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CENTRUS ENERGY CORP. 2023-2024 Proxy Voting Records

Compiled from SEC Form N-PX filings and CENTRUS ENERGY CORP.’s Form 8-K, filed 2024-06-20 (Item 5.07 on EDGAR). Page generated 02 October 2026.

  • 9Reported items
  • 166Asset managers
  • 1,572Fund votes
  • 2024-06-20Meeting date

Proxy season: 2023-2024 2024-2025 2025-2026

Explore CENTRUS ENERGY CORP. in the interactive database Compare manager voting policies

Official 2023-2024 meeting results reported by CENTRUS ENERGY CORP.

These tallies are CENTRUS ENERGY CORP.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed 2024-06-20 (Item 5.07, “Submission of Matters to a Vote of Security Holders”). They cover every share voted at the meeting, not just the funds that file Form N-PX.

CENTRUS ENERGY CORP. — official shareholder meeting results, meeting held 2024-06-20
Ballot itemForAgainst AbstainWithheldBroker non-votesOutcome
Elect Director: Kirkland H. Donald 9,385,062---- 290,946-- Majority: yes
Elect Director: Tina W. Jonas 7,526,462---- 2,149,546-- Majority: yes
Elect Director: William J. Madia 8,199,397---- 1,476,611-- Majority: yes
Elect Director: Ray A. Rothrock 9,652,418---- 23,590-- Majority: yes
Elect Director: Bradley J. Sawatzke 9,384,849---- 291,159-- Majority: yes
Elect Director: Amir V. Vexler 9,608,141---- 67,867-- Majority: yes
Elect Director: Mikel H. Williams 9,117,354---- 558,654-- Majority: yes
Proposal 3 The Company's stockholders ratified the appointment of Deloitte & Touche LLP as the Company's independent auditors for 2024 as follows: 12,035,49514,24613,125 ---- Majority: yes

Source: CENTRUS ENERGY CORP., Form 8-K, filed with the SEC on 2024-06-20 — read the filing on EDGAR.

How asset managers voted at the CENTRUS ENERGY CORP. 2023-2024 meeting

Each item below shows how the 166 asset managers that disclosed a CENTRUS ENERGY CORP. vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report. These are reported items, not a count of the ballot: fund filings describe one ballot item in different words. Two descriptions are shown as one item only on evidence — the same text (or one cut short of the other), the same director nominee, or a match to the same row of CENTRUS ENERGY CORP.’s own Form 8-K tally — never because they merely read alike. A description that could not be joined that way is listed on its own, so one ballot item can appear more than once.

1. To hold an advisory vote to approve the Company's executive compensation.

SECTION 14A SAY-ON-PAY VOTES

Combines 6 wordings of this item as funds reported it.

99.1% fund support · no official result

FOR 99.0%

The 162 asset managers below cast 99.1% of the shares they voted on this item FOR (5,167,020 for, 46,463 against).

FOR: 5,167,020 (99.1%)AGAINST: 46,463 (0.9%)ABSTAIN: 487 (0.0%)
Largest asset managers voting on “To hold an advisory vote to approve the Company's executive compensation.” at CENTRUS ENERGY CORP., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Global X854,9940 00For
Vanguard761,6070 00For
T. Rowe Price562,0750 00For
BlackRock556,4100 00For
Dimensional256,3170 00For
State Street236,7700 00For
Charles Schwab205,7980 00For
Fidelity183,3190 00For
GEODE CAPITAL MANAGEMENT, LLC181,2130 00For
Goehring & Rozencwajg Investment Funds83,8200 00For
HEARTLAND ADVISORS INC74,6200 00For
Point7273,1850 00For
Northern Trust70,7580 00For
HEARTLAND GROUP INC60,0000 00For
VAN ECK ASSOCIATES CORP56,6420 00For
VanEck ETF Trust56,6420 00For
Goehring & Rozencwajg Associates, LLC51,5680 00For
SEI49,3670 00For
JACOBS LEVY EQUITY MANAGEMENT, INC46,1030 00For
Brandywine Global Investment Management, LLC44,4820 00For
MELLON INVESTMENTS Corp43,4800 00For
Renaissance42,9480 00For
AMERICAN BEACON FUNDS37,2000 00For
First Trust37,1960 00For
ROCKEFELLER FINANCIAL LLC36,0520 00For

Showing the 25 largest of 162 asset managers. See all 162 in the interactive database.

