The following discussion of the Corporation’s historical results of operations and of its liquidity and capital resources should be read in conjunction with the Unaudited Condensed Consolidated Financial Statements of the Corporation and related notes included elsewhere in this Quarterly Report on Form 10-Q and with the Corporation’s Annual Report on Form 10-K for the fiscal year ended January 3, 2026 filed with the Securities and Exchange Commission (the "2025 Form 10-K"). All dollar amounts presented are in millions, except per share data or where otherwise indicated. Amounts may not sum due to rounding. Statements that are not historical are forward-looking and involve risks and uncertainties. See "Forward-Looking Statements" at the end of this section for further information about forward-looking statements. References in this management discussion and analysis to "HNI" and the "Corporation" are to HNI and its consolidated subsidiaries. Overview HNI Corporation has been improving where people live, work, and gather for more than 80 years. HNI is a manufacturer of workplace furnishings and residential building products. The Corporation's two reportable segments consist of Workplace Furnishings and Residential Building Products. Within Workplace Furnishings, the Corporation is the thought leader in commercial furnishings and the preeminent global designer, innovator, and provider of workplace solutions going to market under unique brands serving multiple channels and customers from the largest multinational companies to small local businesses. Within Residential Building Products, the Corporation is the nation's leading manufacturer and marketer of hearth products. The Corporation utilizes a multi-faceted go-to-market model to deliver value to customers via various brands and selling models. HNI is focused on growing its existing businesses while seeking out and developing new opportunities for expansion. The Corporation's business is subject to seasonal fluctuations, with higher net sales and earnings typically generated in the second half of the year. As a consequence, interim period results may not be indicative of full year performance. On December 10, 2025, the Corporation completed its acquisition of Steelcase, a global design and furniture manufacturing company, in a cash and stock transaction valued at approximately $1.9 billion. The acquisition of Steelcase unites two industry leaders to meet the dynamic marketplace and evolving needs of the workplace amid accelerating in-office work trends. This combination of two highly respected companies whose strong foundation, combined with expected synergies, will accelerate the Corporation's ability to invest in long-term operational enhancements, digital transformation, products to meet evolving customer needs, and customer-centered buying experiences. Steelcase is included in the Workplace Furnishings segment. See "Note 3. Acquisitions and Divestitures" in the Notes to Condensed Consolidated Financial Statements for more details on the Steelcase acquisition, which affects the comparability of results between the current and prior-year periods. During the second quarter, the Corporation continues its focus on managing costs across all businesses in response to soft volume to begin the year, driven by current geopolitical uncertainty. In Workplace Furnishings, the strategic focus remains margin expansion. The cost management actions taken in the first two quarters within the segment are in addition to previously announced synergies associated with the integration of Steelcase, the realization of which is consistent with expectations. The Corporation also continues to expect additional savings from network optimization in the legacy Workplace Furnishing businesses over the next three years. The Residential Building Products segment remains focused on driving revenue growth over the long term. The business continues to navigate challenging housing market dynamics resulting from interest rate volatility and affordability issues. The combination of the Corporation's disciplined cost management, Steelcase synergies, and legacy network optimization projects continues to strengthen its earnings visibility story. Consolidated net sales for the second quarter of 2026 were $1.5 billion, an increase of 121 percent compared to net sales of $667.1 million in the prior-year quarter, with net sales in the Workplace Furnishings segment increasing 157 percent, and Residential Building Products net sales decreasing 1.6 percent. Consolidated and Workplace Furnishings net sales include a $806.9 million year-over-year increase related to the acquisition of Steelcase in December 2025. See "Note 3. Acquisitions and Divestitures" in the Notes to Condensed Consolidated Financial Statements for further information about the acquisition. Net income attributable to the Corporation in the second quarter of 2026 was $51.1 million compared to $48.2 million in the second quarter of 2025. The current quarter included favorable net tariff impact, higher net sales in the legacy HNI business, and improved net productivity. These factors were offset partially by Steelcase purchase accounting, restructuring and impairment charges, increased interest expense and higher variable compensation. 