Slides
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Audience disclosure Fourth Quarter 2025 Earnings and 2026 Outlook February 9, 2026 PRINCIPAL FINANCIAL GROUP RETIREMENT ASSET MANAGEMENT BENEFITS & PROTECTION
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2025 Highlights4 • Enterprise net revenue5 growth outpaced expense growth, resulting in margin expansion of 80 bps • Retirement and Income Solutions pre-tax operating earnings up 6% on 4% net revenue growth; 90 bps margin expansion to 41% • Investment Management pre-tax operating earnings up 5% on 4% management fee growth; 60 bps margin expansion to 36% • Specialty Benefits pre-tax operating earnings up 11% on strong underwriting results; 120 bps margin expansion to 16% Capital • Returned $448M capital to shareholders during 4Q25, including $275M of share repurchases and $172M of common stock dividends; bringing full year capital deployments to $1.5B • Increased 1Q26 common stock dividend to $0.80; up 7% from 1Q25 and up 8% on a trailing twelve month basis • Excess and available capital position of $1.6B • Debt to capital ratio of 22.0% Delivered on 2025 outlook Key takeaways 1 This is a non-GAAP measure, see reconciliation in appendix. Excludes significant variances, see slide 17 for more details. 2 Based on non-GAAP net income attributable to PFG, excluding income or loss from exited business. 3 Non-GAAP return on equity, excluding cumulative change in fair value of funds withheld embedded derivative and AOCI, other than foreign currency translation adjustment. Excludes impacts of significant variances, see slide 17 for more details. 4 Annual figures represented exclude significant variances, see slide 17 for more details. 5 This is a non-GAAP measure that reflects total segment operating revenue less: benefits, claims and settlement expenses, liability for future policy benefits remeasurement (gain) loss, market risk benefit remeasurement (gain) loss, and dividends to policyholders. Note: Some totals throughout this presentation may not sum due to rounding. 2 12% 92% 15.7% FY EPS growth1 FY FCF %2 ROE3 (9-12% target) (75-85% target) (14-16% target)
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Leverage leadership in recordkeeping to grow Retirement Ecosystem Strategic priorities are driving sustained growth Expand market leadership by serving SMBs holistically Leverage privileged partnerships to grow Global Asset Management1 HIGHLIGHTS 2025 Retirement platform Transfer deposits +9% WSRS recurring deposits +5% WSRS participant engagement Deferring participants +3.4% Average deferral per member +2.3% Participant roll-ins ($) +15% DCIO sales $7.9B PRT sales $3.0B HIGHLIGHTS 2025 WSRS SMB Transfer deposits +32% Recurring deposits +8% AV NCF +$1.5B Group Benefits SMB Employment growth +1.8% Products per customer 3.13 Life SMB Business market life premiums and fees +15% HIGHLIGHTS 2025 Gross sales +16% NCF Private markets +$3.5B Active ETF +$1.8B AUM Private markets +12% International Pension +24% 1 Highlights mentioned attributable to Investment Management unless otherwise noted.
