AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 3/6 · 18/10/2026
Moat69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Explicit legal exclusion of electric distribution competition establishes a strong current barrier in Virginia Power's territories. It does not extend to every generation or transmission activity.
durability · 3/4 · Territorial protection and solar contracts generally lasting 16–25 years support durable advantages. A disclosed nuclear license extension supports asset longevity, although operating permission alone does not guarantee economic returns.
customer dependency · 3/4 · Customers depend on protected distribution service, and South Carolina electric accounts grew from 790,000 in 2023 to 818,000 in 2025. This is indirect evidence of continuing demand, not a measured retention rate; large gas customers have fuel alternatives.
erosion resilience · 2/4 · Distribution protection and realized regulatory recoveries provide resilience, but transmission competition has already increased. Generation choice and potential distributed supply limit protection; the latter remains a prospective risk rather than demonstrated displacement.
Pricing power56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 3/4 · DESC reported a $127 million after-tax benefit from base-rate-case and gas stabilization impacts in 2025. First-half 2026 operating cash flow benefited by $754 million from electric utility riders and the biennial review. These demonstrate meaningful realized regulatory recovery, rather than unrestricted price-setting power.
retention · 3/4 · Protected distribution service, rising customer accounts and long-term solar purchase agreements support continuing demand and contractual persistence. This assessment is indirect; gross additions do not measure customer churn, and gas customers can substitute fuels.
margin resilience · 2/4 · Rate mechanisms and regulatory recoveries offset some operating pressures: DESC's net income contribution rose despite higher administrative costs and depreciation. Lower fuel recoveries and higher interest payments nevertheless absorbed much of the first-half 2026 cash-flow benefit. Protection is meaningful but incomplete.
contractual freedom · 1/4 · Disclosed commission control over DESC distribution rates directly limits pricing discretion. Long-term solar contracts protect sales but do not establish unilateral repricing rights. The supplied evidence supports constrained freedom, rather than missing evidence alone.
Predictability—
Missing exact annual revenue, free cash flow or FCF margin; operating cash flow and capex must both be reported for all five years.
Financial strength—
Missing required inputs: debtFcfGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- netDebtEbitGrade
- 0.00
- interestCoverageGrade
- 10.75
- currentRatioGrade
- 1.82
- Net debt / operating income (x)
- 11.03
- Interest coverage (x)
- 2.18
- Current ratio (x)
- 0.77
Capital allocation—
Missing required inputs: cashConversionGrade. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 5.00
- 3-year average dilution (%)
- 1.21
- 3-year average SBC / revenue (%)
- 0.33
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · First-half 2026 operating cash flow of $2.457 billion fell well short of $5.799 billion of plant additions, before $1.174 billion of common dividends. Debt financing, increased share counts and impairment charges temper the assessment. Affirmed credit ratings with improved outlooks and no covenant defaults provide counterweights; investment returns and impairment causes are insufficiently detailed to conclude either strong discipline or wholesale capital destruction.
incentive alignment · 3/4 · Actual compensation outcomes demonstrate downside sensitivity: the 2023 CEO performance grant paid 46.5% of target and the CEO performance-based stock award did not pay out. Granted multi-year awards weight relative TSR and cumulative operating EPS, with ownership guidelines and double-trigger benefits adding structural alignment. Actual ownership compliance and eventual 2025–2027 payouts remain unestablished.
execution · 2/4 · Reported completed solar capacity, customer and data-center connections, a nuclear license extension and offshore construction milestones demonstrate operating progress. The CEO's claim of meeting financial goals is explicitly an issuer characterization. Higher impairment charges and lower first-half 2026 continuing EPS temper the result; the passages do not establish final offshore project cost or completion performance.
governance · 2/4 · Disclosed independent committees, a lead independent director, annual elections, majority voting and actual auditor-service pre-approvals support oversight. Combined chair/CEO leadership and an acknowledged accounting restatement temper that evidence. The passages do not establish the restatement's severity, remediation or the outcomes of proposed shareholder resolutions.
