Ethos Ltd Management Discussions

Annexure - 5

Economic Overview

Global Economic Review

Overview

The global economy exhibited notable resilience in CY 2024, overcoming earlier apprehensions of a potential recession triggered by supply chain disruptions, geopolitical tensions, and persistent inflationary pressures. The United States economy remained robust, supported by strong employment levels and sustained corporate earnings. In contrast, Europe grappled with both political and economic uncertainty, with Germany·its largest economy·experiencing economic contraction for the second consecutive year.

Meanwhile, the reopening of Chinas economy following the COVID-19 lockdowns did not translate into the anticipated surge in growth. Challenges such as overcapacity and mounting stress in the real estate sector led to deflationary concerns driven by subdued aggregate demand.

Outlook

Looking ahead, the global economic outlook remains cautiously optimistic. Central banks across key economies are expected to shift towards more accommodative monetary policies, as inflationary pressures continue to moderate. Nevertheless, the global economy achieved a commendable growth rate of 3.2% in CY 202-9, navigating these headwinds effectively. Global GDP growth is projected to stabilise at 3.3% for both CY 2025 and CY 2026, indicating a sustainable and broad-based recovery trajectory.

Emerging markets and developing economies outperformed their advanced counterparts, recording a growth rate of 4.2%, significantly higher than the 1.7%1 growth seen in advanced economies. A marked decline in global inflation from 6.8% in CY 2023 to 5.9% in CY 2024 was instrumental in restoring price stability and stimulating economic activity. This improvement was underpinned by proactive and coordinated monetary tightening by central banks and a broader expansion of energy supplies. Despite persistent geopolitical volatility and structural impediments, the combination of resilient consumer spending and government-led fiscal interventions ensured steady economic momentum through the year. Global headline inflation is anticipated to decline to 4.2% in CY 2025 and further ease to 3.5% in CY 202 6-. Advanced economies are likely to reach their inflation targets sooner than their emerging counterparts, driven by stronger monetary anchors and policy credibility.

Although certain geopolitical risks persist, sustained government initiatives, targeted fiscal spending, and global supply chain recalibration are expected to support macroeconomic stability. With steady disinflation, improving financial conditions, and ongoing structural reforms, the foundation is being laid for an inclusive and resilient global economic landscape.

Indian Economic Review

Overview

During the year under review (FY 2024-25), Indias GDP expanded by a robust 6.4%, reaffirming the economys resilience amidst global headwinds including geopolitical conflicts in Europe and the Middle East. This sustained performance was underpinned by strategic government interventions, buoyant private consumption, and a healthy uptick in exports.

Inflationary pressures eased during the year, with the Consumer Price Index (CPI) inflation declining from 5.4% in FY 2023-24 to 4.9% in FY 2029·25^, creating a more stable macroeconomic environment. This softening of inflation has reinforced consumer confidence and is expected to stimulate demand across key discretionary and retail segments.

The Indian economy continues to benefit from proactive structural reforms, progressive deregulation, and substantial public investment in infrastructure. The expansion of the services sector, accelerating digitalisation, and deepening financial inclusion are further enhancing the countrys attractiveness as a destination for global and domestic consumer brands. With a rising aspirational class and improving macroeconomic fundamentals, India remains one of the most dynamic and promising consumer markets globally.

Outlook

Looking ahead, the outlook for the Indian economy remains constructive, With GDP growth projected in the range of 6.3% to 6.8% for FY 2025-265. The Union Budget for FY 2025-26 is expected to play a pivotal role in driving this growth by stimulating savings, investments, and consumption through targeted tax reforms and sector-specific incentives.

A significant proposal under the Budget is the exemption of income tax for salaried individuals earning up to Rs. 1 2.75 lakh, which is anticipated to release substantial disposable income into the hands of middle-class households6. This, coupled with the 25 basis point repo rate cut7 by the Reserve Bank of India (RBI), will enhance liquidity in the system. Additionally, the implementation of the 8th Pay Commission is expected to provide further impetus to discretionary spending, thereby supporting demand for premium and luxury goods.

Favourable developments in global trade and Indias increasing integration into global supply chains are poised to strengthen net external demand. The governments continued emphasis on deregulation, infrastructure expansion, and active private sector participation remains central to sustaining long-term economic growth.