2. Election of Directors: Amir V. Vexler

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 3 wordings of this item as funds reported it.

99.2% Majority: yes · of votes cast

FOR 99.2%
FOR: 9,608,141WITHHELD: 67,867

CENTRUS ENERGY CORP.’s own tally for this item (“Elect Director: Amir V. Vexler”): 9,608,141 for, 67,867 withheld, per its Form 8-K filed 2024-06-20 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 15,675,634 outstanding shares: 61% for, 0.5% withheld (62% of the company cast a for/withheld vote).

The 57 asset managers below cast 100% of the shares they voted on this item FOR (3,124,836 for, 0 against).

FOR 100%
FOR: 3,124,836 (100.0%)
Largest asset managers voting on “Election of Directors: Amir V. Vexler” at CENTRUS ENERGY CORP., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Global X854,9940 00For
Vanguard739,6230 00For
T. Rowe Price255,1840 00For
Dimensional220,9550 00For
BlackRock213,4780 00For
Fidelity176,8800 00For
Charles Schwab102,8990 00For
Goehring & Rozencwajg Investment Funds83,8200 00For
HEARTLAND GROUP INC60,0000 00For
VanEck ETF Trust56,6420 00For
AMERICAN BEACON FUNDS37,2000 00For
First Trust37,1960 00For
Equitable30,8000 00For
TIAA26,2910 00For
SEI24,0840 00For
Russell Investments23,4980 00For
QUANTITATIVE MASTER SERIES LLC23,0340 00For
Transamerica22,0770 00For
Lincoln Financial18,1470 00For
DIAMOND HILL FUNDS11,8110 00For
Brighthouse9,9350 00For
Nationwide9,5720 00For
Columbia Threadneedle8,9140 00For
ETF Series Solutions7,9480 00For
American Century6,4350 00For

Showing the 25 largest of 57 asset managers. See all 57 in the interactive database.

3. Election of Directors: Bradley J. Sawatzke

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 3 wordings of this item as funds reported it.

97% Majority: yes · of votes cast

FOR 97%
FOR: 9,384,849WITHHELD: 291,159

CENTRUS ENERGY CORP.’s own tally for this item (“Elect Director: Bradley J. Sawatzke”): 9,384,849 for, 291,159 withheld, per its Form 8-K filed 2024-06-20 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 15,675,634 outstanding shares: 60% for, 2% withheld (62% of the company cast a for/withheld vote).

The 57 asset managers below cast 100% of the shares they voted on this item FOR (3,093,419 for, 0 against).

FOR 99%
FOR: 3,093,419 (99.0%)ABSTAIN: 31,417 (1.0%)
Largest asset managers voting on “Election of Directors: Bradley J. Sawatzke” at CENTRUS ENERGY CORP., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Global X854,9940 00For
Vanguard739,6230 00For
T. Rowe Price255,1840 00For
Dimensional220,9550 00For
BlackRock213,4780 00For
Fidelity176,8800 00For
Charles Schwab102,8990 00For
Goehring & Rozencwajg Investment Funds83,8200 00For
HEARTLAND GROUP INC60,0000 00For
VanEck ETF Trust56,6420 00For
AMERICAN BEACON FUNDS37,2000 00For
First Trust37,1960 00For
Equitable30,8000 00For
TIAA00 26,2910Abstain
SEI24,0840 00For
Russell Investments23,4980 00For
QUANTITATIVE MASTER SERIES LLC23,0340 00For
Transamerica22,0770 00For
Lincoln Financial18,1470 00For
DIAMOND HILL FUNDS11,8110 00For
Brighthouse9,9350 00For
Nationwide9,5720 00For
Columbia Threadneedle8,9140 00For
ETF Series Solutions7,9480 00For
American Century6,4350 00For

Showing the 25 largest of 57 asset managers. See all 57 in the interactive database.

