Indiqube Spaces Ltd Management Discussions

1. Economic Overview

1.1 Global Economy

The global economy, after demonstrating resilience amid higher trade barriers and elevated uncertainty in recent years, is now facing renewed pressure following the outbreak of conflict in the Middle East. Rising commodity prices, strengthening inflation expectations, and tighter financial conditions are testing global economic stability, particularly across emerging market and developing economies that are dependent on commodity imports. Under the assumption of a limited conflict, global growth is projected at 3.1% in CY 2026 and 3.2% in CY 2027, remaining below recent growth levels and historical pre-pandemic averages. The impact of higher energy and food prices, coupled with volatile financial markets and geopolitical uncertainty, continues to influence global economic activity and business sentiment across regions.

Global inflation is expected to temporarily interrupt its declining trend, increasing from 4.1% in CY 2025 to 4.4% in CY 2026 before moderating to 3.7% in CY

2027, primarily driven by elevated energy and food prices. Inflationary trends continue to vary across countries due to persistent services inflation and country-specific economic factors. Meanwhile, world trade volume growth is projected to decline from 5.1% in CY 2025 to 2.8% in 2026 before improving to 3.8% in CY 2027, reflecting the impact of tariffs, trade realignments, and adjustments across global supply chains and production networks. While goods trade is expected to remain relatively subdued, services trade is anticipated to demonstrate comparatively greater resilience supported by stronger underlying demand trends.

Outlook

The outlook remains subject to elevated downside risks arising from prolonged geopolitical conflicts, increasing geo economic fragmentation, renewed trade tensions, and continued financial market volatility. High public debt levels, inflationary pressures, and weakening fiscal sustainability may further increase vulnerabilities across economies. However, improving productivity growth driven by technological advancements, including artificial intelligence, along with easing trade tensions and sustained policy support, could provide support to global economic activity and gradual disinflation over the medium term.

1.2 Indian Economy

Indias economy has demonstrated continued resilience, supported by strong domestic demand, a stable financial system, and improving macroeconomic fundamentals, even amid heightened global uncertainty. The Indian economy ended FY 2025 26 on a stronger-than-expected note. As per MOSPI, GDP is estimated to have grown by 7.7%, supported by higher investments, resilient domestic demand, and sustained momentum across the manufacturing and services sectors. Despite heightened global uncertainties arising from geopolitical tensions in West Asia, disruptions to critical trade routes elevated energy prices, Indias macroeconomic fundamentals remained resilient. Strong foreign exchange reserves, a healthy banking sector, and continued structural reforms helped maintain economic stability while mitigating inflationary and external sector pressures. The governments continued focus on infrastructure remains central, with capital expenditure budgeted at 12.2 lakh crore (3.4% of GDP) in the Union Budget FY 2026 27. Strategic priorities include infrastructure development, MSME support, digital and semiconductor ecosystems, ease of doing business, and employment generation reinforcing medium-term growth prospects. Building on this infrastructure-led growth strategy, government capital expenditure has increased significantly from 3.07 lakh crore in FY19 to a budgeted 11.21 lakh crore in FY26, reflecting sustained emphasis on transportation networks, urban infrastructure, industrial development, and economic connectivity. Continued public investment across physical and digital infrastructure is expected to support urbanisation, enterprise expansion, commercial real estate development, and long-term economic activity across key markets.

Indian Economy GDP Growth Rate

(in %)

Outlook

Indias growth outlook remains constructive, anchored by sustained public investment, improving private capex, and a stable macroeconomic framework. Strong domestic demand and infrastructure-led expansion continue to drive momentum, while easing global trade pressures offer incremental support. Risks from energy volatility and moderating fiscal support persist but are expected to remain manageable, keeping the overall growth trajectory resilient.

2. Industry Review

Indias real estate sector continues to be a key driver of the national economy, supported by sustained demand, structural reforms, and the emergence of high-growth segments. As the countrys second-largest employment generator, the sector remains a significant magnet for investment, with institutional inflows exceeding USD 10 billion in 2025. This strong momentum is expected to propel the sector towards a market size of USD 5 trillion or more by 2047, reinforcing its role as a critical pillar in Indias Viksit Bharat vision.

Office Market Performance

Indias office market delivered another strong year in 2025, building on sustained momentum from previous years. Robust occupier confidence, steady investments, and continued portfolio expansion by both domestic and global firms drove leasing activity. Annual absorption reached a record 83.1 million sq. ft., led by Bengaluru, Mumbai, Delhi-NCR, and Hyderabad, which together accounted for nearly three-fourths of total leasing.

