Aurum Proptech Ltd Management Discussions

ECONOMIC REVIEW

Global Economic Review

Global economic growth is projected at 3.4% in 2025 and is expected to moderate slightly at 3.1% in 2026, before stabilizing to 3.2% in 2027. This trajectory indicates steady, moderate expansion supported by technology-driven capital expenditure and moderating inflation. However, intensifying geopolitical tensions across regions continue to shape the macroeconomic environment.

The prolonged conflict between Russia and Ukraine continues to disrupt energy markets and global commodity flows. This has particularly affected Europes energy security and contributed to volatility in oil, gas and agricultural prices. At the same time, escalating tensions in the Middle East have raised concerns over critical shipping routes. These include the Red Sea and the Strait of Hormuz, both vital for global energy trade and supply chains. Meanwhile,

strategic rivalry between major economies, particularly the United States and China, has intensified. The causes include technology restrictions, trade tariffs and efforts to secure critical mineral supply chains. As a result, economic fragmentation is accelerating as countries pursue friend-shoring, near-shoring and diversified supply chains.

Global headline inflation is forecast to moderate from 4.1% in 2025 to 3.8% in 2026. It is expected to decline further to 3.4% in 2027. However, inflation in the United States may converge with target levels more slowly than in other major economies. Although tariffs and policy uncertainties continue to weigh on economic activity, their impact on growth should gradually ease over the next two years, paving the way for a more balanced global outlook.

Indian Economic Review

The Indian economy sustained strong growth momentum in FY 2025-26, reinforcing its position among the fastest-growing major economies globally. According to annual estimates, GDP growth stood at 7.7%. This expansion was supported by resilient domestic demand, rising investment activity and broad-based performance across services and manufacturing. Strengthening macroeconomic fundamentals, stable financial conditions and continued policy support also helped sustain this growth trajectory.

Domestic consumption remained a key anchor of economic activity during the year. Private Final Consumption Expenditure (PFCE) benefited from easing inflation, stable employment conditions and improving real incomes. Policy support, including selective rationalization of GST rates on certain consumption categories, further supported household spending. These measures helped ease expenditure pressures and stimulate demand. As a result, consumptions share in GDP reached multi-year highs.

At the same time, investment activity remained robust. Gross Fixed Capital Formation (GFCF) continued to be supported by sustained public capital expenditure and a gradual revival in private investment intentions. Consequently, fixed investment levels remained near historical peaks. This momentum continued to underpin infrastructure development, urban expansion and broader economic capacity creation.

GDP Growth Rate (in %)

modern, urban-led and digitally integrated economy. This expansion generated positive spillover effects across urban housing demand, commercial RealEstate activity and digital services adoption.

Complementing this sectoral momentum, macroeconomic stability strengthened further during FY 2025-26. Inflation remained within the policy comfort range, banking sector balance sheets stayed healthy, and credit transmission improved. Steady capital flows also helped sustain a supportive business environment.

Alongside these developments, continued policy efforts to enhance data accuracy, transparency and GDP measurement frameworks remained visible. These initiatives reflect ongoing institutional strengthening within Indias macroeconomic architecture.

Global PropTech Industry Review

The global PropTech industry is witnessing accelerated growth, reflecting the structural digital transformation of RealEstate markets worldwide. The sector is estimated at approximately USD 41.78 billion in 2024 and projected to reach nearly USD 140.67 billion by 2034. This represents a CAGR of approximately 11.8% during 2025-2034. The upward revision in forecasts reflects faster adoption of digital platforms across property development, transactions and asset management.

Growth is being driven by the convergence of AI, machine learning, big data analytics, IoT-enabled smart infrastructure, cloud platforms and blockchain technologies. Together, these innovations are streamlining operations and enabling predictive analytics across the RealEstate value chain. They are also enhancing tenant personalization, improving pricing transparency and driving automation across the property lifecycle. This spans digital discovery and construction management to asset monitoring and customer engagement.

