Risk Factors.
−Removed: In addition to the other financial information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A, “Risk Factors,” in the 2025 Form 10-K that could materially affect our business, financial condition or future operating results.
−Removed: The risks described in the 2025 Form 10-K are not the only risks that we face.
+Added: In addition to the other financial information set forth in this report, you should carefully consider the factors discussed below and in Part I, Item 1A, “Risk Factors,” in the 2025 Form 10-K that could materially affect our business, financial condition or future operating results.
+Added: The risks described below and in the 2025 Form 10-K are not the only risks that we face.
Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and operating results.
+Added: Geopolitical conflict involving Iran and potential disruptions to shipping through the Strait of Hormuz could constrain global crude oil supply, increasing the cost and limiting the availability of key petroleum-based inputs such as liquid asphalt cement and diesel fuel, which may adversely affect our operations, margins, and overall financial performance.
+Added: Ongoing geopolitical conflict involving Iran, including the potential closure or disruption of shipping through the Strait of Hormuz, poses significant risks to global crude oil supply and energy markets.
+Added: As a critical transit point for a substantial portion of the world’s oil, any sustained disruption could materially reduce supply and increase price volatility for crude oil and refined products.
+Added: These conditions may adversely affect the availability and cost of liquid asphalt cement and diesel fuel, which are essential to our operations, leading to increased input costs and potential supply constraints.
+Added: This volatility may negatively impact our margins, project profitability, and ability to competitively bid on work, particularly where contractual mechanisms do not fully offset rising costs.
+Added: Prolonged disruptions could also contribute to broader economic pressures, including inflation and reduced infrastructure spending, which may further adversely affect our business, financial condition, and results of operations.
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.