4. Election of Directors: Kirkland H. Donald

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 3 wordings of this item as funds reported it.

97% Majority: yes · of votes cast

FOR 97%
FOR: 9,385,062WITHHELD: 290,946

CENTRUS ENERGY CORP.’s own tally for this item (“Elect Director: Kirkland H. Donald”): 9,385,062 for, 290,946 withheld, per its Form 8-K filed 2024-06-20 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 15,675,634 outstanding shares: 60% for, 2% withheld (62% of the company cast a for/withheld vote).

The 57 asset managers below cast 100% of the shares they voted on this item FOR (3,093,419 for, 0 against).

FOR 99%
FOR: 3,093,419 (99.0%)ABSTAIN: 31,417 (1.0%)
Largest asset managers voting on “Election of Directors: Kirkland H. Donald” at CENTRUS ENERGY CORP., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Global X854,9940 00For
Vanguard739,6230 00For
T. Rowe Price255,1840 00For
Dimensional220,9550 00For
BlackRock213,4780 00For
Fidelity176,8800 00For
Charles Schwab102,8990 00For
Goehring & Rozencwajg Investment Funds83,8200 00For
HEARTLAND GROUP INC60,0000 00For
VanEck ETF Trust56,6420 00For
AMERICAN BEACON FUNDS37,2000 00For
First Trust37,1960 00For
Equitable30,8000 00For
TIAA00 26,2910Abstain
SEI24,0840 00For
Russell Investments23,4980 00For
QUANTITATIVE MASTER SERIES LLC23,0340 00For
Transamerica22,0770 00For
Lincoln Financial18,1470 00For
DIAMOND HILL FUNDS11,8110 00For
Brighthouse9,9350 00For
Nationwide9,5720 00For
Columbia Threadneedle8,9140 00For
ETF Series Solutions7,9480 00For
American Century6,4350 00For

Showing the 25 largest of 57 asset managers. See all 57 in the interactive database.

5. Election of Directors: Mikel H. Williams

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 3 wordings of this item as funds reported it.

94% Majority: yes · of votes cast

FOR 94%
FOR: 9,117,354WITHHELD: 558,654

CENTRUS ENERGY CORP.’s own tally for this item (“Elect Director: Mikel H. Williams”): 9,117,354 for, 558,654 withheld, per its Form 8-K filed 2024-06-20 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 15,675,634 outstanding shares: 58% for, 4% withheld (62% of the company cast a for/withheld vote).

The 57 asset managers below cast 100% of the shares they voted on this item FOR (3,115,652 for, 0 against).

FOR 99.7%
FOR: 3,115,652 (99.7%)ABSTAIN: 9,184 (0.3%)
Largest asset managers voting on “Election of Directors: Mikel H. Williams” at CENTRUS ENERGY CORP., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Global X854,9940 00For
Vanguard739,6230 00For
T. Rowe Price255,1840 00For
Dimensional220,9550 00For
BlackRock213,4780 00For
Fidelity176,8800 00For
Charles Schwab102,8990 00For
Goehring & Rozencwajg Investment Funds83,8200 00For
HEARTLAND GROUP INC60,0000 00For
VanEck ETF Trust56,6420 00For
AMERICAN BEACON FUNDS37,2000 00For
First Trust37,1960 00For
Equitable30,8000 00For
TIAA26,2910 00For
SEI24,0840 00For
Russell Investments23,4980 00For
QUANTITATIVE MASTER SERIES LLC23,0340 00For
Transamerica22,0770 00For
Lincoln Financial18,1470 00For
DIAMOND HILL FUNDS11,8110 00For
Brighthouse9,9350 00For
Nationwide9,5720 00For
Columbia Threadneedle8,9140 00For
ETF Series Solutions00 7,9480Abstain
American Century6,4350 00For

Showing the 25 largest of 57 asset managers. See all 57 in the interactive database.