As cities increasingly prioritize smart infrastructure, sustainability and operational efficiency, PropTech is evolving beyond an innovation layer. It is emerging as a core enabler of modern RealEstate strategy. With rising institutional capital flows and stronger integration of ESG and digital frameworks, the sectors strategic relevance continues to expand. Consequently, PropTech is becoming a foundational pillar in building more transparent, data-driven and resilient urban ecosystems.

Indian PropTech Industry Review

This momentum is reflected in sustained investor interest. Indian PropTech startups reportedly raised around USD 552 million in 2025. The funding supports innovation in construction technology, digital brokerage and integrated RealEstate platforms.

Meanwhile, adoption of advanced digital tools is accelerating across the property lifecycle. AI-based valuation tools, digital documentation platforms and asset analytics dashboards are gaining traction. Smart facility management solutions are also improving decision-making, compliance and lifecycle management across residential, commercial and warehousing segments. By 2035, AI could contribute nearly USD 1 trillion to economy, raising the countrys annual growth rate by about 1.3%.

Year-on-Year PropTech Funding Trends

Recent policy initiatives, including digitization of land ?ecords, expanding online RERA compliance processes nd evolving property regulations, are strengthening nvestor confidence. At the same time, these measures re reducing operational friction across RealEstate ransactions.

The broader push toward digital governance within ndias RealEstate regulatory framework is expected :o simplify transaction processes. It is also likely to treamline compliance and improve data accessibility. Together, these developments are creating favorable ;onditions for PropTech adoption among developers, nvestors and service providers.

The Companys Take

Indian RealEstate Industry Review

ndias RealEstate sector continues to anchor the ountrys urban and economic expansion. A new wave of disruptions and directional shifts is reshaping the andscape. The market is estimated at about USD 532.61 billion in 2025 and is expected to expand significantly n the coming years. It may reach USD 1,264 billion by 2034, supported by infrastructure investment, urbanization and rising institutional capital inflows. Policy reforms, stronger FDI participation, improved REIT Frameworks and sector formalization have strengthened governance. These measures have also reinforced nvestor confidence.

The sectors increasing maturity is reflected in rising capital inflows. Private equity investments in Indian RealEstate reached a record USD 8.5 billion in 2025. This growth was supported by strong capital deployment during the final quarter of FY 2025-26. Office assets attracted the largest share of inflows at 54%. Residential, industrial and warehousing segments followed, reflecting sustained demand for high-quality income-generating assets.

Looking ahead, institutional investments are expected to remain robust. Moreover, the governments continued push for infrastructure development, digitalization, and sectoral performance linked incentives will further enhance economic resilience, solidifying Indias position as one of the fastest-growing major economies globally. This outlook is supported by expanding domestic capital pools, improving global risk appetite and Indias strong economic fundamentals. Core assets, particularly offices, industrial and logistics parks and residential developments, are expected to remain priority investment areas in 2026. At the same time, PropTech adoption is likely to continue strengthening asset efficiency, transparency and long-term value creation.

Aurum PropTech is a listed, integrated PropTech company operating across the full residential RealEstate value chain, from rental management and property

investment access. The Company serves a growing base of customers, developers and institutional partners through a unified digital ecosystem spanning multiple products across discovery, transactions, rentals, investments and asset management.

The operating environment for the co-living segment received a significant boost during the year through a landmark judgement by the Honble Supreme Court of India. The judgement provided authoritative clarity on the GST treatment of residential leases used for co-living, PG and hostel operations, reinforcing that the residential character and end-use of a property, rather than the form of intermediary arrangements, should determine the applicability of GST exemption. For the Company, this ruling removes a long-standing area of regulatory uncertainty, strengthens the predictability of unit economics across the HelloWorld portfolio, and supports a more scalable and confident growth trajectory for the co-living segment going forward.

