Innovate Corp.

We seek to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. As of December 31, 2025, our three operating platforms or reportable segments, based on management’s organization of the enterprise, are Infrastructure, Life Sciences and Spectrum, plus our Other segment, which includes businesses that do not meet the separately reportable segment thresholds. As of December 31, 2025, our principal operating subsidiaries include the following assets: (i) DBM Global Inc. ("DBMG") (Infrastructure), a family of companies providing fully integrated structural and steel construction services; (ii) Pansend Life Sciences, LLC ("Pansend") (Life Sciences), our subsidiary focused on supporting healthcare and biotechnology product development; (iii) HC2 Broadcasting Holdings Inc. and its subsidiaries ("Broadcasting") (Spectrum), a strategic operator of Over-The-Air ("OTA") broadcasting stations across the United States ("U.S.") including Puerto Rico; and (iv) Other, which represents all other businesses or investments that do not meet the definition of a segment individually or in the aggregate. As a result of the addition of new milestone covenants to certain of the Company’s debt agreements in connection with the refinancing transactions completed during the third quarter of 2025 (for additional details refer to Restrictive Covenants in the Liquidity and Capital Resources section in Item 7 of this Form 10-K and to Note 11.