30 Results of Operations The following table presents certain results of operations: Three Months Ended Six Months Ended July 4, 2026 June 28, 2025 Change July 4, 2026 June 28, 2025 Change Net sales $ 1,472.4 $ 667.1 121 % $ 2,819.9 $ 1,266.8 123 % Cost of sales 825.2 380.9 117 % 1,672.8 742.3 125 % Gross profit 647.2 286.2 126 % 1,147.1 524.6 119 % Selling and administrative expenses 533.0 215.5 147 % 1,047.9 423.1 148 % Acquisition and related costs 4.2 — NM 7.8 — NM Restructuring, impairment, and loss on divestiture 17.9 2.5 606 % 35.9 8.9 301 % Operating income 92.1 68.2 35.1 % 55.7 92.6 (39.9) % Other non-operating income, net 2.8 — NM 4.3 — NM Interest expense, net 23.7 6.1 286 % 44.4 11.7 281 % Income before income taxes 71.2 62.0 14.7 % 15.5 80.9 (80.8) % Income taxes 20.1 13.8 45.7 % 3.2 18.8 (82.7) % Net income attributable to non-controlling interest — 0.0 NM — 0.0 NM Net income attributable to HNI Corporation $ 51.1 $ 48.2 5.9 % $ 12.3 $ 62.2 (80.2) % As a Percentage of Net Sales: Net sales 100.0 % 100.0 % 100.0 % 100.0 % Gross profit 44.0 42.9 110 bps 40.7 41.4 -70 bps Selling and administrative expenses 36.2 32.3 390 bps 37.2 33.4 380 bps Acquisition and related costs 0.3 — 30 bps 0.3 — 30 bps Restructuring and impairment charges 1.2 0.4 80 bps 1.3 0.7 60 bps Operating income 6.3 10.2 -390 bps 2.0 7.3 -530 bps Income taxes 1.4 2.1 -70 bps 0.1 1.5 -140 bps Net income attributable to HNI Corporation 3.5 7.2 -370 bps 0.4 4.9 -450 bps Three Months Ended July 4, 2026 and June 28, 2025 Net Sales Consolidated net sales for the second quarter of 2026 increased 121 percent compared to the same quarter last year. The increase was driven by the acquisition of Steelcase in December of 2025, which increased year-over-year net sales by $806.9 million. Gross Profit Gross profit as a percentage of net sales increased 110 basis points in the second quarter of 2026 compared to the same quarter last year, driven by 240 basis points of tariff refunds along with improved net productivity, which were partially offset by impacts from the acquisition of Steelcase, and restructuring costs related to the Corporation's network optimization projects. 31 Selling, General, and Administrative Expenses Selling, general and administrative expenses as a percentage of net sales increased 390 basis points in the second quarter of 2026 compared to the same quarter last year. The increase was driven by impacts from the acquisition of Steelcase, including $21.9 million of purchase accounting related to the amortization of intangibles and higher variable compensation. Acquisition and Related Costs In the current quarter the Corporation recorded costs of $4.2 million associated with the Steelcase acquisition. Acquisition and related costs consist primarily of retention compensation and other professional service fees. See "Note 3. Acquisitions and Divestitures" in the Notes to the Condensed Consolidated Financial Statements for further information. Restructuring and Impairment Charges In the second quarter of 2026, the Corporation recorded charges of $17.9 million, primarily related to structural cost actions and an impairment charge related to a small residential building products business. In the prior-year quarter, $2.5 million of charges were recorded, primarily related to the Corporation's network optimization projects. Operating Income In the second quarter of 2026, operating margin contracted 390 basis points compared to the same quarter last year. This decrease was driven by impacts from the acquisition of Steelcase, including $21.9 million of purchase accounting with respect to intangible amortization related to the preliminary valuation of Steelcase, $23.8 million of restructuring and impairment charges inclusive of restructuring amounts recorded to cost of sales, and higher variable compensation, the effects of which were partially offset by 150 basis points of favorable net tariff impacts and improved net productivity. Interest Expense, Net Interest expense, net for the second quarter of 2026 increased to $23.7 million, from $6.1 million in the same quarter last year. The increase was driven by higher average outstanding borrowings incurred to fund the acquisition of Steelcase. See "Note 7. Debt" in the Notes to Condensed Consolidated Financial Statements for further information about such financing. Income Taxes The Corporation’s income tax expense for the second quarter of 2026 was $20.1 million on income before taxes of $71.2 million, or an effective tax rate of 28.2 percent. For the second quarter of 2025, the Corporation’s income tax expense was $13.8 million on income before taxes of $62.0 million, or an effective tax rate of 22.2 percent. The increase in the effective tax rate was primarily due to the impact of non-deductible executive compensation, unfavorable equity-based compensation adjustments, and the settlement of certain foreign-related tax positions. Net Income Attributable to HNI Corporation Net income attributable to the Corporation was $51.1 million, or $0.70 per diluted share, in the second quarter of 2026, compared to net income of $48.2 million, or $1.02 per diluted share, in the second quarter of 2025. Six Months Ended July 4, 2026 and June 28, 2025 Net Sales Consolidated net sales for the first six months of 2026 increased 123 percent compared to the same period last year. The increase was driven by the acquisition of Steelcase in the prior year, which increased year-over-year net sales by $1.6 billion. Gross Profit Gross profit as a percentage of net sales decreased 70 basis points in the first six months of 2026 compared to the same period last year, driven by impacts from the acquisition of Steelcase, including $36.4 million of purchase accounting primarily related to inventory step-up, partially offset by tariff refunds in the second quarter of 2026 and improved net productivity. 