The Distribution vertical was significantly strengthened through the 100% acquisition of PropTiger, bringing global property major REA Group on board as a strategic shareholder through a share swap. Aurum Analytica, Sell.Do CRM and PropTiger together form one of Indias most comprehensive RealEstate distribution platforms, serving developers across marketing, sales automation and transaction management.

The Capital vertical reached a significant regulatory milestone with the SEBI registration of AMSA SM- REIT, positioning the Company to participate in Indias emerging small and medium REIT ecosystem through a regulated, fee-based investment platform. Underpinning all three verticals is a structured AI and automation programme, with AI-driven capabilities deployed in production across lead management, sales intelligence, customer support and operational workflows.

The Companys AI stack is live across HelloWorld, NestAway, Aurum Analytica, Sell.Do and PropTiger, with the full strategic impact of these deployments expected to reflect in 2026-27 performance.

FY 2025-26 marked a structural inflection in the Companys financial trajectory, with consolidated

revenue growing strongly year-on-year and the Company achieving positive adjusted EBITDA for the first time on a full-year basis.

Our Integrated Ecosystem

Aurum PropTech has established itself as a key force in shaping Indias evolving PropTech ecosystem. Built on the integrated pillars of Rental, Distribution and Capital, the Company is developing a cohesive digital RealEstate ecosystem. This ecosystem enhances efficiency, transparency and value creation across the sector. With innovation, platform integration and scalable solutions, the Company is well positioned to play a pivotal role in advancing the next phase of digital transformation in Indias RealEstate industry.

RENTAL BUSINESS

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Indias organized rental housing market is structurally undersupplied, with demand for 2 crore rental units against organized supply of under 9 lakhs, creating a long-runway opportunity for platform-led operators with scale, data and brand. Aurums rental business, operating through HelloWorld (co-living) and NestAway (family rentals), is the largest organized player in this space by managed inventory, with 28,000+ units across 15 cities. FY 2025-26 marked a deliberate strategic pivot: from growth-at-any-cost to profitability-led, hyper-local market leadership. The discipline is working; HelloWorld scaled to 270+ properties and approximately 19,800 beds while maintaining occupancy above 74%, and NestAways EBITDA margin improved materially through the exit of high-cost, underperforming micro-markets.

The NestAway platform has complemented this growth trajectory through a focused transformation centered on unit economics, portfolio rationalization and value optimization. Strategic off-boarding of underperforming inventory, particularly across select student housing and high-cost micro-markets, strengthened EBITDA margins while sustaining steady revenue growth. The platforms expansion into secondary home sales has also opened a new revenue stream and delivered strong early traction.

These operational gains are reinforced by broader strategic drivers shaping the Companys growth roadmap. These include the ‘Win a PIN Code hyperlocal market strategy and the international launch of Nestr in Dubai. Emerging regulatory clarity around GST on co-living and residential leasing also supports this expansion. Together, these developments position the Company to capture the next phase of growth in the rental housing segment.

DISTRIBUTION BUSINESS

The Distribution vertical emerged as Aurum PropTechs strongest engine of growth and profitability in 2025-26. The segment delivered a sharp acceleration in both scale and margins. A key milestone during the year was the successful 100% acquisition and integration of PropTiger. This strategic move rebalanced the ecosystem toward distribution-led growth.

During the year under review, PropTiger contributed around 72 crore in revenue. It achieved 12 active project mandates and expanded its network to 170+ developer clients. These additions strengthened Aurums on-ground execution capabilities and market reach.

The verticals performance was further supported by its market-leading platforms and technology backbone. Aurum Analytica continued gaining share from established incumbents, selling over 4,37,000 leads in

2025- 26. This reflected a 67% year-on-year increase. Sell.Do CRM added 3,100+ new licenses during the year.

