SK Minerals & Additives Ltd Management Discussions

Global Economic Overview

The global economy demonstrated resilience in 2025 and despite an increasingly complex external environment, with global growth estimated at 3.4%?, according to the International Monetary Fund (IMF). Amid shifting trade policies, geopolitical developments, technology-led investments, supportive fiscal and monetary policies and continued private sector adaptability, growth was sustained across countries and sectors.

The global macroeconomic environment remained marked by heightened geopolitical developments, including the Russia-Ukraine conflict and escalating tensions in the Middle East. These developments contributed to growing uncertainty, disrupting supply chains, energy markets and trade routes, while affecting the procurement of critical inputs such as crude oil and liquefied natural gas (LNG) and influencing global capital flows. Prior to the escalation of the Middle East crisis, global trade tensions had shown signs of easing, despite intermittent flare-ups, particularly between the United States (US) and China. While policy uncertainty remained elevated relative to early 2025 levels, temporary truces on tariffs and export controls helped moderate pressures, and the removal of tariffs on select agricultural products by US authorities for all countries further supported food price stability. Sector-specific tariff adjustments and new bilateral trade agreements, however, continued to add complexity to the global trade environment.

Robust investment in technology, including artificial intelligence, particularly across North America and Asia, further aided growth. Additionally, favourable financing conditions, notwithstanding bouts of market volatility and rising sovereign bond yields, enabled businesses to sustain capital expenditure through most of the year. Meanwhile, evolving trade policy frameworks signalled a structural shift in global trade patterns. Developments such as the US-India Trade Agreement, aimed at reducing tariff barriers, and the EU-India Free Trade Agreement, which opens new market access across developed regions, have provided a meaningful boost to Indian minerals and specialty additives exporters, including the Company.

Global headline inflation moderated during the earlier part of 2025; however, the evolving Middle East conflict heightened inflationary pressures, led by rising crude oil prices and tighter financial conditions, prompting central banks to maintain a cautious approach in balancing growth and price stability objectives. The US economy grew 2.1% in 2025?, supported by technology-led investment and favourable policy measures. The UK recorded GDP growth of 1.3%, aided by a recovery in consumption and investment, while the Euro area expanded 1.4%, driven by growth-oriented fiscal spending.

Outlook:

Geopolitical conflict remains the principal source of global economic uncertainty, contributing to elevated energy prices and diminished consumer affordability across major economies. According to the IMFs World Economic Outlook, global growth is projected to remain modest at 3.1% in 2026 and 3.2% in 2027, as the evolving conflict in the Middle East continues to cast a shadow over an otherwise resilient global economy. Global headline inflation, correspondingly, is expected to rise from 4.1% in 2025 to 4.4% in 2026, before moderating to 3.7% in 2027, reflecting the pass-through of elevated commodity and energy prices into broader price levels.

While the balance of risks remains tilted to the downside, the underlying resilience demonstrated by the global economy through successive shocks in recent years suggests a reasonable capacity to absorb near-term volatility. The resilience sustained through 2026 and 2027 will depend materially on the trajectory of geopolitical developments, particularly in the Middle East, and the pace at which affected economies are able to adapt to a structurally altered trade and energy landscape.

India, a prominent participant in global trade, demonstrated remarkable resilience in FY 2025-26, navigating a complex geopolitical environment alongside the impact of sweeping global policy shifts. According to the Provisional Estimates of Annual Gross Domestic Product for 2025-26?, Indias real GDP is estimated to have grown at a robust 7.7%, up from 7.1% in FY 2024-25. This economic momentum was underpinned by stable macroeconomic fundamentals, moderate inflation, resilient domestic demand, improving labour market conditions and broad-based sectoral performance, led by continued expansion in the services sector, a pickup in manufacturing activity and stabilising rural demand supported by agriculture. Coordinated policy measures, backed by robust external and financial sector buffers, further reinforced Indias macroeconomic resilience and consolidated its position within global value chains.

The services sector remained the principal driver of growth, with estimated expansion of 9.1% in FY 2025-26 as against 7.2% in FY 2024-25, propelled by the growing global relevance of Indias innovative and export-oriented digital services. Indias emergence as the worlds seventh-largest exporter of services and the largest recipient of foreign direct investment?, underpinned by resilient domestic demand and steady export activity, is expected to further accelerate sectoral growth in the period ahead.

