CARPENTER ENTERPRISES, INC. D/B/A PORT CITY PAPER CO.

articipant is entitled is the benefit that can be provided from the participant's vested account. Vesting All contributions and plan earnings or losses thereon are immediately and fully vested and non-forfeitable. 5 Table of Contents Carpenter Technology 401(k) Retirement Plan Notes to Financial Statements December 31, 2025 and 2024 Notes Receivable from Participants Participants may borrow from their accounts a minimum of $ 1,000 up to a maximum equal to the lesser of $ 50,000 minus the amount of the highest outstanding loan balance on any plan loan during the preceding twelve months, or 50 % of their vested account balance minus the current outstanding balance on any other plan loan. Terms range from one to five years for a general purpose loan, and one to ten years for a primary residen

s from other qualified benefit plans. Participant contributions to the Plan are recorded in the period that payroll deductions are made from the participants. The Plan includes an auto-enrollment provision whereby all new eligible employees are automatically enrolled in the Plan unless they affirmatively elect not to participate in the Plan. Automatically enrolled participants have their deferral rate set at 4 % of eligible compensation. Deferrals will automatically increase by 1 % annually and will continue to increase 1 % annually until a deferral rate of 15 % is attained. The Company contributes an amount equal to 3 % of each participant's base pay and a matching contribution of up to 6 %, as defined by the plan document. Participants direct the investment of all contributions into vari

ts 1,487 Contributions: Participants 34,858 Participant rollovers 2,239 Employer 29,135 Total contributions 66,232 Total additions 232,040 Benefits paid to participants ( 83,630 ) Administrative expenses ( 856 ) Total deductions ( 84,486 ) Net increase in net assets available for benefits 147,554 Transfers in 12 Net assets available for benefits, beginning of year 885,360 Net assets available for benefits, end of year $ 1,032,926 See accompanying notes to financial statements. 4 Table of Contents Carpenter Technology 401(k) Retirement Plan Notes to Financial Statements December 31, 2025 and 2024 1. Description of the Plan The following description of the Carpenter Technology 401(k) Retirement Plan (the "Plan") provides general information. A more complete description of the Plan's provisio

an investment option, all contributions are invested in an age-based default fund (based upon the participant's age), as defined in the Plan agreement. Vesting - Participants are immediately vested in all contributions, the employer match, and earnings thereon when they are made to the Plan. Fully Benefit-Responsive Investment Contracts - This investment is a general account product offered through a group annuity contract and the participant's principal and interest are fully guaranteed by the entire general account assets of the insurance company. Participant transfers may be restricted for up to 30 days in the event of excessive participant trading. If the Plan Sponsor chooses a book value payout for termination, participant transfer restrictions will apply until the money is paid to t

tions from participants 4,196,234 5,519,500 Net appreciation in fair value of investments 11,605,773 Total additions 18,011,021 Deductions: Benefits paid to participants 6,186,546 Administrative expenses 17,384 Total deductions 6,203,930 Net increase 11,807,091 Net assets available for benefits: Beginning of year 96,175,537 End of year $ 107,982,628 The accompanying notes are an integral part of these financial statements. 4 City Holding Company 401(k) Plan and Trust Notes to Financial Statements Note 1. Description of Plan The following description of the City Holding Company 401(k) Plan and Trust (the “Plan”) provides only general information. Participants should refer to the plan document for a complete description of the Plan's provisions. General - The Plan is a defined contribution s