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Full year 2025 financial highlights FY 2025 operating results Capital deployments FY 2025 capital deployments $1.5B returned to shareholders: $851M of share repurchases $684M of common stock dividends ($3.08 per share; 8% over prior year) 1 This is a non-GAAP measure, see reconciliation in appendix. Excludes significant variances, see slide 17 for more details. 2 Based on non-GAAP net income attributable to PFG, excluding income or loss from exited business. 3 Non-GAAP return on equity, excluding cumulative change in fair value of funds withheld embedded derivative and AOCI, other than foreign currency translation adjustment. Excludes impacts from significant variances, see slide 17 for more details. 4 This is a non-GAAP financial measure. Debt to capital ratio excludes cumulate change in fair value of funds withheld embedded derivative and AOCI. 5 This is a non-GAAP financial measure; see reconciliation in appendix. Reported non-GAAP operating earnings5 Non-GAAP operating earnings, excluding significant variances (xSV)1 $1,866M (+14% vs. FY 2024) $1,930M (+7% vs. FY 2024) Reported non-GAAP operating earnings per diluted share (EPS)5 Non-GAAP EPS, xSV1 $8.27 (+19% vs. FY 2024) $8.55 (+12% vs. FY 2024) Capital & liquidity Excess and available capital $1.6B $800M at Hold Co $300M excess subsidiary capital $480M in excess of 375% RBC PLIC RBC ratio 406% Debt to capital ratio4 22.0% AUM & NCF Total company AUM managed by PFG $781B (+10% vs. 2024) Total company NCF $(8.8)B Delivered on 2025 outlook 4 12% 92% 15.7% FY EPS growth1 FY FCF %2 ROE3 (9-12% target) (75-85% target) (14-16% target)
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4Q 2025 financial highlights 4Q 2025 Operating results Reported non-GAAP operating earnings1 Non-GAAP operating earnings, excluding significant variances (xSV)2 $488M (+9% vs. 4Q24) $499M (+3% vs. 4Q24) Reported non-GAAP operating earnings per diluted share1 (EPS) Non-GAAP EPS, xSV2 $2.19 (+13% vs. 4Q24) $2.24 (+7% vs. 4Q24) Capital deployments 4Q 2025 capital deployments $448M returned to shareholders: $275M of share repurchases $172M of common stock dividends Announced 1Q26 common stock dividend $0.80 increased $0.01 from 4Q25 +7% from 1Q25 Net cash flow Total company NCF $(2.2)B 5 1 This is a non-GAAP financial measure; see reconciliation in appendix. 2 See slide 17 for details.
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296 306 1,151 1,222 Retirement and Income Solutions Pre-tax operating earnings, xSV1 ($ in millions) 4Q24 4Q25 2024 2025 Impact of significant variances1 (16) (7) (95) (36) Reported pre-tax operating earnings 280 299 1,056 1,186 Operating margin2 xSV1 40% 40% 40% 41% +3% +6% 2025 2025 outlook Net revenue +4% 2-5% Operating margin2 41% 37-41% • Pre-t ax operating earnings xSV 1 increased 3% vs. 4Q24 and 6% vs. FY 2024 • FY 2025 margin expanded 90 bps to 41% due to higher net revenue and disciplined expense management while i nvesting in the business • 4Q25 RIS transfer deposits up 35% to $12B; full year transfer deposits up 9% to $35B, including $3B in PRT • WSRS recurring deposits +5% vs. 4Q24 and FY 2024 Delivered strong business growth and margin expansion Highlights 1 Impact of VII in 4Q25 and 4Q24. Trailing twelve months excludes impacts of actuarial assumption reviews and other significant variances. 2 Pre-tax operating earnings divided by net revenue. Key metrics Trailing twelve month basis1
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Principal Asset Management • Pre-tax operating earnings xSV1 increased 4% vs. FY 2024 supported by growth in management fees; Investment Management margin expanded 60 bps to 36% and International Pension margin expanded 170 bps to 46% in FY 2025 • Investment Management sales increased 16% vs. FY 2024, with non-affiliated channels up 18% • Investment Management Private NCF of +$3.5B in 2025 and +$0.9B in 4Q25; record ETF AUM of $9B at YE 2025 • International Pension AUM of $154B, up 24% vs. FY 2024 4Q24 4Q25 2024 2025 Impact of significant variances1 (14) 0 8 41 Reported pre-tax operating earnings 216 232 861 930 Operating margin2 xSV1 Investment Management 38% 38% 35% 36% International Pension 44% 43% 45% 46% +4% 230 232 853 889 +4% +1% Pre-tax operating earnings, xSV1 ($ in millions) Strong margin expansion Investment Management International Pension Investment Management International Pension 2025 2025 outlook 2025 2025 outlook Operating revenues less pass-through expenses 3 +4% 4-7% Net revenue -2% Flat Operating margin2 36% 34-38% 46% 45-49% 1 Impact of VII and lower than expected encaje performance, offset by Latin American inflation in 4Q24. Trailing twelve months excludes impacts of actuarial assumption reviews and other significant variances. 2 Investment Management’s operating margin is pre-tax operating earnings, adjusted for noncontrolling interest, divided by operating revenues less pass- through expenses; International Pension’s operating margin is pre-tax operating earnings divided by net revenue. 3 This is a non-GAAP financial measure, see reconciliation in appendix. 164 167 66 65 579 610 274 280 Highlights Key metrics Trailing twelve month basis1
