Positron Energy Ltd Management Discussions

Global Economy

CY 2025 opened with the world economy settling into a steadier, if still demanding, macroeconomic phase. According to the IMF World Economic Outlook of January 2026, global output is estimated to have expanded by 3.3% for the calendar year, a sign of underlying resilience even as inflation cooled and financing conditions stayed tight. That said, the pace of growth was far from uniform across geographies, shaped by ongoing geopolitical friction, policy unpredictability, and investment that remained concentrated in a handful of sectors.

The picture shifted materially in March 2026, when the outbreak of conflict in West Asia triggered an unprecedented shock to energy supply, sending crude and natural gas prices sharply higher and injecting fresh volatility into global currency markets. The Strait of Hormuz — a corridor that, before the conflict, carried close to 35% of the worlds seaborne crude and roughly 20% of seaborne refined products — sat at the centre of the disruption and was effectively shut. This also disrupted the global LNG trade, estimated at 410 MTPA in 2025, of which around 21% moved through the Strait; a number of LNG suppliers worldwide invoked force majeure, tightening the market further and widening the gap between supply and demand. The situation remained unresolved as of March 31, and a prolonged or deeper disruption could still weigh on commodity prices and the broader global growth outlook.

Region-wise Growth (%)

Region	CY 2025 (E)	CY 2026 (P)	CY 2027 (P)
Global Economy	3.3	3.3	3.2
Advanced Economies	1.7	1.8	1.7
Emerging Market and Developing Economies (EMDEs)	4.4	4.2	4.1

E - Estimates; P - Projections. Source: IMF World Economic Outlook, April 2026.

Global inflation has continued on a downward path, easing from 6.8% in 2023 to 4.1% in 2025. Goods- price inflation has cooled considerably, though services inflation continues to run hot in several advanced economies, slowing the return to target. Central banks have responded with a cautious, data-dependent policy stance rather than committing to a fixed easing path.

Geopolitics remains a persistent drag on the global outlook. Conflicts in Eastern Europe and West Asia continue to disrupt supply chains, add volatility to commodity prices, and cloud the trade environment. Targeted tariffs, export restrictions, and strategic realignment in sectors such as energy, semiconductors, and capital goods add further layers of trade-policy risk. Global trade growth is likely to slow in 2026 after a period of front-loaded activity, though technology-related trade should partly offset softness in traditional manufacturing exports.

Emerging market and developing economies continue to hold up comparatively well, aided by firm domestic demand, ongoing structural reform, and steadily strengthening fundamentals. Advanced economies are stabilising more gradually, helped by easing inflation and improving financing conditions, though high debt loads and fiscal constraints remain a medium-term concern.

Outlook

The 2026 global outlook carries elevated uncertainty given the unresolved West Asia conflict, with elevated energy prices, supply disruption, and currency volatility all capable of weighing on growth in major economies. The Strait of Hormuz alone accounts for close to a fifth of global LNG trade and roughly a quarter of global oil trade, making it a critical artery for crude and LNG flows into Asia; the resulting supply-demand mismatch has already pushed oil and LNG prices meaningfully higher. Damage to, and disruption of, liquefaction and refining infrastructure in the region may take considerable time to repair, and the full economic implications of a prolonged conflict will only become clear over time.

Source: IMF World Economic Outlook, April 2026.

Indian Economy

Indias economy showed considerable resilience through FY 2025-26, sustaining broad-based momentum despite a difficult global backdrop marked by geopolitical tension, trade-policy uncertainty, and financial-market volatility. The Second Advance Estimates put real GDP and Gross Value Added (GVA) growth at 7.6% and 7.7% respectively, underlining the strength of Indias domestically driven growth model. A strong agricultural performance supported rural incomes, while urban demand firmed further on the back of tax rationalisation and stable employment, broadening the consumption base. Indias medium-term growth potential is estimated at around 7%, anchored in solid domestic fundamentals.

Indian Growth Projections

Year	GDP Growth Rate (%)
FY 2025-26	7.6
FY 2024-25	7.1
FY 2023-24	7.2

Source: MoSPI (Ministry of Statistics and Programme Implementation)

Private consumption remained the principal growth engine, helped by softer inflation and rising real incomes. Investment activity gathered pace on the back of sustained public capital expenditure of Rs.12.2 lakh crore, which strengthened infrastructure and created multiplier effects across manufacturing, construction, logistics, and energy. Government programmes under Viksit Bharat 2047 and Kartavya Kaal continue to anchor duty-driven development, capacity building, and self-reliance, helping India absorb external shocks more comfortably.

