What changed in this filing

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Item 1. Business

2026-02-25 compared with 2025-02-21 · 76 added, 65 removed, 193 unchanged (42% of the section changed)

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As of December 31, 2025, our end-customers were located in over 100 countries and included enterprises across a wide variety of market verticals, including financial services, retail, healthcare and operational technology (“OT”) market verticals, communication and security service providers, and government organizations.

As of December 31, 2024, our customers included approximately 80% of the Fortune 100 companies and approximately 72% of the Global 2000 companies.

We were also ranked #7 in the Forbes Most Trusted Companies list in 2024.

As a global company headquartered in Sunnyvale, California, our research and development is centered in the United States and Canada with a global footprint of support and centers of excellence around the world.

As of December 31, 2025, we held 1,064 U.S.

patents and 1,378 global patents and we have been recognized in over 140 enterprise analyst reports demonstrating both our vision and execution across security and networking products.

patents and a total of 1,405 global patents, including 321 AI-related patents.

We have been recognized in over 140 enterprise analyst reports demonstrating both our vision and execution across security and networking products.

Our competitive differentiation lies in our core technologies, which together provide performance, security, flexibility and integration across diverse environments.

• FortiOS —FortiOS enables the convergence of security and networking to enforce consistent security policies across form factors and edges.

As the foundation of the Fortinet Security Fabric, FortiOS empowers organizations to unify management and analytics for comprehensive network visibility and control at scale.

To further validate our strategy, FortiOS has been recognized across five Gartner Magic Quadrants, including Firewall, Software-Defined Wide-Area Network (“SD-WAN”), Security Service Edge (“SSE”), SASE Platforms and Wired and Wireless Local Area Network (“LAN”).

• FortiASIC —Our Application-Specific Integrated Circuit (“ASIC”)-based security processing units (“SPUs”) increase the speed, scale, efficiency and value of our solutions while improving user experience, reducing footprint and power requirements.

• FortiOS —Our unified operating system enables the convergence of networking and AI-powered security to enforce consistent policies across all form factors and edges.

As the foundational engine of the Fortinet Security Fabric, FortiOS empowers organizations to unify management and analytics, providing network visibility and control at scale.

FortiOS includes advanced encryption and other security technologies designed to address evolving cybersecurity threats, including emerging quantum-resistant cryptographic capabilities.

From branch and campus to data center solutions, SPU-powered Fortinet appliances deliver superior Security Compute Ratings versus industry alternatives.

• FortiCloud —Our organically built global cloud infrastructure, powered by FortiStack which is our secure software as a service (“SaaS”) platform operating as a private cloud service provider and leveraging software and hardware to optimize and secure all layers, provides customers with global reach, flexible connectivity, and cost savings.

• FortiAI —Our AI innovations encompass generative AI (“GenAI”), big data AI for threat intelligence to process and analyze trillions of events using AI/Machine Learning (“ML”), network operations AI for self-healing networks and automated network orchestration, automation and response, and AI for Large Language Model (“LLM”) leakage to protection against data leakage into LLMs.

Our GenAI assists security teams to make better decisions, rapidly respond to threats and save time on even the most complex tasks.

FortiAI is seamlessly integrated into the user experience of several of our products, including FortiAnalyzer, FortiSIEM and FortiSOAR, to help optimize threat investigation and response, Security information and event management (“SIEM”) queries, Security, orchestration, automation, and response (“SOAR”) playbook creation, among other functions.

• FortiEndpoint —FortiEndpoint converges secure connectivity, endpoint protection and advanced capabilities like endpoint detection and response and extended detection and response (“XDR”), into a single agent.

• FortiCloud —Our organically built global cloud infrastructure provides customers with global reach, flexible connectivity and cost savings.

FortiCloud is our private cloud software as a service (“SaaS”) platform, powered by FortiStack, which is our secure SaaS platform operating as a private cloud service provider and leveraging software and hardware to optimize and secure all layers.

• FortiAI —FortiAI provides a dual-layered defense across the Fortinet Security Fabric through the AI for Security and Security for AI framework.

Within AI for Security, FortiAI-Assist uses generative and agentic AI to support Network Operations Center (“NOC”) and Security Operations Center (“SOC”) teams in monitoring, analysis and response activities across enterprise environments.

Security for AI comprises of FortiAI-Protect and FortiAI-SecureAI.

