SREAHIGH SIGNALFINANCIAL10-K

SREA experienced a dramatic cash depletion from $1.6B to $29M while net income declined meaningfully by 36%.

The near-complete depletion of cash reserves represents a critical liquidity concern that requires immediate attention from investors. Despite total assets growing 15%, the company's financial flexibility has been severely compromised, with rising interest expenses suggesting increased borrowing costs amid tightening cash flow conditions.

Comparing 2026-02-26 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

SREA's financial position shows concerning deterioration with cash and equivalents falling precipitously from $1.6B to just $29M, representing a fundamental shift in liquidity. Net income declined substantially to $1.8B while interest expenses increased 24% to $1.3B, indicating higher borrowing costs. Although total assets grew modestly to $110.9B, the severe cash depletion overshadows other positive metrics and signals potential operational or strategic challenges requiring urgent management attention.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-98.1%
$1.6B→$29.0M

Cash declined 98.1% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Net Income
P&L
-35.8%
$2.9B→$1.8B

Net income declined 35.8% — review whether driven by operations, interest costs, or non-recurring items.

Share Buybacks
Cash Flow
+34.9%
$43.0M→$58.0M

Share repurchases increased 34.9% — management returning capital, signals confidence in intrinsic value.

Interest Expense
P&L
+24.2%
$1.1B→$1.3B

Interest costs rose 24.2% — monitor debt levels and coverage ratio in rising rate environment.

Total Assets
Balance Sheet
+15.3%
$96.2B→$110.9B

Asset base grew 15.3% — expansion through organic growth, acquisitions, or capital deployment.

Accounts Receivable
Balance Sheet
-10.9%
$2.0B→$1.8B

Receivables declined — improved collection efficiency or conservative revenue recognition.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-25
ADDED
Management s Discussion and Analysis of Financial Condition and Results of Operations 72 Overview 72 Results of Operations by Registrant 73 Capital Resources and Liquidity 88 Critical Accounting Estimates 108 Item 7A.
Each such Registrant makes statements herein only as to itself and makes no statement whatsoever as to any other Registrant.
2025 Form 10-K | 4 Tab le of Cont ents The following terms and abbreviations appearing in this report have the meanings indicated below.
Department of Transportation DWR California Department of Water Resources ECA LNG ECA LNG Phase 1 and ECA LNG Phase 2, collectively ECA LNG Phase 1 ECA LNG Holdings B.V., a subsidiary of SI Partners that owns the ECA LNG Phase 1 project ECA LNG Phase 2 ECA LNG II Holdings B.V., a subsidiary of SI Partners that owns the ECA LNG Phase 2 project ECA Regas Facility Energ a Costa Azul, S.
Environmental Protection Agency EPC engineering, procurement and construction EPS earnings (losses) per common share 2025 Form 10-K | 5 Tab le of Cont ents GLOSSARY ERCOT Electric Reliability Council of Texas, Inc., the ISO and the regional coordinator of various electricity systems within Texas ESJ Energ a Sierra Ju rez, S.
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REMOVED
Management s Discussion and Analysis of Financial Condition and Results of Operations 66 Overview 66 Results of Operations by Registrant 67 Capital Resources and Liquidity 82 Critical Accounting Estimates 101 Item 7A.
Each such Registrant makes statements herein only as to itself and its consolidated entities and makes no statement whatsoever as to any other entity.
Department of Transportation DWR California Department of Water Resources ECA LNG ECA LNG Phase 1 and ECA LNG Phase 2, collectively ECA LNG Phase 1 ECA LNG Holdings B.V.
Environmental Protection Agency EPC engineering, procurement and construction EPS earnings (losses) per common share ERCOT Electric Reliability Council of Texas, Inc., the ISO and the regional coordinator of various electricity systems within Texas ESJ Energ a Sierra Ju rez, S.
IMG Infraestructura Marina del Golfo INEOS INEOS Energy Trading Limited, a subsidiary of INEOS Limited IOU investor-owned utility IRA Inflation Reduction Act of 2022 IRS U.S.
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