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141 146 24 31 476 530 110 97 Specialty Benefits Life Insurance 2025 2025 outlook 2025 2025 outlook Premium and fees +3% 6-9% +3% 1-4% Operating margin2 16% 13-16% 10% 12-16% Loss ratio 59% 60-64% Highlights Benefits and Protection • Pre-tax operating earnings xSV1 of $177M increased 7% vs. 4Q 24 and margin expanded 50 bps driven by growth in S pecialty Benefits and Life • Life pre-tax operating earnings xSV1 of $30M, up 29% vs. 4Q24, driven by business growth, expense management discipline, and improved mortality experience • FY 2025 Specialty Benefits pre-tax operating earnings xSV1 of $530M, up 11% vs. 2024, operating margin expanded 120 bps to 16% • Specialty Benefits underwriting results were strong with loss ratios improving 130 bps to 59% and below the low end of the r ange Key metrics Trailing twelve month basis1 4Q24 4Q25 2024 2025 Impact of significant variances1 (10) (7) 123 104 Reported pre-tax operating earnings 155 170 463 523 Operating margin2 xSV1 Specialty Benefits 17% 17% 15% 16% Life Insurance 10% 13% 12% 10% 165 177 586 627 +7% +7% Pre-tax operating earnings, xSV1 ($ in millions) Specialty Benefits Life Insurance Strong earnings growth and underwriting results 1 Impact of VII in 4Q25; Impact of VII, model refinements, and GAAP-only regulatory closed block dividend adjustment in 4Q24. Trailing twelve months excludes impacts of actuarial assumption reviews and other significant variances. 2 Pre-tax operating earnings divided by premium and fees.
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Audience disclosure 2026 Outlook
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Well-positioned to deliver strong enterprise growth aligned with our financial targets Enterprise outlook • 2026 outlook o 9-12% growth in EPS1 o 75-85% free capital flow conversion2 o 15-17% ROE3 • Committed to returning excess capital to shareholders: targeting $1.5B - $1.8B of capital deployments, including $0.8B - $1.1B of share repurchases and 40% dividend payout ratio2 Assumptions • Seasonality considerations: o Expect $30-35M of seasonally higher expenses in Investment Management in 1Q 2026, with no impact on full year outlook o Higher loss ratio in the first half of the year in Benefits and Protection o Free capital flow conversion increases throughout the year • Variable investment income: improved relative to 2025 • Impact of announced divestitures: o Investment Management: 2% impact to adjusted revenue growth o International Pension: Mid-to-high single digit impact to net revenue growth (depending on timing of closings) o Immaterial impact to total company earnings 2026 Outlook 1 Non-GAAP operating earnings per diluted share; excludes significant variances. 2 Based on non-GAAP net income attributable to PFG, excluding income or loss from exited business. 3 Non-GAAP return on equity, excluding cumulative change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation adjustment. 10
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Ranges excluding significant variances 2025 EPS1 x-SV 2026 target Total Company EPS growth $8.55 9 - 12% Effective tax rate 17 - 20% 2025 x-SV2 Medium-term target (2026-2028) 2026 modeling considerations Retirement and Income Solutions Retirement and Income Solutions Net revenue $2,999M 2 - 5% Operating margin 40.7% 38 – 41% Upper end of range Principal Asset Management Investment Management Operating revenues less pass-through expenses $1,731M 4 – 7% Low end of range due to announced divestitures Operating margin 36.0% 35 – 39% International Pension Net Revenue $604M 4 - 7% Low end of range due to announced divestitures Operating margin 46.3% 46 - 50% Benefits & Protection Specialty Benefits Premium and fees $3,363M 5 - 9% Low end of range Operating margin 15.8% 14 - 17% Incurred loss ratio 59.1% 60 - 64% Low end of range Life Insurance Premium and fees $958M 1 - 4% (2%) – (4%) due to movement of a subsidiary supporting enterprise distribution Operating margin 10.2% 12 - 16% Low end of range Corporate Pre-tax operating losses $(401M) $(375)M - $(425)M 2026 Outlook 1 Non-GAAP operating earnings per diluted share excludes impacts of significant variances. 2 2025 revenue metrics exclude the impacts of significant variances; see slide 18 for details.
