NEXSTAR MEDIA GROUP, INC.

Previous wording

Net revenue increased 62.2% to $2.0 billion and 37.7% to $3.4 billion during the three and six months ended June 30, 2026, respectively, compared to the same period in 2025.

Current wording

Net revenue increased 78% to $2.1 billion and 51% to $5.5 billion during the three and nine months ended September 30, 2026, respectively, compared to the same period in 2025.

Previous wording

Completed the previously announced merger with TEGNA on March 19, 2026, primarily funded by debt issuance. Refer to Notes 3 and 7 to our Condensed Consolidated Financial Statements for additional information.

Current wording

Completed the previously announced merger with TEGNA (the “Merger”) on March 19, 2026, primarily funded by debt issuance. Refer to Notes 3 and 7 to our Condensed Consolidated Financial Statements for additional information.

Previous wording

Returned approximately $113 million of capital to shareholders through dividends.

Current wording

Returned approximately $171 million of capital to shareholders through dividends.

Previous wording

Refinanced the 5.625% Notes due 2027 with $1,725 million of 7.25% senior unsecured notes due 2034. During the three and six months ended June 30, 2026, the Company also repaid $409 million and $437 million, respectively, of its debt.

Current wording

Refinanced the 5.625% Notes due 2027 with $1,725 million of 7.25% senior unsecured notes due 2034. During the three and nine months ended September 30, 2026, the Company also repaid $350 million and $786 million, respectively, of its debt.

Previous wording

As of June 30, 2026, we also own an 81.1% ownership interest in The CW, the fifth major broadcast network in the U.S.; NewsNation, a national cable news network; Premion, a connected TV and over-the-top advertising platform; four multicast networks, Antenna TV, REWIND TV, True Crime and Quest; multicast network services provided to third parties; Locked On Podcast Network (“Locked On”), a network of sports podcasts; BestReviews LLC (“BestReviews”), a leading consumer product recommendations company; and a 31.3% ownership stake in TV Food Network. Our digital assets include 176 local websites and 292 mobile applications across local stations, NewsNation, The Hill, BestReviews, Locked On and True Crime. The portfolio also includes 160 connected television applications and 54 free ad-supported television channels.

Current wording

As of September 30, 2026, we also own an 82.0% ownership interest in The CW, the fifth major broadcast network in the U.S.; NewsNation, a national cable news network; Premion, a connected TV and over-the-top advertising platform; four multicast networks, Antenna TV, REWIND TV, True Crime and Quest; multicast network services provided to third parties; Locked On Podcast Network (“Locked On”), a network of sports podcasts; BestReviews LLC (“BestReviews”), a leading consumer product recommendations company; and a 31.3% ownership stake in TV Food Network. Our digital assets include 160 connected television applications, 54 free ad-supported television channels, 176 local websites and 292 mobile applications across local stations, NewsNation, The Hill, BestReviews, Locked On and True Crime.

Previous wording

We (excluding The CW) guarantee full payment of all obligations incurred under Mission Broadcasting, Inc.’s (“Mission”) senior secured credit facility in the event of its default. Mission is a guarantor of Nexstar’s senior secured credit facility, Nexstar’s senior secured and senior unsecured notes and TEGNA’s senior unsecured notes. In consideration of our guarantee of Mission’s senior secured credit facility, Mission has granted us purchase options to acquire the assets and assume the liabilities of each Mission station, subject to FCC consent. These option agreements (which expire on various dates between 2026 and 2034) are freely exercisable or assignable by us without consent or approval by Mission or its shareholders. We expect these option agreements to be renewed upon expiration.

Current wording

We (excluding The CW) guarantee full payment of all obligations incurred under Mission Broadcasting, Inc.’s (“Mission”) senior secured credit facility in the event of its default. Mission is a guarantor of Nexstar’s senior secured credit facility and Nexstar’s senior secured and senior unsecured notes, other than the notes assumed in connection with the TEGNA acquisition. In consideration of our guarantee of Mission’s senior secured credit facility, Mission has granted us purchase options to acquire the assets and assume the liabilities of each Mission station, subject to FCC consent. These option agreements (which expire on various dates between 2027 and 2034) are freely exercisable or assignable by us without consent or approval by Mission or its shareholders. We expect these option agreements to be renewed upon expiration.