Agriculture and allied activities continued to reinforce their role in supporting Indias growth, sustaining rural demand and income security, with the sector recording real GVA growth of 3% in FY 2025-26, aided by a favourable monsoon and improved crop performance. Core sectors such as cement and steel also registered strong growth, reflecting sustained demand from construction and infrastructure activity, while manufacturing continued its gradual recovery, supported by government-led capital expenditure and improving capacity utilisation. Taken together, these trends underscore the broad-based and structurally sound nature of Indias growth during the year, positioning the economy favourably for sustained expansion in the medium term.

Outlook

The Indian economy is expected to sustain its strong growth momentum, with GDP growth projected at 6.5% for FY 2026-27?, underpinned by resilient domestic demand, rising investment activity and stable macroeconomic fundamentals. Notwithstanding elevated global challenges and associated risks, including the countrys high import dependency on crude oil and liquefied petroleum gas (LPG), Indias robust economic fundamentals are expected to support continued momentum while enhancing the economys resilience to external shocks.

Favourable government measures, including tax rationalisation, are expected to further strengthen key sectors such as manufacturing, chemicals, services and agriculture. A growing emphasis on green innovation across sectors including energy, infrastructure, healthcare and digitalisation is expected to enhance connectivity, consumption and investment, thereby driving sustainable and inclusive economic progress. Following the recent US-India Trade Agreement aimed at easing tariff structures, fiscal consolidation continues to remain at the forefront of policy priorities. Prudent reforms, sustained infrastructure investment and continued policy stability remain central to Indias emergence as a globally competitive and future-ready economy.

Global Additives and Chemicals Industry

The global specialty additives and chemicals industry, spanning flame retardant additives, feed additives, food additives, and industrial and specialty chemicals, continued to exhibit steady expansion, underpinned by tightening regulatory frameworks, rising safety and quality standards, and evolving end-consumer preferences across developed and emerging markets.

The global flame retardants market, valued at approximately US$10.5-11.3 billion in 2025, is estimated to grow at a compound annual growth rate in the range of 6-7% through the early 2030s, driven by stricter fire-safety codes in construction and electronics, rising electric vehicle penetration, and an accelerating shift toward non-halogenated and low-toxicity formulations.

The global food additives market is poised for a growth from 2025 to 2030, supported by rising demand for processed and convenience foods, increasing consumer preference for natural and clean-label ingredients, and continued innovation in functional additives such as emulsifiers, colourants and enzymes.

Asia Pacific has emerged as the fastest-growing and largest regional market across each of these categories, reflecting the combined effect of rising disposable incomes, rapid urbanisation, expanding organised food processing and animal nutrition industries, and a growing manufacturing base for specialty and industrial chemicals. Regulatory developments, including revised food-safety and feed-quality standards, the tightening of restricted-substance lists under frameworks and evolving building and fire codes, are increasingly shaping product portfolios and compelling manufacturers to invest in compliant, sustainable and application-specific solutions.

Indian Additives and Chemicals Industry

1. Feed Additives

Indias feed additives industry is supported by the sustained expansion of the countrys livestock, dairy and poultry sectors, with increasing emphasis on animal productivity, feed efficiency, nutrition and disease management. The continued growth in livestock and poultry output, together with improvements in animal productivity, is expected to support demand for nutritional and functional feed additives such as vitamins, minerals, enzymes, probiotics, prebiotics, antioxidants, emulsifiers and other specialty formulations. The Governments focus on scientific breeding, animal health, productivity enhancement and strengthening of the livestock value chain further provides a supportive environment for the development of the organised feed and feed-additives ecosystem.

The industry is also witnessing increasing emphasis on quality, traceability and scientifically formulated animal nutrition. The Department of Animal Husbandry and Dairying has issued recommendations covering various categories of feed additives, premixes and feed supplements, including probiotics, prebiotics, emulsifiers, antioxidants, colouring agents and phosphates, reflecting the growing role of specialised nutritional inputs in modern animal husbandry.

2. Food Additives & Preservatives

Indias food additives and preservatives industry is closely linked to the expansion and formalisation of the countrys food processing sector. Food processing has emerged as an important component of the manufacturing and agricultural value chain, supported by Indias large raw-material base, rising domestic consumption and increasing demand for processed, packaged and convenience foods. These trends create sustained demand for ingredients that improve shelf life, stability, texture, appearance, safety and product consistency.