With rising incomes, improved digital connectivity, and growing consumer aspirations, sectors such as retail, e-commerce, and digital services are set for expansion. Although geopolitical uncertainties persist, Indias stable inflation outlook, robust foreign exchange reserves, and sound fiscal discipline strategically position it to navigate challenges and capitalise on emerging opportunities in the global economic landscape.

Industry Overview

Global Premium and Luxury Watch

Overview

The global premium and luxury watch market stagnated in CY2024 after robust growth in the post Covid years. The stagnation was mainly due to the fall in demand for premium and luxury watches in Greater China region, which was the single largest market. The market size for premium and luxury watches is estimated at USD 54 billion in CY2024. Although CY25 is expected to remain flat, a gradual normalisation can be expected from CY2027. By 2032, the global premium and luxury watch market is expected to rise to USD 70-75 billion.

The Asia-Pacific region has emerged as the largest contributor, commanding approximately 42 % of the global market share in 2024. This dominance is driven by a burgeoning affluent consumer base, heightened brand consciousness, and expanding access to luxury retail formats. The US continues to be the next largest area.

Preference for luxury products in India

Recent times have witnessed a change in Indias demand and preference patterns. With an increasing demand for quality, luxury products are observing a surge in sales. Additionally, Indias economic growth is contributing to an improved per capita income and increased consumption levels. Increasingly, people are opting for luxury products to experience the allure of opulence.

India is home to Asias fastest-growing luxury market. Indias strong economic growth has increased the number of FHigh-net- worth individuals (HNWI) and Ultra-high-net-worth individuals (UHNWIs). This has further facilitated the demand for luxury products, especially watches.

Indias watch industry

With rising levels of disposable income and growing fashion consciousness among consumers, the Indian watch market is experiencing significant growth. Indians tend to gravitate towards products that offer them value for their money.

With traditional watches available at different price ranges, the market can cater to different genders and age groups. The industry is expected to grow and reach INR 29,890 Cr by FY 2028. Moreover, with several emerging brands entering the market, a rise in competition is expected.

Outlook

Looking ahead, the global premium and luxury watch market is poised for continued growth, driven by technological innovation and evolving consumer perception. Luxury timepieces are increasingly viewed not only as symbols of prestige and personal style but also as viable investment assets, enhancing their appeal among discerning buyers.

Manufacturers are leveraging cutting-edge materials, intricate complications, and enhanced functionalities to cater to a clientele that seeks both precision engineering and aesthetic distinction. The integration of modern design with traditional craftsmanship is further elevating the value proposition of luxury watches.

Moreover, the surge in demand for pre-owned luxury watches is expected to significantly broaden the market base. Factors such as affordability, sustainability, and instant availability are making the preowned segment an attractive entry point for new consumers while also appealing to seasoned collectors. This expanding interest in certified pre-owned timepieces is set to further accelerate market penetration and growth in the years to come.

The Pre-Owned Watch Market

Global

The global pre-owned luxury watch market has witnessed remarkable growth in recent years, emerging as a key segment within the broader horology industry. This expansion is primarily driven by three core factors: affordability, sustainability, and immediate availability. These elements collectively address the needs of value-conscious yet aspirational consumers, making high-end timepieces more accessible without compromising on brand appeal.

The proliferation of trusted online and offline marketplaces has further legitimised the pre-owned watch segment. These platforms offer authentication services, warranties, and transparent pricing, enabling consumers to purchase with confidence and peace of mind. In parallel, the active participation of leading luxury watch brands in the certified pre-owned (CPO) space has significantly enhanced consumer trust and expanded market reach.

As a result, pre-owned watches are increasingly viewed as smart, sustainable investments, combining the allure of luxury with the benefits of lower entry price points. With growing awareness, brand acceptance, and digital accessibility, the global pre-owned watch segment is expected to remain a powerful growth engine in the luxury watch market.

Indian

In India, the pre-owned luxury watch segment is on the cusp of rapid expansion, mirroring trends observed in other emerging economies. Recent consumer surveys indicate that over 50% of Indian respondents are likely to consider purchasing a pre-owned luxury watch within the next year·surpassing the global average. This growing inclination is primarily driven by affordability, cited as the key motivator by nearly half of the respondents.

Sustainability and instant availability are also influencing purchase behaviour, with 41% of consumers acknowledging the eco-friendly appeal of pre-owned watches and 40% valuing the convenience of immediate possession. These trends reflect a broader shift in consumer mindset towards conscious consumption and smart luxury ownership.

