Westlife Foodworld Ltd Directors Report

Your Directors are pleased to present their Forty-Second (42nd) Annual Report and Audited Statement of Accounts for the year ended March 31, 2025.

I FINANCIAL DETAILS

Consolidated Financial Highlights

( in millions)

Particulars	FY 2024-25	FY 2023-24
Total Income	25,156.66	24,102.76
Total Expenses including Depreciation, amortisation and Finance Costs.	25,026.21	23,144.32
EBITDA	3,442.83	3,877.89
Profit before exceptional items	130.45	958.44
Less: Exceptional Items	-	-
Profit before tax	130.45	958.44
Less: Tax Expenses	8.98	266.33
Profit for the year	121.47	692.11
Other comprehensive income/(losses) for the year	(5.98)	(7.17)
Total comprehensive income for the year	115.49	684.94

Standalone Financial Highlights

		( in millions)
	FY 2024-25	FY 2023-24
EBITDA	(3.77)	607.43
Less: Finance costs	-	0.78
Less: Depreciation	-	-
Profit/ (Loss) before Tax	(3.77)	606.65
Less: Tax Expenses	(12.66)	15.44
Profit/ (Loss) for the year	8.89	591.21
Add: Balance brought forward- Retained Earnings	(16.90)	(70.13)
Less: Dividend paid during the year	-	(537.98)
Balance Carried forward- Retained Earnings	(8.01)	(16.90)

II PERFORMANCE

Standalone Operating Performance

During year 2024-25, the Company has the reported a profit after tax of 8.89 million as against a loss of 591.21 million for the previous year.

The Company focuses on putting up and operating Quick Service Restaurants (QSR) in India through its wholly owned subsidiary, which is a Development Licensee /

Master Franchisee of McDonalds and operates QSRs under the brand name McDonalds.

Consolidated financial statements of the Company and its subsidiary prepared in accordance with applicable accounting standards and duly audited by the Companys statutory auditors are annexed.

Subsidiarys Operating Performance

The highlights of the Subsidiarys performance for FY 2024-25 and its contribution to the overall performance of the Company is provided below:

		( in millions)
Particulars	FY 2024-25	FY 2023-24
Total Income	25,145.54	24,091.67
Total Expenses including	25,011.32	23,123.91
Depreciation, amortisation expense and Finance costs
EBITDA	3,447.90	3,888.68
Profit before exceptional items	134.22	967.76
Exceptional items	-	-
Profit before tax	134.22	967.76
Less : Tax Expenses	21.64	250.69
Profit for the year	112.58	717.07
Other comprehensive (losses) / income for the year	(5.98)	(7.17)
Total comprehensive income for the year	106.60	709.90

Subsidiaries, Joint Ventures or Associate Companies

During the year under review no company has become or ceased to be the Companys subsidiary, joint venture or associate company.

As per the provisions of Section 129(3) of the Companies Act, 2013 a statement containing salient features of the financial statements of the Companys subsidiary is provided as ‘Annexure A to the consolidated financial statements.

Dividend

The Board of Directors in its meeting held on July 23, 2025 has declared interim dividend basis on the financials of the Company for the quarter ended June 30, 2025 @ 0.75/- per share on equity share capital of the Company [financial year 2025-26].

State of the Companys affairs

Your Company was classified as a Core Investment Company (‘CIC) exempted from registration with the Reserve Bank of India within the meaning of the Core Investment Companies (Reserve Bank) Directions, 2016. It has promoted the operations of QSRs through its subsidiary as aforesaid. The Company endeavors to continuously improve its performance. Your Directors are satisfied with the present state of the Companys affairs.

Transfer to Reserves

No funds are being transferred to the reserves.

Material changes and commitments

No material changes and commitments affecting the financial position of your Company have occurred between March 31, 2025 and the date of the report.