Government initiatives are further strengthening the underlying demand environment by promoting food-processing infrastructure, value addition, preservation capabilities and technology adoption. As of February 2026, the Production Linked Incentive Scheme for Food Processing Industry had supported an increase of around 34 lakh MT per annum in food-processing and preservation capacity, while exports of agricultural processed food products under the scheme recorded a CAGR of 13.23% between 2019-20 and 2024-25. At the same time, food additives and preservatives operate within a defined regulatory framework, with permitted additives prescribed under FSSAI regulations and subject to scientific risk assessment. The combination of expanding processed-food capacity, increasing product sophistication and stringent food-safety requirements is expected to favour manufacturers capable of supplying consistent, compliant and application-specific additive solutions.

3. Polymer Additives- Flame Retardants

Indias polymer additives industry is benefiting from the broadening application of plastics and polymers across electrical and electronics, automotive, construction, consumer goods, packaging and industrial applications. Within this ecosystem, polymer additives play an important role in modifying and enhancing material performance, including thermal stability, durability, processing characteristics, flame resistance and safety. Demand for flame-retardant solutions is particularly supported by applications where fire performance and compliance with safety requirements are critical, including electrical and electronic components, wire & cables, appliances, transportation and construction-related products.

The Department of Chemicals and Petrochemicals is promoting Plastic Parks to consolidate domestic downstream plastic-processing capacities, increase investment and production, promote exports and generate employment. In parallel, NITI Aayog has identified specialty and green chemicals, technology development and greater participation in global chemical value chains as important opportunities for India.

4. Polymer Additives- Polymer Compounds

Indias polymer compounds industry forms an important part of the downstream plastics and petrochemicals value chain, supplying engineered and application-specific materials to sectors such as automotive, electrical and electronics, consumer goods, packaging, construction and industrial manufacturing. The expansion of domestic polymer processing and the Governments focus on developing downstream capacities are creating opportunities for compounders to provide materials with enhanced mechanical, thermal, electrical and processing properties.

Going forward, the segment is expected to increasingly favour specialised compounds that deliver application-specific performance, light-weighting, durability, safety and improved processing efficiency. This is particularly relevant as Indian manufacturing expands across automotive, electrical and electronic equipment, consumer products and other polymer-intensive industries.

Key Government Measures:

- A 2034 vision for the chemicals and petrochemicals sector aims to lift domestic production, cut import dependence and draw fresh investment.

- Production-Linked Incentive (PLI) schemes, including 10-20% output-linked incentives for agrochemicals, are building an integrated domestic manufacturing base; a dedicated PLI for chemicals and petrochemicals is also under formulation.

- The Bharuch and Paradip PCPIRs have together drawn over Rs1.73 lakh crore in investment, with the potential to create over 1.7 lakh jobs; Indias three PCPIRs have collectively attracted Rs3.4 lakh crore in investment and generated 3.7 lakh jobs to date?.

- The Union Budget 2026-27 allocated Rs600 crore toward three new Chemical Parks, and separately approved the BHAVYA Rasayan Scheme (Rs3,030 crore) for three additional parks under a cluster-based, plug-and-play model.

- Rs20,000 crore has been earmarked in the Union Budget 2026-27 to support Carbon Capture, Utilisation and Storage.

- The National Green Hydrogen Mission targets 5 MMT of annual green hydrogen capacity by 2030, expected to create 6 lakh jobs, save Rs1,00,000 crore (US$11.34 billion) in fossil fuel imports and cut 50 MMT of greenhouse gas emissions.

- The Rare Earth Permanent Magnets (REPM) scheme, launched with a Rs7,280 crore outlay, aims to build domestic capacity of around 6,000 MTPA, reducing reliance on imported critical minerals used in electronics and EV manufacturing

Source: Ministry of Chemicals and Fertilizers, PIB, IBEF, EquityMaster, GSPChem

Growth Drivers:

The rapid expansion of the global food, agriculture, and industrial manufacturing sectors is driving unprecedented demand for specialized chemical formulations. As consumer lifestyles evolve and regulatory frameworks tighten, industries are shifting toward advanced, sustainable, and highly tailored material solutions. This transformation is heavily accelerating the market momentum for essential additives and high-performance material compounds worldwide.

Food Additives

- Packaged Food Demand: Rapid urbanization and changing lifestyles are surging the consumption of processed, convenient, and long shelf-life foods.

