Wolverine World Wide Inc.

11/12/2026 | Press release | Distributed by Public on 11/12/2026 10:24

Quarterly Report for Quarter Ending October 3, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
The following is a discussion of the Company's results of operations and liquidity and capital resources. This section should be read in conjunction with the Company's consolidated condensed financial statements and related notes included elsewhere in this Quarterly Report.
BUSINESS OVERVIEW
The Company is a leading global footwear and apparel company driven by a vision to Make. Every Day. Better. The Company's brands are sold in approximately 170 countries and territories at October 3, 2026, including through owned operations in the U.S., Canada, the United Kingdom and certain countries in continental Europe and Asia Pacific. In other regions (Latin America, portions of Europe and Asia Pacific, the Middle East and Africa), the Company relies on a network of third-party distributors, licensees and joint ventures. At October 3, 2026, the Company operated 122 retail stores in the U.S., United Kingdom, Ireland and Italy and 41 direct-to-consumer eCommerce sites.
Known Trends Impacting Our Business
On February 20, 2026, the U.S. Supreme Court ruled that U.S. tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") on goods imported into the U.S. were unauthorized. In March 2026, the U.S. Court of International Trade ordered U.S. Customs and Border Protection ("CBP") to suspend collection of the invalidated tariffs and to establish a process to refund IEEPA tariffs previously collected. The total amount of IEEPA tariffs paid by the Company as of the date of the ruling was $35.9 million. The Company submitted refund claims through the portal established by CBP for $34.0 million. As of October 3, 2026, the Company had received refunds of $35.3 million for IEEPA tariffs previously paid, which included $1.3 million of interest. Of this amount, $33.9 million was recognized in earnings, including a benefit of $32.6 million recognized as a reduction to cost of goods sold and $1.3 million of interest income included in interest expense, net, on the consolidated condensed statements of operations and comprehensive income, and $1.4 million was recognized as a reduction of inventory.
As of October 3, 2026, the Company has not recognized an asset in relation to further IEEPA tariff refund claims. The Company will continue to monitor changes to the import and export policies of the U.S. and other countries that could impact its financial position, results of operations and cash flows.
The Company's revenue from sales to customers in the Middle East represents approximately 1% of total revenue and is managed by third-party distributors. The Company is closely monitoring the ongoing conflict in the Middle East to determine the potential impacts on the Company's business, which may include a reduction in distributor revenue and an increase in product input costs and transportation costs associated with elevated oil costs.
2026 FINANCIAL OVERVIEW
•Revenue was $505.4 million for the third quarter of 2026, representing an increase of 7.5% compared to the third quarter of 2025.
•Gross margin was 54.6% in the third quarter of 2026 compared to 47.5% in the third quarter of 2025. The third quarter of 2026 gross margin included 640 basis point benefit from IEEPA tariff refunds.
•The effective tax rates in the third quarters of 2026 and 2025 were 20.7% and 20.5%, respectively.
•Diluted earnings per share for the third quarter of 2026 was $0.78 compared to $0.30 for the third quarter of 2025. The third quarter of 2026 diluted earnings per share included $0.31 benefit from IEEPA tariff refunds.
•The Company declared cash dividends of $0.10 per share in the third quarters of both 2026 and 2025.
•Cash flow provided by operating activities was $73.6 million for the first three quarters of 2026 compared to cash flow used in operating activities of $6.2 million for the first three quarters of 2025.
•Compared to the third quarter of 2025, inventory as of the end of the third quarter of 2026 decreased $14.3 million, or 4.9%.