The strategic investment by REA Group, which acquired a 5.5% equity stake through a share swap as part of the PropTiger transaction, reinforced the Companys global credibility and governance standards. Operationally, the AI-led product stack, including AI calling bots and automated transcripts, is progressively being deployed to improve engineering efficiency, with the full impact of these AI-driven initiatives expected to be realised in

2026- 27. At the same time, PropTigers 350+ member fulfilment team is enabling ecosystem-level cross-selling across Sell.Do and Analytica. The ongoing migration of PropTigers operations onto the in-house Sell.Do technology stack is expected to unlock additional cost efficiencies. It will also strengthen integration synergies and support sustainable long-term growth.

The Capital business segment has undergone a strategic reset, pivoting toward a regulated and democratized investment platform. This platform is anchored in the SM-REIT framework.

The most significant milestone during the year was the SEBI registration of AMSA SM-REIT. This positions the Company to participate in Indias emerging small and medium REIT ecosystem.

Building on this foundation, the Company is evaluating a strong pipeline of Grade-A income-generating commercial assets. The inaugural scheme will be launched only after assessing investor traction and market behavior. Over the next three to five years, the Company aims to build approximately 2,000 crore in AUM. This will be supported by a fee-based revenue model comprising management, acquisition and performance-linked exit fees.

In parallel, the segment has undertaken portfolio optimization to align capital allocation with scalability and operating leverage. Following a change in the Companys shareholding in Integrow Asset Management effective July 01, 2025, the entity has been reclassified from a subsidiary to an associate in accordance with applicable accounting standards.

The transition reduces resource intensity while sharpening focus on the REIT-led growth pathway. In addition, the proprietary loan origination platform, KuberX, has gained renewed momentum following the PropTiger integration. The 350-member fulfilment team now enables assisted loan closures for digitally sourced prospects.

Vertical-Wise Performance ( in crore)

Revenue

Segment	2025-26	2024-25	% Change
Rental	211.69	168.62	26%
Distribution	172.55	79.28	118%
Capital	7.84	15.94	(51%)
Total	392.08	263.84	49%

 

Segment Rental	(14.90)	(14.54)	% Change 2%
Distribution	32.30	11.01	193%
Capital	(5.27)	(7.39)	(29%)
Total	12.13	(10.92)	(211%)

Aurums AI strategy is already embedded in day-to-day operations. Across its five product platforms, AI is actively deployed at scale, driving efficiency, responsiveness and customer engagement. Voice- based AI agents support first-touch lead qualification for PropTiger and Analytica, while automated transcription and call-scoring capabilities enhance sales effectiveness across Sell.Do. In the rental ecosystem, a 24x7 Al-powered chatbot serves tenants across HelloWorld and NestAway, seamlessly managing queries, triaging support requests and reducing inbound call volumes.

(Anthropic), Convin, Gnani.ai and Grok, Aurums AI capabilities span the entire customer lifecycle from lead generation and sales enablement to customer support and retention.

Looking ahead to FY 2026-27, Aurums AI roadmap is focused on three high-impact priorities: predictive lead scoring and intent-based property matching to improve conversion rates across its Distribution business; AI-driven dynamic pricing models to optimise occupancy and rental yields; and automated campaign creation coupled with Answer Engine Optimization (AEO) to structurally reduce customer acquisition costs. As these initiatives scale across the platform, the Company expects their full financial impact to become

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GOVERNANCE, RISK AND COMPLIANCE

Governance, Risk and Compliance (GRC) forms the foundation of Aurums approach to sustainable growth, enabling responsible decision making, effective risk management and enduring stakeholder trust. At Aurum, GRC extends beyond regulatory compliance and is embedded into everyday business operations, ensuring that strategic growth initiatives are supported by transparency, ethical conduct and disciplined oversight. This integrated approach enhances the Companys ability to respond to evolving market dynamics while maintaining accountability, resilience and credibility.

