Slides
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The Rooftop at 1333 Broadway Sol de Janeiro at One Grand Central Place Multi - Purpose Space at the Empire State Building North 6 th Street Collection Williamsburg, Brooklyn Lounge and Town Hall at 1400 Broadway 111 W. 33 rd Street Empire Lounge at the Empire State Building CLA at One Grand Central Place 130 Mercer Empire State Building Investor Presentation November 2026
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2 | 24 3Q26 Highlights 3Q26 Highlights ESRT Overview ESRT Overview ESRT Property Sector Highlights ESRT Property Sector Highlights Appendix Appendix Contents
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FFO Core FFO per share of $0.20 • Same - Store Property Cash NOI +0.5% year - over - year and +1.9% adjusted for non - recurring items and previously disclosed FDIC expir ation, which was pre - leased 2026 Core FFO per share guidance increased to $0.77 - $0.80 from $0.75 - $0.79 • Includes share repurchases to date and sale of 1359 Broadway • SS Property Cash NOI increased to +1.75% to +2.25% from (1.5%) to +2.0% • Year - end occupancy unchanged at 90 - 92%; incorporates temporary downtime for pre - leased space • 5 - 10% reduction in run - rate G&A by year - end 2026 relative to 2025 Office & Retail Strong leasing momentum • 95.6% leased and 92.3% occupied commercial portfolio • +9.9% positive mark - to - market on office leases (21 st consecutive quarter of positive spreads) • 189k sf leased in 3Q • 9.5 - year average duration for new leases executed in 3Q ESB Observation Deck Maintain framework offered on 2Q26 earnings call • 3Q NOI $15.6M with continued weakness • New York City’s destination attraction game has changed, and we have work to do • No change to framework of $55M of Observation Deck NOI introduced in 2Q Capital Allocation Continued focus to grow cash flow and maintain balance sheet strength and flexibility • Subsequent to quarter - end, completed the disposition of 1359 Broadway for $217.5 million • Repurchased $85.8 million of common stock at a weighted average price of $4.56 per share year - to - date through November 2 nd , 2026 • A portion of the disposition proceeds will also be used to paydown debt and maintain balance sheet strength • Net debt to adjusted EBITDA of 6.7x, $0.6B liquidity at quarter - end and no unaddressed debt maturity until March 2029 3Q26 Highlights 3 | 24 ESRT HIGHLIGHTS
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ESRT Overview 4 | 24
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Why ESRT? Empire State Building One Grand Central Place 111 W. 33 rd 1333 Broadway 130 Mercer 1400 Broadway 10 Union Square East Retail ESRT OVERVIEW Diversified NYC Portfolio • Benefits from “live, work, play, visit” trends • Focus on cost control, leaner and more efficient management, cash flow growth • Exited weaker properties, invested in cash flow growth, and repurchased shares • ESRT leasing momentum continues with 21 consecutive quarters of mark - to - market office rent growth • G&A run rate by year - end 2026 down 5 - 10% relative to 2025; additional cost reduction initiatives underway Competitive Advantages • Strong and flexible balance sheet • Top - of - tier office spaces with no new competitive supply • Leadership in sustainability • Service - oriented landlord 5 | 24 High - Quality Office: Modernized Amenitized Energy Efficient Near Mass Transit Well - Positioned Retail and Residential Backed by Attractive Demographics 298 Mulberry North 6 th Street Collection
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Pro - Forma NOI 1 60% 16% 18% 6% Desirable Portfolio with Cash Flow Upside ESRT OVERVIEW 6 | 24 Office ESB Observation Deck Retail Multifamily Diversified NYC Portfolio Office • 6.6M SF Manhattan portfolio • 60% of NOI • Breaks - out base retail from NYC office • Pro - Forma for disposition of 1359 Broadway ESB Observation Deck • Ranked #1 attraction in the U.S. by TripAdvisor in 2026 • 16% of NOI • No change to the $55M NOI framework offered in our 2Q26 earnings call and press release Retail • 0.7M SF portfolio in Manhattan and on North 6 th Street in Williamsburg, Brooklyn • Inclusive of retail space at the base of our office buildings • 18% of NOI Multifamily • 743 units located primarily in Manhattan and majority free market • 6% of NOI