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Audience disclosure Appendix
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IG Private Corporates 44% Infrastructure 26% Direct Lending 10% Private ABL 10% REITs 8% Other 2% Private Fixed Income 1 As of 12/31/2025, excluding funds withheld assets * Includes all 4(a)(2) and Reg D private placements CMLs 15% Private Fixed Income* 19% Government, Agencies, State & Political 15% Public Corporates 14% ABS 8% Policy Loans & Other 8% CMBS 5% Non-Agency MBS 3% RMLs 5% Real Estate Equity & Equity Securities 4% Cash 4% $17.5B $90.5B U.S. invested assets & cash1 Underwriting standards focus on diversification, quality, and liquidity profiles across economic cycles and liability needs Private Asset Class Avg. Rating Private Asset Class Avg. Rating IG Private Corporates NAIC 2 (BBB+ - BBB-) Direct Lending NAIC 3(BB+ - BB-) Infrastructure NAIC 2 (BBB+ - BBB-) Private ABL NAIC 1 (AAA – A) REITs NAIC 2 (BBB+ - BBB-) Other NAIC 2 (BBB+ - BBB-) High quality and diversified investment portfolio Portfolio uniquely matches our liability profile which has lower liquidity needs
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Investment performance 47% of fund-level AUM has 4 or 5 star rating from Morningstar1,2 1 Asset weighted. 2 Includes only funds with ratings assigned by Morningstar; non- rated funds excluded (81 total, 76 are ranked). 3 Percentage of Principal actively managed mutual funds, exchange traded funds (ETFs), insurance separate accounts, and collecti ve investment trusts (CITs) in the top two Morningstar quartiles. Excludes Money Market, Stable Value, Liability Driven Investment (Short, Intermediate and Extended Duration), Hedge Fund Separate Account, & U.S. Property Separate Account. 4 Composite returns are calculated on a gross basis. All composites compared to official Global Investment Performance Standa rds (GIPS) composite benchmark . Excludes passive composites and doesn’t include certain strategies or mandates for which GIPS comp osites are not calculated (e.g., Lifetime/Target Date strategies). Lifetime/Target Date funds are covered under separate peer -relative calculations. “Total” percentages include equities, fixed income and other asset classes and mandates with GIPS composites (e.g., asset allocation). 5 Coverage of asset allocation strategies in benchmark-relative composites is minimal and non-informative. Please see Morningstar rankings above for informative asset allocation performance. Asset Weighted % of AUM outperforming Morningstar median3 % of composite AUM outperforming benchmarks4 As of 12/31/2025 1-Year 3-Year 5-Year 10-Year 1-Year 3-Year 5-Year 10-Year Equity 33% 77% 54% 82% 42% 80% 63% 87% Fixed Income 38% 58% 67% 82% 77% 82% 91% 100% Asset Allocation5 19% 68% 78% 77% N/A N/A N/A N/A Total 27% 70% 67% 80% 55% 80% 73% 91% Equal Weighted % of funds outperforming Morningstar median3 % of composites outperforming benchmarks4 As of 12/31/2025 1-Year 3-Year 5-Year 10-Year 1-Year 3-Year 5-Year 10-Year Equity 46% 58% 41% 72% 51% 68% 47% 81% Fixed Income 53% 60% 40% 73% 71% 79% 85% 97% Asset Allocation5 20% 55% 61% 57% N/A N/A N/A N/A Total 36% 57% 50% 64% 60% 73% 65% 88% 14
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Disciplined capital management strategy With emphasis on actively returning excess capital to shareholders Targeted range as a percentage of net income1: Organic capital deployment 15-25% Capital efficient business mix Consistent dividend payout ratio 40% Growth of dividend will track growth in net income1 Share repurchases 35-45% Active return of excess capital to shareholders through share repurchases M&A 0-10% Enhancement of capabilities and support of organic growth through strategic M&A 1 Based on net income attributable to PFG excluding income or loss from exited business. 15
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Audience disclosure Market sensitivities If macroeconomics change by… Equity market return1 +/- 10% Interest rates +/-100 bps FX: U.S. Dollar2 +/- 10% Certain alternative investment valuation3 +/- 10% Then Principal’s annual non- GAAP pre-tax operating earnings will change by… +/- 5-8% +/- (1)-1% +/- 2% +/- <9% And the primary businesses impacted are… RIS Investment Management All International Pension RIS Life Insurance Specialty Benefits 45% 10% 20% 25% RIS Asset-based fee revenue Large cap equities Small and mid cap equities International equities Fixed Income Estimated impacts of changes in key macroeconomic conditions on annual non-GAAP pre-tax operating earnings relative to the next 12 months, prior to management expense actions: 1 Assumes an immediate 10% change in the S&P 500 followed by 2% growth per quarter thereafter. 