INTEGRA LIFESCIENCES HOLDINGS CORP 10-K

ITEM 9A. CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow for timely decisions regarding required disclosure. Disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Management has designed our disclosure controls and procedures to provide reasonable assurance of achieving the desired control objectives. As required by Exchange Act Rule 13a-15(b), we have carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2025. Based upon this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of December 31, 2025 to provide such reasonable assurance. Management’s Report on Internal Control Over Financial Reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) under the Securities Exchange Act of 1934, as amended. Internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America (“GAAP”). We recognize that because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies and procedures may deteriorate. To evaluate the effectiveness of our internal control over financial reporting, management used the criteria described in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based upon this evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2025. The effectiveness of the Company’s internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears herein. Changes in Internal Control Over Financial Reporting There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. ITEM 9B. OTHER INFORMATION Adoption of Executive Severance Plan We are providing the following disclosure in lieu of filing a Current Report on Form 8-K relating to Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers). On February 24, 2026, the Compensation Committee of the Board of Directors of Integra LifeSciences Holdings Corporation (the “Company”) adopted the Integra LifeSciences Executive Separation Pay Plan (the “Executive Severance Plan”). The Executive Severance Plan provides severance benefits to the Company’s Executive Leadership Team, which includes eligible executives of the Company (each such individual, a “Participant”) upon a Qualifying Termination (as defined in the Executive Severance Plan). The current Participants include Lea Knight, Executive Vice President and Chief Financial Officer, Robert T. Davis, Jr., Executive Vice President, President – Tissue Technologies, Michael McBreen, Executive Vice President, President – Codman Specialty Surgical, and Harvinder Singh, Executive Vice President, President – International. Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Executive Severance Plan. Severance benefits under the Executive Severance Plan include: • A cash severance payment equal to twelve (12) Months of Base Pay (the “Severance Payment”) payable over 12 months (the “Separation Period”). 55 • A pro-rated bonus payment for the calendar year in which the relevant Qualifying Termination occurred in an amount equal to the actual bonus payment which would have been paid to the Participant had such Participant remained in continuous employment through the end of the calendar year of the bonus period and pro-rated based on the number of calendar days the Participant was employed by the Company during the calendar year of the Qualifying Termination, subject to (i) the Participant having remained continuously employed by the Company for a minimum of nine (9) months during the calendar year of the Participant’s Qualifying Termination and (ii) the funding of the Company, individual performance of the Employee and any additional eligibility criteria for such bonus payment. • For Participants enrolled in Company-sponsored medical, dental and/or vision coverage, payment in an amount equal to the Company’s contribution towards such health coverage, as in effect for similarly situated active employees (as applicable, based on the Participant’s enrollment status and covered dependents, if any) covering a period through the earlier of (x) the end of the Separation Period, or (y) the date the Participant becomes eligible for group medical care coverage through other employment benefits for them and their eligible dependents through the continuation of coverage provisions. • Eligibility for outplacement services during the Separation Period. The Severance Payment will be paid in substantially equal installments during the Separation Period. The Executive Severance Plan provides that none of a termination of employment for unsatisfactory job performance, voluntary resignation or retirement, termination due to death, or disability, termination in connection with a divestiture where continued employment is offered, or certain other terminations or separations as set forth in the Executive Severance Plan will be considered a Qualifying Termination under the terms of the Executive Severance Plan. Payment of benefits under the Executive Severance Plan is subject to: (i) the execution and non-revocation of a general release of claims, (ii) compliance with applicable post-employment restrictive covenants, (iii) applicable tax withholdings, and (iv) clawback in the event of a violation of the general release of claims. This summary of the Executive Severance Plan does not purport to be complete and is subject to and qualified in its entirety by reference to the text of the Executive Severance Plan filed as Exhibit 10.12 hereto and incorporated herein by reference. Rule 10b5-1 Trading Arrangements During the three months ended December 31, 2025, no director or officer of the Company, nor the Company itself, adopted or terminated a “Rule 10b5-1 trading arrangement” or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K. ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS Not applicable. PART III INCORPORATION BY REFERENCE The information called for by Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities relating to equity compensation plans , Item 10. Directors, Executive Officers and Corporate Governance, Item 11. Executive Compensation, Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, Item 13 . Certain Relationships and Related Transactions, and Director Independence and Item 14. Principal Accountant Fees and Services is incorporated herein by reference to the Company’s definitive proxy statement for its Annual Meeting of Stockholders scheduled to be held on May 7, 2026, which definitive proxy statement is expected to be filed with the Commission not later than 120 days after the end of the fiscal year to which this report relates. PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENTS (a) Documents filed as a part of this report: 1. Financial Statements. 56 The following financial statements are filed as a part of this report: Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP, Florham Park, New Jersey, PCAOB ID# 238 ) F-1 Consolidated Statements of Operations for the years ended December 31, 202 5 , 202 4 and 202 3 F- 3 Consolidated Statements of Comprehensive Income for the years ended December 31, 202 5 , 202 4 and 202 3 F- 4 Consolidated Balance Sheets as of December 31, 202 5 and 202 4 F- 5 Consolidated Statements of Cash Flows for the years ended December 31, 202 5 , 202 4 and 202 3 F- 7 Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 202 5 , 202 4 and 202 3 F- 8 Notes to Consolidated Financial Statements F- 9 All other schedules not listed above have been omitted, because they are not applicable or are not required, or because the required information is included in the consolidated financial statements or notes thereto. 2 . Exhibits required to be filed by Item 601 of Regulation S-K. 2.1(a) Agreement and Plan of Merger by among Integra LifeSciences Holdings Corporation and ACell Inc. dated as of December 15, 2020 (Incorporated by reference to Exhibit 2.1(b) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020) 2.1(b) Stock Purchase Agreement, dated December 12, 2023, among Ethicon, Inc., Integra LifeSciences Holdings Corporation and Integra LifeSciences Israel Ltd. (Incorporated by reference to Exhibit 2.1(c) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023) 3.1(a) Amended and Restated Certificate of Incorporation of the Company dated February 16, 1993 (Incorporated by reference to Exhibit 3.1(a) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005) 3.1(b) Certificate of Amendment to Amended and Restated Certificate of Incorporation of the Company dated May 22, 1998 (Incorporated by reference to Exhibit 3.1(b) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 1998) 3.1(c) Certificate of Amendment to Amended and Restated Certificate of Incorporation of the Company dated May 17, 1999 (Incorporated by reference to Exhibit 3.1(c) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2004 ) 3.1(d) Certificate of Amendment to Amended and Restated Certificate of Incorporation of the Company dated December 21, 2016 (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on December 22, 2016) 3.1(e) Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company dated May 9, 2024 (Incorporated by reference to Exhibit 3.1(e) to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024) 3.2 Third Amended and Restated Bylaws of Integra LifeSciences Holdings Corporation, effective as of February 21, 2023 (Incorporated by reference to Exhibit 3.3 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022) 4.1 Indenture, dated as of February 7, 2020, by and between Integra LifeSciences Holdings Corporation and Citibank, N.A., as trustee (including Form of 0.50% Convertible Senior Notes due 2025) (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on February 7, 2020) 4.2 First Supplemental Indenture, by and between Integra LifeSciences Holdings Corporation and Citibank, N.A., as trustee (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on December 9, 2020) 4.3* Integra LifeSciences Deferred Compensation Plan, effective as of May 16, 2019 (Incorporated by reference to Exhibit 4.4 to the Company's Registration Statement on Form S-8 (Registration No. 333-231709) filed on May 23, 2019) 4.4+ Description of Securities 57 10.1(a) Lease Modification #3 entered into as of March 2, 2011, by and between Plainsboro Associates and Integra LifeSciences Corporation (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 3, 2011) 10.1(b) Lease Modification #4 entered into as of April 20, 2017, by and between Plainsboro Associates and Integra LifeSciences Corporation (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 25, 2017) 10.2(a)* Employee Stock Purchase Plan (as amended on May 17, 2004) (Incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-8 (Registration No. 333-127488) filed on August 12, 2005) 10.2(b)* First Amendment to Employee Stock Purchase Plan, dated October 26, 2005 (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on November 1, 2005) 10.3(a)* Fourth Amended and Restated 2003 Equity Incentive Plan, effective May 23, 2017 (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on May 25, 2017) 10.3(b)* Amendment to the Integra LifeSciences Holdings Corporation Fourth Amended and Restated 2003 Equity Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020) 10.3(c)* Integra LifeSciences Holdings Corporation Fifth Amended and Restated 2003 Equity Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on May 18, 2021) 10.3(d)* Amendment No. 1 to the Integra LifeSciences Holdings Corporation Fifth Amended and Restated 2003 Equity Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on May 13, 2024) 10.3(e)* Amendment No. 2 to the Integra LifeSciences Holdings Corporation Fifth Amended and Restated 2003 Equity Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on May 13, 2025) 10.3(f)*+ Form of Integra LifeSciences Holdings Corporation Fifth Amended and Restated 2003 Equity Incentive Plan Restricted Stock Unit Award Agreement – 2026 10.3(g)*+ Form of Integra LifeSciences Holdings Corporation Fifth Amended and Restated 2003 Equity Incentive Plan Performance Stock Unit Award Agreement – 2026 10.3(h)*+ Form of Integra LifeSciences Holdings Corporation Fifth Amended and Restated 2003 Equity Incentive Plan Restricted Stock Unit Award Agreement – Directors 10.3(i)* Form of Integra LifeSciences Holdings Corporation Fifth Amended and Restated 2003 Equity Incentive Plan Restricted Stock Award Agreement – Directors (Incorporated by reference to Exhibit 10.3(h) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022) 10.3(j)* Form of Integra LifeSciences Holdings Corporation Fifth Amended and Restated 2003 Equity Incentive Plan Restricted Stock Agreement – Executive Officers (Incorporated by reference to Exhibit 10.3(i) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022) 10.3(k)* Form of Integra LifeSciences Holdings Corporation Fifth Amended and Restated 2003 Equity Incentive Plan Performance Stock Unit Award Agreement (Incorporated by reference to Exhibit 10.3(j) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022) 10.3(l)* Form of Integra LifeSciences Holdings Corporation Fifth Amended and Restated 2003 Equity Incentive Plan Non-Qualified Stock Option Award Agreement (Incorporated by reference to Exhibit 10.3(k) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022) 10.3(m)* Form of Integra LifeSciences Holdings Corporation Fifth Amended and Restated 2003 Equity Incentive Plan Restricted Stock Award Agreement – OUS (Incorporated by reference to Exhibit 10.3(l) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 10.3(n)* Form of Integra LifeSciences Holdings Corporation Fifth Amended and Restated 2003 Equity Incentive Plan Restricted Stock Unit Award Agreement (Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024) 58 10.3(o)* Form of Integra LifeSciences Holdings Corporation Fifth Amended and Restated 2003 Equity Incentive Plan Non-Qualified Stock Option Award Agreement – CEO (Incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024) 10.3(p)*+ Form of Integra LifeSciences Holdings Corporation Fifth Amended and Restated 2003 Equity Incentive Plan Restricted Stock Unit Award Agreement – OUS – 2026 10.4* Form of Indemnification Agreement, by and between Integra LifeSciences Holdings Corporation and each of its directors and executive officers (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 19, 2022) 10.5* Annual Executive Physical Medical Exam Arrangement (Incorporated by reference to the Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on July 29, 2013) 10.6* 2018 Performance Incentive Compensation Plan, effective January 1, 2018 (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on May 25, 2017) 10.7* Integra LifeSciences Holdings Corporation Change in Control Severance Program (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 12, 2025) 10.8* Amended and Restated Management Incentive Compensation Plan, as of January 1, 2008 (Incorporated by reference to Exhibit 10.43(c) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007) 10.9* Employment Agreement, dated November 4, 2024, by and between Integra LifeSciences Holdings Corporation, Integra LifeSciences Corporation and Mojdeh Poul (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on November 4, 2024) 10.10* Davis Promotion Summary, effective December 1, 2016 (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on December 5, 2016) 10.11(a)* Employment Agreement, dated October 28, 2021, by and between Integra LifeSciences Holdings Corporation, Integra LifeSciences Corporation and Jan De Witte (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on October 28, 2021) 10.11(b)* Letter Agreement, dated February 27, 2024 (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 28, 2024) 10.11(c)* Consulting Agreement, dated November 4, 2024, by and between Integra LifeSciences Holdings Corporation, Integra LifeSciences Corporation and Jan De Witte (Incorporated by reference to Exhibit 10.11(c) to the Company Annual Report on Form 10-K for the fiscal year ended December 31, 2024) 10.12*+ Integra LifeSciences Executive Separation Pay Plan 10.13*+ Integra LifeSciences Holdings Corporation Directors Deferred Compensation Plan 10.14(a) Receivables Financing Agreement, dated as of December 21, 2018, by and among Integra Receivables LLC, Integra LifeSciences Sales LLC, as Servicer, PNC Bank, National Association, as Administrative Agent, PNC Capital Markets LLC, as Structuring Agent, and certain lenders and group agents that are parties thereto from time to time (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 28, 2018) 10.14(b) Amendment No. 1 to Receivables Financing Agreement and Reaffirmation of Performance Guaranty, dated as of March 29, 2019, by and among Integra Receivables LLC, Integra LifeSciences Sales LLC, as Servicer, PNC Bank, National Associations, as Administrative Agent, Committed Lender and Group Agent, Mizuho Bank, Ltd., as Committed Lender and Group Agent and PNC Capital Markets LLC, as Structuring Agent, and certain lenders and group agents that are parties thereto from time to time (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021) 10.14(c) Amendment No. 2 to Receivables Financing Agreement and Reaffirmation of Performance Guaranty, dated as of July 17, 2020, by and among, Integra Receivables LLC, Integra LifeSciences Sales LLC, as Servicer, PNC Bank, National Associations, as Administrative Agent, Committed Lender and Group Agent, Mizuho Bank, Ltd., as Committed Lender and Group Agent and PNC Capital Markets LLC, as Structuring Agent, and certain lenders and group agents that are parties thereto from time to time (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021) 59 10.14(d) Amendment No. 3 to Receivables Financing Agreement and Reaffirmation of Performance Guaranty, dated as of May 28, 2021, by and among, Integra Receivables LLC, Integra LifeSciences Sales LLC, as Servicer, PNC Bank, National Associations, as Administrative Agent, PNC Capital Markets LLC, as Structuring Agent, Committed Lender and Group Agent, and certain lenders and group agents that are parties thereto from time to time (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021) 10.14(e) Amendment No. 4 to Receivables Financing Agreement and Reaffirmation of Performance Guaranty, dated as of April 17, 2023, by and among, Integra Receivables LLC, Integra LifeSciences Sales LLC, as Servicer, PNC Bank, National Associations, as Administrative Agent, PNC Capital Markets LLC, as Structuring Agent, Committed Lender and Group Agent, and certain lenders and group agents that are parties thereto from time to time (Incorporated by reference to Exhibit 10.4 to the Company Quarterly Report on Form 10-Q for the quarter ended March 31, 2023) 10.14(f) Amendment No. 5 to Receivables Financing Agreement and Reaffirmation of Performance Guaranty, dated as of December 15, 2023, by and among, Integra Receivables LLC, Integra LifeSciences Sales LLC, as Servicer, PNC Bank, National Associations, as Administrative Agent, PNC Capital Markets LLC, as Structuring Agent, Committed Lender and Group Agent, The Bank of Nova Scotia, as Committed Lender and Group Agent, and certain lenders and group agents that are parties thereto from time to time (Incorporated by reference to Exhibit 10.12(f) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023) 10.15 Purchase and Sale Agreement, dated as of December 21, 2018, by and among Integra LifeSciences Sales LLC, Integra LifeSciences Corporation and Integra Receivables LLC (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on December 28, 2018) 10.16 Seventh Amended and Restated Credit Agreement, dated as of March 24, 2023, among Integra LifeSciences Holdings Corporation, the lenders party thereto, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, Citibank N.A., JPMorgan Chase Bank, N.A., Morgan Stanley MUFG Loan Partners, LLC, PNC Bank, N.A., Truist Securities, Inc. and Wells Fargo Bank, N.A., as Co-Syndication Agents, and The Bank of Nova Scotia, BMO Harris Bank N.A., BNP Paribas, Capital One, National Association, Citizens Bank, N.A., DNB Bank ASA, New York Branch, Santander Bank, N.A. and TD Bank, N.A., as Co-Documentation (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 24, 2023) 10.17 Base Call Option Transaction Confirmation, dated as of February 4, 2020, between Integra LifeSciences Holdings Corporation and Citibank, N.A. (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 7, 2020) 10.18 Ratification Agreement, dated as of March 24, 2023, between Integra LifeSciences Holdings Corporation, the Subsidiary Guarantors of Integra LifeSciences Holdings Corporation and Bank of America, N.A., as Administrative Agent (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on March 24, 2023) 10.19 Base Call Option Transaction Confirmation, dated as of February 4, 2020, between Integra LifeSciences Holdings Corporation and Morgan Stanley & Co. International plc. (Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on February 7, 2020) 10.20 Base Call Option Transaction Confirmation, dated as of February 4, 2020, between Integra LifeSciences Holdings Corporation and Wells Fargo, National Association. (Incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed on February 7, 2020) 10.21 Base Warrant Confirmation, dated as of February 4, 2020, between Integra LifeSciences Holdings Corporation and Citibank, N.A. (Incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed on February 7, 2020) 10.22 Base Warrant Confirmation, dated as of February 4, 2020, between Integra LifeSciences Holdings Corporation and Goldman Sachs & Co. LLC. (Incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K filed on February 7, 2020) 10.23 Base Warrant Confirmation, dated as of February 4, 2020, between Integra LifeSciences Holdings Corporation and Morgan Stanley & Co. International plc. (Incorporated by reference to Exhibit 10.7 to the Company’s Current Report on Form 8-K filed on February 7, 2020) 10.24 Base Warrant Confirmation, dated as of February 4, 2020, between Integra LifeSciences Holdings Corporation and Wells Fargo, National Association. (Incorporated by reference to Exhibit 10.8 to the Company’s Current Report on Form 8-K filed on February 7, 2020) 60 10.25 Additional Call Option Transaction Confirmation, dated as of February 5, 2020, between Integra LifeSciences Holdings Corporation and Citibank, N.A. (Incorporated by reference to Exhibit 10.9 to the Company’s Current Report on Form 8-K filed on February 7, 2020) 10.26 Additional Call Option Transaction Confirmation, dated as of February 5, 2020, between Integra LifeSciences Holdings Corporation and Goldman Sachs & Co. LLC. (Incorporated by reference to Exhibit 10.10 to the Company’s Current Report on Form 8-K filed on February 7, 2020) 10.27 Additional Call Option Transaction Confirmation, dated as of February 5, 2020, between Integra LifeSciences Holdings Corporation and Morgan Stanley & Co. International plc. (Incorporated by reference to Exhibit 10.11 to the Company’s Current Report on Form 8-K filed on February 7, 2020) 10.28 Additional Call Option Transaction Confirmation, dated as of February 5, 2020, between Integra LifeSciences Holdings Corporation and Wells Fargo, National Association. (Incorporated by reference to Exhibit 10.12 to the Company’s Current Report on Form 8-K filed on February 7, 2020) 10.29 Additional Warrant Confirmation, dated as of February 5, 2020, between Integra LifeSciences Holdings Corporation and Citibank, N.A. (Incorporated by reference to Exhibit 10.13 to the Company’s Current Report on Form 8-K filed on February 7, 2020) 10.30 Additional Warrant Confirmation, dated as of February 5, 2020, between Integra LifeSciences Holdings Corporation and Goldman Sachs & Co. LLC. (Incorporated by reference to Exhibit 10.14 to the Company’s Current Report on Form 8-K filed on February 7, 2020) 10.31 Additional Warrant Confirmation, dated as of February 5, 2020, between Integra LifeSciences Holdings Corporation and Morgan Stanley & Co. plc. (Incorporated by reference to Exhibit 10.15 to the Company’s Current Report on Form 8-K filed on February 7, 2020) 10.32 Additional Warrant Confirmation, dated as of February 5, 2020, between Integra LifeSciences Holdings Corporation and Wells Fargo, National Association. (Incorporated by reference to Exhibit 10.16 to the Company’s Current Report on Form 8-K filed on February 7, 2020) 10.33 Issuer Forward Repurchase Transaction Confirmation, dated as of February 5, 2020, between Integra LifeSciences Holdings Corporation and JPMorgan Chase Bank, National Association, New York Branch. (Incorporated by reference to Exhibit 10.17 to the Company’s Current Report on Form 8-K filed on February 7, 2020) 10.34 Amendment No. 1, dated June 6, 2025, to that Seventh Amended and Restated Credit Agreement, among Integra LifeSciences Holdings Corporation, the lenders party thereto, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, Citibank N.A., JPMorgan Chase Bank, N.A., Morgan Stanley MUFG Loan Partners, LLC, PNC Bank, N.A., Truist Bank and Wells Fargo Bank, N.A., as Co-Syndication Agents, and The Bank of Nova Scotia, BMO Harris Bank N.A., BNP Paribas, Capital One, National Association, Citizens Bank, N.A., DNB Bank ASA, New York Branch, Santander Bank, N.A. and TD Bank, N.A., as Co-Documentation Agents. (Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on June 9, 2025). 