The Company continues to strengthen its GRC framework by aligning governance practices with leadership accountability and a values-driven organizational culture. Aurums core values of transparency, empowerment, agility, focus, diligence, passion and mutual care are embedded in behaviors across the organization. These values support a culture in which strong governance, compliance and performance are mutually reinforcing. Each GRC pillar is entrusted to a dedicated senior leader, ensuring clear ownership and strategic oversight. This governance framework enables timely risk identification and mitigation, supports regulatory compliance and contributes to greater operational resilience.

Aurum further integrates GRC principles across its five capitals, ensuring that responsible governance is embedded within every dimension of value creation.

Strengthening information governance, safeguarding knowledge assets, encouraging responsible innovation, and protecting data and intellectual property to support sustainable business growth.

Creating an ethical, inclusive and high-performing workplace through robust policies, employee well-being initiatives, continuous capability development and a culture of accountability.

Fostering responsible partnerships across the value chain by promoting collaboration with suppliers, partners and communities while integrating environmental, social and governance considerations into business relationships.

Maintaining sound financial governance through effective internal controls, prudent risk management, disciplined capital allocation and strong regulatory compliance to support long-term value creation.

Building stakeholder confidence through transparent engagement, responsible business conduct, regulatory compliance and consistent corporate communications that strengthen reputation and trust.

By embedding governance, risk management and compliance across these five capitals, Aurum reinforces its commitment to ethical leadership, operational excellence and sustainable value creation. This integrated GRC framework strengthens organizational resilience, supports informed decision making and enables the Company to create enduring value for all stakeholders.

Intellectual Capital

Intellectual capital powers differentiation in a rapidly digitizing RealEstate space. The Company approaches innovation not as episodic product development, but as a structured capability embedded across its platforms, processes, and people. Proprietary technologies, data architectures, algorithms, and digital workflows collectively form a strategic moat that strengthens competitive positioning and accelerates ecosystem scalability.

Owning the registered brand ‘PropTech reflects Aurums early conviction in the convergence of technology and RealEstate, but its intellectual strength extends far beyond brand stewardship. The Company continuously refines its technology stack, invests in product engineering, and safeguards proprietary systems to ensure defensibility and long-term relevance. By combining domain expertise with digital agility, Aurum converts insights into scalable solutions that anticipate market evolution.

Through disciplined IP management and a culture that rewards experimentation and structured innovation, Aurum ensures that its intellectual capital remains dynamic, protected, and strategically aligned with future industry transformation.

Human Capital

Aurums growth trajectory is anchored in the strength, adaptability and ambition of its people. The Company views human capital as a strategic multiplier, where talent, culture and leadership shape innovation and execution excellence. From a small founding team to a group-wide workforce of 1,000+ professionals, this expansion reflects Aurums ability to attract mission- aligned talent in a competitive digital ecosystem.

Beyond workforce expansion, the focus remains on capability building and cultural cohesion. Initiatives such as ‘Culture and Domain promote cross-functional collaboration while deepening sectoral expertise. These efforts ensure teams operate with shared accountability and clarity of purpose.

By fostering an inclusive environment that values diverse perspectives and encourages ownership, Aurum empowers its people to innovate responsibly. This approach enables decisive execution while reinforcing the belief that sustainable enterprises are built by inspired individuals.

Social and Brand Capital

Aurums brand strength is rooted in trust, relevance, and meaningful stakeholder engagement. Customer- centricity is not positioned as a strategy alone but as an operating discipline, guiding product design, service delivery, and ecosystem integration. By aligning technological innovation with real-world user needs, the Company enhances experience, builds credibility, and nurtures long-term relationships across developers, channel partners, and consumers.

Beyond commercial engagement, Aurum actively integrates social responsibility into its corporate identity. Through the IKIGAI initiative, the Company advances structured interventions across environmental sustainability, education, nutrition, safety, healthcare, and animal welfare. These initiatives reflect a broader philosophy that corporate growth must move in tandem with community development, including support for animal welfare through Animal Haven.