6. Election of Directors: Ray A. Rothrock

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 3 wordings of this item as funds reported it.

99.7% Majority: yes · of votes cast

FOR 99.7%
FOR: 9,652,418WITHHELD: 23,590

CENTRUS ENERGY CORP.’s own tally for this item (“Elect Director: Ray A. Rothrock”): 9,652,418 for, 23,590 withheld, per its Form 8-K filed 2024-06-20 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 15,675,634 outstanding shares: 62% for, 0.2% withheld (62% of the company cast a for/withheld vote).

The 57 asset managers below cast 100% of the shares they voted on this item FOR (3,124,836 for, 0 against).

FOR 100%
FOR: 3,124,836 (100.0%)
Largest asset managers voting on “Election of Directors: Ray A. Rothrock” at CENTRUS ENERGY CORP., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Global X854,9940 00For
Vanguard739,6230 00For
T. Rowe Price255,1840 00For
Dimensional220,9550 00For
BlackRock213,4780 00For
Fidelity176,8800 00For
Charles Schwab102,8990 00For
Goehring & Rozencwajg Investment Funds83,8200 00For
HEARTLAND GROUP INC60,0000 00For
VanEck ETF Trust56,6420 00For
AMERICAN BEACON FUNDS37,2000 00For
First Trust37,1960 00For
Equitable30,8000 00For
TIAA26,2910 00For
SEI24,0840 00For
Russell Investments23,4980 00For
QUANTITATIVE MASTER SERIES LLC23,0340 00For
Transamerica22,0770 00For
Lincoln Financial18,1470 00For
DIAMOND HILL FUNDS11,8110 00For
Brighthouse9,9350 00For
Nationwide9,5720 00For
Columbia Threadneedle8,9140 00For
ETF Series Solutions7,9480 00For
American Century6,4350 00For

Showing the 25 largest of 57 asset managers. See all 57 in the interactive database.

7. Election of Directors: Tina W. Jonas

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 3 wordings of this item as funds reported it.

78% Majority: yes · of votes cast

FOR 78%WITHHELD 22%
FOR: 7,526,462WITHHELD: 2,149,546

CENTRUS ENERGY CORP.’s own tally for this item (“Elect Director: Tina W. Jonas”): 7,526,462 for, 2,149,546 withheld, per its Form 8-K filed 2024-06-20 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 15,675,634 outstanding shares: 48.0% for, 14% withheld (62% of the company cast a for/withheld vote).

The 57 asset managers below cast 100% of the shares they voted on this item FOR (1,742,692 for, 0 against).

FOR 56%ABSTAIN 44%
FOR: 1,742,692 (55.8%)ABSTAIN: 1,382,144 (44.2%)
Largest asset managers voting on “Election of Directors: Tina W. Jonas” at CENTRUS ENERGY CORP., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Global X00 854,9940Abstain
Vanguard739,6230 00For
T. Rowe Price255,1840 00For
Dimensional220,9550 00For
BlackRock00 213,4780Abstain
Fidelity164,4850 12,3950For
Charles Schwab00 102,8990Abstain
Goehring & Rozencwajg Investment Funds83,8200 00For
HEARTLAND GROUP INC60,0000 00For
VanEck ETF Trust00 56,6420Abstain
AMERICAN BEACON FUNDS37,2000 00For
First Trust37,1960 00For
Equitable00 30,8000Abstain
TIAA00 26,2910Abstain
SEI00 24,0840Abstain
Russell Investments23,4980 00For
QUANTITATIVE MASTER SERIES LLC00 23,0340Abstain
Transamerica22,0770 00For
Lincoln Financial7,8230 10,3240Abstain
DIAMOND HILL FUNDS11,8110 00For
Brighthouse9,9350 00For
Nationwide9,5720 00For
Columbia Threadneedle00 8,9140Abstain
ETF Series Solutions7,9480 00For
American Century6,4350 00For

Showing the 25 largest of 57 asset managers. See all 57 in the interactive database.

