Quantitative and Qualitative Disclosures about Market Risk Interest Rates We are exposed to market risks associated with changes in interest rates related to our loan facilities, under which we pay interest at term SOFR plus a margin. Increases in interest rates could adversely affect our results of operations. An increase of 1% in the interest rates of our loan facilities bearing a variable interest rate during 2025, could have increased our interest cost by approximately $3.4 million. We expect to continue to have debt outstanding, which could impact our results of operations and financial condition. We manage our interest rate exposure by maintaining a mix of floating and fixed interest rates financing agreements. During 2022, we refinanced certain portions of our loans bearing a floating interest rate through sale and leaseback transactions with fixed rates. In 2023, we entered into an interest rate swap for $30 million under which we pay fixed interest and receive floating. Through these agreements and our bond, which also bears a fixed interest rate, we manage a portion of our exposure to interest rates associated with the remaining agreements that bear floating interest rates. As of December 31, 2025, 2024 and 2023, and as of the date of this annual report, we did not and have not designated any financial instruments as accounting hedging instruments. Currency and Exchange Rates We generate all of our revenues in U.S. dollars but incur less than half of our operating expenses (30% in 2025 and 29% in 2024) and approximately half of our general and administrative expenses (49% in 2025 and 46% in 2024) in currencies other than the U.S. dollar, primarily the Euro. For accounting purposes, expenses incurred in Euros are translated into U.S. dollars at the exchange rate prevailing on the date of each transaction. Because a significant portion of our expenses are incurred in currencies other than the U.S. dollar, our expenses may from time to time increase relative to our revenues as a result of fluctuations in exchange rates, particularly between the U.S. dollar and the Euro, which could affect our results of operations in future periods. Currently, we do not consider this risk to be material to our results of operations, as in 2025 and 2024, non-US dollar expenses represented 19% and 17%, respectively of our revenues. Accordingly, we have not entered into derivative instruments to hedge this exposure. While we historically have not mitigated the risk associated with exchange rate fluctuations through the use of financial derivatives, we may determine to employ such instruments from time to time in the future to minimize this risk. Our use of financial derivatives would involve certain risks, including the risk that losses on a hedged position could exceed the nominal amount invested in the instrument and the risk that the counterparty to the derivative transaction may be unable or unwilling to satisfy its contractual obligations, which could have an adverse effect on our results.