⚠ AI Risk Brief Interpretation layer — deterministic data below

SPG removed 144 risk disclosures including retail environment, natural disasters, environmental, and AI governance concerns.

Direction ↓ Less concerning

ThemesArtificial Intelligence Climate & ESG Regulatory & Legal

Classification is based on semantic text similarity scoring and may include approximations. “No match” means no high-confidence textual match was found — not necessarily that a section was removed.

🔴 No Match in Current Filing Disclosure change8/10

Summary of Risk Factors

This section from the 2025 filing does not have a high-confidence textual match in the 2026 filing. It may have been removed, merged, or substantially reworded.

The following summarizes our material risk factors. However, this summary is not intended to be a comprehensive and complete list of all risk factors identified by the Company. Refer to the following pages of this section for additional details regarding these summarized risk…

View 2025 text

The following summarizes our material risk factors. However, this summary is not intended to be a comprehensive and complete list of all risk factors identified by the Company. Refer to the following pages of this section for additional details regarding these summarized risk factors and other additional risk factors identified by the Company.
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🔴 No Match in Current Filing Conditions that adversely affect the general retail environment could materially and adversely affect us. 🔒

And 140 more changes in the full comparison.

143 more changes in this filing

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