LiveWire Group, Inc.

The Company’s business, results of operations, and financial condition can be affected by a number of factors, whether currently known or unknown, including but not limited to those described as risk factors, any one or more of which could, directly or indirectly, cause the Company’s actual results of operations and financial condition to vary materially from past, or anticipated future, results of operation and financial condition. For a discussion of these potential risks and uncertainties, see Part I, Item 1A. “Risk Factors” of the 2025 Annual Report on Form 10-K for the year ended December 31, 2025. Any of these factors, in whole or in part, could materially and adversely affect the Company’s business, results of operations, financial condition, and the price of the Common Stock. Other than the risk factors set forth below, there have been no material changes to the principal risks that the Company believes are material to the Company’s business, results of operations, and financial condition from those included in the 2025 Annual Report on Form 10-K for the year ended December 31, 2025.

We may fail to realize the anticipated benefits of the Dust Acquisition and may assume unanticipated liabilities.

The success of the Dust Acquisition will depend on, among other things, our ability to integrate the transferred businesses in a manner that realizes the various benefits, growth opportunities and synergies that we have identified. Our ability to achieve the anticipated benefits of the Dust Acquisition is subject to a number of risks and uncertainties.

The Deferred consideration and Contingent consideration payable pursuant to the Dust Acquisition may dilute our stockholders.

Pursuant to the Dust Acquisition, we will issue additional shares of common stock for the Deferred consideration and may issue additional shares of common stock for the Contingent consideration. The issuance of shares of common stock will dilute the ownership of our stockholders.