A Message from CIRI CEO Swami Iyer and President Tabetha Toloff

Thank you to everyone who turned out for our Information Meetings, held April 25 on the Kenai Peninsula and May 2 in the Pacific Northwest, and our Annual Meeting of Shareholders, held June 6 in Anchorage. We enjoyed connecting with all of you, sharing our 2025 financial results, hearing your questions and clarifying our focus as we move through the year.

In 2025, financial performance was strong overall, supported by gains in priority areas. Execution across our portfolio delivered a 60% increase in consolidated net income, while disciplined growth added $79 million in new revenue through the launch of our cybersecurity and IT segment. Within the CIRI family of companies, performance improvements continued, as well—most notably at North Wind Group, where recurring operations drove a 30% increase in net profit margin. These outcomes reflect years of deliberate investment, operational focus, and a willingness to actively manage our portfolio to build durable earnings and cash flow.

That strength translated directly into value for Shareholders. In 2026, annual distributions increased by 4.64% to $48 per share, alongside an increase in quarterly Elder distributions to $600.

Behind these results is a workforce of more than 3,000 employees across the CIRI family of companies—people showing up every day to serve real-world missions, including those that support the warfighter and national priorities. “Serving the mission, living the mission” is not just a slogan; it’s how our teams operate, whether they’re advancing technology, delivering complex services, supporting communities, or restoring and protecting environments in service of critical public missions. Their work is ultimately in service of our Shareholders and Descendants, and we are deeply grateful for their commitment.

This year, we’re also introducing our CORE map, a framework that brings our Communities, Operations, Resources and Enterprise into a single view. CORE reflects how strong operations support enterprise growth, how resources are stewarded intentionally and how communities remain central to every decision we make.

That same clarity is shaping our investments in our Shareholders and Descendants. This spring, we launched the first cohort of the Nułyah (Dena’ina: “it is growing”) Program, an executive-led learning and mentoring experience designed for mid-level career professionals. Through direct engagement with senior leaders, the program is strengthening leadership capacity, expanding professional networks and creating clearer pathways for advancement. Early engagement has been strong, with participants building meaningful connections and gaining valuable insight into leadership at CIRI and beyond.

We also continue to celebrate creativity and connection across generations. Our annual Art Contest has wrapped up, and we look forward to launching our Photo Contest later this summer—another opportunity for Shareholders and Descendants across a range of ages to share their perspectives and talents!

The year ahead remains focused on execution, opportunity and stewardship. We will continue to optimize what we own, grow where it makes sense and invest with a long view, always mindful that today’s decisions shape tomorrow’s possibilities.

With respect and gratitude,

Swami Iyer
CIRI CEO

Tabetha Toloff
CIRI President