Union Budget 2026-27

The Union Budget 2026-27 reaffirms the governments dual commitment to sustained growth and fiscal discipline. Continued emphasis on capital expenditure, targeted support for manufacturing and MSMEs, and a sharpened focus on infrastructure, energy transition, digital public infrastructure, and innovation align with the long-term goals of Viksit Bharat and Kartavya Kaal. Steps to ease business operations, widen access to credit, and support consumption should further strengthen domestic demand and industrial activity, with positive read-through for energy consumption and investment.

Outlook

Indias long-term growth story remains intact and constructive. FY27 real GDP growth had been projected in the 6.8-7.2% range, reflecting healthy medium-term potential, though the West Asia crisis may temper that projection somewhat going forward. Even so, the structural drivers of Indias growth — large-scale infrastructure buildout, continued industrialisation, and rising living standards — remain in place, and should support a return to full growth momentum as policy stability holds and geopolitical tensions ease.

Source: World Bank, RBI, CareEdge

Industry Overview India Energy Sector

Over the last five years, India has added the third- la rgest amount of power-generation capacity in the world, behind only China and the United States, while steadily diversifying its energy mix through growing investment in renewable and non-fossil sources. Clean energy accounted for roughly 83% of power-sector investment in 2024, reflecting sustained policy support and rising investor interest. Non-fossil sources crossed the halfway mark of Indias installed electricity capacity in 2025, driven by strong growth in solar and wind. Government programmes such as rooftop solar, solar-powered agricultural pumps, and the National Green Hydrogen Mission continue to build out the clean-energy ecosystem, while the Union Budget FY26 set a long-term target of 100 GW of nuclear power generation by 2047 to reduce reliance on fossil- fuel-based base-load capacity.

Even with renewables expanding rapidly, hydrocarbons remain essential to meeting Indias growing energy needs, with natural gas expected to play a meaningful part in a balanced, lower-carbon transition. The West Asia crisis, however, cut Indias LNG imports by around 16% year-on-year in March 2026. The rupee has also depreciated roughly 5% since January 2026, and with benchmark LNG prices rising in parallel, Indian oil and gas importers now face a materially higher cost burden — one that requires careful balancing between higher input costs and keeping end-user prices affordable.

Source: International Energy Agency (IEA); Ministry of New & Renewable Energy / PIB releases, Government of India; Economic Survey of India (Pre-budget); S&P Near-term Forecast.

Table 3: Domestic Consumption of Petroleum Products

	UoM (000)	FY 2025-26	FY 2024-25
Petroleum products (all)	MMT	243.2	239.2
LPG	MMT	33.2	31.3
MS	MMT	42.6	40.0
	V
HSD	MMT	94.7	91.4
FO/LSHS	MMT	6.4	6.4

Source: https://ppac.gov.in/consumption/ products-wise

Consumption of Natural Gas

Natural gas is increasingly seen as Indias transition fuel of choice — a lower-carbon alternative to coal and liquid fuels that also supports grid stability and industrial growth. The government has set out an ambition to lift natural gass share in the energy mix to 15% by 2030, up from around 6-6.5% today. Indias gas consumption in FY26 came in at 68,542 MMSCM, down 4% year-on-year as demand softened in the final months on account of the West Asia crisis. The first half held steady at roughly 34,772 MMSCM (April-September), before a stronger second half, peaking during October-January on higher industrial and CGD demand, and then moderating in February. On an annualised basis, consumption remains in the 70-72 BCM range, and is expected to grow at an 8-9% CAGR through 2030, driven by CGD expansion, fertiliser demand, and rising use of gas as a transport fuel.

Domestic Consumption of Natural Gas

	UoM	FY 2025-26	FY 2024-25
Natural Gas	MMSCM	68,542	71,314

Source: https://ppac.gov.in/natural-gas/ consumption

Sectoral Consumption Trends

Key Sectoral Drivers of Indias Natural Gas Consumption (%)

Sector	MMSCM	% Share
Fertiliser	19,649	28.5%
CGD	16,516	23.9%
Power	7,960	11.5%
Refinery	5,526	8.0%
Petrochemical	3,899	5.6%
Industrial	781	1.1%
Other	14,717	21.1%

Source: https://ppac.gov.in/natural-gas/ sectoral-consumption

Domestic Production and Import Dependence

India continued to lean on LNG imports through FY26 to bridge the gap between domestic gas production and consumption. Domestic output stayed broadly stable, while imports played the critical role of meeting incremental demand, particularly in higher-consumption months. PPAC data confirms that imports remain a significant share of Indias overall gas supply, underlining the countrys continued dependence on global LNG markets for energy security and supply stability.