RESULTS OF OPERATIONS
Quarter Ended Year-To-Date Ended
(In millions, except per share data) October 3,
2026 		September 27,
2025 		Percent
Change 		October 3,
2026 		September 27,
2025 		Percent
Change
Revenue $ 505.4 $ 470.3 7.5 % $ 1,469.4 $ 1,356.8 8.3 %
Cost of goods sold 229.3 247.1 (7.2) % 740.2 713.5 3.7 %
Gross profit 276.1 223.2 23.7 % 729.2 643.3 13.4 %
Selling, general and administrative expenses 186.0 183.1 1.6 % 556.1 537.5 3.5 %
Environmental and other related costs, net of recoveries 0.4 0.5 (20.0) % 2.2 4.5 (51.1) %
Operating profit 89.7 39.6 126.5 % 170.9 101.3 68.7 %
Interest expense, net 4.8 8.1 (40.7) % 18.4 24.6 (25.2) %
Other expense (income), net 0.2 (1.6) 112.5 % (0.6) (4.5) 86.7 %
Earnings before income taxes 84.7 33.1 155.9 % 153.1 81.2 88.5 %
Income tax expense 17.6 6.8 158.8 % 30.7 12.7 141.7 %
Net earnings 67.1 26.3 155.1 % 122.4 68.5 78.7 %
Less: net earnings attributable to noncontrolling interests 1.3 1.2 8.3 % 5.2 4.5 15.6 %
Net earnings attributable to Wolverine World Wide, Inc. $ 65.8 $ 25.1 162.2 % $ 117.2 $ 64.0 83.1 %
Diluted earnings per share $ 0.78 $ 0.30 160.0 % $ 1.40 $ 0.76 84.2 %
REVENUE
Revenue was $505.4 million for the third quarter of 2026, representing an increase of $35.1 million compared to the third quarter of 2025. The change in revenue reflected a $35.0 million, or 9.9%, increase from the Active Group, a $1.0 million, or 0.9%, increase from the Work Group, and a $0.9 million, or 7.8%, decrease from the Other category. The Active Group's revenue increase was driven by increases of $25.9 million from Saucony®, $11.0 million from Merrell®, and $1.2 million from Chaco®, partially offset by a decrease of $3.1 million from Sweaty Betty®. The Work Group's revenue increase was primarily driven by increases of $2.1 million from Harley-Davidson® and $0.7 million from HYTEST®, partially offset by a decrease of $1.8 million from Wolverine®. The decrease in Other revenue was primarily driven by a decrease in Hush Puppies® royalty revenue. Changes in foreign exchange rates decreased revenue by $0.9 million during the third quarter of 2026. Direct-to-consumer revenue increased during the third quarter of 2026 by $2.3 million, or 2.2%, compared to the third quarter of 2025.
Revenue was $1,469.4 million for the first three quarters of 2026, representing an increase of $112.6 million compared to the first three quarters of 2025. The change in revenue reflected a $112.8 million, or 10.9%, increase from the Active Group, a $0.3 million, or 0.1%, increase from the Work Group, and a $0.5 million, or 1.5%, decrease from Other. The Active Group's revenue increase was driven by increases of $66.3 million from Saucony®, $47.7 million from Merrell®, and $2.3 million from Chaco®, partially offset by a decrease of $3.5 million from Sweaty Betty®. The Work Group's revenue increase was primarily driven by increases of $1.4 million from HYTEST® and $1.0 million from Harley-Davidson®, partially offset by a decrease of $2.4 million from Cat®. The decrease in Other revenue was primarily driven by a decrease in Hush Puppies® royalty revenue. Changes in foreign exchange rates increased revenue by $17.7 million during the first three quarters of 2026. Direct-to-consumer revenue increased during the first three quarters of 2026 by $5.3 million, or 1.7%, compared to the first three quarters of 2025.
GROSS MARGIN
Gross margin was 54.6% in the third quarter of 2026 compared to 47.5% in the third quarter of 2025. Gross margin was 49.6% in the first three quarters of 2026 compared to 47.4% during the first three quarters of 2025. The increase in gross margin for 2026 was primarily related to tariff refunds received, price increases, favorable foreign exchange on product costs, favorable full price mix, and tariff mitigating benefits from sourcing partners recognized in 2026, partially offset by increased tariff costs and unfavorable product and customer mix.
OPERATING EXPENSES
Operating expenses increased $2.8 million, from $183.6 million in the third quarter of 2025 to $186.4 million in the third quarter of 2026. The increase was primarily driven by higher advertising costs ($3.3 million), higher selling costs ($1.7 million), higher distribution costs ($1.2 million), and higher incentive compensation costs ($1.2 million), partially offset
by 2025 reorganization costs that did not reoccur in 2026 ($3.0 million) and lower general and administrative costs ($1.5 million).