New development completions touched a historic peak, with supply rising 10% year-on-year to 58.9 million sq. ft. High-quality, experience-led assets dominated new launches, offering superior design, efficient layouts, and enhanced amenities aligned with evolving occupier preferences. Hyderabad, Bengaluru, Delhi-NCR, and Mumbai contributed 82% of total completions. Notably, sustainability remained central, with green-certified buildings accounting for 87% of new supply.

India continued to attract Global Capability Centres (GCCs), supported by its deep talent pool, digital ecosystem, and cost advantages. GCCs leased

32.8 million sq. ft., with Bengaluru, Hyderabad, and Delhi-NCR contributing 69% of total GCC leasing. Demand was led by BFSI (25%), technology (24%), and engineering & manufacturing (16%), reflecting a shift towards higher-value capabilities. Technology firms led office absorption with a 23% share, followed by flexible space operators (20%), BFSI (15%), and engineering & manufacturing (9%). Flex operators and BFSI players remained active, together contributing nearly 60% of total leasing. Emerging sectors such as aviation and telecommunications also recorded strong growth, further diversifying demand.

Domestic occupiers played a pivotal role, accounting for 47% of leasing activity, reflecting increased expansion by Indian enterprises. The Americas contributed 34%, followed by EMEA (15%) and APAC (4%). Growth was driven by business expansion, portfolio consolidation, and the rising adoption of flexible and managed workspace solutions reinforcing the structural resilience of Indias office market.

Key trends

Steady expansion to cross the 1 bn sq. ft. milestone The AI-led workplace evolution Sectoral demand and workforce transformation to support absorption

Expansion into emerging Tier-2 Markets GCCs 2.0: Scaling with R&D and Digitisation

Sustainable and Future- Ready Office Infrastructure Broadening Sectoral and Geographic Momentum

1. Steady expansion to cross the 1 bn sq. ft. milestone

Indias office sector is set to sustain its growth momentum in 2026, with the country crossing the landmark milestone of 1 billion sq. ft. of total office stock. This expansion is driven by a strong pipeline of investment-grade developments and a structural shift in occupier preferences toward high-quality, future-ready workspaces. The momentum is further supported by Bengaluru emerging as the leading office market, backed by sustained GCC expansion, robust technology sector demand, and increasing absorption of Grade A office spaces.

A clear flight-to-quality is underway, with Grade A+ assets establishing new benchmarks in design, efficiency, and user experience. Over 65% of upcoming supply is likely to be delivered within integrated tech parks across leading cities, reflecting a growing preference for amenitised, campus-style developments. At the same time, ESG compliance, safety, and sustainability are becoming baseline requirements, shaping long-term asset design and operational strategies.

2. Expansion into emerging Tier-2 Markets

Supply constraints in core business districts are accelerating the shift toward peripheral and non-core Tier-2 markets. Enterprise occupiers, including mid-market firms, satellite GCCs, and corporates expanding beyond metros, continue to seek technology-enabled and professionally managed Grade-A work environments across locations.

This transition is supported by improving infrastructure connectivity, maturing business ecosystems, and the increasing adoption

	of hybrid work models. Cities such as Ahmedabad, Jaipur, Indore, Coimbatore, Kochi, and Vadodara are witnessing growing traction, supported by favourable operating economics, lower occupancy costs, and expanding enterprise demand.
3.	Sustainable and Future-Ready Office Infrastructure Indias commercial real estate sector is witnessing increasing focus on sustainability- led transformation, driven by growing occupier preference for energy-efficient and green- certified workplaces. Retrofitting, renewable energy integration, and ESG-aligned building designs are becoming central to asset competitiveness, supported by investor focus and occupier commitment toward sustainability goals. As of 2025, green-certified buildings accounted for nearly two-thirds of Indias overall office stock, representing approximately 574 million sq. ft., while over 80% of the new office supply in 2026 is expected to be green certified, reflecting rising demand for sustainable and future-ready workplace environments.
4.	Sectoral demand and workforce transformation to support absorption Office absorption is expected to remain steady in 2026, supported by resilient occupier demand, evolving workplace strategies, and continued confidence in Indias economic fundamentals. - Positive hiring sentiment: Recruitment outlook remains stable despite global uncertainties, underpinned by digital transformation, business expansion, and increasing demand from sectors such as BFSI, healthcare, pharmaceuticals, manufacturing, and life sciences.