Source: https://ppac.gov.in/import-export

Domestic Gas Availability

Through early 2026, Indias Administered Pricing Mechanism (APM) continued to prioritise allocation toward home PNG, CNG for transport, and fertiliser production, ensuring these critical segments retained access to lower-cost domestic gas. APM pricing stayed linked to 10% of the Indian crude basket, with a price ceiling of roughly USD 6.75-6.81/MMBtu through the year, shielding end consumers from global price swings. New-well and intervention gas from ONGC/OIL nomination fields was priced at about 12% of the Indian crude basket, supporting incremental supply to priority segments, while gas from HPHT fields continued to be made available to the CGD sector via auction, subject to the applicable price ceiling.

In response to the supply shock from the West Asia conflict, the government introduced the Natural Gas (Supply Regulation) Order, 2026, to reinforce supply security by directing gas toward high-priority segments. This allowed supply continuity to be maintained despite the drop in imports and elevated RLNG prices.

Taken together, these measures are aimed at stabilising near-term supply pressures while keeping India on track toward its longer-term goal of raising natural gass share in the energy mix from roughly 6.5% to 15% by 2030.

Source: PPAC; PIB; PNGRB notifications.

Natural Gas Infrastructure and Regulatory

Developments

India kept building out its natural gas infrastructure through FY26, with City Gas Distribution (CGD) networks expanding to 1.67 crore home PNG connections and 8,692 CNG stations. PNGRB has now authorised more than 307 Geographical Areas (GAs), meaningfully widening access to CNG and PNG across urban and semiurban India. This build-out is supported by the ongoing expansion of the National Gas Grid, now spanning over 25,900 km, aimed at improving last-mile connectivity between demand centres and supply sources.

On the regulatory front, the extension of CST applicability to natural gas (APM & NWG) moved outside Gujarat, along with the simplification of pipeline tariffs from a three-zone to a two- zone structure — with home PNG and CNG for transport placed under Zone-1 tariff — has helped simplify costs and partly offset the impact of rising gas prices and a weaker rupee. A number of states have adopted CGD policies and begun VAT rationalisation on CNG and PNG. Collectively, these steps should support deeper gas penetration, better accessibility, and progress toward the governments target for natural gass share of the energy mix.

Source: PNGRB; MoPNG updates.

Governments Response to the Energy Supply Situation

The government has rolled out a series of regulatory measures to strengthen governance, allocation, distribution, and consumer protection across the natural gas and CGD sector. The Natural Gas (Supply Regulation) Order, 2026, issued under the Essential Commodities Act, 1955, sets out a priority-based allocation framework for domestic gas supply. Amid LPG shortages, the government has also moved to accelerate the shift from LPG to PNG in areas with existing piped- gas infrastructure. A Uniform Right of Way (ROW) and Pipeline-Laying Framework has additionally been introduced to streamline infrastructure development nationally through defined approval timelines, fee caps, and provisions for mandatory access, with several states issuing corresponding orders to support on-ground implementation.

CGD Infrastructure Growth

	UoM	FY 202526 (Exit)	FY 2024-25 (Exit)
CNG Stations	No.s	8,916	7,720
Residential PNG Connections	No.s	1.69 crore	1.47 crore

Source: Petroleum Planning & Analysis Cell, Ministry of Petroleum & Natural Gas, GoI (https://ppac.gov.in/ )

Outlook

India is navigating a complex energy transition, with demand expected to grow faster than in any other major economy through 2050. Central to this is the governments gas-based economy roadmap, which aims to lift natural gass share of the primary energy mix from around 6% to 15% by 2030. Natural gas is positioned as a critical transition fuel — lowering emissions while providing the operational flexibility needed to stabilise a power grid that is leaning increasingly on intermittent renewables.

To support this transition, India has expanded its National Gas Grid to nearly 27,500 km and extended City Gas Distribution coverage across most of the country. This growing infrastructure base is enabling rising industrial demand and facilitating fuel substitution in transport, including the gradual uptake of LNG and CNG in commercial and long-haul freight.