Evidence
Competition There is no competition for electric distribution service within Virginia Power’s service territory in Virginia and North Carolina and no such competition is currently permitted.
Business / Virginia Power / Competition · Filed 23/02/2026
Currently, North Carolina does not offer retail choice to electric customers.
Business / Virginia Power / Competition / North Carolina retail choice · Filed 23/02/2026
10 Virginia Power’s non-jurisdictional solar operations are not currently subject to significant competition as the output from these facilities is primarily sold under long-term power purchase agreements with terms generally ranging from 16 to 25 years.
Business / Virginia Power / Non-jurisdictional solar competition · Filed 23/02/2026
2023 Increase (Decrease) Amount EPS (millions, except EPS) Weather $ 92 $ 0.11 Customer usage and other factors (6 ) (0.01 ) Customer-elected rate impacts 63 0.08 Impact of 2023 Virginia legislation (142 ) (0.17 ) Rider equity return 349 0.42 Electric capacity (19 ) (0.02 ) Storm damage and restoration costs (12 ) (0.01 ) Planned outage costs (24 ) (0.03 ) Nuclear production tax credit 89 0.11 Sale of noncontrolling interest (50 ) (0.06 ) Depreciation and amortization (2 ) — Interest expense, net 39 0.05 Other (50 ) (0.07 ) Share dilution — (0.01 ) Change in net income contribution $ 327 $ 0.39 Dominion Energy South Carolina Presented below are selected operating statistics related to Dominion Energy South Carolina’s operations: Year Ended December 31, 2025 % Change 2024 % Change 2023 Electricity delivered (million MWh) 22.2 1 % 22.0 — % 21.9 Electricity supplied (million MWh) 23.3 1 23.1 — 23.0 Degree days (electric distribution service areas): Cooling 772 (10 ) 855 18 725 Heating 1,388 29 1,078 18 917 Gas distribution throughput (bcf): Sales 68 8 63 (5 ) 66 Average distribution customer accounts (thousands): Electric 818 1 806 2 790 Gas 472 3 460 4 443 Presented below, on an after-tax basis, are the key factors impacting Dominion Energy South Carolina’s net income contribution: 2025 VS.
MD&A / Dominion Energy South Carolina / Operating statistics · Filed 23/02/2026
However, competition from non-incumbent PJM transmission owners for development, construction and ownership of certain transmission facilities in Virginia Power’s service territory is permitted pursuant to Order 1000, subject to state and local siting and permitting approvals.
Business / Virginia Power / Transmission competition · Filed 23/02/2026
This has resulted in additional competition to build and own transmission infrastructure in Virginia Power’s service area and allows Dominion Energy to seek opportunities to build and own facilities in other service territories, for example, through Valley Link.
Business / Virginia Power / Additional transmission competition · Filed 23/02/2026
Additionally, there is some competition for Virginia Power’s generation operations for Virginia jurisdictional electric utility customers that meet certain size requirements or that currently are purchasing energy from competitive suppliers deemed to be 100% renewable by the Virginia Commission.
Business / Virginia Power / Generation competition · Filed 23/02/2026
However, advances in distributed generation technologies, such as solar cells, gas microturbines, battery storage and fuel cells, may make these alternative generation methods competitive with large-scale utility generation, and change how customers acquire or use the Companies’ services.
Risk factors / Distributed generation alternatives · Filed 23/02/2026
2024 Increase (Decrease) Amount EPS (millions, except EPS) Weather $ 2 $ — Customer usage and other factors 32 0.04 Customer-elected rate impacts 11 0.01 Base rate case & Natural Gas Rate Stabilization Act impacts 127 0.15 Capital cost rider (8 ) (0.01 ) Depreciation and amortization (17 ) (0.02 ) Salaries, wages and benefits & administrative costs (29 ) (0.03 ) Interest expense, net 4 — Other 15 0.03 Share dilution — (0.01 ) Change in net income contribution $ 137 $ 0.16 2024 VS.