19.1(a) Integra LifeSciences Holdings Corporation Trading in Securities by Company Personnel Policy (as amended February 20, 2025) (Incorporated by reference to Exhibit 19.1(a) to the Company Annual Report on Form 10-K for the fiscal year ended December 31, 2024) 19.1(b) Integra LifeSciences Holdings Corporation Trading Window Group Policy (as amended February 20, 2025) (Incorporated by reference to Exhibit 19.1(b) to the Company Annual Report on Form 10-K for the fiscal year ended December 31, 2024) 21.1+ Subsidiaries of the Company 23.1+ Consent of PricewaterhouseCoopers LLP 31.1+ Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2+ Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1+ Certification of Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 32.2+ Certification of Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 61 97.1 Integra LifeSciences Holdings Corporation Incentive Compensation Recovery Policy (Incorporated by reference to Exhibit 97.1 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 202 3 ) 101.INS+# Inline XBRL Instance Document 101.SCH+# Inline XBRL Taxonomy Extension Schema Document 101.CAL+# Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF+# Inline XBRL Definition Linkbase Document 101.LAB+# Inline XBRL Taxonomy Extension Labels Linkbase Document 101.PRE+# Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) * Indicates a management contract or compensatory plan or arrangement. + Indicates this document is filed as an exhibit herewith. # The financial information of Integra LifeSciences Holdings Corporation Annual Report on Form 10-K for the year ended December 31, 2025 filed on February 26, 2026 formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Operations, (ii) the Consolidated Statement of Comprehensive Income (Loss), (iii) the Consolidated Balance Sheets, (iv) Parenthetical Data to the Consolidated Balance Sheets, (v) the Consolidated Statements of Cash Flows, (vi) the Consolidated Statements of Changes in Stockholders’ Equity, and (vii) Notes to Consolidated Financial Statements, is furnished electronically herewith. The Company’s Commission File Number for Reports on Form 10-K, Form 10-Q and Form 8-K is 000-26224. ITEM 16. FORM 10-K SUMMARY None. 62 SIGNATURES Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. INTEGRA LIFESCIENCES HOLDINGS CORPORATION By: /s/ Mojdeh Poul Mojdeh Poul President and Chief Executive Officer, and Director (Principal Executive Officer) By: /s/ Lea Knight Lea Knight Executive Vice President and Chief Financial Officer (Principal Financial Officer) By: /s/ Jeffrey A. Mosebrook Jeffrey A. Mosebrook Senior Vice President, Finance (Principal Accounting Officer) Date: February 26, 2026 63 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons, on behalf of the registrant in the capacities indicated. Signature Title Date /s/ Mojdeh Poul President and Chief Executive Officer, February 26, 2026 Mojdeh Poul and Director (Principal Executive Officer) /s/ Lea Knight Executive Vice President and Chief Financial Officer February 26, 2026 Lea Knight (Principal Financial Officer) /s/ Jeffrey A. Mosebrook Senior Vice President, Finance February 26, 2026 Jeffrey A. Mosebrook (Principal Accounting Officer) /s/ Stuart M. Essig, Ph.D. Chairman of the Board February 26, 2026 Stuart M. Essig, Ph.D. /s/ Keith Bradley, Ph.D. Director February 26, 2026 Keith Bradley, Ph.D. /s/ Shaundra Clay Director February 26, 2026 Shaundra Clay /s/ Jeffrey A. Graves Director February 26, 2026 Jeffrey A. Graves /s/ Barbara B. Hill Director February 26, 2026 Barbara B. Hill /s/ Renee W. Lo Director February 26, 2026 Renee W. Lo /s/ Christian S. Schade Director February 26, 2026 Christian S. Schade 64 Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Integra LifeSciences Holdings Corporation Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Integra LifeSciences Holdings Corporation and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of operations, of comprehensive income, of changes in stockholders’ equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO. Basis for Opinions The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. F-1 Critical Audit Matters The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Interim Goodwill Impairment Assessments – Tissue Technologies and Neurosurgery Reporting Units As described in Notes 2 and 7 to the consolidated financial statements, the Company’s goodwill balance was $615.2 million as of December 31, 2025. Goodwill is not subject to amortization but is tested for impairment at the reporting unit level annually in the third quarter. Additionally, management may perform interim tests of goodwill for impairment if an event occurs or circumstances change that could potentially reduce the fair value below its carrying amount. During the second quarter of 2025, management performed a quantitative assessment of its Tissue Technologies, Neurosurgery, and Instruments and ENT reporting units, using a combination of both an income approach and a market approach, to determine the fair value of the reporting unit. The income approach utilizes the estimated discounted cash flows for the reporting unit, while the market approach utilizes comparable publicly-traded companies’ revenue and EBITDA multiples. Estimates and assumptions made by management used in the income approach included revenue growth rates, cost of sales, terminal growth rates, and a discount rate for each reporting unit. Management determined, after performing the quantitative analysis, that the fair value of the reporting units was less than the carrying amount and recognized an aggregate impairment charge of $511.4 million in the second quarter of 2025, a majority of which relates to the Tissue Technologies and Neurosurgery reporting units. The principal considerations for our determination that performing procedures relating to the interim goodwill impairment assessments of the Tissue Technologies and Neurosurgery reporting units is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the Tissue Technologies and Neurosurgery reporting units; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to revenue growth rates, cost of sales, terminal growth rate, and discount rate used in the income approach and comparable publicly-traded companies’ revenue and EBITDA multiples used in the market approach; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge. Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s goodwill impairment assessments, including controls over the valuation of the Tissue Technologies and Neurosurgery reporting units. These procedures also included, among others (i) testing management’s process for developing the fair value estimate of the Tissue Technologies and Neurosurgery reporting units; (ii) evaluating the appropriateness of the income and market approaches used by management; (iii) testing the completeness and accuracy of underlying data used in the income and market approaches; and (iv) evaluating the reasonableness of the significant assumptions used by management related to the revenue growth rates, cost of sales, terminal growth rate, and discount rate used in the income approach and comparable publicly-traded companies’ revenue and EBITDA multiples used in the market approach. Evaluating management’s assumptions related to revenue growth rates and cost of sales involved evaluating whether the assumptions used by management were reasonable considering (i) the current and past performance of the Tissue Technologies and Neurosurgery reporting units; (ii) the consistency with external market and industry data; and (iii) whether the assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the income and market approaches and (ii) the reasonableness of the terminal growth rate, discount rate, and comparable publicly-traded companies’ revenue and EBITDA multiples assumptions. /s/ PricewaterhouseCoopers LLP Florham Park, New Jersey February 26, 2026 We have served as the Company’s auditor since 1989. F-2 INTEGRA LIFESCIENCES HOLDINGS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) Years Ended December 31, 2025 2024 2023 Total Revenue, net $ 1,635,245 $ 1,610,527 $ 1,541,573 Costs and Expenses: Cost of goods sold 803,625 728,466 656,838 Research and development 98,971 115,377 104,192 Selling, general and administrative 699,700 716,983 656,641 Intangible asset amortization 14,954 21,290 12,376 Goodwill impairment charge 511,365 — — Total costs and expenses 2,128,615 1,582,116 1,430,047 Operating (loss) income ( 493,370 ) 28,411 111,526 Interest income 18,474 20,040 17,202 Interest expense ( 86,255 ) ( 70,632 ) ( 51,377 ) Other (expense) income, net ( 2,351 ) 3,944 3,718 (Loss) income before income taxes ( 563,502 ) ( 18,237 ) 81,069 (Benefit) provision for income taxes ( 47,028 ) ( 11,293 ) 13,328 Net (loss) income $ ( 516,474 ) $ ( 6,944 ) $ 67,741 Net (loss) income per share Basic $ ( 6.74 ) $ ( 0.09 ) $ 0.85 Diluted $ ( 6.74 ) $ ( 0.09 ) $ 0.84 Weighted average common shares outstanding ( Note 13. Net Income Per Share ): Basic 76,672 77,010 80,089 Diluted 76,672 77,010 80,337 The accompanying notes are an integral part of these consolidated financial statements. F-3 INTEGRA LIFESCIENCES HOLDINGS CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Dollars in thousands) Years Ended December 31, 2025 2024 2023 Net (loss) income $ ( 516,474 ) $ ( 6,944 ) $ 67,741 Other comprehensive loss, before tax: Change in foreign currency translation adjustments ( 7,012 ) ( 15,860 ) ( 20,821 ) Unrealized (loss) gain on derivatives Unrealized derivative (loss) gain arising during period ( 56,054 ) 62,638 ( 22,071 ) Less: Reclassification adjustments for (loss) gain included in net income ( 40,896 ) 53,882 ( 13,423 ) Unrealized (loss) gain on derivatives ( 15,158 ) 8,756 ( 8,648 ) Defined benefit pension plan - net gain (loss) arising during period 1,245 1,557 ( 6,610 ) Total other comprehensive (loss) gain, before tax ( 20,925 ) ( 5,547 ) ( 36,079 ) Income tax benefit (expense) related to items in other comprehensive gain (loss) 18,419 ( 6,918 ) 10,708 Total other comprehensive (loss) gain, net of tax ( 2,506 ) ( 12,465 ) ( 25,371 ) Comprehensive (loss) income, net of tax $ ( 518,980 ) $ ( 19,409 ) $ 42,370 The accompanying notes are an integral part of these consolidated financial statements. F-4 INTEGRA LIFESCIENCES HOLDINGS CORPORATION CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share amounts) December 31, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 235,048 $ 246,375 Short-term investments 28,693 27,192 Trade accounts receivable, net of allowances of $ 7,230 and $ 6,917 278,849 272,370 Inventories, net 492,735 429,090 Prepaid expenses 96,089 77,001 Other current assets 28,130 29,653 Total current assets 1,159,544 1,081,681 Property, plant and equipment, net 444,335 405,723 Right of use asset - operating leases 140,568 144,042 Intangible assets, net 1,134,663 1,207,588 Goodwill 615,157 1,096,952 Deferred tax assets, net 69,854 34,923 Other assets 37,880 66,515 Total assets $ 3,602,001 $ 4,037,424 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of borrowings under senior credit facility $ 38,750 $ 33,906 Short-term borrowings under securitization facility 87,800 — Current portion of lease liability - operating leases 14,019 14,540 Convertible securities — 573,170 Accounts payable, trade 95,726 82,502 Contract liabilities 11,463 10,483 Income tax payable 3,651 — Accrued compensation 74,079 85,617 Accrued expenses and other current liabilities 130,493 121,908 Total current liabilities 455,981 922,126 Long-term borrowings under senior credit facility 1,729,556 1,087,917 Long-term borrowings under securitization facility — 108,100 Lease liability - operating leases 163,059 166,930 Deferred tax liabilities 5,664 60,833 Other liabilities 204,278 146,238 Total liabilities 2,558,538 2,492,144 Stockholders’ equity: Preferred Stock; no par value; 15,000 authorized shares; none outstanding — — Common stock; $ 0.01 par value; 240,000 authorized shares; 92,286 and 91,610 issued at December 31, 2025 and 2024, respectively 923 916 Additional paid-in capital 1,338,386 1,323,431 Treasury stock, at cost; 14,399 and 14,445 shares at December 31, 2025 and 2024, respectively ( 689,210 ) ( 691,411 ) Accumulated other comprehensive (loss) ( 30,077 ) ( 27,571 ) Retained earnings 423,441 939,915 Total stockholders’ equity 1,043,463 1,545,280 Total liabilities and stockholders’ equity $ 3,602,001 $ 4,037,424 F-5 The accompanying notes are an integral part of these consolidated financial statements. F-6 INTEGRA LIFESCIENCES HOLDINGS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) Years Ended December 31, 2025 2024 2023 OPERATING ACTIVITIES: Net (loss) income $ ( 516,474 ) $ ( 6,944 ) $ 67,741 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 151,832 140,893 123,512 Non-cash impairment charges 511,365 12,209 — Deferred income tax benefit ( 66,264 ) ( 20,731 ) ( 11,885 ) Share-based compensation 18,583 24,377 20,143 Amortization of debt issuance costs and expenses associated with debt refinancing 5,605 5,593 6,164 Non-cash lease expense ( 987 ) 835 2,189 Lease incentive 1,299 8,452 — Loss on disposal of property and equipment and construction in-progress 490 1,496 777 Change in fair value of contingent consideration and others ( 21,329 ) ( 5,791 ) 12,888 Changes in assets and liabilities: Accounts receivable ( 485 ) 7,398 4,593 Inventories ( 46,760 ) ( 28,149 ) ( 59,773 ) Prepaid expenses and other current assets ( 2,802 ) ( 8,187 ) 2,652 Other non-current assets 3,343 ( 2,842 ) ( 8,535 ) Accounts payable, accrued expenses and other current liabilities 26,724 ( 2,674 ) ( 20,229 ) Contract liabilities 3,400 3,540 128 Other non-current liabilities ( 17,156 ) ( 93 ) ( 410 ) Net cash provided by operating activities 50,384 129,382 139,955 INVESTING ACTIVITIES: Purchases of property and equipment ( 81,436 ) ( 104,418 ) ( 66,865 ) Purchases of intangible assets ( 14,202 ) ( 9,953 ) — Purchases of short-term investments ( 8,502 ) ( 48,997 ) ( 32,694 ) Proceeds from maturities of short-term investments 7,000 54,500 — Cash paid for business acquisitions, net of cash acquired — ( 277,811 ) — Net (payment) proceeds on swaps designated as net investment hedges ( 10,923 ) ( 4,129 ) 5,381 Net cash used in investing activities ( 108,063 ) ( 390,808 ) ( 94,178 ) FINANCING ACTIVITIES: Proceeds from borrowings of long-term indebtedness 720,700 486,500 165,100 Payments on debt ( 94,906 ) ( 187,131 ) ( 110,600 ) Repayments of convertible debt ( 574,983 ) — — Payment of debt issuance costs ( 4,064 ) — ( 7,879 ) Purchase of treasury stock ( 221 ) ( 52,471 ) ( 275,000 ) Payments for contingent considerations ( 16,451 ) ( 11,923 ) — Proceeds from exercise of stock options and employee stock purchase plan 957 6,398 4,317 Cash taxes paid in net equity settlement ( 2,697 ) ( 3,510 ) ( 5,863 ) Net cash provided by (used in) financing activities 28,335 237,863 ( 229,925 ) Effect of exchange rate changes on cash and cash equivalents 18,017 ( 6,464 ) 3,889 Net decrease in cash and cash equivalents ( 11,327 ) ( 30,027 ) ( 180,259 ) Cash and cash equivalents at beginning of period 246,375 276,402 456,661 Cash and cash equivalents at end of period $ 235,048 $ 246,375 $ 276,402 The accompanying notes are an integral part of these consolidated financial statements. F-7 INTEGRA LIFESCIENCES HOLDINGS CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Dollars in thousands) Common Stock Treasury Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (loss) Retained Earnings Total Equity Shares Amount Shares Amount Balance, January 1, 2023 90,476 $ 905 ( 6,823 ) $ ( 362,862 ) $ 1,276,977 $ 10,265 $ 879,118 $ 1,804,403 Net income — — — — — — 67,741 67,741 Other comprehensive income, net of tax — — — — — ( 25,371 ) — ( 25,371 ) Issuance of common stock through employee stock purchase plan 21 — — — 1,107 — — 1,107 Issuance of common stock for vesting of share-based awards, net of shares withheld for taxes and forfeitures 423 1 18 911 ( 3,566 ) — — ( 2,654 ) Share-based compensation — 3 — — 20,105 — — 20,108 Accelerated shares repurchased — — ( 5,946 ) ( 285,311 ) 7,861 — — ( 277,450 ) Balance, December 31, 2023 90,920 909 ( 12,751 ) ( 647,262 ) 1,302,484 ( 15,106 ) 946,859 1,587,884 Net loss — — — — — — ( 6,944 ) ( 6,944 ) Other comprehensive loss, net of tax — — — — — ( 12,465 ) — ( 12,465 ) Issuance of common stock through employee stock purchase plan 23 — — — 965 — — 965 Issuance of common stock for vesting of share-based awards, net of shares withheld for taxes and forfeitures 666 2 25 1,269 654 — — 1,925 Share-based compensation — 5 — — 24,431 — — 24,436 Accelerated shares repurchased — — ( 1,719 ) ( 45,418 ) ( 5,103 ) — — ( 50,521 ) Balance, December 31, 2024 91,609 916 ( 14,445 ) ( 691,411 ) 1,323,431 ( 27,571 ) 939,915 1,545,280 Net loss — — — — — — ( 516,474 ) ( 516,474 ) Other comprehensive loss, net of tax — — — — — ( 2,506 ) — ( 2,506 ) Issuance of common stock through employee stock purchase plan 44 — — — 957 — — 957 Issuance of common stock for vesting of share-based awards, net of shares withheld for taxes and forfeitures 633 7 46 2,201 ( 4,897 ) — — ( 2,689 ) Share-based compensation — — — — 18,616 — — 18,616 Other Adjustments — — — — 279 — — 279 Balance, December 31, 2025 92,286 923 ( 14,399 ) ( 689,210 ) 1,338,386 ( 30,077 ) 423,441 1,043,463 The accompanying notes are an integral part of these consolidated financial statements. F-8 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. BUSINESS Integra LifeSciences Holdings Corporation (the “Company”) was incorporated in Delaware in 1989. The Company is a worldwide leader in medical technology. The Company was founded with the acquisition of an engineered collagen technology platform used to repair and regenerate tissue. Since then, Integra has developed numerous product lines from this technology for applications ranging from burn and deep tissue wounds to the repair of dura mater in the brain, as well as nerves and tendons. The Company has expanded its base regenerative technology business to include surgical instruments, neurosurgical products, Ear, Nose, Throat (“ENT”) products, and advanced wound care through global acquisitions and product development to meet the evolving needs of its customers and enhance patient care. The Company sells its products directly through various salesforces and through a variety of other distribution channels. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION These financial statements and the accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America and conform to Regulation S-X under the Securities Exchange Act of 1934, as amended. PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. See Note 4. Acquisitions and Divestitures , for details of new subsidiaries included in the consolidation. USE OF ESTIMATES The preparation of consolidated financial statements is in conformity with generally accepted accounting principles in the United States (“GAAP”) which requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities, and the reported amounts of revenues and expenses. Significant estimates affecting amounts reported or disclosed in the consolidated financial statements include allowances for doubtful accounts receivable and sales returns and allowances; net realizable value of inventories; accounting for business combinations; valuation of goodwill and intangible assets including estimated projected cash flows, discount rates, and estimated useful lives used to value and test goodwill and intangible assets for impairment; income taxes and valuation allowances recorded against deferred tax assets; valuation of stock-based compensation; valuation of derivative instruments; valuation of contingent liabilities; and fair value of debt instruments. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the current circumstances. Actual results could differ from these estimates. CASH AND CASH EQUIVALENTS The Company considers all short-term, highly liquid investments purchased with original maturities of three months or less to be cash equivalents. These investments are carried at cost, which approximates fair value. SHORT-TERM INVESTMENTS The Company has short-term investments, which primarily consisted of time deposits with original maturities between three months and one year. The short-term investments, which are valued based on Level 1 measurements in the fair value hierarchy, totaled approximately $ 28.7 million at December 31, 2025 compared to $ 27.2 million at December 31, 2024. Interest and dividends are recorded in income when earned. TRADE ACCOUNTS RECEIVABLE AND ALLOWANCES FOR DOUBTFUL ACCOUNTS RECEIVABLE Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company grants credit to customers in the normal course of business but generally does not require collateral or any other security to support its receivables. The Company evaluates the collectability of accounts receivable based on a combination of factors. The Company recognizes a provision for doubtful accounts that reflects the Company’s estimate of expected credit losses for trade accounts receivable. In circumstances where a specific customer is unable to meet its financial obligations to the Company, a provision to the allowances for doubtful accounts is recorded against amounts due to reduce the net recognized receivable to the amount that is reasonably expected to be collected. For all other customers, the Company evaluates measurement of all expected credit losses for trade receivables held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. F - 9 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) The Company’s exposure to credit losses may increase if its customers are adversely affected by changes in healthcare laws, coverage and reimbursement, economic pressures or uncertainty associated with local or global economic recessions. Provisions to the allowances for doubtful accounts are recorded to selling, general and administrative expenses. Account balances are charged off against the allowance when it is probable that the receivable will not be recovered. Provision for doubtful accounts, net of recoveries, associated with accounts receivable, included in selling, general and administrative expense, were charges of $ 3.2 million for the year ended December 31, 2025, $ 3.4 million for the year ended December 31, 2024, and $ 3.0 million for the year ended December 31, 2023. The below table shows the roll forward of the allowance for doubtful accounts for the years ended December 31, 2025, 2024, and 2023: Balance at Beginning of Period Charged to Costs and Expenses Acquisition Deductions Balance at End of Period Dollars in thousands Year Ended: December 31, 2025 $ 6,917 3,210 — ( 2,897 ) $ 7,230 December 31, 2024 $ 4,879 3,416 2,162 ( 3,540 ) $ 6,917 December 31, 2023 $ 4,304 2,963 — ( 2,388 ) $ 4,879 Deductions primarily relates to allowance for doubtful accounts written off during the year, net of recoveries and other adjustments. INVENTORIES Inventories, consisting of purchased materials, direct labor and manufacturing overhead, are stated at the lower of cost, the value determined by the first-in, first-out method, or net realizable value. Inventories consisted of the following: December 31, Dollars in thousands 2025 2024 Finished goods $ 262,614 $ 223,729 Work in process 99,348 79,423 Raw materials 130,773 125,938 Total inventories, net $ 492,735 $ 429,090 At each balance sheet date, the Company evaluates inventories for excess quantities, obsolescence or shelf life expiration. This evaluation includes analysis of historical sales levels by product, projections of future demand, the risk of technological or competitive obsolescence for products, general market conditions, a review of the shelf life expiration dates for products, as well as the feasibility of reworking or using excess or obsolete products or components in the production or assembly of other products that are not obsolete or for which there are not excess quantities in inventory. To the extent that management determines there are excess or obsolete inventory or quantities with a shelf life that is too near its expiration for the Company to reasonably expect that it can sell those products prior to their expiration, the Company adjusts the carrying value to estimated net realizable value. The Company capitalizes inventory costs associated with certain products prior to regulatory approval, based on management’s judgment of probable economic benefit. The Company could be required to expense previously capitalized costs related to pre-approval inventory upon a change in such judgment, due to, among other potential factors, a denial or delay of approval by necessary regulatory bodies or a decision by management to discontinue the related development program. No such amounts were capitalized at December 31, 2025 or 2024. Any tariffs paid have been capitalized in inventory and is recognized in our cost of goods sold as those products are sold. For the years ended December 31, 2025 and 2024, respectively, the Company paid approximately $ 19.9 million and $ 0.5 million of tariffs on imported goods. Of this amount, $ 6.5 million and $ 0.5 million, respectively, was recognized in cost of goods sold in the consolidated statements of operations. F-10 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at historical cost less accumulated depreciation and any impairment charges. The Company provides for depreciation using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the lesser of the lease term or the useful life. The cost of major additions and improvements is capitalized, while maintenance and repair costs that do not improve or extend the lives of the respective assets are charged to operations as incurred. The cost of computer software developed or obtained for internal use is accounted for in accordance with FASB Topic 350-40, Intangibles - Goodwill and Other - Internal-Use Software (“ASC 350-40”) . Property, plant and equipment balances and corresponding lives were as follows: December 31, Dollars in thousands 2025 2024 Useful Lives Land $ 4,156 $ 952 Buildings and building improvements 78,308 19,748 5 - 40 years Leasehold improvements 181,235 179,904 1 - 20 years Machinery and equipment 246,499 214,786 3 - 20 years Information systems and hardware 176,648 171,739 1 - 7 years Furniture, fixtures, and office equipment 21,826 18,887 1 - 15 years Construction-in-progress 179,614 196,630 Total 888,286 802,646 Less: Accumulated depreciation ( 443,951 ) ( 396,923 ) Property, plant and equipment, net $ 444,335 $ 405,723 Depreciation expense associated with property, plant and equipmen t was $ 44.8 million , $ 42.4 million, and $ 40.