2 Principal is primarily impacted by changes in Latin American and Asian currencies. Inverse relationship between movement of the U.S. dollar and impact to non-GAAP pre-tax operating earnings. 3 Includes hedge funds, private equity, infrastructure, and direct lending asset s. Separate and distinct from our equity risk associated with a decline in the S&P 500 index, assumes an immediate 10% decline in the value of these assets, followed by a 2% per quarter increase. Note: The impact to income before income taxes i s materially consistent with the impact to non-GAAP pre-tax operating earnings. 20% 15% 10% 5% 35% 15% Investment Management AUM exposure Large cap equities Small and mid cap equities International equities REITS Fixed Income Alternatives, including real estate
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4Q25 FY 2025 Total significant variances1 3Q Actuarial assumption review Variable investment income Encaje and inflation Other2 Total significant variances Retirement and Income Solutions $(6.5) $12.0 $(67.5) - $19.4 $(36.1) Investment Management - - - - $4.8 $4.8 International Pension - - $(5.6) $41.9 - $36.3 Specialty Benefits $(4.0) $14.3 $(20.0) - $7.1 $1.4 Life Insurance $(2.9) $(93.4) $(20.1) - $7.9 $(105.6) Corporate - - $13.2 - $6.3 $19.5 Total pre-tax impact $(13.4) $(67.1) $(100.0) $41.9 $45.5 $(79.7) Total after-tax impact $(10.6) $(53.0) $(75.9) $29.0 $35.7 $(64.2) EPS impact $(0.05) $(0.28) 4Q25 and FY 2025 significant variances Earnings impacts of significant variances (in millions) 1 Significant variances in 4Q25 include impacts of VII. 2 Other significant variances in 2025 include impact of one-time expense accrual release and a GAAP-only regulatory closed block dividend adjustment in Life Insurance.
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Revenue impacts of significant variances (in millions) Business Unit Revenue metric 2025 revenue, as reported Actuarial assumption review Variable investment income Encaje and inflation 2025 revenue, X-SV Retirement and Income Solutions Net revenue $2,944 $12 $(67) - $2,999 Investment Management Operating revenues less pass-through expenses $1,731 - - - $1,731 International Pension Net revenue $646 $5 $(6) $43 $604 Specialty Benefits Premium and fees $3,363 - - - $3,363 Life Insurance Premium and fees $958 - - - $958 Full year 2025 significant variances 18
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Three months ended (in millions) Investment Management operating revenues less pass-through expenses 12/31/25 12/31/24 Operating revenues $482.7 $474.6 Commissions and other expenses (40.9) (38.9) Operating revenues less pass-through expenses $441.8 $435.7 Three months ended (in millions) Non-GAAP operating earnings (losses) 12/31/25 12/31/24 Net income attributable to PFG $517.0 $905.4 Net realized capital (gains) losses, as adjusted (1.9) 94.6 (Income) loss from exited business (27.1) (551.9) Non-GAAP operating earnings $488.0 $448.1 Non-GAAP financial measure reconciliations Three months ended Diluted earnings per common share 12/31/25 12/31/24 Net income $2.32 $3.92 Net realized capital (gains) losses, as adjusted (0.01) 0.41 (Income) loss from exited business (0.12) (2.39) Non-GAAP operating earnings $2.19 $1.94 Weighted-average diluted common shares outstanding (in millions) 222.4 231.2 Three months ended (in millions) Income taxes 12/31/25 12/31/24 Total GAAP income taxes $110.4 $209.9 Net realized capital gains (losses) tax adjustments (7.7) 18.9 Income taxes attributable to noncontrolling interest (0.1) - Income taxes related to equity method investments 14.4 16.9 Income taxes related to exited business (7.1) (146.9) Income taxes $109.9 $98.8 19
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Twelve months ended (in millions) Non-GAAP operating earnings (Losses) 12/31/25 12/31/24 Net income attributable to PFG $1,185.1 $1,571.0 Net realized capital (gains) losses, as adjusted 178.3 135.3 (Income) loss from exited business 502.1 (65.8) Non-GAAP operating earnings $1,865.5 $1,640.5 Twelve months ended Diluted earnings per common share 12/31/25 12/31/24 Net income $5.25 $6.68 Net realized capital (gains) losses, as adjusted 0.79 0.57 (Income) loss from exited business 2.23 (0.28) Non-GAAP operating earnings $8.27 $6.97 Weighted-average diluted common shares outstanding (in millions) 225.7 235.3 Non-GAAP financial measure reconciliations Twelve months ended (in millions) Income taxes 12/31/25 12/31/24 Total GAAP income taxes $160.5 $291.7 Net realized capital gains (losses) tax adjustments 33.5 16.1 Income taxes attributable to noncontrolling interest (0.9) (0.5) Income taxes related to equity method investments 69.4 74.8 Income taxes related to exited business 129.8 (17.6) Income taxes $392.3 $364.5 Twelve months ended (in millions) Investment Management operating revenues less pass-through expenses 12/31/25 12/31/24 Operating revenues $1,887.5 $1,820.7 Commissions and other expenses (156.7) (152.1) Operating revenues less pass-through expenses $1,730.8 $1,668.6 20