About PEL

Business Overview

Positron Energy Limited has established itself as an integrated natural gas solutions provider operating across multiple segments of the energy value chain. Since its incorporation in 2008, the Company has evolved from a technical consultancy and project management services provider into a diversified energy enterprise offering natural gas aggregation, gas marketing, project management consultancy, engineering services, operations and maintenance, technical advisory, and LNG-related infrastructure

solutions.

The Company operates a unique asset-light business model that combines domain expertise, strategic sourcing capabilities, technical knowhow, regulatory understanding, and customercentric execution capabilities. This enables Positron to deliver comprehensive solutions to industrial consumers, City Gas Distribution companies, public sector undertakings, power producers, refineries, fertilizer companies, and other energy-intensive sectors.

During FY 2025-26, the Company continued to strengthen its presence across key industrial clusters while expanding its customer base and service portfolio. With growing participation across gas aggregation, gas supply management, project execution, and consultancy assignments, Positron remains well-positioned to capitalize on Indias expanding natural gas ecosystem.

The Companys ability to combine commercial, technical, and operational expertise provides a differentiated value proposition, enabling customers to optimize energy sourcing, improve operational efficiency, ensure regulatory compliance, and execute critical gas infrastructure projects.

Business Model

Positrons business model is built around four integrated pillars:

Gas Aggregation & Marketing

The Company sources natural gas through a combination of long-term agreements and shortterm procurement arrangements from various suppliers. The gas is aggregated and supplied to customers across multiple industrial sectors through common carrier pipeline infrastructure under the open-access framework.

Project Management & Consultancy

Positronprovidesend-to-endprojectmanagement services for gas infrastructure development projects, including planning, design, engineering, execution management, commissioning support, and regulatory coordination.

Operations & Maintenance

The Company undertakes operation and maintenance responsibilities for gas distribution systems, industrial gas installations, CNG facilities, and related infrastructure, ensuring safe and efficient operations.

Technical Consultancy

The Company provides specialized consulting services including technical due diligence, engineering studies, feasibility assessments, network planning, commercial advisory, regulatory support, and project evaluation services.

Operational Review

FY 2025-26 was a year of strong operational execution characterized by increased gas aggregation volumes, order inflows, customer additions, and enhanced market penetration.

The Company continued to strengthen its operational capabilities across natural gas marketing, project management consultancy, construction services, operation and maintenance assignments, and technical advisory services.

Key operational developments during the year included:

Customer Expansion

Positron onboarded new customers including Aavantika Gas Limited and Bharat Petroleum Corporation Limited, further strengthening its relationships across the gas distribution and energy ecosystem.

Network Development

The Company continued to support gas infrastructure development activities and has cumulatively laid more than 60 kilometres of pipeline while facilitating over 1,700 domestic connections.

Gas Portfolio Expansion

Average daily managed gas portfolio increased from approximately 8,000 MMBTU per day in FY25 to approximately 11,000 MMBTU per day during FY26. Gas aggregation volumes reached approximately 108 MMSCM during the year, reflecting strong customer demand and effective sourcing capabilities.

Operational Excellence

The Company maintained 100% nomination and scheduling accuracy, ensuring uninterrupted gas supply and efficient portfolio management despite market volatility.

Financial Performance Review

The Company delivered strong financial performance during FY 2025-26 driven by increased gas volumes, improved operating leverage, higher project execution, and disciplined cost management.

Revenue from Operations

Revenue from operations increased to Rs.442.15 crore during Fy26 from Rs.336.82 crore in FY25, reflecting growth of approximately 31.3%. The increase was primarily attributable to higher gas aggregation volumes and expanded customer engagement.

EBITDA

EBITDA increased to Rs.28.55 crore compared with Rs.23.50 crore in FY25, reflecting operational efficiencies and improved business scale. EBITDA margin improved from 6.98% to 6.46% (verify with audited financials before final publication).

Profitability

Profitability improved during the year supported by revenue growth, operating efficiencies, disciplined working capital management, and a diversified service mix.

Cash Position

Cash and bank balances increased from approximately Rs.65.66 crore to approximately Rs.81.00 crore, strengthening liquidity and providing flexibility to pursue future growth opportunities.

Balance Sheet Strength

The Company maintained a conservative capital structure with a debt-equity ratio of approximately

0.05x, reflecting prudent financial management and low leverage.