MD&A / Dominion Energy South Carolina / 2025 net income contribution bridge · Filed 23/02/2026
Operating Cash Flows Net cash provided by Dominion Energy’s operating activities increased $28 million, primarily due to higher operating cash flows from electric utility operations driven by riders and impacts from the 2025 Biennial Review ($754 million), partially offset by lower deferred fuel and purchased gas cost recoveries ($251 million), an increase in interest payments primarily driven by higher borrowings ($231 million) and lower settlements of interest rate swaps ($230 million).
MD&A / Liquidity / Operating cash flows · Filed 31/07/2026
Regulation DESC’s electric distribution service, including the rates it may charge to jurisdictional customers, is subject to regulation by the South Carolina Commission.
Business / DESC / Regulation of distribution rates · Filed 23/02/2026
12 DOMINION ENERGY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended June 30, 2026 2025 (millions) Operating Activities Net income including noncontrolling interests $ 1,114 $ 1,525 Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: Depreciation and amortization (including nuclear fuel) 1,394 1,316 Deferred income taxes 316 192 Deferred investment tax credits (benefits) (14 ) (19 ) Impairment of assets and other charges (benefits) 856 97 Net (gains) losses on nuclear decommissioning trust funds and other investments (350 ) (173 ) Other adjustments (53 ) (12 ) Changes in: Accounts receivable 44 (8 ) Inventories (44 ) (56 ) Deferred fuel and purchased gas costs, net (804 ) (553 ) Prepayments and deposits, net (339 ) (99 ) Accounts payable 33 14 Accrued interest, payroll and taxes (144 ) (89 ) Net realized and unrealized changes related to derivative activities 348 481 Pension and other postretirement benefits (113 ) (141 ) Other operating assets and liabilities 213 (46 ) Net cash provided by operating activities 2,457 2,429 Investing Activities Plant construction and other property additions (including nuclear fuel) (5,799 ) (6,216 ) Acquisition of solar development projects (8 ) (10 ) Proceeds from sales of securities 2,308 1,694 Purchases of securities (2,394 ) (1,748 ) Contributions to equity method affiliates (3 ) (17 ) Other (95 ) (88 ) Net cash used in investing activities (5,991 ) (6,385 ) Financing Activities Issuance (repayment) of short-term debt, net 5 1,275 364-day term loan facility borrowings 1,250 — Issuance of long-term debt 4,475 4,200 Repayment of long-term debt (1,313 ) (750 ) Repayment of securitization bonds (85 ) (80 ) Supplemental credit facility borrowings 1,000 — Supplemental credit facility repayments (800 ) — Proceeds from sale of noncontrolling interest in OSWP — (88 ) Contributions from Stonepeak to OSWP 370 724 Distributions from OSWP to Stonepeak (168 ) (106 ) Issuance of common stock 38 70 Common dividend payments (1,174 ) (1,138 ) Other (40 ) (103 ) Net cash provided by financing activities 3,558 4,004 Increase (decrease) in cash, restricted cash and equivalents 24 48 Cash, restricted cash and equivalents at beginning of period 343 365 Cash, restricted cash and equivalents at end of period $ 367 $ 413 See Note 2 for disclosure of supplemental cash flow information.
Consolidated statements of cash flows / Six months ended June 30, 2026 · Filed 31/07/2026
Large commercial and industrial customers often have the ability to switch from natural gas to an alternate fuel, such as propane or fuel oil.
Business / DESC / Natural gas fuel substitution · Filed 23/02/2026
The majority of these earnings are generated during the heating season, which is generally from November to March; however, South Carolina has certain rate mechanisms designed to reduce the impact of weather-related fluctuations.