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Well - Laddered Debt Maturity Schedule ($M) 4 – No Unaddressed Maturity Until March 2029 Pro - forma for Jan 2027 $245M Delayed Draw Term Loan Net Debt / Adj. EBITDA 1 6.7x vs. Peers 3 10.1x Secured Debt % 2 20% vs. Peers 3 66% Flexibility • Lowest leverage among peers • Well - laddered debt maturity schedule • High - quality, largely unencumbered, 100% owned portfolio provides substantial optionality going forward Optionality • Operational runway • Recycle capital • Repurchase shares • External growth $70 $115 $155 $285 $220 $230 $275 $30 $31 $44 $318 $95 $245 $245 $100 2027 2028 2029 2030 2031 2032 Thereafter Unsecured Private Placement Mortgages Term Loan Revolving Credit Facility $350 $593 $465 $329 $475 $100 $146 Jan 2027 $245M delayed draw term loan Balance Sheet Maintenance COMPETITIVE ADVANTAGES 7 | 24 To be addressed with $245M delayed draw term loan
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Improved Portfolio Quality and Cash Flow • ~$140M Cumulative CAPEX Reduction from Capital Recycling (2025 – 2030E 1 ) • ~$100M Cumulative Incremental Cash Flow from Capital Recycling (2025 – 2030E 2 ) • Strategic capital allocation with continued focus on balance sheet strength and flexibility Refocused Portfolio to Drive Cash Flow Growth Long - term plan to drive value per share growth COMPETITIVE ADVANTAGES 8 | 24 2020 2021 2022 2023 2024 2025 2026 2020 - 2025 • $302M of share repurchases 2021 - 2025 • Exited low / no growth suburban assets • Acquired high - quality NYC multifamily and retail assets with superior cash flow growth 2026 • Sold 250 West 57 th Street and 1359 Broadway • Redeployed tax - efficiently into 130 Mercer • $85.8M of share repurchases through November 2 nd , 2026 • Acquired land under 1.7 million square feet of formerly leased property, enhanced shareholder value
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ESRT Property Sector Highlights 9 | 24
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One - Seat Commute All properties are near mass transit and majority are one - seat commutes Prime Locations, Well - Located Near Mass Transit OFFICE Aligned with Tenant Priorities Transit proximity and amenities drive office space decisions and serve as an employee recruitment and retention tool for tenants Campus Portfolio Proximity creates valuable synergies and shared amenities 10 | 24
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Neighborhood Amenities Proximity to Mass Transit Restaurants, Leisure, Shopping Broadway Plaza Madison Square Park In Building Amenities Usable Terraces Food and Beverage Options Fitness/ Wellness Facilities Town Halls/ Conference Centers Tenant Lounges Multi - Sport Court (basketball, pickleball) Golf Simulators Rooftop Lounges Tip: Click the ‘Play Arrow’ for videos OFFICE Robust Amenity Offering 11 | 24 Golf Simulators at the Empire State Building Fitness Club at the Empire State Building Lounge at the Empire State Building Icon Description automatically generated 10K SF Multi - Purpose Space at the Empire State Building 5k+ SF Rooftop at 1333 Broadway Icon Description automatically generated Lounge at 1400 Broadway Rooftop and Penthouse Lounge at 501 Seventh Ave Town Hall at 1400 Broadway Icon Description automatically generated
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Cumulative Growth from Tenant Expansions 1 "Our move to one of New York City's most iconic landmarks is a reflection of UTA's continued growth and our long - term commitment to New York as a global epicenter of culture, creativity, and business… This new office reflects the scale of our ambitions and positions us to continue building the future of talent, media, sports, and brand representation,” — Bob Roback, COO, United Talent Agency (UTA) “When clients find out we’re in the Empire State Building , the meeting location stops being a question. They want to come to us. It’s the type of office where ‘meet me here’ feels like an invitation, not a request. Visitors pull out their phones the moment they step in and say, ‘I need a photo.’ When clients and colleagues come through, we’re reminded how iconic this building is because we get to see it through their eyes again.” — Greg Kelly, CEO, STV “ One Grand Central Place’s unmatched location and office environment have created an ideal headquarters for GLG to convene the world’s leading experts and clients. We are pleased to continue our long - term partnership with ESRT and see our company continue to grow and thrive at OGCP.” — Gemma Postlethwaite, CEO, GLG “We were drawn to 1350 Broadway for its access to ESRT’s Broadway Campus’s state - of - the - art amenities and unbeatable location , right in the heart of New York City’s dynamic tech scene. We are thrilled to join the ESRT community in which innovation and technology are prioritized.” — Lionel Bensoussan, Executive VP, Americas, Equativ Square Footage Number of Expansion Transactions 26 135K 49 295K 90 650K 108 743K 132 902K 163 1.2M 204 1.6M 217 1.9M 232 2.2M 258 2.5M 277 2.6M 327 3.4M 299 3.0M 0 2013 2,400,000 2,000,000 1,600,000 1,200,000 800,000 400,000 280 240 200 160 120 80 40 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2,800,000 320 3,200,000 2026 2024 2025 317 3.2M 3,400,000 360 Why Tenants Choose ESRT OFFICE 12 | 24