FortiAI-Protect utilizes AI/Machine Learnings (“ML”) to address AI-driven threats and zero-day attacks, and support governance over generative AI (“GenAI”) applications, FortiAI-SecureAI focus on protecting an organization’s AI infrastructure, including large language models (“LLMs”) and Application Programming Interface (“APIs”), and preventing data leakage into and out of LLMs.

FortiAI protects the AI ecosystem, infrastructure, models, workloads, data and supply chains, while leveraging unified AI intelligence across the Fortinet Security Fabric to defend against threats.

• FortiEndpoint —FortiEndpoint converges secure connectivity, endpoint protection and advanced capabilities like endpoint detection and response and Universal Zero Trust Network Access (“ZTNA”), into a single agent.

It simplifies management and enhances visibility while reducing costs and complexity.

The solution gives IT teams the visibility and control they need, while security teams benefit from automated threat detection and response.

This minimizes the need for manual intervention and provides faster remediation of threats across all environments.

• OT Security —The Fortinet Security Fabric enables security for converged IT/OT ecosystems.

It also provides an OT Security Platform with features and products to extend Security Fabric capabilities to OT networks in factories, plants, remote locations and ships.

To help alleviate security risks across the organization, we have continued to enhance our OT Security Platform offerings.

These innovations range from edge products to Network Operations Center (“NOC”) and Security Operations Center (“SOC”) tools and services to provide effective and efficient networking and cybersecurity performance and operation.

These competitive differentiators allow us to provide Chief Information Officer (“CIO”)s, Chief Information Security Officer (“CISO”)s, Chief Technology Officer (“CTO”)s, and their organizations with an integrated AI-driven cybersecurity platform with over 50 products across three solution pillars.

• Secure Networking —Our Secure Networking solutions focus on the convergence of networking and security via FortiOS, our networking and security operating system that is the foundation of our Fortinet Security Fabric platform and supports over 30 functions that can be delivered via a physical, virtual, cloud or software as a SaaS solution.

This minimizes the need for manual intervention and provides faster remediation of threats across environments.

• OT Security —The Fortinet Security Fabric enables security for OT systems and Cyber-Physical Systems (“CPS”), including converged IT/OT architectures.

Our OT Security Platform is purpose-built to protect the engineered systems that underpin critical infrastructure and supply chains around the world.

This includes securing energy and utilities systems, manufacturing environments, and transportation, utilizing FortiGuard OT Security Services.

These offerings include security capabilities for CPS assets and tools that support centralized NOC and SOC functions.

These competitive differentiators provide networking and security professionals with a cyber security platform comprised of over 50 products across three solution pillars:

• Secure Networking —Our Secure Networking solutions focus on the convergence of networking and security via FortiOS, our networking and security operating system that is the foundation of our Fortinet Security Fabric platform and supports a broad range of functions that can be delivered via a physical, virtual, cloud or SaaS solutions.

When delivered through our network firewall appliances, functionality is accelerated through our proprietary ASIC technology.

These proprietary ASICs, allow our systems to scale, run multiple applications at higher performance, lower power consumption and perform more processor-intensive operations, such as inspecting encrypted traffic, including streaming video.

Our network firewall offerings consist of a FortiGate data center, hyperscale and distributed firewalls, as well as encrypted applications (secure sockets layer (“SSL”) inspection, virtual private network and Internet Protocol Security (“IPsec”) connectivity).

Our network firewall offerings consist of a FortiGate, which can be deployed at branch, campus, data center, internal segmentation, private and public cloud to enable hybrid mesh firewall solutions, as well as encrypted applications (secure sockets layer (“SSL”) inspection, virtual private network and Internet Protocol Security connectivity).

Our ability to converge networking and security also enables the ethernet to become an extension of our customers’ security infrastructure through FortiSwitch and FortiLink.

Our wireless LAN solution leverages secure networking to provide secure wireless access for the enterprise LAN edge.

FortiExtender secures 5G/LTE and remote ethernet extenders to connect and secure any branch environment.

Our Secure Connectivity solution includes FortiSwitch secure ethernet switches, FortiAP wireless local area network access points and FortiExtender 5G connectivity gateways.

Our Secure Connectivity solution includes FortiSwitch secure ethernet switches, FortiAP wireless local area network access points and FortiExtender 5G connectivity gateways and Network Access Control (“NAC”) for securing Internet of Things (“IoT”) devices.

• Unified Secure Access Service Edge (SASE) —As applications move to the cloud and hybrid workforce is now the norm, enabling secure access for users with zero trust framework becomes important.

