887399AA1

(dollars in millions, except per share data) This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help investors understand our results of operations, financial condition and current business environment. The MD&A is provided as a supplement to, and should be read in conjunction with, our unaudited consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q for the three and six months ended June 30, 2026. The MD&A is organized as follows: •Overview: From management’s point of view, we discuss the following: oSummary of our business and the markets in which we operate oKey trends and events during the current year •Results of Operations: An analysis of our results of operations as reflected in our consolidated financial statements. •Non GAAP (1) Financial Measures: An analysis of our net sales by end-market, adjusted to exclude surcharges, which management uses to better analyze key market indicators and trends and allows for enhanced comparison between our end-markets. •Liquidity and Capital Resources: An analysis of our cash flows, working capital, debt structure, contractual obligations and other commercial commitments. •Critical Accounting Policies: An overview of accounting policies identified by the Company as critical that, as a result of the judgments, uncertainties, and the operations involved, could result in material changes to the Company's financial condition or results of operations under different conditions or using different assumptions. Overview Business Overview We manufacture alloy steel, as well as carbon and micro-alloy steel, using electric arc furnace ("EAF") technology. Our portfolio includes special bar quality (“SBQ”) bars, seamless mechanical tubing (“tubes”), manufactured components such as precision steel components, and billets. Our products and solutions are used in a diverse range of demanding applications in the following end-markets: industrial, automotive, aerospace & defense, and energy. We conduct our business activities and report financial results as one business segment. The presentation of financial results as one reportable segment is consistent with the way we operate our business and is consistent with the manner in which the Chief Operating Decision Maker ("CODM") evaluates performance and makes resource and operating decisions for the business as described above. Furthermore, the Company notes that monitoring financial results as one reportable segment helps the CODM manage costs on a consolidated basis, consistent with the integrated nature of our operations. Business Highlights The following items represent key trends and events during the three and six months ended June 30, 2026: •Capital investments: The Company continues to invest organically with capital investments of $15.2 million and $39.9 million including $9.5 million and $27.8 million for projects funded by the U.S. government for the three and six months ended June 30, 2026, respectively. Investments included targeted spending for improved safety, equipment automation, and continuous improvement to drive best-in-class quality and asset reliability, as well as new assets to increase throughput and efficiency which are being substantially funded by the U.S. government. •Government funding: The Company received the final $11.3 million during the second quarter of 2026 and $16.2 million in the first half of 2026 from the U.S. Army as part of the previously announced $99.75 million funding agreement to support the U.S. Army's mission of increasing munitions production for national security in the upcoming years. The agreement supports two major strategic assets: a continuous bloom reheat furnace and a roller hearth heat treat furnace. The Company plans to commission the new bloom reheat furnace in the third quarter, and the roller 18 Table of Contents furnace remains on schedule for commissioning in 2026 as well. Through June 30, 2026, and inclusive of amounts received in prior periods, the Company has received $102.8 million of government funding, consisting of $99.75 million from the U.S. Army and $3.0 million from JobsOhio as part of the previously announced grant, with total spend of $117.6 million. •Liquidity: Our balance sheet has remained strong, with total liquidity of $394.8 million, including cash and cash equivalents of $108.6 million as of June 30, 2026. During the second quarter, the Company refinanced its asset-based revolving credit facility ("Credit Facility") and extended the maturity date to June 2031. Following the amendment, Credit Facility available capacity was $300.0 million with improvement in a variety of financial terms and covenants, including reduced annual fees. •Share repurchase program: The Company repurchased 0.2 million and 0.5 million common shares in the open market at an aggregate cost of $3.6 million and $7.9 million for the three and six months ended June 30, 2026, respectively. As of June 30, 2026, the Company has $81.8 million remaining under its authorized share repurchase program. (1) Please see discussion of non-GAAP financial measures in Form 10-Q – Net Sales, Excluding Surcharges. 