13 unchanged sentences
The table below shows the sensitivity of our interest expense to changes in the interest rate, after the impact of hedge accounting.
−Removed: It shows the change resulting from a hypothetical fluctuation of 50 basis points (0.50%) in the three-month LIBOR and the USD Term SOFR 3M + CAS (Credit Adjustment Spread) as of December 31, 2024, assuming that all other variables remain unchanged.
+Added: It shows the change resulting from a hypothetical fluctuation of 50 basis points (0.50%) in the three-month EURIBOR and the USD Term Secured Overnight Financing Rate (“SOFR”) 3M + CAS (Credit Adjustment Spread) as of December 31, 2025, assuming that all other variables remain unchanged.
For example, changes in U.S.
1 unchanged sentence
Changes in interest rates would also have a related impact on our foreign currency (USD) exposure.
−Removed: The sensitivity analysis assumes that the hypothetical interest rate was valid and that our Revolving credit facility was utilized in the full amount over the course of the entire year.
−Removed: The effect of this hypothetical change in the interest rate of the variable rate loan to our Consolidated Statements of Operations, Income before earnings in affiliated companies and income taxes ("income before taxes" in this section) is as follows:
+Added: The sensitivity analysis assumes that the hypothetical interest rate was valid and that our RCF was utilized in the full amount over the course of the entire year.
+Added: The effect of this hypothetical change in the interest rate of the variable rate loan to our Consolidated Statements of Operations, Income (loss) before earnings in affiliated companies and income taxes (“income before taxes” in this section) is as follows:
December 31, 2025
13 unchanged sentences
A fluctuation of the euro/U.S.
−Removed: dollar exchange rate of 10% as of December 31, 2024, with other conditions remaining unchanged, would have the following effect on our Income before earnings in affiliated companies and income taxes:
+Added: dollar exchange rate of 10% as of December 31, 2025, with other conditions remaining unchanged, would have the following effect on our Income (loss) before earnings in affiliated companies and income taxes:
December 31, 2025
27 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.