The Fortinet Unified SASE solution includes a single-vendor SASE solution that includes firewall, SD-WAN, secure web gateway, cloud access services broker, Data Loss Prevention (“DLP”) and zero trust network access to deliver flexible secure access for all users.

The Fortinet Unified SASE solution includes a single-vendor SASE solution that includes firewall, SD-WAN, secure web gateway, cloud access services broker, Data Loss Prevention (“DLP”), Digital Experience Monitoring (“DEM”), Remote Browser Isolation (“RBI”) and ZTNA to deliver flexible secure access for all users.

We are one of the few vendors to deliver consistent convergence and AI-powered security across Secure SD-WAN and SSE to enable a single-vendor SASE framework with a cloud-centric architecture powered by FortiOS.

Our global and scalable cloud network includes 150+ points of presence to deliver the seamless secure access experience.

Given this, we are well positioned to support customers expanding from SD-WAN to a single-vendor SASE platform.

Additionally, we offer a full suite of comprehensive, integrated cloud security solutions that enable customers to secure their applications from code to cloud.

Our solutions include application security that includes our web application firewalls, cloud network security with virtualized firewalls and cloud-native firewalls, cloud-native application protection and code security.

We deliver a holistic approach to cloud security, offering a single unified platform for cloud security and secure Continuous Integration/Continuous Delivery (“CI/CD”) application development needs, consolidating protection across multiple disparate tools, including coding, deploying, and running applications across hybrid and multi-clouds, and delivering AI-driven security across integrated solutions with visibility and context across hybrid and multi-cloud.

Our global and scalable cloud network includes over 190 PoPs to deliver a seamless secure access experience.

Leveraging this global infrastructure, we believe we are well positioned to support customers expanding from SD-WAN to a single-vendor SASE platform.

We also allow our customers to deploy our FortiSASE as Sovereign SASE, which provides control over the technology elements needed for a SASE solution.

FortiSASE Sovereign delivers full SASE capabilities within infrastructure environments that organizations control, including on-premises, in private data centers or trusted colocation environments.

Additionally, we offer a full suite of integrated cloud security solutions that enable customers to secure their applications from code to cloud.

Our solutions include application security that includes web application firewalls, cloud network security with virtualized firewalls and cloud-native firewalls, cloud-native application protection and code security.

We deliver a holistic approach to cloud security, offering a single unified platform, consolidating protection across multiple disparate tools, including coding, deploying, and running applications across hybrid and multi-clouds.

Additionally, we also offer flexible consumption licensing programs that enable organizations to dynamically optimize their cloud security needs and investments as well as readily meet their cloud minimum spend commitment obligations with Cloud Service Providers.

• AI-Driven Security Operations (SecOps) —Our AI-Driven SecOps portfolio provides a comprehensive suite of cybersecurity solutions that identify, protect, detect, respond and recover from threats, all integrated within the Fortinet Security Fabric.

At the core is FortiAnalyzer, which serves as the central SOC platform with its unified data lake that provides built-in SIEM, SOAR, XDR and threat intelligence, enabling centralized visibility, analytics and automation with complete control.

FortiSIEM delivers robust security information and event management for more advanced SOC requirements, while FortiSOAR enables automated orchestration and playbook-driven response.

This solution set also includes FortiEDR, FortiXDR, FortiNDR, FortiSandbox, FortiDeceptor, FortiDLP and FortiRecon, helping organizations achieve defense in depth, ensuring attackers face multiple layers of detection and mitigation across endpoints, networks, and applications.

We continue to develop all the core SASE capabilities in a single operating system, FortiOS, including Next-Gen Firewall, SD-WAN, ZTNA, secure web gateway, cloud access security broker and DLP.

This native integration of our Next-Gen Firewall, SD-WAN and SASE has become the New-Generation SASE Firewall.

• AI-Driven Security Operations (SecOps) —Our AI-Driven SecOps portfolio provides a suite of cybersecurity solutions that identify, protect, detect, respond and recover from threats, all integrated within the Fortinet Security Fabric.

At the core is FortiAnalyzer, which serves as the central SOC platform with its unified data lake that provides:

built-in security information and event management (“SIEM”);

security, orchestration, automation, and response (“SOAR”);

XDR and threat intelligence, enabling centralized visibility, analytics and automation with complete control.

FortiSIEM delivers security information and event management for more advanced SOC requirements, while FortiSOAR enables automated orchestration and playbook-driven response.

