used by, the CODM to allocate resources to or assess performance of the Company’s segments. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the reconciliation of reportable segment revenues: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:46%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2026</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Three Months Ended June 30,</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td colspan="21" style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenues from external customers</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">97,660</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">73,162</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">170,822</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">125,547</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">77,910</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">203,457</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Intersegment revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,766</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,265</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,031</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,690</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,541</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,231</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total segment revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">100,426</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">75,427</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">175,853</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">128,237</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">81,451</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">209,688</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Elimination of intersegment revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(5,031</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(6,231</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total consolidated revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">170,822</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">203,457</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Six Months Ended June 30,</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenues from external customers</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">198,350</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">143,793</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">342,143</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">233,088</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">168,799</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">401,887</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Intersegment revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,015</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,884</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13,899</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,808</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,773</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11,581</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total segment revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">206,365</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">149,677</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">356,042</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">237,896</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">175,572</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">413,468</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Elimination of intersegment revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(13,899</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(11,581</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total consolidated revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">342,143</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">401,887</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the reconciliation of segment performance: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:46%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Three months ended June 30, 2026</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Three months ended June 30, 2025</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenues from external customers<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">97,660</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">73,162</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">125,547</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">77,910</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Cost of sales</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(64,585</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(44,939</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(94,696</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(56,849</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Selling, general and administrative expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(29,868</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(27,536</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(18,166</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(8,656</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Research and development expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(442</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(329</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(721</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">72</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Restructuring and other expenses<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(b)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(261</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,743</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,072</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total segment operating income (loss)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2,504</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(4,385</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(1,881</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">10,892</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">12,477</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">23,369</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Unallocated corporate costs<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(c)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,950</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,619</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign currency gain (loss)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(591</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,948</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other <span style="white-space:nowrap;display:inline;">non-operating</span> income (loss)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(158</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">334</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(3,945</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(9,106</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Income (loss) before income taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(9,525</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">14,926</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div></div><div><div style="line-height:normal;display: inline;"></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:42%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Six months ended June 30, 2026</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Six months ended June 30, 2025</div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-weight:bold;display:inline;">(in thousands)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">ESS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">PCS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">ESS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">PCS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenues from external customers<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">198,350</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">143,793</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">233,088</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">168,799</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Cost of sales</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(132,845</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(93,312</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(170,410</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(123,018</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Selling, general and administrative expenses</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(45,376</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(43,890</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(38,064</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(23,245</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Research and development expenses</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(685</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(500</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,235</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(445</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Restructuring and other expenses<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(b)</div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(261</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,743</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(3,951</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(392</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total segment operating income (loss)</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">19,183</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">1,348</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">20,531</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">19,428</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">21,699</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">41,127</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Unallocated corporate costs<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(c)</div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(6,199</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,370</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign currency gain (loss)</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,819</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,941</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other <div style="white-space:nowrap;display:inline;">non-operating</div> income (loss)</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(413</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">647</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest expense</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(10,898</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(18,285</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Income (loss) before income taxes</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">202</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">26,060</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">As the CODM does not regularly review intersegment revenue, it is excluded from the determination of total segment operating income. The CODM uses revenue from external customers to assess performance and allocate resources. </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(b)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Restructuring and other expenses consist of severance costs primarily related to workforce reductions and impairment of <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">right-of-use</div></div> assets. </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(c)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Unallocated corporate costs include certain centralized corporate stewardship costs that are not allocable to the segments and are included in Selling, general and administrative expenses in our condensed consolidated statements of income. </td></tr></table> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the reconciliation of reportable segment revenues: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:46%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2026</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Three Months Ended June 30,</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td colspan="21" style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenues from external customers</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">97,660</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">73,162</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">170,822</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">125,547</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">77,910</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">203,457</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Intersegment revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,766</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,265</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,031</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,690</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,541</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,231</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total segment revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">100,426</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">75,427</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">175,853</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">128,237</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">81,451</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">209,688</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Elimination of intersegment revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(5,031</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(6,231</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total consolidated revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">170,822</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">203,457</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Six Months Ended June 30,</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenues from external customers</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">198,350</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">143,793</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">342,143</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">233,088</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">168,799</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">401,887</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Intersegment revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,015</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,884</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13,899</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,808</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,773</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11,581</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total segment revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">206,365</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">149,677</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">356,042</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">237,896</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">175,572</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">413,468</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Elimination of intersegment revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(13,899</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(11,581</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total consolidated revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">342,143</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">401,887</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 97660000 73162000 170822000 125547000 77910000 203457000 -2766000 -2265000 -5031000 -2690000 -3541000 -6231000 100426000 75427000 175853000 128237000 81451000 209688000 -5031000 -6231000 170822000 203457000 198350000 143793000 342143000 233088000 168799000 401887000 -8015000 -5884000 -13899000 -4808000 -6773000 -11581000 206365000 149677000 356042000 237896000 175572000 413468000 -13899000 -11581000 342143000 401887000 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the reconciliation of segment performance: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:46%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Three months ended June 30, 2026</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Three months ended June 30, 2025</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenues from external customers<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">97,660</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">73,162</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">125,547</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">77,910</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Cost of sales</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(64,585</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(44,939</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(94,696</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(56,849</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Selling, general and administrative expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(29,868</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(27,536</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(18,166</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(8,656</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Research and development expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(442</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(329</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(721</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">72</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Restructuring and other expenses<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(b)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(261</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,743</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,072</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total segment operating income (loss)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2,504</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(4,385</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(1,881</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">10,892</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">12,477</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">23,369</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Unallocated corporate costs<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(c)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,950</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,619</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign currency gain (loss)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(591</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,948</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other <span style="white-space:nowrap;display:inline;">non-operating</span> income (loss)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(158</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">334</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(3,945</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(9,106</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Income (loss) before income taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(9,525</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">14,926</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div></div><div><div style="line-height:normal;display: inline;"></div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:42%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Six months ended June 30, 2026</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Six months ended June 30, 2025</div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-weight:bold;display:inline;">(in thousands)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">ESS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">PCS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">ESS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">PCS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenues from external customers<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">198,350</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">143,793</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">233,088</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">168,799</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Cost of sales</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(132,845</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(93,312</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(170,410</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(123,018</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Selling, general and administrative expenses</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(45,376</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(43,890</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(38,064</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(23,245</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Research and development expenses</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(685</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(500</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,235</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(445</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Restructuring and other expenses<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(b)</div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(261</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,743</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(3,951</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(392</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total segment operating income (loss)</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">19,183</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">1,348</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">20,531</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">19,428</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">21,699</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">41,127</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Unallocated corporate costs<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(c)</div></div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(6,199</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,370</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign currency gain (loss)</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,819</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,941</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other <div style="white-space:nowrap;display:inline;">non-operating</div> income (loss)</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(413</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">647</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest expense</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(10,898</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(18,285</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="21" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Income (loss) before income taxes</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">202</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">26,060</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">As the CODM does not regularly review intersegment revenue, it is excluded from the determination of total segment operating income. The CODM uses revenue from external customers to assess performance and allocate resources. </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(b)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Restructuring and other expenses consist of severance costs primarily related to workforce reductions and impairment of <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">right-of-use</div></div> assets. </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(c)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Unallocated corporate costs include certain centralized corporate stewardship costs that are not allocable to the segments and are included in Selling, general and administrative expenses in our condensed consolidated statements of income. </td></tr></table> 97660000 73162000 125547000 77910000 64585000 44939000 94696000 56849000 29868000 27536000 18166000 8656000 442000 329000 721000 -72000 261000 4743000 1072000 0 2504000 -4385000 -1881000 10892000 12477000 23369000 2950000 2619000 -591000 2948000 -158000 334000 3945000 9106000 -9525000 14926000 198350000 143793000 233088000 168799000 132845000 93312000 170410000 123018000 45376000 43890000 38064000 23245000 685000 500000 1235000 445000 261000 4743000 3951000 392000 19183000 1348000 20531000 19428000 21699000 41127000 6199000 4370000 -2819000 6941000 -413000 647000 10898000 18285000 202000 26060000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">19. Earnings per share </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Basic earnings per share is calculated by dividing the net income (loss) attributable to the Company during the period by the weighted average number of shares of Class A common stock outstanding during the same period. For the periods following the IPO, shares of Class B common stock are excluded from the computation of basic and diluted earnings per share, as these shares represent nonparticipating securities with no rights to dividends or earnings. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">For periods prior to the IPO, we treated the Corporate Reorganization as a merger of entities under common control and retrospectively reflected earnings per share as though these transactions occurred at the earliest period presented. We allocated historical net income (loss) between Class A common stockholders and <span style="white-space:nowrap;display:inline;">non-controlling</span> interests based on their respective share ownership, with Class A and Class B share equivalents calculated from the HMH B.V. shares held by the Principal Stockholders. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The calculation of basic and diluted weighted average shares used for calculating earnings (loss) per share for the three and six months ended June 30, 2025 does not include the 11.2 million shares of Class A common stock sold in the IPO. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table reconciles the figures used to calculate basic and diluted net income (loss) per share for common stock: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:53%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Three months ended June 30,</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Six months ended June 30,</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2026</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2026</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Numerator <span style="font-style:italic;display:inline;">(in thousands)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net income (loss)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(5,019</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">9,768</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(1,144</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">15,646</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Less: Net income (loss) attributable <span style="white-space:nowrap;display:inline;">to non-controlling interests</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(9,995</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">819</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(9,568</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">585</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Net income attributable to HMH Holding Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">4,976</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">8,949</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">8,424</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">15,061</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Denominator (actual shares)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Weighted-average shares of common stock for HMH and HMH B.V. outstanding—basic</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11,662</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">69,355</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,863</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">69,355</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Effect of dilutive securities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">309</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">825</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Weighted-average shares of common stock outstanding—diluted</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">11,971</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">69,355</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">6,688</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">69,355</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Net income (loss) per share of common stock (actual)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Basic</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">0.43</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">0.13</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1.44</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">0.22</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Diluted</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">0.42</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">0.13</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1.26</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">0.22</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">We apply the treasury stock method to certain equity-based compensation awards and the <div style="white-space:nowrap;display:inline;">“if-converted”</div> method to determine the dilutive impact of the associated exchange rights on weighted-average common shares outstanding. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table details the actual potential common shares excluded from the diluted share calculation because their effect would be anti-dilutive: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:54%"></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Three months ended June 30,</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Six months ended June 30,</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2026</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2026</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Restricted common stock</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Performance share units</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10,168</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,804</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As of June 30, 2026, the 63,783,304 total B.V. <div style="white-space:nowrap;display:inline;">Non-Voting</div> Class A Shares and B.V. <div style="white-space:nowrap;display:inline;">Non-Voting</div> Class B Shares together with 31,891,652 shares of the Company’s Class B common stock could be exchanged for 31,891,652 shares of the Company’s Class A common stock. </div> 11200000 11200000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table reconciles the figures used to calculate basic and diluted net income (loss) per share for common stock: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:53%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Three months ended June 30,</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Six months ended June 30,</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">(in thousands)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2026</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2026</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Numerator <span style="font-style:italic;display:inline;">(in thousands)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net income (loss)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(5,019</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">9,768</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(1,144</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">15,646</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Less: Net income (loss) attributable <span style="white-space:nowrap;display:inline;">to non-controlling interests</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(9,995</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">819</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(9,568</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">585</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Net income attributable to HMH Holding Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">4,976</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">8,949</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">8,424</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">15,061</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Denominator (actual shares)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Weighted-average shares of common stock for HMH and HMH B.V. outstanding—basic</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11,662</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">69,355</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,863</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">69,355</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Effect of dilutive securities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">309</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">825</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Weighted-average shares of common stock outstanding—diluted</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">11,971</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">69,355</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">6,688</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">69,355</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Net income (loss) per share of common stock (actual)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Basic</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">0.43</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">0.13</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1.44</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">0.22</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Diluted</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">0.42</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">0.13</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1.26</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">0.22</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> -5019000 9768000 -1144000 15646000 -9995000 819000 -9568000 585000 4976000 8949000 8424000 15061000 11662000 69355000 5863000 69355000 309000 0 825000 0 11971000 69355000 6688000 69355000 0.43 0.13 1.44 0.22 0.42 0.13 1.26 0.22 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table details the actual potential common shares excluded from the diluted share calculation because their effect would be anti-dilutive: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:54%"></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Three months ended June 30,</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Six months ended June 30,</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2026</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2026</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">   2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Restricted common stock</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Performance share units</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10,168</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,804</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 0 0 0 0 10168000 0 4804000 0 63783304 31891652 31891652 383385000 366202000 213544000 225521000 224380000 248025000 445000 3615000 821754000 843363000 253541000 223376000 183509000 205172000 138974000 142625000 576024000 571173000 130397000 146810000 2813000 7067000 4631000 -301000 713865000 724749000 107889000 118614000 6790000 -5293000 1263000 423000 43352000 37255000 72590000 76489000 26467000 24533000 46123000 51956000 669000 738000 45454000 51218000 227270 227270 256090 256090 46123000 51956000 19648000 -20568000 766000 966000 2715000 -3348000 224000 312000 -629000 -842000 22992000 -23074000 69115000 28882000 669000 738000 68446000 28144000 96585000 48912000 108060000 116882000 1499000 2332000 3653000 3679000 114918000 153150000 253759000 279957000 17854000 31158000 32882000 23953000 629210000 660023000 200818000 198684000 307014000 300939000 67224000 75758000 54846000 59396000 33604000 31747000 48739000 34673000 16249000 19997000 1357704000 1381217000 56206000 107807000 107000 551000 715000 14397000 35249000 55627000 95780000 128420000 35582000 33633000 223639000 340435000 195636000 196837000 143732000 131910000 39922000 27052000 54323000 53646000 657252000 749880000 1 1 200 200 200 200 200 200 0 0 610431000 610431000 83943000 38489000 4239000 -18753000 698613000 630167000 1839000 1170000 700452000 631337000 1357704000 1381217000 200000 0 601539000 1098000 1220000 2003000 4321000 0 -12729000 593131000 8892000 432000 9324000 738000 51218000 51956000 -3348000 842000 -20568000 -23074000 -23074000 200000 0 610431000 -2250000 2062000 -18565000 -18753000 1170000 38489000 631337000 200000 0 610431000 -2250000 2062000 -18565000 -18753000 1170000 38489000 631337000 669000 45454000 46123000 2715000 629000 19648000 22992000 22992000 200000 0 610431000 465000 2691000 1083000 4239000 1839000 83943000 700452000 46123000 51956000 42460000 39402000 1789000 1858000 1828000 0 2390000 7033000 11055000 9964000 11136000 1965000 4064000 4964000 1449000 0 -20041000 16614000 -34516000 3267000 -29464000 47232000 -16019000 5733000 6245000 -2383000 -57451000 2535000 -41513000 11473000 -22031000 -16409000 -6194000 -12092000 590000 -2675000 88310000 34861000 9617000 16096000 338000 213000 715 192 6649000 2244000 4457000 19624000 -21100000 -37943000 200000 0 125702000 90000000 206584 0 140000000 97984000 0 2291000 3378000 1615000 -24260000 -7308000 4723000 -3222000 47673000 -13612000 48912000 62524000 96585000 48912000 18334000 17218000 28024000 23284000 2017000 3700000 <div style="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">1. Basis of presentation and summary of significant accounting policies </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Description of business </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">HMH Holding B.V. (“HMH,” the “Company,” “we” or “our”) is a leading global provider of offshore and onshore drilling equipment and services. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company was operationally established with effect from October 1, 2021, through its acquisition of all shares in the MHWirth business from Akastor ASA and the Subsea Drilling Systems business from Baker Hughes Company. After these transactions, the shareholders were Baker Hughes Holdings LLC (50%), Akastor AS (25%) and Mercury HoldCo Inc. (25%). Baker Hughes Holdings LLC is a wholly owned subsidiary of Baker Hughes Company (together with Baker Hughes Holdings LLC, “Baker Hughes”), and Akastor AS and Mercury HoldCo Inc. are wholly owned subsidiaries of Akastor ASA (together with Akastor AS, Mercury HoldCo AS and Mercury HoldCo Inc., “Akastor”). </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Basis of presentation </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S.” and such principles, “U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of HMH and all of its subsidiaries and affiliates that it controls or variable interest entities for which the Company has determined it is the primary beneficiary. All intercompany accounts and transactions have been eliminated. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In the notes to the consolidated financial statements, all dollar amounts in tables are in thousands of dollars unless otherwise indicated. Certain columns and rows in the financial statements and notes thereto may not add due to the use of rounded numbers. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Certain amounts in prior periods have been reclassified to conform with current period presentation. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Use of estimates </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Although management believes these assumptions to be reasonable, given historical experience, actual amounts and results could differ from these estimates. Estimates are used for, but are not limited to, determining the following: allowance for credit losses and inventory valuation reserves; recoverability of long-lived assets; revenue recognition on long-term contracts; valuation of goodwill; useful lives used in depreciation and amortization; income taxes and related valuation allowances; accruals for contingencies; actuarial assumptions to determine costs and liabilities related to employee benefit plans; stock-based compensation expense; valuation of derivatives; and the fair value of assets acquired and liabilities assumed in business combinations. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Foreign currency </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The consolidated financial statements are presented in U.S. dollars (“USD”). Assets and liabilities of <span style="white-space:nowrap;display:inline;">non-U.S.</span> operations with a functional currency other than the USD have been translated into USD using the Company’s period end exchange rates, and revenue, expenses and cash flows have been translated at average rates for the respective periods. Any resulting translation gains and losses are included in other comprehensive income (loss). The impact of remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of the Company or its subsidiaries is included in the consolidated statements of income. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Business combinations </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Business combinations are accounted for using the acquisition method as of the acquisition date, which is the date when control is transferred to the Company. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Transaction costs are expensed as incurred. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Offering costs </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In connection with the HMH Holding Inc.’s initial public offering, the Company has incurred or will incur accounting, legal and other costs, which will be reimbursed by HMH Holding Inc. upon consummation of the initial public offering. Such costs will be deferred by the Company and recorded against the proceeds from the offering as a reduction to stockholders’ equity by HMH Holding Inc. In the event the offering is aborted, such deferred offering costs will be expensed. Deferred offering costs of $21.3 million and $10.7 million were recognized in prepaids and other current assets as of December 31, 2025 and 2024, respectively. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Cash and cash equivalents </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Cash and cash equivalents include cash on hand, demand deposits held at banks and other short-term highly liquid investments with original maturity of three months or less. Restricted cash may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others or company statements of intention with regard to particular deposits. The Company held an immaterial balance of restricted cash as of December 31, 2025 and December 31, 2024. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Accounts receivable </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Accounts receivable are recorded at the invoiced amount, net of any allowance for credit losses. The Company evaluates the expected credit losses of accounts receivable, considering historical credit losses, current customer-specific information and other relevant factors when determining the allowance. The Company monitors customer payment history and current creditworthiness to determine that collectability of the related financial assets is reasonably assured. The Company also considers the overall business climate in which customers operate. For accounts receivable, a loss allowance matrix is utilized to measure lifetime expected credit losses. The matrix contemplates historical credit losses by age of receivable, adjusted for any forward-looking information and management expectations. Accounts receivable have been reduced by an allowance of $2.9 million and $5.6 million as of December 31, 2025 and 2024, respectively. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Derivative financial instruments </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company uses derivative financial instruments, primarily forward currency exchange contracts, to mitigate the effects of variability of future earnings and cash flows caused by the movements in foreign currency exchange rates. Derivative financial assets and liabilities are included in the other current assets and other current liabilities on the consolidated balance sheet at their respective fair values. The maximum term of the forward currency exchange contracts is under 24 months as of December 31, 2025 and 2024. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial"><div style="font-style:italic;display:inline;">Designated hedges:</div> The Company applies cash flow hedge accounting to certain of these forward currency exchange contracts, such that changes in the fair values or cash flows of future identifiable and anticipated transactions being hedged are expected to be offset by corresponding changes in the fair value of the derivatives. For derivative instruments designated as hedging instruments, the effective portion of the gain or loss of the derivative, which does not include the time value component of a forward currency rate, is reported in the hedge reserve in accumulated other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction impacts earnings. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">For the years ended December 31, 2025 and 2024, the Company reclassified $1.7 million income and $0.4 million of loss, respectively, into earnings from accumulated OCI related to cash flow hedges. The Company expects to reclassify an approximate $0.5 million loss from accumulated OCI into earnings over the next 12 months as the forecasted transactions occur. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial"><div style="font-style:italic;display:inline;"><div style="white-space:nowrap;display:inline;">Non-designated</div> hedges:</div> The Company also enters into derivative financial instruments that are not designated as hedging instruments. These instruments are used primarily to manage foreign exchange exposures on recognized monetary assets and liabilities denominated in currencies other than the functional currency. Changes in the fair value of these <div style="white-space:nowrap;display:inline;">non-designated</div> derivatives are recognized immediately in earnings within foreign currency gain, net. Similar to designated hedges, these instruments are strictly used for risk management purposes and not for trading or speculation. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Share capital </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Ordinary shares are classified as equity. A repurchase of share capital is recognized as a reduction in equity and is classified as treasury shares. The Company has Class A ordinary shares and Class B ordinary shares, with equal rights for all shares. The holders of ordinary shares are entitled to receive dividends and are entitled to one vote per share at general meetings. Total outstanding shares are 200 shares, par value EUR 1 per share. As of December 31, 2025 and 2024, the Company had 100 Class A ordinary shares and 100 Class B ordinary shares outstanding. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Inventories </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Inventories are recognized at the average acquisition cost or net realizable value, whichever is lower. The net sales value for raw materials and work in progress (goods under production) is calculated as the net realizable value of the finished products less the remaining production and sales costs. In the case of manufactured inventories and work in progress, costs include an appropriate share of attributable costs based on normal operating capacity. