Risk Factors Update Summary

• The U.S. federal government represented approximately 10% of our total revenue in fiscal 2024, down from 31% in fiscal 2023. This change might result in significant revenue impacts.
• There is increased scrutiny on ESG practices, impacting reputation and ability to attract clients. This change might result in negative investor sentiment and reduced business opportunities.
• The Separation Transaction may adversely affect our business and results of operations, potentially leading to significant tax liabilities if terms are not satisfied.
• If we fail to meet evolving ESG standards, it could adversely affect our financial condition and results of operations.
• Continuing or renewed inflation, rising interest rates, and construction costs could reduce demand for our services, impacting financial condition and results of operations.
• Even though interest rates have moderated, if they continue to increase, our debt service obligations could rise significantly, impacting financial stability.
• We may face increased compliance burdens and costs due to evolving laws and regulations regarding environmental protection, data security, and health and safety.
• The upcoming change in U.S. administration may reduce governmental funding available, potentially affecting our operational results significantly.