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Period ended (in millions) Stockholders’ equity x- cumulative change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation adjustment, available to common stockholders 12/31/25 Stockholders’ equity $11,917.0 AOCI, other than foreign currency translation adjustment 2,641.8 Cumulative change in fair value of funds withheld embedded derivative (2,080.2) Noncontrolling interest (33.1) Stockholders’ equity x- cumulative change in fair value of funds withheld embedded derivative and AOCI other than foreign currency translation adjustment, available to common stockholders $12,445.5 Period ended Non-GAAP operating earnings ROE (x- cumulative change in fair value of funds withheld embedded derivative and AOCI, other than foreign currency translation adjustment) available to common stockholders 12/31/25 Net Income ROE available to common stockholders (including AOCI) 10.3% Cumulative change in fair value of funds withheld embedded derivative and AOCI, other than foreign currency translation adjustment (0.7)% Net realized capital (gains) losses 1.5% (Income) loss from exited business 4.1% Non-GAAP operating earnings ROE (x- cumulative change in fair value of funds withheld embedded derivative and AOCI, other than foreign currency translation adjustment) available to common stockholders 15.2% Non-GAAP financial measure reconciliations 21
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Additional Disclosures A non-GAAP financial measure is a numerical measure of performance, financial position, or cash flow that includes adjustments from a comparable financial measure presented in accordance with U.S. GAAP. The company uses a number of non-GAAP financial measures management believes are useful to investors because they illustrate the performance of the company’s normal, ongoing operations which is important in understanding and evaluating the company’s financial condition and results of operations. While such measures are also consistent with measures utilized by investors to evaluate performance, they are not, however, a substitute for U.S. GAAP financial measures. Therefore, the company has provided reconciliations of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure within the slides. The company adjusts U.S. GAAP financial measures for items not directly related to ongoing operations. However, it is possible these adjusting items have occurred in the past and could recur in future reporting periods. Management also uses non-GAAP financial measures for goal setting, as a basis for determining employee and senior management awards and compensation and evaluating performance on a basis comparable to that used by investors and securities analysts. The company also uses a variety of other operational measures that do not have U.S. GAAP counterparts, and therefore do not fit the definition of non-GAAP financial measures. Assets under management is an example of an operational measure that is not considered a non-GAAP financial measure. Use of non-GAAP financial measures This presentation contains statements that constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to share repurchases and planned dividends, the realization of our growth and business strategies and results from ongoing operations. Forward looking statements are made based upon our current expectations and beliefs concerning future developments and their potential effects on us. Such forward looking statements are not guarantees of future performance and actual results may differ materially from the results anticipated in the forward-looking statements. We describe risks, uncertainties and factors that could cause or contribute to such material differences in our filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Note Concerning Forward-Looking Statements” sections in our annual report on Form 10-K for the year ended Dec. 31, 2024, as updated or supplemented from time to time in subsequent filings. We assume no obligation to update any forward-looking statement for any reason, which speaks as of its date. Forward looking statements