Operating expenses increased $16.3 million, from $542.0 million in the first three quarters of 2025 to $558.3 million in the first three quarters of 2026. The increase was primarily driven by higher selling costs ($12.2 million), higher advertising costs ($10.1 million), higher incentive compensation costs ($3.9 million), higher legal settlement costs ($2.5 million), higher distribution costs ($2.1 million), and higher product development costs ($0.8 million), partially offset by 2025 reorganization costs that did not reoccur in 2026 ($6.6 million), lower general and administrative costs ($6.5 million), and lower environmental and other related costs, net of insurance recoveries ($2.3 million).
INTEREST, OTHER AND INCOME TAXES
Net interest expense was $4.8 million in the third quarter of 2026 compared to $8.1 million in the third quarter of 2025. Net interest expense was $18.4 million in the first three quarters of 2026 compared to $24.6 million in the first three quarters of 2025. The decrease in interest expense for both the quarter-to-date and year-to-date periods is primarily due to lower average principal balances of variable rate debt and interest received on the tariff refund.
Other expense was $0.2 million in the third quarter of 2026, compared to other income of $1.6 million in the third quarter of 2025. Other income was $0.6 million in the first three quarters of 2026, compared to other income of $4.5 million in the first three quarters of 2025. The decrease is due to lower pension non-service costs, lower foreign exchange gains, and lower life insurance policy gains, partially offset by lower debt extinguishment costs.
The effective tax rates in the third quarter of 2026 and 2025 were 20.7% and 20.5%, respectively. The effective tax rates in the first three quarters of 2026 and 2025 were 20.0% and 15.6%, respectively. The increase in the effective tax rate from 2025 to 2026 was primarily the result of discrete tax expenses in the current year, compared to discrete tax benefits in the prior year. The discrete tax benefits in the prior year had a larger impact on the tax rate because pretax income was lower in 2025.
REPORTABLE SEGMENTS
The Company's portfolio of brands is organized into the following reportable segments.
•Active Group, consisting of Merrell® footwear and apparel, Saucony® footwear and apparel, Sweaty Betty® activewear, and Chaco® footwear; and
•Work Group, consisting of Wolverine® footwear and apparel, Cat® footwear, Bates® uniform footwear, Harley-Davidson® footwear and HYTEST® safety footwear.
The Company also reports "Other" and "Corporate" categories. The Other category consists of Hush Puppies® footwear and apparel, sourcing operations that include third-party commission revenues, multi-branded direct-to-consumer retail store and the Stride Rite® licensed business. The Corporate category consists of unallocated corporate expenses, such as corporate employee costs, corporate facility costs, IT costs, reorganization activities, and environmental and other related costs.
The reportable segment results are as follows:
Quarter Ended Year-To-Date Ended
(In millions) October 3,
2026 		September 27,
2025 		Change Percent Change October 3,
2026 		September 27,
2025 		Change Percent
Change
REVENUE
Active Group $ 387.8 $ 352.8 $ 35.0 9.9 % $ 1,147.8 $ 1,035.0 $ 112.8 10.9 %
Work Group 106.9 105.9 1.0 0.9 % 288.5 288.2 0.3 0.1 %
Other 10.7 11.6 (0.9) (7.8) % 33.1 33.6 (0.5) (1.5) %
Total
$ 505.4 $ 470.3 $ 35.1 7.5 % $ 1,469.4 $ 1,356.8 $ 112.6 8.3 %
OPERATING PROFIT (LOSS)
Active Group $ 79.7 $ 65.4 $ 14.3 21.9 % $ 217.3 $ 188.2 $ 29.1 15.5 %
Work Group 19.6 19.8 (0.2) (1.0) % 42.9 47.2 (4.3) (9.1) %
Other 7.2 7.7 (0.5) (6.5) % 22.7 23.3 (0.6) (2.6) %
Corporate
(16.8) (53.3) 36.5 68.5 % (112.0) (157.4) 45.4 28.8 %
Total
$ 89.7 $ 39.6 $ 50.1 126.5 % $ 170.9 $ 101.3 $ 69.6 68.7 %
Further information regarding the reportable segments can be found in Note 16 to the consolidated condensed financial statements.