Previous wording

The Company’s reportable segments are Broadcast and TEGNA. Our Broadcast segment includes (i) television stations and related local websites owned, operated, programmed or provided sales and other services to by Nexstar (excluding TEGNA) in markets throughout the United States, (ii) NewsNation, a national cable news network, (iii) two owned and operated multicast networks and other multicast network services, and (iv) WGN-AM, a Chicago radio station. The TEGNA segment includes its owned and operated television stations, the Premion advertising platform, and its multicast and podcast networks. TEGNA became a reportable segment in the second quarter of 2026 following Nexstar’s acquisition on March 19, 2026.

Current wording

(excluding TEGNA) in markets throughout the United States, (ii) NewsNation, a national cable news network, (iii) two owned and operated multicast networks and other multicast network services, and (iv) WGN-AM, a Chicago radio station. The TEGNA segment includes its owned and operated television stations, the Premion advertising platform, and its multicast and podcast networks. TEGNA became a reportable segment in the second quarter of 2026 following Nexstar’s acquisition on March 19, 2026.

Previous wording

The Company’s revenues increased by $764 million, or 62.2%, for the three months ended June 30, 2026 compared to the same period in 2025, primarily due to $697 million of incremental revenue from our acquisition of TEGNA and an $86 million increase in revenues from our Broadcast business units.

Current wording

The Company’s revenues increased by $935 million, or 78.0%, for the three months ended September 30, 2026 compared to the same period in 2025, primarily due to $765 million of incremental revenue from our acquisition of TEGNA and a $174 million increase in revenues from our Broadcast business units.

Previous wording

Distribution revenue increased $383 million, primarily reflecting $362 million of incremental revenue from the acquisition of TEGNA and a $21 million increase in revenue from our Broadcast business units due to annual rate escalators and other contractual increases, growth in vMVPD subscribers, and the addition of CW affiliations on certain of our stations, offset in part by the impact of MVPD subscriber attrition.

Current wording

Distribution revenue increased $382 million, primarily reflecting $352 million of incremental revenue from the acquisition of TEGNA and a $29 million increase in revenue from our Broadcast business units due to increased rates, the impact of a one-time charge in the third quarter of 2025 which did not recur in the 2026 period, growth in vMVPD and other streaming subscribers, and the addition of CW affiliations on certain of our stations, offset in part by the impact of MVPD subscriber attrition and affiliation replacements on six stations previously affiliated with CBS.

Previous wording

Advertising revenue increased $387 million, primarily reflecting $331 million of incremental revenue from the acquisition of TEGNA and a $75 million increase in political advertising at our Broadcast business units, as 2026 is an election year, and a decrease in non-political revenue of $10 million due to political crowd-out and the ongoing market softness. In total, political advertising revenue was $147 million for the current year compared to $9 million in the prior year.

Current wording

Advertising revenue increased $547 million, primarily reflecting $405 million of incremental revenue from the acquisition of TEGNA and a $163 million increase in political advertising at our Broadcast business units, as 2026 is an election year, and a decrease in non-political revenue of $18 million due to political crowd-out and the ongoing market softness. In total, political advertising revenue was $317 million for the current year compared to $10 million in the prior year.

Previous wording

Direct operating expenses, consisting primarily of programming, news and technical, and selling, general and administrative expenses increased $696 million, driven primarily by $576 million of incremental operating expenses of the acquired TEGNA business, acquisition-related and other nonrecurring expenses of $95 million and an increase in stock-based compensation from certain accelerated TEGNA awards due to terminations of $18 million.

Current wording

Direct operating expenses, consisting primarily of programming, news and technical, and selling, general and administrative expenses increased $525 million, driven primarily by $514 million of incremental operating expenses of the acquired TEGNA business and acquisition-related and other nonrecurring expenses of $30 million.

Previous wording

Amortization of broadcast rights increased $8 million, primarily due to incremental amortization of the acquired TEGNA business.

Current wording

Amortization of broadcast rights increased $15 million, primarily due to incremental amortization of the acquired TEGNA business.

Previous wording

Depreciation and amortization of intangible assets increased $40 million, primarily due to incremental depreciation and amortization associated with the acquisition of TEGNA.

Current wording

Depreciation and amortization of intangible assets increased $37 million, primarily due to incremental depreciation and amortization associated with the acquisition of TEGNA.

Previous wording

Income from equity method investments, net decreased $8 million, or 72.7%, primarily due to a decline in TV Food Network’s net income resulting from lower revenue.