- Steady workforce growth: Hiring intent has increased by 100 bps year-on-year, indicating consistent demand across sectors such as BFSI, manufacturing, and life sciences. Improving metro connectivity and urban infrastructure development across major cities are further supporting business expansion and workforce mobility.

- Shift to agile workplaces: Organisations are prioritising flexibility, efficiency, and experience-led environments alongside workforce expansion.

5. The AI-led workplace evolution

The growing emphasis on AI-driven capabilities is set to reshape workplace requirements. The share of technology roles requiring AI exposure is projected to rise from 20% in 2025 to 31% by 2027, driving demand for high-spec, innovation-led office environments. At the same time, AI-driven productivity enhancement, evolving workforce models, and the emergence of AI-native enterprises are expected to support growth in the flexible workspace, as occupiers increasingly prioritise scalable workplace solutions aligned with dynamic team structures and operational flexibility.

6. GCCs 2.0: Scaling with R&D and Digitisation

Indias GCC ecosystem continues to strengthen as global firms pivot toward digital transformation, automation, and risk optimisation. Growth is increasingly led by high-value R&D and product ownership roles, with R&D-focused GCCs expanding 1.3x faster than overall setups since 2020.

Evolving ecosystem

- Large GCCs: Fortune 500 firms are scaling integrated, campus-style operations, accounting for 41% of GCC leasing in 2025.

- Mid-market players: Expanding across FinTech, SaaS, and digital engineering with focused centres.

- Nano GCCs: Lean, specialised teams leveraging flexible workspaces for agility and faster scale-up.

Leasing trends

- >100,000 sq. ft.: Continued expansion by established enterprises.

- 20,000 100,000 sq. ft.: Steady demand from mid-sized firms and new entrants.

7. Broadening Sectoral and Geographic

Momentum

Indias office market is set for stable leasing growth, driven by increasing diversification across industries and geographies. This expanding footprint is strengthening resilience, with a wider mix of occupiers competing for premium, future-ready assets. Core sectors are entering a high-growth phase (2026 28), supported by AI-led investments, supply chain diversification, and infrastructure push. At the same time, emerging industries are scaling up, adding depth to office demand.

As enterprises expand AI-driven functions such as data engineering, automation, and model development demand is shifting toward high-spec, tech-enabled workspaces, reinforcing the need for quality assets in key markets. Organisations are also increasingly adopting hub-and-spoke and distributed office models to reduce employee commute time, improve workforce accessibility, and enhance operational flexibility reducing dependence on large centralised campuses.

Indias stable macro environment and policy support have further strengthened business confidence, enabling both start-ups and established firms to expand portfolios, accelerate digitalisation, and adopt formal workplace strategies sustaining long-term demand momentum.

Outlook

Indias office market remains on a strong footing, supported by a balanced mix of supply expansion, diversified demand, and sustained domestic participation. The continued rise of GCCs, focus on high-quality and sustainable developments, and increasing adoption of flexible workspace models are expected to shape the next phase of growth.

Driven by BFSI and large corporates, flexible workspace demand in Mumbai, Indias leading financial hub, remains strong. Flex operator leasing activity in the city witnessed an increase through 2024 and 2025.

Key clusters/micro markets: Western Suburbs 1 and 2, Navi Mumbai, New CBD, Eastern Suburbs, and Central Mumbai 2

As a key commercial office market in West India, Pune attracts sustained interest from multiple flex operators. Broad-based sectoral demand positions the city among those with the highest flexible workspace penetration nationally.

Key clusters/micro markets: Secondary & Extended Business District West, CBD, and Secondary Business District East

As Indias largest flexible workspace market, Bengaluru is marked by an expanding operator presence. The city witnessed stable flex demand and space acquisition by operators across 2024 and 2025.

Key clusters/micro markets: CBD, EBD, ORR, North Bengaluru and Whitefield

Delhi NCRs leasing has strengthened sharply in the last few years, with flexible workspaces firmly positioned among the top three demand drivers.

Key clusters/micro markets: Cyber City, Golf Course Road, NH8, Noida Sector 16,62 & Expressway, and Aerocity

Kolkata, the primary commercial hub in Eastern India, is witnessing multiple flexible workspace operators actively exploring expansion opportunities.