Business / DESC / Seasonal earnings and weather rate mechanisms · Filed 23/02/2026
80 Virginia Electric and Power Company Consolidated Statements of Cash Flows Year Ended December 31, 2025 2024 2023 (millions) Operating Activities Net income including noncontrolling interests $ 2,168 $ 1,844 $ 1,442 Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: Depreciation and amortization (including nuclear fuel) 1,787 1,802 2,034 Deferred income taxes 270 381 502 Deferred investment tax credits (benefits) (24 ) (20 ) (5 ) Impairment of assets and other charges 516 292 130 Net (gains) losses on nuclear decommissioning trust funds and other investments (81 ) (97 ) (68 ) Other adjustments (93 ) (44 ) 237 Changes in: Accounts receivable (367 ) 51 1 Affiliated receivables and payables 75 46 (188 ) Inventories (102 ) (65 ) (165 ) Prepayments and deposits, net (55 ) 34 289 Deferred fuel expenses, net (744 ) 304 538 Accounts payable 57 (21 ) (43 ) Accrued interest, payroll and taxes 84 73 23 Net realized and unrealized changes related to derivative activities 108 153 451 Other operating assets and liabilities 257 (147 ) (363 ) Net cash provided by operating activities 3,856 4,586 4,815 Investing Activities Plant construction and other property additions (10,333 ) (9,760 ) (6,978 ) Purchases of nuclear fuel (199 ) (168 ) (194 ) Acquisition of solar development projects (12 ) (40 ) (24 ) Proceeds from sales of securities 5,741 1,925 1,876 Purchases of securities (5,808 ) (2,011 ) (1,987 ) Other (100 ) 8 19 Net cash used in investing activities (10,711 ) (10,046 ) (7,288 ) Financing Activities Issuance (repayment) of short-term debt, net (275 ) 495 (486 ) Issuance (repayment) of affiliated current borrowings, net 673 — (1,524 ) Issuance and remarketing of long-term debt 3,172 2,443 2,660 Repayment and repurchase of long-term debt (572 ) (593 ) (1,308 ) Issuance of common stock 3,500 — 3,250 Issuance of securitization bonds — 1,282 — Repayment of securitization bonds (163 ) (65 ) — Proceeds from sale of noncontrolling interest in OSWP (88 ) 2,558 — Contributions from Stonepeak to OSWP 1,569 377 — Distributions from OSWP to Stonepeak (241 ) — — Common dividend payments to parent (957 ) (850 ) — Other 262 (71 ) (53 ) Net cash provided by financing activities 6,880 5,576 2,539 Increase in cash, restricted cash and equivalents 25 116 66 Cash, restricted cash and equivalents at beginning of year 206 90 24 Cash, restricted cash and equivalents at end of year $ 231 $ 206 $ 90 See Note 2 for disclosure of supplemental cash flow information.
Virginia Power / Consolidated statements of cash flows / 2023–2025 · Filed 23/02/2026
24 Note 5. Earnings Per Share The following table presents the calculation of Dominion Energy’s basic and diluted EPS: Quarter-to-Date Year-to-Date Period Ended June 30, 2026 2025 2026 2025 (millions, except EPS) Net income attributable to Dominion Energy from continuing operations $ 341 $ 759 $ 963 $ 1,425 Preferred stock dividends (see Note 15) (11 ) (11 ) (22 ) (22 ) Net income attributable to Dominion Energy from continuing operations - Basic & Diluted 330 748 941 1,403 Net income (loss) attributable to Dominion Energy from discontinued operations - Basic & Diluted $ (1 ) $ 1 $ (2 ) $ — Average shares of common stock outstanding - Basic 879.5 852.9 879.2 852.5 Net effect of dilutive securities(1) 2.6 0.3 1.9 0.2 Average shares of common stock outstanding - Diluted 882.1 853.2 881.1 852.7 EPS from continuing operations - Basic $ 0.37 $ 0.88 $ 1.07 $ 1.65 EPS from discontinued operations - Basic — — — — EPS attributable to Dominion Energy - Basic $ 0.37 $ 0.88 $ 1.07 $ 1.65 EPS from continuing operations - Diluted $ 0.37 $ 0.88 $ 1.07 $ 1.65 EPS from discontinued operations - Diluted — — — — EPS attributable to Dominion Energy - Diluted $ 0.37 $ 0.88 $ 1.07 $ 1.65 (1) Dilutive securities for three months ended June 30, 2026, consists of forward sales agreements entered into in the second and third quarters of 2025 and first and second quarters of 2026 (applying the treasury stock method).