- Clean-Label Shift: Rising health consciousness is forcing manufacturers to replace synthetic ingredients with natural preservatives and low-calorie alternatives.

- Safety Regulations: Strict global food safety standards are compelling continuous innovation in stabilizers and texturizers to ensure safe transit.

Feed Additives

- Livestock Commercialization: Soaring global demand for meat, poultry, and dairy requires farming operations to optimize animal growth rates and feed efficiency.

- Antibiotic Restrictions: Tightening regulatory bans on traditional antibiotic growth promoters are forcing a massive pivot toward natural gut-health alternatives.

- Nutritional Optimization: Increased adoption of functional enzymes, probiotics, and organic acids is enhancing animal immunity and reducing environmental farm waste.

Polymers

- Automotive Lightweighting: The rapid transition toward electric vehicles (EVs) requires replacing heavy metal components with lightweight, durable engineered plastics.

- Packaging Expansion: E-commerce growth is generating massive demand for advanced barrier films that offer superior flexibility and impact resistance.

- Sustainability Mandates: Industry-wide pressure to combat plastic waste is accelerating the research and adoption of bio-based and highly recyclable resins.

Polymer Compounds

- Tailored Material Performance: Modern electronics and medical applications require custom blending to achieve properties standard base resins cannot provide alone

- Enhanced Durability: Additive blending is highly sought after to inject base plastics with critical flame retardancy, UV stability, and electrical conductivity.

- Infrastructure Advancement: The construction and industrial sectors are increasingly relying on reinforced compounding to withstand harsh environmental conditions.

Opportunities and Threats

Opportunities

Expanding domestic demand across end-use industries: Indias growing food-processing, animal husbandry, plastics, automotive, construction, packaging and consumer-product industries are creating a broad-based demand environment for speciality additives and performance chemicals. The organised consumer food industry is expected to maintain strong growth, while government-supported investments are expanding food-processing and animal-feed infrastructure. Similarly, Indias specialty chemicals market continues to benefit from industrialisation and rising demand from multiple downstream sectors.

Innovation in pharma and healthcare: Rising incidence of chronic diseases and advancing technology are driving development of complex drug molecules, including biopharmaceuticals, biosimilars and high-value APIs, fuelling demand for advanced fluorination technologies. Supported by government initiatives and an expanding Contract Development and Manufacturing Organization (CDMO) segment, India is strengthening its capabilities and global collaborations, positioning itself as a major hub in the global pharma and healthcare ecosystem.

Indias competitive edge: Indias expanding infrastructure, cost-efficient skilled workforce, advanced process engineering, strong R&D capabilities, a dynamic intellectual property framework and supportive government policy have strengthened its position in global value chains. This has deepened innovation and partnerships with global players across end-user industries, spurring demand for polymer compounds, food additives, feed additives, and specialty chemicals while reinforcing Indias competitive edge over other emerging economies.

China+1 Strategy: Ongoing realignment of global manufacturing and supply chains is prompting multinationals to diversify sourcing and build resilience through a China+1 approach. Global customers are increasingly seeking to diversify chemical supply chains, creating an opportunity for Indian specialty chemical manufacturers and distributors to capture business traditionally dependent on overseas suppliers. Indias established chemical manufacturing ecosystem, expanding capacities and growing exports position domestic players to serve both Indian customers seeking reliable local sourcing and international customers looking for alternate supply bases.

Increased Focus on Sustainability: Demand is increasingly moving beyond conventional commodity chemicals towards additives that deliver specific functional benefits such as improved durability, safety, shelf life, processing performance and environmental compatibility. In polymers, this creates opportunities in flame retardants and engineered compounds, while food and feed applications are seeing greater emphasis on quality, functionality and value addition. The broader chemicals industry is also seeing increasing focus on green solvents, biodegradable surfactants and bio-based polymers.

Threats

Trade Tariffs: Trade Tariffs: Amid an increasingly complex global trade environment, a growing number of economies are adopting protectionist measures, heightening the risk of sector-specific tariffs on upstream chemical inputs and disruptions to established supply chains. This could dampen global trade momentum and economic growth. For Indian chemical manufacturers with meaningful export exposure, shifts in bilateral trade policy could pressure raw material costs, erode revenues and constrain market access, thereby affecting their competitive positioning.

High Operational Costs: The complex synthesis processes and specialised raw materials involved in Feed Additives, Food Additives and Polymer Additives production result in elevated production costs. Developing low-global-warming alternatives further requires substantial R&D investment, which can raise product prices. In a price-sensitive Indian market, these cost pressures pose a particular challenge for smaller industry players.