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Credit risk and concentrations </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company’s current receivables are spread over a broad and diverse group of customers across many countries. The Company grants credit to its customers and performs periodic credit evaluations of its customers’ financial conditions, including monitoring its customers’ payment history and current creditworthiness to manage this risk. The Company does not generally require collateral in support of its current receivables, but the Company may require payment in advance or security in the form of a letter of credit or a bank guarantee. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Having a concentration of customers in the energy industry may impact the Company’s overall exposure to credit risk as its customers may be similarly affected by prolonged changes in economic and industry conditions. Some of the Company’s customers may experience extreme financial distress as a result of falling commodity prices and may be forced to seek protection under applicable bankruptcy laws, which may affect the </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Company’s ability to recover any amounts due from such customers. Furthermore, countries that rely heavily upon income from hydrocarbon exports have been and may in the future be negatively and significantly affected by a drop in oil prices, which could affect the Company’s ability to collect, on a timely basis or in full, from its customers in these countries, particularly national oil companies. Laws in some jurisdictions in which the Company operates or will operate could make collection difficult or time consuming. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The maximum exposure to credit risk at the reporting date equals the carrying amounts of financial assets. The Company does not hold collateral as security. Contract assets and liabilities are stated in Note 11—“Revenue from contracts with customers.” </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">During the years ended December 31, 2025 and 2024, one customer individually accounted for approximately 21% and 18%, respectively, of the Company’s revenues which were included in both Equipment and System Solutions (“ESS”) and Pressure Control Systems (“PCS”) revenue in respective years. During the years ended December 31, 2025 and 2024, one customer accounted for approximately 25% and 10%, respectively, of current accounts receivable. The Company expects to maintain its relationship with this customer. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Leases </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;"><span style="white-space:nowrap;display:inline;"><span style="white-space:nowrap;display:inline;">Right-of-use</span></span> assets </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company recognizes <span style="white-space:nowrap;display:inline;"><span style="white-space:nowrap;display:inline;">right-of-use</span></span> asset at the lease commencement date. The <span style="white-space:nowrap;display:inline;"><span style="white-space:nowrap;display:inline;">right-of-use</span></span> asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any prepaid lease payments made at or before the commencement date, plus any initial direct costs. The <span style="white-space:nowrap;display:inline;"><span style="white-space:nowrap;display:inline;">right-of-use</span></span> asset is subject to impairment assessment of <span style="white-space:nowrap;display:inline;">non-financial</span> assets and adjusted for certain remeasurement of the lease liability. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Lease liabilities </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">At the lease commencement date, the Company recognizes lease liability measured at the present value of the lease payments over the lease term, discounted using the Company’s incremental borrowing rate. Generally, the lease payments include fixed payments and variable lease payments that depend on an index or rate. Changes in future lease payments arising from a change in an index or rate are reflected as expense in the period the change occurs. The lease liability is subsequently measured at amortization cost using the effective-interest method. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Short-term leases </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company applies the recognition exemption to its leases that have a lease term of 12 months or less from the commencement date. Lease payments associated with the short-term leases are recognized as expenses on a straight-line basis over the lease term. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Lease term </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company determines the lease term as the <span style="white-space:nowrap;display:inline;">non-cancellable</span> term of the lease, together with any periods covered by an option to extend the lease, if it is reasonably certain to be exercised, or any period covered by an option to terminate the lease if it is reasonably certain not to be exercised. The Company applies judgment in evaluating whether it is reasonably certain to exercise an extension option, considering all relevant factors that create economic incentive to exercise the extension option. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div></div><div><div style="line-height:normal;display: inline;"></div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Lease liabilities expiring within the following periods from the balance dates </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Some property leases contain extension or termination options exercisable before the end of the <div style="white-space:nowrap;display:inline;">non-cancellable</div> period. They are used to maximize operational flexibility in terms of managing the assets used in the Company’s operations. The extension and termination options are exercisable only by the Company and not by the applicable lessor. The Company assesses at the lease commencement date whether it is reasonably certain that it will exercise the extension or termination options. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Most extension options in office leases have not been included in the lease liability because the Company expects to be able to replace the assets without significant cost or business disruption. Additionally, most of the early termination options are not considered in the lease term, as the Company assesses it as reasonably certain that the leases will not be terminated early. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Property, plant and equipment </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials, direct labor, borrowing costs on qualifying assets, production overheads and the estimated costs of dismantling and removing the assets and restoring the site on which they are located. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Subsequent costs </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company capitalizes the cost of a replacement part or a component of property, plant and equipment when incurred if it can be measured reliably and it extends the useful life of the asset or qualifies as an asset improvement. All other costs are expensed as incurred. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Depreciation </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Depreciation is normally recognized on a straight-line basis over the estimated useful lives of property, plant and equipment. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Estimates for useful life, depreciation method and residual values are reviewed annually. Assets are depreciated on a straight-line basis over their expected economic lives as follows: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">Asset Classification</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Useful life</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Building</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><span style="white-space:nowrap;display:inline;">16-33 years</span></td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Machinery, equipment and software</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><span style="white-space:nowrap;display:inline;">3-16</span> years</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:1pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Impairment </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company reviewed the recoverability of long-lived assets, including finite-lived acquired intangible assets and property and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on the Company’s ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows (undiscounted) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. The Company concluded there were no indicators evident or other circumstances present that these assets were not recoverable and, accordingly, no impairment charges of long-lived assets were recognized for the years ended December 31, 2025 and 2024. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Goodwill </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Goodwill represents the excess of purchase price paid by the Company over the fair market value of the net assets acquired in a business combination. Goodwill is tested for impairment annually or whenever events or circumstances change indicating that the fair value of a reporting unit with goodwill could be below its carrying amount. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company performs impairment testing if any impairment indicators are identified. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the Company’s reporting unit is less than its carrying value. If the qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, a quantitative test is required. The recoverable amounts of reporting units to which goodwill is allocated have been determined based on fair value in use. If the carrying value of the reporting unit including goodwill exceeds its fair value, an impairment charge equal to the excess would be recognized up to a maximum amount of goodwill allocated to that reporting unit. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">There were no impairment charges during the years ended December 31, 2025 and 2024 as a result of the Company’s goodwill impairment assessment. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Other intangible assets, patents and rights and customer relations </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Acquired intangible assets are measured at cost less accumulated amortization and impairment losses. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Subsequent expenditures </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Subsequent expenditures on intangible assets are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are expensed as incurred. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Amortization </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Amortization is recognized in the consolidated statements of income on a straight-line basis over the estimated useful lives of intangible assets unless such useful lives are indefinite. Intangible assets are amortized from the date they are available for use. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Research and development expenses </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Expenditures on research activities undertaken with the prospect of obtaining new scientific or technical knowledge and understanding are recognized in the consolidated statements of income as incurred. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Development activities involving a plan or design for the production of new or substantially improved products or processes are expensed as incurred, unless the costs relate to an item that has an alternative future use. The Company follows Accounting Standards Codification (“ASC”) <span style="white-space:nowrap;display:inline;">350-40</span> to account for development costs incurred for the costs of computer software developed or obtained for internal use. ASC <span style="white-space:nowrap;display:inline;">350-40</span> requires such costs to be capitalized once certain criteria are met. Capitalized <span style="white-space:nowrap;display:inline;">internal-use</span> software costs are primarily comprised of cost of materials, direct labor overhead costs that are directly attributable to preparing the asset for its intended use and capitalized interest on qualifying assets. Costs are capitalized once the project is defined, funding is committed, and it is confirmed the software will be used for its intended use. Capitalization of these costs concludes once the project is substantially complete and the software is ready for its intended purpose. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Capitalized development expenditures are measured at cost less accumulated amortization and accumulated imp<div style="display:inline;">airme</div>nt losses. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Revenue from contracts with customers </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Revenue recognition </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Revenue from performance obligations satisfied over time, typically in project contracts and service contracts, is recognized according to progress. This requires estimates of the final total revenue, as well as measurement of progress achieved to date as a proportion of the total work to be performed. The estimated progress in long-term project and other manufacturing contracts is based on internal and external estimates of progress. See the following table for the description of types of revenue and revenue recognition policy by type of revenue. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:22%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:38%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:38%"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">Type of contract/revenue</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold">Nature of performance obligations,</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold">including significant payment terms</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold">Significant revenue recognition</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold">policies</div></td></tr> <tr style="font-size:1pt"> <td style="height:6pt"></td> <td colspan="2" style="height:6pt"></td> <td colspan="2" style="height:6pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top">Project and other manufacturing contracts</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Under project and other manufacturing contracts, specialized products are built to a customer’s specifications and the assets have no alternative use to the Company. If a project or other manufacturing contract is terminated by the customer, the Company has an enforceable right to payment for the work completed to date. The contracts establish a legally enforceable milestone payment schedule as well as a legally enforceable right to receive payment for work completed.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Each of the project or other manufacturing contracts normally includes a single, combined output for the customer, such as an integrated drilling equipment package. A single performance obligation, satisfied over time, is identified in each contract. Project and other manufacturing contracts revenue is presented in product revenue on the consolidated statements of income.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Arial">Normal payment terms for project and other manufacturing contracts are 30 to 45 days.</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Revenue from project and other manufacturing contracts is recognized according to progress. The input method used to measure progress is determined by reference to the costs incurred to date relative to the total estimated contract cost. Because of the uniqueness of the project and the required engineering in the initial phases of construction contracts, the Company may defer recognition of revenue, in excess of costs, until the point that progress can be measured reliably, which is when a project is approximately 20% complete.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Arial">The Company considers milestone payments as variable consideration, with the full milestone payment representing the most likely outcome based on the Company’s historical experience. In addition, liquidated damages are recognized as a reduction of the transaction price unless it is highly probable that it will not be incurred. Disputed amounts and claims are only recognized when negotiations have reached an advanced stage, customer acceptance is highly likely and the amounts can be measured reliably.</div></td></tr> <tr style="font-size:1pt"> <td style="height:6pt"></td> <td colspan="2" style="height:6pt"></td> <td colspan="2" style="height:6pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top">Service revenue</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top">Service revenue is generated from the rendering of various aftermarket services for installed products to customers. This offering includes field service, maintenance, overhaul and repair.</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top">Service revenue associated with field service, maintenance and overhaul and repair is recognized according to progress or the <span style="white-space:nowrap;display:inline;">as-invoiced</span> amounts, when the invoiced amounts directly correspond with the benefit of the services that are</td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:22%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:38%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:38%"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-weight:bold;display:inline;">Type of contract/revenue</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold">Nature of performance obligations,</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold">including significant payment terms</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold">Significant revenue recognition</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold">policies</div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Field service, maintenance and overhaul and repair services are satisfied over time as the customers simultaneously receive and consume the benefits provided by these services.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">For service contracts with multiple performance obligations, the Company allocates the transaction price based on the standalone selling price of each performance obligation. The Company determines the standalone selling price based on observable prices or will use an estimation method if observable prices are not available.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Arial">Normal payment terms for service revenue are 30 to 45 days.</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top">transferred to the customers. Progress is measured using the input method based on labor hours incurred.</td></tr> <tr style="font-size:1pt"> <td style="height:6pt"></td> <td colspan="2" style="height:6pt"></td> <td colspan="2" style="height:6pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top">Spare parts revenue</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Revenue from spare parts, which involve physical transfer of goods, is satisfied at a point of time when control transfers to the customers, according to the contract terms.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Arial">Normal payment terms for spare parts revenue are 30 to 45 days.</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top">Revenue from spare parts is recognized when the customers obtain control of the goods, according to the contract terms, typically at physical shipment of goods.</td></tr> <tr style="font-size:1pt"> <td style="height:6pt"></td> <td colspan="2" style="height:6pt"></td> <td colspan="2" style="height:6pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top">Sale of products</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">This revenue type involves sale of products or equipment that are of a standard nature, not made to the customer’s specifications. Customers obtain control of these products according to the contract terms.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company has assessed that these performance obligations are satisfied at a point of time. Revenue for sale of products is presented in product revenue on the consolidated statements of income.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Arial">For contracts with multiple performance obligations, the Company allocates the transaction price based on the standalone selling price of each performance obligation. The Company determines the standalone selling price based on observable prices or will use an</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top">Revenue from these performance obligations is recognized when the customers obtain control of the goods, according to the contract terms.</td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:22%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:38%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:38%"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-weight:bold;display:inline;">Type of contract/revenue</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold">Nature of performance obligations,</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold">including significant payment terms</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold">Significant revenue recognition</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold">policies</div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">estimation method if observable prices are not available.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Arial">Normal payment terms for sale of products are 30 to 45 days.</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td></tr></table><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Contract assets </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Contract assets represent the amounts recognized as revenue by the Company for which the rights to payment have not become unconditional as of the reporting date. The contract assets are transferred to receivables when the rights to payment become unconditional, which usually occurs when invoices are issued to the customers. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Contract liabilities </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">A contract liability is recognized if a payment is received or a payment is due (whichever is earlier) from a customer before the Company transfers the related goods or services. Contract liabilities are recognized as revenue when the Company performs under the contract (i.e., transfers control of the related goods or services to the customer). </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Income taxes </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company operates through various subsidiaries in a number of countries throughout the world. Income taxes have been recorded based upon the income tax laws and rates of the countries in which the Company operates and earns income. The Company’s annual income tax expense is based on taxable income, statutory income tax rates and tax planning opportunities available in the various jurisdictions in which it operates. The determination and evaluation of the annual income tax expense and tax positions involves the interpretation of the tax laws in the various jurisdictions in which the Company operates. It requires significant judgment in determining the Company’s income tax expense and in evaluating its tax positions, including evaluating uncertainties and the use of estimates and assumptions regarding significant future events such as the amount, timing and character of income, deductions and tax credits. The Company’s tax filings are subject to examination by the taxing authorities in the jurisdictions where it conducts business. These examinations may result in assessments of additional income taxes that are resolved with the taxing authorities or through the courts. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The financial statement effects of tax positions are recognized if the tax position is more likely than not to be realized. Recognized tax positions are measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized. A valuation allowance is established for any portion of a deferred tax asset that management believes is not more likely than not to be realized. Valuation of deferred tax assets is dependent on management’s assessment of future recoverability of the deferred tax benefit. Expected recoverability may result from expected taxable income in the near future, planned transactions or planned tax optimizing measures. Economic conditions may change and lead to a different conclusion regarding recoverability, and such change may affect the results for each future reporting period. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Accrued liabilities </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Warranties </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Provision for warranties is recognized when the underlying products or services are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">A provision is made for expected warranty expenditures. The warranty period is normally 12 to 30 months depending on the specific customer contract and terms. See Note 12—“Accrued expenses” for further information about provisions for warranty expenditures. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Restructuring </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">A restructuring provision is recognized when the Company has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that the entity will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Legal disputes and contingent liabilities </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Given the scope of the Company’s worldwide operations, its subsidiaries are inevitably involved in legal disputes in the course of their business activities. In addition, the Company from time to time engages in mergers, acquisitions and other transactions that could expose the Company to financial and other <div style="white-space:nowrap;display:inline;">non-operational</div> risks, such as indemnity claims and price adjustment mechanisms resulting in recognition of deferred settlement obligations. Provisions have been made to cover the expected outcome of the legal claims and disputes to the extent negative outcomes are likely and reliable estimates can be made. However, the final outcomes of these cases are subject to uncertainties, and resulting liabilities may exceed provisions recognized. The Company follows the development of these disputes on <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">case-by-case</div></div> basis and makes assessments based on all available evidence as at the reporting date. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Employee benefits </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Defined contribution plans </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Obligations for contributions by the Company to defined contribution plans are recognized as an expense in the consolidated statements of income as incurred. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Defined benefit plans </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company’s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. The discount rate is the yield at the reporting date on government bonds or high-quality corporate bonds with maturities consistent with the terms of the obligations. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Remeasurement of the net defined benefit liability, which comprises actuarial gains and losses, and the return on plan assets (excluding interest) are recognized immediately in other comprehensive income. The Company determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the <span style="white-space:nowrap;display:inline;">then-net</span> defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in the consolidated statements of income. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">past service or the gain or loss on curtailment is recognized immediately in the consolidated statements of income. The C<div style="display:inline;">om</div>pany recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Fair value measurement </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">When available, the Company measures the fair value of a financial instrument using the quoted price in an active market for that instrument. If there is no quoted price in an active market, then the Company uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price. If the Company determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique that uses only data from observable markets, the financial instrument is initially measured at fair value, and the difference between the fair value on initial recognition and the transaction price is recognized as a deferred gain or loss. Subsequently, the deferred gain or loss is recognized in profit or loss on an appropriate basis over the life of the instrument. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The determination of the fair value and the useful lives of the assets and liabilities acquired is performed, which requires the application of judgment. Fair values have been estimated by a range of different valuation techniques, such as the market approach, income approach and cost approach based on the techniques that have been assessed to be most appropriate for the type of assets or liability measured. All of these methods include a range of various assumptions where significant estimation has been exercised. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">A number of the Company’s accounting policies and disclosures requires the measurement of fair values, for both financial and <span style="white-space:nowrap;display:inline;">non-financial</span> assets and liabilities, including: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left">(a)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Derivatives </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left">(b)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Acquisitions </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">Level 2: Quoted prices for similar instruments in active markets; quoted prices of identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">Level 3: Significant inputs to the valuation model are unobservable. </div></td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Hedging activities </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company uses cash flow hedging primarily to mitigate the effects of foreign exchange rate changes on future transactions denominated in foreign currencies. Accordingly, the vast majority of the Company’s derivative activity in this category consists of forward currency exchange contracts. Changes in the fair value of cash flow hedges are recorded in the hedge reserve in Accumulated other comprehensive income (“AOCI”) and are recorded in earnings in the period in which the hedged transaction occurs. See the statements of change in shareholders’ equity for further information on activity in AOCI for cash flow hedges. The maximum term of cash flow hedges is under 24 months as of December 31, 2025 and 2024. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company hedges its future transactions in foreign currencies with external banks. The foreign exchange derivatives are subject to hedge accounting. Hedges qualifying for hedge accounting are classified as cash flow hedges (hedges of highly probable future revenues and/or expenses). </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The hedged transactions in foreign currency that are subject to cash flow hedge accounting are highly probable future transactions expected to occur at various dates during the next one to four years, depending on progress in the projects. Gains and losses on forward foreign exchange contracts are recognized in other comprehensive income and reported as measurement adjustments within AOCI in equity until they are recognized in the consolidated statements of income in the period or periods during which the hedged transactions affect the consolidated statements of income. If the forward foreign exchange contract is rolled due to a change in timing of the forecasted cash flow, the settlement effect is included in contract assets or contract liabilities. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Investment in subsidiaries </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">For investments in subsidiaries that are not wholly owned, but where the Company exercises control, the equity held by the minority owners and their portion of net income are reflected as <span style="white-space:nowrap;display:inline;">non-controlling</span> interests. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On March 28, 2024, Hydril PCB Limited (“Hydril UK”), a subsidiary of the Company, issued shares representing a 30% <span style="white-space:nowrap;display:inline;">non-controlling</span> interest in its subsidiary, Hydril Pressure Controlling Arabia Limited (“Hydril Arabia”), to Tanajib Holding Company CJSC (“Tanajib”), in exchange for total consideration of $9.2 million, comprising $2.3 million of upfront consideration and $6.9 million of deferred consideration. On March 28, 2024, the Company recognized cash of $2.3 million, related party notes receivable—current of $2.2 million and related party notes receivable of $4.7 million. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">New accounting standards to be adopted </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As an emerging growth company, the Jumpstart Our Business Startups Act (the “JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The JOBS Act does not preclude an emerging growth company from early adopting new or revised accounting standards codification. The Company has elected to use extended transition periods permissible under the JOBS Act, while also early adopting certain accounting pronouncements. The adoption dates discussed below reflect these elections. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) <span style="white-space:nowrap;display:inline;">2023-09,</span> “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU <span style="white-space:nowrap;display:inline;">2023-09”),</span> which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU <span style="white-space:nowrap;display:inline;">2023-09</span> provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU <span style="white-space:nowrap;display:inline;">2023-09</span> is effective for the Company prospectively to all annual periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its disclosures. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In November 2024, the FASB issued ASU <div style="white-space:nowrap;display:inline;">2024-03,</div> “Disaggregation of Income Statement Expenses <div style="white-space:nowrap;display:inline;">(Subtopic 220-40).”</div> The ASU requires public entities to disaggregate, in a tabular presentation, certain income statement expenses into different categories, such as purchases of inventory, employee compensation, depreciation and intangible asset amortization. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and may be applied retrospectively. The Company is currently evaluating the impact of adopting the new ASU on its consolidated financial statements and related disclosures. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In September 2025, the FASB issued ASU <div style="white-space:nowrap;display:inline;">2025-06,</div> “Intangibles—Goodwill and <div style="white-space:nowrap;display:inline;">Other—Internal-Use</div> Software (Subtopic <div style="white-space:nowrap;display:inline;">350-40):</div> Targeted Improvements to the Accounting for <div style="white-space:nowrap;display:inline;">Internal-Use</div> Software” (“ASU <div style="white-space:nowrap;display:inline;">2025-06”).</div> Under the new guidance, <div style="white-space:nowrap;display:inline;">internal-use</div> software costs are capitalized when management has authorized and committed to funding the project and it is probable that the software will be completed and used for its intended function. ASU <div style="white-space:nowrap;display:inline;">2025-06</div> is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new ASU on its consolidated financial statements and related disclosures. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In November 2025, the FASB issued ASU <div style="white-space:nowrap;display:inline;">2025-09,</div> “Hedge Accounting Improvements” (“ASU <div style="white-space:nowrap;display:inline;">2025-09”).</div> The new guidance provides targeted improvements to the hedge accounting guidance to primarily address cash flow hedging, but also impact certain fair value and net investment hedges, including (i) permitting designation of variable price components of forecasted purchases or sales of nonfinancial assets when clearly and closely related to the underlying asset, (ii) allowing groups of forecasted transactions with similar risk exposures (including those based on different interest rate indexes) to be hedged together, and (iii) introducing a model for cash flow hedges of forecasted interest payments on “choose-your-rate” debt instruments that permits a borrower to change the designated interest rate index and/or tenor without automatically discontinuing hedge accounting. ASU <div style="white-space:nowrap;display:inline;">2025-09</div> is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU <div style="white-space:nowrap;display:inline;">2025-09</div> on its consolidated financial statements and related disclosures. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Description of business </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">HMH Holding B.V. (“HMH,” the “Company,” “we” or “our”) is a leading global provider of offshore and onshore drilling equipment and services. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company was operationally established with effect from October 1, 2021, through its acquisition of all shares in the MHWirth business from Akastor ASA and the Subsea Drilling Systems business from Baker Hughes Company. After these transactions, the shareholders were Baker Hughes Holdings LLC (50%), Akastor AS (25%) and Mercury HoldCo Inc. (25%). Baker Hughes Holdings LLC is a wholly owned subsidiary of Baker Hughes Company (together with Baker Hughes Holdings LLC, “Baker Hughes”), and Akastor AS and Mercury HoldCo Inc. are wholly owned subsidiaries of Akastor ASA (together with Akastor AS, Mercury HoldCo AS and Mercury HoldCo Inc., “Akastor”). </div> 0.50 0.25 0.25 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Basis of presentation </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S.” and such principles, “U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of HMH and all of its subsidiaries and affiliates that it controls or variable interest entities for which the Company has determined it is the primary beneficiary. All intercompany accounts and transactions have been eliminated. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In the notes to the consolidated financial statements, all dollar amounts in tables are in thousands of dollars unless otherwise indicated. Certain columns and rows in the financial statements and notes thereto may not add due to the use of rounded numbers. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Certain amounts in prior periods have been reclassified to conform with current period presentation. </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Use of estimates </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Although management believes these assumptions to be reasonable, given historical experience, actual amounts and results could differ from these estimates. Estimates are used for, but are not limited to, determining the following: allowance for credit losses and inventory valuation reserves; recoverability of long-lived assets; revenue recognition on long-term contracts; valuation of goodwill; useful lives used in depreciation and amortization; income taxes and related valuation allowances; accruals for contingencies; actuarial assumptions to determine costs and liabilities related to employee benefit plans; stock-based compensation expense; valuation of derivatives; and the fair value of assets acquired and liabilities assumed in business combinations. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Foreign currency </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The consolidated financial statements are presented in U.S. dollars (“USD”). Assets and liabilities of <span style="white-space:nowrap;display:inline;">non-U.S.</span> operations with a functional currency other than the USD have been translated into USD using the Company’s period end exchange rates, and revenue, expenses and cash flows have been translated at average rates for the respective periods. Any resulting translation gains and losses are included in other comprehensive income (loss). The impact of remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of the Company or its subsidiaries is included in the consolidated statements of income. </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Business combinations </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Business combinations are accounted for using the acquisition method as of the acquisition date, which is the date when control is transferred to the Company. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Transaction costs are expensed as incurred. </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Offering costs </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In connection with the HMH Holding Inc.’s initial public offering, the Company has incurred or will incur accounting, legal and other costs, which will be reimbursed by HMH Holding Inc. upon consummation of the initial public offering. Such costs will be deferred by the Company and recorded against the proceeds from the offering as a reduction to stockholders’ equity by HMH Holding Inc. In the event the offering is aborted, such deferred offering costs will be expensed. Deferred offering costs of $21.3 million and $10.7 million were recognized in prepaids and other current assets as of December 31, 2025 and 2024, respectively. </div> 21300000 10700000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Cash and cash equivalents </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Cash and cash equivalents include cash on hand, demand deposits held at banks and other short-term highly liquid investments with original maturity of three months or less. Restricted cash may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others or company statements of intention with regard to particular deposits. The Company held an immaterial balance of restricted cash as of December 31, 2025 and December 31, 2024. </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Accounts receivable </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Accounts receivable are recorded at the invoiced amount, net of any allowance for credit losses. The Company evaluates the expected credit losses of accounts receivable, considering historical credit losses, current customer-specific information and other relevant factors when determining the allowance. The Company monitors customer payment history and current creditworthiness to determine that collectability of the related financial assets is reasonably assured. The Company also considers the overall business climate in which customers operate. For accounts receivable, a loss allowance matrix is utilized to measure lifetime expected credit losses. The matrix contemplates historical credit losses by age of receivable, adjusted for any forward-looking information and management expectations. Accounts receivable have been reduced by an allowance of $2.9 million and $5.6 million as of December 31, 2025 and 2024, respectively. </div> 2900000 5600000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Derivative financial instruments </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company uses derivative financial instruments, primarily forward currency exchange contracts, to mitigate the effects of variability of future earnings and cash flows caused by the movements in foreign currency exchange rates. Derivative financial assets and liabilities are included in the other current assets and other current liabilities on the consolidated balance sheet at their respective fair values. The maximum term of the forward currency exchange contracts is under 24 months as of December 31, 2025 and 2024. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial"><div style="font-style:italic;display:inline;">Designated hedges:</div> The Company applies cash flow hedge accounting to certain of these forward currency exchange contracts, such that changes in the fair values or cash flows of future identifiable and anticipated transactions being hedged are expected to be offset by corresponding changes in the fair value of the derivatives. For derivative instruments designated as hedging instruments, the effective portion of the gain or loss of the derivative, which does not include the time value component of a forward currency rate, is reported in the hedge reserve in accumulated other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction impacts earnings. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">For the years ended December 31, 2025 and 2024, the Company reclassified $1.7 million income and $0.4 million of loss, respectively, into earnings from accumulated OCI related to cash flow hedges. The Company expects to reclassify an approximate $0.5 million loss from accumulated OCI into earnings over the next 12 months as the forecasted transactions occur. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial"><div style="font-style:italic;display:inline;"><div style="white-space:nowrap;display:inline;">Non-designated</div> hedges:</div> The Company also enters into derivative financial instruments that are not designated as hedging instruments. These instruments are used primarily to manage foreign exchange exposures on recognized monetary assets and liabilities denominated in currencies other than the functional currency. Changes in the fair value of these <div style="white-space:nowrap;display:inline;">non-designated</div> derivatives are recognized immediately in earnings within foreign currency gain, net. Similar to designated hedges, these instruments are strictly used for risk management purposes and not for trading or speculation. </div> 1700000 400000 500000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Share capital </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Ordinary shares are classified as equity. A repurchase of share capital is recognized as a reduction in equity and is classified as treasury shares. The Company has Class A ordinary shares and Class B ordinary shares, with equal rights for all shares. The holders of ordinary shares are entitled to receive dividends and are entitled to one vote per share at general meetings. Total outstanding shares are 200 shares, par value EUR 1 per share. As of December 31, 2025 and 2024, the Company had 100 Class A ordinary shares and 100 Class B ordinary shares outstanding. </div> 200 1 100 100 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Inventories </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Inventories are recognized at the average acquisition cost or net realizable value, whichever is lower. The net sales value for raw materials and work in progress (goods under production) is calculated as the net realizable value of the finished products less the remaining production and sales costs. In the case of manufactured inventories and work in progress, costs include an appropriate share of attributable costs based on normal operating capacity. </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Credit risk and concentrations </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company’s current receivables are spread over a broad and diverse group of customers across many countries. The Company grants credit to its customers and performs periodic credit evaluations of its customers’ financial conditions, including monitoring its customers’ payment history and current creditworthiness to manage this risk. The Company does not generally require collateral in support of its current receivables, but the Company may require payment in advance or security in the form of a letter of credit or a bank guarantee. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Having a concentration of customers in the energy industry may impact the Company’s overall exposure to credit risk as its customers may be similarly affected by prolonged changes in economic and industry conditions. Some of the Company’s customers may experience extreme financial distress as a result of falling commodity prices and may be forced to seek protection under applicable bankruptcy laws, which may affect the </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Company’s ability to recover any amounts due from such customers. Furthermore, countries that rely heavily upon income from hydrocarbon exports have been and may in the future be negatively and significantly affected by a drop in oil prices, which could affect the Company’s ability to collect, on a timely basis or in full, from its customers in these countries, particularly national oil companies. Laws in some jurisdictions in which the Company operates or will operate could make collection difficult or time consuming. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The maximum exposure to credit risk at the reporting date equals the carrying amounts of financial assets. The Company does not hold collateral as security. Contract assets and liabilities are stated in Note 11—“Revenue from contracts with customers.” </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">During the years ended December 31, 2025 and 2024, one customer individually accounted for approximately 21% and 18%, respectively, of the Company’s revenues which were included in both Equipment and System Solutions (“ESS”) and Pressure Control Systems (“PCS”) revenue in respective years. During the years ended December 31, 2025 and 2024, one customer accounted for approximately 25% and 10%, respectively, of current accounts receivable. The Company expects to maintain its relationship with this customer. </div> 21 18 25 10 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Leases </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;"><span style="white-space:nowrap;display:inline;"><span style="white-space:nowrap;display:inline;">Right-of-use</span></span> assets </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company recognizes <span style="white-space:nowrap;display:inline;"><span style="white-space:nowrap;display:inline;">right-of-use</span></span> asset at the lease commencement date. The <span style="white-space:nowrap;display:inline;"><span style="white-space:nowrap;display:inline;">right-of-use</span></span> asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any prepaid lease payments made at or before the commencement date, plus any initial direct costs. The <span style="white-space:nowrap;display:inline;"><span style="white-space:nowrap;display:inline;">right-of-use</span></span> asset is subject to impairment assessment of <span style="white-space:nowrap;display:inline;">non-financial</span> assets and adjusted for certain remeasurement of the lease liability. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Lease liabilities </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">At the lease commencement date, the Company recognizes lease liability measured at the present value of the lease payments over the lease term, discounted using the Company’s incremental borrowing rate. Generally, the lease payments include fixed payments and variable lease payments that depend on an index or rate. Changes in future lease payments arising from a change in an index or rate are reflected as expense in the period the change occurs. The lease liability is subsequently measured at amortization cost using the effective-interest method. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Short-term leases </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company applies the recognition exemption to its leases that have a lease term of 12 months or less from the commencement date. Lease payments associated with the short-term leases are recognized as expenses on a straight-line basis over the lease term. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Lease term </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company determines the lease term as the <span style="white-space:nowrap;display:inline;">non-cancellable</span> term of the lease, together with any periods covered by an option to extend the lease, if it is reasonably certain to be exercised, or any period covered by an option to terminate the lease if it is reasonably certain not to be exercised. The Company applies judgment in evaluating whether it is reasonably certain to exercise an extension option, considering all relevant factors that create economic incentive to exercise the extension option. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div></div><div><div style="line-height:normal;display: inline;"></div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Lease liabilities expiring within the following periods from the balance dates </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Some property leases contain extension or termination options exercisable before the end of the <div style="white-space:nowrap;display:inline;">non-cancellable</div> period. They are used to maximize operational flexibility in terms of managing the assets used in the Company’s operations. The extension and termination options are exercisable only by the Company and not by the applicable lessor. The Company assesses at the lease commencement date whether it is reasonably certain that it will exercise the extension or termination options. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Most extension options in office leases have not been included in the lease liability because the Company expects to be able to replace the assets without significant cost or business disruption. Additionally, most of the early termination options are not considered in the lease term, as the Company assesses it as reasonably certain that the leases will not be terminated early. </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Property, plant and equipment </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials, direct labor, borrowing costs on qualifying assets, production overheads and the estimated costs of dismantling and removing the assets and restoring the site on which they are located. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Subsequent costs </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company capitalizes the cost of a replacement part or a component of property, plant and equipment when incurred if it can be measured reliably and it extends the useful life of the asset or qualifies as an asset improvement. All other costs are expensed as incurred. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Depreciation </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Depreciation is normally recognized on a straight-line basis over the estimated useful lives of property, plant and equipment. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Estimates for useful life, depreciation method and residual values are reviewed annually. Assets are depreciated on a straight-line basis over their expected economic lives as follows: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">Asset Classification</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Useful life</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Building</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><span style="white-space:nowrap;display:inline;">16-33 years</span></td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Machinery, equipment and software</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><span style="white-space:nowrap;display:inline;">3-16</span> years</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:1pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Impairment </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company reviewed the recoverability of long-lived assets, including finite-lived acquired intangible assets and property and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on the Company’s ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows (undiscounted) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. The Company concluded there were no indicators evident or other circumstances present that these assets were not recoverable and, accordingly, no impairment charges of long-lived assets were recognized for the years ended December 31, 2025 and 2024. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Estimates for useful life, depreciation method and residual values are reviewed annually. Assets are depreciated on a straight-line basis over their expected economic lives as follows: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">Asset Classification</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Useful life</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Building</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><span style="white-space:nowrap;display:inline;">16-33 years</span></td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Machinery, equipment and software</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><span style="white-space:nowrap;display:inline;">3-16</span> years</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:1pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> P16Y P33Y P3Y P16Y 0 0 <div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Goodwill </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Goodwill represents the excess of purchase price paid by the Company over the fair market value of the net assets acquired in a business combination. Goodwill is tested for impairment annually or whenever events or circumstances change indicating that the fair value of a reporting unit with goodwill could be below its carrying amount. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company performs impairment testing if any impairment indicators are identified. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the Company’s reporting unit is less than its carrying value. If the qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, a quantitative test is required. The recoverable amounts of reporting units to which goodwill is allocated have been determined based on fair value in use. If the carrying value of the reporting unit including goodwill exceeds its fair value, an impairment charge equal to the excess would be recognized up to a maximum amount of goodwill allocated to that reporting unit. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">There were no impairment charges during the years ended December 31, 2025 and 2024 as a result of the Company’s goodwill impairment assessment. </div> 0 0 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Other intangible assets, patents and rights and customer relations </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Acquired intangible assets are measured at cost less accumulated amortization and impairment losses. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Subsequent expenditures </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Subsequent expenditures on intangible assets are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are expensed as incurred. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Amortization </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Amortization is recognized in the consolidated statements of income on a straight-line basis over the estimated useful lives of intangible assets unless such useful lives are indefinite. Intangible assets are amortized from the date they are available for use. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Research and development expenses </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Expenditures on research activities undertaken with the prospect of obtaining new scientific or technical knowledge and understanding are recognized in the consolidated statements of income as incurred. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Development activities involving a plan or design for the production of new or substantially improved products or processes are expensed as incurred, unless the costs relate to an item that has an alternative future use. The Company follows Accounting Standards Codification (“ASC”) <span style="white-space:nowrap;display:inline;">350-40</span> to account for development costs incurred for the costs of computer software developed or obtained for internal use. ASC <span style="white-space:nowrap;display:inline;">350-40</span> requires such costs to be capitalized once certain criteria are met. Capitalized <span style="white-space:nowrap;display:inline;">internal-use</span> software costs are primarily comprised of cost of materials, direct labor overhead costs that are directly attributable to preparing the asset for its intended use and capitalized interest on qualifying assets. Costs are capitalized once the project is defined, funding is committed, and it is confirmed the software will be used for its intended use. Capitalization of these costs concludes once the project is substantially complete and the software is ready for its intended purpose. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Capitalized development expenditures are measured at cost less accumulated amortization and accumulated imp<div style="display:inline;">airme</div>nt losses. </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Revenue from contracts with customers </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Revenue recognition </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Revenue from performance obligations satisfied over time, typically in project contracts and service contracts, is recognized according to progress. This requires estimates of the final total revenue, as well as measurement of progress achieved to date as a proportion of the total work to be performed. The estimated progress in long-term project and other manufacturing contracts is based on internal and external estimates of progress. See the following table for the description of types of revenue and revenue recognition policy by type of revenue. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:22%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:38%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:38%"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">Type of contract/revenue</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold">Nature of performance obligations,</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold">including significant payment terms</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold">Significant revenue recognition</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold">policies</div></td></tr> <tr style="font-size:1pt"> <td style="height:6pt"></td> <td colspan="2" style="height:6pt"></td> <td colspan="2" style="height:6pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top">Project and other manufacturing contracts</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Under project and other manufacturing contracts, specialized products are built to a customer’s specifications and the assets have no alternative use to the Company. If a project or other manufacturing contract is terminated by the customer, the Company has an enforceable right to payment for the work completed to date. The contracts establish a legally enforceable milestone payment schedule as well as a legally enforceable right to receive payment for work completed.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Each of the project or other manufacturing contracts normally includes a single, combined output for the customer, such as an integrated drilling equipment package. A single performance obligation, satisfied over time, is identified in each contract. Project and other manufacturing contracts revenue is presented in product revenue on the consolidated statements of income.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Arial">Normal payment terms for project and other manufacturing contracts are 30 to 45 days.</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Revenue from project and other manufacturing contracts is recognized according to progress. The input method used to measure progress is determined by reference to the costs incurred to date relative to the total estimated contract cost. Because of the uniqueness of the project and the required engineering in the initial phases of construction contracts, the Company may defer recognition of revenue, in excess of costs, until the point that progress can be measured reliably, which is when a project is approximately 20% complete.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Arial">The Company considers milestone payments as variable consideration, with the full milestone payment representing the most likely outcome based on the Company’s historical experience. In addition, liquidated damages are recognized as a reduction of the transaction price unless it is highly probable that it will not be incurred. Disputed amounts and claims are only recognized when negotiations have reached an advanced stage, customer acceptance is highly likely and the amounts can be measured reliably.</div></td></tr> <tr style="font-size:1pt"> <td style="height:6pt"></td> <td colspan="2" style="height:6pt"></td> <td colspan="2" style="height:6pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top">Service revenue</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top">Service revenue is generated from the rendering of various aftermarket services for installed products to customers. This offering includes field service, maintenance, overhaul and repair.</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top">Service revenue associated with field service, maintenance and overhaul and repair is recognized according to progress or the <span style="white-space:nowrap;display:inline;">as-invoiced</span> amounts, when the invoiced amounts directly correspond with the benefit of the services that are</td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:22%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:38%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:38%"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-weight:bold;display:inline;">Type of contract/revenue</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold">Nature of performance obligations,</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold">including significant payment terms</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold">Significant revenue recognition</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold">policies</div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Field service, maintenance and overhaul and repair services are satisfied over time as the customers simultaneously receive and consume the benefits provided by these services.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">For service contracts with multiple performance obligations, the Company allocates the transaction price based on the standalone selling price of each performance obligation. The Company determines the standalone selling price based on observable prices or will use an estimation method if observable prices are not available.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Arial">Normal payment terms for service revenue are 30 to 45 days.</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top">transferred to the customers. Progress is measured using the input method based on labor hours incurred.</td></tr> <tr style="font-size:1pt"> <td style="height:6pt"></td> <td colspan="2" style="height:6pt"></td> <td colspan="2" style="height:6pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top">Spare parts revenue</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Revenue from spare parts, which involve physical transfer of goods, is satisfied at a point of time when control transfers to the customers, according to the contract terms.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Arial">Normal payment terms for spare parts revenue are 30 to 45 days.</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top">Revenue from spare parts is recognized when the customers obtain control of the goods, according to the contract terms, typically at physical shipment of goods.</td></tr> <tr style="font-size:1pt"> <td style="height:6pt"></td> <td colspan="2" style="height:6pt"></td> <td colspan="2" style="height:6pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top">Sale of products</td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">This revenue type involves sale of products or equipment that are of a standard nature, not made to the customer’s specifications. Customers obtain control of these products according to the contract terms.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company has assessed that these performance obligations are satisfied at a point of time. Revenue for sale of products is presented in product revenue on the consolidated statements of income.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Arial">For contracts with multiple performance obligations, the Company allocates the transaction price based on the standalone selling price of each performance obligation. The Company determines the standalone selling price based on observable prices or will use an</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top">Revenue from these performance obligations is recognized when the customers obtain control of the goods, according to the contract terms.</td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:22%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:38%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:38%"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-weight:bold;display:inline;">Type of contract/revenue</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold">Nature of performance obligations,</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold">including significant payment terms</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold">Significant revenue recognition</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold">policies</div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">estimation method if observable prices are not available.</div><div style="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Arial">Normal payment terms for sale of products are 30 to 45 days.</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td></tr></table><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Contract assets </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Contract assets represent the amounts recognized as revenue by the Company for which the rights to payment have not become unconditional as of the reporting date. The contract assets are transferred to receivables when the rights to payment become unconditional, which usually occurs when invoices are issued to the customers. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Contract liabilities </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">A contract liability is recognized if a payment is received or a payment is due (whichever is earlier) from a customer before the Company transfers the related goods or services. Contract liabilities are recognized as revenue when the Company performs under the contract (i.e., transfers control of the related goods or services to the customer). </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Income taxes </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company operates through various subsidiaries in a number of countries throughout the world. Income taxes have been recorded based upon the income tax laws and rates of the countries in which the Company operates and earns income. The Company’s annual income tax expense is based on taxable income, statutory income tax rates and tax planning opportunities available in the various jurisdictions in which it operates. The determination and evaluation of the annual income tax expense and tax positions involves the interpretation of the tax laws in the various jurisdictions in which the Company operates. It requires significant judgment in determining the Company’s income tax expense and in evaluating its tax positions, including evaluating uncertainties and the use of estimates and assumptions regarding significant future events such as the amount, timing and character of income, deductions and tax credits. The Company’s tax filings are subject to examination by the taxing authorities in the jurisdictions where it conducts business. These examinations may result in assessments of additional income taxes that are resolved with the taxing authorities or through the courts. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The financial statement effects of tax positions are recognized if the tax position is more likely than not to be realized. Recognized tax positions are measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized. A valuation allowance is established for any portion of a deferred tax asset that management believes is not more likely than not to be realized. Valuation of deferred tax assets is dependent on management’s assessment of future recoverability of the deferred tax benefit. Expected recoverability may result from expected taxable income in the near future, planned transactions or planned tax optimizing measures. Economic conditions may change and lead to a different conclusion regarding recoverability, and such change may affect the results for each future reporting period. </div> 0.50 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Accrued liabilities </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Warranties </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Provision for warranties is recognized when the underlying products or services are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">A provision is made for expected warranty expenditures. The warranty period is normally 12 to 30 months depending on the specific customer contract and terms. See Note 12—“Accrued expenses” for further information about provisions for warranty expenditures. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Restructuring </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">A restructuring provision is recognized when the Company has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that the entity will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Legal disputes and contingent liabilities </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Given the scope of the Company’s worldwide operations, its subsidiaries are inevitably involved in legal disputes in the course of their business activities. In addition, the Company from time to time engages in mergers, acquisitions and other transactions that could expose the Company to financial and other <div style="white-space:nowrap;display:inline;">non-operational</div> risks, such as indemnity claims and price adjustment mechanisms resulting in recognition of deferred settlement obligations. Provisions have been made to cover the expected outcome of the legal claims and disputes to the extent negative outcomes are likely and reliable estimates can be made. However, the final outcomes of these cases are subject to uncertainties, and resulting liabilities may exceed provisions recognized. The Company follows the development of these disputes on <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">case-by-case</div></div> basis and makes assessments based on all available evidence as at the reporting date. </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Employee benefits </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Defined contribution plans </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Obligations for contributions by the Company to defined contribution plans are recognized as an expense in the consolidated statements of income as incurred. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">Defined benefit plans </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company’s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. The discount rate is the yield at the reporting date on government bonds or high-quality corporate bonds with maturities consistent with the terms of the obligations. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Remeasurement of the net defined benefit liability, which comprises actuarial gains and losses, and the return on plan assets (excluding interest) are recognized immediately in other comprehensive income. The Company determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the <span style="white-space:nowrap;display:inline;">then-net</span> defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in the consolidated statements of income. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">past service or the gain or loss on curtailment is recognized immediately in the consolidated statements of income. The C<div style="display:inline;">om</div>pany recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs. </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Fair value measurement </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">When available, the Company measures the fair value of a financial instrument using the quoted price in an active market for that instrument. If there is no quoted price in an active market, then the Company uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price. If the Company determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique that uses only data from observable markets, the financial instrument is initially measured at fair value, and the difference between the fair value on initial recognition and the transaction price is recognized as a deferred gain or loss. Subsequently, the deferred gain or loss is recognized in profit or loss on an appropriate basis over the life of the instrument. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The determination of the fair value and the useful lives of the assets and liabilities acquired is performed, which requires the application of judgment. Fair values have been estimated by a range of different valuation techniques, such as the market approach, income approach and cost approach based on the techniques that have been assessed to be most appropriate for the type of assets or liability measured. All of these methods include a range of various assumptions where significant estimation has been exercised. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">A number of the Company’s accounting policies and disclosures requires the measurement of fair values, for both financial and <span style="white-space:nowrap;display:inline;">non-financial</span> assets and liabilities, including: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left">(a)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Derivatives </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;vertical-align:top;text-align:left">(b)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Acquisitions </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">Level 2: Quoted prices for similar instruments in active markets; quoted prices of identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">Level 3: Significant inputs to the valuation model are unobservable. </div></td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. </div> <div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Hedging activities </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company uses cash flow hedging primarily to mitigate the effects of foreign exchange rate changes on future transactions denominated in foreign currencies. Accordingly, the vast majority of the Company’s derivative activity in this category consists of forward currency exchange contracts. Changes in the fair value of cash flow hedges are recorded in the hedge reserve in Accumulated other comprehensive income (“AOCI”) and are recorded in earnings in the period in which the hedged transaction occurs. See the statements of change in shareholders’ equity for further information on activity in AOCI for cash flow hedges. The maximum term of cash flow hedges is under 24 months as of December 31, 2025 and 2024. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company hedges its future transactions in foreign currencies with external banks. The foreign exchange derivatives are subject to hedge accounting. Hedges qualifying for hedge accounting are classified as cash flow hedges (hedges of highly probable future revenues and/or expenses). </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The hedged transactions in foreign currency that are subject to cash flow hedge accounting are highly probable future transactions expected to occur at various dates during the next one to four years, depending on progress in the projects. Gains and losses on forward foreign exchange contracts are recognized in other comprehensive income and reported as measurement adjustments within AOCI in equity until they are recognized in the consolidated statements of income in the period or periods during which the hedged transactions affect the consolidated statements of income. If the forward foreign exchange contract is rolled due to a change in timing of the forecasted cash flow, the settlement effect is included in contract assets or contract liabilities. </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Investment in subsidiaries </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">For investments in subsidiaries that are not wholly owned, but where the Company exercises control, the equity held by the minority owners and their portion of net income are reflected as <span style="white-space:nowrap;display:inline;">non-controlling</span> interests. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On March 28, 2024, Hydril PCB Limited (“Hydril UK”), a subsidiary of the Company, issued shares representing a 30% <span style="white-space:nowrap;display:inline;">non-controlling</span> interest in its subsidiary, Hydril Pressure Controlling Arabia Limited (“Hydril Arabia”), to Tanajib Holding Company CJSC (“Tanajib”), in exchange for total consideration of $9.2 million, comprising $2.3 million of upfront consideration and $6.9 million of deferred consideration. On March 28, 2024, the Company recognized cash of $2.3 million, related party notes receivable—current of $2.2 million and related party notes receivable of $4.7 million. </div> 0.30 9200000 2300000 6900000 2300000 2200000 4700000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">New accounting standards to be adopted </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As an emerging growth company, the Jumpstart Our Business Startups Act (the “JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The JOBS Act does not preclude an emerging growth company from early adopting new or revised accounting standards codification. The Company has elected to use extended transition periods permissible under the JOBS Act, while also early adopting certain accounting pronouncements. The adoption dates discussed below reflect these elections. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) <span style="white-space:nowrap;display:inline;">2023-09,</span> “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU <span style="white-space:nowrap;display:inline;">2023-09”),</span> which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU <span style="white-space:nowrap;display:inline;">2023-09</span> provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU <span style="white-space:nowrap;display:inline;">2023-09</span> is effective for the Company prospectively to all annual periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its disclosures. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In November 2024, the FASB issued ASU <div style="white-space:nowrap;display:inline;">2024-03,</div> “Disaggregation of Income Statement Expenses <div style="white-space:nowrap;display:inline;">(Subtopic 220-40).”</div> The ASU requires public entities to disaggregate, in a tabular presentation, certain income statement expenses into different categories, such as purchases of inventory, employee compensation, depreciation and intangible asset amortization. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and may be applied retrospectively. The Company is currently evaluating the impact of adopting the new ASU on its consolidated financial statements and related disclosures. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In September 2025, the FASB issued ASU <div style="white-space:nowrap;display:inline;">2025-06,</div> “Intangibles—Goodwill and <div style="white-space:nowrap;display:inline;">Other—Internal-Use</div> Software (Subtopic <div style="white-space:nowrap;display:inline;">350-40):</div> Targeted Improvements to the Accounting for <div style="white-space:nowrap;display:inline;">Internal-Use</div> Software” (“ASU <div style="white-space:nowrap;display:inline;">2025-06”).</div> Under the new guidance, <div style="white-space:nowrap;display:inline;">internal-use</div> software costs are capitalized when management has authorized and committed to funding the project and it is probable that the software will be completed and used for its intended function. ASU <div style="white-space:nowrap;display:inline;">2025-06</div> is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new ASU on its consolidated financial statements and related disclosures. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In November 2025, the FASB issued ASU <div style="white-space:nowrap;display:inline;">2025-09,</div> “Hedge Accounting Improvements” (“ASU <div style="white-space:nowrap;display:inline;">2025-09”).</div> The new guidance provides targeted improvements to the hedge accounting guidance to primarily address cash flow hedging, but also impact certain fair value and net investment hedges, including (i) permitting designation of variable price components of forecasted purchases or sales of nonfinancial assets when clearly and closely related to the underlying asset, (ii) allowing groups of forecasted transactions with similar risk exposures (including those based on different interest rate indexes) to be hedged together, and (iii) introducing a model for cash flow hedges of forecasted interest payments on “choose-your-rate” debt instruments that permits a borrower to change the designated interest rate index and/or tenor without automatically discontinuing hedge accounting. ASU <div style="white-space:nowrap;display:inline;">2025-09</div> is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU <div style="white-space:nowrap;display:inline;">2025-09</div> on its consolidated financial statements and related disclosures. </div> <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">2. Business combinations </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Drillform Technical Services Ltd. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On July 17, 2024, Hydril PCB Canada Inc., a wholly owned subsidiary of the Company, completed its acquisition of all of the issued and outstanding shares of Drillform Technical Services Ltd. (“Drillform”) for a total purchase price of $24.7 million, consisting of $21.0 million in cash and $3.7 million in contingent consideration. Drillform holds a portfolio of patents and intellectual property related to equipment used in the handling of drill pipe during drilling operations and has a significant installed base of automated floor wrenches and catwalks. Drillform is based in Alberta, Canada and has facilities in Tulsa, Oklahoma and Abu Dhabi, United Arab Emirates. The Company accounted for the transaction as a business combination and allocated the total purchase price to assets acquired, liabilities and contingent consideration assumed based on their fair values at the date of acquisition. The purchase price allocation was determined using the valuation as of the date of acquisition. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table provides the allocation of the purchase price to major classes of assets and liabilities as of the acquisition date. The goodwill reflected below increased by $1.9 million, comprised of measurement period </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">adjustments related to warranty liabilities of $2.4 million and associated change in deferred tax asset of $(0.6) million, from the original preliminary purchase price allocation. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:91%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">Assets</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Cash and cash equivalents</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,377</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accounts receivable</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">836</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Inventory</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,043</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Prepaid expenses and other current assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">110</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total current assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">5,366</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Property and equipment</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">439</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Intangible assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">16,805</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Liabilities and equity</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Current liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Customer deposits</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,885</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accounts payable</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,307</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Warranty liability</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,432</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Deferred tax liability</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">477</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total current liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">8,101</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total debt and leases</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Contingent consideration</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,700</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">11,803</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Equity consideration</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">21,000</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Goodwill</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">15,998</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table summarizes the fair value of acquired identifiable intangible assets as of the date of acquisition: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:91%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Developed technology<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1)</span></div></td> <td style=" BORDER-TOP:2.00pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:bottom">$</td> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:bottom;text-align:right">6,000</td> <td style="BORDER-TOP:2.00pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Customer relationships<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1) </span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total acquired intangible assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">11,000</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(1)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">The weighted-average amortization period for developed technology and customer relationships is 5 years and 2 years, respectively. </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The contingent consideration consists of deferred payments by the Company to the acquiree’s prior equity and debt holders for three years, contingent on meeting the prescribed realized sales price and margin targets for certain types of units sold. The Company estimated the fair value of the contingent consideration using a probability-weighted discounted cash flow method under the income approach. The Company considered a range of outcomes, with the maximum being $12 million, and determined the most likely amount of undiscounted contingent consideration is $4.7 million. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Goodwill generated from this business combination is primarily attributable to expected synergies from the transaction and incremental revenue and profit to be derived from the Company’s expansion into global markets. The goodwill is not expected to be deductible for U.S. income tax purposes; however, it can be deducted for Canadian income tax purposes. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">During the year ended December 31, 2024, the Company incurred $3.6 million in transaction costs in connection with this acquisition, which were expensed as incurred and included in Selling, general and administrative </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">expenses in the consolidated statement of income. No transaction costs in connection with this acquisition were incurred during the year ended December 31, 2025. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Since the date of acquisition, following is the net impact of the Drillform acquisition on the Company’s consolidated statement of income for the year ended December 31, 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:91%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenues</div></td> <td style=" BORDER-TOP:2.00pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:bottom">$</td> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:bottom;text-align:right">7,906</td> <td style="BORDER-TOP:2.00pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,760</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Following is the supplemental consolidated financial results of the Company on an unaudited pro forma basis for the year ended December 31, 2024, as if the acquisition had been consummated on January 1, 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:90%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenues</div></td> <td style=" BORDER-TOP:2.00pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:bottom">$</td> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:bottom;text-align:right">849,860</td> <td style="BORDER-TOP:2.00pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net income attributable</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">49,753</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net income per common share—basic and diluted</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">248,765</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">These pro forma results were based on estimates and assumptions, which the Company believes are reasonable. They are not the results that would have been realized had the companies been combined during the periods presented and are not necessarily indicative of the Company’s consolidated results of operations in future periods. The pro forma results include adjustments related to purchase accounting, primarily amortization of intangible assets. Acquisition costs and other nonrecurring charges were immaterial and are included in the earliest period presented. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Deep Blue Oil &amp; Gas Limited </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On October 1, 2025, Hydril PCB Limited completed the acquisition of all of the issued and outstanding shares of Deep Blue Oil &amp; Gas Limited (“Deep Blue”), a UK-based company specializing in managed-pressure-drilling (“MPD”) systems, for a total consideration of approximately £3.3 million (USD: 4.5 million) in cash and £1.5 million (USD: 2.0 million) in contingent consideration. Deep Blue holds a portfolio of patents and proprietary technology with applications in offshore drilling, including advanced MPD control and sealing systems. The Company recognized £1.9 million (USD: 2.6 million) of identified intangible assets, £0.2 million (USD: 0.3 million) in cash and £2.7 million (USD: 3.6 million) of goodwill associated with this acquisition. The contingent consideration consists of deferred payments by the Company to the acquiree’s prior equity holders for three years, contingent on meeting the specific earnings and operational targets. The Company accounted for the transaction as a business combination and allocated the total purchase price to assets acquired, liabilities and contingent consideration assumed based on their fair values at the date of acquisition. </div> 24700000 21000000 3700000 1.9 2400000 600000 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:91%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">Assets</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Cash and cash equivalents</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,377</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accounts receivable</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">836</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Inventory</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,043</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Prepaid expenses and other current assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">110</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total current assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">5,366</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Property and equipment</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">439</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Intangible assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">16,805</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Liabilities and equity</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Current liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Customer deposits</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,885</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accounts payable</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,307</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Warranty liability</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,432</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Deferred tax liability</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">477</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total current liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">8,101</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total debt and leases</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Contingent consideration</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,700</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">11,803</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Equity consideration</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">21,000</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Goodwill</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">15,998</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 1377000 836000 3043000 110000 5366000 439000 11000000 16805000 3885000 1307000 2432000 477000 8101000 2000 3700000 11803000 21000000 15998000 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table summarizes the fair value of acquired identifiable intangible assets as of the date of acquisition: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:91%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Developed technology<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1)</span></div></td> <td style=" BORDER-TOP:2.00pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:bottom">$</td> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:bottom;text-align:right">6,000</td> <td style="BORDER-TOP:2.00pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Customer relationships<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1) </span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total acquired intangible assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">11,000</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(1)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">The weighted-average amortization period for developed technology and customer relationships is 5 years and 2 years, respectively. </td></tr></table> 6000000 5000000 11000000 12000000 4700000 3600000 0 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Since the date of acquisition, following is the net impact of the Drillform acquisition on the Company’s consolidated statement of income for the year ended December 31, 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:91%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenues</div></td> <td style=" BORDER-TOP:2.00pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:bottom">$</td> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:bottom;text-align:right">7,906</td> <td style="BORDER-TOP:2.00pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,760</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 7906 -2760 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Following is the supplemental consolidated financial results of the Company on an unaudited pro forma basis for the year ended December 31, 2024, as if the acquisition had been consummated on January 1, 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:90%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenues</div></td> <td style=" BORDER-TOP:2.00pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:bottom">$</td> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:bottom;text-align:right">849,860</td> <td style="BORDER-TOP:2.00pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net income attributable</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">49,753</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net income per common share—basic and diluted</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">248,765</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 849860 49753 248765 248765 3300000 4.5 1500000 2000000 1900000 2600000 200000 300000 2700000 3600000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">3. Inventories </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Inventories, net of reserves of $99.9 million and $105.4 million as of December 31, 2025 and 2024, respectively, consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Stock of raw materials</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18,550</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">26,354</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Goods under production (work in progress)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">29,397</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">45,585</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Finished goods</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">205,812</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">208,018</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Inventories, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">253,759</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">279,957</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">For the years ended December 31, 2025 and 2024, the Company recorded inventory write-downs of $4.1 million and $5.7 million, respectively. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Inventories, net of reserves of $99.9 million and $105.4 million as of December 31, 2025 and 2024, respectively, consisted of the following: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Stock of raw materials</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18,550</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">26,354</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Goods under production (work in progress)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">29,397</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">45,585</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Finished goods</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">205,812</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">208,018</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Inventories, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">253,759</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">279,957</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 99900000 105400000 18550 26354 29397 45585 205812 208018 253759000 279957000 4100000 5700000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">4. Property, plant and equipment </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Property, plant and equipment consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Buildings and land</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">162,275</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">151,638</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Machinery, equipment and software</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">102,600</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">85,822</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Assets under construction</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,315</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,317</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">268,190</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">240,777</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Less: Accumulated depreciation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(67,372</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(42,093</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Property, plant and equipment, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">200,818</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">198,684</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Depreciation expense relating to property, plant and equipment was $18.1 million and $18.7 million for the years ended December 31, 2025 and 2024, respectively, and was recorded in the consolidated statements of income within cost of sales and selling, general and administrative expenses. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Property, plant and equipment consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Buildings and land</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">162,275</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">151,638</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Machinery, equipment and software</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">102,600</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">85,822</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Assets under construction</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,315</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,317</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">268,190</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">240,777</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Less: Accumulated depreciation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(67,372</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(42,093</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Property, plant and equipment, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">200,818</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">198,684</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Depreciation expense relating to property, plant and equipment was $18.1 million and $18.7 million for the years ended December 31, 2025 and 2024, respectively, and was recorded in the consolidated statements of income within cost of sales and selling, general and administrative expenses. </div> 162275000 151638000 102600000 85822000 3315000 3317000 268190000 240777000 67372000 42093000 200818000 198684000 18100000 18700000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">5. Goodwill </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The changes in carrying value of goodwill are detailed by segment below: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of January 1, 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">184,619</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">103,229</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">287,848</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Acquisition and other<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">14,125</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">14,125</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Currency translation differences</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,034</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,034</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of December 31, 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">183,585</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">117,354</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">300,939</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Acquisition and purchase accounting adjustments<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,584</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,872</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,456</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Currency translation differences</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">619</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">619</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">187,788</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">119,226</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">307,014</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(1)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Goodwill associated with the 2024 Drillform acquisition was assigned to PCS segment and the 2025 Deep Blue acquisition was assigned to ESS segment. The PCS segment in 2025 includes purchase price adjustment of $1.9 million, net of deferred tax assets, related to remeasurement of warranty liabilities for the Drillform acquisition. See Note 2—“Business combinations” for more information.  </td></tr></table> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The changes in carrying value of goodwill are detailed by segment below: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of January 1, 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">184,619</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">103,229</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">287,848</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Acquisition and other<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">14,125</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">14,125</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Currency translation differences</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,034</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,034</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of December 31, 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">183,585</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">117,354</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">300,939</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Acquisition and purchase accounting adjustments<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,584</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,872</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,456</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Currency translation differences</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">619</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">619</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">187,788</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">119,226</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">307,014</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(1)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Goodwill associated with the 2024 Drillform acquisition was assigned to PCS segment and the 2025 Deep Blue acquisition was assigned to ESS segment. The PCS segment in 2025 includes purchase price adjustment of $1.9 million, net of deferred tax assets, related to remeasurement of warranty liabilities for the Drillform acquisition. See Note 2—“Business combinations” for more information.  </td></tr></table> 184619000 103229000 287848000 0 14125000 14125000 -1034000 0 -1034000 183585000 117354000 300939000 3584000 1872000 5456000 619000 0 619000 187788000 119226000 307014000 1900000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">6. Intangible assets </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Intangible assets consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:37%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="6" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Useful life</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Gross<br/> carrying<br/> amount</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Accumulated<br/> amortization</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Net<br/> carrying<br/> amount</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Gross<br/> carrying<br/> amount</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Accumulated<br/> amortization</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Net<br/> carrying<br/> amount</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Patents and rights</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><span style="white-space:nowrap;display:inline;">3-5</span> years</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">21,180</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(18,785</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">2,395</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">20,107</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(11,627</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">8,480</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Customer relationships</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><span style="white-space:nowrap;display:inline;">2-20 years</span></td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">113,523</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(46,299</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">67,224</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">112,893</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(37,135</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">75,758</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Development costs</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><span style="white-space:nowrap;display:inline;">3-8</span> years</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">83,397</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(30,946</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">52,451</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">66,049</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(15,133</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">50,916</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="25" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">218,100</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(96,030</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">122,070</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">199,049</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(63,895</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">135,154</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="28" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Amortization expense recognized for the years ended December 31, 2025 and 2024 was $24.3 million and $20.7 million, respectively, and was recorded in the consolidated statements of income within cost of sales and selling, general and administrative expenses. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div></div><div><div style="line-height:normal;display: inline;"></div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table outlines the estimated future amortization expense related to intangible assets held as of December 31, 2025: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:81%"></td> <td style="vertical-align:bottom;width:11%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">Year ending December 31,</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Amortization expense</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">29,888</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2027</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">28,067</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2028</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">15,296</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2029</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,378</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2030</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,733</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Thereafter</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">39,708</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">122,070</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Intangible assets consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:37%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="6" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Useful life</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Gross<br/> carrying<br/> amount</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Accumulated<br/> amortization</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Net<br/> carrying<br/> amount</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Gross<br/> carrying<br/> amount</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Accumulated<br/> amortization</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Net<br/> carrying<br/> amount</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Patents and rights</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><span style="white-space:nowrap;display:inline;">3-5</span> years</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">21,180</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(18,785</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">2,395</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">20,107</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(11,627</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">8,480</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Customer relationships</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><span style="white-space:nowrap;display:inline;">2-20 years</span></td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">113,523</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(46,299</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">67,224</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">112,893</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(37,135</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">75,758</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Development costs</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"><span style="white-space:nowrap;display:inline;">3-8</span> years</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">83,397</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(30,946</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">52,451</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">66,049</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(15,133</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">50,916</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="25" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">218,100</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(96,030</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">122,070</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">199,049</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(63,895</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">135,154</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="28" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> P3Y P5Y 21180000 -18785000 2395000 20107000 -11627000 8480000 P2Y P20Y 113523000 -46299000 67224000 112893000 -37135000 75758000 P3Y P8Y 83397000 -30946000 52451000 66049000 -15133000 50916000 218100000 -96030000 122070000 199049000 -63895000 135154000 24300000 20700000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table outlines the estimated future amortization expense related to intangible assets held as of December 31, 2025: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:81%"></td> <td style="vertical-align:bottom;width:11%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">Year ending December 31,</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Amortization expense</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">29,888</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2027</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">28,067</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2028</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">15,296</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2029</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,378</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2030</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,733</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Thereafter</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">39,708</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">122,070</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 29888000 28067000 15296000 5378000 3733000 39708000 122070000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">7. Financial instruments </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following tables set forth the Company’s financial instruments that are measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:72%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 1</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 2</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 3<span style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(1)</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—designated as cash flow hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,262</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,262</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—not designated as hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">140</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">140</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1,402</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1,402</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—designated as cash flow hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—not designated as hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">520</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">520</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">555</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">555</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:72%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 1</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 2</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 3<span style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(1)</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—designated as cash flow hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,713</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,713</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1,713</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1,713</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">4,612</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">4,612</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">4,612</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">4,612</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(1)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">The fair value (Level 3) of the seller’s receivable against Akastor AS on proceeds from the sales or liquidation of Step Oiltools B.V. (“Step Oiltools”) has been remeasured to zero as of December 31, 2025 and 2024. </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The carrying value of cash and cash equivalents, current receivables, accounts payable and accrued expenses approximates fair value based on the short-term nature of these accounts. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Designated <div style="display:inline;">hedges</div> </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the fair value of the derivative financial instruments and a maturity analysis of the derivatives cash flows as of December 31, 2025 and 2024. Valuation techniques and inputs of forward contracts are based on the quoted forward exchange rate. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:68%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">6 months</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">and less</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><span style="white-space:nowrap;display:inline;">6-12</span></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">months</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><span style="white-space:nowrap;display:inline;">1-2</span></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">years</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchanges forward contracts to hedge highly probable forecasted sales</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts USD</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">13,812</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">13,812</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (USD/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10.58</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="vertical-align:bottom;text-align:right">490</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="vertical-align:bottom;text-align:right">490</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12.14</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">2,076</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">1,185</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">891</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.85</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.79</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchanges forward contracts to hedge highly probable forecasted purchases</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="vertical-align:bottom;text-align:right">150</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="vertical-align:bottom;text-align:right">150</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12.03</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">940</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">695</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">245</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.92</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.90</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:64%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">6 months</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">and less</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><div style="white-space:nowrap;display:inline;">6-12</div></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">months</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><div style="white-space:nowrap;display:inline;">1-2</div></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">years</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of December 31, 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchanges forward contracts to hedge highly probable forecasted sales</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts USD</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">97,710</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">74,136</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">10,817</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">12,757</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (USD/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10.89</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10.92</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10.54</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">10,109</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">5,485</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">4,379</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">245</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11.90</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11.93</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12.09</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">6,027</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">3,658</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">294</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">2,075</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.94</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.91</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.83</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">40,449</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">28,141</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">12,308</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.08</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.08</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchanges forward contracts to hedge highly probable forecasted purchases</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">4,235</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">3,185</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">1,050</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11.76</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11.94</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">2,596</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">1,206</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">450</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">940</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.65</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.95</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.92</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">2,246</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">2,246</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.11</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold"><div style="white-space:nowrap;display:inline;">Non-designated</div> hedges </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The table below presents the notional value of the <div style="white-space:nowrap;display:inline;">non-designated</div> derivative financial instruments and a maturity analysis of the related derivatives cash flows as of December 31, 2025 and 2024. Valuation techniques and inputs of forward contracts are based on the quoted forward exchange rate. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:45%"></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">6 months</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">and less</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><div style="white-space:nowrap;display:inline;">6-12</div></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">months</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><div style="white-space:nowrap;display:inline;">1-2</div></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">years</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchanges forward contracts</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts NOK</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 131,200</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 97,900</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 16,500</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 16,800</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (NOK/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.10</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.10</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.10</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">13,800</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">6,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">5,300</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">2,500</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.34</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">49,300</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">21,600</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">18,900</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">8,800</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.19</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.20</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.21</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents a reconciliation by risk category of components of equity and analysis of OCI items, net of tax: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:84%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance as of January 1,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(2,250</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,098</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Change in foreign currency risk</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,481</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,314</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Income tax allocated to cash flow hedges</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(766</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">966</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of December 31,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">465</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(2,250</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following tables set forth the Company’s financial instruments that are measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:72%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 1</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 2</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 3<span style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(1)</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—designated as cash flow hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,262</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,262</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—not designated as hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">140</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">140</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1,402</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1,402</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—designated as cash flow hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—not designated as hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">520</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">520</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">555</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">555</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:72%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 1</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 2</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Level 3<span style="font-size:75%; vertical-align:top;display:inline;font-size:7.5px">(1)</span></span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments—designated as cash flow hedging instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,713</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,713</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1,713</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1,713</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">4,612</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">4,612</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="13" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">4,612</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">—</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">4,612</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(1)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">The fair value (Level 3) of the seller’s receivable against Akastor AS on proceeds from the sales or liquidation of Step Oiltools B.V. (“Step Oiltools”) has been remeasured to zero as of December 31, 2025 and 2024. </td></tr></table> 0 1262000 0 1262000 0 140000 0 140000 0 1402000 0 1402000 0 35000 0 35000 0 520000 0 520000 0 555000 0 555000 0 1713000 0 1713000 0 1713000 0 1713000 0 4612000 0 4612000 0 4612000 0 4612000 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the fair value of the derivative financial instruments and a maturity analysis of the derivatives cash flows as of December 31, 2025 and 2024. Valuation techniques and inputs of forward contracts are based on the quoted forward exchange rate. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:68%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">6 months</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">and less</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><span style="white-space:nowrap;display:inline;">6-12</span></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">months</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><span style="white-space:nowrap;display:inline;">1-2</span></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">years</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchanges forward contracts to hedge highly probable forecasted sales</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts USD</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">13,812</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">13,812</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (USD/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10.58</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="vertical-align:bottom;text-align:right">490</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="vertical-align:bottom;text-align:right">490</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12.14</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">2,076</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">1,185</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">891</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.85</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.79</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchanges forward contracts to hedge highly probable forecasted purchases</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="vertical-align:bottom;text-align:right">150</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="vertical-align:bottom;text-align:right">150</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12.03</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">940</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">695</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">245</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.92</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.90</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-family:Times New Roman;display:inline;">€</span></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:64%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">6 months</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">and less</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><div style="white-space:nowrap;display:inline;">6-12</div></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">months</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><div style="white-space:nowrap;display:inline;">1-2</div></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">years</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of December 31, 2024</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchanges forward contracts to hedge highly probable forecasted sales</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts USD</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">97,710</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">74,136</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">10,817</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">12,757</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (USD/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10.89</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10.92</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10.54</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">10,109</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">5,485</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">4,379</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">245</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11.90</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11.93</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12.09</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">6,027</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">3,658</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">294</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">2,075</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.94</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.91</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.83</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">40,449</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">28,141</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">12,308</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.08</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.08</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchanges forward contracts to hedge highly probable forecasted purchases</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">4,235</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">3,185</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">1,050</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11.76</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11.94</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">2,596</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">1,206</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">450</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">940</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/NOK)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.65</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.95</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.92</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">2,246</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">2,246</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.11</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold"><div style="white-space:nowrap;display:inline;">Non-designated</div> hedges </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The table below presents the notional value of the <div style="white-space:nowrap;display:inline;">non-designated</div> derivative financial instruments and a maturity analysis of the related derivatives cash flows as of December 31, 2025 and 2024. Valuation techniques and inputs of forward contracts are based on the quoted forward exchange rate. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:45%"></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:8%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">6 months</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">and less</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><div style="white-space:nowrap;display:inline;">6-12</div></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">months</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right"><div style="white-space:nowrap;display:inline;">1-2</div></div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">years</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">As of December 31, 2025</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Foreign exchanges forward contracts</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts NOK</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 131,200</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 97,900</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 16,500</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">NOK 16,800</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (NOK/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.10</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.10</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">0.10</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts GBP</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">13,800</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">6,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">5,300</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">£</td> <td style="vertical-align:bottom;text-align:right">2,500</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (GBP/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.35</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.34</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Notional amounts EUR</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">49,300</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">21,600</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">18,900</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-family:Times New Roman;display:inline;">€</div></td> <td style="vertical-align:bottom;text-align:right">8,800</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Average forward rate (EUR/USD)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.19</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.20</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1.21</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 13812000 13812000 0 0 10.58 0 0 490000 490000 0 0 12.14 0 0 2076000 1185000 891000 0 13.85 13.79 0 0 0 0 0 0 0 0 150000 150000 0 0 12.03 0 0 940000 695000 245000 0 13.92 13.9 0 0 0 0 0 0 0 0 97710000 74136000 10817000 12757000 10.89 10.92 10.54 10109000 5485000 4379000 245000 11.9 11.93 12.09 6027000 3658000 294000 2075000 13.94 13.91 13.83 40449000 28141000 12308000 0 1.08 1.08 0 4235000 3185000 1050000 0 11.76 11.94 0 2596000 1206000 450000 940000 13.65 13.95 13.92 2246000 2246000 0 0 1.11 0 0 131200000 97900000 16500000 16800000 0.1 0.1 0.1 13800000 6000000 5300000 2500000 1.35 1.35 1.34 49300000 21600000 18900000 8800000 1.19 1.2 1.21 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents a reconciliation by risk category of components of equity and analysis of OCI items, net of tax: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:84%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance as of January 1,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(2,250</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">1,098</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Change in foreign currency risk</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,481</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,314</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Income tax allocated to cash flow hedges</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(766</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">966</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of December 31,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">465</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(2,250</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> -2250 1098 3481000 -4314000 -766 966 465 -2250 <div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">8. Other current liabilities </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Other current liabilities consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:84%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Income taxes payable</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12,388</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,376</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating lease liability</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10,470</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,114</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Public duties and taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,050</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,142</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Withheld taxes and other deductions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,692</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,317</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">External derivatives financial liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">555</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,612</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Short-term deferred and contingent liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,922</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">427</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,150</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Other current liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">35,582</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">33,633</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Other current liabilities consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:84%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Income taxes payable</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12,388</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,376</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating lease liability</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10,470</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,114</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Public duties and taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,050</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,142</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Withheld taxes and other deductions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,692</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,317</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">External derivatives financial liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">555</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,612</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Short-term deferred and contingent liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,922</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">427</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,150</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Other current liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">35,582</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">33,633</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 12388000 6376000 10470000 8114000 8050000 8142000 3692000 3317000 555000 4612000 0 1922000 427000 1150000 35582000 33633000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">9. Leases </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company has mostly property leases on a number of locations worldwide. The leases typically run for a period of two to ten years and some of the leases have extension options. The Company also has an immaterial amount of lease agreements related to cars, machinery, information technology equipment and office equipment. These leases have an average lease period of two to three years, generally with no renewal options included. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The lease agreements do not impose any covenants or restrictions. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth supplemental consolidated balance sheet information related to leases as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:33%"></td> <td style="vertical-align:bottom;width:4%"></td> <td style="width:45%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><span style="font-weight:bold;display:inline;">Classification</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="2" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Assets</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating lease assets</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><span style="white-space:nowrap;display:inline;"><span style="white-space:nowrap;display:inline;">Right-of-use</span></span> assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">48,739</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">34,673</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total lease assets</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">48,739</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">34,673</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="2" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Liabilities</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Current</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other current liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">10,470</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">8,114</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Noncurrent</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Noncurrent lease liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">39,922</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">27,052</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total lease liabilities</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">50,392</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">35,166</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="10" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In 2025, the Company executed a <span style="white-space:nowrap;display:inline;">10-year</span> extension for the Kristiansand lease and recognized a $9.5 million <span style="white-space:nowrap;display:inline;"><span style="white-space:nowrap;display:inline;">right-of-use</span></span> asset and a corresponding $9.5 million lease liability. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth a summary of the components of lease expenses for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:33%"></td> <td style="vertical-align:bottom;width:4%"></td> <td style="width:46%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">Lease cost</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><span style="font-weight:bold;display:inline;">Classification</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating lease cost</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Selling, general and administrative expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">11,261</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">9,708</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Sublease income</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Service revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">544</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Net lease cost</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">11,261</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">9,164</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="10" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div></div><div><div style="line-height:normal;display: inline;"></div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth the maturities of operating lease liabilities as of December 31, 2025: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:7%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Operating lease</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">11,045</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2027</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">9,594</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2028</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,952</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2029</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,428</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2030</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,539</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Thereafter</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">40,930</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total lease payments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">79,488</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Less: present value discount</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(29,096</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Present value of lease liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">50,392</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth the weighted-average remaining term and weighted average discount rates related to leases as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:89%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Weighted-average remaining lease term (years)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.69</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6.65</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Weighted-average discount rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth supplemental consolidated balance sheet information related to leases as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:33%"></td> <td style="vertical-align:bottom;width:4%"></td> <td style="width:45%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><span style="font-weight:bold;display:inline;">Classification</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="2" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Assets</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating lease assets</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><span style="white-space:nowrap;display:inline;"><span style="white-space:nowrap;display:inline;">Right-of-use</span></span> assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">48,739</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">34,673</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total lease assets</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">48,739</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">34,673</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="2" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Liabilities</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Current</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other current liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">10,470</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">8,114</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Noncurrent</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Noncurrent lease liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">39,922</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">27,052</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total lease liabilities</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">50,392</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">35,166</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="10" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 48739000 34673000 48739000 34673000 10470000 8114000 39922000 27052000 50392000 35166000 9500000 9500000 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth a summary of the components of lease expenses for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:33%"></td> <td style="vertical-align:bottom;width:4%"></td> <td style="width:46%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="2" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">Lease cost</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">    </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><span style="font-weight:bold;display:inline;">Classification</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Operating lease cost</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Selling, general and administrative expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">11,261</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">9,708</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Sublease income</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Service revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">544</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Net lease cost</div></td> <td style="vertical-align:bottom">    </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">11,261</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">9,164</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="10" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 11261000 9708000 0 544000 11261000 9164000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth the maturities of operating lease liabilities as of December 31, 2025: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:7%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Operating lease</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">11,045</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2027</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">9,594</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2028</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,952</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2029</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,428</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2030</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,539</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Thereafter</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">40,930</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total lease payments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">79,488</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Less: present value discount</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(29,096</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Present value of lease liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">50,392</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 11045000 9594000 7952000 5428000 4539000 40930000 79488000 29096000 50392000 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth the weighted-average remaining term and weighted average discount rates related to leases as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:89%"></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Weighted-average remaining lease term (years)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13.69</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6.65</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Weighted-average discount rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> P13Y8M8D P6Y7M24D 0.07 0.06 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">10. Debt </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Below are the contractual terms of the Company’s interest-bearing loans and borrowings that are measured at amortized cost. The carrying values of the Company’s short-term and long-term debt consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:69%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="6" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><span style="font-weight:bold;display:inline;">Debt outstanding</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">Maturity</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">date</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">9.875% Senior Secured Bonds due 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">196,837</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Nov 2026</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">7.875% Senior Secured Bonds due 2028</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">195,636</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Dec 2028</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Shareholder Loans</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">143,732</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">131,910</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Dec 2028</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revolving Credit Facility</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">14,397</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Jun 2028</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Credit Line in China</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">715</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Mar 2026</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total debt, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">340,083</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">343,144</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Current debt, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">715</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">14,397</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><span style="white-space:nowrap;display:inline;">Non-current</span> debt, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">339,368</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">328,747</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total debt, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">340,083</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">343,144</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Debt agreements </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><span style="font-style:italic;display:inline;">7.875% Senior Secured Bonds due 2028 </span></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On or around December 17, 2025, the Company issued $200.0 million aggregate principal amount of its senior secured bonds (ISIN code NO0013700039) (the “Senior Secured Bonds due 2028”), which mature on December 17, 2028. Interest on the bonds accrues at a fixed rate of 7.875% per annum as of December 31, 2025. The Senior Secured Bonds due 2028 are secured by liens on substantially all of the Company’s assets, including the equity of its material subsidiaries, and guarantees, either directly or indirectly, from its material </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">subsidiaries. The security of the Senior Secured Bonds due 2028 is subject to the Intercreditor Agreement (as defined herein) with the facility agent under the Revolver (as defined herein). Subject to compliance with certain conditions, the Company is permitted to issue additional bonds under the agreement governing the Senior Secured Bonds due 2028 in an aggregate principal amount up to $125.0 million, and the Company is also permitted to enter into certain bridge financing facilities. The Company intends to list the Senior Secured Bonds due 2028 on the Euronext ABM during the first half of 2026. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The agreement governing the Senior Secured Bonds due 2028 includes customary representations and warranties, affirmative covenants and certain restrictive covenants that may limit the Company’s ability to, among other things, incur additional indebtedness, guarantee obligations, incur liens, make investments, loans or capital expenditures, sell or dispose of assets, enter into mergers or consolidations, enter into transactions with affiliates or make or declare dividends. The Senior Secured Bonds due 2028 also require the Company to maintain at all times a minimum liquidity of not less than $30.0 million, a gearing ratio of Consolidated Net Total Borrowings to Consolidated Total Equity (each as defined in the agreement governing the Senior Secured Bonds due 2028) not to exceed 1.00 to 1.00 and an interest cover ratio of Adjusted EBITDA to Net Interest Expenses (each as defined in the agreement governing the Senior Secured Bonds due 2028) of not less than 2.50 to 1.00. The agreement governing the Senior Secured Bonds due 2028 contains customary events of default. If an event of default exists under the Senior Secured Bonds due 2028, the lenders will be able to accelerate the maturity of the Senior Secured Bonds due 2028 and exercise other rights and remedies. If an event of default exists under the Revolver, a cross-default will be triggered under the Senior Secured Bonds due 2028, and the bondholders thereunder will be able to accelerate the maturity of the Senior Secured Bonds due 2028 and exercise other rights and remedies. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As of December 31, 2025, the Company was in compliance with all financial covenants under the Senior Secured Bonds due 2028. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Senior Secured Bonds due 2028 are redeemable, at the Company’s option, (i) prior to June 17, 2027, at a price equal to the make-whole amount and (ii) beginning on June 17, 2027, at a premium of 103.938%. The redemption premium then declines in steps until June 17, 2028, at which time the Company may redeem the bonds at a premium of 100.500%. The redemption premium then falls away at the maturity date, at which time the Company may redeem the bonds at par value. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Following a Change of Control or a Share <div style="white-space:nowrap;display:inline;">De-Listing</div> Event (each as defined in the agreement governing the Senior Secured Bonds due 2028), the Company can be required to prepay the Senior Secured Bonds due 2028 at 101% of the nominal amount of the bonds being repaid. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">9.875% Senior Secured Bonds due 2026 </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In November 2023, the Company issued $200.0 million aggregate principal amount of its senior secured bonds (the “Senior Secured Bonds due 2026”), which were scheduled to mature on November 16, 2026. Interest on the bonds accrued at a fixed rate of 9.875% per annum. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In December 2025, the outstanding $200.0 million aggregate principal amount of the Senior Secured Bonds due 2026 was refinanced using the proceeds of the Senior Secured Bonds due 2028 at a price equal to 103.292% of nominal value (plus accrued and unpaid interest to the date of redemption). In connection with the refinancing, the Senior Secured Bonds due 2026 were also delisted from the Oslo Stock Exchange. This transaction resulted in an $8.0 million loss on extinguishment of the debt, which included write <div style="white-space:nowrap;display:inline;">off-of</div> unamortized debt issuance costs and is recognized in the consolidated statement of income for the year ended December 31, 2025. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Shareholder Loans </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On October 1, 2021, the Company entered into a loan agreement with related parties, Baker Hughes Holdings LLC and Akastor AS (as amended, the “Shareholder Loan Agreement”), to finance its operating and finance activities. Baker Hughes Holdings LLC provided an $80.0 million term loan under the Shareholder Loan Agreement (the “Baker Hughes Shareholder Loan”), and Akastor AS provided a $20.0 million term loan under the Shareholder Loan Agreement (the “Akastor Shareholder Loan” and, together with the Baker Hughes Shareholder Loan, the “Shareholder Loans”). The Shareholder Loans mature on the earliest to occur of December 18, 2028 or a liquidation event (as defined in the Shareholder Loan Agreement) such as the consummation of HMH Holding Inc.’s initial public offering. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As of December 31, 2025, the total amount of principal and accrued and unpaid interest outstanding under the Shareholder Loans was $143.7 million, which included $112.4 million outstanding under the Baker Hughes Shareholder Loan and $31.3 million outstanding under the Akastor Shareholder Loan. The Company also agreed to pay Baker Hughes and Akastor for certain deferred tax assets related to the contributed businesses in the amounts of approximately $0.3 million and $3.0 million, respectively, with such payment made by way of an increase to the Shareholder Loans. Such additional amounts relating to deferred tax assets are reflected in the Shareholder Loans’ balances as of December 31, 2025. The Shareholder Loans bear interest at a rate of 8.0% per annum. The Shareholder Loans are unsecured. The Shareholder Loan Agreement includes certain restrictive covenants that may limit the Company’s ability to, among other things, incur additional indebtedness or make or declare dividends. The Shareholder Loan Agreement contains customary representations and warranties, affirmative covenants and events of default. If an event of default exists under the Shareholder Loan Agreement, the lenders will be able to accelerate the maturity of the Shareholder Loans and exercise other rights and remedies. Subject to certain notice requirements, the Company may voluntarily prepay outstanding loans under the Shareholder Loan Agreement in whole or in part without premium or penalty. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Revolving Credit Facility </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On November 20, 2023, the Company, DNB Bank ASA, as agent, certain financial institutions party thereto as lenders (the “Revolver Lenders”) and DNB Carnegie, a part of DNB Bank ASA, and Nordea Bank Abp, branch in Norway, as mandated lead arrangers and bookrunners, entered into a senior facility agreement (the “Prior Revolver”) pursuant to which the Revolver Lenders provided revolving credit financing to the Company in an aggregate principal amount of up to $50.0 million. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On March 10, 2025, DNB Bank ASA agreed as agent under the Prior Revolver to amend certain terms of the Prior Revolver to permit implementation of the corporate reorganization and the listing of HMH Holding Inc.’s Class A common stock on Nasdaq, and the documentation formally implementing the same became effective as of March 11, 2025. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On December 18, 2025, the Company, DNB Bank ASA, as agent, the Revolving Lenders and DNB Carnegie, a part of DNB Bank ASA, and Nordea Bank Abp, branch in Norway, as mandated lead arrangers and bookrunners, entered into an amendment and restatement of the Prior Revolver (as amended and restated, the “Revolver”) pursuant to which the Revolver Lenders provide revolving credit financing to the Company in an aggregate principal amount of up to $75.0 million. The scheduled maturity date of the Revolver is June 17, 2028 (which is an extension from the May 16, 2026 scheduled maturity date of the Prior Revolver). The Company recorded a debt issuance cost of $0.8 million in connection with the amendment and restatement of the Prior Revolver and is included in Long-term debt, net in the Company’s consolidated balance sheet. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Borrowings under the Revolver bear interest at the compounded reference rate, which is the applicable Secured Overnight Financing Rate (“SOFR”) plus the applicable credit spread adjustment, plus a margin ranging from 3.00% to 4.00% based on the Company’s most recent leverage ratio. In addition to paying interest on </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">outstanding principal under the Revolver, the Company is required to pay a quarterly commitment fee equal to 40% of the applicable margin on the unused available commitments. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Revolver is secured by liens on substantially all of the Company’s assets, including the equity of its material subsidiaries, and guarantees, either directly or indirectly, from its material subsidiaries. The security of the Revolver is subject to the Intercreditor Agreement with the trustee under the Senior Secured Bonds due 2028. The Revolver includes certain restrictive covenants that may limit the Company’s ability to, among other things, incur additional indebtedness, guarantee obligations, incur liens, make investments, loans or capital expenditures, sell or dispose of assets, enter into mergers or consolidations, enter into transactions with affiliates or make or declare dividends. The Revolver also requires the Company to maintain at all times a minimum liquidity of not less than $30.0 million, a gearing ratio of Consolidated Net Total Borrowings to Consolidated Total Equity (each as defined in the Revolver) not to exceed 1.00 to 1.00 and an interest cover ratio of Adjusted EBITDA to Net Interest Expenses (each as defined in the Revolver) of not less than 2.50 to 1.00. The Revolver contains customary representations and warranties, affirmative covenants and events of default. If an event of default exists under the Revolver, the Revolver Lenders will be able to accelerate the maturity of the Revolver and exercise other rights and remedies. If an event of default exists under the Senior Secured Bonds due 2028, a cross-default will be triggered under the Revolver, and the Revolver Lenders will be able to accelerate the maturity of the Revolver and exercise other rights and remedies. Subject to certain notice requirements and certain partial prepayment amount restrictions, the Company may voluntarily prepay outstanding loans under the Revolver in whole or in part without premium or penalty. Following a Change of Control (as defined in the Revolver), which definition varies depending on whether an initial public offering has occurred, the Company can be required to prepay the loans in whole if the parties do not reach an agreement to continue the loan. As of December 31, 2025, the Company was in compliance with all financial covenants under the Revolver. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Intercreditor Agreement </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On December 18, 2025, the facility agent under the Revolver, the trustee under the Senior Secured Bonds due 2028, in its capacities as bond trustee and security agent, and certain other parties entered into an intercreditor agreement (the “Intercreditor Agreement”) governing (i) the relative priorities of their respective security interests in the assets securing the Revolver, the Senior Secured Bonds due 2028 and certain future secured indebtedness and (ii) certain other matters relating to the administration of their respective security interests, including the occurrence of an insolvency event. Pursuant to the Intercreditor Agreement, the liabilities under, and the security and guarantees provided in respect of, the Revolver, the Senior Secured Bonds due 2028 and any hedging agreements shall rank pari passu in payments and security, subject to the super senior status of the liabilities under the Revolver and any hedging liabilities with respect to the application of proceeds received or recovered by the security agent. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Credit Line in China </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On August 22, 2023, the Company entered into a credit line agreement (the “Credit Line in China”) with Bank of China Shanghai Pudong branch (the “Credit Line in China Lender”) pursuant to which the Credit Line in China Lender provided a credit line in an aggregate principal amount of up to Chinese renminbi (RMB) 10.0 million (USD: $1.43 million based on the exchange rate as of December 31, 2025). On March 27, 2025, the Company extended the Credit Line in China with the Credit Line in China Lender. The extension is effective through March 26, 2026. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Borrowings under the Credit Line in China bear interest at the compounded reference rate, which was the applicable China Loan Prime Rate minus margin 0.4% as of December 31, 2025. Interest is paid quarterly in the </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">last month of each quarter. There is no quarterly commitment fee or guarantee requirement based on the Company’s financial status. The borrowing length for each withdrawal is one year. The Credit Line in China can be used for the Company’s daily operations and can not be used to purchase real estate, <div style="white-space:nowrap;display:inline;">re-lend</div> to other companies or make investments. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Fair values </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The fair value of the Senior Secured Bonds due 2028 was 102.25%, or $204.5 million, as of December 31, 2025. The fair value was determined using a market approach based on observable inputs. For the remaining debt instruments, the book values of each instrument approximate its respective carrying amount and fair value, and interest rates for each instrument are reflective of market rates. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Maturity schedule </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth the maturities of principal payments on long-term debt for each of the five years in the period ending December 31, 2030, and in the aggregate thereafter: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:89%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">Year ending December 31,</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2026</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2027</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2028</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">300,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2029</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2030</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Thereafter</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">300,000</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Below are the contractual terms of the Company’s interest-bearing loans and borrowings that are measured at amortized cost. The carrying values of the Company’s short-term and long-term debt consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:69%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="6" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center"><span style="font-weight:bold;display:inline;">Debt outstanding</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">Maturity</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">date</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">9.875% Senior Secured Bonds due 2026</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">196,837</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Nov 2026</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">7.875% Senior Secured Bonds due 2028</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">195,636</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Dec 2028</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Shareholder Loans</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">143,732</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">131,910</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Dec 2028</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revolving Credit Facility</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">14,397</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Jun 2028</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Credit Line in China</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">715</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">Mar 2026</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total debt, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">340,083</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">343,144</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Current debt, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">715</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">14,397</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><span style="white-space:nowrap;display:inline;">Non-current</span> debt, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">339,368</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">328,747</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total debt, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">340,083</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">343,144</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 0.09875 0 196837000 0.07875 195636000 0 143732000 131910000 0 14397000 715000 0 340083000 343144000 715000 14397000 339368000 328747000 340083000 343144000 200000000 2028-12-17 0.07875 125 30000000 2.5 1 1.03938 1.005 1.01 200000000 2026-11-16 0.09875 200000000 1.03292 8000000 80000000 20000000 2028-12-18 143700000 112400000 31300000 300000 3000000 0.08 50000000 75000000 2028-06-17 2026-05-16 800000 0.03 0.04 Company is required to pay a quarterly commitment fee equal to 40% of the applicable margin on the unused available commitments 30 2.5 1 10000000 1430000 0.004 0 1.0225 204500000 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth the maturities of principal payments on long-term debt for each of the five years in the period ending December 31, 2030, and in the aggregate thereafter: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:89%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">Year ending December 31,</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2026</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2027</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2028</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">300,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2029</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2030</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Thereafter</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">300,000</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 0 0 300000000 0 0 0 300000000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">11. Revenue from contracts with customers </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Disaggregated revenue </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company disaggregates revenue from contracts with customers by revenue type for both its ESS and PCS segments, as it believes this best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. The tables below present the Company’s revenue disaggregated by these categories. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following tables present revenue disaggregated by revenue type for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Project and other manufacturing contracts revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">61,130</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">31,306</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">92,436</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Sale of products</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">64,558</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">56,995</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">121,553</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Product revenue<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">125,688</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">88,301</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">213,989</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Service revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">195,741</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">187,644</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">383,385</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Spare parts revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">117,124</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">107,256</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">224,380</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">438,553</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">383,201</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">821,754</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">2024</div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">ESS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">PCS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Project and other manufacturing contracts revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">33,552</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">36,910</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">70,462</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Sale of products</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">108,610</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">50,064</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">158,674</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Product revenue<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1)</div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">142,162</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">86,974</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">229,136</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Service revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">190,222</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">175,980</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">366,202</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Spare parts revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">110,805</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">137,220</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">248,025</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">443,189</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">400,174</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">843,363</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(1)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Product revenue includes related party revenue. </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents timing of revenue recognition for the year ended December 31, 2025: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">ESS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">PCS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transferred overtime</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">300,400</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">218,950</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">519,350</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transferred at point in time</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">138,153</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">164,251</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">302,404</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">438,553</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">383,201</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">821,754</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents timing of revenue recognition for the year ended December 31, 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">ESS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">PCS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transferred overtime</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">299,928</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">212,890</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">512,818</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transferred at point in time</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">143,261</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">187,284</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">330,545</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">443,189</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">400,174</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">843,363</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Contract assets consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:76%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance as of January 1,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">153,150</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">160,933</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Additions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">324,949</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">263,591</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transfers to accounts receivable</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(350,896)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(271,374)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Written off<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(12,285)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of December 31,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">114,918</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">153,150</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(1)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">2025 amounts written off represent a cancellation of contract with a customer and is included in cost of services sold in the consolidated statements of income. </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Contract liabilities consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:78%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance as of January 1,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">55,627</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">75,525</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Additions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">166,877</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">95,386</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue recognized</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(187,255)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(115,284)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of December 31,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">35,249</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">55,627</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Revenue recognized during the years ended December 31, 2025 and 2024 that was included in the contract liabilities balance at the beginning of such period was $50.7 million and $71.3 million, respectively. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Transaction price allocated to the remaining performance obligations </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As of December 31, 2025, the aggregate amount of the transaction price allocated to the unsatisfied or partially unsatisfied performance obligations was $329.3 million. As of December 31, 2025, the Company expected to </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">recognize substantially all of the revenue from the total remaining performance obligations over the next 12 months. Contract modifications could affect both the timing to complete as well as the amount to be received as t<div style="display:inline;">he </div>Company fu<div style="display:inline;">lfill</div>s the related remaining performance obligations. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following tables present revenue disaggregated by revenue type for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Project and other manufacturing contracts revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">61,130</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">31,306</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">92,436</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Sale of products</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">64,558</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">56,995</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">121,553</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Product revenue<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">125,688</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">88,301</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">213,989</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Service revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">195,741</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">187,644</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">383,385</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Spare parts revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">117,124</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">107,256</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">224,380</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">438,553</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">383,201</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">821,754</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="12" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="10" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">2024</div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">ESS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">PCS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Project and other manufacturing contracts revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">33,552</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">36,910</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">70,462</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Sale of products</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">108,610</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">50,064</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">158,674</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Product revenue<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1)</div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">142,162</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">86,974</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">229,136</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Service revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">190,222</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">175,980</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">366,202</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Spare parts revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">110,805</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">137,220</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">248,025</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">443,189</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">400,174</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">843,363</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(1)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Product revenue includes related party revenue. </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents timing of revenue recognition for the year ended December 31, 2025: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">ESS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">PCS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transferred overtime</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">300,400</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">218,950</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">519,350</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transferred at point in time</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">138,153</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">164,251</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">302,404</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">438,553</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">383,201</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">821,754</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents timing of revenue recognition for the year ended December 31, 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">ESS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">PCS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transferred overtime</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">299,928</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">212,890</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">512,818</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transferred at point in time</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">143,261</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">187,284</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">330,545</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">443,189</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">400,174</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">843,363</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 61130000 31306000 92436000 64558000 56995000 121553000 125688000 88301000 213989000 195741000 187644000 383385000 117124000 107256000 224380000 438553000 383201000 821754000 33552000 36910000 70462000 108610000 50064000 158674000 142162000 86974000 229136000 190222000 175980000 366202000 110805000 137220000 248025000 443189000 400174000 843363000 300400000 218950000 519350000 138153000 164251000 302404000 438553000 383201000 821754000 299928000 212890000 512818000 143261000 187284000 330545000 443189000 400174000 843363000 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Contract assets consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:76%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance as of January 1,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">153,150</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">160,933</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Additions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">324,949</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">263,591</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Transfers to accounts receivable</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(350,896)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(271,374)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Written off<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(12,285)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of December 31,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">114,918</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">153,150</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(1)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">2025 amounts written off represent a cancellation of contract with a customer and is included in cost of services sold in the consolidated statements of income. </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Contract liabilities consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:78%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance as of January 1,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">55,627</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">75,525</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Additions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">166,877</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">95,386</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue recognized</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(187,255)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(115,284)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of December 31,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">35,249</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">55,627</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 153150 160933 324949000 263591 350896000 271374 -12285 0 114918 153150 55627000 75525000 166877000 95386000 187255000 115284000 35249000 55627000 50.7 71.3 329300000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">12. Accrued expenses </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Accrued expenses consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:82%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accrued vendor costs</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">38,049</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">60,583</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accrued payroll and employee related liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">38,119</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">40,476</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Provisions—warranty</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,371</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11,082</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Provisions—environmental<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,236</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,086</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Provisions for loss contingencies</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,962</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,023</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Provisions—restructuring</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">858</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">220</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accrued interest</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">646</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,126</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accrued sales and other taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">220</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,361</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,319</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,463</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Accrued expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">95,780</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">128,420</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(1)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Costs of future estimated expenditures for environmental remediation liabilities are not discounted to their present value due to the timing of the future expenditures not being reliably determinable. The environmental remediation liability is related to two plants. </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table describes the changes to the Company’s warranty liability as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:82%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance as of January 1,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">11,082</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">8,556</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accrued expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,339</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,405</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Payments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,433</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(959</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Reclassification</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(145</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,345</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Provision reversed during the period</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(3,104</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,709</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Currency translation differences</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">632</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(556</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of December 31,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">8,371</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">11,082</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Accrued expenses consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:82%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accrued vendor costs</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">38,049</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">60,583</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accrued payroll and employee related liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">38,119</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">40,476</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Provisions—warranty</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,371</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11,082</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Provisions—environmental<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,236</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,086</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Provisions for loss contingencies</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,962</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,023</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Provisions—restructuring</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">858</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">220</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accrued interest</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">646</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,126</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accrued sales and other taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">220</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,361</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,319</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,463</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Accrued expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">95,780</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">128,420</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(1)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Costs of future estimated expenditures for environmental remediation liabilities are not discounted to their present value due to the timing of the future expenditures not being reliably determinable. The environmental remediation liability is related to two plants. </td></tr></table> 38049000 60583000 38119000 40476000 8371000 11082000 3236000 3086000 1962000 3023000 858000 220000 646000 3126000 220000 1361000 4319000 5463000 95780000 128420000 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table describes the changes to the Company’s warranty liability as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:82%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance as of January 1,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">11,082</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">8,556</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accrued expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,339</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,405</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Payments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,433</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(959</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Reclassification</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(145</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,345</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Provision reversed during the period</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(3,104</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,709</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Currency translation differences</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">632</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(556</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of December 31,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">8,371</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">11,082</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 11082000 8556000 2339000 2405000 2433000 959000 -145000 3345000 -3104000 -1709000 632000 -556000 8371000 11082000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">13. Other liabilities </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Other liabilities consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:82%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Deferred tax liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">17,404</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">19,127</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Pension and other post retirement liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">21,142</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">21,319</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Provisions long-term</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,227</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">822</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Contingent considerations—related party</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,291</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,676</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other long-term liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,259</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,702</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">54,323</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">53,646</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(1)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Other long-term liabilities include $3.7 million of contingent consideration related to the Drillform acquisition as of both December 31, 2025 and 2024 and $2.0 million of contingent consideration related to Deep Blue acquisition as of December 31, 2025. </td></tr></table> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Other liabilities consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:82%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Deferred tax liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">17,404</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">19,127</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Pension and other post retirement liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">21,142</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">21,319</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Provisions long-term</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,227</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">822</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Contingent considerations—related party</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,291</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,676</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other long-term liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,259</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,702</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">54,323</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">53,646</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(1)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Other long-term liabilities include $3.7 million of contingent consideration related to the Drillform acquisition as of both December 31, 2025 and 2024 and $2.0 million of contingent consideration related to Deep Blue acquisition as of December 31, 2025. </td></tr></table> 17404000 19127000 21142000 21319000 1227000 822000 8291000 8676000 6259000 3702000 54323000 53646000 3700000 2000000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">14. Share-based compensation </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company had the following share-based payment arrangements during the periods presented: </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Founders’ phantom equity award program </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In 2022, the Board of Directors of the Company (“Board”) established a $10.0 million award program for management and certain employees that entitles them to payments when certain strategic goals are achieved. The program was established based on an equity value of $600.0 million, which was deemed to be the fair value of the Company’s equity. The Board issued awards with an aggregate grant value of $10.0 million in 2022 ($2.0 million of which was subsequently forfeited upon the departure of one recipient thereof), and partially reallocated such forfeited awards with aggregate grant values of $1.3 million and $0.3 million in 2024 and 2023, respectively, to the participants of the program. There were no such awards in 2025. The amount of the payment is determined based on the increase or decrease of the equity value of the Company. Vesting requires continuous service through the vesting date and is contingent upon the occurrence of a change in control or an IPO (each as defined in the applicable award agreement). The program expires at the end of the eight-year period after the grant date. In the event of a change of control, the settlement may be in cash, shares or other form of consideration at the discretion of the Board. In the event of an IPO, the settlement shall be made in shares of the resulting public company. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Long-term incentive program </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In 2022, the Board established a share-based incentive program covering certain key personnel to entitle them to payment when certain strategic goals are achieved. The Board issued awards with an aggregate grant value of $5.0 million in 2025, $5.0 million in 2024, $5.0 million in 2023 and $5.0 million in 2022, respectively, to the participants of the program based on an equity value of $1.0 billion in 2025, $1.0 billion in 2024, $700.0 million in 2023 and $600.0 million in 2022, respectively, which were deemed to be the fair value of the Company’s equity. Each award contains two components: a time-based restricted equity award (“RSU”) and a performance-based award (“PSU”). Vesting requires continuous service through the vesting date. The RSUs have a three-year ratable vesting schedule from the grant date, and the PSUs cliff vest after three years based on specific performance metrics. Both components are contingent upon a change in control or an IPO or another event making equity ownership interest in the Company publicly available. The program expires at the end of the eight-year period after the grant date. In the event of a change in control, the settlement may be in cash, shares or other form of consideration at the discretion of the Board. In the event of an IPO or other public liquidity event, the settlement shall be made in shares of the resulting public company. </div> 10000000 600000000 10000000 2000000 1300000 300000 5000000 5000000 5000000 5000000 1000000 1000000 700000000 600000000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">15. Employee benefit expenses </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Pension plans in Germany and Norway </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Pension costs represent the future pension entitlement earned by employees in the financial year. In a defined contribution plan, the Company is responsible for paying an agreed contribution to the employee’s pension account. In such a plan, this annual contribution represents the pension cost. In a defined benefit plan, it is the Company’s responsibility to provide a certain pension. The measurement of the cost and the pension liability for such arrangements is subject to actuarial valuations. The main pension liabilities relate to Norway and Germany. The welfare and support fund is closed for new entries. The welfare and support fund is recorded as other <span style="white-space:nowrap;display:inline;">non-current</span> liabilities and not as pension. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Pension plans in Germany </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The main pension arrangement in Germany is a general pension plan organized by the German Government. This arrangement provides the main general pension entitlement of all Germans. All pension arrangements by employers consequently represent limited additional pension entitlements. German employers are not obliged to provide an employment pension plan. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">ATZ (Altersteilzeit)—early retirement arrangement </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">ATZ is an early retirement arrangement organized by German employers, Trade/Labor Unions in Germany and the German Government. The ATZ plan is providing additional lifelong pensions to employees who retire before the general retirement age, to compensate for the reduction of the ordinary pension entitlements. The employees are given a choice of retirement age, with lower pension at earlier retirement. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The principle that, during the current employment relationship, the work performed by the employee is equivalent to the remuneration paid by the employer (principle of equivalence) and that there is therefore no impact on the balance sheets does not apply in the case of partial retirement. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The backlog of performance in the block model of ATZ represents an obligation on the part of the employer. The employee has already performed work for which such employee has not yet received any remuneration. For the fee to be paid in the release phase, a provision must be made during the work phase and increased pro rata temporis until the release phase is reached. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The estimated contributions expected to be paid to the German plan during 2026 amount to $0.8 million. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Pension plans in Norway </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The main pension arrangement in Norway is a general pension plan organized by the Norwegian Government. This arrangement provides the main general pension entitlement of all Norwegian employees. All pension arrangements by employers consequently represent limited additional pension entitlements. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Norwegian employers are obliged to provide an employment pension plan, which can be organized as a defined benefit plan or as a defined contribution plan. The Company’s subsidiaries located in Norway closed the earlier defined benefit plans in 2008 and are now providing defined contribution plans for all employees. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Defined benefit plan </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Employees who were 58 years or older in 2008, when the change to the contribution plan took place, are still in the defined benefit plan, which is a funded plan. There are no longer any active employees in this plan. The estimated contributions expected to be paid to the Norwegian plan during 2026 amount to $0.2 million. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Compensation plan </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">To ensure that the employees were treated fairly on the change to the contribution plan in 2008, the Company introduced a compensation plan. The basis for deciding the compensation amount is the difference between calculated pension capital in the defined benefit plan and the value of the defined benefit plan at the age of 67. The compensation amount will be adjusted annually in accordance with the adjustment of the employees’ pensionable income, and accrued interest according to market interest. If the employee leaves the Company voluntarily before the age of 67, the compensation amount will be reduced. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">AFP—early retirement arrangement </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">AFP is an early retirement arrangement organized by Norwegian employers, the main Labor Union organization in Norway (LO) and the Norwegian Government. The AFP plan provides additional lifelong pensions to employees who retire before the general retirement age, to compensate for the reduction of the ordinary pension entitlements. The employees are given a choice of retirement age, with lower pension at earlier retirement. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The AFP plan exposes the participating entities to actuarial risk associated with employees of other entities with the result that there is no consistent and reliable basis for allocating the obligation, plan assets and costs to individual participating entities. Sufficient information is not available to use defined benefit accounting, and the AFP plan is accounted for as a defined contribution plan </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth the accumulated benefit obligation in Norway and Germany as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Change in benefit obligations</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Benefit obligation at the beginning of the year</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18,458</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">20,174</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Service cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">163</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">492</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">749</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">764</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Actuarial (gain) loss</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,740)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">124</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Benefits paid</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">(1,457)</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">(1,419)</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign currency translation adjustment</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">2,354</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">(1,589)</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">(91)</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">(88)</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Benefit obligation at the end of the year</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">18,436</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">18,458</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Change in plan assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Fair value of plan assets at the beginning of year</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Employer contribution</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">734</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">712</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Benefits paid</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(643)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(624)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(91)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(88)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Fair value of plan assets at the end of year</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Funded status—underfunded at the end of year</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(18,436)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(18,458)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Accumulated benefit obligation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(18,436)</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(18,458)</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The plan assets are held and managed by Akastor, and obligations are settled on the Company’s behalf. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The amounts recognized in the consolidated balance sheets consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:82%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Pension benefits</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Current liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">995</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">911</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><span style="white-space:nowrap;display:inline;">Non-current</span> liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17,441</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17,547</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Net amount recognized</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">18,436</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">18,458</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Information for the plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:82%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Pension benefits</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Projected benefit obligation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18,436</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18,458</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accumulated benefit obligation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">18,436</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">18,458</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Net periodic cost </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The components of net periodic cost recognized in Selling, general and administrative expenses in the consolidated statements of income consisted of the following for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">Pension benefits</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Service cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">163</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">492</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">749</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">764</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Amortization of net actuarial loss</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">71</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">54</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Net periodic cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">983</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1,310</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The defined benefit plans are unfunded and consequently there are no pension plan assets held by the Company to be disclosed. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As part of the agreement between Akastor and Baker Hughes at the time of the formation of the Company, Akastor is responsible for all pension liabilities accrued and unsettled pension liabilities <div style="white-space:nowrap;display:inline;">pre-October</div> 1, 2021. The Company has booked a receivable towards Akastor for its part of the total pension liability. See Note 18— “Related party transactions—Indemnification asset.” </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Defined benefit obligation—actuarial assumptions </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth the weighted average assumptions used to determine net periodic cost for these plans for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:68%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Norway</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Germany</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Norway</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Germany</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Discount rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4.5%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3.7%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4.7%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3.1%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Expected long-term return on plan assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest crediting rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4.0%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2.6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3.5%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2.6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Accumulated other comprehensive income (loss) </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The amount recorded <span style="white-space:nowrap;display:inline;">before-tax</span> in accumulated other comprehensive income (loss) related to the Company’s defined benefit plans consisted of the following for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:85%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net actuarial loss (gain)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(1,811)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">70</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The discount rates and other assumptions for Norway in 2025 and 2024 are based on the Norwegian high quality corporate bond rate and recommendations from the Norwegian Accounting Standards Board. It should be expected that fluctuations in the discount rates would also lead to fluctuations in the pension indexations. The total effect of fluctuations in economic assumptions is consequently unlikely to be significant. No net prior service cost was recognized for the years ended December 31, 2025 and 2024. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Assumptions regarding future mortality have been based on published statistics and mortality tables. The current life expectancy after retirement underlying the values of the defined benefit obligation at the reporting date is shown below in years. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:68%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">2025</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">2024</div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Norway</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Germany</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Norway</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Germany</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Life expectancy of male pensioners after retirement</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">23.0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">21.0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">22.8</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">20.9</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Life expectancy of female pensioners after retirement</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">26.3</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">24.4</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">26.1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">24.3</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Sensitivity analysis </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation as of December 31, 2025 and 2024. Amounts shown below are for the pension plans in Norway. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-weight:bold;display:inline;">2025</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="6" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">Change in defined</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">benefit obligation</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Change in actuarial assumptions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">Increase</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">Decrease</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Discount rate (1% increase/decrease movement)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">7,651</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">7,869</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Future salary growth (1% increase/decrease movement)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,760</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,745</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-weight:bold;display:inline;">2024</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="6" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">Change in defined</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">benefit obligation</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Change in actuarial assumptions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">Increase</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">Decrease</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Discount rate (1% increase/decrease movement)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">8,412</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">8,656</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Future salary growth (1% increase/decrease movement)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,531</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,518</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the expected benefit payments for pension benefits over the next 10 years. For funded Company sponsored plans, the benefit payments are made by the respective pension trust funds<span style="font-weight:bold;display:inline;">.</span> </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:85%"></td> <td style="vertical-align:bottom;width:12%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">Year</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Pension benefits</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">995</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2027</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,047</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2028</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,050</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2029</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">998</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2030</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,039</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2031—2035</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,765</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Pension plans outside Norway and Germany </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Pension plans outside Norway and Germany are predominately defined contribution plans and include 1,235 employees in 2025 and 1,283 employees in 2024. The cost of the defined contribution plans amounted to $7.2 million and $5.8 million for the years ended December 31, 2025 and 2024, respectively. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth the accumulated benefit obligation in Norway and Germany as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Change in benefit obligations</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Benefit obligation at the beginning of the year</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18,458</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">20,174</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Service cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">163</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">492</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">749</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">764</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Actuarial (gain) loss</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,740)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">124</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Benefits paid</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">(1,457)</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">(1,419)</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign currency translation adjustment</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">2,354</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">(1,589)</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">(91)</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">(88)</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Benefit obligation at the end of the year</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">18,436</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">18,458</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Change in plan assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Fair value of plan assets at the beginning of year</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Employer contribution</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">734</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">712</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Benefits paid</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(643)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(624)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(91)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(88)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Fair value of plan assets at the end of year</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Funded status—underfunded at the end of year</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(18,436)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(18,458)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Accumulated benefit obligation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(18,436)</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(18,458)</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 18458000 20174000 163000 492000 749000 764000 -1740000 124000 1457000 1419000 2354000 -1589000 -91000 -88000 18436000 18458000 0 0 734000 712000 643000 624000 -91000 -88000 0 0 -18436000 -18458000 18436000 18458000 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The amounts recognized in the consolidated balance sheets consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:82%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Pension benefits</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Current liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">995</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">911</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"><span style="white-space:nowrap;display:inline;">Non-current</span> liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17,441</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17,547</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Net amount recognized</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">18,436</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">18,458</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 995000 911000 17441000 17547000 18436000 18458000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Information for the plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:82%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Pension benefits</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Projected benefit obligation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18,436</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">18,458</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Accumulated benefit obligation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">18,436</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">18,458</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 18436000 18458000 18436000 18458000 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The components of net periodic cost recognized in Selling, general and administrative expenses in the consolidated statements of income consisted of the following for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">Pension benefits</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Service cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">163</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">492</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">749</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">764</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Amortization of net actuarial loss</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">71</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">54</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Net periodic cost</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">983</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1,310</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 163000 492000 749000 764000 71000 54000 983000 1310000 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth the weighted average assumptions used to determine net periodic cost for these plans for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:68%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Norway</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Germany</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Norway</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Germany</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Discount rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4.5%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3.7%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4.7%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3.1%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Expected long-term return on plan assets</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest crediting rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4.0%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2.6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3.5%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2.6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 0.045 0.037 0.047 0.031 0 0 0 0 0.04 0.026 0.035 0.026 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The amount recorded <span style="white-space:nowrap;display:inline;">before-tax</span> in accumulated other comprehensive income (loss) related to the Company’s defined benefit plans consisted of the following for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:85%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net actuarial loss (gain)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(1,811)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">70</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> -1811 70 The current life expectancy after retirement underlying the values of the defined benefit obligation at the reporting date is shown below in years. <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:68%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">2025</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="6" style="border-bottom:1.00px solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">2024</div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Norway</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Germany</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Norway</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Germany</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Life expectancy of male pensioners after retirement</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">23.0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">21.0</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">22.8</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">20.9</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Life expectancy of female pensioners after retirement</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">26.3</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">24.4</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">26.1</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">24.3</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="16" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 23 21 22.8 20.9 26.3 24.4 26.1 24.3 Amounts shown below are for the pension plans in Norway. <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-weight:bold;display:inline;">2025</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="6" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">Change in defined</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">benefit obligation</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Change in actuarial assumptions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">Increase</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">Decrease</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Discount rate (1% increase/decrease movement)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">7,651</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">7,869</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Future salary growth (1% increase/decrease movement)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,760</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,745</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="8" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-weight:bold;display:inline;">2024</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="6" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">Change in defined</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Arial;font-weight:bold;text-align:right">benefit obligation</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Change in actuarial assumptions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">Increase</td> <td style="white-space:nowrap;vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"> </td> <td style="vertical-align:top;text-align:right">Decrease</td> <td style="white-space:nowrap;vertical-align:top"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Discount rate (1% increase/decrease movement)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">8,412</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">8,656</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Future salary growth (1% increase/decrease movement)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,531</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,518</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 0.01 7651 7869 0.01 7760 7745 0.01 8412 8656 0.01 8531 8518 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the expected benefit payments for pension benefits over the next 10 years. For funded Company sponsored plans, the benefit payments are made by the respective pension trust funds<span style="font-weight:bold;display:inline;">.