With the circulation of premium timepieces increasing across the country, the ecosystem supporting pre-owned sales·including authentication, refurbishment, and resale platforms·is maturing steadily. With the right infrastructure, brand participation, and consumer education, this segment offers a strategic growth avenue for watchmakers and retailers.

Furthermore, the ongoing expansion of Indias primary luxury watch market is expected to create a virtuous cycle of demand, fuelling opportunities within the pre-owned category. As Indian consumers become increasingly brand-savvy and investment-conscious, the pre-owned watch market is poised to become a key driver of growth, offering significant potential for both established and emerging players in the horology space.

Swiss Watch Market

Overview

The Swiss watch industry continues to represent the gold standard in horology, synonymous with precision, heritage, and craftsmanship. In recent years, the sector has experienced steady demand growth, buoyed by affluent consumers seeking timeless luxury and mechanical excellence. India has emerged as a high-potential growth market, propelled by a rapidly expanding middle class, increasing disposable incomes, and a heightened affinity for international luxury brands.

Swiss watches are perceived as aspirational lifestyle assets in India, often associated with personal milestones, social status, and generational value. The recent trade agreement between India and the European Free Trade Association (EFTA)·which includes Switzerland· aimed at reducing import duties, is expected to further bolster the competitiveness of Swiss timepieces in the Indian market.

Globally, Swiss watch exports continue to rise, supported by recovering tourism, growth in direct-to-consumer channels, and rising digital adoption. Flowever, the industry also faces challenges including fluctuating demand in mature markets, regulatory constraints in certain geographies, and evolving preferences among younger, digitally native consumers.

As per the Federation of the Swiss Watch Industry, Swiss watch exports reached CFHF 25.99 billion in CY 2024. Exports to India grew strongly by 25.2% year-on-year, increasing from CHF 0.22 billion in 2023 to CFHF 0.27 billion in 2024.

Outlook

The outlook for the Swiss watch industry remains cautiously optimistic. India presents a strategic growth opportunity, but long-term success will depend on sustained consumer engagement, localisation strategies, and brand education. Swiss manufacturers are increasingly partnering with trusted retailers and investing in experiential retail formats to build deeper connections with Indian consumers.

The pre-owned and certified pre-owned (CPO) market is also gaining traction within the Swiss segment, creating new revenue channels and enhancing brand lifecycle value. Simultaneously, there is a growing focus on sustainability, with leading Swiss brands incorporating eco- innovation, ethical sourcing, and circular economy principles into their production processes.

To maintain global leadership, Swiss watchmakers must remain agile· balancing tradition with innovation, exclusivity with accessibility, and craftsmanship with conscious luxury. As the next wave of watch collectors and enthusiasts emerges, brands that embrace digital transformation and consumer-centric storytelling will be best positioned to thrive.9

Indian Premium and Luxury Watch Industry

Overview

Indias premium and luxury watch segment has experienced substantial momentum in recent years, supported by the countrys dynamic economic growth and expanding affluence. As one of the fastest- growing major economies globally, India is witnessing a demographic transformation·marked by a rising upper-middle and high-income population·driving demand for aspirational and luxury products, including high-end timepieces.

Current estimates suggest that one in every four the Indian households falls within the upper-middle or high-income bracket, with this proportion expected to increase significantly by 2030. This socioeconomic evolution is translating into increased discretionary spending, particularly among high-net-worth individuals (HNIs) and affluent young consumers, who are fueling demand for luxury watches as expressions of personal success, style, and status.

Indias broader luxury goods market, presently valued at approximately USD 7 billion, is projected to reach around USD 30 billion by 2030,10 reflecting the deepening appetite for premium offerings across categories. Within this ecosystem, Swiss watches and other globally reputed brands are rapidly gaining traction. The growing influence of younger consumers·many of whom favour exclusivity, craftsmanship, and heritage·has further accelerated the industrys expansion.

This shift marks a significant inflection point for the Indian watch industry, positioning it as one of the most promising frontiers for global luxury watchmakers seeking long-term market growth and brand loyalty.

Outlook

The Indian luxury watch market is on a strong growth trajectory, underpinned by a confluence of macroeconomic and sociodemographic factors. Sustained economic expansion, rising disposable incomes, and the growing base of high-net-worth individuals (HNIs) and dollar millionaires are expected to further elevate demand for premium timepieces in the coming years.