Escalating Geopolitical Conflicts: Persistent geopolitical tensions continue to pose a growing threat to global economic stability. The evolving conflict in the Middle East continues to constrain trade flows through the Strait of Hormuz, contributing to elevated commodity prices, higher freight costs and tighter financial conditions. Layered on top of the continuing impact of the Russia-Ukraine war on energy markets, this heightens the risk of a broader energy crisis, with attendant implications for global GDP and investment activity. This risk is particularly relevant for companies combining manufacturing with trading activities, where uninterrupted access to imported or externally sourced products can influence customer servicing and profitability. Indias push to diversify global chemical supply chains itself highlights the continuing importance of this risk.

Stringent Regulations: Tightening environmental regulations and rising consumer awareness are reshaping industries across the globe. Increasing regulatory scrutiny over chemical composition, food safety, animal-feed applications, environmental impact and product stewardship can raise compliance requirements and development costs. At the same time, customers are increasingly seeking safer, sustainable and environmentally compatible alternatives. This could place pressure on conventional products and require companies to invest continuously in testing, certifications, compliant formulations and new product development.

Company Overview

With over 15 years of presence and a PAN-India footprint, SK Minerals & Additives Limited has evolved from its origins as a trusted trader of technical grade urea add manufacturer of feed additives, food additives, polymer additives and polymer compound. into Indias only manufacturer of halogen-free flame retardants, marking a decisive shift from trading to technology leadership. This transformation reflects the Companys consistent ability to anticipate and adapt to evolving industry demands, underpinned by a strong foundation in research and development, a growing portfolio of patent filings, and a firm commitment to sustainable, future-ready manufacturing.

With HOFNIL, its flagship product, SK Minerals stands as the only Indian company producing Halogen-Free Flame Retardants (HFFR), a category that has historically been dominated by global multinationals. The Companys proprietary, patent-pending technology positions it ahead of tightening regulatory requirements, offering a safer, more sustainable alternative to conventional halogenated chemicals. Manufactured locally, HOFNIL embodies the Companys Make in India approach, delivering cost efficiency, shorter supply chains and reduced dependence on imports, while being designed to meet global compliance standards, including RoHS and REACH.

The Companys product portfolio serves a diverse set of industries, including electronics, automotive, food, agriculture and wire and cable industries, supported by proven, trust-led partnerships. Together, these strengths position SK Minerals & Additives Limited as a differentiated, innovation-led player at the intersection of specialty chemicals and sustainable manufacturing in India.

Financial Performance

Particulars (Rs in Lakhs)	2025-26	2024-25	Variance %
Total Revenue	31788.70	21167.24	50.18
Earnings before interest, tax, depreciation (EBITDA)	3214.02	1909.98	68.28
Profit Before Tax	2717.82	1525.49	78.16
Profit after tax (PAT)	1812.34	1093.82	65.69
Total Comprehensive Income	1812.34	1093.82	65.69
Basic Earnings Per Share (EPS)	17.29	12.15	42.30
Diluted Earnings Per Share (EPS)	17.29	12.15	42.30

Segment-wise Revenue:

Segment Wise Bifurcation Of Revenue (%)

Trading: 23.01%

Manufacturing: 76.99%

Key Ratios

Particulars	2025-26	2024-25	Reason for Variance
EBITDA/Turnover (%) (before exceptional items)	10.11	9.02	Overall improvements in Margins
Return on net worth (%)	22.50	46.23	Issuance of Fresh Equity Shares through IPO
Book value/share (Rs)	65.79	26.29	Issuance of Fresh Equity Shares through IPO
Earnings per share (Rs)	17.29	12.15	increase in profit after tax
Debtors turnover (days)	61.00	48.00	Increase in Trade Receivables
Inventory turnover (days)	28.53	33.24	Increase is Revenue from operations
Current ratio	1.72	1.58	Increase in Inventory, Trade Receivables & Short term loans & Advances
Operating profit margin (%)	8.13	6.98	Increase in overall operating profits
Net Debt-Equity	1.10	1.87	Increase in Net worth of the Company
Interest Coverage Ratio	5.78	5.28	Increase in overall operating profits
Net profit margin (%)	5.70	5.17	Increase in profit after tax

Risk Management

The Company has established a comprehensive framework to ensure timely and effective identification, assessment and mitigation of key business risks. Integral to achieving the Companys objectives and business sustainability, the framework is supported by well-defined processes, robust governance, clear delegation of authority and an integrated management information system. The framework has also strengthened corporate sustainability, reinforcing risk management as a key aspect of corporate philosophy and strategic execution.

