4 unchanged sentences
Our exposure to market risk associated with LNG price changes may adversely impact our business.
−Removed: We are able to limit our exposure to fluctuations in natural gas prices as our pricing in contracts with downstream customers is largely based on the Henry Hub index price plus a contractual spread .
+Added: We are able to limit our exposure to fluctuations in natural gas prices as our pricing in contracts with downstream customers is largely based on the Henry Hub
+Added: index price plus a contractual spread .
We currently do not have any derivative instruments to mitigate the effect of fluctuations in LNG prices on our operations;
1 unchanged sentence
Interest Rate Risk
−Removed: The 2026 Notes, 2029 Notes, New 2029 Notes, Brazil Financing Notes, EB-5 Loan, PortoCem Debentures and Turbine Financing (each defined above or in the Annual Report) were issued with a fixed rate of interest, and as such, a
−Removed: change in interest rates would impact the fair value of the debt outstanding but such a change would have no impact on our results of operations or cash flows.
+Added: The 2026 Notes, 2029 Notes, New 2029 Notes, Brazil Financing Notes, EB-5 Loan, PortoCem Debentures and Turbine Financing (each defined above or in the Annual Report) were issued with a fixed rate of interest, and as such, a change in interest rates would impact the fair value of the debt outstanding but such a change would have no impact on our results of operations or cash flows.
A 100-basis point increase or decrease in the market interest rate would decrease or increase the fair value of our fixed rate debt by approximately $32 million.
The sensitivity analysis presented is based on certain simplifying assumptions, including instantaneous change in interest rate and parallel shifts in the yield curve.
−Removed: Interest under the Term Loan A and Term Loan B have components based on the Secured Overnight Financing Rate ("SOFR"), and the BNDES Term Loan has components based on BNDES fixed rate.
+Added: Interest under the Term Loan A Credit Agreement and Term Loan B have components based on the Secured Overnight Financing Rate ("SOFR"), and the BNDES Term Loan has components based on BNDES fixed rate.
A 100-basis point increase or decrease in the market interest rates would decrease or increase our annual interest expense by approximately $20 million.
2 unchanged sentences
Based on our Brazilian reais revenues and expenses, a 10% depreciation of the U.S.
−Removed: dollar against the Brazilian reais would not significantly decrease our revenue or expenses.
−Removed: As our operations expand in Brazil, our results of operations will be exposed to changes in fluctuations in the Brazilian real, which may materially impact our results of operations.
+Added: dollar against the Brazilian reais would result in approximately $4 million of foreign currency losses that would be included in Other (income) expense, net in our Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the nine months ended September 30, 2025.
During 2024 , we entered into a series of foreign exchange forward contracts and zero-cost collar options to reduce exchange rate risk associated with U.S.
dollar borrowings and expected capital expenditures.
−Removed: As of June 30, 2025 , the notional amount of outstanding foreign exchange contracts was approximately $62 million.
+Added: As of September 30, 2025 , the notional amount of outstanding foreign exchange contracts was approximately $13 million.
Outside of Brazil, our operations are primarily conducted in U.S.
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.