Working Capital Management

Receivables reduced by approximately 18% despite business growth, demonstrating effective

collection mechanisms and improved cash conversion.

Segment-wise or Product-wise Performance

The Company is operating mostly in Gas aggregation and Providing Management & Technical Consultancy. The turnover/ performance of the Company are as under:

Natural Gas Aggregation:

Natural Gas Sales remained the largest contributor to the Companys revenue during FY 2025-26, generating revenue of Rs. 422.15 crore and accounting for approximately 95.05% of the Companys total revenue. This underscores the Companys strong market presence in the natural gas aggregation business and reflects the continued demand for its gas sourcing and supply solutions.

Management & Technical Consultancy:

Management and Technical Consultancy Services contributed revenue of RS. 19.99 crore during FY 2025-26, accounting for 4.50% of the Companys total revenue. The segment complements the Companys core natural gas aggregation business by leveraging its technical expertise and industry experience to deliver value-added consulting and project management solutions to customers.

Opportunities & Growth Drivers

Indias natural gas sector presents substantial long-term growth opportunities.

Expansion of CGD Networks

Ongoing CGD expansion across the country is expected to create opportunities for gas sourcing, consultancy, project execution, and operational support services.

Industrial Fuel Conversion

Industries continue to shift towards cleaner fuel alternatives to meet sustainability objectives and environmental compliance requirements.

LNG Infrastructure Development

Growth in LNG adoption across industrial and transportation sectors is expected to create opportunities in infrastructure development and advisory services.

Open Access Framework

The continued evolution of open access policies and market reforms is expected to improve gas market efficiency and increase participation opportunities for aggregators and marketers.

Infrastructure Investments

Government investments in pipelines, LNG terminals, and gas distribution infrastructure are expected to expand the addressable market.

Energy Transition

Natural gas is expected to remain a key transition fuel supporting Indias decarbonisation journey.

Risks and Concerns

The Companys business is exposed to various risks including:

Commodity Price Volatility

Natural gas and LNG prices are affected by global energy market trends, geopolitical developments, fluctuations in crude oil prices, seasonal demand patterns, supply- demand dynamics, foreign exchange movements. Volatility in commodity prices may impact the Companys procurement strategy, pricing decisions, customer demand, and overall profitability. To mitigate the impact of commodity price volatility, the Company follows a prudent and dynamic procurement strategy supported by diversified sourcing arrangements, continuous market monitoring, and disciplined commercial practices.

Regulatory Risks

Changes in government policies, PNGRB regulations, taxation structures, gas allocation mechanisms, and other regulatory frameworks may impact the Companys business operations, procurement strategies, and overall financial performance. The Company continuously monitors regulatory developments and policy changes, evaluates their potential impact on its business, and proactively aligns its strategies

and operational practices to adapt to the evolving regulatory landscape while ensuring compliance with all applicable laws and regulations.

Supply Availability Risk

Availability of gas and LNG from domestic and imported sources can influence market conditions and pricing. Supply availability may be influenced by several factors, including fluctuations in domestic gas production, allocation policies, LNG production levels, geopolitical developments. To mitigate these risks, the Company has adopted a diversified sourcing strategy by procuring natural gas through multiple channels, including domestic gas allocations, long-term supply agreements, LNG contracts, spot purchases, and market-based procurement mechanisms.

Competitive Intensity

Increasing participation by gas marketers, aggregators, and energy solution providers may impact margins and market share. The Company seeks to address these challenges by leveraging its diversified gas sourcing capabilities, established supplier relationships, customercentric approach, and deep understanding of market dynamics.

Execution Risk

Execution depends on several factors which include labour availability, receipt of approvals and regulatory clearances, access to utilities such as electricity and water, weather conditions and the absence of contingencies such as litigation. Delays in project execution, approvals, or infrastructure commissioning could affect revenue recognition. Your Company manages the adversities with cautious approach, meticulous planning and by engaging established and reputed contractors.

Internal Control Systems and Their Adequacy

The Company has established internal control mechanisms designed to ensure:

• Operational efficiency

• Asset protection

• Regulatory compliance

• Financial reporting integrity

• Risk mitigation

• Process standardization

The internal control framework is periodically reviewed and strengthened to align with evolving business requirements and regulatory expectations. Company believes that existing internal controls are adequate and commensurate with the size, scale, and complexity of operations.