</span> </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:85%"></td> <td style="vertical-align:bottom;width:12%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><span style="font-weight:bold;display:inline;">Year</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Pension benefits</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2026</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">995</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2027</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,047</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2028</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,050</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2029</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">998</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2030</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,039</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">2031—2035</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,765</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 995000 1047000 1050000 998000 1039000 5765000 1235 1283 7.2 5.8 <div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">16. Income taxes </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Income tax expense, all of which are foreign, consisted of the following for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Current:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Domestic</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(24,077</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(17,500</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total current tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(24,077</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(17,500</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Deferred:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Domestic</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,390</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(7,033</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total deferred tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(2,390</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(7,033</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Income tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(26,467</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(24,533</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The domestic and foreign components of income before income taxes were as follows for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Domestic</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(43,991</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(37,697</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">116,581</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">114,186</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Income before income taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">72,590</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">76,489</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Effective tax rate </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table reconciles the reported income tax expense to the expected income tax expense according to the corporate income tax rate in the Netherlands, the jurisdiction of tax domicile of the Company, for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Income before income taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">72,590</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">76,489</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Statutory income tax rate (25.8%)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(18,728</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(19,734</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Tax effects of:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Difference between local income tax rate and Dutch income tax rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,506</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,783</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Nondeductible expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(8,588</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(6,812</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Unrecognized tax benefits</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(352</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,560</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Income taxed to U.S. shareholders<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1) </span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,640</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,612</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Shareholder tax benefit</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(227</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,660</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Change in valuation allowance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,670</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,502</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Change in tax rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(356</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Withholding taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,289</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,356</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(403</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(304</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Income tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(26,467</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(24,533</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(1)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">HMH Holding B.V. (together with its subsidiaries located in the United States and Senegal) is taxed as a partnership for U.S. federal income tax purposes and, therefore, does not recognize U.S. federal income taxes. The shareholders are responsible for the income taxes on their share of the taxable income or loss and are entitled to any available tax credits on their income tax returns. </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Recognized deferred tax assets and liabilities consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:79%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Deferred tax assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net operating loss carryforwards</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">9,330</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">11,144</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest carryforwards</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10,885</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">18,713</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Employee benefit plan liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,207</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,490</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Property, plant and equipment</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">249</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,437</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Provisions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,222</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,777</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Inventories</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,944</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,580</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,420</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total deferred tax asset</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">41,257</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">49,141</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Valuation allowance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(21,253)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(26,325</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total deferred tax asset after valuation allowance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">20,004</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">22,816</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Deferred tax liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Customer relationships</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(8,981)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(10,229</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other intangible assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(3,435)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,662</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Contract assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(7,878)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(3,244</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,560)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(3,049</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(14)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(3,619</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total deferred tax liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(21,868)</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(22,803</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Net deferred tax (liability) asset</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(1,864)</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">13</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">For the year ended December 31, 2025, the net change in valuation allowance of $5.1 million was comprised of $3.6 million of additions less $0.9 million of reversals, which impacted the effective tax rate. Additional activity included $8.1 million of reversals related to reductions in carryforward amounts and $0.4 million of foreign currency translation adjustments. For the year ended December 31, 2024, the net change in valuation allowance of $2.8 million was comprised of $3.4 million of additions less $0.9 million of reversals, which impacted the effective tax rate. Additional activity included $4.1 million of additions related to an acquisition less $7.5 million of reversals related to reductions in carryforward amounts and $1.9 million of foreign currency translation adjustments. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As of December 31, 2025, the Company had $42.6 million of net operating loss carryforwards (“NOLs”), of which approximately $19.0 million will expire between 2028 and 2046, and the remainder can be carried forward indefinitely. The Company also had interest carryforwards of $43.8 million, of which $10.6 million will expire between 2027 and 2035, and the remainder can be carried forward indefinitely. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As of December 31, 2024, the Company had $42.5 million of NOLs, of which approximately $18.1 million will expire between 2030 and 2042, and the remainder can be carried forward indefinitely. The Company also had interest carryforwards of $75.4 million, of which $19.6 million will expire between 2025 and 2030, and the remainder can be carried forward indefinitely. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company operates and is subject to income taxes in multiple jurisdictions. Income tax return periods from 2020 generally remain open for examination in Norway and periods from 2021 generally remain open for examination in other jurisdictions. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As of December 31, 2025, the Company had undistributed earnings of foreign subsidiaries of $114.5 million, which continue to be indefinitely reinvested. The Company makes a determination each period whether to </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div></div><div><div style="line-height:normal;display: inline;"></div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">indefinitely reinvest these earnings. If, as a result of these reassessments, the Company distributes these earnings in the future, additional tax liabilities could result. No additional income taxes have been provided for any additional outside basis differences inherent in the Company’s foreign subsidiaries, as these amounts continue to be indefinitely reinvested. Determining the amount of unrecognized deferred tax liability related to any additional outside basis differences in these entities is not practicable. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As of December 31, 2025, the Company had approximately $0.8 million of unrecognized tax benefits and does not expect to recognize any significant increases in unrecognized tax benefits during the next twelve-month period. Interest and penalties, in the amount of $0.3 million related to income taxes, are recorded in income tax expense. The total liability recognized for unrecognized tax benefits including interest and penalties is $1.9 million. If recognized, the $0.8 million of unrecognized tax benefits would favorably impact the effective tax rate. During 2025, the aggregate changes in the Company’s total amount of unrecognized benefits are summarized as follows: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">2025</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">2024</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance as of January 1,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">771</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Increases in unrecognized tax benefits - current year positions</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">110</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Increases in unrecognized tax benefits - prior year positions</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">661</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance as of December 31,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">771</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">771</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Organization for Economic <div style="white-space:nowrap;display:inline;">Co-operation</div> and Development has advanced reforms focused on global profit allocation and implementing a global minimum tax rate of at least 15% for large multinational corporations on a <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">jurisdiction-by-jurisdiction</div></div> basis, known as “Pillar Two.” On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan by January 1, 2024. In January 2026, the Organization for Economic <div style="white-space:nowrap;display:inline;">Co-operation</div> and Development issued additional guidance on a <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">side-by-side</div></div> package, which limits the applicability of Pillar Two to U.S. multinational companies. The Company will be subject to Pillar Two beginning in 2026, but it is not expected to materially increase the taxes the Company owes. </div> <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Income tax expense, all of which are foreign, consisted of the following for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Current:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Domestic</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(24,077</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(17,500</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total current tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(24,077</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(17,500</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Deferred:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Domestic</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,390</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(7,033</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total deferred tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(2,390</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(7,033</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Income tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(26,467</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(24,533</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 0 0 -24077000 -17500000 24077000 17500000 0 0 -2390000 -7033000 2390000 7033000 26467000 24533000 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The domestic and foreign components of income before income taxes were as follows for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Domestic</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(43,991</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">(37,697</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">116,581</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">114,186</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Income before income taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">72,590</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">76,489</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> -43991000 -37697000 116581000 114186000 72590000 76489000 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table reconciles the reported income tax expense to the expected income tax expense according to the corporate income tax rate in the Netherlands, the jurisdiction of tax domicile of the Company, for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Income before income taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">72,590</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">76,489</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Statutory income tax rate (25.8%)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(18,728</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(19,734</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Tax effects of:</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Difference between local income tax rate and Dutch income tax rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,506</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,783</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Nondeductible expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(8,588</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(6,812</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Unrecognized tax benefits</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(352</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,560</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Income taxed to U.S. shareholders<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(1) </span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,640</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,612</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Shareholder tax benefit</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(227</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,660</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Change in valuation allowance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,670</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,502</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Change in tax rate</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(356</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Withholding taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,289</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,356</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(403</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(304</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Income tax expense</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(26,467</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(24,533</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(1)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">HMH Holding B.V. (together with its subsidiaries located in the United States and Senegal) is taxed as a partnership for U.S. federal income tax purposes and, therefore, does not recognize U.S. federal income taxes. The shareholders are responsible for the income taxes on their share of the taxable income or loss and are entitled to any available tax credits on their income tax returns. </td></tr></table> 72590000 76489000 0.258 -18728000 -19734000 2506000 2783000 -8588000 -6812000 -352000 -1560000 6640000 7612000 -227000 -1660000 -2670000 -2502000 -356000 0 -4289000 -2356000 -403000 -304000 26467000 24533000 <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Recognized deferred tax assets and liabilities consisted of the following as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:79%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Deferred tax assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net operating loss carryforwards</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">9,330</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">11,144</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest carryforwards</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10,885</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">18,713</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Employee benefit plan liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,207</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">3,490</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Property, plant and equipment</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">249</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,437</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Provisions</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,222</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,777</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Inventories</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,944</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,580</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,420</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total deferred tax asset</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">41,257</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">49,141</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Valuation allowance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(21,253)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(26,325</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total deferred tax asset after valuation allowance</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">20,004</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">22,816</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Deferred tax liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Customer relationships</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(8,981)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(10,229</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other intangible assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(3,435)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,662</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Contract assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(7,878)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(3,244</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Derivative financial instruments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,560)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(3,049</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(14)</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(3,619</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total deferred tax liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(21,868)</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(22,803</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Net deferred tax (liability) asset</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(1,864)</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">13</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 9330 11144 10885 18713 3207 3490 249 2437 7222 4777 8944 8580 1420 0 41257 49141 21253 26325 20004 22816 8981 10229 3435 2662 7878 3244 1560 3049 14 3619 21868 22803 -1864 13 5100000 3600000 900000 8100000 400000 2800000 3400000 900000 4100000 7500000 1900000 42600000 19000000 43800000 10600000 42500000 18100000 75400000 19600000 114500000 800000 300000 1900000 800000 During 2025, the aggregate changes in the Company’s total amount of unrecognized benefits are summarized as follows: <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">2025</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">2024</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance as of January 1,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">771</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Increases in unrecognized tax benefits - current year positions</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">110</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Increases in unrecognized tax benefits - prior year positions</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">661</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Balance as of December 31,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">771</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">771</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 771 0 0 110 0 661 771 771 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">17. Commitments and contingencies </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Restructuring </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company has taken a substantial workforce decrease and reorganization in recent years, driven by the desire to increase efficiency and flexibility and to rationalize its footprint, which involved establishing a new organization structure by converting the “Major Projects and Products” division under ESS to “Product and Innovation, Engineering Disciplines and Product Management.” In January 2025, Company also announced a restructuring plan primarily focused on the reorganization of facilities in Horten and Fornebu, Norway and global workforce reductions. These initiatives are expected to impact 135 individuals, comprising 110 employees in Norway and 25 employees in Germany. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Restructuring and other expenses of $4.6 million were recognized for the year ended December 31, 2025, of which $1.8 million related to the impairment of <span style="white-space:nowrap;display:inline;"><span style="white-space:nowrap;display:inline;">right-of-use</span></span> assets. There were no restructuring expenses recognized for the year ended December 31, 2024. The following table summarizes the changes to the Company’s provision balance for restructuring and other charges for the year ended December 31, 2025: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:91%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of January 1,</div></td> <td style=" BORDER-TOP:2.00pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:bottom">$</td> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:bottom;text-align:right">1,042</td> <td style="BORDER-TOP:2.00pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Additions for costs expensed</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,392</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Reductions for payments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,498</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign currency translation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">149</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of December 31,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">2,085</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Other </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In the normal course of business with customers, vendors and others, the Company has issued various bank guarantees, such as advance payment guarantees, surety bonds, performance guarantees, bid bonds, customs and tax guarantees to guarantee the Company’s performance as it relates to contracts with customers, contract bidding, customs duties, tax appeals and obligations in various jurisdictions. As of December 31, 2025, the Company had outstanding bank guarantees of $30.9 million. As of December 31, 2025, none of these guarantees either has, or is likely to have, a material impact on the Company’s financial position, results of operations or cash flows as the Company expects to comply with the underlying performance requirements. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As of December 31, 2025, the Company had purchase commitments of $88 million for purchasing materials to satisfy the Company’s contractual obligations and that are due within next 24 months. </div> 135 110 25 4600000 1800000 0 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:91%"></td> <td style="vertical-align:bottom;width:4%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of January 1,</div></td> <td style=" BORDER-TOP:2.00pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:bottom">$</td> <td style="BORDER-TOP:2.00pt solid #000000;vertical-align:bottom;text-align:right">1,042</td> <td style="BORDER-TOP:2.00pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Additions for costs expensed</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,392</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Reductions for payments</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,498</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign currency translation</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">149</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Balance as of December 31,</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">2,085</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="4" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 1042 2392000 1498000 149000 2085 30900000 88000000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">18. Related party transactions </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Related party relationships are those involving control (either direct or indirect), joint control or significant influence. Related parties are in a position to enter into transactions with the Company that would not be undertaken between unrelated parties. All transactions with related parties to the Company have been based on arm’s length terms (unless disclosed differently). </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company is a parent company that controls 25 companies around the world. Any transactions between the parent company and the subsidiaries are eliminated in the consolidated financial statements. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company is a joint venture by Akastor and Baker Hughes. The shareholders are Baker Hughes Holdings LLC (50%), Akastor AS (25%) and Mercury HoldCo Inc. (25%). </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The related parties for the Company are the shareholders and the entities in Akastor and Baker Hughes. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth a summary of transactions and balances with significant related parties as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:60%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Baker</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Hughes</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Holdings</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">LLC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Akastor</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">AS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Other</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Baker</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Hughes</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">companies</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Other</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Akastor</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">companies</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Tanajib</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Holding</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Company</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">For the year ended December 31, 2025</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Consolidated statement of income</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">130</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">315</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"> —</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">445</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Interest expense, net</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(8,232</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,986</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(10,218</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">As of December 31, 2025</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Consolidated balance sheet</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Related party accounts receivable</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">424</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">942</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">133</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1,499</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Related party notes receivable—current</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,544</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,109</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">3,653</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Related party notes receivable</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,654</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">24,545</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,405</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">33,604</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Accounts payable—related party</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">102</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">107</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Long-term debt, net—related party</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">112,471</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">31,261</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">143,732</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Other liabilities</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">384</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,907</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">8,291</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:62%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Baker</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Hughes</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Holdings</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">LLC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Akastor</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">AS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Other</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Baker</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Hughes</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">companies</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Other</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Akastor</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">companies</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Tanajib</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Holding</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Company</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">For the year ended December 31, 2024</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Consolidated statement of income</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">3,406</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">132</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">77</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"> —</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">3,615</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Interest expense, net</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(7,616</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,686</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">(9,302</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;">) </div></td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">As of December 31, 2024</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Consolidated balance sheet</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Related party accounts receivable</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,136</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">974</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">222</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">2,332</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Related party notes receivable—current</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,500</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,179</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">3,679</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Related party notes receivable</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,299</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">22,694</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,754</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">31,747</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Accounts payable—related party</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">69</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">124</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">358</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">551</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Long-term debt, net—related party</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">103,767</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">28,143</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">131,910</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Other liabilities</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">514</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,162</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">8,676</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Related party transactions </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Shareholder Notes </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On March 17, 2023, the Company entered into a note with Baker Hughes Holdings LLC and Akastor AS (as amended, the “Shareholder Notes”) whereby the Company extended credit in the principal amount of $3.45 million to Baker Hughes Holdings LLC and $3.49 million to Akastor AS. The Shareholder Notes mature on the earliest to occur of December 18, 2028 or a liquidation event (as defined in the Shareholder Loan Agreement) such as the consummation of HMH Holding Inc.’s initial public offering and accrue interest at a rate of 8.0% per annum. Subject to certain notice requirements, Baker Hughes Holdings LLC and Akastor AS may voluntarily prepay the Shareholder Notes in whole or in part without premium or penalty. There is no right of <div style="white-space:nowrap;display:inline;">set-off</div> against the Shareholder Loans. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Baker Hughes </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial"><div style="font-style:italic;display:inline;">License agreements </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On October 1, 2021, in connection with the formation of the Company, the Company entered into w<div style="display:inline;">orld</div>wide, <div style="display:inline;">ful</div>ly paid, nontransferable and <div style="white-space:nowrap;display:inline;">non-sublicensable</div> license agreements with a subsidiary of Baker Hughes giving the Company a limited right to use the terms Vetco<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">™</div> and VetcoGray<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">™</div> as trademarks on certain products traditionally sold under those trademarks and certain other intellectual property rights relating to certain of Baker Hughes’s intellectual property related to the Subsea Drilling Systems pressure control business that Baker Hughes contributed to the Company at the time of the Company’s formation. The license agreement relating to other intellectual property rights is perpetual in term, and the trademark license agreement relating to use of the terms Vetco<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">™</div> and Vetco Gray<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">™</div> has an initial five-year term that is renewable by the Company for successive five-year terms as long as the trademarks remain in use for the products traditionally sold under those trademarks. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial"><div style="font-style:italic;display:inline;">Remarketing agreement </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">On October 1, 2021, in connection with the formation of the Company, the Company entered into a remarketing agreement with Baker Hughes relating to certain BOPs, their associated control systems and other personal property. Such equipment is currently subject to a lease between two unrelated third parties, and the lessor of such equipment has the right to return such equipment to Baker Hughes at the end of the lease term. In the </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">event such equipment is returned to Baker Hughes, the Company has agreed to provide certain services to Baker Hughes with respect to the sale, leasing or remarketing of such equipment in exchange for reimbursement of <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">out-of-pocket</div></div> costs and expenses. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;font-weight:bold"><div style="font-style:italic;display:inline;">Akastor </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial"><div style="font-style:italic;display:inline;">Step Oiltools </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In connection with the formation of the Company and pursuant to that certain transaction agreement by and between Akastor and Baker Hughes, dated as of March 2, 2021, as amended on April 27, 2021, September 30, 2021 and September 23, 2022 (the “JV Transaction Agreement”), to which the Company became a party pursuant to a joinder agreement dated as of October 1, 2021, and that certain share purchase agreement by and between Akastor AS and MHWirth AS, dated as of October 1, 2021, Akastor and Baker Hughes agreed that the contribution of one of Akastor’s subsidiaries, Step Oiltools, would be made on a delayed basis until certain Russian regulatory approvals were obtained. Subsequently, Step Oiltools’ business activities were significantly impacted by the Russian invasion of Ukraine, and it was decided that Step Oiltools would be liquidated. The parties agreed to cease seeking regulatory approval for the sale and to settle a seller’s credit in the amount of approximately $16.0 million, payable by Akastor to the Company, in exchange for Akastor transferring to the Company the proceeds from the Step Oiltools liquidation. The Company’s management has assessed the expected net proceeds from the liquidation of Step Oiltools during 2023 and does not believe that such proceeds would yield net cash flows equal to the original seller’s credit receivable from Akastor and, as such, recorded a <div style="white-space:nowrap;display:inline;">one-time</div> charge of $16.0 million in 2023. The fair value of the receivable has been remeasured to zero as of December 31, 2025 and 2024. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial"><div style="font-style:italic;display:inline;">Payment of pension benefits </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Pursuant to the JV Transaction Agreement, as part of its contribution to the Company at the time of the Company’s formation, Akastor agreed to pay certain <div style="white-space:nowrap;display:inline;">carved-out</div> pension liabilities existing in MHWirth AS prior to its contribution to the Company until such time as Akastor owns less than 5% of the Company’s equity interests, at which time Akastor will be obligated to pay all estimated remaining and unpaid pension costs. The Company estimated the value of such remaining and unpaid pension costs to be $18.4 million and $18.5 million as of December 31, 2025 and 2024, respectively, and the Company recorded a receivable of $21.4 million and $19.9 million as of December 31, 2025 and 2024, respectively, related to such pension payments from Akastor, which is reduced in line with pension payments to former employees in 2025 and 2024. The difference between unpaid pension costs and receivable is due to the timing of payments made to pensioners and pension payments received from Akastor by the Company. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:Arial"><div style="font-style:italic;display:inline;">Financial guarantees </div></div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">As of December 31, 2025, Akastor had issued financial guarantees of approximately $5.0 million in favor of MHWirth AS, a wholly owned subsidiary of the Company, for fulfillment of certain lease obligations and performance under certain operational support frame agreements. </div><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Indemnification asset </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company obtained an indemnification asset that is related to the pension liabilities Akastor sold to the Company. As a result, Akastor is contractually obligated to indemnify the Company for that specific liability. An asset was recognized at the same time and measured using the same measurement basis as the liability. This ensured that both the asset and the liability were measured on a consistent basis using similar assumptions. </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">After initial recognition, an indemnification asset continues to be measured based on the assumptions used to measure the related liability, subject to management’s assessment of collectability of the asset, limited to the amount of the liability to which it relates. As the receivable offsets the liability movement and thus reflecting that the Company is being compensated for this by Akastor, the pension receivable is also remeasured at each reporting date. Therefore, the receivable is accounted for in a similar way in the consolidated statements of income. The indemnification asset is included in related party notes receivable—current and related party notes receivable on the consolidated balance sheets. </div> 0.50 0.25 0.25 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table sets forth a summary of transactions and balances with significant related parties as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:60%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Baker</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Hughes</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Holdings</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">LLC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Akastor</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">AS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Other</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Baker</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Hughes</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">companies</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Other</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Akastor</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">companies</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Tanajib</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Holding</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Company</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">For the year ended December 31, 2025</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Consolidated statement of income</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">130</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">315</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"> —</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">445</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Interest expense, net</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(8,232</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,986</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">(10,218</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;">) </span></td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">As of December 31, 2025</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Consolidated balance sheet</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Related party accounts receivable</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">424</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">942</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">133</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">1,499</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Related party notes receivable—current</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,544</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,109</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">3,653</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Related party notes receivable</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,654</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">24,545</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,405</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">33,604</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Accounts payable—related party</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">102</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">107</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Long-term debt, net—related party</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">112,471</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">31,261</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">143,732</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Other liabilities</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">384</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">7,907</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">8,291</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:9pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:62%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:8.5pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Baker</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Hughes</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Holdings</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">LLC</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Akastor</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">AS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Other</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Baker</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Hughes</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">companies</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Other</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Akastor</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">companies</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Tanajib</div><div style="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Holding</div><div style="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:Arial;font-weight:bold;text-align:right">Company</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">For the year ended December 31, 2024</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Consolidated statement of income</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Revenue</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">3,406</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">132</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">77</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"> —</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">3,615</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Interest expense, net</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(7,616</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(1,686</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">(9,302</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;">) </div></td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial;font-weight:bold">As of December 31, 2024</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Consolidated balance sheet</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Related party accounts receivable</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,136</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">974</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">222</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">2,332</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Related party notes receivable—current</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,500</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">2,179</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">3,679</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Related party notes receivable</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,299</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">22,694</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">4,754</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">31,747</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Accounts payable—related party</div></td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">69</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">124</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">358</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">551</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Long-term debt, net—related party</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">103,767</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">28,143</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">131,910</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Arial">Other liabilities</div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">514</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,162</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">8,676</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="24" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 0 0 130000 315000 0 445000 -8232000 -1986000 0 0 0 -10218000 0 424000 942000 133000 0 1499000 0 1544000 0 0 2109000 3653000 4654000 24545000 0 0 4405000 33604000 0 0 102000 5000 0 107000 112471000 31261000 0 0 0 143732000 384000 7907000 0 0 0 8291000 0 3406000 132000 77000 0 3615000 -7616000 -1686000 0 0 0 -9302000 0 1136000 974000 0 222000 2332000 0 1500000 0 0 2179000 3679000 4299000 22694000 0 0 4754000 31747000 0 0 69000 124000 358000 551000 103767000 28143000 0 0 0 131910000 514000 8162000 0 0 0 8676000 3450000 3490000 0.08 16 16000000 0.05 18400000 18500000 21400000 19900000 5000000 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">19. Segment information and geographic data </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Operating segments are defined as components of an entity for which separate financial information is available and evaluated on a regular basis by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess performance. As of December 31, 2025 and 2024, the Company had two operating <span style="-sec-ix-hidden:hidden171905787;display:inline;">segments</span>, ESS and PCS. The Company has identified its reportable segments based on the nature of the products and services, markets served and pricing and <span style="white-space:nowrap;display:inline;"><span style="white-space:nowrap;display:inline;">go-to-market</span></span> strategies. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">ESS is a supplier of drilling solutions and complete topside drilling packages and services to both onshore and offshore oil and gas customers. Key product offerings consist of overhaul, equipment installation and commissioning, services account management, 24/7 technical support, logistics, engineering upgrades, spare parts supply and training and condition-based maintenance. The ESS segment is derived from the acquisition of MHWirth AS. </div></td></tr></table><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left">•</td> <td style="width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left"><div style=" margin-top:0pt ; margin-bottom:0pt; font-family:Arial; font-size:10pt;text-align:left">PCS is a supplier of integrated drilling products and services. Key product offerings consist of BOP systems, controls and drilling riser equipment, spare parts supply for rig operations and maintenance programs, overhaul and recertification and reactivation of rigs and technical and operational rig support. The PCS segment is derived from the acquisition of Subsea Drilling Systems. </div></td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">In addition to its reportable segments, the Company has corporate operations (Headquarters) which include general corporate expenses. Headquarters includes certain corporate stewardship items discussed below necessary to reconcile the reportable segments to the Company’s total amounts. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The CODM, who is the company’s <span style="display:inline;"><span style="-sec-ix-hidden:hidden171905090;display:inline;">Chief Executive Officer</span></span>, uses segment operating income as the primary financial measure to evaluate segment performance. Segment operating income is defined as income before taxes (excluding certain corporate stewardship costs which are not allocable to the segments, such as legal, certain corporate finance functions and centrally managed initiatives, other <span style="white-space:nowrap;display:inline;">non-operating</span> items, and depreciation and amortization related to certain long-lived assets, including the headquarters office space), net other operating expenses (income), net foreign currency gain/(loss), net other <span style="white-space:nowrap;display:inline;">non-operating</span> income (loss), and net interest income (expense). Inter-segment pricing is determined on an arm’s length basis. The CODM uses segment operating income in the budget and forecasting process and to monitor budget versus actual results, which are used in assessing the performance of the segments and to allocate resources to the segments. </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">Segment assets are not reported to, or used by, the CODM to allocate resources to or assess performance of the Company’s segments. </div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the reconciliation of reportable segment revenue for the year ended December 31, 2025: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue from external customers</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">438,553</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">383,201</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">821,754</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Intersegment revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">15,252</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11,667</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">26,919</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total segment revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">453,805</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">394,868</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">848,673</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Elimination of intersegment revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(26,919</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total consolidated revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">821,754</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the reconciliation of segment performance for the year ended December 31, 2025: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:67%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue from external customers<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">438,553</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">383,201</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Cost of sales</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(303,314</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(237,721</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Selling, general and administrative expenses<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(b)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(71,121</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(46,142</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Research and development expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,165</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(648</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Restructuring and other expenses<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(c)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,239</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(392</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Depreciation and amortization<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(b)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(10,218</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(27,012</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total segment operating income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">47,496</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">71,286</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">118,782</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Unallocated corporate costs<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(d)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(10,893</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign currency income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,790</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other <span style="white-space:nowrap;display:inline;">non-operating</span> income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,263</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest expense, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(43,352</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Income before income taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">72,590</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the reconciliation of reportable segment revenue for the year ended December 31, 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">ESS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">PCS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue from external customers<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">443,189</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">400,174</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">843,363</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Intersegment revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,489</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10,115</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">15,604</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total segment revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">448,678</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">410,289</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">858,967</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Elimination of intersegment revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(15,604</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total consolidated revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">843,363</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div></div><div><div style="line-height:normal;display: inline;"></div></div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the reconciliation of segment performance for the year ended December 31, 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:67%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">ESS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">PCS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue from external customers<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">443,189</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">400,174</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">843,363</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Cost of sales</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(313,838</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(223,169</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Selling, general and administrative expenses<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(b)</div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(72,015</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(63,355</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Research and development expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,268</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,799</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Restructuring and other expenses<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(c)</div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">301</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Depreciation and amortization<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(b)</div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(9,236</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(27,428</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total segment operating income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">46,133</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">81,423</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">127,556</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Unallocated corporate costs<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(d)</div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(8,942</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign currency loss</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(5,293</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other <div style="white-space:nowrap;display:inline;">non-operating</div> income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">423</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest expense, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(37,255</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Income before income taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">76,489</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">As the CODM does not regularly review intersegment revenue, it is excluded from the determination of total segment operating income. The CODM uses revenue from external customers to assess performance and allocate resources. </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(b)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Depreciation and amortization expense is included in the consolidated statements of income within cost of sales and selling, general and administrative expenses. </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(c)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Restructuring and other expenses consist of severance costs primarily related to workforce reductions and reorganization within ESS and impairment of <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">right-of-use</div></div> assets. </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(d)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Unallocated corporate costs include certain corporate stewardship costs that are not allocable to the segments, consisting of centralized finance costs of $8.1 million and $7.0 million for the years ended December 31, 2025 and 2024, respectively, and other corporate expenses of $2.7 million and $1.9 million for the years ended December 31, 2025 and 2024, respectively. </td></tr></table><div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">Geographical information </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents consolidated revenue disaggregated by geography on an entity basis for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">United States</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">301,448</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">304,262</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Norway</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">203,012</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">206,155</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Germany</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">100,285</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">99,453</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">United Kingdom</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">49,863</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">73,381</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Singapore</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">28,278</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">45,425</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Saudi Arabia</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">27,795</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">19,314</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">United Arab Emirates</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">27,584</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">19,904</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Brazil</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">25,561</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">31,827</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Azerbaijan</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">20,789</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">20,754</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Australia</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">14,526</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10,767</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Canada</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13,843</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other countries</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,770</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12,121</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">821,754</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">843,363</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents long-lived assets on the basis of geographic location as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">2025</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">2024</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Headquarters (Netherlands)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">57,794</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">59,199</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">United States</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">85,904</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">89,767</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Norway</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">38,570</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">25,132</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Brazil</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">28,723</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">25,211</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Germany</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17,289</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17,041</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other countries</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">21,277</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17,007</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total long-lived assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">249,557</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">233,357</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 2 2 the Company has corporate operations (Headquarters) which include general corporate expenses. The CODM uses segment operating income in the budget and forecasting process and to monitor budget versus actual results, which are used in assessing the performance of the segments and to allocate resources to the segments. <div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the reconciliation of reportable segment revenue for the year ended December 31, 2025: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue from external customers</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">438,553</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">383,201</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">821,754</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Intersegment revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">15,252</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">11,667</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">26,919</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total segment revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">453,805</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">394,868</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">848,673</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Elimination of intersegment revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(26,919</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total consolidated revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">821,754</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the reconciliation of reportable segment revenue for the year ended December 31, 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:70%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">ESS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">PCS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue from external customers<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">443,189</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">400,174</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">843,363</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Intersegment revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">5,489</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10,115</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">15,604</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Total segment revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">448,678</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">410,289</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">858,967</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Elimination of intersegment revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(15,604</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total consolidated revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">843,363</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 438553000 383201000 821754000 -15252000 -11667000 -26919000 453805000 394868000 848673000 -26919000 821754000 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the reconciliation of segment performance for the year ended December 31, 2025: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:67%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">ESS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">PCS</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">Total</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue from external customers<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">438,553</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">383,201</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Cost of sales</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(303,314</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(237,721</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Selling, general and administrative expenses<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(b)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(71,121</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(46,142</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Research and development expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,165</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(648</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Restructuring and other expenses<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(c)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,239</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(392</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Depreciation and amortization<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(b)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(10,218</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(27,012</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total segment operating income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">47,496</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">71,286</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">118,782</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Unallocated corporate costs<span style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(d)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(10,893</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign currency income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">6,790</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other <span style="white-space:nowrap;display:inline;">non-operating</span> income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,263</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest expense, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(43,352</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Income before income taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">72,590</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents the reconciliation of segment performance for the year ended December 31, 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:67%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">ESS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">PCS</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">Total</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Revenue from external customers<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(a)</div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">443,189</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">400,174</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">843,363</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Cost of sales</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(313,838</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(223,169</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Selling, general and administrative expenses<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(b)</div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(72,015</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(63,355</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Research and development expenses</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(2,268</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(4,799</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Restructuring and other expenses<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(c)</div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">301</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Depreciation and amortization<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(b)</div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(9,236</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(27,428</td> <td style="white-space:nowrap;vertical-align:bottom">) </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total segment operating income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">46,133</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">81,423</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">127,556</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="9" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Unallocated corporate costs<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">(d)</div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(8,942</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Foreign currency loss</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(5,293</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other <div style="white-space:nowrap;display:inline;">non-operating</div> income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">423</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Interest expense, net</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">(37,255</td> <td style="white-space:nowrap;vertical-align:bottom">) </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Income before income taxes</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">76,489</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="12" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(a)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">As the CODM does not regularly review intersegment revenue, it is excluded from the determination of total segment operating income. The CODM uses revenue from external customers to assess performance and allocate resources. </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(b)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Depreciation and amortization expense is included in the consolidated statements of income within cost of sales and selling, general and administrative expenses. </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(c)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Restructuring and other expenses consist of severance costs primarily related to workforce reductions and reorganization within ESS and impairment of <div style="white-space:nowrap;display:inline;"><div style="white-space:nowrap;display:inline;">right-of-use</div></div> assets. </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:7.5pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:2%;vertical-align:top;text-align:left">(d)</td> <td style="font-size:8pt;width:1%;vertical-align:top"> </td> <td style="vertical-align:top;text-align:left">Unallocated corporate costs include certain corporate stewardship costs that are not allocable to the segments, consisting of centralized finance costs of $8.1 million and $7.0 million for the years ended December 31, 2025 and 2024, respectively, and other corporate expenses of $2.7 million and $1.9 million for the years ended December 31, 2025 and 2024, respectively. </td></tr></table> 438553000 383201000 303314000 237721000 71121000 46142000 2165000 648000 4239000 392000 -10218000 -27012000 47496000 71286000 118782000 10893000 6790000 1263000 43352000 72590000 443189000 400174000 843363000 -5489000 -10115000 -15604000 448678000 410289000 858967000 -15604000 843363000 443189000 400174000 843363000 313838000 223169000 72015000 63355000 2268000 4799000 -301000 0 -9236000 -27428000 46133000 81423000 127556000 8942000 -5293000 423000 37255 76489000 8100000 7000000 2.7 1.9 <div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents consolidated revenue disaggregated by geography on an entity basis for the years ended December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">United States</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">301,448</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">304,262</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Norway</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">203,012</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">206,155</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Germany</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">100,285</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">99,453</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">United Kingdom</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">49,863</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">73,381</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Singapore</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">28,278</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">45,425</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Saudi Arabia</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">27,795</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">19,314</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">United Arab Emirates</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">27,584</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">19,904</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Brazil</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">25,561</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">31,827</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Azerbaijan</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">20,789</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">20,754</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Australia</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">14,526</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10,767</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Canada</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">13,843</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other countries</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">8,770</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">12,121</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total revenue</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">821,754</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">843,363</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial;text-align:center"> </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The following table presents long-lived assets on the basis of geographic location as of December 31, 2025 and 2024: </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">2025</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">2024</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Headquarters (Netherlands)</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">57,794</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">59,199</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">United States</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">85,904</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">89,767</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Norway</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">38,570</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">25,132</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Brazil</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">28,723</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">25,211</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Germany</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17,289</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17,041</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Other countries</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">21,277</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">17,007</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Total long-lived assets</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">249,557</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style="font-weight:bold;display:inline;">$</div></td> <td style="vertical-align:bottom;text-align:right"><div style="font-weight:bold;display:inline;">233,357</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-weight:bold;display:inline;"> </div></td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 301448000 304262000 203012000 206155000 100285000 99453000 49863000 73381000 28278000 45425000 27795000 19314000 27584000 19904000 25561000 31827000 20789000 20754000 14526000 10767000 13843000 0 8770000 12121000 821754000 843363000 57794 59199 85904 89767 38570 25132 28723 25211 17289 17041 21277 17007 249557 233357 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">20. Earnings per share </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">For purposes of calculating earnings per share, Class A ordinary shares and Class B ordinary shares are identical. Therefore, the Company has calculated basic earnings per share on the basis of 200 shares. Basic earnings per ordinary share is calculated by dividing the net income attributable to the Company during the period by the weighted average number of ordinary shares outstanding during the same period. There are no adjustments required to be made to net income or the ordinary shares outstanding for purposes of computing basic and diluted earnings per share. </div><div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Numerator <span style="font-style:italic;display:inline;">(in thousands)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">46,123</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">51,956</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Less: Net income attributable <span style="white-space:nowrap;display:inline;">to non-controlling interests</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">669</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">738</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Net income attributable to HMH Holding B.V.</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">45,454</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">51,218</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Denominator</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Weighted average ordinary shares—basic and diluted <span style="font-style:italic;display:inline;">(actual shares)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">200</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">200</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"></div><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"></div><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Earnings per ordinary shares—basic and diluted<span style="font-style:italic;display:inline;"> (actual)</span></div><div></div><div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">227,270</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">256,090</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> There are no adjustments required to be made to net income or the ordinary shares outstanding for purposes of computing basic and diluted earnings per share. <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:Arial; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td> <td colspan="4" style="BORDER-TOP:2.00pt solid #000000;height:3pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:9pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2025</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">2024</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Numerator <span style="font-style:italic;display:inline;">(in thousands)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Net income</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">46,123</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">51,956</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Less: Net income attributable <span style="white-space:nowrap;display:inline;">to non-controlling interests</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">669</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">738</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial;font-weight:bold">Net income attributable to HMH Holding B.V.</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">45,454</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><span style="font-weight:bold;display:inline;">$</span></td> <td style="vertical-align:bottom;text-align:right"><span style="font-weight:bold;display:inline;">51,218</span></td> <td style="white-space:nowrap;vertical-align:bottom"><span style="font-weight:bold;display:inline;"> </span></td></tr> <tr style="font-size:1pt"> <td style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td> <td colspan="4" style="height:3.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Denominator</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Weighted average ordinary shares—basic and diluted <span style="font-style:italic;display:inline;">(actual shares)</span></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">200</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">200</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td colspan="5" style="vertical-align:bottom"><div style=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:Arial; font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"></div><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial"></div><div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Arial">Earnings per ordinary shares—basic and diluted<span style="font-style:italic;display:inline;"> (actual)</span></div><div></div><div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">227,270</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom">$</td> <td style="vertical-align:bottom;text-align:right">256,090</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px; font-family:Arial; font-size:10pt"> <td colspan="8" style="vertical-align:top"><div style=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00px solid #000000"> </div></td> <td> </td></tr></table> 46123000 51956000 669000 738000 45454000 51218000 200000 200000 200000 200000 227270 227270 256090 256090 <div style="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Arial;font-weight:bold">21. Subsequent events </div><div style="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Arial">The Company evaluated subsequent events through March 4, 2026, the date that the consolidated financial statements were available to be issued. </div> The fair value (Level 3) of the seller’s receivable against Akastor AS on proceeds from the sales or liquidation of Step Oiltools B.V. (“Step Oiltools”) has been remeasured to zero as of December 31, 2025 and 2024. ESS segment includes purchase price adjustment of $0.8 million, related to working capital measurement period adjustments for Deep Blue acquisition. See Note 2—“Business Combinations” for more information. Goodwill associated with the 2024 Drillform acquisition was assigned to PCS segment and the 2025 Deep Blue acquisition was assigned to ESS segment. The PCS segment in 2025 includes purchase price adjustment of $1.9 million, net of deferred tax assets, related to remeasurement of warranty liabilities for the Drillform acquisition. See Note 2—“Business combinations” for more information. Product revenue includes related party revenue. Costs of future estimated expenditures for environmental remediation liabilities are not discounted to their present value due to the timing of the future expenditures not being reliably determinable. The environmental remediation liability is related to two plants. The contingent consideration consists of deferred payments by the Company to the acquiree’s prior equity holders for three years, contingent on meeting specific earnings and operational targets. Unallocated corporate costs include certain corporate stewardship costs that are not allocable to the segments, consisting of centralized finance costs of $8.1 million and $7.0 million for the years ended December 31, 2025 and 2024, respectively, and other corporate expenses of $2.7 million and $1.9 million for the years ended December 31, 2025 and 2024, respectively. Depreciation and amortization expense is included in the consolidated statements of income within cost of sales and selling, general and administrative expenses. Restructuring and other expenses consist of severance costs primarily related to workforce reductions and reorganization within ESS and impairment of right-of-use assets. As the CODM does not regularly review intersegment revenue, it is excluded from the determination of total segment operating income. The CODM uses revenue from external customers to assess performance and allocate resources. HMH Holding B.V. (together with its subsidiaries located in the United States and Senegal) is taxed as a partnership for U.S. federal income tax purposes and, therefore, does not recognize U.S. federal income taxes. The shareholders are responsible for the income taxes on their share of the taxable income or loss and are entitled to any available tax credits on their income tax returns. The weighted-average amortization period for developed technology and customer relationships is 5 years and 2 years, respectively.