This solution set also includes FortiEndpoint, FortiNDR, FortiSandbox, FortiDeceptor, FortiDLP and FortiRecon, helping organizations achieve defense in depth, ensuring attackers face multiple layers of detection and mitigation across endpoints, networks, and applications.

To bolster their security posture, organizations contending with staff shortages can tap into FortiGuard services, including SOC-as-a-Service (“SOCaaS”), Managed detection and response (“MDR”), Security Posture Assessment and Incident Response.

Finally, FortiAI generative AI assistance streamlines operations, helping security teams stay ahead of an ever-evolving threat landscape.

FortiGuard Labs is our cybersecurity threat intelligence and research organization comprised of experienced threat hunters, researchers, analysts, engineers and data scientists who develop and utilize machine learning and AI technologies to provide timely protection updates and actionable threat intelligence for the benefit of our customers.

FortiGuard Labs is our cybersecurity threat intelligence and research organization comprised of experienced threat hunters, researchers, analysts, engineers and data scientists who develop and utilize ML and AI technologies to provide timely protection updates and actionable threat intelligence for the benefit of our customers.

Using millions of global network sensors, FortiGuard Labs monitors the worldwide attack surface and employs AI to mine that data for new threats.

FortiGuard and Other Security Services are a suite of AI-powered security capabilities that are natively integrated as part of the Fortinet Security Fabric to deliver coordinated detection and enforcement across the entire attack surface.

The portfolio consists of FortiGuard application security services, content security services, device security services, NOC/SOC security services and web security services.

FortiCare Technical Support Service is a per-device technical support service, which provides customers access to experts to ensure efficient and effective operations and maintenance of their Fortinet capabilities.

portfolio consists of FortiGuard application security services, content security services, device security services, NOC/SOC security services and web security services.

FortiCare Technical Support Service is a technical support service, which provides customers access to experts to ensure efficient and effective operations and maintenance of their Fortinet solution.

Global technical support is offered 24x7 with flexible add-ons, including enhanced service-level agreements (“SLAs”) and priority hardware replacement through in-country and local depots.

Organizations have the flexibility to procure different levels of service for different devices based on their availability needs.

We offer three per-device support options tailored to the needs of our enterprise customers:

Organizations have the flexibility to procure different levels of service for different solutions based on their availability needs.

We offer three support options tailored to the needs of our enterprise customers:

FortiCare Elite, FortiCare Premium and FortiCare Essential.

The FortiCare Elite service aims to provide a 15-minute response time for key product families.

In addition to FortiCare device level services, Advanced Support service options are available per account.

In addition to FortiCare solution based services, Advanced Support service options are available per account.

These services are available for regional account support in three options:

Core, Pro and Pro Plus, and can be globalized at the Pro and Pro Plus levels.

Core, Pro and Pro Plus, and can be available or provided on a global basis at the Pro and Pro Plus levels.

Advanced Support brings support directly to each account, helping account holders to make their operations more effective and to plan and manage their solution lifecycle.

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The Fortinet Training Institute’s ecosystem of public and private partnerships around the world extend to industry, academia, government and nonprofits to ensure we are reaching and increasing access of our cybersecurity certifications and training to all populations.

The Fortinet Training Institute has issued over one million certifications to date.

The Fortinet Training Institute has issued approximately two million certifications to date.

During the year ended December 31, 2025, we generated total revenue of $6.80 billion and net income of $1.85 billion.

See Part II, Item 8 of this Annual Report on Form 10-K for more information on our consolidated balance sheets as of December 31, 2024 and 2023 and our consolidated statements of income, comprehensive income, equity (deficit), and cash flows for each of the three years ended December 31, 2024, 2023 and 2022.

See Part II, Item 8 of this Annual Report on Form 10-K for more information on our consolidated balance sheets as of December 31, 2025 and 2024 and our consolidated statements of income, comprehensive income, stockholders’ equity (deficit), and cash flows for each of the three years ended December 31, 2025, 2024 and 2023.

We were incorporated in Delaware in November 2000.

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An end-customer deployment may involve as few as one or as many as dozens of different types of integrated products and services from across our broad portfolio that spans secure networking, unified SASE, and security operations.

Depending on the solution or form factor purchased, customers may also access our products via the cloud through our data centers and PoPs, third-party colocations and cloud providers such as Amazon Web Services, Microsoft Azure and Google Cloud.

Microsoft Azure and Google Cloud.

