What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-25 compared with 2025-02-28 · 102 added, 72 removed, 331 unchanged (34% of the section changed)

11 unchanged sentences

As of December 31, 2025, through the Billings Acquisition (as defined in “Note 6—Acquisitions” under Item 8 of this Annual Report on Form 10-K), we own a 65% and a 40% equity investment in Yellowstone Energy Limited Partnership (“YELP”) and Yellowstone Pipeline Company (“YPLC”), respectively.

As of December 31, 2025, we also held a 63.5% ownership interest in Hawaii Renewables, LLC (“Hawaii Renewables”).

Our Corporate and Other reportable segment primarily includes general and administrative costs.

4 unchanged sentences

Federal Reserve (the “Fed”) has taken significant steps to curb inflation.

After aggressively raising interest rates in 2022 and early 2023 to bring down inflation, the Fed cut interest rates in 2024 in response to positive indicators of economic growth, including easing labor market conditions and lower inflation.

After aggressively raising interest rates in early 2023 to bring down inflation, the Fed cut interest rates in 2024 and 2025 in response to positive indicators of economic growth, including easing labor market conditions and lower inflation.

Interest rates decreased to a range of 3.50% to 3.75% in December 2025 from 4.25% to 4.50% in December 2024.

Crude oil pricing decreased in 2024 compared to 2023.

Brent crude oil pricing averaged $79.86 per barrel in 2024 compared to $82.17 per barrel in 2023.

Crude oil prices decreased in 2025 compared to 2024.

Brent crude oil prices averaged $68.19 per barrel in 2025 compared to $79.86 per barrel in 2024.

retail price for regular-grade gasoline averaged $3.10 per gallon in 2025 compared to $3.30 per gallon in 2024.

This decline was due, in part, to lower crude oil prices in 2024 compared to 2023, as noted above, as well as lower global demand primarily driven by decreased demand in China.

The International Energy Agency (“IEA”) revised its forecast in its February 2025 Oil Market Report, which projected higher global oil demand in 2025 citing China, India, and other emerging Asian economies as the primary sources of growth.

This decline was due, in part, to lower crude oil prices in 2025 compared to 2024, as noted above.

The decrease in crude prices in 2025 was primarily due to increased global oil inventories driven by increased production by the Organization of the Petroleum Exporting Countries (“OPEC”) in the second half of 2025.

Geopolitical Conflicts.

Given the nature of our operations, including sourcing crude oil and feedstocks, geopolitical conflicts may affect our business and results of operations.

The Russia-Ukraine war, the Israel-Palestine conflict, Houthi attacks in the Red Sea, and Iranian activities in the Strait of Hormuz have all continued to disrupt global trade patterns, increase crude oil price volatility, and increase freight costs and delivery times.

The overall effect of these conflicts and actions taken to limit the purchase of Russian petroleum products in response to the Russia-Ukraine war have raised the operating costs of many European and other refineries.

The Russia-Ukraine war, the Israel-Palestine conflict, the political activity in Venezuela, Houthi-related disruptions in the Red Sea, and tensions involving Iran and the Strait of Hormuz have all continued to disrupt global trade patterns, increase crude oil price volatility, and, at times, increase freight costs and delivery times.

Sanctions, price caps, and related restrictions on Russian crude oil and petroleum products, as well as evolving U.S.

sanctions and licensing regimes affecting Venezuela’s petroleum sector, have further reshaped crude and refined product trade patterns, which may indirectly affect our business through changes in the availability and pricing of crude oil and feedstocks,

and increased volatility in refining margins.

Further escalation, renewed maritime disruptions, or additional sanctions could adversely affect our supply economics, operating costs, and results of operations.

Effective August 1, 2025, the U.S.

adopted new and increased tariffs on countries and specific goods, subject to evolving exemptions.

In October 2025, the U.S.

government announced a series of new and expanded tariffs on imports from China and other countries, including a 100% tariff on certain categories of goods and increased duties.

On November 1, 2025, the U.S.

government announced a deal with China that retained heightened reciprocal tariffs and suspended (retaining a 10% baseline) and reduced certain China-specific tariffs, effective November 10, 2025.

Separately, previously announced tariffs on imports from other countries went into effect on November 1, 2025.

In January 2026, the U.S.

government announced that an additional 25% tariff would be imposed on countries purchasing Iranian oil.