8. Election of Directors: William J. Madia

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 3 wordings of this item as funds reported it.

85% Majority: yes · of votes cast

FOR 85%WITHHELD 15%
FOR: 8,199,397WITHHELD: 1,476,611

CENTRUS ENERGY CORP.’s own tally for this item (“Elect Director: William J. Madia”): 8,199,397 for, 1,476,611 withheld, per its Form 8-K filed 2024-06-20 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 15,675,634 outstanding shares: 52.3% for, 9% withheld (62% of the company cast a for/withheld vote).

The 57 asset managers below cast 100% of the shares they voted on this item FOR (2,073,333 for, 0 against).

FOR 66%ABSTAIN 34%
FOR: 2,073,333 (66.4%)ABSTAIN: 1,051,503 (33.6%)
Largest asset managers voting on “Election of Directors: William J. Madia” at CENTRUS ENERGY CORP., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Global X00 854,9940Abstain
Vanguard739,6230 00For
T. Rowe Price255,1840 00For
Dimensional220,9550 00For
BlackRock213,4780 00For
Fidelity176,8800 00For
Charles Schwab00 102,8990Abstain
Goehring & Rozencwajg Investment Funds83,8200 00For
HEARTLAND GROUP INC60,0000 00For
VanEck ETF Trust00 56,6420Abstain
AMERICAN BEACON FUNDS37,2000 00For
First Trust37,1960 00For
Equitable30,8000 00For
TIAA26,2910 00For
SEI00 24,0840Abstain
Russell Investments23,4980 00For
QUANTITATIVE MASTER SERIES LLC23,0340 00For
Transamerica22,0770 00For
Lincoln Financial7,8230 10,3240Abstain
DIAMOND HILL FUNDS11,8110 00For
Brighthouse9,9350 00For
Nationwide9,4130 1590For
Columbia Threadneedle8,9140 00For
ETF Series Solutions7,9480 00For
American Century6,4350 00For

Showing the 25 largest of 57 asset managers. See all 57 in the interactive database.

9. To ratify the appointment of Deloitte & Touche LLP as the Company's independent auditors for 2024

AUDIT-RELATEDMajority of the votes cast: yes

Combines 3 wordings of this item as funds reported it.

99.8% Majority: yes · of votes cast

FOR 99.8%
FOR: 12,035,495AGAINST: 14,246

CENTRUS ENERGY CORP.’s own tally for this item (“Proposal 3 The Company's stockholders ratified the appointment of Deloitte & Touche LLP as the Company's independent auditors for 2024 as follows:”): 12,035,495 for, 14,246 against, per its Form 8-K filed 2024-06-20 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 15,675,634 outstanding shares: 77% for, 0.1% against (77% of the company cast a for/against vote).

The 57 asset managers below cast 100% of the shares they voted on this item FOR (3,124,836 for, 0 against).

FOR 100%
FOR: 3,124,836 (100.0%)
Largest asset managers voting on “To ratify the appointment of Deloitte & Touche LLP as the Company's independent auditors for 2024” at CENTRUS ENERGY CORP., 2023-2024
Asset managerForAgainst AbstainWithheldVote
Global X854,9940 00For
Vanguard739,6230 00For
T. Rowe Price255,1840 00For
Dimensional220,9550 00For
BlackRock213,4780 00For
Fidelity176,8800 00For
Charles Schwab102,8990 00For
Goehring & Rozencwajg Investment Funds83,8200 00For
HEARTLAND GROUP INC60,0000 00For
VanEck ETF Trust56,6420 00For
AMERICAN BEACON FUNDS37,2000 00For
First Trust37,1960 00For
Equitable30,8000 00For
TIAA26,2910 00For
SEI24,0840 00For
Russell Investments23,4980 00For
QUANTITATIVE MASTER SERIES LLC23,0340 00For
Transamerica22,0770 00For
Lincoln Financial18,1470 00For
DIAMOND HILL FUNDS11,8110 00For
Brighthouse9,9350 00For
Nationwide9,5720 00For
Columbia Threadneedle8,9140 00For
ETF Series Solutions7,9480 00For
American Century6,4350 00For