19 Table of Contents Results of Operations Net Sales The charts below present net sales and shipments for the three months ended June 30, 2026 and 2025. Net sales for the three months ended June 30, 2026 were $341.0 million, an increase of $36.4 million, or 12.0% compared with the three months ended June 30, 2025. The increase in net sales was driven by higher volume of shipments and related surcharges and improved price/mix. The increase in surcharges of $12.7 million was primarily a result of higher shipments, alloy market prices and energy surcharges. Favorable price/mix of $12.3 million was primarily due to higher aerospace & defense shipments and increased base prices across all end markets, except automotive. Higher volume of 6.5 thousand ship tons resulted in a net sales increase of $11.4 million. Excluding surcharges, net sales increased $23.7 million or 10.0%. The charts below present net sales and shipments for the six months ended June 30, 2026 and 2025. Net sales for the six months ended June 30, 2026 were $649.3 million, an increase of $64.2 million, or 11.0% compared with the six months ended June 30, 2025. The increase in net sales was driven by higher shipments, surcharges and favorable price/mix. Higher volume of 17.5 thousand ship tons, resulted in a net sales increase of $28.7 million. Higher surcharge per ton resulted in a net sales increase of $24.4 million. Favorable price/mix of $11.1 million was driven by higher aerospace & defense shipments and increased base prices, primarily within the industrial end market. Excluding surcharges, net sales increased $39.8 million or 8.7%. 20 Table of Contents Gross Profit The chart below presents the drivers of the gross profit variance from the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Gross profit for the three months ended June 30, 2026 increased $1.9 million, or 5.9% compared with the three months ended June 30, 2025. The increase was driven by favorable price/mix and higher shipment volume, partially offset by higher manufacturing costs and unfavorable raw material spread. Favorable price/mix was due to higher aerospace & defense shipments and improved base prices, particularly in the industrial end market. Higher automotive and aerospace & defense shipments were partially offset by slightly lower shipments to energy and industrial end markets. Manufacturing was unfavorable due to higher energy costs and higher maintenance costs to address downstream asset reliability, partially offset by improved fixed cost leverage on higher production volume. Raw material spread was unfavorable due to lower scrap spread, partially offset by higher alloy spread. 21 Table of Contents The chart below presents the drivers of the gross profit variance from the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Gross profit for the six months ended June 30, 2026 increased $5.1 million, or 9.4% compared with the six months ended June 30, 2025. The increase was driven by favorable price/mix, higher volume, partially offset by higher manufacturing costs and unfavorable raw material spread. Favorable price/mix was due to higher aerospace & defense shipments and improved base prices, particularly in the industrial end market. Higher automotive and aerospace & defense shipments were partially offset by slightly lower shipments to energy and industrial end markets. Manufacturing was unfavorable due to higher energy costs and higher maintenance costs to address downstream asset reliability, partially offset by improved fixed cost leverage on higher production volume. Raw material spread was unfavorable due to lower scrap spread, mostly offset by higher alloy spread and the impact of higher volume. 22 Table of Contents Selling, General and Administrative Expenses The charts below present selling, general and administrative (“SG&A”) expense for the three and six months ended June 30, 2026 and 2025. SG&A expense for the three months ended June 30, 2026 increased by $0.8 million, or 3.5% compared with the three months ended June 30, 2025. The increase was primarily due to higher salary and benefits and variable pay compensation. SG&A expense for the six months ended June 30, 2026 decreased by $1.3 million, or 2.8% compared with the six months ended June 30, 2025. The decrease was primarily due to lower professional services, partially offset by higher salary and benefits and variable pay compensation. 