32 Selling, General, and Administrative Expenses Selling and administrative expenses as a percentage of net sales increased 380 basis points in the first six months of 2026 compared to the same period last year. The increase was driven by impacts from the acquisition of Steelcase, including $49.7 million of purchase accounting primarily related to amortization of intangibles, higher variable compensation, lower net sales in the legacy HNI business, and increased input costs. Acquisition and Related Costs In the current year period, the Corporation recorded costs of $7.8 million associated with the Steelcase acquisition. Acquisition and related costs consist primarily of retention compensation, other professional service fees, and change in control compensation expense adjustments. Restructuring, Impairment, and Loss on Divestiture In the first six months of 2026, the Corporation recorded charges of $35.9 million primarily related to the termination of Steelcase's multi-year ERP implementation project, structural cost actions, the Corporation's network optimization project, and an impairment charge related to a small residential building projects business. In the prior-year period, charges of $8.9 million were incurred, primarily in connection with a Workplace Furnishings factory optimization initiative. Operating Income In the first six months of 2026, operating margin contracted 530 basis points compared to the same quarter last year. This decrease was driven by impacts from the acquisition of Steelcase, including $86.1 million of purchase accounting with respect to inventory step-up and intangible amortization related to the preliminary valuation of Steelcase, $44.3 million of restructuring and impairment charges inclusive of restructuring amounts recorded to cost of sales, and lower net sales in the legacy HNI business, the effects of which were partially offset by net impact of tariffs and improved net productivity. Interest Expense, Net Interest expense, net for the first six months of 2026 was $44.4 million, compared to $11.7 million for the same period last year. The increase was driven by higher average outstanding borrowings incurred to fund the acquisition of Steelcase. Income Taxes The Corporation’s income tax expense for the first six months of 2026 was $3.2 million on income before taxes of $15.5 million, or an effective tax rate of 20.9 percent. For the first six months of 2025, the Corporation’s income tax expense was $18.8 million on income before taxes of $80.9 million, or an effective tax rate of 23.2 percent. The decrease in the effective tax rate was primarily due to favorable equity-based compensation adjustments. Net Income Attributable to HNI Corporation Net income attributable to the Corporation was $12.3 million, or $0.17 per diluted share, in the first six months of 2026, compared to net income of $62.2 million, or $1.31 per diluted share, in the first six months of 2025. Workplace Furnishings The following table presents certain results of operations in the Workplace Furnishings segment: Three Months Ended Six Months Ended July 4, 2026 June 28, 2025 Change July 4, 2026 June 28, 2025 Change Net sales $ 1,323.7 $ 516.0 157 % $ 2,509.2 $ 957.0 162 % Operating income $ 101.7 $ 65.8 54.5 % $ 59.1 $ 83.8 (29.5) % Operating income % 7.7 % 12.8 % -510 bps 2.4 % 8.8 % -640 bps 33 Three Months Ended July 4, 2026 and June 28, 2025 Second quarter 2026 net sales for the Workplace Furnishings segment increased 157 percent compared to the same quarter last year. The increase was driven by the acquisition of Steelcase in December of 2025, which increased net sales by $806.9 million. Operating income as a percentage of net sales in the second quarter of 2026 decreased 510 basis points compared to the same period in 2025. The decrease was driven by impacts from the acquisition of Steelcase, including $21.9 million of purchase accounting with respect to intangible amortization related to the preliminary valuation of Steelcase, $16.6 million of restructuring and impairment costs, and $1.9 million of acquisition and related costs, as well as lower net sales in the legacy HNI business, partially offset by 170 basis points of favorable net tariff impacts and improved net productivity. Six Months Ended July 4, 2026 and June 28, 2025 Net sales for the first six months of 2026 for the Workplace Furnishings segment increased 162 percent compared to the same period last year. The increase was driven by the acquisition of Steelcase in December of 2025, which increased net sales by $1.6 billion. Operating income as a percentage of net sales in the first six months of 2026 decreased 