We are exposed to changes in financial market conditions in the normal course of business due to our operations in different foreign currencies and our ongoing investing and financing activities. Market risk is the uncertainty to which future earnings or asset/liability values are exposed due to operating cash flows denominated in foreign currencies and various financial instruments used in the normal course of operations. The major financial risks to which we are exposed are the foreign exchange risks related to the fluctuations of the U.S. dollar exchange rate compared to the Euro and the other major currencies in which costs are incurred, the variation of the interest rates and the risks associated to the investments of our available cash. We have established policies, procedures and internal processes governing our management of market risks and the use of financial instruments to manage our exposure to such risks. Our interest income (expense), net, as reported in our consolidated statements of income, is the balance between interest income received from our cash and cash equivalents, short-term deposits and marketable securities and interest expense on our financial liabilities, including bank fees (including fees on committed credit lines or on the sale without recourse of receivables, if any). Our interest income is dependent upon fluctuations in interest rates, mainly in U.S. dollars and Euros, since we invest primarily on a short-term basis; any increase or decrease in the market interest rates would mean an equivalent increase or decrease in our interest income. See “Item 5. Operating and Financial Review and Prospects — Impact of Changes in Interest Rates”. We place our cash and cash equivalents, or a part of it, with financial institutions with at least a single “A” long-term rating from two of the major rating agencies, meaning at least A3 from Moody’s and A- from S&P or Fitch, or better, invested as short-term deposits and Government debt securities and, as such, we are exposed to the fluctuations in the market interest rates on our placement and our cash, which can have an impact on our consolidated financial statements. We manage the credit risks associated with financial instruments through credit approvals, investment limits and centralized monitoring procedures but do not normally require collateral or other security from the parties to the financial instruments. As of December 31, 2025, the marketable securities have a value of $985 million. They are classified as available-for-sale and are reported at fair value. This fair value measurement corresponds to a Level 1 fair value hierarchy measurement. The estimated value of these securities could further decrease in the future as a result of credit market deterioration and/or other downgrading. We do not anticipate any material adverse effect on our financial position, results of operations or cash flows resulting from the use of our instruments in the future. There can be no assurance that these strategies will be effective or that transaction losses can be minimized or forecasted accurately. The information below summarizes our market risks associated with cash and cash equivalents, short-term deposits, marketable securities and debt obligations as of December 31, 2025. The information below should be read in conjunction with Note 15 and Note 27 to our Consolidated Financial Statements. The table below presents principal amounts and related weighted-average interest rates by year of maturity for our investment portfolio and debt obligations (in millions of U.S. dollars, except percentages): 153 Total 2026 2027 2028 2029 2030 Thereafter Fair Value at December 31, 2025 Assets: Cash and cash equivalents $ 2,837 $ 2,837 of which Cash at bank and on hand $ 573 $ 573 of which Deposits at call with banks $ 2,264 $ 2,264 Short-term deposits $ 1,100 $ 1,100 Current marketable securities $ 985 $ 985 Average yield to maturity 3.64 % Long-term debt(1): $ 2,134 $ 298 $ 989 $ 248 $ 171 $ 125 $ 303 $ 2,115 Average interest rate 2.02 % Amounts in millions of U.S. dollars Long-term debt by currency as of December 31, 2025(1): U.S. dollar 1,056 Euro 1,078 Total in U.S. dollars 2,134 Amounts in millions of U.S. dollars Long-term debt by currency As of December 31, 2024(1): U.S. dollar 1,800 Euro 1,155 Total in U.S. dollars 2,955 ____________ (1)Long-term debt is presented at principal amount. 154 The following table provides information about our FX forward contracts and FX currency options not designated as a hedge as of December 31, 2025 (in millions of U.S. dollars): FORWARD CONTRACTS AND CURRENCY OPTIONS AS OF DECEMBER 31, 2025 Notional Amount Average Rate Fair Value Buy AUD Sell USD 1 0.65 — Buy USD Sell CHF 27 0.79 — Buy EUR Sell USD 2 1.17 — Buy GBP Sell USD 23 1.34 — Buy EUR Sell JPY 10 185.19 — Buy USD Sell JPY 1 156.25 — Buy USD Sell SEK 6 9.23 — Buy USD Sell SGD 12 1.29 — Buy USD Sell PHP 1 58.91 — Buy USD Sell CNH 382 6.99 (5) Buy CHF Sell USD — 0.80 — Buy USD Sell EUR 613 1.16 (7) Buy HKD Sell USD — 7.78 — Buy JPY Sell USD 30 155.52 — Buy MYR Sell USD 25 4.07 — Buy SGD Sell USD 191 1.29 1 Buy TWD Sell USD 10 30.92 — Buy CNY Sell USD 81 7.02 1 Buy PHP Sell USD 12 58.85 — Buy MAD Sell USD 3 9.28 — Buy INR Sell USD 56 89.69 — Buy KRW Sell USD 7 1,453.21 — Buy CNH Sell USD 34 6.92 — The following table provides information about our FX forward contracts and FX currency options not designated as a hedge as of December 31, 2024 (in millions of U.S. dollars): 155 FORWARD CONTRACTS AND CURRENCY OPTIONS AS OF DECEMBER 31, 2024 Notional Amount Average Rate Fair Value Buy AUD Sell USD 1 0.65 — Buy USD Sell CHF 64 0.90 — Buy EUR Sell USD 10 1.05 — Buy GBP Sell USD 21 — — Buy USD Sell JPY 25 152.56 — Buy USD Sell SEK 5 — — Buy USD Sell SGD 8 — — Buy USD Sell CNY 30 7.30 — Buy EUR Sell MAD 28 10.59 — Buy USD Sell CNH 349 — 2 Buy CHF Sell USD — 0.89 — Buy USD Sell EUR 534 1.05 6 Buy HKD Sell USD 1 7.76 — Buy JPY Sell EUR 4 163.93 — Buy JPY Sell USD 27 154.42 — Buy MYR Sell USD 25 4.45 — Buy SGD Sell USD 168 1.34 (2) Buy TWD Sell USD 16 31.95 — Buy CNY Sell USD 80 7.22 — Buy PHP Sell USD 15 58.26 — Buy MAD Sell USD 3 10.04 — Buy INR Sell USD 51 85.20 (1) Buy KRW Sell USD 10 1,406.94 — Buy CNH Sell USD 1 7.30 — Our FX forward contracts and FX currency options, including collars, designated as a hedge, are further described in Note 27 to our Consolidated Financial Statements.