Often, our customers also purchase our FortiGuard and other security subscription services and FortiCare technical support services.

Refer to Note 16 Segment Information in Part II, Item 8 of this Annual Report on Form 10-K for distributor customers accounted for 10% or more of our revenue or net accounts receivable.

Refer to Note 15.

Segment Information in Part II, Item 8 of this Annual Report on Form 10-K for distributor customers accounted for 10% or more of our revenue or net accounts receivable.

Sales and Marketing

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We submit purchase orders to our contract manufacturers that describe the type and quantities of our products to be manufactured, the delivery date and other delivery terms.

Once our products are manufactured, they are sent to either our warehouse in California or to our logistics partner in Taoyuan City, Taiwan, where accessory packaging and quality-control testing are performed.

Once our products are manufactured, they are sent to either our warehouse in California, our warehouse in the Netherlands or to our logistics partner in Taoyuan City, Taiwan, where accessory packaging and quality-control testing are performed.

We believe that outsourcing our manufacturing and a substantial portion of our logistics enables us to focus resources on our core competencies.

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We have no long-term contracts related to the manufacturing of our ASICs or other components that guarantee any capacity or pricing terms.

Additionally, we manage global memory component supply through diversified sourcing arrangements, strategic inventory planning and coordination with key supply chain partners.

Memory components are obtained from multiple suppliers, and we continuously monitor availability, lead times and logistics conditions to support manufacturing continuity and delivery schedules.

These actions are intended to mitigate supply volatility and maintain operational flexibility.

Our supply chain plays a critical role in providing safety for our customers and protection for our brand.

Supply chain security management begins with the establishing control of a qualified supplier base, which provides qualified and trusted components for use in design, development, manufacturing and post-sale product support.

Supply chain security management begins with establishing control of a qualified supplier base, which provides qualified and trusted components for use in design, development, manufacturing and post-sale product support.

Our Trusted Supplier Program (“TSP”) was developed in accordance with the requirements defined in National Institute of Standards and Technology Special Publications (“NIST SP”) 800-161 Supply Chain Risk Management Practices for Federal Information Systems and Organizations and other directives as periodically established by the U.S.

government for

securing the Information and Communication Technology Services supply chain, in response to increasing customer demand for transparency in the security of the hardware, firmware and software that is included in our products and to comply with U.S.

government for securing the Information and Communication Technology Services supply chain, in response to increasing customer demand for transparency in the security of the hardware, firmware and software that is included in our products and to comply with U.S.

government directives.

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As of December 31, 2025, we had 1,064 U.S.

and 1,378 global patents and 451 pending U.S.

and a total of 1,405 global patents, and 365 pending U.S.

and foreign patent applications.

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Despite our efforts to protect our rights in our technology, unauthorized parties may attempt to copy aspects of our products or obtain and use information and technology that we regard as proprietary.

We generally enter into confidentiality

agreements with our employees, consultants, vendors and customers, and generally limit access to and distribution of our proprietary information.

We generally enter into confidentiality agreements with our employees, consultants, vendors and customers, and generally limit access to and distribution of our proprietary information.

However, we cannot provide assurance that the steps we take will prevent misappropriation of our technology.

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(“F5 Networks”), Hewlett-Packard Enterprise (“HPE”), Huawei Technologies Co., Ltd.

(“Huawei”), Juniper Networks, Inc.

(“Juniper”), Microsoft Corporation (“Microsoft”), Netskope Inc.

(“Huawei”), Microsoft Corporation (“Microsoft”), Netskope Inc.

(“Netskope”), Palo Alto Networks, Inc.

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Human Capital Management

As of December 31, 2024, our total headcount was 14,138 employees, approximately 30% of whom were employed in the United States, approximately 20% of whom were employed in Canada and approximately 50% of whom were employed outside of the United States and Canada.

As of December 31, 2025, our total headcount was 15,109 employees, approximately 30% of whom were employed in the United States, approximately 20% of whom were employed in Canada and approximately 50% of whom were employed outside of the United States and Canada, primarily in Europe, Middle East and Africa (“EMEA”), consistent with our customer base.

We do not own any manufacturing or research and development activities in China.

Our employees are the foundation of our innovation and cybersecurity leadership for the benefit of our customers.

We understand there is a shortage of highly skilled employees for security companies like ours, and we believe that our success and competitive advantage depends largely on our ability to continue to attract and retain highly skilled employees with diverse backgrounds and experiences.

