CCL Products India Ltd Management Discussions

Business Review

FY 2025–26 was marked by a dynamic business environment characterised by resilient global demand, evolving consumer preferences, and continued volatility in commodity markets. Despite external uncertainties, your Company delivered another year of strong operational and financial performance, supported by disciplined execution, a diversified manufacturing network, and sustained focus on operational excellence. On a consolidated basis, revenue from operations increased to Rs. 4,457.37 crore in FY 2025–26 from Rs. 3,105.75 crore in the previous year,whileProfitAfter Tax rose to Rs. 388.11 crore from Rs. 310.34 crore. EBITDA improved to Rs. 741.37 crore from 563.54 crore, supported by higher business volumes, an improved product mix, and operational efficiencies. Return on Capital Employed (ROCE) strengthened to 22.15%, reflecting efficient capital deployment and disciplined execution.

During the year, the Company further strengthened its position as a trusted global coffee solutions provider by leveraging its integrated global operations, supported by long-standing customer relationships and a diversified product portfolio.

Continued investments in manufacturing excellence, process optimisation, and product innovation enhanced operational efficiency while enabling it to respond effectively to evolving customer requirements.

The domestic-branded business maintained healthy momentum through an expanding retail footprint, growing consumer acceptance, and an increased presence across general trade, modern trade, e-commerce, and direct-to-consumer channels. Export operations also remained resilient, supported by diversified global customers, customised product despite offerings, and its ability to consistently deliver high-quality coffee solutions across international markets.

Sustainability remained an integral part of the long-term growth strategy. Investments in renewable energy, energy-efficient systems, responsible resource utilisation, and circular economy practices further strengthened operational resilience while reinforcing commitment to environmentally responsible production.

Backed by a resilient business model, prudent financial management, diversified manufacturing capabilities, and a customer-centric approach, your Company remains well positioned to capitalise on emerging opportunities across domestic and international markets while continuing to create sustainable long-term value for all stakeholders.

Global Economic Overview

FY 2025–26 was characterised by a complex global economic environment shaped by geopolitical tensions, evolving trade policies, and persistent uncertainty across major markets.

While inflation moderated across several advanced economies compared to the previous year, global growth remained uneven, with the United States demonstrating resilience, Europe witnessing subdued economic activity, and China continuing to face challenges arising from weaker domestic demand and structural adjustments.

International trade and supply chains remained influenced by geopolitical developments, regional conflicts, fluctuations in freight and logistics costs, and changing trade regulations. Central banks across major economies adopted a cautious monetary policy stance, balancing inflation control with the need to support economic growth. Currency movements, evolving trade dynamics, and regulatory developments continued to influence global business sentiment during the year.

Against this backdrop, the coffee industry experienced elevated commodity price volatility, driven by weather-related supply disruptions in key producing regions and continued strength in global demand. While these conditions increased procurement and inventory management complexities across the value chain, manufacturers with diversified sourcing capabilities, integrated production networks, and strong customer partnerships were better positioned to navigate market volatility.

Demand for instant coffee and value-added coffee products remained resilient across both developed and emerging markets. Consumers continued to favour premium offerings, convenience-oriented products, customised formulations, and sustainably sourced coffee solutions, while private-label coffee maintained healthy momentum across major retail markets. Your Company continued to manage procurement, production the planning, and customer servicing efficiently and evolving external environment. Its operational flexibility integrated operational network strengthened supply chain resilience and reinforced its competitive positioning across international markets.

Although geopolitical and macroeconomic uncertainties may continue to influence near-term business conditions, the long-term outlook for the global coffee industry remains favourable, supported by rising coffee consumption, premiumisation, and sustained demand for differentiated and customised coffee solutions.

Indian Economic Overview

India continued to demonstrate remarkable economic resilience during FY 2025–26, reinforcing its position as one of the worlds fastest-growing major economies. Strong domestic demand, sustained public infrastructure investments, favourable policy reforms, and continued momentum in operations and services supported broad-based economic growth despite an uncertain global environment.

Government initiatives aimed at strengthening competitiveness, improving logistics infrastructure, promoting exports, encouraging value-added production, and enhancing ease of doing business continued to improve the nations attractiveness as a global manufacturing and investment destination. Increased formalisation of the economy, digital transformation, and rising consumer spending further strengthened the countrys long-term economic fundamentals.