Active Group
The Active Group's revenue increased $35.0 million, or 9.9%, in the third quarter of 2026 compared to the third quarter of 2025. The revenue increase was driven by increases of $25.9 million from Saucony®, $11.0 million from Merrell®, and $1.2 million from Chaco®, partially offset by a decrease of $3.1 million from Sweaty Betty®. The Active Group's revenue increased $112.8 million, or 10.9%, in the first three quarters of 2026 compared to the first three quarters of 2025. The revenue increase was driven by increases of $66.3 million from Saucony®, $47.7 million from Merrell®, and $2.3 million from Chaco®, partially offset by a decrease of $3.5 million from Sweaty Betty®. The Saucony® increase was primarily driven by performance growth in the U.S. and EMEA and lifestyle expansion in EMEA. The Merrell® increase was primarily driven by strong demand across its core Moab and Moab Speed franchises, coupled with continued momentum on the new Agility Peak 6. The Chaco® increase was driven by increased demand within the North American market. The Sweaty Betty® decrease is primarily due to declines in the U.S. and increased promotional activity within the U.K.
The Active Group's operating profit increased $14.3 million, or 21.9%, in the third quarter of 2026 compared to the third quarter of 2025. The operating profit increase was due to revenue increases and a 120 basis point increase in gross margin, partially offset by a $7.5 million increase in selling, general and administrative expenses. The increase in gross margin in the current year period was primarily due to favorable foreign exchange on product costs, favorable channel mix, and price increases, partially offset by increased U.S. tariff costs and unfavorable product and customer mix. The increase in selling, general and administrative expenses in the current year period was primarily due to higher advertising, selling, and general and administrative costs.
The Active Group's operating profit increased $29.1 million, or 15.5%, in the first three quarters of 2026 compared to the first three quarters of 2025. The operating profit increase was due to revenue increases, partially offset by a 50 basis point decrease in gross margin and a $20.7 million increase in selling, general and administrative expenses. The decrease in gross margin in the current year period was primarily due to increased U.S. tariff costs, partially offset by price increases. The increase in selling, general and administrative expenses in the current year periods was primarily due to higher advertising, selling, distribution, and product development costs.
Work Group
The Work Group's revenue increased $1.0 million, or 0.9%, in the third quarter of 2026 compared to the third quarter of 2025. The Work Group's revenue increase was primarily driven by increases of $2.1 million from Harley-Davidson® and $0.7 million from HYTEST®, partially offset by a decrease of $1.8 million from Wolverine®. The Harley-Davidson® increase was primarily due to a new distribution partner within the EMEA market and increased consumer demand in the U.S. wholesale channel. The HYTEST® increase was primarily due to initial shipments to wholesale customers of the newly launched Endeavor boot. The Wolverine® decrease was primarily due to lower U.S. wholesale revenue as the brand continues to recalibrate the U.S. marketplace.
The Work Group's revenue increased $0.3 million, or 0.1%, during the first three quarters of 2026 compared to the first three quarters of 2025. The Work Group's revenue increase was primarily driven by increases of $1.4 million from HYTEST® and $1.0 million from Harley-Davidson®, partially offset by a decrease of $2.4 million from Cat®. The HYTEST® increase was primarily due to initial shipments to wholesale customers of the newly launched Endeavor boot and increased liquidations of aged inventory. The Harley-Davidson® increase was primarily due to a new distribution partner within the EMEA market and increased consumer demand in the U.S. wholesale channel. The Cat® decrease was primarily due to decreases in consumer demand in both North America and international markets.
The Work Group's operating profit decreased $0.2 million, or 1.0%, in the third quarter of 2026 compared to the third quarter of 2025. The operating profit decrease was due to a 110 basis point decrease in gross margin, partially offset by revenue increases and a $0.5 million decrease in selling, general and administrative expenses. The decrease in gross margin in the current year period was primarily due to higher U.S. tariff costs, partially offset by price increases. The decrease in selling, general and administrative expenses in the current year periods was primarily due to lower general and administrative costs.
The Work Group's operating profit decreased $4.3 million, or 9.1%, in the first three quarters of 2026 compared to the first three quarters of 2025. The operating profit decrease was due to a 70 basis point decrease in gross margin and a $2.4 million increase in selling, general and administrative expenses. The decrease in gross margin in the current year period was primarily due to higher U.S. tariff costs, partially offset by favorable full price mix and price increases. The increase in selling, general and administrative expenses in the current year period was primarily due to higher advertising and selling costs, partially offset by lower general and administrative costs.