The Company creates risk awareness by regularly evaluating and reporting the competency of its risk management strategy to the Board of Directors. This ensures the development and implementation of appropriate counter-risk strategies.

Risk	Degree of Risk	Description	Mitigation Measures
Raw Material Price Volatility	High	The Companys key inputs, including halogenated and specialty precursors, are exposed to global commodity price fluctuations driven by crude oil prices and supply chain disruptions, which can materially impact margins given the Companys limited scale to absorb cost shocks.	The Company maintains close relationships with multiple suppliers, monitors global commodity trends closely, and factors input cost volatility into pricing and contract structures wherever feasible.
Customer Concentration	Low	The Companys revenue base may be concentrated among a limited number of key customers across animal feed industries, petroleum industries, automotive, food, agriculture and wire and cable industries, increasing vulnerability to the loss of, or reduced offtake from, any single account.	The Company is actively diversifying its customer base across end-use industries and geographies, while deepening engagement with existing customers through consistent quality and service.
Regulatory and Environmental Compliance	High	The Company is subject to evolving environmental, safety and chemical regulations in India and export markets, including standards under frameworks such as REACH and domestic pollution control norms. Non-compliance could result in penalties, operational disruption or loss of market access.	The Company has invested in compliance infrastructure and monitors regulatory developments proactively, ensuring its product portfolio remains aligned with tightening global environmental standards, which also positions it favourably relative to less compliant competitors.
Technology and Intellectual Property Risk	Medium	The Companys competitive positioning rests significantly on its proprietary R&D and patent filings; any delay in patent grants, challenge to intellectual property, or replication by competitors could erode its differentiation.	The Company continues to invest in R&D and has filed multiple patents to protect its innovations, while building institutional knowledge and process know-how that are not easily replicable.

Internal Control Systems and their Adequacy

The Company has established internal control systems that are commensurate with the nature, size and complexity of its operations. These systems provide reasonable assurance regarding operational effectiveness and efficiency, reliability of financial reporting and compliance with the applicable laws and regulations. The internal control systems are periodically tested and upgraded for both design and operational effectiveness by the Senior Management and are subjected to audit by Internal and Statutory Auditors.

Furthermore, the Company has an in-house Internal Audit function comprising professionals from finance, internal controls, information technology and engineering disciplines. The Internal Audit team identifies control gaps, drive automation and implement best practices across the Company.

Human Resources

Human capital constitutes a core and enduring source of competitive advantage for the Company. Employees are regarded not merely as contributors to business performance but as custodians of the Companys values, key drivers of its culture, and the medium through which its purpose is translated into sustained, long-term impact. The Company believes that a motivated, skilled and engaged workforce is fundamental to achieving sustainable growth.

Accordingly, the Company continues to invest in building an organisation with sustained focus on strengthening its learning infrastructure, advancing employee well-being initiatives, and embedding inclusive policies across the organisation. Succession planning for all critical roles, together with the adoption of new-age technologies to enhance human resource processes, will remain key areas of focus.

As of March 31st, 2026, the Company employed 114 personnel. The strength of its workforce remains fundamental to the Companys ability to deliver consistent performance and support future expansion. The Human Resources function continues to play a strategic role in aligning talent priorities with the Companys long-term vision of contributing to the growth of Indias chemical industry while delivering sustainable value to stakeholders. The Company recognises that attracting, nurturing and retaining high-quality talent is critical to driving innovation and enabling scalable, future-ready operations.

Cautionary Statement

The contents of this Report include statements that look forward into the future and may carry risks and uncertainties. These forward-looking statements are identified by words such as anticipate, believe, estimate, expect, intend, will and other similar expressions related to the Company and its Businesses. The Company does not have an obligation to update or modify these forward-looking statements publicly, whether due to new information, future events, or other reasons. The actual results, performances, or achievements may differ significantly from what is expressed or implied in these forward-looking statements. It is advised that readers exercise caution and not overly rely on these forward-looking statements as they only reflect the state of affairs as of the date of this Report. It is recommended to read this Report together with the financial statements and their accompanying notes.