The food processing and FMCG sectors continued to benefit from changing consumer preferences, increasing urbanisation, rising disposable incomes, and deeper penetration of organised retail and digital commerce. These structural trends created favourable conditions for premium packaged food and beverage categories, including coffee, which continues to witness increasing acceptance across both urban and emerging markets.

Indias coffee consumption continued to evolve steadily, supported by changing lifestyles, growing caf? culture, growing awareness of premium coffee experiences, and increasing preference for convenient beverage solutions. The continued expansion of modern retail, e-commerce, and direct-to-consumer channels further improved consumer access to branded coffee products across the country.

Building on these favourable macroeconomic and consumption trends, your Company continued to strengthen its domestic presence through sustained investments in its branded business, product innovation, distribution expansion, and consumer engagement initiatives. Supported by a resilient business model and strong supply-network capabilities, the Company remains well positioned to capitalise on the long-term growth opportunities offered by the Indian economy and the evolving coffee consumption landscape.

Industry Overview

The global coffee industry continued to demonstrate resilience market uncertainty, the Company during FY 2025–26 despite supply-side disruptions, commodity price volatility, geopolitical uncertainties, and changing trade dynamics. Coffee consumption remained healthy across major international markets, supported by increasing premiumisation, evolving consumer preferences, and sustained demand for instant coffee across both developed and emerging economies.

One of the defining features of the year was the significant volatility in green coffee prices. Adverse weather conditions in key coffee-producing countries, lower crop estimates, supply constraints, and changing global inventory levels contributed to elevated raw material prices across the industry. These developments reinforced the importance of diversified sourcing, supply chain resilience, disciplined inventory management, and operational agility for coffee manufacturers worldwide.

The instant coffee segment continues to remain among the fastest-growing categories within the global coffee industry. Consumers increasingly seek products that combine convenience with premium quality, driving demand for freeze-dried coffee, specialty blends, customised formulations, functional coffee products, and other value-added offerings. Retailers across global markets also continue to expand their private-label portfolios, creating attractive opportunities for manufacturers capable of delivering consistent quality, innovation, and customised product solutions at scale. long- The Indian coffee market continues to offer significant term growth potential. Rising urbanisation, changing lifestyles, increasingpreferenceforpremiumcoffeeproducts,andgrowing awareness of branded packaged beverages are contributing to higher domestic consumption. The rapid growth of organised retail, e-commerce, and direct-to-consumer channels is further supporting market expansion while creating new opportunities for branded coffee businesses.

Against this industry backdrop, your Company continues to support the global operation network, diversified product portfolio, strong customer partnerships, global sourcing network, and focus on continuous innovation to strengthen its competitive position across domestic and international markets. Its ability to deliver high-quality, customised coffee and solutions while maintaining operational flexibility production capabilities continues to support the Companys long-term growth strategy.

Strategic Milestones

FY 2025 26 was a defining year for your Company, marked by disciplined execution, operational resilience, and strategic progress despite one of the most challenging operating environments for the global coffee industry. While unprecedented volatility in coffee prices, geopolitical developments, and evolving global trade policies created significant expanded its global presence, customer-centric approach, and agile business model to deliver sustained growth.

Key strategic milestones achieved during the year include:

Expanded Presence Across Emerging Markets

The business accelerated its presence across high-growth international markets, particularly Africa and China, while simultaneously strengthening relationships in existing global markets. This expansion further diversified its revenue base and reinforced its long-term international growth strategy.

Successfully Navigated Global Tariff and Trade Disruptions

Rapid changes in international trade policies, particularly those affecting the United States, created considerable uncertainty across global supply chains. Leveraging Vietnam as a fungible second manufacturing base, supported by agile sourcing, proactive customer engagement, and commercial interventions, ensured minimal disruption to customer operations while protecting its market position.

Strengthened Global Customer Partnerships

Despite a challenging operating environment, the Company maintained uninterrupted customer service, resilient supply chains, and consistent execution, further strengthening strategic partnerships with leading global retailers and coffee brands while reinforcing its reputation as a trusted partner.

Enhanced Global Market Leadership

Today, CCL products reach customers across more than 110 countries, supported by one of the industrys most diversified platforms. Continued emphasis on value-added products, disciplined portfolio management, and operational excellence contributed to stronger profitability while reinforcing leadership in private label instant coffee.

