What changed in this filing

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Item 1. Business

2026-02-24 compared with 2025-02-18 · 35 added, 34 removed, 108 unchanged (39% of the section changed)

20 unchanged sentences

Tennant ® , Nobles ® , Alfa Uma Empresa Tennant™, IPC, Gaomei and Rongen brands as well as private-label brands.

The Company has a portfolio of differentiated technology solutions that includes IRIS ® as an asset management solution, ec-H2O NanoClean ® as a detergent-free cleaning solution, and ReadySpace ® as a rapid-drying carpet cleaning technology.

The Company has a portfolio of differentiated technology solutions that includes an expanding portfolio of robotic cleaning equipment, IRIS ® as an asset management solution, ec-H2O NanoClean ® as a detergent-free cleaning solution, and ReadySpace ® as a rapid-drying carpet cleaning technology.

The Company's more than 40,000 customers include contract cleaners to whom organizations outsource facilities maintenance, as well as businesses that perform facilities maintenance themselves.

5 unchanged sentences

We purchase various component parts, electronics and services used in production and product development processes from third parties.

Our industry continues to be impacted by input cost inflation, supply chain disruptions and other global macroeconomic challenges.

While in recent years we experienced material increases to input costs and supply chain disruptions, during 2024, we experienced some moderation in input cost inflation and increased supply chain stability, which we expect to continue into 2025.

The Company continues work to minimize the impact of cost inflation and market supply challenges by employing local-for-local and region-for-region manufacturing and sourcing to allow us to manufacture our products closer to our customers.

At the same time, our engineering teams are evaluating platform design to allow for available parts and to increase our sourcing flexibility.

Operations and input costs are influenced by global macroeconomic conditions, including trade policies, tariffs on certain imported materials, interest rate levels, and regional supply-demand dynamics.

While supply chain conditions have generally stabilized compared to prior periods, input costs remain subject to variability driven by tariff regimes, competitive market conditions, and regulatory requirements in certain jurisdictions.

The Company seeks to mitigate these risks through regional manufacturing and sourcing strategies, diversified supplier relationships, longer-term supply arrangements, and ongoing engineering and platform design initiatives intended to increase sourcing flexibility and supply chain resilience.

Intellectual Property

12 unchanged sentences

Public industry data concerning global market share is limited;

however, through an assessment of validated third-party sources and sponsored third-party market studies, the Company is confident in its position as a world-leading manufacturer of floor maintenance and cleaning equipment.

Several global competitors compete with the Company in virtually every geography of the world.

Additionally, small regional competitors are also significant competitors who vary by country, vertical market, product category or channel.

The Company primarily competes by offering a diverse range of high-quality, innovative products supported by an extensive sales and service network in major markets.

however, based on a review of validated third-party sources and sponsored market studies, the Company believes it is a leading global manufacturer of floor maintenance and cleaning equipment.

The competitive landscape includes large multinational manufacturers operating across most geographic markets, as well as numerous regional and local participants that vary by country, vertical market, product category, channel, and degree of automation and technological capability, including the availability of autonomous and robotic cleaning solutions.

Customer purchasing decisions are influenced by product performance, innovation, connectivity, automation, total cost of ownership, and the breadth of sales, service, and distribution support.

Within this environment, the Company primarily

competes by offering a diverse range of high-quality, innovative products supported by an extensive sales and service network in major markets.

Human Capital

3 unchanged sentences

Tennant Company is committed to fostering and upholding a culture of integrity and stewardship among our employees, distributors, and other business partners.

We expect our employees not only to be aware of Tennant's ethical standards, but actively contribute to maintaining them.

We expect our business partners to adhere to our Supplier Core Expectations policy, which focuses on safe, ethical working conditions and human rights.

We expect our employees not only to be aware of Tennant's ethical standards but to actively contribute to maintaining them.

Tennant has a Code of Conduct and other internal and public facing policies addressing ethics and compliance, and conducts annual Code of Conduct training to empower our employees with the knowledge and tools to make ethical decisions in their roles.

2 unchanged sentences

We prioritize the health and safety of all employees.

We operate under our established safety programs and employ an experienced team of health and safety specialists to provide support to employees globally.

We operate under our established safety programs and employ an experienced team of health and safety specialists as well as a crisis management team to provide support to employees globally.

All locations work diligently to meet and/or exceed regulatory standards applicable to each site.

Tennant employees are empowered to stop work anytime there is a potential hazard identified.

Tennant employees are empowered to stop work when a potential hazard is identified.

Each site maintains public and confidential ways for employees to report safety concerns to ensure employees feel free to report their concerns.

We believe attraction, development, engagement, and retention of a diverse group of employees is key to achieving our organizational objectives.

We focus on creating a high-performance culture, which includes our annual performance management process for all employees which aligns with our employee and leadership competency frameworks.

To support employee development, we have deployed a number of resources and development tools for all employees.

We focus on creating a high-performance culture, including our annual performance management process for all employees which aligns with our employee and leadership competency frameworks.

To support employee development, we deploy several resources and development tools for all employees.

We also provide leaders access to on-demand eLearnings and targeted live training sessions.

In addition, we engage in annual talent conversations to help identify, develop, and deploy talent to achieve our objectives and address talent risks.

We believe employee feedback is key to engagement, and we survey our employees regularly.