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. CAPITALIZED INTEREST The interest cost on capital projects, including facilities build-out and internal use software, is capitalized and included in the cost of the project. Capitalization commences with the first expenditure for the project and continues until the project is substantially complete and ready for its intended use. When no debt is incurred specifically for a project, interest is capitalized on project expenditures using the weighted average cost of the Company’s outstanding borrowings. For the years ended December 31, 2025 and 2024, respectively, the Company capitalized $ 5.0 million and $ 4.5 million of interest expense into property, plant and equipment. ACQUISITIONS The Company accounts for the acquisition of a business in accordance with FASB Topic 805, Business Combinations (“ASC 805”). Amounts paid to acquire a business are allocated to the assets acquired and liabilities assumed based on their respective estimated fair values as of the date of acquisition in accordance with the fair value hierarchy described in FASB Topic 820, Fair Value Measurement (“ASC 820”). Any excess of the purchase price over the fair value of the net assets acquired is recorded as goodwill. Transaction costs and costs to restructure the acquired company are expensed as incurred. Results of operations of acquired companies are included in the Company’s results of operations as of the respective acquisition dates. Contingent consideration is recorded at fair value as measured on the date of acquisition. The value recorded is based on estimates of future financial projections under various potential scenarios using either a Monte Carlo simulation or the probability-weighted income approach derived from revenue estimates and probability assessment with respect to the likelihood of achieving contingent obligations. Contingent payments related to acquisitions consist of development, regulatory, and commercial milestone payments, in addition to sales-based payments, and are valued using discounted cash flow techniques. Each quarter until such contingent amounts are earned, the fair value of the liability is remeasured at each reporting period and adjusted as a component of operating expenses based on changes to the underlying assumptions. The change in the fair value of sales-based payments is based upon future revenue estimates and increases or decreases as revenue estimates or expectation of timing of payment charges. The estimates used to determine the fair value of the contingent consideration liability are subject to significant judgment and actual results could differ from the amounts originally recorded. F-11 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) The Company determines the fair value of acquired intangible assets based on detailed valuations that use certain information and assumptions provided by management. Determining the fair value of these intangible assets acquired as part of a business combination requires the Company to make significant estimates. These estimates include the estimated annual net cash flows including application of forecasted revenue growth rates, cost of sales, the discount rate that appropriately reflects the risk inherent in each future cash flow stream, the obsolescence curve, and an assessment of the asset’s life cycle, as well as other factors such as the consideration of legal, technical, regulatory, economic, and competitive risks. The fair value assigned to acquired intangible assets is determined by estimating the future cash flows of each project or technology and discounting the net cash flows back to their present values. The discount rate used is determined at the time of measurement in accordance with accepted valuation methodologies. In-process research and development (“ IPR&D ”) acquired in connection with the acquisition of a business in accordance with ASC 805 is initially recognized at fair value and characterized as an indefinite-lived intangible asset, irrespective of whether the acquired IPR&D has an alternative future use. The Company has not acquired any IPR&D in connection with the acquisition of a business during the years ended December 31, 2025 and 2024 . Research and development costs incurred after the acquisition are expensed as incurred. Upon receipt of regulatory approval, the indefinite-lived intangible asset is then accounted for as a finite-lived intangible asset and amortized on a straight-line basis or accelerated basis, as appropriate, over its estimated useful life. If the project is subsequently abandoned, the indefinite-lived intangible asset is charged to expense. Due to the uncertainty associated with research and development projects, there are risks that actual results will differ materially from the original cash flow projections or that the research and development project will not result in a successful commercial product. The risks associated with achieving commercialization include, but are not limited to, delay or failure to obtain regulatory approvals to conduct clinical trials, delay or failure to obtain required market clearances, delays or issues with patent issuance, or validity and litigation. If the acquired net assets do not constitute a business under the acquisition method of accounting, the transaction is accounted for as an asset acquisition and no goodwill is recognized. In an asset acquisition, the amount allocated to acquired IPR&D with no alternative future use is charged to expense at the acquisition date. Payments that would be recognized as contingent consideration in a business combination are recognized when probable in an asset acquisition. Refer to Note 4. Acquisitions and Divestitures for more information. GOODWILL AND OTHER INTANGIBLE ASSETS The excess of the cost over the fair value of net assets of acquired businesses is recorded as goodwill. In accordance with FASB Topic 350, Intangibles - Goodwill and Other (“ASC 350”), goodwill is not subject to amortization but is tested for impairment at the reporting unit level annually in the third quarter. Additionally, the Company may perform interim tests of goodwill for impairment if an event occurs or circumstances change that could potentially reduce the fair value of a reporting unit below its carrying amount. The carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. Refer to Note 7. Goodwill and Other Intangibles for more information. The Company has two reportable segments with three underlying reporting units. Refer to Note 16. Segment and Geographic Information for more information on reportable segments. Other intangible assets include patents, trademarks, purchased technology, and supplier and customer relationships. Identifiable intangible assets are initially recorded at fair market value at the time of acquisition generally using an income or cost approach. Developed technologies and other definite-lived intangible assets are amortized over their estimated useful lives either using the straight-line method or, if reliably determinable, based on the pattern of which the economic benefit of the asset is expected to be utilized. The Company capitalizes costs incurred to renew or extend the term of recognized intangible assets, if applicable, and amortizes those costs over their expected useful lives. F-12 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) In accordance with ASC 350, the Company tests its indefinite-lived intangible assets for impairment annually in the third quarter. Additionally, the Company may perform interim tests if an event occurs or circumstances change that could potentially reduce the fair value of an indefinite lived intangible asset below its carrying amount. The Company tests indefinite-lived intangible assets for impairment by either performing a qualitative evaluation or a quantitative test. The qualitative evaluation is an assessment of factors, including specific operating results as well as industry, market and general economic conditions, to determine whether it is more likely than not that the fair values of the intangible asset is less than its carrying amount. The Company may elect to bypass this qualitative evaluation and perform a quantitative test. The quantitative test uses an income approach to determine the fair value of the indefinite-lived intangible asset. The income approach utilizes the estimated discounted cash flows for the indefinite-lived intangible asset. Estimates and assumptions used in the income approach to calculate projected future discounted cash flows included revenue growth rates, cost of sales, terminal growth rate, and a discount rate for each indefinite-lived intangible asset. Discount rates are determined using a weighted average cost of capital that considers market and industry data as well as the Company’s specific risk factors that are likely to be considered by a market participant. The weighted-average cost of capital is the Company’s estimate of the overall after-tax rate of return required by equity and debt holders of a business enterprise. The assumptions used are inherently subject to uncertainty and slight changes in these assumptions could have a significant impact on the concluded value. The estimates and assumptions applied represent a Level 3 measurement in the fair value hierarchy described in ASC 820. Level 3 inputs are supported by limited or no market activity and reflect the Company’s assumptions in measuring fair value. Developed technologies and other definite-lived intangible assets are amortized over their estimated useful lives either using the straight-line method or, if reliably determinable, based on the pattern of which the economic benefit of the asset is expected to be utilized. Definite-lived intangible assets tested periodically for impairment in accordance with FASB Topic 360, Property, Plant and Equipment (“ASC 360”) when events or changes in circumstances indicate that an asset ’ s carrying value may not be recoverable. The evaluation for recoverability involves comparing the carrying amount of the definite-lived intangible asset to the Company’s expectations of the future undiscounted cash flows derived from the definite-lived intangible asset . In the event the carrying value of the definite-lived intangible asset exceeds the undiscounted future cash flows expected to be derived from the definite-lived intangible asset over its remaining estimated useful life , the definite-lived intangible asset is considered not recoverable and the definite-lived intangible asset is tested for impairment. An impairment loss is measured as the excess of the asset ’ s carrying value over its fair value, calculated using discounted future cash flows. The computed impairment loss is recognized in the period that the impairment occurs. Refer to Note 7. Goodwill and Other Intangibles for more information. LONG-LIVED ASSETS Long-lived assets held and used by the Company, including property, plant and equipment, intangible assets, and lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets to be held and used, a recoverability test is performed using projected undiscounted net cash flows applicable to the long-lived assets. If an impairment exists, the amount of such impairment is calculated based on the estimated fair value of the asset. Impairments to long-lived assets to be disposed of are recorded based upon the difference between the carrying value and the fair value of the applicable assets. INTEGRA FOUNDATION The Company may periodically make contributions to the Integra Foundation, Inc. The Integra Foundation was incorporated in 2002 exclusively for charitable, educational, and scientific purposes and qualifies under IRC 501(c)(3) as an exempt private foundation. Under its charter, the Integra Foundation engages in activities that promote health, the diagnosis and treatment of disease, and the development of medical science through grants, contributions and other appropriate means. The Integra Foundation is a separate legal entity and is not a subsidiary of the Company; therefore, its results are not included in these consolidated financial statements. The Company contributed $ 0.3 million to the Integra Foundation in 2025, which was recorded in selling, general, and administrative expenses. F-13 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) DERIVATIVES The Company develops, manufactures, and sells medical devices globally and its earnings and cash flows are exposed to market risk from changes in interest rates and currency exchange rates. The Company addresses these risks through a risk management program that includes the use of derivative financial instruments and operates the program pursuant to documented corporate risk management policies. All derivative financial instruments are recognized in the financial statements at fair value in accordance with the authoritative guidance. Under the guidance, for those instruments that are designated and qualify as hedging instruments, the hedging instrument must be designated as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation, based on the exposure being hedged. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. The Company’s derivative instruments do not subject its earnings or cash flows to material risk, and gains and losses on these derivatives generally offset losses and gains on the item being hedged. The Company has not entered into derivative transactions for speculative purposes. From time to time, the Company may enter into derivatives that are not designated as hedging instruments in order to protect itself from currency volatility due to intercompany balances. All derivative instruments are recognized at their fair values as either assets or liabilities on the balance sheet. The Company determines the fair value of its derivative instruments using the fair value hierarchy described in ASC 820, by considering the estimated amount the Company would receive to sell or transfer these instruments at the reporting date and by taking into account expected forward interest rates, currency exchange rates, the creditworthiness of the counterparty for assets, and its creditworthiness for liabilities. In certain instances, the Company utilizes a discounted cash flow model to measure fair value. Generally, the Company uses inputs that include quoted prices for similar assets or liabilities in active markets, other observable inputs for the asset or liability and inputs derived principally from, or corroborated by, observable market data by correlation or other means. The Company has classified all of its derivative assets and liabilities within Level 2 of the fair value hierarchy because observable inputs are available for substantially the full term of its derivative instruments. The Company classifies derivatives designated as hedges in the same category as the item being hedged for cash flow presentation purposes. The Company entered into foreign currency forward and foreign currency swap contracts that are not designated as hedging instruments for accounting purposes. These contracts are recorded at fair value, with the changes in fair value recognized into other income, net, on the consolidated financial statements. Refer to Note 6. Derivative Instruments for more information. FOREIGN CURRENCY All assets and liabilities of foreign subsidiaries which have a functional currency other than the U.S. dollar are translated at the rate of exchange at year-end, while elements of the income statement are translated at the average exchange rates in effect during the year. The net effect of these translation adjustments is shown as a component of accumulated other comprehensive income (loss). These currency translation adjustments are not currently adjusted for income taxes as they relate to permanent investments in non-U.S. subsidiaries. Foreign currency transaction net losses of $ 7.4 million, $ 2.3 million, and $ 4.4 million are reported in other income, net in the statements of operations, for the year ended December 31, 2025, 2024, and 2023, respectively. INCOME TAXES Income taxes are accounted for by using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not to be sustained upon examination based on the technical merits of the position. Reserves are established for positions that don't meet this recognition threshold. The reserve is measured as the largest amount of benefit determined on a cumulative probability basis that the Company believes is more likely than not to be realized upon ultimate settlement of the position. These reserves are classified as long-term liabilities in the consolidated balance sheets of the Company, unless the reserves are expected to be paid in cash during the next twelve months, in which case they are classified as current liabilities. The Company also records interest and penalties accrued in relation to uncertain tax benefits as a component of income tax expense. While the Company believes it has identified all reasonable exposures and the reserve it has established is appropriate under the circumstances, it is possible that additional exposures exist and that exposures may be settled at amounts different than the amounts reserved. It is also possible that changes in facts and circumstances could cause the Company to either materially increase or reduce the carrying amount of its tax reserve. F-14 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) The Company continues to indefinitely reinvest substantially all of its foreign earnings unless there is a manner under which to remit the earnings without a material tax cost. The current provisional analysis indicates that the Company has sufficient U.S. liquidity, including borrowing capacity, to fund foreseeable U.S. cash needs, without requiring the repatriation of foreign cash. One time or unusual items that may impact the ability or intent to keep the foreign earnings and cash indefinitely reinvested include significant U.S. acquisitions, loans from a foreign subsidiary and changes in tax laws. Refer to Note 12. Income Taxes for more information. REVENUE RECOGNITION Revenue is recognized upon the transfer of control of promised products or services to the customers in an amount that reflects the consideration the Company expects to receive in exchange for those products and services in accordance with FASB Topic 606, Revenue from Contracts with Customers (“ASC 606”) . Total revenue, net, includes product sales, product royalties and other revenues, such as fees received from services. For products shipped with FOB shipping point terms, the control of the product passes to the customer at the time of shipment. For shipments in which the control of the product is transferred when the customer receives the product, the Company recognizes revenue upon receipt by the customer. Certain products that the Company produces for private label customers have no alternative use and the Company has a right of payment for performance to date. Revenues from those products are recognized over the period that the Company manufactures these products, which is typically one month to three months . The Company uses the input method to measure the manufacturing activities completed to date, which depicts the progress of the Company’s performance obligation of transferring control of goods being manufactured for private label customers. A portion of the Company’s product revenue is generated from consigned inventory maintained at hospitals and distributors, and also from inventory physically held by field sales representatives. For these types of products sales, the Company retains control until the product has been used or implanted, at which time revenue is recognized. Revenues from sale of products and services are evidenced by either a contract with the customer or a valid purchase order and an invoice which includes all relevant terms of sale. For product sales, invoices are generally issued upon the transfer of control (or upon the completion of the manufacturing in the case of the private label transactions recognized over time) and are typically payable 30 days after the invoice date. The Company performs a review of each specific customer’s creditworthiness and ability to pay prior to acceptance as a customer. Further, the Company performs periodic reviews of its customers’ creditworthiness prospectively. The Company also maintains a provision for estimated returns and allowances in the same period that the related revenue is recorded. This reserve is based upon an analysis of actual credit memos issued for pricing issues or returned goods over an extended period, as well as assumptions about outstanding accounts receivable and judgment in interpreting the data. Refer to Note 3. Revenue from Contracts with Customers for more information. RESEARCH AND DEVELOPMENT Research and development costs, including salaries, depreciation, consultant and other external fees, and facility costs directly attributable to research and development activities, are expensed in the period in which they are incurred. EMPLOYEE TERMINATION BENEFITS As of December 31, 2025, the Company did not have a written severance plan, but had a history of providing consistent benefits for employees in the case of involuntary termination. In situations outside the U.S., there are minimum statutory termination benefits requirements by country that must be paid to the affected employees. The Company records employee severance costs associated with these restructuring activities in accordance with the authoritative guidance for non-retirement post-employment benefits. Charges associated with these activities are recorded when the payment of benefits is probable and can be reasonably estimated. In situations where the Company pays out termination benefits in excess of past practices or statutory minimum amounts based on management’s discretion, the Company records these termination costs once communication is made to the affected employees. The timing of the recognition of charges for employee severance costs other than minimum statutory benefits depends on whether the affected employees are required to render service beyond their legal notification period in order to receive the benefits. If affected employees are required to render service beyond their legal notification period, charges are recognized over the future service period. Otherwise, charges are recognized when management has approved a specific plan and employee communication requirements have been met. F-15 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) The Company incurred employee termination costs on restructuring activities in the consolidated statement of operations for the years ended December 31, 2025 and 2024. The following table summarizes the restructuring related accrual balances included within accrued expenses and other current liabilities in the consolidated balance sheet for the years ended December 31, 2025 and 2024. Years Ended December 31, (Dollars in thousands) 2025 2024 Balance, beginning of the year $ 5,151 $ 2,113 Charges: Cost of Goods Sold 2,193 377 Research and development 1,154 602 Selling, general and administrative 12,464 3,968 Payments and other adjustments ( 10,188 ) ( 1,909 ) Balance, end of the year $ 10,774 $ 5,151 STOCK-BASED COMPENSATION Relevant authoritative guidance requires companies to recognize the expense related to the fair value of their stock-based compensation awards. Stock-based compensation expense for stock option awards are based on the grant date fair value using the binomial distribution model. The Company recognizes compensation expense for stock option awards, restricted stock awards, performance stock awards and contract stock awards over the requisite service period of the award. All excess tax benefits and tax deficiencies from stock-based compensation are included in the provision for income taxes in the consolidated statement of operations. Refer to Note 9. Stock Based Compensation for more information. RETIREMENT BENEFIT PLANS Defined Benefit Pension Plans The Company maintains defined benefit pension plans that cover certain employees in France, Japan, Germany and Switzerland. Various factors are considered in determining the pension liability, including the number of employees expected to be paid their salary levels and years of service, the expected return on plan assets, the discount rate used to determine the benefit obligations, the timing of benefit payments and other actuarial assumptions. Retirement benefit plan assumptions are reassessed on an annual basis or more frequently if changes in circumstances indicate a re-evaluation of assumptions are required. The key benefit plan assumptions are the discount rate and expected rate of return on plan assets. The discount rate is based on average rates on bonds that match the expected cash outflows of the benefit plans. The expected rate of return is based on historical and expected returns on the various categories of plan assets. The Company uses the corridor approach in measuring the amount of net periodic benefit pension cost to recognize each period. The corridor approach defers all actuarial gains and losses resulting from variances between actual results and actuarial assumptions. Those unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. The amount in excess of the corridor is amortized over the average remaining service period to retirement date of active plan participants. Deferred Compensation Plan The Company maintains a deferred compensation plan in which certain employees of the Company may defer the payment and taxation of up to 75 % of their base salary and up to 100 % of bonus amounts and other eligible cash compensation. This deferred compensation is invested in funds offered under the Plan and is valued based on Level 1 measurements in the fair value hierarchy. The purpose of the plan is to retain key employees by providing them with an opportunity to defer a portion of their compensation as elected by the participant in accordance with the plan. Any amounts set aside to defray the liabilities assumed by the Company will remain the general assets of the Company until such amounts are distributed to the participants. Assets of the Company’s deferred compensation plan are included in other current assets and recorded at fair value based on their quoted market prices. Offsetting liabilities relating to the deferred compensation plan are included in other liabilities. Refer to Note 10. Retirement Benefit Plans for more information. CONCENTRATION OF CREDIT RISK Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents, which are held at major financial institutions, investment-grade marketable debt securities, and trade receivables. F-16 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) The Company’s products are sold on an uncollateralized basis and on credit terms based upon a credit risk assessment of each customer. A portion of the Company’s trade receivables to customers outside the United States includes sales to foreign distributors, who then sell to government owned or supported healthcare systems. No ne of the Company’s customers accounted for 10 % or more of the consolidated net sales during the years ended December 31, 2025, 2024, and 2023. RECENT ACCOUNTING PRONOUNCEMENTS In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) which enhances the transparency of income tax disclosures by expanding annual disclosure requirements related to the rate reconciliation and income taxes paid. The amendments are effective for fiscal years beginning after December 15, 2024. The amendments should be applied on a prospective basis. Retrospective application to all prior periods presented in the financial statements is permitted. The Company has adopted ASU 2023-09 for the annual period ended on December 31, 2025 on a prospective basis. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement. The standard requires disclosures about specific types of expenses included in the expense captions presented in the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The requirements should be applied on a prospective basis while retrospective application is permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which removes all references to software development project stages and requires entities to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. This ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted as of the beginning of a fiscal year. The amendment may be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (“ASU 2025-09”), which amends existing guidance to clarify and enhance the hedge accounting guidance in FASB Topic 815 and better align hedge accounting with the economics of an entity’s risk management strategies to enable entities to achieve and maintain hedge accounting for highly effective economic hedges. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years, with early adoption permitted. The amendment may be applied prospectively for all hedging relationships. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants by Business Entities (“ASU 2025-10”), which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure for government grants received by business entities. This amendment defines a government grant, establishes when and how a grant related to an asset or income is recognized and measured, and includes presentation and disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2028, and interim periods within those fiscal years, with early adoption permitted. The amendment may be applied using a modified prospective, modified retrospective, or fully retrospective transition method. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. There are no other recently issued accounting pronouncements that are expected to have any significant effect on the Company’s financial position, results of operations, or cash flows. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid for interest during the years ended December 31, 2025, 2024, and 2023 was $ 81.4 million (net of $ 5.0 million that was capitalized into construction in progress), $ 64.4 million (net of $ 4.5 million that was capitalized into construction in progress), and $ 44.3 million (net of $ 2.4 million that was capitalized into construction in progress), respectively. Cash paid for income taxes, net of refunds, for the years ended December 31, 2025, 2024, and 2023 were $ 17.2 million, $ 22.7 million, and $ 23.6 million, respectively. F-17 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) The following table outlines cash paid for income tax, net of refunds, by taxing jurisdiction: Dollars in thousands December 31, 2025 Federal $ 105 State 1,103 Foreign 15,997 Total $ 17,205 From the above adjustments, income taxes paid (net of refunds) exceed the 5% of taxes paid in the following jurisdictions: Dollars in thousands Foreign Germany $ 2,405 Ireland 2,167 Israel 896 Switzerland 6,104 Total $ 11,572 NON-CASH INVESTING AND FINANCING ACTIVITIES Property and equipment purchases included in liabilities at December 31, 2025, 2024, and 2023 were $ 7.5 million, $ 12.3 million, and $ 10.0 million, respectively. Definite-lived intangible asset purchases included in liabilities at December 31, 2025, and 2024 were $ 19.3 million and $ 32.7 million , respectively. 3. REVENUES FROM CONTRACTS WITH CUSTOMERS Summary of Accounting Policies on Revenue Recognition Revenue is recognized upon the transfer of control of promised products or services to the customers in an amount that reflects the consideration the Company expects to receive in exchange for those products and services. Performance Obligations The Company’s performance obligations consist mainly of transferring control of goods and services identified in the contracts, purchase orders, or invoices. The Company has no significant multi-element contracts with customers. Significant Estimates Usage-based royalties and licenses are estimated based on the provisions of contracts with customers and recognized in the same period that the royalty-based products are sold by the Company’s strategic partners. The Company estimates and recognizes royalty revenue based upon communication with licensees, historical information, and expected sales trends. Differences between actual reported licensee sales and those that were estimated are adjusted in the period in which they become known, which is typically the following quarter. Historically, such adjustments have not been significant. The Company estimates returns, price concessions, and discount allowances using the expected value method based on historical trends and other known factors. Rebate allowances are estimated using the most likely method based on each customer contract. The Company’s return policy, as set forth in its product catalogs and sales invoices, requires review and authorization in advance prior to the return of product. Upon the authorization, a credit will be issued for the goods returned within a set amount of days from the shipment, which is generally 90 days. The Company disregards the effects of a financing component if the Company expects, at contract inception, that the period between the transfer and customer payment for the goods or services will be one year or less. The Company has no significant revenues recognized on payments expected to be received more than one year after the transfer of control of products or services to customers. F-18 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Contract Assets and Liabilities Revenues recognized from the Company’s private label business that are not invoiced to the customers as a result of recognizing revenue over time are recorded as a contract asset included in the prepaid expenses and other current assets account in the consolidated balance sheet. Upon invoicing to the customer, the balance is recorded in trade receivable, net in the consolidated balance sheet. Other operating revenues may include fees received under service agreements. Non-refundable fees received under multiple-period service agreements are recognized as revenue as the Company satisfies the performance obligations to the other party. A portion of the transaction price allocated to the performance obligations to be satisfied in the future periods is recognized as contract liability. The following table summarized the changes in the contract asset and liability balances for the year ended December 31, 2025: Dollars in thousands Total Contract Asset Contract asset, January 1, 2025 $ 6,146 Transferred to trade receivable from contract asset included in beginning of the year contract asset ( 6,146 ) Contract asset, net of transferred to trade receivables on contracts during the period 6,844 Contract asset, December 31, 2025 $ 6,844 Contract Liability Contract liability, January 1, 2025 $ 19,669 Recognition of revenue included in beginning of year contract liability ( 10,151 ) Contract liability, net of revenue recognized on contracts during the period 13,361 Foreign currency translation 131 Contract liability, December 31, 2025 $ 23,010 At December 31, 2025, the short-term portion of the contract liability of $ 11.5 million, representing 50 % of unsatisfied or partially unsatisfied performance obligations, is expected to be recognized as revenue within 12 months and is included in current liabilities in the consolidated balance sheet. The long-term portion of $ 11.5 million, representing the remaining balance to be recognized thereafter, is included in other liabilities in the consolidated balance sheet. As of December 31, 2025, the Company is expected to recognize revenue from unsatisfied or partially satisfied performance obligations of approximately $ 11.5 million in 2026, $ 6.9 million in 2027, $ 3.4 million in 2028, $ 0.9 million in 2029 and $ 0.3 million in 2030. Shipping and Handling Fees The Company elected to account for shipping and handling activities as a fulfillment cost rather than a separate performance obligation. Amounts billed to customers for shipping and handling are included as part of the transaction price and recognized as revenue when control of underlying products is transferred to the customer. The related shipping and freight charges incurred by the Company are included in the cost of goods sold. Product Warranties Certain of the Company’s medical devices, including monitoring systems and neurosurgical systems, are designed to operate over long periods of time. These products are sold with warranties which may extend for up to two years from the date of purchase. The warranties are not considered a separate performance obligation. The Company estimates its product warranties using the expected value method based on historical trends and other known factors. The Company includes them in accrued expenses and other current liabilities in the consolidated balance sheet. Taxes Collected from Customers The Company elected to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer. F-19 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Disaggregated Revenue The following table presents revenues disaggregated by the major sources of revenues for years-ended December 31, 2025, 2024, and 2023 (dollar amounts in thousands): Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 Neurosurgery $ 827,667 $ 803,816 $ 818,101 Instruments 206,472 204,177 203,617 ENT (1)(2) 166,372 135,643 37,275 Total Codman Specialty Surgical 1,200,511 1,143,636 1,058,993 Wound Reconstruction and Care 323,488 350,565 373,986 Private Label 111,246 116,326 108,594 Total Tissue Technologies 434,734 466,891 482,580 Total revenue $ 1,635,245 $ 1,610,527 $ 1,541,573 (1) See Note 4. Acquisitions and Divestitures for details surrounding the acquisition of Acclarent on April 1, 2024. (2) Prior period revenues included within our instruments business have been reclassified under the ENT business. See Note 16. Segment and Geographic Information for details of revenues based on the location of the customer. 4. ACQUISITIONS AND DIVESTITURES Durepair® Acquisition On October 2, 2024, the Company completed the acquisition of the product rights for the Durepair ® Regeneration Matrix (“Durepair”), a non-synthetic dura substitute for repair of the dura mater during neurosurgical procedures, from Medtronic plc for total cash consideration of $ 45.0 million. The Company made a cash payment of $ 10.0 million upon the closing of the acquisition in October 2024, $ 15.0 million on the first anniversary of the acquisition in October 2025, and will make an additional cash payment of $ 20.0 million upon the second anniversary of the acquisition in October 2026. The additional cash payment to be made in October 2026 is included at its present value in accrued expenses and other current liabilities as of December 31, 2025. The acquisition of the product rights for Durepair, which consist of certain patents and trademarks, regulatory approvals, and other records, has been accounted for as an asset acquisition in accordance with FASB Topic 805, Business Combinations (“ASC 805”) as the acquisition does not include an assembled workforce and substantially all of the fair value of the assets acquired is concentrated in a single identifiable intangible asset. Acclarent, Inc. Acquisition On April 1, 2024, the Company completed the acquisition of all of the outstanding capital stock of Acclarent, Inc. (“Acclarent”), a developer and marketer of medical devices used in ear, nose, throat (“ENT”) procedures, from Ethicon, Inc., a subsidiary of Johnson & Johnson, for approximately $ 282.0 million in cash, subject to customary adjustments set forth in the purchase agreement related to working capital balances transferred to the Company. In the second half of 2024, the Company finalized and settled the working capital adjustment in the amount of $ 4.2 million, which resulted in a reduction to goodwill and also recognized a measurement period adjustment to recognize deferred tax liabilities of $ 1.1 million with a corresponding increase to goodwill as a result of a change to the estimated deferred tax rate applied and the book-to-tax difference associated with fixed assets acquired. The addition of Acclarent’s ENT product portfolio, including sinus balloon dilation, eustachian tube balloon dilation, and surgical navigation systems technologies, and dedicated salesforce enhanced the Company’s position in the ENT specialty device market. Acclarent’s results of operations have been reported in the Company’s Codman Specialty Surgical reportable segment from the date of acquisition. Assets Acquired and Liabilities Assumed at Fair Value The Acclarent acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805. This method requires that assets acquired and liabilities assumed in a business combination are recognized at their fair values as of the acquisition date. F-20 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date: Dollars in thousands Estimated Fair Value Estimated Useful Life Current assets: Cash $ — Trade accounts receivable, net of allowances of $ 3,885 23,716 Inventories, net 20,294 Prepaid expenses 273 Other current assets 476 Total current assets $ 44,759 Property, plant and equipment, net 7,716 Right of use asset - operating leases 989 Intangible assets, net Completed technology 202,000 12 years Trademarks/brand names 3,000 5 years All other 17,000 4 years Goodwill 62,482 Deferred tax assets 6,895 Total assets acquired $ 344,841 Current liabilities: Accounts payable, trade $ 3,989 Contract liabilities 3,984 Accrued compensation 1,037 Accrued expenses and other current liabilities 2,278 Current portion of lease liability - operating leases 365 Total current liabilities $ 11,653 Lease liability - operating leases 624 Deferred tax liabilities 54,753 Total liabilities assumed $ 67,030 Net assets acquired $ 277,811 The carrying value of trade accounts receivable, prepaid expenses, other current assets, accounts payable, contract liabilities, accrued compensation, accrued expenses and other current liabilities, as well as certain other current and non-current assets and liabilities, generally represented the fair value at the date of acquisition. Intangible Assets The estimated fair value of the intangible assets acquired was determined using the multi-period, excess earnings method of the income approach, which estimates value based on the present value of future economic benefits attributable to the intangible assets. The significant assumptions used in developing the valuation included the estimated annual net cash flows including application of revenue growth rates, cost of sales, the discount rate that appropriately reflects the risk inherent in each future cash flow stream, obsolescence rate, and an assessment of the asset’s life cycle, as well as other factors. The assumptions used in the financial forecasts were based on historical data, supplemented by current and anticipated growth rates, management plans, and market-comparable information. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. The intangible assets acquired have a weighted average useful life of 11 years. The Company used a discount rate of 12.2 % to arrive at the present value for the acquired intangible assets to reflect the rate of return a market participant would expect to earn and incremental commercial uncertainty in the cash flow projections. No assurances can be given that the underlying assumptions used to prepare the discounted cash flow analysis will not change. For these and other reasons, actual results may vary significantly from estimated results. F-21 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Goodwill Goodwill is the excess of the consideration transferred over the net assets recognized and represents the expected synergies of the combined company and assembled workforce. Goodwill has been allocated to the Codman Specialty Surgical segment, as shown in Note 7. Goodwill and Other Intangibles . Goodwill recognized as a result of this acquisition is non-deductible for income tax purposes. Deferred Tax Liabilities Deferred tax liabilities result from identifiable intangible assets’ fair value adjustments. These adjustments create excess book basis over tax basis which is tax-effected by the statutory tax rates of applicable jurisdictions. 5. DEBT Amendment to the Seventh Amended and Restated Credit Agreement On June 6, 2025, in response to the risks and uncertainties surrounding the Company’s future results of operations due to tariffs, the Company entered into the June 2025 Amendment of the Senior Credit Facility with a syndicate of lending banks with Bank of America, N.A., as Administrative Agent. The June 2025 Amendment did not increase the Company’s total indebtedness or extend the maturity date of the Senior Credit Facility. Under the terms of the June 2025 Amendment, the Company’s Consolidated Total Leverage Ratio (defined, as of any date of determination, as the ratio of (a) Consolidated Funded Indebtedness as of such date (as defined in the Senior Credit Facility) less cash that is not subject to any restriction on the use or investment thereof to (b) Consolidated EBITDA (as defined in the Senior Credit Facility)) for the period of four consecutive fiscal quarters ending on such date was modified to the following: Fiscal Quarter Ending Maximum Consolidated Total Leverage Ratio June 30, 2025 through June 30, 2026 5.00 to 1.00 September 30, 2026 4.75 to 1.00 December 31, 2026 4.50 to 1.00 March 31, 2027 and the last day of each fiscal quarter thereafter 4.00 to 1.00 In addition to the foregoing, from the date of the June 2025 Amendment through the fiscal quarter ending December 31, 2026 (the “Covenant Relief Period”), the Amendment, among other things, also: (i) temporarily establishes, during the Covenant Relief Period, a revised applicable rate schedule; (ii) temporarily limits, during the Covenant Relief Period, the Company’s ability to make certain investments; (iii) temporarily restricts, during the Covenant Relief Period, the Company’s ability to incur incremental indebtedness under the Senior Credit Facility, create certain liens, make certain restricted payments and incur or guarantee indebtedness of excluded subsidiaries; and (iv) temporarily prohibits, during the Covenant Relief Period, the Company from selling, transferring or exclusively licensing material intellectual property to a subsidiary of the Company that is not a loan party under the Senior Credit Facility or designating any subsidiary that owns or exclusively licenses any material intellectual property as an excluded subsidiary under the Senior Credit Facility. Borrowings under the Senior Credit Facility bear interest under the applicable rate schedule, at the Company’s option, at a rate equal to the following: i. Term SOFR in effect from time to time plus 0.10 % plus the applicable rate (ranging from 1.00 % to 2.13 % during the Covenant Relief Period and from 1.00 % to 1.75 % thereafter), or ii. The highest of: 1. the weighted average overnight Federal funds rate, as published by the Federal Reserve Bank of New York, plus 0.50 %; 2. the prime lending rate of Bank of America, N.A.; or 3. the one-month Term SOFR plus 1.00 % The applicable rates are based on the Company’s Consolidated Total Leverage Ratio for the period of four consecutive fiscal quarters ending on such date. The Company will pay an annual commitment fee (ranging from 0.15 % to 0.33 % during the Covenant Relief Period and from 0.15 % to 0.30 % thereafter), based on the Company’s Consolidated Total Leverage Ratio, on the amount available for borrowing under the revolving credit facility component of the Senior Credit Facility. F-22 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) In connection with the June 2025 Amendment, the Company incurred $ 3.9 million in fees to creditors and third parties. On March 24, 2023, the Company entered into the Senior Credit Facility with a syndicate of lending banks with Bank of America, N.A., as Administrative Agent. The Senior Credit Facility extended the maturity date to March 24, 2028, amended the contractual repayments of the term loan component, and amended the interest rate from LIBOR to SOFR-indexed interest. The Company continues to have the aggregate principal amount of up to approximately $ 2.1 billion available to it through the following facilities: (i) a $ 775.0 million term loan facility, and (ii) a $ 1.3 billion revolving credit facility, which includes a $ 60.0 million sublimit for the issuance of standby letters of credit and a $ 60.0 million sublimit for swingline loans. The terms of the Senior Credit Facility limit the amount of dividends the Company may pay. The Senior Credit Facility is collateralized by substantially all of the assets of the Company’s U.S. subsidiaries, excluding intangible assets. The Senior Credit Facility is subject to various financial and negative covenants and, at December 31, 2025, the Company was in compliance with all such covenants. At December 31, 2025 and 2024 there wa s $ 1,045.0 million and $ 365.0 million, respectively, ou tstanding under the revolving credit facility component of the Senior Credit Facility. At December 31, 2025 and 2024, there was $ 726.6 million and $ 760.5 million outstanding under the term loan component of the Senior Credit Facility at a weighted average interest rate of 5.7 % and 6.0 %, respectively. As of December 31, 2025 and 2024 there was $ 38.8 million and $ 33.9 million, respectively, of the term loan component of the Senior Credit Facility classified as current on the condensed consolidated balance sheet. The fair value of the revolving credit facility component and term loan component of the Senior Credit Facility at December 31, 2025 was $ 1,043.3 million and $ 725.5 million, respectively. The fair value was determined by using a discounted cash flow model based on current market interest rates available to the Company. These inputs are corroborated by observable market data for similar liabilities and therefore classified within Level 2 of the fair value hierarchy. Level 2 inputs represent inputs that are observable for the asset or liability, either directly or indirectly, and are other than active market observable i nputs that reflect unadjusted quoted prices for identical assets or liabilities. As of December 31, 2025 and 2024, letters of credit outstanding totaled $ 3.0 million and $ 1.7 million, respectively. There were no amounts drawn under the letters of credit outstanding as of December 31, 2025. Contractual repayments of the term loan component of the Senior Credit Facility are due as follows: Year Ended December 31, 2025 Principal Repayment