We believe we offer fair, competitive compensation and benefits, and we encourage a culture of fairness and meritocracy.

We believe we offer fair, competitive compensation and benefits, and we encourage a merit-based and inclusive culture.

Our compensation programs for our employees include base pay, incentive compensation, opportunities for equity ownership where local statutes allow and employee benefits that promote well-being across different aspects of our employees’ lives, which may include health and welfare insurance, retirement benefits and paid time off.

As a global company, we value diversity and inclusion across our workforce.

As a global company, we value diversity of experience, skills and backgrounds across our workforce.

Such commitment starts at the top, with a highly skilled and diverse board of directors.

As of December 31, 2024 , women represented 40% of the members of our board of directors, and approximately 50% o f our board of directors was from underrepresented communities.

As of December 31, 2025 , women represented approximately 40% of the members of our board of directors, and approximately 60% o f our board of directors was from underrepresented communities.

We are also committed to community engagement and social responsibility with regards to our employees and beyond, and our board of directors has active oversight of such initiatives.

Examples of our initiatives focused on our employees include our company matching program for employee charitable contributions and the free security training programs we offer to help with career development for our employees, in addition to the general public.

Examples of our initiatives focused on our employees include our company matching program for employee charitable contributions, paid volunteering days (where applicable) and the free security training programs we offer to help with career development for our employees, in addition to the general public.

Our culture is defined by our commitment to ethics and integrity.

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We are committed to responsible corporate sustainability practices and having a positive impact on the sustainability of our society and planet.

We are a member of the Dow Jones Sustainability Indices — World and North America, for the second consecutive year.

We are a member of the Dow Jones Sustainability Indices — World and North America, and report to both Carbon Disclosure Project (“CDP”) and Ecovadis.

Our approach to corporate sustainability is based on a strong corporate governance structure, starting with the Governance and Social Responsibility Committee (the “GSR Committee”) of our board of directors, which provides oversight of our Corporate Social Responsibility (“CSR”) strategy, initiatives and execution related to corporate sustainability matters.

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We are engaged on a decarbonization path to reach zero emissions for our Scope 1 and Scope 2 emissions by 2030.

In 2023, we obtained the ISO14001 certification for our largest company-owned warehouse in Union City, California, and have continued to be a leader on energy efficiency with the launch of our SP5 ASIC and our FortiGate-90G model.

We submitted our survey on environment to CDP, which is a not-for-profit charity organization that runs the global disclosure system for companies to manage their environmental impacts.

We also disclosed for the first time our Scope 3 emissions, across all 12 relevant categories, as part of our annual reporting on sustainability.

In 2025, we maintained the ISO 14001 certification we obtained in 2023 for our largest company-owned warehouse in Union City, California, and have continued to be a leader on energy efficiency with the launch of our SP5 ASIC and our FortiGate-90G model.

We have been certified to Environmental Product Declarations for our FortiGate 50G family.

We also disclose our Scope 3 emissions, across all 12 relevant categories, as part of our annual reporting on sustainability.

We are committed to empower individuals within our organization and across the security industry to reach their full potential.

We continue to focus on skilling, upskilling and reskilling individuals and are on track to reach our goal of training one million people in cybersecurity by 2026 with over 630,000 individuals trained as of the end of 2024.

We continue to focus on skilling, upskilling and reskilling individuals.

As part of our Education Outreach Program, which focuses on creating a more diverse cybersecurity talent pool, we launched the Veterans Program Advisory Council to help build on the Veterans Program’s success in providing more cybersecurity training pathways for military veterans across the United States, the United Kingdom, Canada, Australia and New Zealand.

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Our Codes of Conduct apply to employees, partners and suppliers, and we have compliance trainings and controls in place.

In 2023, we established a risk management committee and steering committee to further enhance our anti-corruption program and we employ a thorough screening process for partners and suppliers, including continuous monitoring in high-risk zones, and resolution process for risk mitigation.

We have a risk management committee and steering committee to further enhance our anti-corruption program and we employ a thorough screening process for partners and suppliers, including continuous monitoring in high-risk zones, and resolution process for risk mitigation.

Available Information

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The information posted on our website is not incorporated by reference into this Annual Report on Form 10-K.

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Securities Act of 1933, as amended (the “Securities Act”), are available free of charge on our investor relations website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission (the “SEC”).

material with, or furnish it to, the Securities and Exchange Commission (the “SEC”).

You may also access all of our public filings through the SEC’s website at https://www.sec.gov.

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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