640 basis points compared to the same period in 2025. The decrease was driven by impacts from the acquisition of Steelcase, including $86.1 million of purchase accounting with respect to inventory step-up and intangible amortization related to the preliminary valuation of Steelcase, $37.0 million of restructuring and impairment costs, and $8.5 million of acquisition and related costs, as well as lower net sales in the legacy HNI business, partially offset by net tariff impacts and improved net productivity. Residential Building Products The following table presents certain results of operations in the Residential Building Products segment: Three Months Ended Six Months Ended July 4, 2026 June 28, 2025 Change July 4, 2026 June 28, 2025 Change Net sales $ 148.7 $ 151.1 (1.6) % $ 310.8 $ 309.8 0.3 % Operating income $ 23.4 $ 23.7 (1.2) % $ 51.9 $ 48.6 6.6 % Operating income % 15.7 % 15.7 % — bps 16.7 % 15.7 % 100 bps Three Months Ended July 4, 2026 and June 28, 2025 Second quarter 2026 net sales for the Residential Building Products segment decreased 1.6 percent compared to the same quarter last year, with decreased net sales in the new home market partially offset by increased remodel-retrofit sales. Operating income as a percentage of net sales was unchanged in the second quarter of 2026 from the same quarter last year, with an increase from 420 basis points of favorable net tariff impacts, improved net productivity, and lower core SG&A offset by an impairment charge and lower net sales volume. Six Months Ended July 4, 2026 and June 28, 2025 Net sales for the first six months of 2026 for the Residential Building Products segment increased 0.3 percent compared to the same period last year, as increased net sales in remodel-retrofit were mostly offset by decreased net sales in the new home market. Operating income as a percentage of net sales in the first six months of 2026 increased 100 basis points compared to the same period last year driven by improved net productivity and net tariff impacts, partially offset by lower net sales volume. Liquidity and Capital Resources Cash, cash equivalents, and short-term investments, coupled with cash flow from future operations, borrowing capacity expected to be available under the Corporation's existing revolving credit facility, and the Corporation's ability to access capital markets, are expected to be adequate to fund the Corporation's operations and satisfy its other cash requirements for at least the next twelve months. The Corporation can access the full $425 million of borrowing capacity available under its revolving credit 34 facility, which includes the $103 million of borrowings outstanding as of July 4, 2026, and maintain compliance with specified financial covenants. Cash Flow – Operating Activities Operating cash flows were a use of $32.0 million of cash for the first six months of 2026 compared to a source of $43.7 million of cash for the first six months of 2025. Higher working capital usage, driven by the settlement of certain acquisition related expense accruals were the primary driver of the difference versus the year-ago period. Cash Flow – Investing Activities Capital Expenditures - Capital expenditures, including capitalized software, for the first six months of 2026 were $64.7 million compared to $31.2 million for the same period last year. The current-period capital expenditures are primarily applied to machinery, equipment, and tooling required to support continuing operations, continuous improvements, and cost savings initiatives in the manufacturing processes. Additionally, in support of the Corporation's long-term strategy to create effortless winning experiences for customers, the Corporation continues to invest in technology and digital capabilities. For the full year 2026, capital expenditures are expected to be approximately $130 to $140 million. Cash Flow – Financing Activities Debt - As discussed in "Note 7. Debt" in the Notes to Condensed Consolidated Financial Statements, the Corporation maintains a revolving credit facility as the primary source of committed funding from which the Corporation finances its seasonal working capital needs and provides additional financial capacity for capital expenditures, repurchases of common stock, and strategic initiatives, such as acquisitions. Cash flows included in financing activities for the current and prior periods presented include periodic borrowings and repayments under the revolving credit facility as part of normal operations. The Corporation also has borrowings outstanding under (i) a senior secured TLA Facility, (ii) a senior secured TLB Facility, and (iii) Public Notes. During the second quarter of 2026, the Corporation refinanced borrowings under the TLB Facility, achieving a reduction of the borrowing rate on the TLB Facility. Cash flows included in financing activities in the current period include the refinancing of the borrowings under the TLB Facility and related debt issuance costs along with the scheduled principal amortization payments under the TLA and TLB Facilities. Dividends - The Corporation is committed to maintaining or modestly increasing the quarterly dividend rate. Cash dividends declared and paid per common share were as follows: Three Months Ended