Continued Investments in Innovation and Manufacturing Excellence

The focus was also on strengthening its integrated manufacturing platform across Vietnam, Switzerland, and

India through process optimisation, quality enhancement, product innovation, and operational efficiencies, enabling it to respond effectively to changing customer requirements across international markets.

Advancing Sustainability

The business remained focused on integrating sustainability into its business strategy through renewable energy adoption, resource optimisation, environmentally responsible practices, and responsible sourcing initiatives, thereby strengthening long-term operational resilience and supporting stakeholder expectations.

These milestones reinforce its ability to create sustainable long-term value while strengthening its position as one of the worlds leading instant coffee manufacturers.

Growth Drivers & Strategic Priorities

Your Companys growth strategy is anchored in strengthening manufacturing capabilities, fostering innovation, building customer relationships, and maintaining operational agility. Backed by its global production network and a strong focus on customer needs, the Company continues to strengthen its position in the instant coffee industry through the following strategic priorities.

Manufacturing Excellence

Backed by its production facilities across India, Vietnam, and

Switzerland, the Company has enhanced production flexibility, improved capacity utilisation, and strengthened supply chain resilience. Ongoing investments in automation, process improvements, and quality systems have improved operational efficiency while ensuring consistent product quality and timely response to evolving customer needs.

Innovation and Product Development

Innovation remains central to the growth strategy. Continuous investment in research and development has enabled the expansion of premium, freeze-dried, customised, and value-added coffee solutions, allowing the Company to cater to changing consumer preferences across global markets.

Strategic Customer Partnerships

Long-standing relationships with leading retailers, coffee brands, and foodservice customers continue to provide a strong competitive advantage. By delivering consistent quality, customised solutions, and reliable supply, the Company continues to deepen customer engagement while bringing opportunities across existing and new markets.

Distribution and Brand Development

The Company continues to strengthen its branded coffee business through wider distribution, improved retail visibility, and expanding presence across modern trade, general trade, e-commerce,anddirect-to-consumerchannels.Theseinitiatives complement its leadership in private-label manufacturing while creating additional avenues for long-term growth.

Operational Discipline

Disciplined procurement, prudent capital allocation, efficient capacity utilisation, and continuous cost optimisation remain integral to the strategy, supporting sustainable profitability and long-term shareholder value.

Opportunities

The global coffee industry continues to evolve, presenting attractive long-term opportunities for companies with diversified manufacturing capabilities, innovation-driven product portfolios, and strong customer relationships. Your Company is well positioned to capitalise on the following market opportunities:

1. Expansion Across Emerging Markets

Coffee consumption is steadily increasing across emerging economies, particularly in Africa, China, and other developing regions, supported by rising disposable incomes, urbanisation, and changing lifestyles. The Companys growing presence in these markets provides a strong platform for future expansion.

2. Rising Demand for Premium Coffee

Consumers are increasingly seeking premium coffee experiences, specialty blends, freeze-dried coffee, and customised formulations. This evolving preference is expected to drive sustained demand for higher-value products and strengthen growth in premium categories.

3. Growth in Global Private Label

Retailers worldwide continue to expand their private-label portfolios while seeking reliable partners capable of delivering quality, innovation, and supply consistency.

As one of the worlds leading private-label instant coffee manufacturers, CCL is well positioned to benefit from this trend.

4. Supply Chain Diversification

Global customers are increasingly diversifying sourcing strategies to mitigate geopolitical and supply chain risks.

5. Sustainability-led Demand

Growing emphasis on responsible sourcing, traceability, renewable energy, and environmentally responsible manufacturing continues to influence purchasing decisions across global markets.

Risk Management

Your Company operates in a dynamic global business environment where effective risk management remains integral to sustainable growth and long-term value creation. The Risk Management Committee periodically reviews the risk framework to identify emerging risks, evaluate their potential impact, and strengthen mitigation measures. Supported by robust governance practices, diversified operations, disciplined financial management, and continuous monitoring, it remains well positioned to address business uncertainties.

1. Commodity Price Risk

The coffee industry remains exposed to fluctuations in green coffee prices arising from weather-related disruptions, crop yields, geopolitical developments, currency movements, and global supply-demand dynamics. Sustained volatility in raw material prices may impact procurement costs and operating margins.