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Prime top - of - tier assets attract top quality tenants 1 Strong & Diverse Tenant Mix OFFICE 13 | 24 Tenant Industries 23% 17% 24% 11% 12% 8% 5% Technology, Media and Advertising Finance, Insurance, Real Estate Consumer Products Other Professional Services Legal Services Non-Profit
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Turnaround commenced Empire State Building Observation Deck ESB OBSERVATION DECK (ESBOD) 14 | 24 • Empire State Building is a globally recognized brand with a top - tier office building and an iconic visitor experience • ESBOD historically strong operations : • From 2001 to 2019, revenue grew from $25M to $129M • Redevelopment completed in 2019 • Temporary closure due to Covid in 2019 followed by rebound and full NOI recovery by 2024 • New York City’s destination attraction game has changed, and we have work to do • Opportunity to diversify the customer base, redefine the revenue model, and translate strengths into improved operating performance and cash flow Observation Deck Annual Revenue ($M) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM 1 (3Q26) 0 $140 $120 $100 $80 $60 $40 $20 Edge Observation Deck Opens. COVID closure 3/16 - 7/20 Summit Observation Deck Open; U.S. Reopens to Int’l Travelers 11/8 One World Observation Deck Opens Change in cross ocean inbound tourism 9/11 Top of the Rock Reopens Financial Crisis Hits 9/11 Museum Opens
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Top 10 Retail Tenants 1 % of Annual Retail FER % of Retail Square Footage 1. 16.2% 3.0% 2. 8.9% 11.2% 3. 8.0% 4.7% 4. 7.8% 7.8% 5. 3.6% 1.8% 6. 3.5% 2.9% 7. 2.9% 3.9% 8. 2.8% 3.0% 9. 2.5% 4.2% 10. 2.3% 1.9% Retail RETAIL 15 | 24 Defensively Positioned with Upside 92% National Retailers Resilient Everyday Retail Destination Locations High Density Foot Traffic Near Mass Transit 8.0 years Weighted Average Lease Term Top - Quality Retail Tenants: starbucks reserve online shop Cheap - OFF 62% starbucks reserve online shop Cheap - OFF 62% starbucks reserve online shop Cheap - OFF 62%
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ESRT Owned ESRT 1Q26 Acquisition Prime Retail Portfolio on North 6 th Street in Williamsburg, Brooklyn RETAIL Investment Thesis Upside Opportunities • Built on ESRT’s core strength in urban retail • Achieved scale in a supply - constrained market • Sustainable cash flow growth • Prime retail locations, including key corners, with high foot traffic • Dense population with strong demographics • Premium tenant mix • Significant mark - to - market over time • Lease up of vacancy • Unencumbered, long - term optionality on capital structure 16 | 24 Strong Growth Destination Shopping in Strong Market
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Low vacancy and minimal new supply supports rental growth Multifamily MULTIFAMILY 298 Mulberry Street Mulberry Street and East Houston Street 345 E 94th Street 94th Street Between 1 st & 2 nd Avenue Hudson Landing 41st Street and 10th Avenue Just North of Hudson Yards and Manhattan West 96 Units, 100% Free Market 208 Units, Majority Free Market 417 Units, Majority Free Market Studio, 1BR, 2BR Fitness Center Studio, 1BR, 2BR Resident Lounge Studio, 1BR, 2BR Resident Lounge 24 - Hour Doorman Resident Lounge 24 - Hour Doorman Fitness Center 24 - Hour Doorman Outdoor Terraces Subway Lines: B, D, F, M & 6 Retail Space Leased To CVS 2nd Avenue Subway Q Line Parking Retail Space Leased To CVS Fitness Center with Half - Court Basketball & Pickleball Parking Roof Deck Outdoor Terrace Parking Roof Deck 17 | 24
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Appendix Experienced and Aligned Management Experienced and Aligned Management Sustainability Leadership Sustainability Leadership Reconciliation of Non-GAAP Measures Reconciliation of Non - GAAP Measures Footnotes Footnotes Disclaimer Disclaimer 18 | 24