Note 5 / Earnings per share and diluted share counts · Filed 31/07/2026
In May 2026, Dominion Energy’s credit ratings were revised as follows: Moody’s affirmed its credit ratings and revised its outlook from negative to positive; Standard & Poor’s affirmed its credit ratings and revised its outlook from stable to positive; and Fitch affirmed its credit ratings and revised its outlook from stable to positive watch.
Liquidity / May 2026 credit rating outlook changes · Filed 31/07/2026
At June 30, 2026, there 72 have been no material changes to these covenants, nor any events of default under these covenants.
Liquidity / Financial covenant compliance · Filed 31/07/2026
Summer nuclear power station, allowing it to operate until 2062 and celebrated 50 years of service by Millstone Power Station Unit 2 Supported $7.4 billion in new economic development and 3,640 new jobs in Virginia, North Carolina and South Carolina through our work Obtained approval for a new rate class for high-energy users, including data centers, as well as new consumer protections intended to have these customers continue to pay the full cost of their service Placed ~2,700 miles of the most outage-prone distribution lines underground from 2014 to 2025 Executed definitive agreements with Commonwealth Fusion Systems, which is developing what it hopes will be the first commercial fusion reactor on land owned by Dominion Energy Brought 256 MW of new solar online and sought approval for 11 solar and battery projects totaling $2.9 billion $40+ million contributed to social betterment through our charitable foundation, energy assistance, and other programs in 2025 Welcomed 11,077 new electric customers, for a growth rate of 1.4%, and 12,605 new gas customers, for a growth rate of 2.7%, in South Carolina Connected 11 data centers with a combined capacity of 744 MW, and had more than 48 GW of capacity in various stages of contracting as of December 2025 116,000+ hours volunteered by our employees in 2025 1 See Reconciliation of Reported Earnings (GAAP) to Operating Earnings (non-GAAP) in Appendix A.
Proxy / Operating highlights / License extension, infrastructure and customer connections · Filed 19/03/2026
Bob Blue | Chair, President and CEO Select Highlights In 2025, we reached our financial goals, delivered on our forecasts and retained our strong credit profile while achieving $3.45 per share in reported earnings and $3.42 per share in operating earnings.1 As we begin 2026, Dominion Energy’s core value of excellence continues to drive our execution of projects large and small, including: • Installing all 176 monopile foundations, 126 of the 176 transition pieces that connect the monopiles to the turbine towers, all three offshore substations and all deepwater offshore export cables for our CVOW commercial project (as of late February 2026); and • Charybdis, the nation’s first Jones Act-compliant offshore wind turbine installation vessel, is now based at Virginia’s Portsmouth Marine Terminal, where it is supporting the CVOW commercial project construction.
Proxy / CEO letter / Financial claims and construction milestones · Filed 19/03/2026
2025 Compensation Highlights 2025 Annual Incentive Plan paid at 108% of target for the CEO 2023 CEO Performance Grant paid at 46.5% of target primarily due to missed relative TSR goal (CEO performance-based stock award did not pay out) 100% of the CEO’s 2025 LTIP awards were performance-based Financial Performance • Produced reported earnings of $3.45 per share in 2025, while operating EPS was $3.42*, which included $79 million, or $0.09 per share, of RNG 45Z tax credit income ($3.33 exclusive of RNG 45Z tax credit income) • Achieved a TSR of 13.9% and paid annual dividends of $2.67 per share and marked 391 consecutive quarters of dividend payments * See Reconciliation of Reported Earnings (GAAP) to Operating Earnings (non-GAAP) in Appendix A.