Current wording

Income from equity method investments, net decreased $5 million, or 100.0%, primarily due to a decline in TV Food Network’s net income resulting from lower revenue.

Previous wording

Interest expense, net increased $115 million, or 59.3%, primarily due to interest incurred on new borrowings in connection with the Merger and the refinancing of certain existing indebtedness, offset in part by a decrease in interest from debt repayments.

Current wording

Interest expense, net increased $92 million, or 97.9%, primarily due to interest incurred on new borrowings and assumed debt in connection with the Merger and the refinancing of certain existing indebtedness, offset in part by a decrease in interest from debt that was repaid.

Previous wording

The Company’s revenues increased $927 million, or 37.7%, for the six months ended June 30, 2026 compared to the same period in 2025, primarily due to $803 million of incremental revenue from our acquisition of TEGNA and a $140 million increase in revenues from our Broadcast business units.

Current wording

The Company’s revenues increased $1,862 million, or 50.9%, for the nine months ended September 30, 2026 compared to the same period in 2025, primarily due to $1,568 million of incremental revenue from our acquisition of TEGNA and a $314 million increase in revenue from our Broadcast business units.

Previous wording

Distribution revenue increased $459 million, driven primarily by $416 million of incremental revenue from the acquisition of TEGNA and a $40 million increase in revenue from our Broadcast business units due to annual rate escalators and other contractual increases, growth in vMVPD subscribers, and the addition of CW affiliations on certain of our stations, offset in part by the impact of MVPD subscriber attrition.

Current wording

Distribution revenue increased $840 million, driven primarily by $768 million of incremental revenue from the acquisition of TEGNA and a $69 million increase in revenue from our Broadcast business units due to increased rates, growth in vMVPD and other streaming subscribers, the impact of a one-time charge in the third quarter of 2025 which did not recur in the 2026 period, and the addition of CW affiliations on certain of our stations, offset in part by the impact of MVPD subscriber attrition and affiliation replacements on six stations previously affiliated with CBS.

Previous wording

Advertising revenue increased $475 million, reflecting $382 million of incremental revenue from the acquisition of TEGNA and a $110 million increase in political advertising at our Broadcast business units, as 2026 is an election year, and a decrease in non-political revenue of $7 million due to political crowd-out and the ongoing market softness. In total, political advertising revenue was $194 million for the current year compared to $15 million in the prior year.

Current wording

Advertising revenue increased $1,023 million, reflecting $787 million of incremental revenue from the acquisition of TEGNA and a $274 million increase in political advertising at our Broadcast business units, as 2026 is an election year, and a decrease in non-political revenue of $25 million due to political crowd-out and the ongoing market softness. In total, political advertising revenue was $511 million for the current year compared to $25 million in the prior year.

Previous wording

Direct operating expenses, consisting primarily of programming, news and technical, and selling, general and administrative expenses increased $567 million, driven primarily by $503 million of incremental operating expenses of the acquired TEGNA business, acquisition-related and other nonrecurring expenses of $53 million and an increase in stock-based compensation from certain accelerated TEGNA awards due to terminations of $18 million.

Current wording

Direct operating expenses, consisting primarily of programming, news and technical, and selling, general and administrative expenses increased $1,221 million, driven primarily by $1,090 million of incremental operating expenses of the acquired TEGNA business, acquisition-related and other nonrecurring expenses of $125 million and an increase in stock-based compensation from certain accelerated TEGNA awards due to terminations of $18 million.

Previous wording

Amortization of broadcast rights decreased $9 million, primarily due to lower amortization of broadcast rights at The CW of $18 million to $119 million in 2026 from $137 million in 2025, offset in part by an $11 million incremental amortization from the acquisition of TEGNA.

Current wording

Amortization of broadcast rights increased $7 million, primarily due to a $20 million incremental amortization from the acquisition of TEGNA, offset in part by a lower amortization of broadcast rights at The CW of $11 million to $183 million in 2026 from $194 million in 2025.

Previous wording

Depreciation and amortization of intangible assets increased $45 million, primarily due to incremental depreciation and amortization associated with the acquisition of TEGNA.

Current wording

Depreciation and amortization of intangible assets increased $81 million, primarily due to incremental depreciation and amortization associated with the acquisition of TEGNA.

Previous wording

Income from equity method investments, net decreased $12 million, or 63.2%, primarily due to a decline in TV Food Network’s net income resulting from lower revenue.