The accelerated adoption of digital platforms and e-commerce has been instrumental in extending the reach of luxury watch brands beyond metropolitan centres to Tier 2 and Tier 3 cities, where aspirational consumer segments are increasingly embracing luxury consumption. This digital transformation has enhanced brand visibility, accessibility, and customer engagement across diverse geographies.

Luxury watchmakers particularly Swiss heritage brands are actively capitalising on this trend by expanding their retail footprint and investing in omnichannel strategies tailored to Indian consumers. Additionally, there is a growing appetite for personalised, bespoke, and limited-edition watches, driven by younger, brand-conscious consumers who value exclusivity, craftsmanship, and legacy.

With a favourable demographic dividend, evolving preferences, and deepening brand affinity, India is poised to become one of the most important strategic markets for global luxury watch brands over the next decade11.

Opportunities and Threats

Opportunities

1. Expanding Affluent Consumer Base: With Indias affluent population projected to double to 88 million by 2028 (UBS), the demand for aspirational and luxury timepieces is expected to grow significantly, offering a strong consumption tailwind for Ethos.

2. Emerging Pre-Owned Market: The surge in demand for certified pre-owned luxury watches presents a scalable growth opportunity. Ethos early entry and trusted reputation in this space position it to lead this segment.

3. Omnichannel and Digital Transformation: Increasing penetration of digital commerce and the Companys investments in online platforms and virtual showrooms enable deeper customer engagement and geographic reach beyond metro cities.

4. Favorable Trade Policies: Trade agreements like the one with the European Free Trade Association (EFTA) are expected to reduce import duties on luxury items, making premium products more affordable and competitive in India.

5. Brand Diversification and Exclusive Partnerships:

Strategic tie-ups with global brands such as Singer Reimagined, ID Geneve, and Christian van der Klaauw enhance portfolio exclusivity and appeal to niche high-end segments.

Threats

1. Changing Consumer Preferences: Rapid shifts in fashion, technology adoption, and lifestyle trends may impact brand preference and reduce demand for traditional timepieces if not proactively addressed.

2. Macroeconomic Volatility: Currency fluctuations, inf lotion, and interest rate hikesmay dampen discretionary spending, particularly in premium categories.

3. Regulatory Complexity and Delays: Delays in securing statutory approvals for retail expansion, particularly in Tier 1 malls, can slow down planned growth and impact return timelines on new store investments.

A Counterfeit Products and Grey Market: The presence of counterfeit watches and grey market imports poses reputational risk and margin pressure by undercutting genuine product pricing.

5. Concentration Risk: Ethos is significantly reliant on select high-performing brands. Any disruption in global supply chains or changes in distributor agreements may adversely affect availability and sales of top-selling SKUs.

Segment wise or Product Wise performance

During FY 2024-25, Ethos operated across three key segments: Luxury Retail (Watches and Lifestyle, Certified Pre-Owned (CPO), and Online Sales/digitally assisted.

The Luxury Retail segment remained the primary revenue driver, led by robust in-store purchases of Swiss and international high- luxury watch brands. Strong brand partnerships and a premium inboutique experience continued to reinforce customer loyalty and high- value transactions.

The Certified Pre-Owned (CPO) business, a relatively vertical, witnessed strong growth momentum. This was fuelled by rising consumer interest in authenticated pre-owned timepieces, supported by Ethos trusted sourcing and quality assurance framework.

The Online Sales/digitally assisted channel recorded notable traction, aided by accelerated digital transformation, targeted marketing, and expansion of logistics reach. The channel played a critical role in capturing aspirational demand, particularly from Tier 2 and Tier 3 cities. While footfalls in metro boutiques remained healthy, omnichannel integration · including virtual showroom consultations · enhanced customer engagement and contributed to a seamless hybrid buying experience.

Risks and Concerns

Ethos Limited operates in a dynamic environment influenced by multiple macroeconomic, regulatory, operational, and consumer-led factors. While the Company maintains a proactive and structured risk management framework, the following risks and concerns may have a potential impact on its future performance:

1. Macroeconomic and Geopolitical Uncertainty: Persistent global volatility·including inflation, interest rate fluctuations, and geopolitical tensions·can adversely impact consumer sentiment and discretionary spending, particularly in the luxury retail segment.