Key clusters/micro markets: Salt Lake Sector V, New Town Rajarhat

A key commercial hub in South India, Hyderabad ranks among Indias largest flexible workspace markets, supported by strong IT/ITeS, consulting, and BFSI demand. In 2025, flexible space operators recorded the second highest share of overall leasing here

Key clusters/micro markets: IT Corridor and Extended IT Corridor

A major office market in South India, Chennais demand is underpinned by expanding Grade A supply. Its flexible workspace market is simultaneously witnessing heightened occupier interest

Key clusters/micro markets: OMR Zone 1, CBD, Off CBD, and SBD

2.1 Flex Market

Flexible workspaces have evolved into a strategic enabler of scale and standardisation, complementing rather than replacing conventional leasing. By enabling operational outsourcing and capital efficiency, they provide organisations the agility to navigate geographically distributed teams and diverse workstyles within high-quality, experience-led environments.

With continued institutional and public capital inflows, the sector is expected to mature into a more disciplined, network-driven ecosystem, enhancing long-term stability. Sustaining this momentum will require landlords to focus on amenitisation and long-term partnerships, while operators continue to refine and standardise offerings.

Top 10 operators Indias flexible share in total flexible workspace stock^ workspace stock

(Source: CBRE Research Report on Flex Offices, March 2026) ^Includes tier I and non-tier I cities across the country as of Q4 2025 #Includes top 9 cities- Bengaluru, Delhi NCR, Mumbai, Hyderabad, Chennai, Pune, Kolkata, Kochi and Ahmedabad *The key developers stock across top 9 cities and includes assets owned by REITs

Flexible workspace operators are increasingly prioritising high-quality, amenity-rich assets, with flex stock across Tier I cities expected to grow steadily in response to demand from a diverse occupier base.

Bengaluru

Bengaluru commands the largest share of Indias flexible workspace stock and is expected to retain its leadership through 2026, driven by a strong startup ecosystem and a high concentration of global technology firms.

Why Bengaluru leads:

- Highest density of startups in India

- Strong demand from GCCs and IT companies

- Mature coworking ecosystem with abundant Grade A supply Flexible workspaces in Bengaluru are increasingly evolving beyond startups, emerging as enterprise hubs and satellite offices for large organisations.

Enterprises are actively adopting a "core + flex" strategy, balancing long-term stability with agility and cost efficiency. Nearly 55% of occupiers already incorporate flexible workspaces into their portfolios, with rising adoption among large and mid-sized firms. This marks a structural shift, with flexibility evolving from a tactical solution to a core element of real estate strategy.

Key adoption drivers include:

- Evolving corporate real estate strategies

- Operational outsourcing and agility

- Capital and cost efficiencies

- Customisation and diverse workspace offerings

GCC-led momentum

As Global Capability Centres (GCCs) scale in India, their adoption of flexible workspaces is set to deepen, driven by the need for speed, scalability, and asset-light expansion. Flex spaces are increasingly used as an entry and expansion strategy, enabling faster market access and lower upfront investment. Insights from CBREs 2025 India Office Occupier Survey highlight this shift, with 43% of GCCs preferring fully private managed offices. Rising GCC and enterprise participation is also driving demand toward larger formats, private suites, and managed solutions, leading to greater standardisation across operators and cities.

Implications of GCC-led demand

- Larger contiguous space requirements

- Preference for private, managed office formats

- Increased operational standardisation across locations

Overall, flexible workspaces are transitioning into strategic growth enablers, aligned with evolving enterprise and GCC operating models.

Emerging Trends in Flexible Workspaces

- Expansion into Tier II cities: Operators are increasingly expanding beyond Tier I markets to tap into rising demand from GCCs, startups, and regional enterprises in emerging business hubs.

- Shift towards core + flex models: Enterprises are integrating flexible workspaces into long-term real estate strategies to achieve scalability, cost optimisation, and workforce flexibility.

- Value-added services as growth drivers:

Flexible workspace providers are strengthening offerings through managed offices, design & build (D&B), fit-out solutions, and employee-centric amenities to diversify revenue streams.

- Technology-led workplace experience:

Increased adoption of workplace technology, automation, and smart office solutions is improving collaboration, operational efficiency, and overall employee experience.

- Total outsourcing solutions: Enterprises are increasingly engaging flexible workspace providers to manage end-to-end workplace requirements, including space planning, operations, facilities management, and employee experience delivery, as part of a fully outsourced model.