Current wording

Income from equity method investments, net decreased $17 million, or 70.8%, primarily due to a decline in TV Food Network’s net income resulting from lower revenue.

Previous wording

Interest expense, net increased $93 million, or 95.9%, primarily due to interest incurred on new borrowings in connection with the Merger and the refinancing of certain existing indebtedness, offset in part by a decrease in interest on debt repayments.

Current wording

Interest expense, net increased $207 million, or 71.9%, primarily due to interest incurred on new borrowings and assumed debt in connection with the Merger and the refinancing of certain existing indebtedness, offset in part by a decrease in interest from debt that was repaid.

Previous wording

The Company’s effective tax rates were 17.3% and 29.9% for each of the respective periods. As a result of the TEGNA acquisition, the Company remeasured the historical net deferred tax liability to reflect a lower federal/state blended tax rate resulting from the consolidation. This resulted in a discrete tax benefit of approximately $47 million, or a 14.2% decrease to the effective tax rate. These decreases were partially offset by an increase in the valuation allowance which resulted in a 2.9% increase to the effective tax rate.

Current wording

The Company’s effective tax rates were 22.3% and 30.5% for each of the respective periods. As a result of the TEGNA acquisition, the Company remeasured the historical net deferred tax liability to reflect a lower federal/state blended tax rate resulting from the consolidation. This resulted in a discrete tax benefit of approximately $47 million, or a 6.9% decrease to the effective tax rate. A decrease in the valuation allowance for the VIEs resulted in a 0.7% decrease to the effective tax rate.

Previous wording

The Company is leveraged, which makes it vulnerable to changes in general economic conditions. The Company’s ability to repay or refinance its debt will depend on, among other things, financial, business, market, competitive and other conditions, many of which are beyond the Company’s control. The Company believes it has sufficient unrestricted cash on hand, positive working capital, and availability to access additional liquidity under its revolving credit facilities (with a maturity date of June 2030) to meet its business operating requirements and capital expenditures and to continue to service its debt for at least the next 12 months as of the filing date of this Quarterly Report on Form 10-Q. As of June 30, 2026, the Company was in compliance with the financial covenants contained in the credit agreements governing its senior secured credit facilities.

Current wording

The Company is leveraged, which makes it vulnerable to changes in general economic conditions. The Company’s ability to repay or refinance its debt will depend on, among other things, financial, business, market, competitive and other conditions, many of which are beyond the Company’s control. The Company believes it has sufficient unrestricted cash on hand, positive working capital, and availability to access additional liquidity under its revolving credit facilities to meet its business operating requirements and capital expenditures and to continue to service its debt for at least the next 12 months as of the filing date of this Quarterly Report on Form 10-Q. As of September 30, 2026, the Company was in compliance with the financial covenants contained in the credit agreements governing its senior secured credit facilities.

Previous wording

Net cash flows provided by operating activities increased $3 million during the six months ended June 30, 2026, compared to the same period in 2025, due primarily to higher net income and changes in operating assets and liabilities primarily reflecting timing of receipts and payments.

Current wording

Net cash flows provided by operating activities increased $566 million during the nine months ended September 30, 2026, compared to the same period in 2025, due primarily to higher net income and changes in operating assets and liabilities primarily reflecting timing of receipts and payments.

Previous wording

Net cash flows used in investing activities increased $3,254 million during the six months ended June 30, 2026, compared to the same period in 2025, primarily due to the $3,341 million payment for the acquisition of TEGNA’s equity (net of cash acquired), partially offset by the proceeds from certain cash assets of $55 million.

Current wording

Net cash flows used in investing activities increased $3,274 million during the nine months ended September 30, 2026, compared to the same period in 2025, primarily due to the $3,341 million payment for the acquisition of TEGNA’s equity (net of cash acquired), partially offset by the proceeds from certain cash assets of $55 million.

Previous wording

Net cash flows provided by financing activities increased $3,099 million during the six months ended June 30, 2026, compared to the same period in 2025. This was primarily due to net additional borrowings to finance the acquisition of TEGNA, refinance certain existing debt and loan repayments of $3,107 million, as well as $18 million cash paid for shares withheld for taxes and $107 million payments for debt financing costs, partially offset by a $125 million decrease in stock repurchases.