Mitigation Strategy

The Company follows a diversified sourcing strategy supported by long-standing supplier relationships across multiple geographies. Continuous monitoring of commodity markets, prudent inventory management, strategic procurement planning, and effective customer engagement enable the Company to manage raw material price volatility while maintaining business continuity and protecting profitability.

2. Foreign Exchange Risk

A significant portion of revenues is generated through exports, making its financial performance sensitive to fluctuations in foreign exchange rates.

Mitigation Strategy

Foreign exchange exposures are managed through a well-defined treasury framework comprising natural hedges, forward contracts, continuous monitoring of currency movements, and prudent risk management practices. These measures help minimise the impact of exchange rate volatility on business performance.

3. Supply Chain Risk

Global supply chains continue to face disruptions arising from geopolitical uncertainties, logistics constraints, transportation challenges, and evolving trade regulations, which may affect procurement and timely deliveries.

Mitigation Strategy

The businesss varied production presence across India, Vietnam, and Switzerland, combined with a geographically diversified supplier base, strengthens supply chain resilience. Long-term customer relationships, integrated production planning, and proactive logistics management further enhance operational continuity.

4. Market Competition

The global coffee industry remains highly competitive, with increasing emphasis on product innovation, quality, sustainability, and customer responsiveness.

Mitigation Strategy

The business remains focus to strengthen its competitive position through continuous product innovation, customised solutions, superior quality standards, operational excellence, and long-standing customer partnerships. Investments in branded products and value-added offerings further diversify growth opportunities.

5. Regulatory and Compliance Risk

Operating across multiple international markets requires continuous compliance with changing regulatory, environmental, food safety, and trade requirements.

Mitigation Strategy

A comprehensive governance framework, supported by dedicated compliance teams, periodic internal reviews, external certifications, and regular monitoring of regulatory developments, enables the Company to maintain high standards of compliance across all operations.

6. Climate Risk

Climate change, changing environmental regulations, and increasing stakeholder expectations continue to influence the global coffee value chain.

Mitigation Strategy

The brand remains committed to responsible manufacturing through renewable energy adoption, resource conservation, efficient water management, waste reduction initiatives, and environmentally responsible business practices.

Financial Performance

Despite operating in one of the most challenging years for the global coffee industry, marked by unprecedented coffee price volatility, evolving global trade policies, and geopolitical uncertainties, your Company delivered another year of strong financial performance through disciplined execution, operational excellence, and a resilient global business model.

The details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios, along with detailed explanation are as follows:

Standalone Ratios

Financial Ratios	2025 26	2024 25	Change (%)	Reason for Change
Debt Equity Ratio	0.45	0.72	-37.20%	The change in the ratio is primarily attributable to reduction in debt levels and improved profitability during the period.
Return on Net Worth	22.39%	8.02%	179.26%	The change in ratio is primarily attributable to higher sales and also dividend income fromleading to higher profitability subsidiary
Net Profit Margin Ratio	12.96%	5.37%	141.22%	The change in ratio is primarily attributable to higher sales and also dividend income fromleading to higher profitability subsidiary

Consolidated Ratios

Financial Ratios	2025 26	2024 25	Change (%)	Reason for Change
Debt Equity Ratio	0.56	0.92	-38.77%	The change in the ratio is primarily attributable to reduction in debt levels and improved profitability during the period.
Inventory Turnover Ratio	2.77	2.00	38.51%	The improvement in the ratio is primarily attributable to higher consumption/sales during the period coupled with more efficient inventory management, resulting in better inventory utilization.

On a consolidated basis, Revenue from Operations increased to 4,457.37 crore during FY 2025 26 from 3,105.75 crore in the previous year, registering a growth of 43.52%. The increase was primarily driven by higher coffee prices, sustained export demand, improved product mix, continued momentum in value-added products, and healthy performance across key international markets.

Profit Before Tax increased to 450.70 crore from 362.26 crore in the previous year, while Profit After Tax attributable to shareholders increased to 388.11 crore, representing a growth of approximately 25.06% over FY 2024 25. The improvement reflects the Companys ability to effectively navigate commodity price volatility through disciplined procurement, dynamic pricing . strategies,operationalefficiencies, and prudent cost management On a standalone basis, Revenue from Operations increased to 2,216.05 crore compared with 1,717.99 crore in FY 2024 25, while Profit Before Tax grew to 349.12 crore from 130.45 crore, reflecting strong operating performance across the business.

