What changed in this filing

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Item 1. Business

2026-02-20 compared with 2025-02-20 · 23 added, 24 removed, 110 unchanged (30% of the section changed)

1 unchanged sentence

ESAB provides its partners with fabrication technology advanced equipment, consumables, gas control equipment, robotics and digital solutions.

The Company’s rich history of innovative products and workflow solutions and our business management system, ESAB Business Excellence (“EBX”), enables the Company’s purpose of Shaping the world we imagine TM .

The Company’s rich history of innovative products and workflow solutions and our business management system, ESAB Business Excellence (“EBXai”), enables the Company’s purpose of Shaping the world we imagine TM .

We formulate, develop, manufacture and supply consumable products and equipment, including cutting, joining and welding robotics, as well as gas control equipment.

8 unchanged sentences

Acquisitions follow our disciplined process to ensure strategic alignment, rapid integration and attractive long-term financial returns.

During the year ended December 31, 2024, we completed three acquisitions and we expect to complete more acquisitions in the future.

See Part II, Item 8, Note 5, “Acquisitions” of this Form 10-K for further information.

During the year ended December 31, 2025, we completed four acquisitions and we expect to complete more acquisitions in the future.

See Part II, Item 8.

Note 5, “Acquisitions” and Note 21, “Subsequent Events” of this Form 10-K for further information.

The Company has been built through a series of acquisitions, as well as organic growth.

We seek to build an enduring premier global enterprise by applying EBX to continuously improve our Company, pursue growth in revenues and improvements in profit and cash flow.

EBX is integral to our operations.

EBX is our culture and includes our values, a comprehensive set of tools and repeatable, teachable processes that we use to drive continuous improvement and create superior value for our customers, stockholders and associates.

We believe that our management team’s access to, and experience in, the application of the EBX methodology is one of our primary competitive strengths.

We seek to build an enduring premier global enterprise by applying EBXai to continuously improve our Company, pursue growth in revenues and improvements in profit and cash flow.

EBXai is integral to our operations.

EBXai is our culture and includes our values, a comprehensive set of tools and repeatable, teachable processes that we use to drive continuous improvement and create superior value for our customers, stockholders and associates.

We believe that our management team’s access to, and experience in, the application of the EBXai methodology is one of our primary competitive strengths.

Industry Overview

2 unchanged sentences

We encounter a wide variety of competitors that differ by product line, including well-established regional competitors, competitors with greater specialization in particular markets, as well as larger competitors.

The markets that we compete in are also served by Lincoln Electric and the welding business within Illinois Tool Works, Inc.

The markets that we compete in are also served by Lincoln Electric and the welding business within Illinois Tool Works.

Our customer base is broadly diversified across many sectors of the economy and we believe customers place a premium on quality, reliability, availability, design and application engineering support.

3 unchanged sentences

We conduct our operations through two reportable segments.

These segments consist of the “Americas,” which includes operations in North America and South America, and “EMEA & APAC,” which includes Europe, Middle East, India, Africa and Asia Pacific.

These segments consist of the “Americas,” which includes operations in North America and South America, and “EMEA & APAC,” which includes Europe, the Middle East, India, Africa and Asia Pacific.

We serve a global customer base across multiple markets through a combination of direct sales and third-party distribution channels.

8 unchanged sentences

“Risk Factors — Risks Related to Our Business —The majority of our sales are derived from international operations.

We are subject to specific risks associated with international operations.”

We are subject to specific risks associated with international operations” of this Form 10-K.

Research and Development

Our research and development focus on innovation;

Our research and development focuses on innovation;

developing new products, software and services, as well as the enhancement of existing products with the latest technology and updated designs;

creating new applications for existing products;

lowering the cost of manufacturing our existing products;

lowering the cost of manufacturing of our existing products;

and redesigning existing product lines to increase efficiency, improve durability, enhance performance and usability.

4 unchanged sentences

We rely on a combination of intellectual property rights, including patents, trademarks, copyrights, trade secrets and contractual provisions to protect our intellectual property, both in the United States and around the world for our business.

Although we highlight recent additions to our patent portfolio as part of our marketing efforts, we do not consider any one patent or trademark or any group thereof essential to our business as a whole or to any of our business operations.