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Management team has a deep understanding of NYC market, real estate and capital markets Experienced and Aligned Management MEET THE TEAM 19 | 24 Anthony E. Malkin Steve Horn Christina Chiu Chairman and Chief Executive Officer 38 years with ESRT 38 years in industry A.B. from Harvard College President 7 years with ESRT 24 years in industry B.S. from NYU Stern School of Business Executive Vice President, Chief Financial Officer 6 years with ESRT 19 years in industry B.A. & MS from Michigan State University Ryan Kass Executive Vice President, Co - Head and Chief Revenue Officer of Real Estate 13 years with ESRT 23 years in industry B.S. from Cornell University, MS in Real Estate from NYU and MBA from Columbia Business School Jackie Renton Executive Vice President, Co - Head and Chief Operating Officer of Real Estate Joined ESRT in 2025 21 years in industry B.S.E. from Duke University, MBA from The Wharton School at the University of Pennsylvania
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Our Chairman and CEO, Anthony E. Malkin is a recognized leader on sustainability initiatives for our local and national community. • Chairman of the Real Estate Roundtable Sustainability Policy Advisory Committee • Was sole commercial owner member of NYC's Dept of Buildings Local Law 97 Implementation Advisory Board and Co - Chair of LL97 Commercial Buildings Working Group Click Here: ESRT 2025 Corporate Sustainability Report | Empire Building Playbook Sustainability Leadership 20 | 24 Our Director of Energy and Sustainability, SVP Dana Schneider serves on: • Real Estate Round Table Sustainability Policy Advisory Committee • Urban Green Council Board of Directors • Sole commercial owner member of NYC Sustainability Advisory Board • REBNY Sustainability Committee • NYCECC Advisory Committee • The Clean Fight and REBNY PropTech Judge Our President, Christina Chiu served on: • NYC Building Decarbonization and Climate Finance Task Force • Led by NYC Economic Development Corporation (NYC - EDC) and NYU Stern’s Chen Institute • Supported by Mayor’s Office for Climate and Environmental Justice (MOCEJ) and NYSERDA Achievements and Engagement ✓ Real Estate Roundtable Sustainability Policy Advisory Committee (chair & committee member) ✓ NYC Mayor’s Carbon Challenge ✓ REBNY Sustainability Committee ✓ NAREIT Real Estate Sustainability Committee ✓ Urban Green Board of Directors Achieved highest possible GRESB 5 Star Rating for six consecutive years Validate emission reduction targets consistent with 1.5ºC climate scenario Owner’s Guide to Low Carbon Retrofits Fitwel Champion 86% of NYC Portfolio 100% of portfolio is WELL Health - Safety and WELL Equity rated First in Americas Partner of the Year Sustained Excellence 2023 - 2024 Partner of the Year 2020 - 2022 Selected to participate in LEED v5 beta program Empire State Building LEED v4.1 Gold
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Reconciliation of Non - GAAP Measures 21 | 24 Reconciliation of Net Income (Loss) to Cash NOI and Same Store Cash NOI1 September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net income (loss) $ 5,895 $ (39,554) $ 2,995 $ 32,172 $ 13,645 Add: General and administrative expenses 17,174 25,123 18,093 18,474 18,743 Depreciation and amortization 46,661 50,389 50,219 50,566 47,615 Interest expense 27,883 27,805 28,137 25,880 25,189 Loss on early extinguishment of debt — — — 97 — Goodwill impairment charge — 166,113 — — — Income tax expense (benefit) 1,875 (767) (1,062) 1,054 1,645 Less: Loss (gain) on disposition of property 1,125 (124,622) — (21,848) — Third-party management and other fees (277) (268) (277) (240) (404) Interest income (967) (1,575) (613) (1,949) (1,146) Net operating income 99,369 102,644 97,492 104,206 105,287 Straight-line rent (7,287) (12,340) (7,209) (4,320) (4,688) Above/below-market rent revenue amortization (394) (384) (670) (737) (821) Amortization of below-market ground leases 426 1,249 1,958 1,958 1,957 Total cash NOI - including Observatory and lease termination fees 92,114 91,169 91,571 101,107 101,735 Less: Observatory NOI (15,604) (12,430) (10,642) (24,445) (26,527) Less: cash NOI from non-Same Store properties (9,843) (12,571) (14,668) (11,294) (8,882) Total Same Store property cash NOI - including lease termination fees 66,667 66,168 66,261 65,368 66,326 Less: Lease termination fees — — (1,356) — — Total Same Store property cash NOI - excluding Observatory and lease termination fees $ 66,667 $ 66,168 $ 64,905 $ 65,368 $ 66,326