23 Table of Contents Interest (Income) Expense, net Net interest income for the three and six months ended June 30, 2026 was $0.1 million and $0.5 million, respectively, compared with net interest income of $1.3 million and $2.8 million for the three and six months ended June 30, 2025, respectively. The decline in net interest income was primarily due to a combination of lower interest rates and lower average cash balances in 2026 compared to 2025. Additionally, for the three and six months ended June 30, 2026, net interest income included a partial write-off of debt issuance costs of $0.1 million related to the refinancing of the Amended Credit Agreement. Refer to “Note 12 - Financing Arrangements” in the Notes to the unaudited Consolidated Financial Statements for additional information. Other (Income) Expense, net Three Months Ended June 30, 2026 2025 $ Change Pension and postretirement non-service benefit (income) loss $ (1.4 ) $ (1.5 ) $ 0.1 Miscellaneous (income) expense — (0.1 ) 0.1 Total other (income) expense, net $ (1.4 ) $ (1.6 ) $ 0.2 Six Months Ended June 30, 2026 2025 $ Change Pension and postretirement non-service benefit (income) loss $ (3.6 ) $ (2.9 ) $ (0.7 ) Loss (gain) from remeasurement of benefit plans (2.5 ) — (2.5 ) Sales and use tax refund — (0.8 ) 0.8 Miscellaneous (income) expense (0.2 ) (0.2 ) — Total other (income) expense, net $ (6.3 ) $ (3.9 ) $ (2.4 ) Non-service related pension and other postretirement benefit income, for all years, consists primarily of the interest cost, expected return on plan assets and amortization components of net periodic cost. For more details on the aforementioned remeasurement, refer to “Note 12 - Retirement and Postretirement Plans." Provision for Income Taxes Three Months Ended June 30, 2026 2025 $ Change Provision (benefit) for income taxes $ 3.0 $ 4.9 $ (1.9 ) Effective tax rate 25.2 % 57.0 % (31.8 )% Six Months Ended June 30, 2026 2025 $ Change Provision (benefit) for income taxes $ 5.6 $ 6.5 $ (0.9 ) Effective tax rate 28.1 % 56.5 % (28.4 )% The provision for income taxes for the three and six months ended June 30, 2026 was $3.0 million and $5.6 million compared to a provision for income taxes of $4.9 million and $6.5 million for similar periods in 2025. The decrease in the effective tax rate for the three and six months ended June 30, 2026 is primarily related to higher pre-tax income and the limitations of the tax deductibility of the loss on extinguishment of debt on the Convertible Senior Notes in the prior year. 24 Table of Contents Non-GAAP Financial Measures Net Sales, Excluding Surcharges The tables below present net sales by end-markets, adjusted to exclude surcharges, which represents a financial measure that has not been determined in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). We believe presenting net sales by end-markets, both on a gross basis and on a per ton basis, adjusted to exclude raw material and energy surcharges, provides additional insight into key drivers of net sales such as base price and product mix. Due to the fact that the surcharge mechanism can introduce volatility to our net sales, net sales adjusted to exclude surcharges provides management and investors clarity of our core pricing and results. Presenting net sales by end-markets, adjusted to exclude surcharges including on a per ton basis, allows management and investors to better analyze key market indicators and trends and allows for enhanced comparison between our end-markets. When surcharges are included in a customer agreement and are applicable (i.e., reach the threshold amount), based on the terms outlined in the respective agreement, surcharges are then included as separate line items on a customer’s invoice. These additional surcharge line items adjust base prices to match cost fluctuations due to market conditions. Each month, the Company will post on the surcharges page of its external website, as well as our customer portal, the scrap, alloy, and energy surcharges that will be applied (as a separate line item) to invoices dated in the following month (based upon shipment volumes in the following month). All surcharges invoiced are included in GAAP net sales. (dollars in millions, ship tons in thousands) Three Months Ended June 30, 2026 Industrial Automotive Aerospace & Defense Energy Other Total Ship Tons 65.2 74.9 20.0 14.1 — 174.2 Net Sales $ 116.1 $ 128.1 $ 60.1 $ 30.3 $ 6.4 $ 341.0 Less: Surcharges 33.8 29.0 8.2 8.6 — 79.6 Base Sales $ 82.3 $ 99.1 $ 51.9 $ 21.7 $ 6.4 $ 261.4 Net Sales / Ton $ 1,781 $ 1,710 $ 3,005 $ 2,149 $ — $ 1,958 Surcharges / Ton $ 518 $ 387 $ 410 $ 610 $ — $ 457 Base Sales / Ton $ 1,263 $ 1,323 $ 2,595 $ 1,539 $ — $ 1,501 Three Months Ended June 30, 2025 Industrial Automotive Aerospace & Defense Energy Other Total Ship Tons 66.5 69.6 15.4 16.2 — 167.7 Net Sales $ 104.4 $ 122.8 $ 42.1 $ 30.8 $ 4.5 304.6 Less: Surcharges 28.6 24.8 5.7 7.8 — 66.9 Base Sales $ 75.8 $ 98.0 $ 36.4 $ 23.0 $ 4.5 237.7 Net Sales / Ton $ 1,570 $ 1,764 $ 2,734 $ 1,901 $ — $ 1,816 Surcharges / Ton $ 430 $ 356 $ 370 $ 481 $ — $ 399 Base Sales / Ton $ 1,140 $ 1,408 $ 2,364 $ 1,420 $ — $ 1,417 25 Table of Contents (dollars in millions, ship tons in thousands) Six Months Ended June 30, 2026 Industrial Automotive Aerospace & Defense Energy Other Total Ship Tons 132.3 141.5 37.7 26.5 — 338.0 Net Sales $ 228.4 $ 240.8 $ 112.0 $ 57.0 $ 11.1 $ 649.3 Less: Surcharges 65.2 52.2 16.6 15.6 — 149.6 Base Sales $ 163.2 $ 188.6 $ 95.4 $ 41.4 $ 11.1 $ 499.7 Net Sales / Ton $ 1,726 $ 1,702 $ 2,971 $ 2,151 $ — $ 1,921 Surcharges / Ton $ 493 $ 369 $ 440 $ 589 $ — $ 443 Base Sales / Ton $ 1,233 $ 1,333 $ 2,531 $ 1,562 $ — $ 1,478 Six Months Ended June 30, 2025 Industrial Automotive Aerospace & Defense Energy Other Total Ship Tons 132.8 133.6 24.0 30.1 — 320.5 Net Sales $ 206.1 $ 236.0 $ 74.6 $ 59.5 $ 8.9 $ 585.1 Less: Surcharges 55.1 46.5 9.1 14.5 — 125.2 Base Sales $ 151.0 $ 189.5 $ 65.5 $ 45.0 $ 8.9 $ 459.9 Net Sales / Ton $ 1,552 $ 1,766 $ 3,108 $ 1,977 $ — $ 1,826 Surcharges / Ton $ 415 $ 348 $ 379 $ 482 $ — $ 391 Base Sales / Ton $ 1,137 $ 1,418 $ 2,729 $ 1,495 $ — $ 1,435 26 Table of Contents Liquidity and Capital Resources Credit Agreement On June 30, 2026, the Company, as borrower, and certain domestic subsidiaries of the Company, as subsidiary guarantors (the “Subsidiary Guarantors”), entered into a Fifth Amended and Restated Credit Agreement (the “Amended Credit Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), and the lenders party thereto (collectively, the “Lenders”), which further amends and restates the Company’s existing secured Fourth Amended and Restated Credit Agreement, dated as of September 30, 2022. The Amended Credit Agreement extended the maturity date of the Credit Facility from September 2027 to June 2031. Following the amendment, the Credit Facility committed capacity was reduced to $300.0 million from $400.0 million. The Credit Facility remains undrawn as of June 30, 2026. Refer to “Note 11 - Financing Arrangements” in the Notes to the unaudited Consolidated Financial Statements for additional information. Additional Liquidity Considerations The following represents a summary of key liquidity measures under the Amended Credit Agreement as of June 30, 2026 and December 31, 2025: June 30, 2026 December 31, 2025 Cash and cash equivalents $ 108.6 $ 156.7 Credit Agreement: Maximum availability $ 300.0 $ 400.0 Suppressed availability(1) (8.5 ) (162.2 ) Availability 291.5 237.8 Amount borrowed — — Letter of credit obligations (5.3 ) (5.3 ) Availability not borrowed $ 286.2 $ 232.5 Total liquidity $ 394.8 $ 389.2 (1) As of June 30, 2026, Metallus had less than $300.0 million in collateral assets to borrow against. As of December 31, 2025, Metallus had less than $400.0 million in collateral assets to borrow against. Our principal sources of liquidity are cash and cash equivalents, cash flows from operations and available borrowing capacity under our Credit Agreement. As of June 30, 2026, taking into account our view of industrial, automotive, aerospace & defense and energy market demand for our products, and our 2026 operating and long-range plan, we believe that our cash balance as of June 30, 2026, projected cash generated from operations, borrowings available under the Credit Agreement and committed government funding to support capital investments, will be sufficient to satisfy our working capital needs, capital expenditures and other liquidity requirements associated with our operations, including servicing our debt and pension and postretirement benefit obligations, for at least the next twelve months. We expect capital expenditures to be approximately $70 million in 2026, inclusive of approximately $35 million of capital expenditures funded by the U.S. government. In the first half of 2026, the Company contributed a total of $25.2 million in pension contributions, most of which related to the Bargaining Plan, and does not anticipate to make any additional contributions during the remainder of 2026. To the extent our liquidity needs prove to be greater than expected or cash generated from operations is less than anticipated, and cash on hand or credit availability is insufficient, we would seek additional financing to provide additional liquidity. We regularly evaluate our potential access to the equity and debt capital markets as sources of liquidity and we believe additional financing would likely be available if necessary, although we can make no assurance as to the form or terms of any such financing. 