Particulars of loans, guarantee or investments

Particulars of the loans given, investment made or guarantee given or security provided and the purpose for which the loan or guarantee or security is proposed to be utilised by the recipient of the loan or guarantee or security are provided in Note No. 4 to the Standalone Financial Statements.

Maintenance of Cost Records

During the period under review, your Company was not required to maintain cost records as specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013.

Internal Complaints Committee for Sexual Harassment

Your Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

III DIRECTORS AND MANAGEMENT

Appointment / re-appointment of and change in Directors

Pursuant to the provisions of Section 152 of the Companies Act, 2013, the office of Mr Akshay Jatia (DIN: 07004280) is liable to retire by rotation at the ensuing Annual General Meeting, and being eligible, he offers himself for re appointment. The Board of Directors has recommended his re-appointment.

Number of meetings of the Board

Five (5) meetings of the Board of Directors were held during the financial year. For further details, please refer to the Report on Corporate Governance which forms a part of this Annual Report.

Declaration by Independent Directors

The Company has received declarations from all the Independent Directors of the Company confirming that they fulfill the criteria of independence as prescribed under sub-section (6) of Section 149 of the Companies Act, 2013 and the Listing Regulations.

Directors Responsibility Statement

As required under Section 134(3)(c) and pursuant to Section 134(5) of the Companies Act, 2013, your Directors state that:

(a) in the preparation of the annual accounts for financial year ended March 31, 2025, the applicable accounting standards have been followed and there are no departures in adoption of these standards;

(b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at March 31, 2025 and of the profit and loss of the Company for the year ended on that date;

(c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) the Directors have prepared the annual accounts for financial year ended March 31, 2025 on a ‘going concern basis.

(e) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating efficiently; and

(f) the Directors have devised proper systems to ensure compliance with provisions of all applicable laws and that such systems were adequate and operating effectively.

Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Listing Regulations"), the Board has carried out an annual evaluation of its own performance and that of its Committees as well as performance of the Directors individually. Feedback was sought by way of a structured questionnaire through online survey covering various aspects of the Boards functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance, and the evaluation was carried out based on responses received from the Directors.

A separate exercise was carried out by the Nomination and Remuneration Committee of the Board to evaluate the performance of individual Directors. The performance evaluation of the Non-Independent Directors and the Board as a whole was carried out by the Independent Directors. The performance evaluation of the Chairman of the Company was also carried out by the Independent Directors, taking into account the views of the Executive Director and Non-Executive Directors. The Directors expressed their satisfaction with the evaluation process.

Audit Committee

In accordance with Regulation 18 of the Listing Regulations read with Section 177 of the Companies Act, 2013, the Company had constituted an Audit Committee, which consists of three independent non-executive directors namely; (1) Mr Jyotin Kantilal Mehta (Chairperson), (2) Ms Amisha Hemchand Jain (member), (3) Mr Rajendra Mariwala (member) and one other director, Ms Smita Jatia (member).

The Audit Committee functions in terms of the role and powers delegated by the Board of Directors of the Company keeping in view the provisions of Regulation 18 of the Listing Regulations and Section 177 of the Companies Act, 2013 and the corresponding Rules made thereunder, being the Companies (Meetings of Board and its Powers) Rules, 2014.

Vigil Mechanism and Whistleblower Policy

The Vigil Mechanism as envisaged in the Companies

Act, 2013, the Rules prescribed thereunder and under Regulation 22 of the Listing Regulations is implemented through the Companys Vigil & Whistleblower Policy to enable the Directors and employees of the Company to report genuine concerns, to provide for adequate safeguards against victimisation of persons who use such mechanism and make provision for direct access to the Chairperson of the Audit Committee.

The Vigil & Whistleblower Policy of the Company is available on the Companys website at the web-link: http:// www.westlife.co.in/investors-compliance-and-policies. php

Auditors

• Statutory Auditors and Auditors Report

S R B C & CO LLP (Registration No.: 324982E/ E300003), Chartered Accountants had been appointed as Statutory Auditors of the Company for a term of 5 (five) years at the 39th Annual General Meeting (AGM) held on September 15, 2022 to hold office from the conclusion of the 39th AGM till the conclusion of the 44th AGM of the Company. They had confirmed that they are not disqualified as Statutory Auditors of the Company.

