SPX Technologies Inc

ITEM 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A. Risk Factors in our 20245 Annual Report on Form 10-K, which could materially affect our business, financial condition or future results. Other than as noted below, there have been no material changes to our risk factors as previously disclosed in our 20245 Annual Report on Form 10-K.

Worldwide eThe conomic conditions could negativeflict between the United States, Israel, and Iran and related geopolitical instability may adversely impaaffect our businesses.

Poor macroeconomic conditions could negatively impact our businesses by adversely affecting, among other thingIn February 2026, a conflict arose in the Middle East involving primarily the United States, Israel and Iran. Although we do not have operations in the Middle East, the ongoing conflict, including additional military actions, our:

Revenues;

Margins;

Profits;

Cash flows;

Customersretaliatory measures, sanctions, continued disruptions to trade or transportation routes, cyberattacks, orders, including other governmental order cancellation activity or delays on new or existing orders;

Customers ability to ac market responses, has and could continue to lead to significant disruption of global energy supplies and increases in global energy prices, heightened inflationary pressures on our raw material costs and supply chain, and adversely affect global supply chains, energy markets, commodity pricess credit;

Customers ability to pay amounts due to us; and

Suppliers a, currency exchange rates, interest rates, financial markets and overall global macroeconomic conditions. While we do not expect that the impact of the conflict between the United States, Israel, and distributors abilityIran will have a direct adverse effect on our business, we are unable to perform and redict the extent or nature of any of the availability and costs of materials and subse indirect impacts from the continuation of this conflict on our business, financial contracted services.

Our resudition and results of operations at this time, and prospesuch impacts could be negatively impacted by downturns in economic condimaterial.

Recent and proposed actions inwith relevant global and North Amspect to U.S. tariffs could materican markets, including as aally adversely affect our business and results of the imposioperation, or threat of s.

In 2025, the U.S. government imposition,ed a series of tariffs and other trade barrion many U.S. trading partners pursuant to the International Emergency Economic Powers, such as  Act of 1977 (IEEPA). On February 20, 2026, the significantUnited States Supreme Court issued a ruling invalidating tariffs announcpreviously imposed by under IEEPA. Following the Supreme Courts decision, the U.S. government in 2025, and retaliatory tannounced its intention to invoke other laws to collect tariffs annd announced in response thereto. Inew tariffs on imports from many countries, in addition, economic instabil to any existing non-IEEPA tariffs. While the Company has substantially been able to mities resultgate the impact of tariffs, including from geopolitical activitietariffs under IEEPA, through pricing and other actions, it may be unable to do so under recently announced or future U.S. tariffs, including instabilities associathe tariffs imposed by executive proclamation on April 2, 2026 under Section 232 of the Trade Expansion Act of 1962 (the Section 232 Tariffs) on imported with armed conflicts, and goods that include aluminum, steel or copper. Generally, the Section 232 Tariffs are based on the full customs value of goods that include any of the impositcovered metals rather than being based on the portion of gthe covernmened metal sanctions in response tincluded in the imported good as applied under the tariffs previously imposed. Thereto, and any conflict is uncertainty regarding the duration of existing and newly announced tariffs, potential changes or threat of conflict that pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may affect nabe imposed, modified, or suspended. Such tariff actions relevant to, including the Section 232 Tariffs, could have a material adverse impact on our business or the businesses, results of operations and cash flows.

As a result of the Supreme Cour customers and vendors, could negatively impacts decision invalidating the tariffs imposed by the U.S. government in 2025 under IEEPA, entities that paid such tariffs, including the Company, are entitled to seek refunds the U.S. government for payments of the invalidated tariffs. The ultimate availability, timing, and amount our results of operationsf any such refunds we may receive is uncertain and could be subject to further legal, regulatory, and prospecadministrative developments.