Challenges

- Supply constraints: Enterprise demand remains concentrated in talent rich corridors, and availability of Grade A assets with the right location, quality, infrastructure readiness, compliance standards, and scalability can be limited.

- Cost volatility: Fit out costs, power costs, facility management expenses, manpower costs, rentals, and maintenance charges can affect project economics if not managed with discipline.

- Lease revenue mismatch: Long-term lease commitments versus short-term, variable revenue visibility.

- Occupancy volatility: Exposure to tenant churn, roll-offs, and renewal risks.

- Market saturation: Increasing concentration in core micro-markets intensifying competition.

- Operational complexity: Consistent service quality and SLAs across multiple locations.

- Cost pressures: Rising rents and increases in utilities, operations, and fit-out costs.

Opportunities

- Beyond Tier I expansion: Tap demand in non-metro markets and enable multi-location, single-vendor solutions.

- ESG & wellness differentiation: Leverage sustainability and well-being features to enhance tenant preference and retention.

- GCC-led demand: Anchor growth through large, standardised mandates, especially in managed/private formats.

- Flex-as-an-amenity: Integrate flex within buildings to differentiate assets and cater to short-term or small-format needs.

- Portfolio optimisation: Offer capital-light, scalable solutions that improve cost efficiency and flexibility for occupiers.

- Access to capital markets: Use public/ institutional funding to scale operations and strengthen financial resilience.

- Asset repositioning: Upgrade ageing or underutilised spaces to improve occupancy and marketability.

- Enterprise multi-city demand: Capture network-wide requirements from large occupiers to drive standardisation and growth.

Outlook

Flexible workspaces are set for sustained, structural growth, driven by rising enterprise adoption, GCC expansion, and evolving workplace strategies. AI-led hiring is expected to contribute 31% of flex seat leasing by CY2030P, emerging as a key driver of future flex demand Demand will be led by large enterprises and GCCs, accelerating the shift toward larger, and customisable formats, while institutional capital and global entrants drive consolidation and standardisation.

Operators are expanding into integrated, full-stack solutions, with landlords increasingly partnering to enhance asset value and utilisation.

Note(s): 1. Stock refers to the square footage of Grade A commercial space that have received a certificate of occupancy and can be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation. It includes both occupied and vacant spaces in such buildings; 2. Top seven cities include Bengaluru, Mumbai, Delhi NCR, Hyderabad, Chennai, Pune, Kolkata Source(s): Nasscom, CII, Zinnov, JLL, CBRE, Redseer Research & Analysis

3. Financial Performance

FY 2025 26 marks a landmark year in the Companys growth journey. On a full-year basis, the Company recorded its highest-ever annual revenue of 1,469 crore, reflecting a year-on-year growth of 37%. EBITDA crossed the 300 crore milestone, registering a strong growth of 60% year-on-year, while profit after tax increased sharply by 145% to 125 crore. The year also witnessed continued improvement in profitability and operating efficiency. EBITDA margin expanded to 21% in FY 2025 26 from 18% in FY 2024 25, while PAT margin improved to 9% from 5% over the same period. Cash flow from operations strengthened significantly, increasing 147% year-on-year to 304 crore, reflecting the Companys improving operational leverage and disciplined execution.

	(In crores except EPS)
Metrics	FY 2025-26	FY 2024-25
Revenue	1,469	1,076
EBITDA	301	188
EBITDA (%)	21	18
PAT	125	51
PAT (%)	9	5
EPS	6	3

IGAAP Equivalent

Revenue from operations

Revenue from operations rose significantly from H1,076 crores in FY 2024-25 to H1,469 crores in FY 2025-26, showcasing a robust year-on-year growth of 36.55%. This strong performance was driven by consistent momentum across all service segments. Sale of goods segment posted impressive growth of 64.18%, reaching H110 crores in FY 2025-26 from H67 crores in FY 2024-25 Others ancillary services segment registered a healthy growth of 39.47%, generating H53 crores in FY 2025 26, up from H38 crores in FY 2024 25, and accounting for the remaining 23% of revenue. The Companys growth trajectory reflects its focus on sustained innovation, operational excellence and a keen understanding of evolving workplace needs.