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Reconciliation of Non - GAAP Measures 22 | 24 Three Months Ended1 Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net income (loss) $ 5,895 $ (39,554) $ 2,995 $ 32,172 $ 13,645 Interest expense 27,883 27,805 28,137 25,880 25,189 Income tax expense (benefit) 1,875 (767) (1,062) 1,054 1,645 Depreciation and amortization 46,661 50,389 50,219 50,566 47,615 EBITDA 82,314 37,873 80,289 109,672 88,094 Loss (gain) on disposition of property 1,125 (124,622) — (21,848) — Goodwill impairment charge — 166,113 — — — Adjusted EBITDA $ 83,439 $ 79,364 $ 80,289 $ 87,824 $ 88,094 Three Months Ended1 Twelve Months to Date September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 Rental revenue $ 564,580 $ 138,440 $ 142,888 $ 144,296 $ 138,956 Tenant expense reimbursement 88,378 23,526 22,278 21,809 20,765 Deduct: Straight-line rental revenues (31,156) (7,287) (12,340) (7,209) (4,320) Above/below-market rent revenue amortization (2,185) (394) (384) (670) (737) Total cash revenues $ 619,617 $ 154,285 $ 152,442 $ 158,226 $ 154,664
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Page 6 • 1 - Figures are LTM as of September 30, 2026, adjusted pro - forma for: (1) break - out of base retail from NYC office, (2) disposit ion of 1359 Broadway, (3) $55M of annual Observation Deck NOI for illustrative framework purposes, and (4) projected year - 1 NOI contribution from 130 Mercer Street. Page 7 • 1 - Adjusted EBITDA is calculated on a trailing twelve - month basis. • 2 - Reflects the Company’s secured debt as of September 30, 2026. • 3 - Peer group includes BXP and SLG as of September 30, 2026, and DEI, HPP, JBGS, and VNO as of June 30, 2026. • 4 - Debt maturity schedule reflects the Company’s debt and excludes regularly scheduled amortization as of September 30, 2026, a djusted pro - forma for the January 2027 $245M delayed draw term loan. Page 8 • 1 - Based on assumptions to date. Please see information related to forward - looking statements on disclaimer slide. • 2 - Cumulative property level incremental cash flow in 2025 - 30E of acquired NYC assets vs. suburban assets sold. Page 12 • 1 - Since 2013, the year in which we went public, through September 30, 2026. Page 13 • 1 - Industry diversification by annualized fully escalated office rent. Company data and filings as of September 30, 2026. Page 14 • 1 - Reflects last twelve months (LTM) Observation Deck revenue as of September 30, 2026. Page 15 • 1 - Based on percentage of total fully escalated rent (FER) of the Company’s retail portfolio in aggregate. Does not include sig ned leases that have not yet commenced. • Company data and filings as of September 30, 2026. Page 21 • 1 - Company data and filings as of September 30, 2026. Amounts in thousands. Page 22 • 1 - Company data and filings as of September 30, 2026. Amounts in thousands. Footnotes 23 | 24
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This presentation contains forward - looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. We intend these forward - looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward - looking statements are not historical facts and can generally be identified by words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “project,” “estimate,” “may,” “will,” “should,” “would,” and similar expressions. Forward - looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others: economic and market conditions (including the impact of catastrophic events, pandemics, extreme weather, terrorism, armed hostilities, cybersecurity threats and other technology disruptions); increased costs due to tariffs or other economic factors; changes in the New York City office, retail, multifamily and tourism markets (including changes in the use of office space and remote work); leasing activity, tenant defaults, early terminations and renewals, occupancy levels and rental rates; performance of the Observation Deck (including tourism levels, currency and geopolitical impacts, weather and competition); interest rate volatility and capital markets conditions, including our ability to refinance, restructure or extend indebtedness; real estate valuation declines and potential impairment charges; our ability to execute capital projects and complete acquisitions on acceptable terms; risks relating to governmental regulation, environmental and climate - related requirements (including Local Law 97), and our ability to achieve sustainability goals and metrics; risks relating to our ground lease; our ability to maintain our qualification as a REIT; potential taxable gain arising from transactions structured to qualify under Section 1031; legal proceedings; and risks relating to our disclosure controls and internal control over financial reporting. For a discussion of these and other factors, see the section entitled “Risk Factors” of our annual report on Form 10 - K for the year ended December 31, 2025 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission. We undertake no obligation to update or revise any forward - looking statement to reflect subsequent events or circumstances, except as required by law. Disclaimer 24 | 24