On February 20, 2026, the U.S Supreme Court ruled that the International Emergency Powers Act (“IEEPA”) does not authorize presidential tariff actions and invalidated prior IEEPA-based global duties.

In response, the U.S.

government imposed a temporary 10% global tariff under Section 122 of the Trade Act of 1974 that was increased to 15% prior to becoming effective on February 24, 2026.

Those policies, along with retaliatory actions by some trading partners, increased US-China trade tensions, and ongoing negotiations around trade policy, have led to increased volatility, upward pressure on prices of a wide range of goods, and unpredictability for global trade.

We continue to actively monitor the impact of these and other global situations on our people, operations, financial condition, liquidity, suppliers, customers, and industry, and are actively responding to the impacts that these matters have on our business.

1 unchanged sentence

— Risk Factors” and “Item 7.

— Management’s Discussion and Analysis of Financial

Condition and Results of Operations — Overview” for further discussion of the risks, uncertainties, and actions we have taken in response to the conditions noted above and the resulting economic impacts.

— Management’s Discussion and Analysis of Financial Condition and Results of Operations — Overview” for further discussion of the risks, uncertainties, and actions we have taken in response to the conditions noted above and the resulting economic impacts.

Corporate Information

Our common stock is listed and trades on the New York Stock Exchange (the “NYSE”) under the ticker symbol “PARR.” Our principal executive office is located at 825 Town & Country Lane, Suite 1500, Houston, Texas 77024 and our telephone number is (281) 899-4800.

Our common stock is listed and trades on the New York Stock Exchange (the “NYSE”) under the ticker symbol “PARR.” Effective November 5, 2025, our common stock is dual listed on NYSE Texas.

The NYSE will remain our primary exchange, and we will continue to trade under the ticker symbol “PARR” on both exchanges.

Our principal executive office is located at 825 Town & Country Lane, Suite 1500, Houston, Texas 77024 and our telephone number is (281) 899-4800.

Throughout this Annual Report on Form 10-K, the terms “Par,” the “Company,” “we,” “our,” and “us” refer to Par Pacific Holdings, Inc.

6 unchanged sentences

Alternatively, you may access these reports at the SEC’s website at www.sec.gov .

Also available on our website are copies of our Corporate Governance Guidelines, Audit Committee Charter, Compensation Committee Charter, Nominating and Corporate Governance Committee Charter, Executive Committee Charter, Operations and Technology Committee Charter and Code of Business Conduct and Ethics, Our Code of Business Conduct and Ethics applies to all of our officers, employees and directors, including our principal executive officer, principal financial officer and principal accounting officer.

OPERATING SEGMENTS

4 unchanged sentences

Our refineries are connected with each other and with the communities we serve via pipelines, terminals, tankers, and other transportation mechanisms.

These various forms of transportation allow the movement of crude oil, various feedstocks, and a variety of refined products from our suppliers to our refineries, among our refineries, and from our refineries to our customers.

These various forms of transportation allow the movement of crude oil, various feedstocks,

and a variety of refined products from our suppliers to our refineries, among our refineries, and from our refineries to our customers.

Please read our Logistics segment discussion below for additional information.

13 unchanged sentences

Prior to 2025, the RVO Adjusted USGC 3-2-1 Index was the most representative market indicator for our operations in Billings, Montana, which was computed by taking three barrels of WTI crude oil and converting them into two barrels of USGC gasoline and one barrel of USGC ULSD, less 100% of the RVO cost.

Beginning in 2025, we established the Montana

Index as a new benchmark for our Montana refinery.

Beginning in 2025, we established the Montana Index as a new benchmark for our Montana refinery.

We believe the Montana Index, which incorporates local market cracks, regional crude oil prices, and management’s estimates for other costs of sales, better reflects the key drivers impacting our Montana refinery’s financial performance compared to prior reported market indices.

17 unchanged sentences

The Washington crude cost is calculated as 67% Bakken Williston differential to WTI and 33% WCS Hardisty differential to WTI.

The Washington crude cost is lagged by one month and includes an inflation adjusted crude delivery cost.

The Washington crude

cost is lagged by one month and includes an inflation adjusted crude delivery cost.

Other costs of sales and crude delivery costs are based on historical averages and management’s estimates.