Other
The Other category's revenue decreased $0.9 million, or 7.8%, in the third quarter of 2026 compared to the third quarter of 2025. The Other category's revenue decreased $0.5 million, or 1.5%, in the first three quarters of 2026 compared to the first three quarters of 2025. The revenue decrease was primarily driven by a decrease in Hush Puppies® royalty revenue.
Other operating profit decreased $0.5 million, or 6.5%, in the third quarter of 2026 compared to the third quarter of 2025. Other operating profit decreased $0.6 million, or 2.6%, in the first three quarters of 2026 compared to the first three quarters of 2025. The operating profit decrease was primarily due to lower Hush Puppies® royalty revenue.
Corporate
Corporate expenses decreased $36.5 million in the third quarter of 2026 compared to the third quarter of 2025, primarily due to tariff refunds recognized during the third quarter of 2026 ($32.3 million), lower reorganization activities ($3.0 million), lower corporate general and administrative costs ($1.0 million), lower corporate depreciation and amortization ($0.8 million), and tariff mitigating benefits from sourcing partners recognized in 2026 ($0.7 million), partially offset by higher incentive compensation costs ($1.2 million).
Corporate expenses decreased $45.4 million in the first three quarters of 2026 compared to the first three quarters of 2025, primarily due to tariff refunds recognized during 2026 ($32.3 million), lower reorganization activities ($6.6 million), lower corporate software licensing costs ($5.2 million), tariff mitigating benefits from sourcing partners recognized in 2026 ($5.0 million), and lower environmental and other related costs ($2.3 million), partially offset by higher incentive compensation costs ($3.9 million) and higher legal settlement costs ($2.5 million).
LIQUIDITY AND CAPITAL RESOURCES
(In millions) October 3,
2026 		January 3,
2026 		September 27,
2025
Cash and cash equivalents $ 148.1 $ 206.3 $ 133.9
Debt 547.4 621.7 676.4
Unborrowed revolving credit facility (1)
576.6 510.5 456.0
(1)Amounts are net of both borrowings, if any, and outstanding standby letters of credit in accordance with the terms of the revolving credit facility.
Liquidity
Cash and cash equivalents of $148.1 million as of October 3, 2026 were $14.2 million higher compared to September 27, 2025. The increase is due primarily to cash provided by operating activities of $219.8 million, and effects of foreign exchange rate changes of $3.8 million, partially offset by net repayments of debt of $130.0 million, cash dividends paid of $33.6 million, purchases of common stock of $14.5 million, payments on company-owned life insurance policies of $12.4 million, employee taxes paid under stock-based compensation of $10.3 million, additions to property, plant and equipment of $8.3 million, and other net activities of $0.3 million. The Company had $576.6 million of unborrowed capacity under the Revolving Facility as of October 3, 2026. Cash and cash equivalents located in foreign jurisdictions totaled $112.7 million as of October 3, 2026.
Cash flow from operating activities is expected to be sufficient to meet the Company's working capital needs for the foreseeable future. Any excess cash flow from operating activities is expected to be used to fund organic growth initiatives, pay dividends, reduce debt, and for general corporate purposes.
The Company did not repurchase shares of its common stock during the first three quarters of both 2026 and 2025.
A detailed discussion of environmental remediation costs is found in Note 15 to the consolidated condensed financial statements. The Company has established a reserve for estimated environmental remediation costs based upon an evaluation of currently available facts with respect to each individual affected site. As of October 3, 2026, the Company had a reserve of $21.4 million, of which $8.4 million is expected to be paid in the next 12 months and is recorded as a current obligation in other accrued liabilities and the remaining $13.0 million is recorded in other liabilities and is expected to be paid over the course of up to 25 years. The Company's remediation activity at its former Tannery site and sites where the Company disposed of Tannery byproducts is ongoing. It is difficult to estimate the cost of environmental compliance and remediation given the uncertainties regarding the interpretation and enforcement of applicable environmental laws and regulations, the extent of environmental contamination and the existence of alternative cleanup methods.