27 Table of Contents We continue to evaluate the best use of our liquidity which would allow us to invest in profitable growth, maintain a strong balance sheet, and return capital to shareholders. For the three months ended June 30, 2026, the Company repurchased approximately 0.2 million common shares in the open market at an aggregate cost of $3.6 million, which equates to an average repurchase price of $18.70 per share. For the six months ended June 30, 2026, the Company repurchased approximately 0.5 million common shares in the open market at an aggregate cost of $7.9 million, which equates to an average repurchase price of $16.83 per share. As of June 30, 2026, the Company had a balance of $81.8 million remaining under its share repurchase program. The share repurchase program is intended to return capital to shareholders while also offsetting dilution from annual equity compensation awards. The share repurchase program does not require the Company to acquire any dollar amount or number of shares and may be modified, suspended, extended or terminated by the Company at any time without prior notice. These authorizations reflect the continued confidence of the Board and senior leadership in the Company’s ability to generate sustainable through-cycle profitability while maintaining a strong balance sheet and cash flow. Cash Flows The following table reflects the major categories of cash flows for the six months ended June 30, 2026 and 2025. For additional details, please refer to the unaudited Consolidated Statements of Cash Flows included in this quarterly report. Six Months Ended June 30, 2026 2025 Net cash provided (used) by operating activities $ (14.1 ) $ (4.1 ) Net cash provided (used) by investing activities (22.7 ) (25.6 ) Net cash provided (used) by financing activities (12.1 ) (20.6 ) Increase (Decrease) in Cash and Cash Equivalents $ (48.9 ) $ (50.3 ) Operating activities Net cash used by operating activities for the six months ended June 30, 2026 was $14.1 million compared to net cash used of $4.1 million for the six months ended June 30, 2025. The change was primarily driven by increased working capital use of cash in the first half of 2026 to support the growing order book, partially offset by higher profitability and lower required pension contributions. Investing activities Net cash used by investing activities for the six months ended June 30, 2026 was $22.7 million compared to net cash used of $25.6 million for the six months ended June 30, 2025. The change was due to lower capital expenditures and reduced proceeds from government funding in the first half of 2026. Financing activities Net cash used by financing activities for the six months ended June 30, 2026 was $12.1 million compared to net cash used of $20.6 million for the six months ended June 30, 2025. The change was primarily due to the repurchase of Convertible Notes during the second quarter of 2025 and lower repurchases of common shares in 2026, partially offset by debt issuance costs in 2026 with no similar costs in 2025. 28 Table of Contents Critical Accounting Policies and Estimates Our financial statements are prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. We review our critical accounting policies throughout the year. New Accounting Guidance See “Note 2 - Recent Accounting Pronouncements” in the Notes to the unaudited Consolidated Financial Statements. Forward-Looking Statements Certain statements set forth in this Quarterly Report on Form 10-Q (including our forecasts, beliefs and expectations) that are not historical in nature are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, Management’s Discussion and Analysis of Financial Condition and Results of Operations contains numerous forward-looking statements. Forward-looking statements generally will be accompanied by words such as “anticipate,” “aspire,” “believe,” “could,” “estimate,” “expect,” “forecast,” “outlook,” “intend,” “may,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strategic direction,” “strategy,” “target,” “will,” “would,” or other similar words, phrases or expressions that convey the uncertainty of future events or outcomes. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this Form 10-Q. We caution readers that actual results may differ materially from those expressed or implied in forward-looking statements made by or on behalf of us due to a variety of factors, such as: •the effects of fluctuations in customer demand on sales, product mix and prices in the industries in which the Company operates, including the ability of the Company to respond to rapid changes in customer demand including but not limited to changes in domestic and worldwide political and economic conditions due to, among other factors, U.S. and foreign trade policies and the impact on economic conditions, changes in customer operating schedules due to supply chain constraints or unplanned work stoppages, the ability of customers to obtain financing to purchase the Company’s products or equipment that contains its products, the