		(In crores)
Particulars	For the year ended 31 March 2026	For the year ended 31 March 2025
Rental income	1,307	971
Sale of goods	110	67
Others ancillary	53	38
services
Total Income	1,469	1,076

IGAAP Equivalent

For the year ended March 31, 2026, total expenses rose by 32.94% to 1,344 crores, compared to 1,011 crores in FY 2024-25. This increase was primarily driven by a 28.95% rise in other expenses to 980 crores in FY2025-26 from 760 crores in FY2024-25, reflecting the expansion of large managed office centres. Depreciation and amortisation expenses also grew by 39% to 139 crores in FY2025-26 from 100 crores in FY2024-25, while purchase of traded goods increased by 84.62% to 96 crores in FY2025-26 from 52 crores in FY2024-25. These increases reflect the Companys broader operational scale and its strategic investments in new centres, workforce expansion, and technology and infrastructure upgrades to support long-term growth.

Expenses

		(In crores)
Particulars	For the year ended 31 March 2026	For the year ended 31 March 2025
Purchases of traded goods	96	52
Changes in inventories of stock-in-trade	(1)	-
Employee benefits expense	93	76
Finance costs	37	24
Depreciation and amortisation expense	139	100
Other expenses	980	760
Total Expenses	1,344	1,011

IGAAP Equivalent

Additional notes:

The Company is PAT positive and has been consistently paying income taxes reflecting the underlying strength and profitability of our operations. The accounting loss reported under Ind

AS arises primarily due to the application of Ind AS 116 (Leases), which requires the recognition of non-cash or notional expenses such as depreciation on Right-of-Use assets and interest on lease liabilities.

Adjusted Revenue and Adjusted PAT

		(In crores)
Particulars	For the year ended 31 March 2026	For the year ended 31 March 2025
Revenue from operations	1,451	1,059
Add: Receipt from finance leases	18	17
Adjusted Revenue	1,469	1,076

 

Particulars	For the year ended 31 March 2026	For the year ended 31 March 2025
Loss after tax	(106)	(140)
Less: Other income	55	40
Less: Other expenses	599	445
Less: Tax expense	50	35
Add: Receipt from finance leases	18	17
Add: Interest on lease liabilities	411	307
Add: Depreciation and amortisation expense on ROU	506	387
Adjusted PAT	125	51

 

Key Sl. No. Ratios Particulars	FY 2025-26	FY 2024-25	% change	Reason
1. Debt-equity ratio	0.25	0.80	(69.00%)	Change in debt - equity ratio is due to increase in shareholders equity on account of funds infused upon completion of IPO and decrease in term loan.
2. Interest Coverage Ratio	498.27%	345.32%	44.29%	Improved due to higher operating earnings.

IGAAP Equivalent

Please refer note no. 37 of the financial statements at page no. 143 of Annual Report for ratios as per Ind AS.

4. Risk Management

Operating in a dynamic business environment, IndiQube remains exposed to market, operational, and regulatory risks. The Company has instituted a robust risk management framework supported by strong internal controls to systematically identify, assess, and mitigate potential risks. This structured approach enhances operational resilience, safeguards financial performance, and enables proactive response to emerging challenges, supporting sustainable long-term growth.

5. Human Resources

At IndiQube, employees are at the core of growth and innovation. The Company fosters a culture of continuous learning through its iLearn platform, offering a comprehensive suite of programs ranging from mandatory compliance modules such as POSH, business ethics, and code of conduct to functional induction initiatives that support seamless onboarding. These efforts are complemented by the Mind Blenders Learning Hub, which provides access to experiential outbound training and a structured, year-round learning calendar. Together, these initiatives strengthen professional, interpersonal, and leadership capabilities. Regular learning surveys further ensure alignment with evolving employee needs and industry trends. As of March 31, 2026, the Company had 764 employees across its operations.

6. The Adequacy of Internal Control Systems

The internal control framework is designed to monitor the efficient utilisation and protection of resources, as well as to ensure unwavering compliance with all legal and internal policy requirements. The Companys well-documented guidelines form an integral component of the overall governance structure, encompassing every aspect of the business. The Internal Control department provides robust support to the Audit Committee, operating independently by reviewing procedures, assessing operating systems, and conducting internal audits with the assistance of external co-sourced auditors.

7. Cautionary Statement

This statement made in this section describes the Companys objectives, projections, expectations and estimations which may be forward-looking statements within the meaning of applicable Securities Laws and Regulations. Forward-looking statements are based on certain assumptions and expectations of future events. Actual results could differ materially from those expressed in the statements or implied due to the influence of external factors that are beyond the control of the Company. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements based on any subsequent development, information or events.