The Company continued to maintain a healthy financial position during the year. Total equity on a consolidated basis increased 2,344.55 crore as at 31 March 2026 from 1,967.23 crore inthepreviousyear,supportedbyimprovedprofitabilityand retained earnings. At the same time, total borrowings reduced significantly through prudent capital allocation and healthy flows, furtherstrengthening the balance sheet.

Healthy cash generation from operations, disciplined working capital management, and continued focus on capital efficiency enabled to support capacity enhancement, product innovation, strategic investments, and shareholder returns while maintaining financial flexibility for future growth.

Balance Sheet Strengthening and Deleveraging

An area of specific focus and strategic priority for us this year has been “Balance Sheet Strengthening”.

In FY 2025-26 we focused on ensuring that the operational performance and results get translated to a tangible Balance

Sheet strength. To achieve this, we executed a refined strategy centered on working capital optimisation and Cash

Flow centricity prioritizing liquidity and deleveraging.

These targeted initiatives yielded us exceptional results.

Surge in Operational Cashflows: Operating cash flows surged to 858 crores in FY26, up from 290 crores in FY 25 and 55 crores in FY 24.

The unlocked trapped liquidity, has been directed towards debt reduction, derisking our balance sheet.

Balance Sheet Deleveraging Progress

Gross Debt 1813 Crores as at March 31, 2025, has been substantially reduced to 1291 Crores as at March 31, 2026. Net Debt 1716 Crores as at March 31, 2025, has been substantially reduced to 1073 Crores as at March 31, 2026.

The Leverage ratios, post the deleveraging in FY 26, have improved significantly, reflecting Gross Debt to Equity ratio has improved from 0.92 in FY 25 to

0.55 in FY 25-26

Net Debt to EBIDTA has improved from 3.05 in FY 25 to 1.45 in FY 26.

As we enter the next fiscal year, the structural transformation of our balance sheet has fundamentally altered our growth trajectory. Today, our financialposition is demonstrably healthier, characterized by lower leverage and robust cash flows. This transformed balance sheet strength provides us needed with the financial flexibility to aggressively pursue sustainable growth opportunities and deliver long-term stakeholder value.

Enhanced Working Capital efficiency: By accelerating inventory turnover, optimizing receivables, and managing payables more prudently, we transformed our working capital efficiencysignificantly and enhanced our operational cash flow generation The working capital days have come down from 246 days in FY

25 to 166 days in FY 26, unlocking liquidity trapped in working capital.

Dividend

During FY 2025–26, the Company declared an interim dividend of 2.75 per equity share (137.50%) of face value 2 each. Further, your Board of Directors have recommended a final dividend of 3/- per equity share, i.e., 150% of nominal value 2/- per share, in its meeting held on May 07, 2026, subject to the approval of the members in the forthcoming Annual General Meeting.

Earnings Per Share

The Companys profitability FY

2025–26, resulting in higher earnings for shareholders.

Particulars	FY26	FY25
Basic EPS ()	29.22	23.35
Diluted EPS ()	29.22	23.35

The improvement in earnings per share reflects its continued focus on profitable growth, operational excellence, disciplined capitalallocation,andsustainedvaluecreationforshareholders.

Segment-wise performance

Pursuant to the requirements of Indian Accounting Standard

(Ind AS) 108 – Operating Segments, the Company has assessed its organisational structure, internal reporting framework, and the manner in which business performance is reviewed by the Chief Operating Decision Maker (CODM).

The business is principally engaged in the manufacture and sale of coffee and coffee-related products. Based on the nature of products, risks and returns, production processes, customer profile,and the internal management reporting structure, the business continues to be operated and reviewed as a single reportable segment, namely Coffee.

Accordingly, Coffee remains the only reportable operating segment under Ind AS 108. The production network across India, Vietnam, and Switzerland operates as an integrated production network serving domestic and international markets, and business performance is evaluated on a consolidated basis for strategic decision-making and resource allocation.

Operational Excellence

Operational excellence remains a cornerstone of the business strategy, enabling consistent product quality, efficiency, and reliable customer service across global markets.

During FY 2025–26, the Company continued to optimise its integrated network across various countries to improve production flexibility, strengthen capacity utilisation, and ensure uninterrupted customer deliveries despite global supply chain challenges. Vietnam further reinforced its strategic role as an alternate manufacturing base, providing greater sourcing changing flexibility global trade dynamics.