Dollars in thousands 2026 $ 38,750 2027 53,281 2028 634,532 $ 726,563 Future interest payments on the term loan component of the Senior Credit Facility based on current interest rates are expected to approximate $ 40.5 million in 2026, $ 38.1 million in 2027 and $ 8.3 million in 2028. Interest is calculated on the term loan component of the Senior Credit Facility based on SOFR plus the certain amounts set forth in the Senior Credit Facility. As the revolving credit facility component of the Senior Credit Facility and Securitization Facility (defined below) can be repaid at any time, no interest has been included in the calculation. Any outstanding borrowings on the revolving credit facility component of the Senior Credit Facility are due on March 24, 2028. F-23 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Convertible Senior Notes The Company’s 0.5 % Convertible Senior Notes due 2025 (the “2025 Notes”) issued in February 2020 pursuant to an indenture, dated as of February 7, 2020 (the “Original Indenture”), between the Company and Citibank, N.A., as trustee, matured on August 15, 2025. The 2025 Notes were settled upon maturity for $ 575.0 million in cash, excluding accrued interest, funded by borrowings on the revolving credit facility component of the Senior Credit Facility. No shares were issued to settle the 2025 Notes. In connection with the issuance of the 2025 Notes, the Company entered into call transactions and warrant transactions, primarily with affiliates of the initial purchasers of the 2025 Notes (the “hedge participants”). The cost of the call transactions was $ 104.2 million for the 2025 Notes. The Company received $ 44.5 million of proceeds from the warrant transactions for the 2025 Notes. The call transactions involved purchasing call options from the hedge participants, and the warrant transactions involved selling call options to the hedge participants with a higher strike price than the purchased call options. The initial strike price of the call transactions was $ 73.67 , subject to anti-dilution adjustments substantially similar to those in the 2025 Notes. The initial strike price of the warrant transactions was $ 113.34 for the 2025 Notes, subject to customary anti-dilution adjustments. The call transactions entered into with the hedge participants expired in August 2025 and the warrant transactions entered into with the hedge participants expire ratably over the period from November 2025 through February 2026. Securitization Facility The Company maintains an accounts receivable securitization facility (the “Securitization Facility”) under which accounts receivable of certain domestic subsidiaries are sold on a non-recourse basis to a special purpose entity (“SPE”), which is a bankruptcy-remote, consolidated subsidiary of the Company. Accordingly, the assets of the SPE are not available to satisfy the obligations of the Company or any of its subsidiaries. From time to time, the SPE may finance such accounts receivable with a revolving loan facility secured by a pledge of such accounts receivable. The amount of outstanding borrowings on the Securitization Facility at any one time is limited to $ 150.0 million. The Securitization Facility Agreement (“Securitization Agreement”) governing the Securitization Facility contains certain covenants and termination events. An occurrence of an event of default or a termination event under this Securitization Agreement may give rise to the right of its counterparty to terminate this facility. As of December 31, 2025, the Company was in compliance with the covenants and none of the termination events had occurred and the Securitization Facility is classified as current borrowings under the securitization facility on the consolidated balance sheet, as it is due within one year. On October 22, 2025, the Company entered into an amendment (the “October 2025 Amendment”) of the Securitization Facility which modified a financial covenant related to the maximum Delinquency Ratio (as defined in the Securitization Agreement) over the remaining term of the Securitization Agreement as amended by the December 2023 Amendment. The October 2025 Amendment did not affect the borrowing capacity or extend the maturity date of the Securitization Facility. The Company incurred approximately $ 0.1 million of new issuance costs associated with the October 2025 Amendment which will be amortized over the remaining term of the Securitization Agreement as amended by the December 2023 Amendment. On December 15, 2023, the Company entered into an amendment (the “December 2023 Amendment”) of the Securitization Facility which extended the maturity date from May 28, 2024 to December 15, 2026. The Company incurred approximately $ 0.3 million of new issuance costs associated with the December 2023 Amendment which will be amortized over 3 years, the length of the Securitization Agreement as amended by the December 2023 Amendment. Due to the increase in borrowing capacity, the remaining $ 0.1 million of unamortized costs from the previous agreement will also be amortized over the length of the amended agreement, three years . In addition, on April 17, 2023 the Company entered into an amendment (the “April 2023 Amendment”) of the Securitization Facility and amended the interest rate from LIBOR to SOFR-indexed rate. The December 2023 Amendment and April 2023 Amendment did not increase the Company’s total indebtedness. At December 31, 2025 and 2024, the Company had $ 87.8 million and $ 108.1 million, respectively, of outstanding borrowings under its Securitization Facility with an interest rate of 4.8 % and 5.4 %, respectively. The fair value of the outstanding borrowing of the Securitization Facility at December 31, 2025 was $ 86.7 million. These fair values were determined by using a discounted cash flow model based on current market interest rates available to the Company. These inputs are corroborated by observable market data for similar liabilities and therefore classified within Level 2 of the fair value hierarchy. Level 2 inputs represent inputs that are observable for the asset or liability, either directly or indirectly, and are other than active market observable i nputs that reflect unadjusted quoted prices for identical assets or liabilities. Debt Issuance Costs Debt issuance costs associated with the Senior Credit Facility (other than the revolving credit facility component) and the 2025 Notes are presented as a reduction to the carrying value of the related debt. Debt issuance costs associated with the revolving credit facility component of the Senior Credit Facility are capitalized within other long-term assets on the consolidated balance sheet. F-24 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Estimated Fair Value of Debt Measurements The carrying amounts and the estimated fair values of debt as of December 31, 2025 and 2024 are as follows: December 31, 2025 December 31, 2024 Fair Value Measurement Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Dollars in thousands Senior credit facility - term loan Level 2 $ 726,563 $ 725,480 $ 760,469 $ 751,143 Senior credit facility - revolving component Level 2 1,045,000 1,043,340 365,000 360,144 2025 Notes Level 1 — — 575,000 555,594 Securitization Level 2 87,800 86,678 108,100 105,831 Subtotal $ 1,859,363 $ 1,855,498 $ 1,808,569 $ 1,772,712 Debt issuance costs ( 3,257 ) ( 5,476 ) Total debt $ 1,856,106 $ 1,855,498 $ 1,803,093 $ 1,772,712 6. DERIVATIVE INSTRUMENTS Interest Rate Hedging The Company’s interest rate risk relates to U.S. dollar denominated variable interest rate borrowings. The Company uses interest rate swap derivative instruments to manage earnings and cash flow exposure resulting from changes in interest rates. These interest rate swaps apply a fixed interest rate on a portion of the Company’s expected SOFR-indexed borrowings. Additionally, the Company entered into a basis swap where the Company receives Term SOFR and pays daily compounded SOFR to convert the portfolio of swaps from daily compounded SOFR to Term SOFR. The Company held the following interest rate swaps as of December 31, 2025 and 2024 (dollar amounts in thousands): December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Hedged Item Notional Amount Designation Date Effective Date Termination Date Fixed Interest Rate Estimated Fair Value Asset (Liability) 1-month Term SOFR Loan — 75,000 October 10, 2018 July 1, 2020 June 30, 2025 3.220 % — 421 1-month Term SOFR Loan — 75,000 October 10, 2018 July 1, 2020 June 30, 2025 3.199 % — 502 1-month Term SOFR Loan — 75,000 October 10, 2018 July 1, 2020 June 30, 2025 3.209 % — 403 1-month Term SOFR Loan 100,000 100,000 December 18, 2018 December 30, 2022 December 31, 2027 2.885 % 950 3,406 1-month Term SOFR Loan 100,000 100,000 December 18, 2018 December 30, 2022 December 31, 2027 2.867 % 1,006 3,507 1-month Term SOFR Loan 575,000 575,000 December 15, 2020 July 31, 2025 December 31, 2027 1.415 % 22,094 34,537 1-month Term SOFR Loan 125,000 125,000 December 15, 2020 July 1, 2025 December 31, 2027 1.404 % 4,825 7,848 Basis Swap (1) — — March 31, 2023 March 24, 2023 December 31, 2027 N/A ( 1,629 ) 0 ( 1,829 ) $ 900,000 $ 1,125,000 $ 27,246 $ 48,795 (1) The notional of the basis swap amortizes to match the total notional of the interest rate swap portfolio over time The interest rate swaps were carried on the consolidated balance sheet at fair value and changes in the fair values were recorded as unrealized gains or losses in accumulated other comprehensive income (“AOCI”). For the years ended December 31, 2025 and 2024, the Company recorded a loss of $( 8.9 ) million and a gain of $ 22.7 million, respectively, in AOCI related to the change in fair value of the interest rate swaps. F-25 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) For the years ended December 31, 2025 and 2024, the Company recorded gains of $ 12.6 million and $ 17.5 million, respectively, in the consolidated statements of operations related to the interest rate differential of the interest rate swaps. The estimated gain that is expected to be reclassified to interest expense from AOCI as of December 31, 2025 within the next twelve months is $ 15.0 million. The Company has designated these derivative instruments as cash flow hedges. The Company assesses the effectiveness of these derivative instruments and has recorded the changes in the fair value of the derivative instrument designated as a cash flow hedge as unrealized gains or losses in AOCI, net of tax, until the hedged item affected earnings, at which point any gain or loss was reclassified to earnings. If the hedged cash flow does not occur, or if it becomes probable that it will not occur, the Company will reclassify the remaining amount of any gain or loss on the related cash flow hedge recorded in AOCI to interest expense at that time. Foreign Currency Hedging From time to time, the Company enters into foreign currency hedge contracts intended to protect the U.S. dollar value of certain forecasted foreign currency denominated transactions. The Company assesses the effectiveness of the contracts that are designated as hedging instruments. The changes in fair value of foreign currency cash flow hedges are recorded in AOCI, net of tax. Those amounts are subsequently reclassified to earnings from AOCI as impacted by the hedged item when the hedged item affects earnings. If the hedged forecasted transaction does not occur or if it becomes probable that it will not occur, the Company will reclassify the amount of any gain or loss on the related cash flow hedge to earnings at that time. For contracts not designated as hedging instruments, the changes in fair value of the contracts are recognized in other income, net in the consolidated statements of operation, along with the offsetting foreign currency gain or loss on the underlying assets or liabilities. The success of the Company’s hedging anticipated currency exchange gains or losses to the extent that there are differences between forecasted and actual activities during periods of currency volatility. In addition, changes in currency exchange rates related to any unhedged transactions may affect earnings and cash flows. Cross-Currency Rate Swaps The objective of these cross-currency swaps is to reduce volatility of earnings and cash flows associated with changes in the foreign currency exchange rate on intercompany loans. Under the terms of these contracts, which have been designated as cash flow hedges, the Company will make interest payments in Swiss francs (“CHFs”) and receive interest in U.S. dollars. Upon the maturity of these contracts, the Company will pay the principal amount of the loans in CHFs and receive U.S. dollars from the counterparties. In December 2020, the Company entered into cross-currency swap agreements to convert a notional amount of $ 471.6 million equivalent to 420.1 million of a CHF-denominated intercompany loan into U.S. dollars. The CHF-denominated intercompany loan was the result of an intra-entity transfer of certain intellectual property rights to a subsidiary in Switzerland completed during the fourth quarter of 2020. The intercompany loan requires quarterly principal payments of CHF 5.8 million plus accrued interest. As a result, the aggregate notional amount of the related cross-currency swaps will decrease by a corresponding amount. In February 2025, the Company amended the CHF-denominated intercompany loan to extend the maturity to December 2030. Concurrently, the Company amended the cross-currency swap agreement, with a notional amount of $ 368.4 million, equivalent to CHF 328.1 million, to extend the maturity to December 2030. In November 2025, the Company entered into cross-currency swap agreements to convert an aggregate notional amount of $ 170.0 million equivalent to 137.6 million of two CHF-denominated intercompany loans into U.S. dollars. The CHF-denominated intercompany loans were the result of an intra-entity transfer of certain intellectual property rights to a subsidiary in Switzerland completed during the fourth quarter of 2025. The intercompany loan of CHF 80.9 million which matures in September 2028 requires quarterly interest payments and annual principal payments of CHF 8.1 million in September 2026 and September 2027; the intercompany loan of CHF 56.6 million which matures in September 2030 requires quarterly interest payments and a principal payment of CHF 8.1 million in September 2029. As the principal outstanding decreases on the intercompany loans, the aggregate notional amount of the related cross-currency swaps will decrease by a corresponding amount. F-26 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) The Company held the following cross-currency rate swaps as of December 31, 2025 and 2024 (dollar amounts in thousands): December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Effective Date Termination Date Fixed Rate Aggregate Notional Amount Fair Value Asset (Liability) Pay CHF December 21, 2020 December 22, 2025 3.00 % CHF — 328,136 $ — $ ( 4,367 ) Receive U.S.$ 3.98 % $ — 368,362 Pay CHF February 20, 2025 December 20, 2030 3.25 % CHF 305,137 — $ ( 54,149 ) — Receive U.S.$ 6.14 % $ 342,543 — Pay CHF November 10, 2025 September 30, 2030 4.00 % CHF 56,644 — $ ( 2,684 ) — Receive U.S.$ 7.11 % $ 70,000 — Pay CHF November 10, 2025 September 29, 2028 3.00 % CHF 80,920 — $ ( 2,834 ) — Receive U.S.$ 6.23 % $ 100,000 — Total $ ( 59,667 ) $ ( 4,367 ) The cross-currency swaps designated as cash flow hedges are carried on the consolidated balance sheet at fair value, and changes in the fair values are recorded as unrealized gains or losses in AOCI. For the years ended December 31, 2025 and 2024 the Company recorded a loss of $( 49.0 ) million and a gain of $ 41.0 million, respectively, in AOCI related to change in fair value of the cross-currency swaps. For the years ended December 31, 2025 and 2024, the Company recorded a loss of $( 51.3 ) million and a gain of $ 32.2 million, respectively, in other income, net related to the change in fair value related to the foreign currency rate translation to offset the gains and losses, respectively, recognized on the intercompany loans. For the years ended December 31, 2025 and 2024, the Company recorded gains of $ 8.7 million and $ 4.7 million, respectively, respectively, in other income, net included in the consolidated statements of operations related to the interest rate differential of the cross-currency swaps. The estimated loss that is expected to be reclassified to other income (expense), net from AOCI as of December 31, 2025 within the next twelve months is $ 10.0 million. Net Investment Hedges The Company manages certain foreign exchange risks through a variety of strategies, including hedging. The Company is exposed to foreign exchange risk from its international operations through foreign currency purchases, net investments in foreign subsidiaries, and foreign currency assets and liabilities created in the normal course of business. In February 2025, the Company entered into a cross-currency swap agreement with a notional amount of CHF 67.8 million equivalent to $ 75.0 million, where the Company agreed with third-parties to sell CHF in exchange for U.S. dollars at a specified rate at the maturity of the contract. The new cross-currency swap agreement was designated as a net investment hedge to partially offset the effects of foreign currency on foreign subsidiaries. In July 2025, the Company entered into a cross-currency swap agreement with a notional amount of CHF 59.7 million, equivalent to $ 75.0 million, where the Company agreed with third-parties to sell CHF in exchange for U.S. dollars at a specified rate at the maturity of the contract. The new cross-currency swap agreement was designated as a net investment hedge to partially offset the effects of foreign currency on foreign subsidiaries. F-27 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) The Company held the following cross-currency rate swaps designated as net investment hedges as of December 31, 2025 and 2024 (dollar amounts in thousands): December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Effective Date Termination Date Fixed Rate Aggregate Notional Amount Fair Value Asset (Liability) Pay EUR October 3, 2018 September 30, 2025 — % EUR — 38,820 — $ 4,827 Receive U.S.$ 2.19 % $ — 45,000 Pay CHF May 26, 2022 December 16, 2028 — % CHF 192,140 240,175 ( 47,619 ) ( 27,951 ) Receive U.S.$ 1.94 % $ 200,000 250,000 Pay CHF November 17, 2023 December 17, 2029 — % CHF 66,525 66,525 ( 10,568 ) ( 3,248 ) Receive U.S.$ 2.54 % $ 75,000 75,000 Pay CHF May 6, 2024 December 18, 2030 — % CHF 68,483 68,483 ( 12,407 ) ( 4,741 ) Receive U.S.$ 2.74 % $ 75,000 75,000 Pay CHF February 21, 2025 December 15, 2031 — % CHF 67,800 — ( 9,394 ) — Receive U.S.$ 3.24 % $ 75,000 — Pay CHF July 25, 2025 December 15, 2032 — % CHF 59,693 — ( 2,211 ) — Receive U.S.$ 2.66 % $ 75,000 — Total $ ( 82,199 ) $ ( 31,113 ) The cross-currency swaps were carried on the consolidated balance sheet at fair value and changes in the fair values were recorded as unrealized gains or losses in AOCI. For the years ended December 31, 2025 and 2024, the Company recorded a loss of $( 49.5 ) million and a gain of $ 24.5 million, respectively, in AOCI related to the change in fair value of the cross-currency swaps. For the years ended December 31, 2025 and 2024, the Company recorded gains of $ 12.5 million and $ 10.1 million, respectively, in interest income included in the consolidated statements of operations related to the interest rate differential of the cross-currency swaps. The estimated gain that is expected to be reclassified to interest income from AOCI as of December 31, 2025 within the next twelve months is $ 11.4 million. Foreign Currency Forward Contracts The Company has entered into forward contracts designated as cash flow hedges for forecasted purchases in foreign currencies, primarily CHF-denominated intercompany purchases. To the extent these forward contracts meet hedge accounting criteria, changes in their fair value are included in accumulated other comprehensive loss. These changes in fair value will be recognized into earnings as a component of cost of sales when the forecasted-transaction occurs. These contracts typically settle at various dates within twelve months of execution. As of December 31, 2025 the notional amount of foreign currency forward contracts was CHF 10.4 million. For the year ended December 31, 2025 and 2024 the Company recorded a gain of $ 1.9 million and a loss of $( 1.1 ) million, respectively, in AOCI related to the change in fair value of the foreign currency forward contracts. For the year ended December 31, 2025 and 2024 the Company recorded a gain of $ 0.6 million and a loss of $( 0.4 ) million, respectively, in other income and cost of goods sold included in the consolidated statements of operations related to the amortization of forward points and rate translation on the foreign currency forward contracts. On February 19, 2026, the Company entered into foreign currency forwards with a notional amount of 8.0 million CHF to mitigate the exchange rate risk of CHF-denominated intercompany purchases. These contracts settle at various dates within twelve months of execution. F-28 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Counterparty Credit Risk The Company manages its concentration of counterparty credit risk on its derivative instruments by limiting acceptable counterparties to a group of major financial institutions with investment grade credit ratings, and by actively monitoring their credit ratings and outstanding positions on an ongoing basis. Therefore, the Company considers the credit risk of the counterparties to be low. Furthermore, none of the Company’s derivative transactions are subject to collateral or other security arrangements, and none contain provisions that depend upon the Company’s credit ratings from any credit rating agency. Fair Value of Derivative Instruments The Company has classified all of its derivative instruments within Level 2 of the fair value hierarchy because observable inputs are available for the derivative instruments. The fair values of the interest rate swaps and cross-currency swaps were developed using a market approach based on publicly available market yield curves and the terms of the swap. The Company performs ongoing assessments of counterparty credit risk. F-29 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Effects of Derivative Instruments on Financial Position and Results of Operations The following table summarizes the fair value for derivatives designated as hedging instruments in the condensed consolidated balance sheets as of December 31, 2025 and 2024: Fair Value as of December 31, Dollars in thousands 2025 2024 Location on Balance Sheet (1) : Derivatives designated as hedges — Assets: Prepaid expenses and other current assets Cash Flow Hedges Interest rate swap $ 16,126 $ 12,320 Cross-currency swap 8,325 — Foreign Currency Forward Contracts 29 — Net Investment Hedges Cross-currency swap 7,474 8,605 Other assets Cash Flow Hedges Interest rate swap 12,749 38,302 Total derivatives designated as hedges — Assets $ 44,703 $ 59,227 Derivatives designated as hedges — Liabilities Accrued expenses and other current liabilities Cash Flow Hedges Interest rate swap $ 1,103 $ 684 Cross-currency swap — 4,367 Foreign Currency Forward Contracts — 914 Net Investment Hedges Cross-currency swap 8,798 210 Other liabilities Cash Flow Hedges Interest rate swap 526 1,145 Cross-currency swap 67,992 — Net Investment Hedges Cross-currency swap 80,875 39,507 Total derivatives designated as hedges — Liabilities $ 159,294 $ 46,827 (1) The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 months. The following presents the effect of derivative instruments designated as cash flow hedges and net investment hedges on the accompanying condensed consolidated statement of operations during the years ended December 31, 2025 and 2024: F-30 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Dollars in thousands Balance in AOCI Beginning of Year Amount of Gain (Loss) Recognized in AOCI Amount of Gain (Loss) Reclassified from AOCI into Earnings Balance in AOCI End of Year Location in Statements of Operations Year Ended December 31, 2025 Cash Flow Hedges Interest rate swap $ 48,794 $ ( 8,936 ) $ 12,611 $ 27,247 Interest expense Cross-currency swap ( 11,621 ) ( 49,025 ) ( 54,063 ) ( 6,583 ) Other income, net Forward Currency Forward Contracts ( 624 ) 1,907 556 727 Cost of sales and other income, net Net Investment Hedges — Cross-currency swap ( 31,130 ) ( 49,524 ) 12,487 ( 93,141 ) Interest income $ 5,419 $ ( 105,578 ) $ ( 28,409 ) $ ( 71,750 ) Year Ended December 31, 2024 Cash Flow Hedges Interest rate swap $ 43,556 $ 22,692 $ 17,454 $ 48,794 Interest expense Cross-currency swap ( 15,763 ) 41,013 36,871 ( 11,621 ) Other income, net Forward Currency Forward Contracts — ( 1,067 ) ( 443 ) ( 624 ) Cost of sales and other income, net Net Investment Hedges Cross-currency swap ( 45,498 ) 24,489 10,121 ( 31,130 ) Interest income $ ( 17,705 ) $ 87,127 $ 64,003 $ 5,419 Derivative Instruments Not Designated as Hedges: From time to time, the Company enters into foreign currency forward contracts to mitigate risk from the fluctuations in foreign currency exchange rates associated with intercompany balances in Chinese yuan (“CNH”), CHF, and EUR. These contracts typically settle at various dates within twelve months of execution. As of December 31, 2025, the notional amounts totaled CNH 90.0 million and CHF 14.0 million, equivalent to $ 12.7 million, and $ 17.8 million, respectively. In 2021, the Company entered into a foreign currency swap, with a notional amount of JPY 800.0 million, equivalent to $ 7.3 million, to mitigate the risk from fluctuations in foreign currency exchange rates associated with an intercompany loan denominated in Japanese yen. In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another currency at a fixed exchange rate, generally set at inception, calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. The Company subsequently paid down a portion of this swap, bringing the notional amount down to JPY 400.0 million, equivalent to $ 3.6 million as of December 31, 2025. The fair value of the derivative instruments not designated as hedges was $ 1.0 million and $ 1.7 million as of December 31, 2025 and 2024, respectively. The following table summarizes the (gains) and losses on derivative instruments not designated as hedges on the condensed consolidated statements of income, which was included in other income: Dollars in thousands December 31, 2025 2024 Foreign currency forward contracts $ ( 1,848 ) $ 598 Foreign currency swaps ( 127 ) 56 Total $ ( 1,975 ) $ 654 7. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill In accordance with FASB Topic 350, Intangibles—Goodwill and Other (“ASC 350”), goodwill is not subject to amortization but is tested for impairment at the reporting unit level annually in the third quarter. Additionally, the Company may perform F-31 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) interim tests of goodwill for impairment if an event occurs or circumstances change that could potentially reduce the fair value of a reporting unit below its carrying amount. The carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. An impairment loss is recognized when the reporting unit’s carrying amount exceeds its estimated fair value. The Company tests for impairment by either performing a qualitative evaluation or a quantitative test. The qualitative evaluation is an assessment of factors, including reporting unit specific operating results as well as industry, market and general economic conditions, to determine whether it is more likely than not that the fair values of a reporting unit is less than its carrying amount, including goodwill. The Company may elect to bypass this qualitative evaluation for some or all of its reporting units and perform a quantitative test. The quantitative test uses a combination of both an income approach and a market approach to determine the fair value of the reporting unit. The income approach utilizes the estimated discounted cash flows for the reporting unit, while the market approach utilizes comparable publicly-traded companies’ revenue and earnings before interest, taxes, depreciation, and amortization (“EBITDA”) multiples. Estimates and assumptions used in the income approach to calculate projected future discounted cash flows included revenue growth rates, cost of sales, terminal growth rates, and a discount rate for each reporting unit. Discount rates are determined using a weighted average cost of capital for risk factors specific to each reporting unit and other market and industry data. The assumptions used are inherently subject to uncertainty and slight changes in these assumptions could have a significant impact on the concluded value. The estimates and assumptions applied represent a Level 3 measurement in the fair value hierarchy. Level 3 inputs are supported by limited or no market activity and reflect the Company’s assumptions in measuring fair value. The key assumptions impacting the valuation included the following: • The reporting unit’s financial projections, including revenue growth rates and cost of sales, which are based on management’s assessment of regional and macroeconomic variables, industry trends and market opportunities, and the Company’s strategic objectives and future growth plans. • The projected terminal value for the reporting unit, which represents the present value of projected cash flows beyond the last period in the discounted cash flow analysis. The terminal value reflects the Company’s assumptions related to long-term growth rates and profitability, which are based on several factors, including local and macroeconomic variables, market opportunities, and future growth plans. • The discount rate used to measure the present value of the projected future cash flows is set using a weighted-average cost of capital method that considers market and industry data as well as the Company’s specific risk factors that are likely to be considered by a market participant. The weighted-average cost of capital is the Company’s estimate of the overall after-tax rate of return required by equity and debt holders of a business enterprise. During the second quarter of 2025, the Company performed a quantitative assessment of its Tissue Technologies, Neurosurgery, and Instruments and ENT reporting units in accordance with ASC 350 due to the decrease in the price per share of the Company’s common stock related to a number of factors including recent tariff changes that have created broad economic uncertainty and the impact of quality, operational, and supply issues. The Company recognized an aggregate charge of $ 511.4 million in goodwill impairment expense in the consolidated statement of operations in the second quarter of 2025. The quantitative test for the Tissue Technologies reporting unit utilized a terminal growth rate of 2.5 % and a discount rate of 13.5 % in the income approach. The Company determined, after performing the quantitative analysis, that the fair value of the Tissue Technologies reporting unit was less than its carrying amount and recognized an impairment of $ 123.3 million. The quantitative test for the Neurosurgery reporting unit utilized a terminal growth rate of 2.5 % and a discount rate of 13.5 % in the income approach. The Company determined, after performing the quantitative analysis, that the fair value of the Neurosurgery reporting unit was less than its carrying amount and recognized an impairment of $ 249.0 million. The quantitative test for the Instruments and ENT reporting unit utilized a terminal growth rate of 2.5 % and a discount rate of 12.0 % in the income approach. The Company determined, after performing the quantitative analysis, that the fair value of the Instruments and ENT reporting unit was less than its carrying amount and recognized an impairment of $ 139.1 million. In the third quarter of 2025, the Company performed its annual test of its reporting units for impairment and completed a qualitative evaluation of its Tissue Technologies and Neurosurgery reporting units. The Instruments and ENT reporting unit had been deemed fully-impaired during the second quarter of 2025 and was excluded from this evaluation. After performing the qualitative analysis, the Company concluded that it was more likely than not that the fair values of the Tissue Technologies and Neurosurgery reporting units were greater than their carrying amounts. Therefore, it was not necessary to perform a quantitative impairment test. The Company did not recognize any goodwill impairment charges during 2024. F-32 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Changes in the carrying amount of goodwill in 2025 and 2024 were as follows: Dollars in thousands Codman Specialty Surgical Tissue Technologies Total Goodwill at January 1, 2024 666,937 388,525 1,055,462 Acclarent Acquisition 62,482 — 62,482 Foreign currency translation ( 13,689 ) ( 7,303 ) ( 20,992 ) Balance at December 31, 2024 $ 715,730 $ 381,222 $ 1,096,952 Impairment ( 388,106 ) ( 123,259 ) ( 511,365 ) Foreign currency translation 16,543 13,027 29,570 Balance at December 31, 2025 $ 344,167 $ 270,990 $ 615,157 Other Intangible Assets The components of the Company’s identifiable intangible assets were as follows: December 31, 2025 Dollars in thousands Weighted Average Life Cost Accumulated Amortization Net Completed technology 17 years $ 1,486,304 $ ( 632,204 ) $ 854,100 Customer relationships 12 years 169,369 ( 145,187 ) 24,182 Trademarks/brand names 27 years 103,454 ( 47,799 ) 55,655 Codman trade name Indefinite 179,959 — 179,959 Supplier relationships 30 years 30,211 ( 20,104 ) 10,107 All other 6 years 23,434 ( 12,774 ) 10,660 $ 1,992,731 $ ( 858,068 ) $ 1,134,663 December 31, 2024 Dollars in thousands Weighted Average Life Cost Accumulated Amortization Net Completed technology 17 years $ 1,452,545 $ ( 525,959 ) $ 926,586 Customer relationships 12 years 166,038 ( 137,186 ) 28,852 Trademarks/brand names 27 years 99,951 ( 42,173 ) 57,778 Codman trade name Indefinite 168,202 — 168,202 Supplier relationships 30 years 30,211 ( 19,126 ) 11,085 All other 6 years 22,820 ( 7,735 ) 15,085 $ 1,939,767 $ ( 732,179 ) $ 1,207,588 Intangible Assets with Indefinite Lives The Company does not amortize intangible assets with indefinite lives but tests its intangible assets with indefinite lives for impairment annually in the third quarter in accordance with ASC 350. Additionally, the Company performs interim tests of its intangible assets with indefinite lives for impairment if an event occurs or circumstances change that could potentially reduce the fair value of an indefinite lived intangible asset below its carrying amount. The Company tests for impairment by either performing a qualitative evaluation or a quantitative test. The qualitative evaluation is an assessment of factors, including specific operating results as well as industry, market and general economic conditions, to determine whether it is more likely than not that the fair values of the intangible asset is less than its carrying amount. The Company may elect to bypass this qualitative evaluation and perform a quantitative test. F-33 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) During the second quarter of 2025 the Company performed a quantitative assessment of its Codman tradename intangible asset in accordance with ASC 350 due to the decrease in the price per share of the Company’s common stock related to a number of factors including recent tariff changes that have created broad economic uncertainty and the impact of quality, operational, and supply issues. In performing this test, the Company utilized a discount rate of 14.5 %. The assumptions used in evaluating the Codman tradename for impairment are subject to change and are tracked against historical results by management. Based on the results of the quantitative test, the Company recorded no impairment to the Codman tradename intangible asset. In the third quarter of 2025, the Company performed its annual test of its intangible assets with indefinite lives for impairment and completed a qualitative evaluation of its Codman tradename intangible asset. After performing the qualitative analysis, the Company concluded that it was more likely than not that the fair value of the Codman tradename intangible asset was greater than its carrying amount. Therefore, it was not necessary to perform a quantitative impairment test. The Company did not recognize any impairment charges on its intangible assets with indefinite lives during 2024. Intangible Assets with Definite Lives Developed technologies and other definite-lived intangible assets are amortized over their estimated useful lives either using the straight-line method or, if reliably determinable, based on the pattern of which the economic benefit of the asset is expected to be utilized. Definite-lived intangible assets are periodically evaluated for impairment in accordance with FASB Topic 360, Property, Plant and Equipment (“ASC 360”) whenever events or changes in circumstances indicate that a definite-lived intangible asset’s carrying value may not be recoverable. Total amortization of intangible assets (including amounts reported in cost of product revenues for technology-based intangible assets) in 2025 was $ 107.1 million compared to $ 105.2 million in 2024. Of this amount, $ 92.1 million and $ 84.0 million, respectively, was related to amortization of technology based intangibles and included in cost of goods sold. Based on quarter-end exchange rates, amortization expense (including amounts reported in cost of goods sold) is expected to be approximately $ 107.6 million in 2026, $ 106.6 million in 2027, $ 103.0 million in 2028, $ 97.7 million in 2029, $ 91.6 million in 2030 and $ 447.7 million thereafter. In the first quarter of 2024, due to third-party audit findings and an update to the estimated timeframe to resume the commercial distribution of products manufactured in the Company’s manufacturing facility located in Boston, Massachusetts (the “Boston facility”), the Company elected to perform quantitative impairment testing on certain definite-lived intangible assets including completed technology and customer relationships in accordance with ASC 360. The Company recorded an impairment charge related to the definite-lived intangible asset associated with the customer relationships of $ 7.1 million in intangible asset amortization in the consolidated statement of operations. With respect to the definite-lived intangible assets associated with the completed technology of SurgiMend® and PriMatrix®, the Company determined that the carrying amount of these definite-lived intangible assets were recoverable and, therefore, the intangible assets were not deemed to be impaired. In the second quarter of 2024, the Company approved a plan to transition the manufacturing of SurgiMend and PriMatrix from the Boston facility to the Company’s manufacturing facility in Braintree, Massachusetts (the “Braintree facility”). The Company considered the impact to the update to the estimated timeframe to resume the commercial distribution of products manufactured in the Boston facility on the assumptions used in the quantitative assessment of the definite-lived intangible assets completed in the first quarter of 2024, which did not require further evaluation for impairment. The carrying values of SurgiMend and PriMatrix are $ 25.6 million and $ 20.0 million, respectively, as of December 31, 2025. Potential Impact of Risks and Uncertainties on Management’s Estimates The rapidly evolving tariff changes imposed by the U.S. and other countries since early 2025 have created increased risks and uncertainties surrounding the Company’s future results of operations. In 2025 President Trump announced reciprocal tariffs on many countries and certain countries, such as China, have responded with retaliatory tariffs. In February 2026, the U.S. Supreme Court issued a 6–3 ruling invalidating the U.S. Administration’s tariff program implemented under the International Emergency Economic Powers Act (“IEEPA”), concluding that the IEEPA did not authorize the broad import duties previously imposed. Additionally, in September 2025, the U.S. Department of Commerce initiated national security investigations into medical equipment, devices, and robotics. The tariff environment has continued to shift throughout the 2025 calendar year, with new measures being proposed, paused, implemented, and countered, contributing to broader trade policy uncertainty. The assumptions used by the Company in its quantitative tests of goodwill and intangible assets are inherently subject to uncertainty and slight changes in these assumptions, including the extent and duration of any subsequent changes in U.S. import tariffs and reciprocal measures by China and the resulting impact on general economic conditions and on the Company’s business, could have a significant impact on the concluded values. F-34 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 8. TREASURY STOCK As of December 31, 2025 and 2024, the Company held 14.4 million and 14.4 million shares of treasury stock outstanding with a cost of $ 689.2 million and $ 691.4 million, respectively, at a weighted average cost per share of $ 47.86 for both periods. In 2024, the Company entered into a $ 50 million accelerated share repurchase (“the 2024 ASR”) and received 1.3 million shares of common stock at inception of the 2024 ASR, which represented approximately 70 % of the expected total shares under the 2024 ASR. The early exercise provision was exercised by the 2024 ASR counterparty. The Company received an additional 0.4 million shares determined using the volume-weighted average price of the Company’s common stock during the term of the 2024 ASR. On July 18, 2023, the Board of Directors authorized a $ 225.0 million share repurchase program. On December 31, 2025, the Company’s share repurchase program expired. At the time of expiration, approximately $ 50.0 million remained available for repurchase. The Company did not adopt a new share repurchase program upon the expiration, and no shares were repurchased during the year ended December 31, 2025. 9. STOCK-BASED COMPENSATION Stock-based compensation expense - all related to employees and members of the Board of Directors - recognized under the authoritative guidance was as follows: Years Ended December 31, Dollars in thousands 2025 2024 2023 Cost of goods sold $ 806 $ 649 $ 588 Research and development 2,250 2,697 2,071 Selling, general and administrative 15,527 21,031 17,483 Total stock-based compensation expense $ 18,583 $ 24,377 $ 20,142 Total estimated tax benefit related to stock-based compensation expense 2,826 4,677 5,223 Net effect on net income $ 15,757 $ 19,700 $ 14,919 EQUITY AWARD PLANS As of December 31, 2025, the Company had stock options, restricted stock awards, performance stock awards, contract stock awards and restricted stock unit awards outstanding under the Integra LifeSciences Holdings Corporation Fifth Amended and Restated 2003 Equity Incentive Plan (the “2003 Plan”). In May 2010 and May 2017, the stockholders of the Company approved amendments to the 2003 Plan to increase by 3.5 million and 1.7 million, respectively, the number of shares of common stock that may be issued under the 2003 Plan. The Company has reserved 14.7 million shares under the 2003 Plan. The 2003 Plan permits the Company to grant incentive and non-qualified stock options, stock appreciation rights, restricted stock, contract stock, performance stock, or dividend equivalent rights to designated directors, officers, employees and associates of the Company. Stock options issued under the 2003 Plan become exercisable over specified periods, generally within four years from the date of grant for officers and employees, and within one year from the date of the grant for members of the Board of Directors. The awards generally expire eight years from the grant date for employees and from six to ten years for directors and certain executive officers, except in certain instances that result in accelerated vesting due to death, disability, retirement age or change in control provisions within their grant agreements. Restricted stock issued under the 2003 Plan vests ratably over specified periods, generally three years after the date of grant. The vesting of performance stock issued under the 2003 Plan is subject to service and performance conditions. Stock Options The Company values stock option grants using the binomial distribution model. Management believes that the binomial distribution model is preferable to the Black-Scholes model because it is a more flexible model that gives consideration to the impact of non-transferability and vesting provisions in valuing employee stock options. In determining the value of stock options granted, the Company considered that it has never paid cash dividends and does not currently intend to pay cash dividends, and thus has assumed a 0.0 % dividend yield. Expected volatilities are based on the historical volatility of the Company’s stock price. The expected life of stock options is estimated based on historical data on exercise of stock options, post-vesting forfeitures and other factors to estimate the expected term of the stock options granted. The risk-free interest rates are derived from the U.S. Treasury yield curve in effect on the date of grant for instruments with a remaining term similar to the expected life of the options. The Company accounts for forfeitures as they occur. F-35 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) The Company granted stock options at two separate dates during the year ended December 31, 2025 and applied a range of assumptions for the volatility and risk free interest rate employed in the weighted average methodology in the calculation of option fair value. For the years ended December 31, 2024 and December 31, 2023, all assumptions employed a weighted average methodology in the calculation of option fair value. The following table outlines these assumptions: Years Ended December 31, 2025 2024 2023 Dividend yield 0 % 0 % 0 % Expected volatility 37.02 % - 37.60 % 33 % 30 % Risk free interest rate 4.16 % - 4.52 % 4.09 % 3.86 % Expected life of option from grant date 7 years 7 years 7 years Weighted average grant date fair value of options granted $ 10.77 $ 15.68 $ 21.58 The following table summarizes the Company’s stock option activity: Shares Weighted Average Exercise Price Weighted Average Contractual Term in Years Aggregate Intrinsic Value Stock Options (In thousands) (In thousands) Outstanding at January 1, 2025 1,204 $ 50.06 4.01 $ — Granted 395 22.71 — — Exercised — — — — Forfeited or Expired ( 245 ) 46.44 — — Outstanding at December 31, 2025 1,354 $ 42.73 4.39 $ — Exercisable at December 31, 2025 739 $ 53.17 2.54 $ — The Company recognized $ 1.7 million, $ 2.2 million, and $ 1.4 million in expense related to stock options during the years ended December 31, 2025, 2024, and 2023, respectively. There were no options exercised for the year ended December 31, 2025. The intrinsic value of options exercised for the years ended December 31, 2024, and 2023 were $ 0.7 million, and $ 1.8 million, respectively. Cash received from option exercises and employee stock purchase plan was $ 1.0 million, $ 6.4 million, and $ 4.3 million, for the years ended December 31, 2025, 2024, and 2023, respectively. For the years ended December 31, 2025 and 2024, the realized tax expense related to the exercise of stock options was $ 0.8 million and $ 0.5 million, respectively. A realized tax benefit $ 0.1 million was recognized for the year ended December 31, 2023. As of December 31, 2025, there was approximately $ 4.5 million of total unrecognized compensation costs related to unvested stock options. These costs are expected to be recognized over a weighted-average period of approximately three years . F-36 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Awards of Restricted Stock, Performance Stock and Contract Stock The following table summarizes the Company’s awards of restricted stock, performance stock and contract stock for the year ended December 31, 2025: Restricted Stock Awards Performance Stock and Contract Stock Awards Shares Weighted Average Grant Date Fair Value Per Share Shares Weighted Average Grant Date Fair Value Per Share (In thousands) (In thousands) Unvested, January 1, 2025 871 $ 39.33 420 $ 41.83 Granted 890 20.40 640 22.28 Adjustments for performance achievement related to award target — — ( 232 ) 35.81 Cancellations ( 163 ) 33.55 ( 66 ) 34.65 Vested ( 380 ) 41.13 ( 99 ) 19.66 Unvested, December 31, 2025 1,218 $ 25.72 663 $ 26.42 The Company recognized $ 16.9 million, $ 22.1 million and $ 18.7 million in expense related to such awards during the years ended December 31, 2025, 2024, and 2023, respectively. The total fair market value of shares vested and released in 2025, 2024, and 2023 was $ 9.8 million, $ 11.3 million and $ 18.2 million, respectively. Vested awards include shares that have been fully earned but had not been delivered as of December 31, 2025. Performance stock awards have performance features associated with them. Performance stock, restricted stock and contract stock awards generally have requisite service periods of three years . The fair value of these awards is being expensed on a straight-line basis over the vesting period. As of December 31, 2025, there were no performance stock units (“PSUs”) subject to vest and be released based on 2025 performance achievement. As of December 31, 2025, there was approximately $ 27.7 million of total unrecognized compensation costs related to unvested restricted stock, performance stock and contract stock awards. These costs are expected to be recognized over a weighted-average period of approximately two years . At December 31, 2025, there were approximately 4.6 million shares available for grant under the 2003 Plan. The Company capitalized share based compensation costs of $ 0.8 million, $ 0.7 million, and $ 0.6 million for the years ended December 31, 2025, 2024, and 2023, into inventory, respectively. Such share-based compensation was recognized as cost of goods sold when related inventory was sold. CEO Separation On February 27, 2024, the Company announced that Mr. De Witte would retire from his position as President and Chief Executive Officer and director of the Company following the completion of a succession process and entered into a letter agreement with Mr. De Witte to modify his current employment agreement and put forth the form of a post-employment consulting agreement. The Company applied modification accounting to the outstanding equity-based awards granted to Mr. De Witte as of that date, which revalued and accelerated stock-based compensation associated with equity-based awards granted to him over his expected service period to the Company. Pursuant to this letter agreement, Mr. De Witte’s unvested equity-based awards will continue to vest during his continued service period to the Company and vested stock options were modified such that they will remain exercisable until the earlier of (a) the stated term of the stock options and (b) six months following his cessation of continued service to the Company. As a result of the modifications, the Company recorded a total of $ 1.9 million in accelerated stock-based compensation expenses for the year ended December 31, 2024. EMPLOYEE STOCK PURCHASE PLAN The purpose of the Employee Stock Purchase Plan (the “ESPP”) is to provide eligible employees of the Company with the opportunity to acquire shares of common stock at periodic intervals by means of accumulated payroll deductions. The ESPP is a non-compensatory plan. Under the ESPP, a total of 3.0 million shares of common stock are reserved for issuance. These shares will be made available either from the Company’s authorized but unissued shares of common stock or from shares of common stock reacquired by the Company as treasury stock. At December 31, 2025, 1.8 million shares remain available for purchase F-37 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) under the ESPP. During the years ended December 31, 2025, 2024, and 2023, the Company issued 64,435 shares, 44,426 shares and 23,337 shares under the ESPP for $ 0.8 million, $ 1.0 million, and $ 1.0 million, respectively. 