Developments may occur that could materially change the Company's current cost estimates. The Company adjusts recorded liabilities as further information develops or circumstances change.
Financing Arrangements
On September 24, 2025, the Company entered into a 2025 Replacement Facility Amendment and Reaffirmation Agreement (the "Credit Agreement") which provides for a revolving credit facility (the "Revolving Facility"). The maturity date of the loans under the Revolving Facility is September 24, 2030. The Credit Agreement provides for a debt capacity of up to an aggregate debt amount (including existing revolver commitment amounts in addition to permitted incremental debt) not to exceed $850.0 million. The Revolving Facility allows the Company to borrow up to an aggregate amount of $600.0 million.
The Company's $550.0 million 4.0% senior notes issued on August 26, 2021 are due on August 15, 2029. Related interest payments are due semi-annually. The senior notes are guaranteed by substantially all of the Company's domestic subsidiaries.
As of October 3, 2026, the Company was in compliance with all covenants and performance ratios under the Credit Agreement.
The Company's debt at October 3, 2026 totaled $547.4 million compared to $621.7 million at January 3, 2026. The Company expects to use the current borrowings to fund organic growth initiatives and to be used for general corporate purposes. Lower debt is primarily due to repayment of borrowings under the Revolving Facility.
Cash Flows
The following table summarizes cash flow activities:
Year-To-Date Ended
(In millions) October 3,
2026 		September 27,
2025
Net cash provided by (used in) operating activities $ 73.6 $ (6.2)
Net cash used in investing activities (7.8) (12.9)
Net cash provided by (used in) financing activities (121.2) 1.7
Operating Activities
The principal source of the Company's operating cash flow is net earnings, including cash receipts from the sale of the Company's products, net of costs of goods sold.
For the first three quarters of 2026, an increase in net working capital represented a use of cash of $73.0 million. Working capital balances were unfavorably impacted by an increase in accounts receivable of $57.0 million, a decrease in other operating liabilities of $22.9 million, a decrease in accounts payable of $12.7 million, and an increase in inventories of $4.9 million, partially offset by a decrease in other operating assets of $24.5 million. Operating cash flows included adjustments for stock-based compensation expense of $21.1 million, depreciation and amortization of $15.8 million, other operating activities of $7.2 million, environmental and other related costs, net of cash payments, a cash outflow of $5.8 million, and deferred income taxes of $0.3 million.
Investing Activities
The Company made capital expenditures of $7.7 million and $13.9 million in the first three quarters of 2026 and 2025, respectively, for corporate headquarters building improvements, eCommerce site and information system enhancements, and for company owned stores.
Financing Activities
The current year debt activity includes net repayments under the Revolving Facility of $75.0 million. The Company paid $32.5 million in principal payments associated with its long-term debt during the first three quarters of 2025. The Company paid $12.4 million in connection with company-owned life insurance policies during the first three quarters of 2026. The Company paid $8.7 million and $9.1 million during the first three quarters of 2026 and 2025, respectively, in connection with shares or units withheld to pay employee taxes related to awards under stock incentive plans. The Company received cash proceeds from the exercise of stock options of $0.2 million and $12.2 million during the first three quarters of 2026 and 2025. The Company did not repurchase its shares in the first three quarters of 2026 or 2025.
The Company declared cash dividends of $0.30 per share during the first three quarters of 2026 and 2025. Dividends paid in the first three quarters of 2026 and 2025 totaled $25.3 million and $25.0 million, respectively. A quarterly dividend of $0.10 per share was declared on November 2, 2026 to stockholders of record on January 4, 2027.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
The preparation of the Company's consolidated condensed financial statements, which have been prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP"), requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, management evaluates these estimates. Estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Historically, actual results have not been materially different from the Company's estimates. However, actual results may differ materially from these estimates under different assumptions or conditions.
The Company has identified the critical accounting policies used in determining estimates and assumptions in the amounts reported. For information regarding our critical accounting policies refer to Part II, Item 7: "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2025 Form 10-K. Management believes there have been no material changes in those critical accounting policies.
Wolverine World Wide Inc. published this content on November 12, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 12, 2026 at 16:24 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]