2. Foreign Exchange Risk: A substantial portion of Ethos inventory is imported. Significant fluctuations in foreign exchange rates, particularly USD-INR, can affect cost structures and margins.

3. Concentration Risk - Brand and Supplier Dependence:

The Company relies on exclusive partnerships with select high- end international brands. Disruptions in global supply chains or changes in distributor agreements may affect inventory availability and revenue streams.

4. Shifts in Consumer Behaviour: The increasing adoption of smartwatches and digital wearables, coupled with rapidly changing fashion preferences, may challenge the long-term demand for traditional luxury timepieces.

5. Competitive Landscape: The Indian luxury retail market is witnessing entry from new global and domestic players. Intensifying competition may exert pricing pressure and require elevated marketing investments to retain market share.

6. Real Estate and Expansion Risks: Difficulty in securing prime retail locations or delays in regulatory clearances can hamper the timely rollout of new boutiques and affect expansion plans.

7. Cybersecurity and Data Privacy: As Ethos continues its digital transformation and expands online operations, it faces increased exposure to cybersecurity threats, data breaches, and technology system vulnerabilities.

8. Talent Retention and Skill Development: The Companys success is closely tied to its ability to attract, train, and retain skilled professionals. High attrition or gaps in talent acquisition could disrupt customer service quality and operational efficiency.

While these risks are inherent to the nature of business, Ethos has put in place comprehensive mitigation strategies, robust internal controls, and continuous monitoring to minimise their impact and safeguard stakeholder value.

Financial Performance with respect to operational performance:

During FY 2024-25, Ethos Limited delivered robust financial performance, reflecting the strength of its operational strategies and continued demand across its luxury watch portfolio. The Company reported a standalone turnover of Rs. 1,27,651.39 lakhs, registering a strong year-on-year growth from Rs. 1,02,009.35 lakhs in FY 2023-24, supported by growth in both premium watch sales and increased contribution from the certified pre-owned (CPO) business.

Despite inflationary pressures and global uncertainties, the Company achieved an improvement in profit before tax (PBT) to Rs. 13,155.29 lakhs and profit after tax (PAT) to Rs. 9,825.41 lakhs, demonstrating enhanced operating leverage. This improvement is attributable to optimised inventory management, cost discipline, and brand mix realignment towards higher-margin timepieces.

Operationally, the Company expanded its retail footprint to 73 stores across 25 cities, enhanced omnichannel capabilities, and signed new brand partnerships to strengthen its luxury and high-luxury portfolio. These operational initiatives directly contributed to increased footfalls, higher average transaction values, and improved customer retention.

Key performance indicators such as the Debtors Turnover Ratio improved from 91.77 to 73.99 days, reflecting tighter receivables management. However, the Inventory Turnover Ratio showed a marginal decline from 1.79 to 1.70, due to planned stock build-up to support new store openings and premium brand launches.

Overall, the Companys financial performance mirrors its strong operational execution, underpinned by strategic expansion, customer- centricity, and supply chain agility. The management continues to remain focused on long-term value creation through profitable and sustainable growth.

Financial Review

Financial Results	Standalone for the year ended		Consolidated for the year ended
	March 31,2025	March 31,2024	March 31,2025	March 31,2024
Turnover (Including other Income) (Rs. in lakhs)	1,27,551.39	1,02,009.35	1,27,592.59	1,02,250.39
Profit before tax	13,155.29	10,857.95	13,005.85	11,131.21
Profit aftertax	9,825.41	8,129.21	9,528.79	8,329.45
Earnings Per Share (basic/diluted) (Rs.)	40.14	34.14	39.33	34.98

Details of significant ratio changes

Ratios (Standalone)	As of March 31,2025	As of March 31,2024	Increase/decrease (%)
Debtors Turnover (Number of days)	73.99	91.77	(19.37)
Inventory Turnover Ratio (No. of Times)	1.70	1.79	(5.12)
Interest Coverage Ratio (No. of Times)	7.78	7.80	(0.27)
Current Ratio (No. of Times)	4.97	4.98	(0.19)
Debt Equity Ratio (No. of Times)	0.28	0.15	77.09*
Operating Profit Margin (%)	12.05%	12.48%	(3.35)
Net Profit Margin (%)	7.85	8.15	(3.58)
Return on Equity / Net Worth (%)	10.55	10.74	(1.74)
Return on Capital Employed (%)	12.00	12.13	(1.05)

*The increase in the Debt-Equity Ratio is primarily attributable to a rise in lease liabilities recognised in accordance with Ind AS 116. While the Companys equity base has continued to grow, the corresponding increase in lease obligations·on account of new boutique openings and long-term retail expansion·has resulted in a marginally higher financial leverage.