14 unchanged sentences

We source our crude oil feedstock from North America, Asia, Latin America, Africa, the Middle East, and other sources.

Effective March 3, 2022, we suspended purchases of Russian crude oil as a response to the Russia-Ukraine conflict.

Effective March 3, 2022, we suspended purchases of Russian crude oil as a response to the Russia-Ukraine war.

All facets of the energy industry are highly competitive.

7 unchanged sentences

The retail segment includes locations in Hawaii, Washington, and Idaho where we set the price to the retail consumer.

Certain of our Hawaii locations and all of the Washington and Idaho locations are operated by our personnel and include various sizes of convenience stores, snack shops, and kiosks.

Certain of our Hawaii locations and all of the Washington and Idaho locations are operated by our personnel and include various sizes of convenience stores and kiosks.

The remaining locations in Hawaii are cardlocks or sites operated by third parties where we retain ownership of the fuel and set retail pricing.

4 unchanged sentences

Since its launch in 2016, the Hele brand has won several awards for being the preferred fuel choice for Hawaii customers.

Our cardlock locations on Kauai are branded Kauai Automated Fuels (“KAF”).

We operate convenience stores at all of our retail fuel outlets in Washington and Idaho.

We use our proprietary “nomnom” brand at both the fueling facilities and stores.

Our current store count includes the acquisition and rebranding of three convenience store locations in Washington acquired on December 2, 2022.

Additionally, we opened a new to industry site in a growth area of Spokane, Washington, on September 25, 2023.

Our cardlock locations on Kauai are branded Kauai Automated Fuels (“KAF”).

Competitive factors that affect our retail performance include product price, station appearance, location, customer service, and brand awareness.

23 unchanged sentences

Hawaii Market

Hawaii is largely dependent on the visitor industry which impacts the state’s fuel consumption, particularly jet fuel.

The state experienced a projected overall decrease of 0.6% in visitor arrivals in 2024, according to the Hawaii Department of Business, Economic Development and Tourism (“DBEDT”).

However, Hawaii expects to see an increase in visitor arrivals in 2025, as the Japanese visitor market begins to recover.

A full recovery is not expected until 2027, when 10.4 million visitors are projected.

Visitor spending is projected to be $20.6 billion in 2024, and is expected to increase to $23.2 billion by 2027.

In 2024, the construction industry was the largest contributor to the economy and job growth.

According to DBEDT, Hawaii’s construction industry has been growing continuously over the past decade and the total value of construction, as measured by the contracting tax base, reached $11.8 billion in 2023.

During the first half of 2024, the contracting tax base totaled $6.5 billion or a 14.8% increase from the same period in 2023.

Construction payroll jobs reached 43,300 in October 2024, a historic record high level for Hawaii.

Based on DBEDT’s analysis, the value of private building permits increased 28.6% during the first 10 months of 2024.

A total of $9.8 billion in government contracts were awarded in calendar years 2022, and 2023, and these awards are projected to have a lasting, positive impact for several years.

Private residential and government construction is expected to lead construction activity in 2025 and be one of the main drivers for economic growth in the next few years.

The statewide unemployment rate was 3% for the first 10 months of 2024, which put Hawaii at the eighth lowest in the nation.

Hawaii unemployment has been below the U.S.

national average since July 2021, and, in October 2024, Hawaii’s unemployment rate was 1% lower than the national average.

Hawaii’s major economic indicators improved overall during the nine months ended September 30, 2025.

For that period, the total number of visitors arriving by air to Hawaii increased 0.5% and visitor expenditures increased 4.9% as compared to the same period in 2024.

In the first half of 2025, jobs in the construction sector increased 2.6% compared to the first half of 2024.

The contracting tax base increased 12.7% in the first half of 2025 compared to the same period in 2024.

Government contracts

awarded during the nine months ended of 2025 decreased 56.6% compared to the same period in 2024.

Labor market conditions in the first half of 2025 were positive.

The civilian labor force increased 1.5% as compared to the first half of 2024 and civilian employment increased 1.6%.

The unemployment rate (not seasonally adjusted) was 2.7% in the first half of 2025, a decrease of 0.2% from the first half of 2024.

Non-agricultural wage and salary jobs increased 2.1% from the first half of 2024.