Outlook

Indias natural gas sector is entering a period of sustained structural growth supported by policy reforms, infrastructure expansion, industrial fuel conversion, and increasing energy demand.

With its diversified business model, strong customer relationships, growing order book of approximately Rs.557.65 crore, healthy balance sheet, expanding gas portfolio, and established technical capabilities, Positron Energy is well- positioned to capitalize on emerging opportunities across the energy value chain.

The Company will continue to focus on:

• Expanding industrial customer base

• Strengthening gas sourcing portfolio

• Increasing recurring revenue streams

• Enhancing operational efficiency

• Pursuing strategic partnerships

• Expanding geographic presence

• Delivering sustainable shareholder value

Financial Performance with Respect to Operational Performance

Delivering Growth Through Scale, Diversification and Operational Discipline

FY 2025-26 marked another year of strong business momentum for Positron Energy Limited as the Company leveraged its integrated natural gas solutions platform to capitalize on expanding opportunities across Indias gas ecosystem. Growth was supported by higher gas aggregation volumes, increased customer acquisition, improved project execution, strengthening of consultancy assignments, and enhanced operational efficiencies across business verticals.

The Companys diversified revenue streams, asset-light operating model, deep domain expertise, and long-standing relationships across the natural gas value chain enabled it to deliver a resilient financial performance despite volatility in global energy markets and evolving supply-demand dynamics.

The year witnessed significant progress in scaling operations while maintaining a prudent capital structure, strengthening liquidity, and improving working capital efficiency. Positron continued to focus on sustainable growth, operational excellence, and value creation while positioning itself to benefit from Indias long-term transition towards a gas-based economy.

The Financial performance of the company is given below:

PARTICULARS	Standalone
	31.03.2026	31.03.2025
I. Net Sales/Income from Operations	44215.18	33681.91
II. Other Income	624.21	258.88
III. Total Revenue (I+II)	44839.59	33940.79
IV. Earnings Before Interest, Taxes, Depreciation	2855.27	2,349.96
and Amortization Expense
V. Finance Cost	115.96	124.59
VI. Depreciation and Amortization Expense	29.43	27.13
VII. Extraordinary Items (Prior Period Items)	-	-
VIII. Profit Before Tax (IV-V-VI)	2709.88	2198.24
Tax Expense:
Less: Current Tax Expense	693.01	421.85
Less: Deferred Tax	-4.23	-2.05
Less: Tax Expense of Earlier Years	16.74	-
Profit After Tax (VIII-IX)	2004.37	1778.43

Details of Significant Changes in Key Financial Ratios

S,r. Particulars No.	2025-2026	2024-2025	Explanation for any change in the ratio by more than 25% as compared to the preceding year.
a) Current Ratio	4.07	3.06	Change in ratio is due to increase in current assets..
b) Debt-Equity Ratio	0.05	0.09	Change in ratio is due to increase in shareholders fund.
c) Debt Service Coverage Ratio	67.51	41.33	Change in ratio is due to decrease in interest and principle payments.
d) Return on Equity Ratio	0.23	0.38	Due to increase in purchase and trade payable ratio has increased.
Inventory turnover ratio e) (in times)	76.15	75.25	Change in ratio is insignificant.
f) Trade Receivables turnover ) ratio (in times)	15.19	14.44	Change in ratio is insignificant.
Net profit ratio g)	0.05	0.05	Change in ratio is insignificant.
h) Return on Capital employed	0.31	0.47	Due to increase in Current Assets ratio has increased.
i) Return on investment.	0.22	0.37	Change in ratio is due to increase in shareholders fund.
.) Interest service coverage j Ratio	191.01	73.13	Change in ratio is due to decrease in interest expense.

Material Developments in Human Resources / Industrial Relations

The Company continues to give utmost importance to Human Resources Development and keeps relations normal. As on 31^st March, 2026, there are 166 employees.

Industrial relations during the year remained cordial and harmonious, and the Company continues to maintain constructive relationships with its employees.

Cautionary Statement

Statements in this Management Discussion and Analysis Report describing the Companys objectives, projections, estimates, expectations, or predictions may constitute "forward-looking statements" within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed or implied due to various factors including changes in economic conditions, government policies, market conditions, competition, and other risks and uncertainties. The Company assumes no responsibility to publicly amend, modify, or revise any forward-looking statements based on subsequent developments, information, or events.