Human Resource

At Ethos, a talented and motivated workforce is considered a cornerstone of the Companys sustained success. Ethos remains committed to attracting and retaining highly skilled professionals who align with its values, vision, and customer-centric ethos. Its human resource policies are designed to ensure that each team member plays a meaningful role in the Companys growth trajectory.

To enhance employee capabilities, Ethos consistently invests in training and development programmes, fostering a culture of continuous learning and upskilling. These initiatives help employees stay abreast of industry trends and strengthen their functional expertise, enabling them to deliver superior service and contribute to operational excellence.

Employee recognition and performance management are integral to the Companys HR practices. Periodic evaluations, constructive feedback, and performance-based acknowledgements create an environment of transparency, motivation, and professional advancement.

As of March 31,2025, Ethos employed 780 full-time staff, of which 149 are women, reflecting a workforce that is approximately 19.10 % female a testament to the Companys commitment to diversity and inclusion.

Ethos also places strong emphasis on employee well-being. Comprehensive medical and accidental insurance, as well as regular health and wellness check-ups, form part of its holistic employee care framework. By nurturing both professional development and personal well-being, Ethos fosters a supportive and empowering workplace that enables its team to thrive.

Internal control systems and their adequacy

Ethos Limited has instituted robust internal control systems and a structured internal audit framework aimed at safeguarding assets, ensuring the accuracy of financial reporting, and supporting effective operational management. The internal audit function operates independently and reports directly to the Audit Committee and the Board of Directors, ensuring transparency and oversight at the highest levels.

As part of its control ecosystem, the Company undertakes monthly and quarterly business reviews to assess unit-level performance and implement timely corrective actions. A well-defined capital expenditure control mechanism is in place to monitor and approve investments in assets and new projects, ensuring prudent financial management and adherence to timelines and budgets.

The findings from internal audits, along with the corresponding corrective measures, are regularly communicated to the Audit Committee and the Senior Management Team. The Audit Committee also reviews the quarterly, half-yearly, and annual financial statements, providing governance-level assurance on financial integrity and control effectiveness.

Throughout the year, the Company carried out a comprehensive evaluation of its internal financial controls, with results indicating satisfactory compliance. Recommendations from these reviews were implemented promptly. Ethos continues to refine its Policy Guidelines and Standard Operating Procedures (SOPs) to ensure alignment with evolving corporate governance standards and regulatory expectations.

Disclosure of Accounting Treatment

The financial statements of Ethos Limited for the year ended March 31, 2025, have been prepared in accordance with the applicable Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and other applicable provisions of the Companies Act, 2013.

There has been no change in the accounting treatment followed by the Company during the year as compared to the previous financial year. The accounting policies have been consistently applied to ensure comparability and reliability of financial information.

No treatment different from that prescribed in any applicable accounting standard has been followed in preparation of the financial statements that would require specific disclosure under Regulation 34(3) and Schedule V of SEBI (LODR) Regulations, 2015.

Affirmation

The Management Discussion and Analysis Report for the financial year ended March 31, 2025, as presented above, was reviewed and approved by the Board of Directors of the Company at its meeting held on August 14, 2025. The Report reflects the Companys commitment to transparent disclosure and has been prepared in compliance with the applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and other statutory requirements, to the extent applicable.

Disclaimer

This Management Discussion and Analysis Report contains certain forward-looking statements based on current expectations, estimates, and projections about future developments. These statements are subject to known and unknown risks, uncertainties, and assumptions that may cause actual results, performance, or achievements to differ materially from those expressed or implied herein.

In addition to macroeconomic and geopolitical factors, the Company operates in an evolving business environment that is subject to unpredictable and rapidly changing external conditions. The forward- looking statements included in this report are based on the information available at the time of publication and reflect the Companys current views, beliefs, and expectations.

Such statements should not be interpreted as guarantees of future performance. Readers are cautioned not to place undue reliance on these forward-looking statements, as they are not historical facts and are inherently subject to change. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise, unless required by applicable law.