effects of customer bankruptcies or liquidations, the impact of changes in industrial business cycles, and whether conditions of fair trade exist in U.S. markets; •changes in operating costs, including the effect of changes in our manufacturing processes; changes in costs associated with varying levels of operations and manufacturing capacity; availability of raw materials and energy; our ability to mitigate the impact of fluctuations in raw materials and energy costs and the effectiveness of our surcharge mechanism; changes in the expected costs associated with product warranty claims; changes resulting from inventory management, cost reduction initiatives and different levels of customer demands; the effects of unplanned work stoppages; availability of skilled labor; and changes in the cost of labor and benefits; •the success of our operating plans, announced programs, initiatives and capital investments; the consistency to meet demand levels following unplanned downtime; and our ability to maintain appropriate relations with the union that represents our associates in certain locations in order to avoid disruptions of business; •whether we are able to successfully implement actions designed to improve profitability on anticipated terms and timetables and whether we are able to fully realize the expected benefits of such actions; •the Company's pension obligations and investment performance; •with respect to the Company's ability to achieve its sustainability goals, including its 2030 environmental goals, the ability to meet such goals within the expected timeframe, changes in laws, regulations, prevailing standards or public policy, the alignment of the scientific community on measurement and reporting approaches, the complexity of commodity supply chains and the evolution of and adoption of new technology, including traceability practices, tools and processes; •availability of property insurance coverage at commercially reasonable rates or insufficient insurance coverage to cover claims or damages; •the availability of financing and interest rates, which affect the Company's cost of funds and/or ability to raise capital; 29 Table of Contents •the impacts from any repurchases of our common shares, including the timing and amount of any repurchases; •competitive factors, including changes in market penetration; increasing price competition by existing or new foreign and domestic competitors; the introduction of new products by existing and new competitors; and new technology that may impact the way our products are sold or distributed; •deterioration in global economic conditions, or in economic conditions in any of the geographic regions in which we conduct business, including additional adverse effects from global economic slowdown, terrorism or hostilities. This includes: political risks associated with the potential instability of governments and legal systems in countries in which we or our customers conduct business, and changes in currency valuations; •the impact of global conflicts on the economy, sourcing of raw materials, and commodity prices; •climate-related risks, including environmental and severe weather caused by climate changes, and legislative and regulatory initiatives addressing global climate change or other environmental concerns; •unanticipated litigation, claims or assessments, including claims or problems related to intellectual property, product liability or warranty, employment matters, regulatory compliance and environmental issues and taxes, among other matters; •cyber-related risks, including information technology system failures, interruptions and security breaches; •the potential impact of pandemics, epidemics, widespread illness or other health issues; •with respect to the equipment investments to support the U.S. Army’s mission of ramping up munitions production in the coming years, and whether the anticipated increase in throughput is achieved; and •those items identified under the caption Risk Factors in our Annual Report on Form 10-K. You are cautioned that it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results, and that the above list should not be considered to be a complete list. Except as required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Further, this report includes our current policy and intent and is not intended to create legal rights or obligations. Certain standards of measurement and performance contained in this report are developing and based on assumptions, and no assurance can be given that any plan, objective, initiative, projection, goal, mission, commitment, expectation, or prospect set forth in this report can or will be achieved. Inclusion of information in this report is not an indication that the subject or information is material to our business or operating results.