By blending responsible business practices with purposeful outreach, Aurum strengthens both its social license to operate and its brand equity. This integrated approach ensures that reputation is built not only on performance metrics but also on positive and measurable societal impact.

Ecosystem Capital

Aurums ecosystem capital lies in its ability to collaborate and catalyze transformation across the PropTech value chain. The Company recognizes that innovation thrives within interconnected networks rather than isolated enterprises. By fostering platforms that encourage dialogue and partnership, Aurum positions itself as both participant and architect of industry evolution.

The Aurum Entrepreneurs Forum and the Entrepreneurs in Residence Program reflect this philosophy. These initiatives provide emerging ventures access to mentorship, infrastructure and strategic insights. In doing so, they accelerate experimentation and market readiness. Such engagements extend Aurums influence beyond its immediate business lines and reinforce its role as an ecosystem enabler.

Through transparent engagement, shared learning and collaborative problem-solving, Aurum strengthens industry resilience and adaptability. This ecosystem- driven approach amplifies collective innovation while extending value creation across stakeholders, partners and future-ready enterprises.

Financial Performance

Equity Share Capital

The Company has a single class of shares, equity shares with a par value of 5 each. For the fiscal year, the Companys share capital amounted to 38.21 crore.

Revenue from Operations - Continued Operations

Aurum achieved a consolidated revenue of 381.09 crore from operations, reflecting a growth of 51% compared to the previous years figure of 252.77 crore.

Discontinued Operations

Revenue from discontinued operations - 10.98 crore for the current year and 11.08 crore for the previous year.

Profitability - Continued Operations

The consolidated loss before exceptional items and tax for the year was 14.96 crore, compared to 43.40 crore in the previous year. The Company achieved an adjusted EBITDA margin improvement of 9% during the year.

Discontinued Operations

Profitability before tax from discontinued operations - 16.50 crore for the current year and loss of 1.06 crore for the previous year.

Fixed Assets - Continued Operations

As of the end of the financial year, Aurums tangible assets stood at 6.75 crore in the FY 2025-26. Depreciation for the year amounted to 3.49 crore.

Discontinued Operations

Similarly tangible assets from discontinued operations stood at 25.19 crore in FY 2025-26. Depreciation for the year amounted to 2.64 crore.

Intangible Assets - Continued Operations

Intangible assets totalled 298.16 crore at year-end. This includes goodwill of 207.17 crore, IT products developed inhouse valued at 90.98 crore, and other intangible assets acquired through business acquisitions. Aurum capitalizes costs associated with IT development, including third-party vendor expenses and direct employee costs linked to the product development team.

Non-Current Liabilities - Continued Operations

Non-current financial liabilities stood at 151.64 crore. Additionally, other liabilities stood at 6.55 crore during the year under review.

Discontinued Operations

Non-current liabilities stood at 59.45 crore.

Current Liabilities - Continued Operations

As of March 31, 2026, current financial liabilities, including trade payables, totalled 201.80 crore. Other current liabilities and provisions also rose to 13.84 crore at the end of FY 2025-26.

Discontinued Operations

As of March 31,2026, current liabilities from discontinued operations totalled 4.68 crore for the FY 2025-26.

Total Income - Continued Operations

The Company registered a total income of 412.43 crore for FY 2025-26, representing a substantial increase of 51% compared to the previous years total income of 273.66 crore.

Discontinued Operations

Total income from discontinued operations - 29.04 crore for the current year and 11.33 crore for the previous year.

Standalone Performance - Continued Operations

On a standalone basis, the profit before exceptional items and tax for the year stood at 6.08 crore, compared to loss of 1.50 crore in the previous year.

Discontinued Operations

Profit before tax from discontinued operations - 16.50 crore for the current year and loss of 1.06 crore for the previous year.

The total comprehensive profit for the year stood at 18.08 crore, compared to loss of 2.69 crore in the previous year.