Showing the 25 largest of 57 asset managers. See all 57 in the interactive database.

Largest CENTRUS ENERGY CORP. shareholders voting in 2023-2024

Ranked by the number of CENTRUS ENERGY CORP. shares each manager voted on the most widely held ballot item of the 2023-2024 meeting, shown as a share of the 15,675,634 shares outstanding at the time of that meeting.

Top CENTRUS ENERGY CORP. shareholders by shares voted, 2023-2024
#Asset manager % of shares outstanding
1Global X 5.45%
2Vanguard 4.86%
3T. Rowe Price 3.59%
4BlackRock 3.55%
5Dimensional 1.64%
6State Street 1.51%
7Charles Schwab 1.31%
8Fidelity 1.17%
9GEODE CAPITAL MANAGEMENT, LLC 1.16%
10Goehring & Rozencwajg Investment Funds 0.53%

Reported CENTRUS ENERGY CORP. ownership

Positions disclosed to the SEC on Schedules 13D and 13G, Form 13F and the company’s own proxy statement (DEF 14A).

CENTRUS ENERGY CORP. beneficial owners on record for the 2023-2024 proxy season
Holder % outstanding Disclosure
Morris Bawabeh 7.38% DEF14A
Vanguard Group 6.84% 13F
Blackrock, Inc. 6.09% DEF14A
Global X Management Co. LLC 5.85% DEF14A
FMR (Fidelity) 2.77% 13F
T. Rowe Price 2.16% 13F
Dimensional Fund Advisors 1.84% 13F
State Street 1.80% 13F
Geode Capital 1.76% 13F
Renaissance Technologies 1.54% 13F

Percentages above are of 15,675,634 shares outstanding, as reported by CENTRUS ENERGY CORP. on its Form 10-K dated 2023-12-31 (see the filing on EDGAR). This is the count contemporaneous with the 2023-2024 meeting, so the percentages are the ones that were true then, not ones restated against today’s share count.

About this page

Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered investment companies and institutional managers disclose how they voted every proxy, and Form 8-K Item 5.07, in which the company reports its own meeting results. Shares outstanding are taken from CENTRUS ENERGY CORP.’s 10-K dated 2023-12-31. This page is a static snapshot rebuilt weekly on 02 October 2026; a live search always shows the current data.

At CENTRUS ENERGY CORP.'s shareholder meeting held 2024-06-20, in the 2023-2024 proxy season, 166 asset managers reported how they voted in their SEC Form N-PX filings, covering 1,572 separate fund positions. Their filings are grouped here into 9 reported items; because filers word the same ballot item differently, that can be more than the number of items on the ballot. CENTRUS ENERGY CORP.'s own Form 8-K tally for this meeting is published below, but no row in it could be matched to the most widely held item, so this page states no certified outcome for that item. On that item — To hold an advisory vote to approve the Company's executive compensation. — the reporting funds cast 99.1% of the shares they voted in favour (FOR divided by FOR plus AGAINST, the conventional basis for proxy support; abstentions, broker non-votes and unvoted shares are excluded because none of them took a side). That is the aggregate of those managers' own N-PX disclosures, not the company's certified result, and the funds are a subset of all shareholders.

CENTRUS ENERGY CORP. proxy season coverage: 2023-2024 (this page) · 2024-2025 · 2025-2026.