Enpro Inc.
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
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Item 1A. Risk Factors
An investment in our common stock involves risks. For a detailed discussion of the risks that affect our business please refer to the section titled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024. Other than as noted below, there have been no material changes to our risk factors as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.
Increased costs for raw materials, the termination of existing supply arrangements or other disruptions of our supply chain has had, and could continue in the future to have, a material adverse effect on our business.
We have seen organic changes related to price increases of raw materials in the past, which has adversely affected our business and results of operations. The prices of some of our raw materials may continue to increase due to supply chain limitations or the imposition (or announcement of the intended imposition) of new or increased tariffs or changes in trade laws, including tariffs announced by the U.S. government in 2025 and retaliatory tariffs announced in response thereto. While we have been successful in passing along some of these higher costs, there can be no assurance we will be able to continue doing so without losing customers. Similarly, the loss of a key supplier, the unavailability of a key raw material, or other disruptions of our supply chain could adversely affect our business, financial condition, results of operations and cash flows. In addition, we have limited sources for certain key raw materials and other supplies.
The following table sets forth all purchases made by or on behalf of the Company or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act, of shares of our common stock during each month in the third quarter of 2025.
| Period · (a) Total Numberof Shares(or Units)Purchased · (b) AveragePrice Paid perShare (or Unit) · (c) Total Number ofShares (or Units)Purchased as Part ofPublicly AnnouncedPlans or Programs · (d) Maximum Number (orApproximate Dollar Value) ofShares (or Units) That MayYet Be Purchased Under thePlans or Programs | |||||||
|---|---|---|---|---|---|---|---|
| July 1 - July 31, 2025 | — | — | — | $50,000,000 | (1) | ||
| August 1 - August 31, 2025 | 3,245 | (2) | $215.50 | (2) | — | $50,000,000 | (1) |
| September 1 - September 30, 2025 | 505 | (2) | $225.20 | (2) | — | $50,000,000 | (1) |
| Total | 3,750 | (2) | $216.81 | (2) | — | $50,000,000 | (1) |
(1)In October 2024, our board of directors authorized an expenditure program of up to $50.0 million for the repurchase of our outstanding common shares through October 2026. We have not made any repurchases under this authorization.
(2)In connection with the exercise of vested employee stock options on August 7, 2025, we accepted an aggregate of 3,245 shares of outstanding common stock in payment of the option exercise prices, which surrendered shares were valued at $215.50, the closing trading price of our common stock on that date. In September 2025, a total of 505 shares were transferred to a rabbi trust that we established in connection with our Deferred Compensation Plan for Non-Employee Directors, pursuant to which non-employee directors may elect to defer directors’ fees into common stock units. EnPro Holdings furnished these shares in exchange for management and other services provided by Enpro. Of these shares, 50 shares were valued at a price of $217.89 per share, the closing trading price of our common stock on September 17, 2025, and 455 of these shares were valued at a price of $226.00 per share, the closing trading price of our common stock on September 30, 2025. Accordingly, the total 3,750 shares were valued at a weighted average price of $216.81 per share. We do not consider the transfer of shares from EnPro Holdings in this context to be pursuant to a publicly announced plan or program.
During the quarter ended September 30, 2025, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Exchange Act)adopted orterminated a “Rule 10b5-1 trading arrangement” or adopted or terminated a “non-Rule 10b5-1 trading arrangement” (as such terms are defined in Item 408 of Regulation S-K).
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