INNOVATE Corp.

INNOVATE Corp. is a diversified holding company with a portfolio of subsidiaries across various operating segments. As of December 31, 2025, the company's three reportable segments are Infrastructure, Life Sciences, and Spectrum, along with an Other segment for businesses not meeting separate reporting thresholds. The Infrastructure segment includes DBM Global Inc. (DBMG), a group of companies providing fully integrated structural and steel construction services. The Life Sciences segment, Pansend Life Sciences, LLC (Pansend), focuses on supporting healthcare and biotechnology product development. The Spectrum segment, HC2 Broadcasting Holdings Inc. and its subsidiaries (Broadcasting), operates Over-The-Air (OTA) broadcasting stations across the United States, including Puerto Rico. The Other segment comprises all other businesses or investments that do not individually or collectively meet the definition of a segment. Due to new milestone covenants in certain debt agreements from refinancing transactions completed during the third quarter of 2025, INNOVATE is required to begin a sales process for its Infrastructure and Spectrum segments.