The Notes on financial statements referred to in the Auditors Report are self-explanatory, hence no clarification is required. The Auditors Report does not contain any qualification, observation, adverse remark or disclaimer.

• Secretarial Audit and Report of company secretary in practice

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed M/s MSDS & Associates, Practicing Company Secretary (Certificate of Practice Number: 23194) to carry out the Secretarial Audit of the Company for the financial year 2024-25.

In terms of the provisions of sub-section (1) of Section 204 of the Companies Act, 2013 read with Regulation 24A of the SEBI (LODR) Regulations, 2015, the Company has annexed to this Board Report as ‘Annexure I, a Secretarial Audit Report given by a company secretary in practice.

The Secretarial Audit Report does not contain any qualification, reservation or adverse remark or disclaimer.

• Secretarial Audit Report of the Companys subsidiary (i.e. Hardcastle Restaurants Private Limited) issued by a company secretary in practice

In terms of the provisions of Regulation 24A of the SEBI (LODR) Regulations, 2015, the Company has annexed to this Board Report as ‘Annexure I-A, a Secretarial Audit Report of the Companys subsidiary (i.e. Hardcastle Restaurants Private Limited) issued by a company secretary in practice.

The Secretarial Audit Report does not contain any qualification, reservation or adverse remark or disclaimer.

Key Managerial Personnel (KMP)

Pursuant to the provisions of Section 203 of the Companies Act, 2013, the Key Managerial Personnel of the Company are Mr Amit Jatia, Chief Executive Officer (CEO) [till close of business hours on March 18, 2025] and Mr Akshay Jatia, Chief Executive Officer [w.e.f. March 19, 2025], Mr Saurabh Bhudolia, Chief Financial Officer (CFO) (till close of business hours on May 8, 2024) and Dr. Shatadru Sengupta, Company Secretary (CS).

Further, Mr Hrushit Shah, was appointed as the Chief Financial Officer of the Company w.e.f. May 9, 2024, by the Board of Directors of the Company at its meeting held on May 8, 2024.

Contracts or Arrangements with Related Parties

Related Party Transactions that were entered into during the year by your Company have been disclosed in Form AOC-2 pursuant to Section 134(3) (h) of the Companies Act, 2013, which has been appended as ‘Annexure II. In compliance with clause 2A, Part-A, Schedule V of the SEBI (LODR) Regulations, 2015, during the period under review, the Company has not entered into any transaction with any person or entity belonging to the promoter/ promoter group which hold(s) 10% or more shareholding in the company.

Disclosure on Employee Stock Option Scheme through Trust Route

In compliance with Regulation 14 of the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 (now the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021) (‘the Regulations) read with SEBI Circular no. CIR/CFD/POLICY CELL/2/2015 dated June 16, 2015, your Board of Directors report that during the year under review, no material changes in the Westlife Development Limited Employee Stock Option (Trust)

Scheme 2021 (‘ESOS Trust Scheme 2021) had taken place and that the ESOS Trust Scheme 2021 is in compliance with the Regulations. Further, the details mentioned in the Regulations have been disclosed on the Companys website at web link: http://www.westlife.co.in/web/ compliance.aspx.

Policy for Qualifications, positive attributes and independence criteria for Directors and Remuneration for Directors, Key Managerial Personnel and other employees

In accordance with the provisions of Section 134(3) (e); sub section (3) and (4) of Section 178 of the Companies Act, 2013 and Regulation 19 read with Part D of Schedule II of the Listing Regulations, the Company has formulated this policy. The said policy has been appended as ‘Annexure III which forms a part of this Report.

Corporate Social Responsibility

The provisions of Section 135 of the Companies Act, 2013 as to Corporate Social Responsibility are not applicable to your Company.