10. RETIREMENT BENEFIT PLANS DEFINED BENEFIT PLANS The Company has various defined benefit plans which covers certain employees in France, Japan, Germany and Switzerland. Net periodic benefit costs for the Company’s defined benefit pension plans for the years ended December 31, 2025 and 2024 included the following (amounts in thousands): Year ended December 31, 2025 2024 2023 Service cost $ 3,578 $ 3,113 $ 2,226 Interest cost 757 866 1,157 Expected return on plan assets ( 2,117 ) ( 1,639 ) ( 1,450 ) Amortization of prior service cost (credit) ( 621 ) ( 585 ) ( 389 ) Settlements 1 ( 144 ) — Actuarial losses ( 13 ) 6 ( 391 ) Net periodic benefit cost $ 1,585 $ 1,617 $ 1,153 The following weighted average assumptions were used to develop net periodic pension benefit costs and the actuarial present values of projected pension benefit obligations for the years ended December 31, 2025 and 2024, respectively: As of December 31, 2025 2024 2023 Discount rate 1.45 % 1.14 % 1.51 % Expected return on plan assets 3.70 % 3.65 % 3.67 % Rate of compensation increase 2.11 % 2.12 % 2.00 % Interest crediting rate for cash balance plans 1.00 % 1.00 % 1.00 % The Company’s discount rates are determined by considering current yield curves representing high quality, long-term fixed income instruments. The resulting discount rates are consistent with the duration of plan liabilities. In 2025 and 2024, the discount rates were prescribed as the current yield on corporate bonds with an average credit rating of AA or AAA of equivalent currency and term to the liabilities. The expected returns on plan assets represent the average rate of return expected to be earned on plan assets over the period the benefits included in the benefit obligation are to be paid. In developing the expected rates of return, the Company considers returns of historical market data as well as actual returns on the plan assets. Using this reference information, the long-term return expectations for each asset category are developed according to the allocation among those investment categories. The assessment is determined using projections from external financial sources, long-term historical averages, actual returns by asset class and the various asset class allocations by market. F-38 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) The following sets forth the change in projected benefit obligations and the change in plan assets for the years ended December 31, 2025 and 2024 and a reconciliation of the funded status at December 31, 2025 and 2024, respectively (amounts in thousands): Year Ended December 31, 2025 2024 Change In Projected Benefit Obligations Projected benefit obligations, beginning of year $ 67,262 $ 65,101 Interest cost 757 866 Service cost 3,578 3,113 Actuarial loss 1,758 4,219 Plan amendments ( 1,465 ) — Plan settlements ( 279 ) ( 870 ) Employee contribution 1,609 1,265 Premiums paid ( 577 ) ( 456 ) Benefit payment ( 815 ) ( 1,607 ) Net transfer in/(out) — 584 Effect of foreign currency exchange rates 9,304 ( 4,953 ) Projected benefit obligations, end of year $ 81,132 $ 67,262 Year Ended December 31, 2025 2024 Change In Plan Assets Plan assets at fair value, beginning of year $ 51,818 $ 45,724 Actual return on plan assets 4,371 8,200 Employer contributions 3,548 2,874 Employee contributions 1,609 1,265 Plan settlements ( 279 ) ( 870 ) Benefits paid ( 789 ) ( 1,581 ) Premiums paid ( 577 ) ( 456 ) Net transfer in/(out) — 322 Effect of foreign currency exchange rates 7,590 ( 3,660 ) Plan assets at fair value, end of year $ 67,291 $ 51,818 Year Ended December 31, 2025 2024 Reconciliation Of Funded Status Fair value of plan assets $ 67,291 $ 51,818 Benefit obligations 81,132 67,262 Unfunded benefit obligations $ 13,841 $ 15,444 The unfunded benefit obligations are included in other liabilities in the consolidated balance sheets at December 31, 2025 and 2024, respectively. During the periods ended December 31, 2025 and 2024 , the Company had a net gains of $ 1.0 million and $ 1.3 million, respectively, recognized within accumulated other comprehensive loss that has not been recognized as a component of net periodic benefit cost. The combined accumulated benefit obligations for the defined benefit plans was $ 71.7 million and $ 60.1 million as of December 31, 2025 and 2024, respectively. Unrecognized gains and losses are amortized over the average remaining future service for each plan. For plans with no active employees, they are amortized over the average life expectancy. The amortization of gains and losses is determined by using a 10% corridor of the greater of the market value of assets or the accumulated benefit obligation. Total unamortized gains and losses in excess of the corridor are amortized over the average remaining future service. F-39 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Prior service costs/benefits for the pension plans are amortized over the average remaining future service of plan participants at the time of the plan amendment. The net plan assets of the pension plans are invested in common trusts. Common trusts are classified as Level 2 in fair value hierarchy. The fair value of common trusts is valued at net asset value based on the fair values of the underlying investments of the trusts as determined by the sponsor of the trusts. The investment strategy of the Company’s defined benefit plans is both to meet the liabilities of the plans as they fall due and to maximize the return on invested assets within appropriate risk profile. The benefit plans in France and Germany had no assets at December 31, 2025. As of December 31, 2025, no plan assets are expected to be returned to the Company in the next twelve months. The following table is the summary of expected future benefit payments (in thousands): 2026 $ 3,009 2027 $ 2,887 2028 $ 2,800 2029 $ 3,042 2030 $ 3,219 Next five years $ 14,929 As of December 31, 2025, contributions expected to be paid to the plan in 2026 is $ 3.8 million. DEFINED CONTRIBUTION PLANS The Company also has various defined contribution savings plans offered to our U.S. and non-U.S. employees. The Company matches a certain percentage of each employee’s contributions as per the provisions of the plans. Total contributions by the Company to the plans were $ 12.1 million, $ 10.4 million and $ 10.4 million for the years ended December 31, 2025, 2024, and 2023, respectively. DEFERRED COMPENSATION PLAN The Company maintains a Deferred Compensation Plan in which certain employees of the Company may defer the payment and taxation of up to 75 % of their base salary and up to 100 % of bonus amounts and other eligible cash compensation. This deferred compensation is invested in funds offered under this plan and is valued based on Level 1 measurements in the fair value hierarchy. Assets of the Company’s deferred compensation plan are included in other current assets and recorded at fair value based on their quoted market prices. The fair value of these assets at December 31, 2025 and 2024 was $ 7.9 million and $ 6.7 million. Offsetting liabilities relating to the deferred compensation plan are included in other liabilities. 11. LEASES AND RELATED PARTY LEASES The Company leases administrative, manufacturing, research and distribution facilities and vehicles through operating lease agreements. The Company has no material finance leases as of December 31, 2025. Many of the Company’s leases include both lease (e.g., fixed payments including rent) and non-lease components (e.g., common-area or other maintenance costs). For vehicles, the Company has elected the practical expedient to group lease and non-lease components. Most facility leases include one or more options to renew. The exercise of lease renewal options is typically at the Company’s sole discretion, therefore, the majority of renewals to extend the lease terms are not included in the Right of Use (“ROU”) assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates renewal options and when they are reasonably certain of exercise, the renewal period is included in the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses a collateralized incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. Total operating lease expense for the year ended December 31, 2025 and 2024, was $ 23.9 million and $ 24.3 million, respectively, which includes $ 0.3 million, in related party operating lease expense. F-40 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Supplemental balance sheet information related to operating leases at December 31, 2025 were as follows: December 31, 2025 December 31, 2024 (In thousands, except lease term and discount rate) ROU assets $ 140,568 $ 144,042 Current lease liabilities 14,019 14,540 Non-current lease liabilities 163,059 166,930 Total lease liabilities $ 177,078 $ 181,470 Weighted average remaining lease term (in years): Leased facilities 15.7 years 16.1 years Leased vehicles 2.7 years 2.3 years Leased equipment 2.9 years 1.6 years Weighted average discount rate: Leased facilities 5.4 % 5.4 % Leased vehicles 3.2 % 2.8 % Leased equipment 6.9 % 8.3 % Supplemental cash flow information related to leases was as follows: December 31, 2025 December 31, 2024 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 23,153 $ 24,122 ROU assets obtained in exchange for lease liabilities, net of modifications: Operating leases $ 12,138 $ 3,565 Future minimum lease payments under operating leases at December 31, 2025 were as follows: Related Parties Third Parties Total (In thousands) 2026 $ 296 $ 18,726 $ 19,022 2027 296 21,721 22,017 2028 296 18,987 19,283 2029 246 18,635 18,881 2030 — 18,253 18,253 2031 — 17,819 17,819 Thereafter — 148,843 148,843 Total minimum lease payments $ 1,134 $ 262,984 $ 264,118 Less: Imputed interest 87,040 Total lease liabilities 177,078 Less: Current lease liabilities 14,019 Long-term lease liabilities $ 163,059 There were no material future minimum lease payments under finance leases at December 31, 2025. F-41 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Related Party Leases The Company leases its manufacturing facility in Plainsboro, New Jersey, from a general partnership that is 50 % owned by a principal stockholder of the Company. The term of the current lease agreement is through October 31, 2029 at an annual rate of approximately $ 0.3 million. The current lease agreement also provides (i) a 5-year renewal option for the Company to extend the lease from November 1, 2029 through October 31, 2034 at the fair market rental rate of the premises, and (ii) another 5-year renewal option to extend the lease from November 1, 2034 through October 31, 2039 at the fair market rental rate of the premises. Lease Impairment Charge The Company approved a plan to transition the commercial distribution of PriMatrix® and SurgiMend® from the Boston facility to the Company’s manufacturing facility in Braintree, Massachusetts and permanently cease use of the Boston facility. As a result, in the second quarter of 2024, the Company recorded a $ 4.6 million impairment charge in the Tissue Technologies reportable segment, as the carrying amounts of the operating lease right-of-use asset and fixed assets related to the Boston facility exceeded their fair values based on the Company’s estimates of future discounted cash flows through the end of the lease term and the end of their remaining useful lives, respectively. The $ 4.6 million impairment charge was comprised of a $ 1.7 million impairment of an operating lease right-of-use asset and a $ 2.9 million write-off of fixed assets, which was recorded as a component of cost of goods sold in the consolidated statements of operations. 12. INCOME TAXES Income before income taxes consisted of the following: Years Ended December 31, Dollars in thousands 2025 2024 2023 United States operations $ ( 469,208 ) $ ( 172,273 ) $ ( 31,649 ) Foreign operations ( 94,294 ) 154,036 112,718 Total $ ( 563,502 ) $ ( 18,237 ) $ 81,069 A reconciliation of the U.S. Federal statutory rate to the Company’s effective tax rate is as follows: Year Ended December 31, 2025 Amount Percent Federal statutory rate $ ( 118,345 ) 21.0 % State income taxes, net of federal tax benefit (1) $ ( 5,571 ) 1.0 % Foreign tax effects: Switzerland: Swiss IP Transfer $ 14,979 ( 2.7 ) % Federal statutory tax rate difference $ 7,377 ( 1.3 ) % Cantonal/communal rate difference $ ( 9,938 ) 1.8 % Other $ 5,492 ( 1.0 ) % Other foreign jurisdictions $ ( 2,381 ) 0.4 % Non-taxable or non-deductible items: Goodwill impairment $ 63,660 ( 11.3 ) % Other $ ( 2,063 ) 0.4 % Cross-border tax laws: Global intangible low-taxed income $ 2,235 ( 0.4 ) % Subpart F income $ 4,451 ( 0.8 ) % Tax credits: Foreign tax credit $ ( 1,792 ) 0.3 % Research and development credit $ ( 6,707 ) 1.2 % Valuation allowance $ 662 ( 0.1 ) % Worldwide changes in prior year unrecognized tax benefits $ 913 ( 0.2 ) % Effective Tax Rate $ ( 47,028 ) 8.3 % F-42 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) (1) State Taxes in California, Florida, Illinois, New Jersey, New York, and Tennessee made up the majority (greater than 50 percent) of the tax effect in this category. Years Ended December 31, 2024 2023 Federal statutory rate 21.0 % 21.0 % Increase (decrease) in income taxes resulting from: State income taxes, net of federal tax benefit 15.3 % 2.9 % Benefit derived from foreign operations 22.4 % ( 17.2 ) % Nondeductible meals and entertainment ( 5.0 ) % 1.1 % Intercompany profit in inventory 4.2 % 3.3 % Research and development credit 24.1 % ( 5.7 ) % Nondeductible executive compensation & stock compensation shortfall ( 19.7 ) % 2.3 % Transaction and deal related costs ( 4.1 ) % 3.3 % Changes in valuation allowances ( 6.0 ) % 4.9 % Return to provision 10.1 % ( 0.8 ) % Other ( 0.4 ) % 1.3 % Effective tax rate 61.9 % 16.4 % Our effective tax rate was 8.3 % and 61.9 % of income before income taxes for the years ended December 31, 2025 and December 31, 2024, respectively. In 2025, the Company’s effective tax rate was primarily driven by the goodwill impairment charge, as a portion of the charge is non-deductible for tax, the transfer of certain intellectual property, and the inclusion of Global Intangible Low-Taxed Income (“GILTI”) and the global minimum tax in certain foreign jurisdictions; offset by federal, state, and international tax benefits generated from operating losses and favorable prior year tax return positions. In 2024, the Company’s effective tax rate was driven by federal, state, and international tax benefits generated from operating losses in certain jurisdictions, including a $ 4.4 million benefit from federal and state research tax credits, offset by the inclusion of GILTI. In 2023, the Company’s effective tax rate was primarily driven by the inclusion of GILTI, offset by a $ 5.8 million income tax benefit related to a four-year tax credit received by a Swiss subsidiary, which can be used to offset cantonal and communal income and capital taxes during tax years 2024 through 2027. Any unused balance at the end of the 2027 tax period will be forfeited. During 2025, the Company’s foreign operations generated a $ 30.7 million decrease in income tax expense when compared to the same period in 2024 due to geographic and business mix of taxable earnings and losses and the transfer of certain intellectual property, among other factors. The 2025 foreign effective tax rate is 12.6 % compared to 12.3 % in 2024. Changes to income tax laws and regulations, in any of the tax jurisdictions in which the Company operates, could impact the effective tax rate. Various governments, both U.S. and non-U.S., are increasingly focused on tax reform and revenue-raising legislation. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes a number of significant provisions, including the permanent extension of certain expiring provisions of the 2017 Tax Cuts and Jobs Act. Additionally, the OBBBA contains changes to the capitalization of research and development expenses, accelerated fixed asset depreciation, and limitations on deductions for interest expense, among other provisions. The Company has evaluated the impact of the OBBBA on its financial statements and estimates the financial impact for the year ended December 31, 2025 to be immaterial. Further, legislation in foreign jurisdictions may be enacted, in continued response to the ongoing base erosion and profit-sharing (“BEPS”) project led by the Organization for Economic Cooperation and Development (“OECD”). The OECD released model rules related to a new 15% global minimum tax regime (“Pillar 2”). A number of the jurisdictions that the Company operates in have adopted some form of the model rules, which became effective beginning in 2024. The Pillar 2 rules are complex and provide for delays for implementing the tax during the early transition years, if certain conditions are met. F-43 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) The United States has not adopted Pillar 2, and as of December 31, 2025, the G7 countries announced an agreement to exempt U.S. companies from certain elements of the Pillar 2 framework. If this exemption (the “Pillar Two Side-by-Side Package”) is ultimately enacted into law in relevant jurisdictions, it is expected to be favorable for the Company. However, Pillar 2 remains in effect in other countries, and there is significant uncertainty regarding the implementation of the G7 agreement, the interpretation and consistent application of existing Pillar 2 rules, their interaction with national tax laws, and their consistency with current tax treaty obligations. The Company is calculating an immaterial expense related to Pillar 2 tax liability for the year ending December 31, 2025. Related changes in U.S. and non-U.S. jurisdictions could have an adverse effect on the Company’s effective tax rate. The Company will continue to monitor legislative activity across its U.S. and non-U.S. jurisdictions. The provision for income taxes consisted of the following: Years Ended December 31, Dollars in thousands 2025 2024 2023 Current: Federal $ 6,930 $ ( 257 ) $ 10,973 State 1,489 1,330 2,851 Foreign 10,817 8,365 11,389 Total current $ 19,236 $ 9,438 $ 25,213 Deferred: Federal ( 36,751 ) ( 27,148 ) ( 19,060 ) State ( 6,865 ) ( 4,093 ) 93 Foreign ( 22,648 ) 10,510 7,082 Total deferred $ ( 66,264 ) $ ( 20,731 ) $ ( 11,885 ) Provision for income taxes $ ( 47,028 ) $ ( 11,293 ) $ 13,328 The income tax effects of significant temporary differences that give rise to deferred tax assets and liabilities, shown before jurisdictional netting, are presented below: F-44 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) December 31, Dollars in thousands 2025 2024 Assets: Doubtful accounts $ 3,404 $ 3,370 Inventory related items 30,718 34,731 Tax credits 25,864 17,922 Accrued vacation 2,513 2,447 Accrued bonus 3,063 5,279 Stock compensation 7,320 8,343 Deferred revenue 4,919 4,206 Net operating loss carryforwards 31,869 27,370 Capitalization of research and development expenses 69,277 68,311 Unrealized foreign exchange loss 22,818 8,655 Leases 35,573 35,547 Other 40,796 36,802 Total deferred tax assets 278,134 252,983 Less valuation allowance ( 22,603 ) ( 15,504 ) Deferred tax assets after valuation allowance $ 255,531 $ 237,479 Liabilities: Intangible and fixed assets ( 148,626 ) ( 218,125 ) Unrealized foreign exchange gain ( 6,317 ) ( 11,280 ) Leases ( 26,945 ) ( 27,345 ) Other ( 9,453 ) ( 6,639 ) Total deferred tax liabilities $ ( 191,341 ) $ ( 263,389 ) Total net deferred tax (liabilities) assets $ 64,190 $ ( 25,910 ) The 2017 U.S. Tax Cuts and Jobs Act (the “2017 Tax Act”) contained a provision which requires, for tax purposes, the capitalization and amortization of research and development expenses; effective for years beginning after December 31, 2021. The recently enacted OBBBA allows companies to deduct research and development expenses, reversing the related provision of the 2017 Tax Act. However, the Company continued to capitalize and amortize its research and development expenses in 2025. The Company’s deferred tax assets increased by $ 5.3 million and $ 10.4 million at December 31, 2025 and December 31, 2024 respectively within the table above, due to the capitalization of research and development expenses in relation to the 2017 Tax Act. At December 31, 2025, the Company had net operating loss carryforwards of $ 46.7 million for federal income tax purposes, $ 142.8 million for foreign income tax purposes and $ 85.4 million for state income tax purposes to offset future taxable income. For the federal net operating loss carryforwards, $ 46.7 million will expire through 2037. For foreign net operating loss carryforwards, $ 118.9 million will expire through 2028, while the remaining $ 23.9 million have an indefinite carry forward period. The state net operating loss carryforwards expire through 2045. The valuation allowance relates to deferred tax assets for certain items that will be deductible for income tax purposes under very limited circumstances and for which the Company believes it will not satisfy the more likely than not threshold for realization of the associated tax benefit. In the event that the Company determines that it would be able to realize more or less than the recorded amount of net deferred tax assets, an adjustment to the deferred tax asset valuation allowance would be recorded in the period such a determination is made. The valuation allowance at December 31, 2025 increased by $ 7.1 million, as compared to 2024, primarily driven by a $ 3.7 million increase related to the Swiss federal and local tax credits and a $ 3.0 million increase related to U.S. state tax credits. The valuation allowance for 2024 had increased by $ 3.0 million, as compared to 2023, primarily driven by an increase related to the expiring Swiss federal tax credit. F-45 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Balance at Beginning of Period Charged to Costs and Expenses Other Deductions Balance at End of Period Description Dollars in thousands Year ended December 31, 2025 Deferred tax assets valuation allowance 22,357 7,445 22 400 30,224 Year ended December 31, 2024 Deferred tax assets valuation allowance 17,823 5,330 ( 429 ) ( 367 ) 22,357 Year ended December 31, 2023 Deferred tax assets valuation allowance 14,672 3,069 26 56 17,823 As of December 31, 2025, the Company has not provided deferred income taxes on unrepatriated earnings from foreign subsidiaries as they are deemed to be indefinitely reinvested unless there is a manner under which to remit the earnings with no material tax cost. The Company will repatriate foreign earnings when there is no need for reinvestment overseas and no material tax cost to bring the earnings back to the United States. Reinvestment considerations would include future acquisitions, transactions, and capital expenditure plans. A reconciliation of the beginning and ending amount of uncertain tax benefits is as follows: Years Ended December 31, Dollars in thousands 2025 2024 2023 (In thousands) Balance, beginning of year $ 826 $ 812 $ 713 Gross increases: Current year tax positions — — — Prior years' tax positions 1,266 35 372 Lapse of statute ( 452 ) ( 21 ) ( 273 ) Balance, end of year $ 1,640 $ 826 $ 812 Approximately $ 1.6 million of the balance at December 31, 2025 relates to uncertain tax positions that, if recognized, would affect the annual effective tax rate. The Company has no uncertain tax positions at December 31, 2025 related to tax positions for which it is reasonably possible that the amounts could be reduced during the twelve months following December 31, 2025. The Company recognizes interest and penalties relating to uncertain tax positions in income tax expense. The Company recognized a minimal expense for the years ended December 31, 2025, 2024, and 2023. The Company had minimal interest and penalties accrued for the years ended December 31, 2025, 2024, and 2023. The Company files Federal income tax returns, as well as multiple state, local and foreign jurisdiction tax returns. The Company is no longer subject to examinations of its U.S. consolidated Federal income tax returns by the Internal Revenue Service (“IRS”) through fiscal year 2019. All significant state and local matters have been concluded through fiscal year 2018. All significant foreign matters have been settled through fiscal 2018. F-46 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 13. NET INCOME PER SHARE Basic and diluted net income per share was as follows: Years Ended December 31, Dollars in thousands, except per share amounts 2025 2024 2023 Basic net (loss) income per share: Net (loss) income $ ( 516,474 ) $ ( 6,944 ) $ 67,741 Weighted average common shares outstanding 76,672 77,010 80,089 Basic net (loss) income per common share $ ( 6.74 ) $ ( 0.09 ) $ 0.85 Diluted net (loss) income per share: Net (loss) income $ ( 516,474 ) $ ( 6,944 ) $ 67,741 Weighted average common shares outstanding — Basic 76,672 77,010 80,089 Effect of dilutive securities: Stock options and restricted stock — — 248 Weighted average common shares for diluted earnings per share 76,672 77,010 80,337 Diluted net (loss) income per common share $ ( 6.74 ) $ ( 0.09 ) $ 0.84 Common stock of approximately 1.5 million and 1.3 million shares at December 31, 2025, and 2024 that are issuable through exercise of dilutive securities, respectively, were not included in the computation of diluted net income per share because their effect would have been anti-dilutive. 14. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Comprehensive (loss) income for the years ended December 31, 2025, 2024 and 2023: Dollars in thousands 2025 2024 2023 Net (loss) income $ ( 516,474 ) $ ( 6,944 ) $ 67,741 Foreign currency translation adjustment, net of tax 7,202 ( 18,904 ) ( 12,103 ) Change in unrealized (gain) loss on derivatives, net of tax ( 10,664 ) 5,123 ( 6,658 ) Pension liability adjustment, net of tax 956 1,316 ( 6,610 ) Comprehensive (loss) income, net $ ( 518,980 ) $ ( 19,409 ) $ 42,370 Changes in accumulated other comprehensive loss by component between December 31, 2025 and 2024 are presented in the table below, net of tax: Dollars in thousands Gains and Losses on Derivatives Defined Benefit Pension Items Foreign Currency Items Total Balance at December 31, 2024 $ 26,612 $ 4,028 $ ( 58,211 ) $ ( 27,571 ) Other comprehensive (loss) gain ( 47,533 ) 1,589 16,819 ( 29,125 ) Less: Amounts reclassified from accumulated other comprehensive income, net ( 36,869 ) 633 9,617 ( 26,619 ) Net current-period other comprehensive (loss) gain ( 10,664 ) 956 7,202 ( 2,506 ) Balance at December 31, 2025 $ 15,948 $ 4,984 $ ( 51,009 ) $ ( 30,077 ) For the year ended December 31, 2025, the Company reclassified a loss of $( 47.0 ) million and a gain $ 1.1 million from AOCI to other income and cost of goods sold, respectively. Additionally, the Company reclassified a gain of $ 19.3 million from AOCI to interest income. F-47 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 15. COMMITMENTS AND CONTINGENCIES In consideration for certain technology, manufacturing, distribution, and selling rights and licenses granted to the Company, the Company has agreed to pay royalties on sales of certain products that it sells. The royalty payments that the Company made under these agreements were not significant for any of the periods presented. In the ordinary course of its business, the Company is involved in, from time to time, various legal actions, including any matters described below, involving product liability, employment, intellectual property and commercial disputes, shareholder related matters, environmental proceedings, tax disputes, and governmental proceedings and investigations, some of which have been settled by the Company. In the opinion of management, such matters are either adequately covered by insurance or otherwise indemnified, or are not expected, individually or in the aggregate, to result in a material, adverse effect on the Company’s financial condition. However, it is possible that the Company’s results of operations, financial position and cash flows in a particular period could be materially affected by these contingencies. The Company accrues for loss contingencies when it is deemed probable that a loss has been incurred and that loss is estimable. If the reasonable estimate of a probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is recorded. In most cases, significant judgment is required to estimate the amount and timing of a loss to be recorded and actual results may differ from these estimates. The amounts accrued are based on the full amount of the estimated loss before considering insurance proceeds and do not include an estimate for legal fees expected to be incurred in connection with the loss contingency. The Company consistently accrues legal fees expected to be incurred in connection with loss contingencies as those fees are incurred by outside counsel as a period cost. On December 21, 2023, Fortis Advisors, LLC (representative of the security holders of ACell, Inc. (“ACell”)) filed for arbitration against Integra LifeSciences before the Court of International Arbitration of the International Chamber of Commerce claiming breach of contract related to the earnout consideration from the 2021 acquisition of ACell. Refer to the “Contingent Consideration” subheading of this Note for additional information on the ACell contingent consideration. The arbitration was held in September 2025 and the tribunal’s decision is pending. The Company believes that it has strong defenses to the allegations in the arbitration and intends to defend the matter vigorously. On September 12, 2023, a securities class action complaint, captioned Pembroke Pines Firefighters & Police Officers Pension Fund v. Integra LifeSciences Holdings Corporation , No. 23-cv-20321 (D.N.J.), was filed by a purported stockholder of the Company in the United States District Court for the District of New Jersey (the “Pembroke Litigation”) against the Company and certain of the Company’s current and former executive officers. The Pembroke Litigation, filed on behalf of a putative class of stockholders who purchased or acquired the Company’s common stock between March 11, 2019 and May 22, 2023, inclusive, alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder, on the basis of purportedly materially false and misleading statements and omissions relating to certain quality systems issues identified by the FDA at the Company’s Boston facility, the Company’s efforts to remediate those issues, and the Company’s forecasts for certain products in its Tissue Technologies segment. The complaint seeks, among other things, compensatory damages, attorneys’ fees, expert fees, and other costs. The Company believes that it has strong defenses to the allegations in the Pembroke Litigation, and intends to continue to defend the matter vigorously. On July 1, 2025, the class action complaint was dismissed without prejudice. The plaintiffs filed a Second Amended Complaint on August 14, 2025. The Company has filed a motion to dismiss the Second Amended Complaint on October 14, 2025. On February 21, 2025, a derivative lawsuit captioned Grabowsky v. Integra LifeSciences Holding Corp. et al, No. 3:25-cv-01399 (D.N.J.) was filed in the United States District Court for the District of New Jersey. The action purports to assert derivative claims on behalf of the Company against its current Board of Directors and certain of its current or former officers and directors. The action asserts claims that the individual defendants breached their fiduciary duties and harmed the Company by making false and misleading statements and omissions relating to certain quality systems issues identified by the U.S. Food and Drug Administration (“FDA”) at the Company’s Boston facility, the Company’s efforts to remediate those issues, and the Company’s forecasts for certain products in its Tissue Technologies segment. On March 28, 2025, the derivative lawsuit was voluntarily dismissed by the plaintiff. On April 1, 2025 the lawsuit was dismissed with prejudice. On May 13, 2025 and May 16, 2025, derivative lawsuits captioned Leverett v. Integra LifeSciences Holding Corp. et al, No. 3:2025-cv-04214 (D.N.J.) and Simpkins v. Integra LifeSciences Holding Corp. et al, No. 3:2025-cv-04446 (D.N.J.) were filed in the United States District Court for the District of New Jersey. The actions purport to assert derivative claims on behalf of the Company against its current Board of Directors and certain of its current or former officers and directors. The actions assert claims that the individual defendants breached their fiduciary duties and harmed the Company by making false and misleading statements and omissions relating to certain quality systems issues identified by the U.S. Food and Drug Administration (“FDA”) at the Company’s Boston, Massachusetts manufacturing facility, the Company’s efforts to remediate those issues, and the Company’s forecasts for certain products in its Tissue Technologies segment. The Company believes that it has strong defenses to the allegations in the lawsuits and intends to defend the matters vigorously. F-48 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Contingent Consideration Contingent consideration is recorded at fair value as measured on the date of acquisition. The value recorded is based on estimates of future financial projections under various potential scenarios using either a Monte Carlo simulation or the probability-weighted income approach derived from revenue estimates and probability assessment with respect to the likelihood of achieving contingent obligations. Contingent payments related to acquisitions consist of development, regulatory, and commercial milestone payments, in addition to sales-based payments, and are valued using discounted cash flow techniques that are classified within Level 3 of the fair value hierarchy because they are measured at fair value using significant unobservable inputs, including management’s forecast of future revenues for the acquired businesses as well as management’s estimates of the likelihood of achieving the other specified criteria. Each quarter until such contingent amounts are earned, the fair value of the liability is remeasured at each reporting period and adjusted as a component of operating expenses based on changes to the underlying assumptions. The change in the fair value of sales-based payments is based upon future revenue estimates and increases or decreases as revenue estimates or expectation of timing of payment charges. The estimates used to determine the fair value of the contingent consideration liability are subject to significant judgment and actual results are likely to differ from the amounts originally recorded. The Company determined the fair value of contingent consideration during the twelve-month period ended December 31, 2025 and 2024 to reflect the change in fair value during the period. A reconciliation of the opening balances to the closing balances of these Level 3 measurements for the years ended December 31, 2025 and 2024 is as follows (in thousands): Contingent Consideration Liability Related to Acquisition of: Arkis (1) Derma Sciences (2) ACell (2) Surgical Innovations Associates (SIA), Inc. (2) Total Balance as of January 1, 2025 $ 12,968 $ 2,686 $ 3 $ 54,000 $ 69,657 Payments ( 5,000 ) — — ( 18,075 ) ( 23,075 ) Change in fair value of contingent consideration liabilities ( 1,669 ) ( 2,336 ) ( 3 ) ( 16,525 ) ( 20,533 ) Balance as of December 31, 2025 $ 6,299 $ 350 $ — $ 19,400 $ 26,049 Short-Term $ — $ — $ — $ 19,400 $ 19,400 Long-Term 6,299 350 — — 6,649 Total $ 6,299 $ 350 $ — $ 19,400 $ 26,049 F-49 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Contingent Consideration Liability Related to Acquisition of: Arkis (1) Derma Sciences (2) ACell (2) Surgical Innovations Associates (SIA), Inc. (2) Total Balance as of January 1, 2024 $ 15,755 $ 2,557 $ 300 $ 68,700 $ 87,312 Payments — — — ( 12,400 ) ( 12,400 ) Change in fair value of contingent consideration liabilities ( 2,787 ) 129 ( 297 ) ( 2,300 ) ( 5,255 ) Balance as of December 31, 2024 $ 12,968 $ 2,686 $ 3 $ 54,000 $ 69,657 Short-Term $ 8,560 $ — $ — $ 17,900 $ 26,460 Long-Term 4,408 2,686 3 36,100 43,197 Total $ 12,968 $ 2,686 $ 3 $ 54,000 $ 69,657 (1) Location in financial statements: Research and development (2) Location in financial statements: Selling, general and administrative Arkis BioSciences Inc. As part of the acquisition of Arkis BioSciences Inc. (“Arkis”), the Company is required to pay the former shareholders of Arkis up to $ 25.5 million based on the timing of certain development milestones of $ 10.0 million and commercial sales milestones of $ 15.5 million, respectively. The Company used a probability weighted income approach to calculate the fair value of the contingent consideration that considered the possible outcomes of scenarios related to each specified milestone. The Company estimated the fair value of the contingent consideration to be $ 13.1 million at the acquisition date. In the first quarter of 2025, the Company paid out a development milestone related to design verification procedures for $ 5.0 million. Derma Sciences The Company assumed contingent consideration incurred by Derma Sciences, Inc. (“Derma Sciences”) related to its acquisitions of BioD and the intellectual property related to MediHoney™ products. The Company accounted for the contingent liabilities by recording their fair value on the date of the acquisition based on a probability weighted income approach. The Company has already paid $ 33.3 million related to the aforementioned contingent liabilities. One contingent milestone remains which relates to net sales of MediHoney™ products exceeding certain amounts defined in the agreement between the Company and Derma Sciences. The potential maximum undiscounted payment amounts to $ 3.0 million. ACell, Inc. As part of the acquisition of ACell, the Company is required to make payments to the former shareholders of ACell up to $ 100 million in total for years 2022, 2023, and 2025 based on the achievement by the Company of certain revenue-based performance milestones. The Company estimated the fair value of the contingent consideration to be $ 23.9 million at the acquisition date. The 2022, 2023 and 2025 milestones were not achieved. Surgical Innovations Associates, Inc. As part of the acquisition of Surgical Innovations Associates, Inc. (“SIA”), the Company is required to pay to the former shareholders of SIA up to $ 90.0 million for two separate payments, which are dependent on (1) achieving certain revenue-based performance milestones in 2023, 2024, and 2025 (up to $ 50.0 million in additional payments), as well as (2) the approval by the FDA of the pre-market approval ("PMA") application for DuraSorb for certain uses by certain timing targets (up to $ 40.0 million in additional payments). The Company estimated the fair value of the contingent consideration for the revenue based milestone to be $ 32.6 million at the acquisition date and $ 25.0 million for the PMA approval milestone at the acquisition date. In the second quarter of 2025, the Company paid out $ 18.1 million related to the 2024 performance year. Similarly, in the second quarter of 2024, the Company paid out $ 12.4 million related to the 2023 performance year. The Company calculated the remaining milestone payment for the 2025 performance year based on actual sales for the year ended December 31, 2025. The Company used probabilities of achieving the conditions to calculate the fair value of the contingent consideration for the PMA approval milestone. The liability was reduced in 2025 due to risk and uncertainty around timing of receiving the PMA approval. F-50 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 16. SEGMENT AND GEOGRAPHIC INFORMATION The Company is organized primarily on the basis of products and operates two global reportable segments. Resources are allocated and performance is assessed by the Company’s President and Chief Executive Officer, which the Company has determined to be the Chief Operating Decision Maker (“CODM”). The two reportable segments and their activities are described below. • The Codman Specialty Surgical segment operations consist of (i) the Neurosurgery business, which sells a full line of products for neurosurgery and neuro critical care such as tissue ablation equipment, dural repair products, cerebral spinal fluid management devices, intracranial monitoring equipment, and cranial stabilization equipment; (ii) the Instruments business, which sells more than 40,000 instrument patterns and surgical and lighting products to hospitals, surgery centers, dental, podiatry, and veterinary offices; and (iii) the ENT business, which includes instrumentation, balloon technologies for sinus dilation and eustachian tube dilation, as well as surgical navigation systems. • The Tissue Technologies segment operations consists of Wound Reconstruction and Care business, which sells offerings such as skin and wound repair, plastics and surgical reconstruction products and nerve and tendon repair products. The Tissue Technologies segment also includes the Company’s private label business. The Corporate and Other category includes (i) various executive, finance, human resource, information systems and legal functions, (ii) brand management, and (iii) share-based compensation costs, which are not allocated to the reportable segments. The accounting policies of both segments are the same as those described in Note 2. Summary of Significant Accounting Policies . For both segments, the CODM uses segment revenue and segment operating income to assess the performance for each segment and in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis for segment revenue and segment operating income when making decisions about allocating capital and personnel to the segments. The operating results of the reportable segments as presented are not comparable to one another because (i) certain operating segments are more dependent than others on corporate functions for unallocated general and administrative and/or operational manufacturing functions and (ii) the Company does not allocate certain manufacturing costs and general and administrative costs to the reportable segments. F-51 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Net sales and profit by each reportable segment for the years ended December 31, 2025, 2024, and 2023 are as follows: Dollars in thousands Codman Specialty Surgical Tissue Technologies Corporate and Other Total 2025 Total revenue, net $ 1,200,511 $ 434,734 $ — $ 1,635,245 Cost of goods sold 397,911 181,036 224,678 803,625 Research and development 28,342 15,851 54,778 98,971 Selling, general and administrative 265,275 145,660 288,765 699,700 Intangible asset amortization — — 14,954 14,954 Goodwill impairment 388,106 123,259 — 511,365 2025 Total cost and expenses 1,079,634 465,806 583,175 2,128,615 2025 Operating income (loss) $ 120,877 $ ( 31,072 ) $ ( 583,175 ) ( 493,370 ) Interest income 18,474 Interest expense ( 86,255 ) Other income, net ( 2,351 ) Loss before income taxes $ ( 563,502 ) Codman Specialty Surgical Tissue Technologies Corporate and Other Total 2024 Total revenue, net $ 1,143,636 $ 466,891 $ — $ 1,610,527 Cost of goods sold 384,422 162,535 181,509 728,466 Research and development 30,770 18,140 66,467 115,377 Selling, general and administrative 224,370 147,047 345,566 716,983 Intangible asset amortization — — 21,290 21,290 2024 Total cost and expenses 639,562 327,722 614,832 1,582,116 2024 Operating income (loss) $ 504,074 $ 139,169 $ ( 614,832 ) 28,411 Interest income 20,040 Interest expense ( 70,632 ) Other income, net 3,944 Loss before income taxes $ ( 18,237 ) Codman Specialty Surgical Tissue Technologies Corporate and Other Total 2023 Total revenue, net $ 1,058,993 $ 482,580 $ — $ 1,541,573 Cost of goods sold 364,144 164,966 127,728 656,838 Research and development 29,984 24,202 50,006 104,192 Selling, general and administrative 214,335 159,364 282,942 656,641 Intangible asset amortization — — 12,376 12,376 2023 Total cost and expenses 608,463 348,532 473,052 1,430,047 2023 Operating income (loss) $ 450,530 $ 134,048 $ ( 473,052 ) 111,526 Interest income 17,202 Interest expense ( 51,377 ) Other income, net 3,718 Income before income taxes $ 81,069 F-52 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) The Company does not allocate any assets to the reportable segments. No asset information is reported to the CODM and disclosed in the financial information for each segment. The Company attributes revenues to geographic areas based on the location of the customer. Total revenue by major geographic area consisted of the following: Dollars in thousands United States Europe Asia Pacific Rest of the World Consolidated Total revenue, net: 2025 $ 1,204,745 $ 162,666 $ 189,251 $ 78,583 $ 1,635,245 2024 1,192,675 158,496 176,614 82,742 1,610,527 2023 1,100,730 165,221 193,096 82,526 1,541,573 Total long-lived assets: 2025 530,724 56,815 33,991 1,253 622,783 2024 534,336 52,385 28,264 1,295 616,280 2023 481,508 51,730 19,842 1,497 554,577 17. FAIR VALUE MEASUREMENTS FASB Topic 820, Fair Value Measurement (“ASC 820”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. Valuation techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 establishes a three-level hierarchy of the inputs (i.e., assumptions that market participants would use in pricing an asset or liability) used to measure fair value, giving the highest priority to quoted prices in active markets and the lowest priority to unobservable inputs in measuring fair value. The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the entire fair value measurement. The three levels of the valuation hierarchy are defined as follows: Level 1 : Inputs to the valuation methodology are quoted prices in active markets for identical assets or liabilities. Level 2 : Inputs to the valuation methodology are other observable inputs, including quoted market prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 : Inputs to the valuation methodology are unobservable inputs that are supported by little or no market activity and are based on management’s best estimate of inputs market participants would use in pricing the asset or liability at the measurement date, including assumptions about risk. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company has investments in time deposits that are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices, as well as certain debt obligations that are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The investments in time deposits are classified as cash and cash equivalents and short-term investments on the consolidated balance sheets which is determined based on maturities at the time of purchase and re-evaluated at each balance sheet date. The Company also has investments in derivative instruments, which are comprised of interest rate swaps, cross currency swaps, net investment hedges, and forward foreign currency contracts that are classified within Level 2 of the fair value hierarchy because they are valued using analyses obtained from independent third-party valuation specialists based on market observable inputs. The fair values of these derivative contracts represent the estimated amounts the Company would receive or pay to terminate the contracts. Refer to Note 6. Derivative Instruments for further discussion and information on these derivative contracts. In addition, the Company has contingent consideration liabilities that are classified within Level 3 of the fair value hierarchy because they are measured at fair value using significant unobservable inputs, including management’s forecast of future revenues for the acquired businesses as well as management’s estimates of the likelihood of achieving the other specified criteria. Refer to Note 15. Commitments and Contingencies for additional information on these contingent consideration liabilities. F-53 INTEGRA LIFESCIENCES HOLDINGS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2025, 2024, and 2023 consisted of the following: Years Ended Dollars in thousands Fair Value Measurement 2025 2024 2023 Assets: Cash and marketable securities Level 1 $ 235,048 $ 246,375 $ 276,402 Short-term investments Level 1 28,693 27,192 32,694 Interest rate swaps Level 2 27,246 48,795 43,556 Pension plan assets Level 2 67,291 51,818 45,724 Foreign currency forward contracts Level 2 29 Foreign currency forward contracts (not designated as hedges) Level 2 1,015 1,700 1,200 Total Assets: $ 359,322 $ 375,880 $ 399,576 Liabilities: Cross currency swaps Level 2 $ 59,667 $ 4,367 $ 40,672 Net investment hedges Level 2 82,199 31,113 49,609 Foreign currency forward contracts Level 2 — 914 — Contingent consideration Level 3 26,049 69,657 87,312 Pension projected benefit obligation 81,132 67,262 65,101 Total Liabilities: $ 249,047 $ 173,313 $ 242,694 There were no transfers into or out of Level 3 during the years ended December 31, 2025, December 31, 2024, and December 31, 2023. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The Company remeasures the fair value of certain assets and liabilities, including property, plant and equipment, operating lease - right of use assets, and goodwill and other intangible assets, upon the occurrence of certain events. The amounts recognized were recorded to remeasure the carrying amount of assets to the assets’ fair values, which were generally estimated, based upon a market participant’s perspective, using Level 3 measurements, including values estimated using the income approach. Other than the fair value estimates disclosed in Note 4. Acquisitions and Divestitures , Note 7. Goodwill and Other Intangibles , and Note 11. Lease and Related Party Leases , there were no non-recurring fair value measurements during the years ended December 31, 2025, December 31, 2024, and December 31, 2023. F-54