Overall, personal income in Hawaii increased 5.8% in the first half of 2025 as compared the same period in 2024.

Our retail stores are not located in high-tourism areas and primarily serve local residents;

accordingly, the impact of tourism on our retail business is indirect and primarily reflects employment and economic activity associated with the visitor industry.

Mainland Markets

2 unchanged sentences

Spokane is a regional hub in eastern Washington, with a population of over a half million and a variety of employers in health care, retail, and other industries.

According to the Spokane City Department of Economic Development, the unemployment rate

was 4.8% through July 2024, and the average annual wage was $62 thousand in the fourth quarter of 2023 in positions covered by unemployment insurance.

According to the U.S.

Labor Bureau, the average unemployment rate was 4.4% as of September 2025, and the average annual wage was $68 thousand as of June 2025 in positions covered by unemployment insurance.

A significant portion of the products produced by our Washington refinery stay within the Puget Sound region.

8 unchanged sentences

According to the South Dakota Department of Tourism, visitor spending increased in 2025.

South Dakota welcomed 14.9 million visitors for the year, resulting in visitor spending of approximately $5.1 billion in 2024, an increase of 2.8% compared to 2023, due to a 5.4% increase driven by short-term rental price and demand increases.

Additionally, $1.1 billion, or 21%, of tourism dollars were spent on transportation services in 2024, a decrease of 1% compared to 2023, due to decline in gas prices as most visitors arrive by car.

South Dakota welcomed 15.0 million visitors for the year, resulting in visitor spending of approximately $5.2 billion in 2025, an increase of 1.1% compared to 2024, due to increased spending for recreation, food and beverage, and lodging.

Additionally, $1.1 billion, or 21%, of tourism dollars was spent on transportation services in 2025, a decrease of 1.3% compared to 2024.

A significant portion of the products produced by our Montana refinery serve a robust economy that includes the states of Montana, Wyoming, Colorado, Idaho, Utah, eastern Washington, and the Dakotas.

13 unchanged sentences

As noted in the Refining and Logistics discussions above, as of December 31, 2025, through the Billings Acquisition, we own a 65% and a 40% equity investment in YELP and YPLC, respectively.

Please read Note 3—Refining and Logistics Equity Investments to our consolidated financial statements under Item 8 of this Form 10-K for further information.

As of December 31, 2025, we also hold a 63.5% ownership interest in Hawaii Renewables.

Please read “Note 3—Refining and Logistics Equity Investments” and “Note 5—Joint Venture” to our consolidated financial statements under Item 8 of this Form 10-K for further information.

ENVIRONMENTAL REGULATIONS

1 unchanged sentence

Although no assurances can be made, we believe that, absent the occurrence of an extraordinary event, compliance with existing federal, state, and local laws, regulations, and rules regulating the release of materials in the environment or otherwise relating to the protection of human health, safety, and the environment will not have a material effect upon our capital expenditures, earnings, or competitive position with respect to our existing assets and operations.

predict what effect additional regulation or legislation, enforcement policies, and claims for damages to property, employees, other persons, and the environment resulting from our operations could have on our activities.

We cannot predict what effect additional regulation or legislation, enforcement policies, and claims for damages to property, employees, other persons, and the environment resulting from our operations could have on our activities.

Periodically, we receive communications from various federal, state, and local governmental authorities asserting violations of environmental laws and/or regulations.

20 unchanged sentences

In June of 2014, the Hawaii Department of Health (“DOH”) adopted regulations that require each major facility to reduce CO 2 emissions by 16% by 2020 relative to a calendar year 2010 baseline (the first year in which GHG emissions were reported to the EPA under 40 CFR Part 98).

The GHG rules include an alternative for facilities to demonstrate that further GHG reductions are not economically viable and an additional provision that authorized the DOH to issue a waiver if GHGs are being effectively controlled as a consequence of other state initiatives and regulations such as the Renewable Portfolio Standard.

Portfolio Standard.

The Hawaii GHG regulation allows for “partnering” with other facilities that have or are expected to make more significant CO 2 /GHG reductions.

6 unchanged sentences

The WDOE has also issued final rules with respect to the “cap and trade”-style program with an effective date of November 1, 2022, with credit allocations and auctions commencing during 2023.

These programs have required us to take additional action to meet the standards set under the aforementioned laws, however this activity did not have a material impact on earnings in 2023 or 2024.