Six Months Ended July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025 Dividends per common share $ 0.35 $ 0.34 $ 0.69 $ 0.67 During the second quarter of 2026, the Board of Directors declared the regular quarterly cash dividend at the rate of $0.35 per share on May 18, 2026. This represents a $0.01 per share or 2.9 percent increase from the prior quarterly dividend level. The dividend was paid on June 10, 2026, to shareholders of record as of May 29, 2026. Stock Repurchase - The Corporation’s capital strategy related to stock repurchase is focused on offsetting the dilutive impact of issuances of common stock pursuant to equity awards granted for various compensation-related matters. The Corporation also may elect to opportunistically purchase additional shares based on excess cash generation and/or share price considerations. During the six months ended July 4, 2026, the Corporation did not repurchase any of its outstanding common stock. As of July 4, 2026, $84.3 million was available under the current authorization of the Board of Directors for repurchase of shares by the Corporation. See "Note 10. Accumulated Other Comprehensive Income (Loss) and Shareholders’ Equity" in the Notes to Condensed Consolidated Financial Statements for further information. Sales of Stock - The Corporation records cash flows received from the sale of its common stock held in treasury, primarily in connection with stock option exercises and the HNI Corporation Members’ Stock Purchase Plan. See "Note 10. Accumulated Other Comprehensive Income (Loss) and Shareholders’ Equity" and "Note 12. Stock-Based Compensation" in the Notes to Condensed Consolidated Financial Statements for further information. 35 Cash Requirements Various commitments and obligations associated with ongoing business and financing activities will result in cash payments in future periods. A summary of the amounts and estimated timing of these future cash payments is presented in the 2025 Form 10-K. There were no material changes outside the ordinary course of business in the Corporation’s contractual obligations or the estimated timing of the future cash payments during the first six months of 2026. Commitments and Contingencies See "Note 13. Guarantees, Commitments, and Contingencies" in the Notes to Condensed Consolidated Financial Statements for further information about the Corporation's commitments and contingencies. Critical Accounting Policies and Estimates This Management’s Discussion and Analysis of Financial Condition and Results of Operations is based upon the Condensed Consolidated Financial Statements, prepared in accordance with generally accepted accounting principles ("GAAP"). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses, and related disclosure of contingent assets and liabilities. Management bases its estimates on historical experience and on a variety of other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Senior management has discussed the development, selection, and disclosure of these estimates with the Audit Committee of the Board of Directors. Actual results may differ from these estimates under different assumptions or conditions. A summary of the more significant accounting policies requiring the use of estimates and assumptions in preparing the financial statements is provided in the 2025 Form 10-K. Recently Issued Accounting Standards Not Yet Adopted In November 2024, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 aims to improve the disclosures about a public business entity’s expenses by requiring more detailed information about the types of costs and expenses, including purchases of inventory, employee compensation, selling expenses, depreciation, and intangible asset amortization within commonly presented captions on the face of the income statement. Disclosures are required to be made on an annual and interim basis in a tabular format in the footnotes to the financial statements. The ASU becomes effective for the Corporation for its fiscal year ending December 2027, and for interim periods beginning with the first fiscal quarter of 2028, and may be applied either prospectively or retrospectively. Early adoption is permitted. The Corporation expects additional detailed disclosures to be made for several cost and expense categories following adoption of the ASU, but is still evaluating the full impact of this guidance on the Consolidated Financial Statements. In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 modernizes internal-use software guidance, eliminating accounting consideration for software development stages, requiring cost capitalization when management has authorized and is committed to funding the project and it is probable the project will be completed and the software used for its intended function. The ASU becomes effective beginning with the first fiscal quarter of 2028, and may be applied either prospectively or retrospectively. Early adoption is permitted. The Corporation is currently evaluating the impact of adopting this guidance to the Consolidated Financial Statements, and expects that adoption could impact the capitalization patterns of its internal use software. Looking Ahead The Corporation continues to navigate near-term uncertainty driven by macroeconomic