Continuous investments in automation, digitalisation, quality assurance systems, and process improvement enhanced efficiency while maintaining high standards of product quality and food safety. These initiatives enabled the business to respond effectively to changing customer requirements while improving productivity and cost efficiency.

The Company continued to strengthen resource efficiency through renewable energy adoption, responsible sourcing, efficient water management, waste reduction initiatives, and environmentally responsible manufacturing practices, supporting both operational resilience and long-term business stability.

Supported by a culture of continuous improvement and disciplined execution, the Company remains well positioned to deliver excellence while supporting future growth across domestic and international markets.

Outlook

The long-term outlook for the global coffee industry remains favourable, supported by increasing coffee consumption, premiumisation, growing private-label opportunities, and rising demand across emerging markets. While short-term uncertainties relating to commodity prices, geopolitical developments, and global trade policies may continue to influence the operating environment, the diversified platform, resilient supply chain, and strong customer relationships provide a solid foundation for sustained growth.

The Company will continue to focus on strengthening its global leadership in private-label instant coffee while selectively expanding its branded business in strategic markets. Continued emphasis on innovation, operational excellence, disciplined capital allocation, and customer-centric solutions will support profitable and sustainable long-termgrowth.

Forward Priorities

During FY 2026–27, the Company will focus on:

? Strengthening leadership in the global private-label instant coffee business.

? Deepening strategic partnerships with leading retailers and coffee brands.

? Accelerating innovation in premium and value-added coffee products.

? Enhancing production efficiency through automation and process optimisation.

? Strengthening supply chain resilience through diversified sourcing and creation flexibility.

? Continuing investments in renewable energy and responsible manufacturing.

? Expanding the branded coffee business globally while maintaining disciplined capital allocation and profitability.

Internal Control Systems And Their Adequacy

The Company has established a comprehensive internal control framework designed to safeguard assets, ensure the accuracy and reliability of financial reporting, promote operational efficiency, and ensure compliance with applicable laws, regulations, and internal policies.

The internal control systems are commensurate with the size, scale, and complexity of the operations and are regularly reviewed to ensure their continued effectiveness. Standard operating procedures, well-defined authority matrices, documented policies, and periodic management reviews support effective governance across business functions. An independent Internal Audit function carries out risk-based audits across production platforms, corporate functions, and operationalprocesses.Theobservationsandrecommendations arising from these audits are periodically reviewed by the Audit Committee, which monitors the implementation of corrective actions to further strengthen internal controls and risk management practices.

The Audit Committee regularly reviews the adequacy and effectiveness of the internal financial controls, risk management framework, and governance processes, thereby assuring the integrity of financial reporting and operational performance.

The management believes that the existing internal control systems are adequate and continue to operate effectively across all areas of the business.

Human Resources

The Companys employees remain its greatest strength and a key contributor to long-term success. CCL is committed to fostering an inclusive, collaborative, and performance-driven workplace that encourages innovation, continuous learning, and professional growth.

During the year, the Company continued to invest in leadership development, technical capability building, and structured learning programmes to strengthen organisational capabilities across all functions. Employee engagement initiatives focused on workplace safety, health and well-being, diversity, and career development reinforced a culture of trust, accountability, and continuous improvement.

As on 31 March 2026, the Company had 1,334 permanent employees across its operations.

The business remains committed to attracting, developing, and retaining talent while nurturing a workplace culture that supports innovation, operational excellence, and sustainable business growth.

Accounting Treatment

The financial statements have been prepared in accordance with the Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time, together with the relevant provisions of the Companies Act, 2013.

The accounting policies adopted in the preparation of the financial statements have been applied consistently and conform with the applicable accounting standards and regulatory requirements.

There have been no material departures from the prescribed accounting standards in the preparation of the financial statements for FY 2025–26.

Cautionary Statement

Statements contained in this Management Discussion and Analysis describing the objectives, projections, estimates, expectations, or predictions may constitute forward-looking statements within the meaning of applicable securities laws and regulations.

Actual results may differ materially from those expressed or implied due to various factors, including changes in economic conditions, commodity prices, foreign exchange fluctuations, geopolitical developments, regulatory changes, market competition, customer demand, and other risks and uncertainties beyond the control.

The Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required under applicable laws.