CLEVELAND DEBURRING MACHINE COMPANY, INC.

her earnings on Roth 401(k) contributions may not be taxable at withdrawal provided the participant has met the applicable rules. Vesting Participants in the Plan are at all times fully vested in their account balance, including employee contributions, prior IBM contributions and earnings thereon, if any. Distributions Participants who have terminated employment or are eligible for in-service distributions (e.g. have reached age 59.5) may request ad hoc distributions ($ 500 minimum) or a full distribution. In addition, participants may also elect to receive the balance of their account in semi-monthly, monthly, quarterly, semi-annual or annual installments. Eligible participants may request installments over a fixed period of time or at a flat dollar amount ($ 500 minimum per period for a

ied PPP) called the Retirement Benefit Account (RBA). IBM's contributions to the Plan ended and employees can continue to make contributions to the Plan. Newly hired employees are automatically enrolled at 5 percent of eligible salary and performance pay after approximately 30 days of employment with IBM, unless they elect otherwise. Participants are able to choose to have their contributions invested entirely in one of, or in any combination of, the 35 primary funds and about 160 mutual and commingled funds in the Expanded Choice - Select Funds, in multiples of one percent. If participants do not make an investment election, then contributions will be invested in the default Target Retirement fund that most closely corresponds to the year in which they will reach age 65 . Participants may

icipants 955,181 Transfers from acquired company benefit plans 263,070 Total additions 10,381,207 Deductions from net assets attributed to: Distributions to participants 6,593,690 Administrative Expenses, Net 40,094 Total deductions 6,633,783 Net increase in net assets during the year $ 3,747,424 Net assets available for benefits: Beginning of year $ 59,862,206 End of year $ 63,609,630 The accompanying notes are an integral part of these financial statements. 5 IBM 401(k) PLAN NOTES TO FINANCIAL STATEMENTS NOTE 1 - DESCRIPTION OF THE PLAN The following description of the IBM 401(k) Plan (the “Plan”) provides only general information. Participants should refer to the Plan prospectus (Summary Plan Description) and applicable Summaries of Material Modification (SMM) for a complete description

ber 31 $ 619 $ 692 $ 15 $ 19 DEFINED CONTRIBUTION PLANS Most employees are eligible to participate in various defined contribution plans. Certain of these plans have features with matching contributions or other Company contributions based on our financial results. Company contributions to these plans are expensed as incurred. Total expense from these plans was $ 59 million, $ 63 million and $ 59 million in 2025, 2024 and 2023, respectively. MULTlEMPLOYER PLANS We contribute to multiemployer pension plans according to collective bargaining agreements that cover certain union-represented employees. The risks of participating in these multiemployer plans are different from the risks of participating in single-employer pension plans in the following respects: • Assets contributed to a multiem

13.48 — 20.11 — 21.05 Outstanding at end of year 0.2 $ 11.86 0.2 $ 11.77 0.5 $ 9.59 Exercisable at end of year 0.2 $ 11.86 0.2 $ 11.77 0.5 $ 9.59 Stock options granted to date are fully vested with an expiration date of ten years from the date of grant. The total intrinsic value of options exercised in 2025 and 2024 was nominal and $ 4 million, respectively. As of December 31, 2025, all outstanding options were exercisable. For options outstanding as of December 31, 2025, the weighted-average remaining contractual life was 2.3 years and the aggregate intrinsic value was $ 1 million. The fair value of stock options is estimated on the date of grant using a Black-Scholes model using the grant date price of our common shares, the option exercise price, the option’s expected term, the volatili

ant synergy opportunities from the Stelco Acquisition were identified and achieved, including asset and capital expenditure optimization, procurement savings, selling, general and administrative expenses, duplicative public company costs and other opportunities. IMPROVE FINANCIAL FLEXIBILITY Given the cyclicality of our business, it is important to us to be in the financial position to easily withstand economic cycles and be opportunistic when attractive strategic opportunities arise. Since becoming a steel company in 2020, we have demonstrated our ability to generate healthy free cash flow and use it to reduce substantial amounts of debt, return capital to shareholders, and make investments to both improve and grow our business. We have a track record of demonstrating that we can quickly