Both programs involve

gradual tightening of standards over time which will likely require us to take additional actions or credit purchases, some of which may eventually be material.

These programs have required us to take additional action to meet the standards set under the aforementioned laws.

Both programs involve gradual tightening of standards over time which will likely require us to take additional actions or credit purchases, some of which may eventually be material.

Both programs are likely to reduce transportation fuel demand.

37 unchanged sentences

Litigation surrounding the 2022 RFS volumetric requirements and other aspects of those final rules, including the EPA’s denial of small refinery relief, is ongoing in several cases.

On July 26, 2024,

On July 26, 2024, the D.C.

Circuit in Sinclair Wyoming Refining Company v.

21 unchanged sentences

The Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”), also known as the “Superfund” law, imposes liability, without regard to fault or the legality of the original conduct, on certain persons with respect to the release or threatened release of a “hazardous substance” into the environment.

These persons include the current owner and operator of a site, any former owner or operator who operated the site at the time of a release, transporters, and persons that disposed or arranged for the disposal of hazardous substances at a site.

These persons include the current

owner and operator of a site, any former owner or operator who operated the site at the time of a release, transporters, and persons that disposed or arranged for the disposal of hazardous substances at a site.

CERCLA also authorizes the EPA and, in some cases, third parties to take actions in response to threats to the public health or the environment and to seek to recover from the responsible persons the costs of such action.

2 unchanged sentences

While this “petroleum exclusion” lessens the significance of our operations, we may generate wastes that may fall within CERCLA’s definition of a “hazardous substance” in the course of our ordinary refining operations.

Although we and, to our knowledge, our predecessors have used operating and disposal practices that were standard in the industry at the time, “hazardous substances” may have been disposed or released on, under, or from the properties currently or historically owned or leased by us or on, under, or from other locations where these wastes have been taken for disposal.

At this time, we do not believe that we have any material liability associated with any Superfund site and we have not been notified of any claim, liability, or damages under CERCLA.

On December 17, 2025, Exxon Mobil Corporation filed a complaint against Par Montana, LLC and several other parties to recover alleged cleanup costs at the Yale Oil site in Billings, Montana.

However, at this time, we do not believe that we have any material liability associated with any Superfund site, including the Yale Oil site.

Oil Pollution Act

31 unchanged sentences

Department of Justice and other state governmental authorities concerning alleged violations of the federal Clean Air Act related to the ownership and operation of multiple facilities owned or formerly owned by Tesoro and its affiliates ("Consent Decree"), including our refinery in Kapolei, Hawaii, that we acquired from Tesoro in 2013.

On September 29, 2023, we

received a letter from EPA related to the alleged violation of certain air emissions limits, controls, monitoring, and repair requirements under the Consent Decree and the Clean Air Act.

On September 29, 2023, we received a letter from EPA related to the alleged violation of certain air emissions limits, controls, monitoring, and repair requirements under the Consent Decree and the Clean Air Act.

We are unable to predict the cost to resolve these alleged violations, but resolution will likely involve financial penalties or impose capital expenditure requirements that could be material.

16 unchanged sentences

We believe our employees are our most valuable asset.

By investing in our employees, we are able to achieve success and continue to execute on our mission and vision.

At December 31, 2024, our workforce consisted of 1,787 employees, including 403 employees, or 23% of our total workforce, at our Hawaii, Washington, and Montana refineries represented by the United Steelworkers Union (“USW”) with collective bargaining agreements effective through January 31, 2026.

We also employ three employees in Montana in our Rocky Mountain Pipeline & Terminals business that are represented by the Rocky Mountain Union (“RMU”) with an agreement effective through October 1, 2025.

We value our employees and constantly strive to maintain and improve satisfactory relationships with them.

Our 1,787 employees work in the following operating segments throughout the United States:

By investing in our workforce, we support strong execution of our mission of Humbly Serving Communities while advancing our vision for each business segment.

Our vision is to be The Best in the West for Refining and Logistics and to be Super Fast, Crazy Clean, Always Kind for Retail.

As of December 31, 2025, we employed a total of 1,758 employees.

Of this total, 395 employees, representing approximately 22% of our workforce, were employed at our Hawaii, Washington, and Montana refineries and were represented by the United Steelworkers Union under collective bargaining agreements that expired January 31, 2026, and are currently subject to 24-hour extension periods while the parties continue their negotiations.