Although we highlight recent additions to our patent portfolio as part of our marketing efforts, we do not consider any one patent or trademark essential to our business as a whole or to any of our business operations.

We also rely on proprietary product knowledge and manufacturing processes in our operations.

15 unchanged sentences

For a description of risks related to the regulations that our businesses are subject to refer to Item 1A.

“Risk Factors—Risks Related to Our Business.”

So me of our gas control products are related to medical device products and are subject to extensive regulation by the United States Food and Drug Administration (the “FDA”), European Union Medical Device Regulation (the “EU MDR”) and numerous other federal, state and foreign governmental authorities.

“Risk Factors—Risks Related to Our Business” of this Form 10-K.

Medical Device Regulation

So me of our gas control products are related to medical device products and are subject to extensive regulation by the United States Food and Drug Administration, European Union Medical Device Regulation and numerous other federal, state and foreign governmental authorities.

These regulations include significant new requirements for medical devices, including enhanced requirements for clinical evidence and documentation, increased focus on device identification and traceability and additional post-market surveillance and diligence.

1 unchanged sentence

Additionally, modifications to our existing products may require new regulatory approvals and we may be required to cease marketing or to recall any modified product until we obtain clearance or approval.

Environmental Laws and Regulation s

Environmental Laws and Regulations

Our operations and properties are subject to laws and regulations relating to environmental protection, including those governing air emissions, water discharges and waste management and workplace health and safety.

6 unchanged sentences

For a discussion of risks related to compliance with environmental and health and safety laws and risks related to past or future releases of, or exposures to, hazardous substances, refer to Item 1A.

“Risk Factors—Risks Related to Business.”

“Risk Factors—Risks Related to Business” of this Form 10-K.

Export / Import Compliance

7 unchanged sentences

“Risk Factors—Risks Related to Litigation and Regulatory Compliance— We have done and may continue to do business in countries subject to United States sanctions.

Failure to comply with various sanction laws may result in enforcement or other regulatory actions ” and “Risk Factors—Risks Related to Litigation and Regulatory Compliance— If we fail to comply with export control regulations, we could be subject to substantial fines or other sanctions, which could have a material adverse effect on our business, financial condition and results of operations .”

Human Capital Management

2 unchanged sentences

Talent Development

In our effort to enable our purpose, Shaping the world we imagine TM , we strive to find extraordinary people and support them across their entire associate lifecycle, so they stay engaged in building, growing and sustaining the Company.

In our effort to enable our purpose, Shaping the world we imagine TM , we strive to find extraordinary people and support them across their entire associate journey, so they stay engaged in building, growing and sustaining the Company.

As a result, we are committed to a “Talent First” strategy, which starts with our associates’ health and safety.

15 unchanged sentences

Approximately 22% of our United States associates are covered by collective bargaining agreements with United States trade unions.

In addition, approximately 39% of our non-United States associates are represented by foreign trade unions and work councils in Europe, Asia, Central and South America, Canada and Australia, which could subject us to arrangements very

similar to collective bargaining agreements.

In addition, approximately 39% of our non-United States associates are represented by foreign trade unions and work councils in Europe, Asia, Central and South America, Canada, Mexico and Australia, which could subject us to arrangements very similar to collective bargaining agreements.

We have not experienced any work stoppages or strikes that have had a material adverse impact on operations.

2 unchanged sentences

We were organized as a Delaware corporation in 2021.

On April 4, 2022, ESAB spun-off from Colfax Corporation (“Colfax,” “Enovis” or the “Former Parent”) to become an independent, publicly-traded company, listed on the New York Stock Exchange (the “Separation”).

The Separation was effectuated through a pro-rata distribution of 90% of the then-outstanding shares of ESAB to the holders of common stock of Colfax.

In November 2022, the Former Parent sold its remaining stake in ESAB.

On April 4, 2022, ESAB became an independent, publicly-traded company, listed on the New York Stock Exchange.

Our principal executive offices are located at 909 Rose Avenue, 8th Floor, North Bethesda, Maryland 20852, and our main telephone number at that address is (301) 323-9099.

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business