Proxy / 2025 compensation highlights / Actual payouts · Filed 19/03/2026
The PSUs were granted with a target number of units with potential payouts ranging from 0% to 200% of such target based on Dominion Energy’s three-year (2025 – 2027) TSR relative to the companies in the 2025 Compensation Peer Group (weighted 50%); Dominion Energy’s cumulative operating EPS over a three-year (2025 – 2027) period (weighted 40%); and our Non-Carbon Emitting Generation Capacity (NCGC) performance (weighted 10%) as of December 31, 2027.
Proxy / Granted 2025–2027 performance share units / Metrics and weights · Filed 19/03/2026
Targeted ownership levels are the following values: Position Value of Shares Chair, President and Chief Executive Officer 6 x salary Executive Vice President – Dominion Energy 4 x salary President – Dominion Energy Subsidiaries 3 x salary Senior Vice President – Dominion Energy & Subsidiaries 3 x salary Vice President – Dominion Energy & Subsidiaries 2 x salary 58 DOMINION ENERGY | 2026 PROXY STATEMENT The levels of ownership reflect the increasing level of responsibility for each officer’s position.
Proxy / Share ownership guidelines / Target multiples · Filed 19/03/2026
The Employment Continuity Agreements are double-trigger, meaning they require both a change in control and a qualifying termination of employment to trigger most benefits.
Proxy / Employment continuity agreements / Double-trigger benefits · Filed 19/03/2026
Voting Roadmap Experience of our Director Nominees CORPORATE GOVERNANCE HIGHLIGHTS COMPOSITION OF OUR DIRECTOR NOMINEES1 Industry Board Composition and Independence · All independent directors except for Board Chair · Independent Lead Director with clearly defined role and responsibilities · 100% independent Board committees · Independent directors meet in non-management executive session at each regularly scheduled Board meeting Robust Shareholder Rights · Annual election of all directors · Majority voting standard for uncontested elections of directors with a resignation policy for directors who fail to receive majority support · Ability for shareholders to call a special shareholder meeting · Ability for shareholders to nominate directors through proxy access Board and Committee Governance Practices · Updated Bylaws to facilitate succession planning in 2025 · Refreshed committee structure and membership in 2024 · Regular Board refreshment and a resignation policy for directors who reach the age of 75 · Annual Board and committee evaluations, including individual director interviews led by the independent Lead Director · Robust director and executive share ownership guidelines 8.5 Average Years Tenure 63.9 Average Age 1 As of March 1, 2026.
Proxy / Governance highlights / Independence and shareholder rights · Filed 19/03/2026
(4) As a result of the company’s accounting restatement, the amounts set forth for Net Income in 2023 and 2024 have been revised.
Proxy / Pay versus performance footnote / Accounting restatement · Filed 19/03/2026
All services performed in 2025 and 2024 by the independent auditor were approved by the Dominion Energy Audit Committee pursuant to the pre-approval policy.
Auditor services / Actual Audit Committee pre-approvals · Filed 23/02/2026
The filings with the Virginia, North Carolina and South Carolina Commissions included proposals for an aggregate amount of $2.25 billion of customer rate credits, including approximately $1.78 billion to customers in Virginia, for utility customers allocated based on usage and payable over two years following closing along with an aggregate increase in charitable commitments of $10 million per year for five years following closing with such amounts to be funded by NextEra Energy.
Merger disclosures / Proposed customer credits and charitable commitments · Filed 31/07/2026
The NextEra Energy Merger Agreement contains customary termination rights for each of Dominion Energy and NextEra Energy, including if the NextEra Energy Merger has not been consummated by November 2027, subject to extension to August 2028 in certain circumstances, if either of the required shareholder approvals is not obtained, or due to certain breaches of the NextEra Energy Merger Agreement.
Merger disclosures / Termination rights and conditional completion · Filed 31/07/2026