In addition, three employees in our Mainland Logistics business in Montana were represented by the Rocky Mountain Union under an agreement effective through October 1, 2026.

We value our employees and continuously strive to maintain constructive and positive working relationships.

Our employees are distributed across the following operating segments within the United States:

Operating Segment

2 unchanged sentences

Culture and Values

Par is a values-driven company.

Our tight-knit community values integrity, creativity, hard work, and respect for others.

These four pillars support our successes and strengthen our ability to be an effective and fun place to work.

We value innovative thought and rally behind ideas that create new opportunities.

We believe this drives our growth and success.

We value the unique heritage, experiences, and contributions of everyone we get to work with and serve.

Our commitment to doing

the right thing with the highest ethical standards enables us to achieve our best results.

As we pursue growth and success, we believe it is important to keep our people safe and to protect our environment.

We offer highly competitive compensation, be nefit, and time-off packages to promote employee fulfillment and work-life balance.

Our benefits include our retirement savings plan with company match, employee stock purchase plan, extensive health and wellness benefits, generous time off allowance, and a tuition reimbursement program.

Par is a values-driven company grounded in a strong sense of community.

Our culture is built on four core values:

respect for others, integrity, collaborative innovation, and heart.

These values guide our actions, support our success, and strengthen our ability to be an effective and engaging place to work.

Respect for Others:

We listen before we speak, yet understand action is needed for progress.

We value the unique heritage, experiences, and contributions of everyone and everywhere we are blessed to work with and serve.

It’s important, therefore, to keep our people safe and to protect the environment as we pursue growth and success.

We know right from wrong, our behaviors are guided by our mission and core values, and our people are trusted.

We expect our work to be conducted with the highest ethical standards to achieve our best results.

Collaborative Innovation:

Creativity drives innovation and fuels the generation of new ideas.

We understand that creativity alone is not enough.

It is through collaborative innovation that we bring those ideas to life!

Through our collaborative efforts and effective systems, these ideas become impactful results that open new worlds of opportunity.

An ounce of heart is worth more than a ton of intellect and talent.

We care deeply about the communities in which we operate.

We succeed when our hard work, grit, and resilience is balanced with good rest.

We root for each other, celebrate each other’s successes, and learn from our mistakes.

We offer competitive compensation, benefits, and time-off programs designed to support employee well-being and work-life balance.

Our benefits include a retirement savings plan with company match, an employee stock purchase plan, comprehensive health and wellness benefits, generous paid time off, tuition reimbursement, and an adoption assistance program.

Health and Safety

Safety is paramount to every operation and activity we undertake at Par.

We recognize that our responsible stewardship impacts every employee, every contractor, and every member of the community, and we embrace that responsibility.

We promote a culture of continuous safety improvement with a keen eye for evaluating and managing risk.

We continually monitor and improve the effectiveness of our health and safety programs, policies, and procedures to achieve this objective.

Safety is a core priority across all Par operations.

We recognize that responsible stewardship affects our employees, contractors, and the communities in which we operate, and we take that responsibility seriously.

We foster a culture of continuous safety improvement through proactive risk identification and management.

Our health and safety programs, policies, and procedures are regularly evaluated and enhanced to promote safe and reliable operations.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this Annual Report on Form 10-K may constitute “forward-looking” statements as defined in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (“PSLRA”), or in releases made by the SEC, all as may be amended from time to time.

Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause our actual results, performance, or achievements to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements.

1 unchanged sentence

Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “may,” “will,” “would,” “could,” “should,” “seeks,” or “scheduled to,” or other similar words or the negative of these terms or other variations of these terms or comparable language or by discussion of strategy or intentions.

These cautionary statements are being made pursuant to the Securities Act, the Exchange Act, and the PSLRA with the intention of obtaining the benefits of the “safe harbor” provisions of such laws.

These cautionary

statements are being made pursuant to the Securities Act, the Exchange Act, and the PSLRA with the intention of obtaining the benefits of the “safe harbor” provisions of such laws.

The forward-looking statements contained in this Annual Report on Form 10-K are largely based on our expectations, which reflect estimates and assumptions made by our management.

10 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.

What changed 10-K

Item 1. Business