conditions. However, management remains optimistic about the long-term prospects in the workplace furnishings and residential building products markets. Management believes the Corporation continues to compete well and remains confident that the investments made in the business will continue to generate strong returns for shareholders. Forward-Looking Statements Statements in this report to the extent they are not statements of historical or present fact, including statements as to plans, outlook, objectives, and future financial performance, are "forward-looking" statements, within the meaning of Section 21E of 36 the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Words such as "anticipate," "believe," "could," "confident," "estimate," "expect," "forecast," "hope," "intend," "likely," "may," "plan," "possible," "potential," "predict," "project," "should," "will," "would," and variations of such words and similar expressions identify forward-looking statements. Forward-looking statements in this report about the transaction between the Corporation and Steelcase (the "Transaction") include, but are not limited to, statements about the completion and the benefits of the Transaction, including future financial and operating results, the combined company's plans, objectives, expectations and intentions, and other statements that are not historical facts. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Corporation's actual results in the future to differ materially from expected results. The most significant factors known to the Corporation that may adversely affect the Corporation's business, operations, industries, financial position, or future financial performance are described within Part II, Item 1A of this report and Item 1A of the 2025 Form 10-K. The Corporation cautions readers not to place undue reliance on any forward-looking statement, which is based necessarily on assumptions made at the time the Corporation provides such statement, and to recognize that forward-looking statements are predictions of future results, which may not occur as anticipated. Actual results could differ materially from those anticipated in the forward-looking statements and from historical results due to the risks and uncertainties described elsewhere in this report. The following factors related to the Steelcase acquisition, among others, could cause actual results to differ materially from those expressed in or implied by forward-looking statements: the risk that the synergies and other benefits of the Steelcase acquisition may not be fully realized or may take longer to realize than expected, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, trade policy (including tariff levels), laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which HNI and Steelcase operate; any failure to promptly and effectively integrate the businesses of HNI and Steelcase; and potential adverse reactions to the transaction of HNI’s or Steelcase’s customers, employees or other business partners. Additional important factors relating to the Corporation that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, disruptions in the global supply chain; the effects of prolonged periods of inflation and rising interest rates; labor shortages; the levels of office furniture needs and housing starts; overall demand for the Corporation's products; general economic and market conditions in the United States and internationally; industry and competitive conditions; the consolidation and concentration of the Corporation's customers; the Corporation's reliance on its network of independent dealers; changes in trade policy, including with respect to tariff levels; changes in raw material, component, or commodity pricing; market acceptance and demand for the Corporation's new products; changing legal, regulatory, environmental, and health care conditions; the risks associated with international operations; the potential impact of product defects; the various restrictions on the Corporation's financing activities; an inability to protect the Corporation's intellectual property; cybersecurity threats, including those posed by potential ransomware attacks; impacts of tax legislation; force majeure events outside the Corporation's control, including those that may result from the effects of climate change; and other risks and uncertainties as described in the 2025 Form 10-K and in the Corporation's subsequent quarterly and current reports filed on Forms 10-Q and 8-K with the Securities and Exchange Commission, as well as other risks and uncertainties the Corporation may consider not material or are not known at this time. The risks and uncertainties described in this report, as well as those described within Item 1A of the 2025 Form 10-K, are not exclusive and further information concerning the Corporation, including risks and uncertainties that potentially could have a material effect on the Corporation's financial results or condition, may emerge from time to time. The Corporation assumes no obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. The Corporation advises you, however, to consult any further disclosures made on related subjects in future reports it files with or furnishes to the Securities and Exchange Commission.