Current Assets - Continued Operations

Total current investments and cash and bank balances stood at 298.68 crore. Net cash generated from operations amounted to 54.53 crore, reflecting healthy day-to-day inflows.

Discontinued Operations

Total current investments and cash and bank balances stood at 12.69 crore. Net cash generated from operations amounted to 8.40 crore.

Key Financial Ratios

Particulars	2025-26	2024-25	% Change
Current Ratio	1.39	0.76	83
Debt-to-Equity Ratio	0.44	0.77	(42)
Debt Service Coverage Ratio	4.30	2.57	68
Return on Equity Ratio	(0.00)	(0.02)	82
Trade Receivables Turnover Ratio	9.40	9.71	(3)
Net Capital Turnover Ratio	19.05	(2.89)	759
Net Profit Ratio	(3.05)	(15.99)	81
Return on Capital Employed	1.69	(4.61)	137
Return on Investment	9.16	6.70	37

Financial Capital

Aurums financial strategy balances near-term performance optimization with long-term value creation. By aligning investments with scalable digital platforms and ecosystem-building initiatives, the Company ensures that capital deployment supports enduring competitive advantage. Operational efficiencies and structured governance further reinforce fiscal discipline across verticals. This measured approach to capital stewardship enhances stakeholder confidence and underpins sustainable growth.

RISK MANAGEMENT

The Company adopts a forward-looking approach to Governance, Risk and Compliance (GRC), positioning it as a strategic enabler rather than a regulatory function. Its framework anticipates and manages diverse risks, including strategic and technological shifts, macroeconomic volatility and leadership continuity. It also addresses client dependencies, competitive positioning and contractual exposures.

Particular emphasis is placed on safeguarding cybersecurity, data privacy and evolving regulatory requirements. These areas remain critical in an increasingly digital business environment. The Company has voluntarily formed a Risk Management Committee with an aim of promoting a proactive approach in identifying, evaluating, reporting, and mitigating risks associated with the business and, in turn, ensuring sustainable business growth with stability.

By integrating risk intelligence into strategic planning, operational workflows and governance structures, the Company strengthens organizational preparedness and accountability. This embedded approach enhances resilience, improves decision quality and supports sustainable performance.

ACQUISITIONS

Strategically, the acquisition completes Aurums distribution value chain. It integrates transaction management and home loan facilitation with its lead generation and CRM platforms. The integration has added over 350 team members and relationships with 300+ developers. These relationships span Indias top eight cities and significantly expand operational scale and execution capability.

At the same time, the Company streamlined its portfolio to sharpen its strategic focus. It exited the BeyondWalls and Kylas businesses and reclassified Integrow Asset Management as an associate. This repositioning strengthens focus on scalable and regulated growth avenues such as the SM-REIT platform.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has established a comprehensive internal financial control framework aligned with the scale and complexity of its operations. The framework is supported by structured policies, standardized procedures and clearly defined accountability mechanisms. Together, these elements enable efficient business conduct while safeguarding organizational assets. They also minimize operational risks by enabling early detection of irregularities and reinforcing financial discipline. In addition, the framework ensures consistent adherence to established processes across the organization.

To further strengthen financial governance, the Company has implemented formal certification protocols and strict adherence to accounting policies.

It has also introduced robust validation processes for key estimates and provisions. These practices enhance the credibility of financial data and support accurate, transparent and timely reporting. Collectively, these measures reinforce the reliability of financial disclosures and uphold stakeholder confidence. They also demonstrate the Companys continued commitment to maintaining a strong and effective internal control environment.

CAUTIONARY STATEMENT

Statements made in the Management Discussion and Analysis regarding the Companys objectives, projections, estimates, and expectations may constitute ‘forward-looking statements within the meaning of applicable securities laws and regulations. Actual results may differ from those expressed or implied. Key factors that could impact the Companys operations include economic conditions affecting demand, supply, and price conditions in domestic and international markets, changes in government regulations, tax laws, and other statutes, as well as other incidental factors.