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
−Removed: index price plus a contractual spread .
−Removed: We currently do not have any derivative instruments to mitigate the effect of fluctuations in LNG prices on our operations;
−Removed: however, in the future we may enter into derivative instruments.
+Added: Our pricing in contracts with customers is largely based on the Henry Hub index price plus a fixed fee component.
+Added: Pricing for feed gas purchased for own Fast LNG production is based on Henry Hub, which allows us to mitigate exposure to variability in LNG prices.
+Added: Our long-term supply contracts also contain pricing based on Henry Hub, however, until the commencement of these long-term supply contracts, a portion of our LNG needs will be purchased on the open market which exposes us to volatility in LNG pricing.
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 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 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 $44 million.
5 unchanged sentences
Based on our Brazilian reais revenues and expenses, a 10% depreciation of the U.S.
−Removed: 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.
+Added: dollar against the Brazilian reais would result in an increase of approximately $1 million of pre-tax net income for the three months ended March 31, 2026.
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 September 30, 2025 , the notional amount of outstanding foreign exchange contracts was approximately $13 million.
+Added: As of March 31, 2026 , the notional amount of outstanding foreign exchange contracts was approximately $12.9 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.