Current wording

Net cash flows provided by financing activities increased $2,782 million during the nine months ended September 30, 2026, compared to the same period in 2025, primarily due to $2,783 million of net additional borrowings to finance the acquisition of TEGNA, refinance certain existing debt and repay certain loans, and a $125 million decrease in stock repurchases, partially offset by a $107 million increase in payments for debt financing costs and an $18 million increase in cash paid for shares withheld for taxes.

Previous wording

As of June 30, 2026, the Company had total outstanding debt of $11.7 billion, net of unamortized financing costs, discounts and premium, which represented 83.8% of the Company’s combined capitalization. The Company’s high level of debt requires that a substantial portion of cash flow be dedicated to pay principal and interest on debt, which reduces the funds available for working capital, capital expenditures, acquisitions and other general corporate purposes.

Current wording

As of September 30, 2026, the Company had total outstanding debt of $11.4 billion, net of unamortized financing costs, discounts and premium, which represented 82.2% of the Company’s combined capitalization. The Company’s high level of debt requires that a substantial portion of cash flow be dedicated to pay principal and interest on debt, which reduces the funds available for working capital, capital expenditures, acquisitions and other general corporate purposes.

Previous wording

Based on covenant calculations as of June 30, 2026, all of the $428 million and $14 million in unused revolving loan commitments under the respective Nexstar and Mission senior secured credit facilities were available for borrowing.

Current wording

Based on covenant calculations as of September 30, 2026, all of the $428 million and $13 million in unused revolving loan commitments under the respective Nexstar and Mission senior secured credit facilities were available for borrowing.

Previous wording

We (excluding The CW) guarantee full payment of all obligations incurred under Mission’s senior secured credit facility in the event of its default. Mission is a guarantor of our senior secured credit facility, our senior secured notes and our senior unsecured notes. In consideration of our guarantee of Mission’s senior secured credit facility, Mission has granted us purchase options to acquire the assets and assume the liabilities of each Mission station, subject to FCC consent. These option agreements (which expire on various dates between 2026 and 2034) are freely exercisable or assignable by us without consent or approval by Mission or its shareholders. We expect these option agreements to be renewed upon expiration.

Current wording

We (excluding The CW) guarantee full payment of all obligations incurred under Mission’s senior secured credit facility in the event of its default. Mission is a guarantor of our senior secured credit facility and our senior secured and senior unsecured notes other than the notes assumed in connection with the TEGNA acquisition. In consideration of our guarantee of Mission’s senior secured credit facility, Mission has granted us purchase options to acquire the assets and assume the liabilities of each Mission station, subject to FCC consent. These option agreements (which expire on various dates between 2027 and 2034) are freely exercisable or assignable by us without consent or approval by Mission or its shareholders. We expect these option agreements to be renewed upon expiration.

Previous wording

The terms of our and Mission’s senior secured credit facilities, as well as the indentures governing our senior secured notes and senior unsecured notes, limit but do not prohibit us or Mission from incurring substantial amounts of additional debt in the future. The Company’s senior secured credit facilities and the indentures governing our existing notes may limit the amount of dividends we may pay to stockholders and share repurchases we may make over the term of the agreements.

Current wording

The terms of our and Mission’s senior secured credit facilities, as well as the indentures governing our senior secured notes and senior unsecured notes, limit but do not prohibit us or Mission from incurring substantial amounts of additional debt in the future. The Company’s senior secured credit facilities and the indentures governing our notes may limit the amount of dividends we may pay to stockholders and share repurchases we may make over the term of the agreements.

Previous wording

The Nexstar credit agreement contains a covenant which requires us to comply with a maximum consolidated first lien net leverage ratio of 4.25:1.00. Pursuant to the terms of Nexstar’s credit agreement, the maximum permitted covenant ratio may be increased, at Nexstar’s election, from 4.25:1.00 to 4.75:1.00 for the fiscal quarter in which a Material Transaction (as defined therein) is consummated and the following three consecutive fiscal quarters, subject to a maximum of two such elections during the term of the facility. In connection with its acquisition of TEGNA, Nexstar first elected this increase in the covenant ratio beginning in the first quarter of 2026 and will remain in effect through December 31, 2026. The financial covenant, which is formally calculated on a quarterly basis, is based on the Company’s combined results, excluding the operating results of The CW, which Nexstar designated as an unrestricted subsidiary under its credit agreements and indentures. The Mission credit agreement does not contain financial covenant ratio requirements but does provide for default in the event we do not comply with all covenants contained in the Nexstar credit agreement. As of June 30, 2026, we were in compliance with our financial covenant. We believe the Company will be able to maintain compliance with all covenants contained in the credit agreements governing its senior secured facilities and the indentures governing Nexstar’s senior secured notes and senior unsecured notes for a period of at least the next 12 months as of the filing date of this Quarterly Report on Form 10-Q.