Also, we provide other feedback and engagement avenues such as all-employee quarterly town halls and leadership meetings.

In addition, we engage in annual talent and succession planning conversations to help identify, develop, and deploy talent to achieve our objectives and address talent risks.

We believe employee feedback is key to engagement.

We survey our employees regularly and incorporate the feedback into Company goals and objectives.

We provide additional feedback and engagement avenues such as all-employee quarterly town halls and leadership meetings.

We take action to drive improvement in our ability to engage and retain talent.

Diversity, Equity, and Inclusion ("DE&I")

Tennant Company believes that an inclusive and diverse workforce contributes to our business success.

Tennant Company believes an inclusive and diverse workforce contributes to our business success.

The inclusion of diverse perspectives enables innovation and our ability to serve customers.

We continue our DE&I focus through strategies which engage and educate our employees and promote inclusion.

We continue our focus on strategies which engage and educate our employees and promote our Thriving People pillar.

Tennant Company proudly continues our commitment to be an equal opportunity employer.

We make employment decisions based on the basis of individual skill, ability, reliability, productivity, and other factors important to performance.

We make employment decisions based on individual skill, ability, reliability, productivity, and other factors important to performance.

Women represent 50% of our executive management team and 33% of our Board of Directors as of December 31, 2025.

1 unchanged sentence

Tennant Company annually performs a gender wage gap for its United States employees that controls for title, grade and work location, which are legitimate and non-discretionary reasons for pay differences.

recent assessment found that the median total income for females was 99.9% of the median total income for males, suggesting there is no evidence of a gender pay gap in the United States at Tennant Company.

The most recent assessment found that the mean total income for females was 99.4% of the mean total income for males, suggesting there is no evidence of a gender pay gap in the United States at Tennant Company.

Employee Gender Statistics

14 unchanged sentences

Information About Our Executive Officers

The list below identifies those persons designated as executive officers of the Company, including their age, positions held with the Company and their business experience during the past five or more years.

The list below, as of February 24, 2026, identifies those persons designated as executive officers of the Company, including their age, positions held with the Company and their business experience during the past five or more years.

Barb Balinski, Senior Vice President, Chief Transformation Officer

4 unchanged sentences

Prior to Whirlpool Corporation, she spent eleven years with Saturn Corporation, a subsidiary of General Motors.

Christianson, Senior Vice President, Chief Human Resources Officer

Christianson (55) joined the Company in November 2023 as Senior Vice President, Chief Human Resources Officer.

From 2017 to October 2023, Mr.

Christianson served in various Human Resources Vice President roles at Thrivent, a Fortune 500 financial services company.

He held senior positions at Honeywell International from 2011 to 2017, including global Vice President of HR for the Environmental, Combustion, and Controls business unit.

From 1998 to 2011, he worked at Medtronic, a global healthcare technology leader, where he held HR leadership roles in corporate, business units, and EMEA.

Prior to Medtronic, he held HR and consulting roles with Emerson Electric and Ernst & Young.

Erickson, Senior Vice President, General Counsel and Corporate Secretary

Erickson (52) has served as the Company's Senior Vice President, General Counsel and Corporate Secretary since December 2020.

Erickson joined the Company's legal department in April 2008, serving in roles of increasing responsibility, including as Vice President, Deputy General Counsel and Chief Compliance Officer from 2019 to 2020, and as Interim General Counsel and Corporate Secretary in 2020.

Erickson, Senior Vice President, Chief Human Resources Officer, General Counsel Secretary and Corporate Secretary

Erickson (53) Kristin A.

Erickson has served as the Company’s Senior Vice President, Chief Human Resources Officer since February 1, 2026, and interim SVP, Chief Human Resources Officer since June 2025, in addition to her role as SVP, General Counsel and Corporate Secretary.

She also served as interim SVP, Chief Human Resources Officer from June-November 2023.

Erickson joined the Company's legal

department in April 2008, serving in roles of increasing responsibility, including as Vice President, Deputy General Counsel and Chief Compliance Officer from 2019 to 2020.

Erickson was named Senior Vice President, General Counsel and Corporate Secretary in December 2020.

In her time as general counsel she has led the Company’s legal, corporate and product compliance, business continuity and sustainability functions.

Prior to joining Tennant in 2008, she served as Senior Counsel and Assistant Secretary for MoneyGram International, Inc., from 2004 to 2008.

6 unchanged sentences

From 1992 to 2006, he held various positions with Graco Inc., a designer, manufacturer and marketer of systems and equipment to move, measure, control, dispense and spray fluid and coating materials, including Worldwide Director of Marketing, Contractor Equipment Division

Schottler, Senior Vice President, Chief Marketing and Technology Officer

Schottle r (45) has served as the Company's Senior Vice President, Chief Marketing and Technology Officer since May 2024.

Schottler, Senior Vice President, Robotics

Schottle r (46) has served as the Company's Senior Vice President, Robotics since January 2026.

Schottler joined the Company in 2011 as Senior Program Manager.

After holding leadership roles in R&D and regional business development, he was named Vice President and General Manager of the Asia-Pacific Business Unit in 2017, a role he held for five years before assuming responsibility for the Company's global marketing and product management functions in 2022.

In May 2024, he was named Chief Marketing and Technology Officer.

Prior to joining Tennant Company, Mr.

13 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