Current wording

The Nexstar credit agreement contains a covenant which requires us to comply with a maximum consolidated first lien net leverage ratio of 4.25:1.00. Pursuant to the terms of Nexstar’s credit agreement, the maximum permitted covenant ratio may be increased, at Nexstar’s election, from 4.25:1.00 to 4.75:1.00 for the fiscal quarter in which a Material Transaction (as defined therein) is consummated and the following three consecutive fiscal quarters, subject to a maximum of two such elections during the term of the facility. In connection with its acquisition of TEGNA, Nexstar first elected this increase in the covenant ratio beginning in the first quarter of 2026 and the increased ratio will remain in effect through December 31, 2026. The financial covenant, which is formally calculated on a quarterly basis, is based on the Company’s combined results, excluding the operating results of The CW, which Nexstar designated as an unrestricted subsidiary under its credit agreements and indentures. The Mission credit agreement does not contain financial covenant ratio requirements but does provide for default in the event we do not comply with all covenants contained in the Nexstar credit agreement. As of September 30, 2026, we were in compliance with our financial covenant. We believe the Company will be able to maintain compliance with all covenants contained in the credit agreements governing its senior secured facilities and the indentures governing Nexstar’s senior secured notes and senior unsecured notes for a period of at least the next 12 months as of the filing date of this Quarterly Report on Form 10-Q.

Previous wording

Nexstar Media Inc. is the issuer of 4.75% Notes due 2028, 6.50% Secured Notes due 2033 and 7.25% Notes due 2034, TEGNA is the issuer of 5.00% Notes due 2029, and Belo Corp. is the issuer of, and TEGNA and Nexstar Media Group, Inc. are co-obligors of, 7.75% Notes due 2027 and 7.25% Notes due 2027 (together, Nexstar Media Inc., TEGNA and Belo Corp. are referred to as the “Issuer”). These notes are fully and unconditionally guaranteed, jointly and severally, by Nexstar Media Group, Inc. (“Parent”), Mission (a consolidated VIE) and the Subsidiary Guarantors (as defined below). The Issuer, Subsidiary Guarantors, Parent and Mission are collectively referred to as the “Obligor Group” for the notes. “Subsidiary Guarantors” refers to certain of the Issuer’s restricted subsidiaries (excluding The CW) that guarantee these notes. The guarantees of the notes are subject to release in limited circumstances upon the occurrence of certain customary conditions set forth in the applicable indentures. The notes are not registered with the SEC.

Current wording

Nexstar Media Inc. is the issuer of 4.75% Notes due 2028, 6.50% Secured Notes due 2033 and 7.25% Notes due 2034; TEGNA is the issuer of 5.00% Notes due 2029; and Belo Corp. is the issuer of, and TEGNA and Nexstar Media Group, Inc. are co-obligors of, 7.75% Notes due 2027 and 7.25% Notes due 2027 (together, Nexstar Media Inc., TEGNA and Belo Corp. are referred to as the “Issuer”). These notes are fully and unconditionally guaranteed, jointly and severally, by Nexstar Media Group, Inc. (“Parent”), Mission (a consolidated VIE), other than the notes assumed in connection with the TEGNA acquisition, and the Subsidiary Guarantors (as defined below). The Issuer, Subsidiary Guarantors, Parent and Mission are collectively referred to as the “Obligor Group” for the notes. “Subsidiary

Previous wording

Excludes Issuer’s equity investments of $387 million and $396 million as of June 30, 2026 and December 31, 2025, respectively, in unconsolidated investees. These unconsolidated investees do not guarantee the notes. For additional information on equity investments, refer to Note 5 to our Condensed Consolidated Financial Statements.

Current wording

Excludes Issuer’s equity investments of $385 million and $396 million as of September 30, 2026 and December 31, 2025, respectively, in unconsolidated investees. These unconsolidated investees do not guarantee the notes. For additional information on equity investments, refer to Note 5 to our Condensed Consolidated Financial Statements.