Disclosure pursuant to Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

In accordance with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the following disclosures are made:

y The ratio of the remuneration of each director to the median remuneration of the employees of the Company for the financial year: N.A.*

y the percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the financial year: N.A.*

y the percentage increase in the median remuneration of employees in the financial year: N.A.*

y the number of permanent employees on the rolls of Company: Four

y average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration: N.A.*

y the terms of remuneration are in line with the Remuneration Policy of the Company.

* Directors did not receive any remuneration from the Company during the year, except sitting fee for attending meetings of the Board and its Committees, and no remuneration is being paid to the employees or Key Managerial Personnel of the Company.

Internal Financial Control Systems

Internal Financial Controls are an integrated part of the risk management process, addressing financial and financial reporting risk. The internal financial controls have been documented and embedded in the business system.

The Company has a proper and adequate internal audit and control system commensurate with its size and the nature of its business. No instance of any fraud or misdemeanor has been noticed during the year.

Significant and material orders

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concerns status and Companys operations in future.

Public Deposits

The Company did not accept any deposits during the year.

Corporate Governance

Report on Corporate Governance of the Company for the year under review, as per the requirements of Regulation 34 (3) read with Para C of Schedule V of the Listing Regulations, has been given under a separate section and forms part of this Annual Report.

Management Discussion and Analysis

A detailed review of operations, performance and future outlook of the Company and its business, as stipulated under Regulation 34(2)(e) read with Para B of Schedule V of the Listing Regulations, is presented in a separate section forming part of the Annual Report under the heading ‘Management Discussion and Analysis.

Investor Education and Protection Fund (IEPF)

No unpaid and unclaimed dividend is lying with the Company.

Annual Return

Pursuant to the provisions of Section 134(3)(a) and Section 92(3) of the Companies Act, 2013, the copy of the Annual Return is placed on the Companys Website http://www. westlife.co.in/investors-compliance-and-policies.php

Conservation of Energy, Technology Absorption, and Foreign Exchange Earnings and Outgo

The particulars in respect of conservation of energy, technology absorption and foreign exchange earnings and outgo, as required under sub-section (3) (m) of Section 134 of the Companies Act, 2013 read with Rule (8)(3) of the Companies (Accounts) Rules, 2014 are given as under: by

A. Conservation of Energy

i) The steps taken or impact on conservation of energy: The operations of your Company are not energy intensive.

. ii) The steps taken by the Company for utilising alternate sources of energy: NIL

iii) The capital investment on energy conservation equipments: NIL

However, the Companys subsidiary, Hardcastle Restaurants Pvt. Ltd, has taken significant measures for conservation of energy and saving the environment, as set out more particularly in the Business Responsibility and Sustainability Report forming part of this Annual Report.

B. Technology Absorption

i) The efforts made towards technology absorption: NIL

ii) The benefits derived like product improvement, cost reduction, product development or import substitution: NIL

iii) in case of imported technology (imported during the last three years reckoned from the beginning of the Financial Year): NIL

(a) Details of Technology Imported;

(b) Year of Import;

(c) Whether the Technology has been fully absorbed;

(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof.

iv) Your Company has not incurred any expenditure on Research and Development during the year under review.

C. Foreign Exchange Earnings and Outgo

During the year under review, there were no foreign exchange inflow, outflow or earnings.

Risk Management

Your Company has a well-defined risk management framework in place. The risk management framework works at various levels across the Company. The Company has a robust organisational structure for managing and reporting on risks.

Your Company has constituted a Risk Management Committee of the Board which is authorised to monitor and review a Risk Management Plan including Cyber Security. The Risk Management Plan provides a detailed programme for risk prevention, risk mitigation and risk management and the operation/working thereof, along with reporting of any new risks. The Risk Management Plan has been established across the organisation and is designed to prevent, mitigate and manage risks that affect the Company.

IV DIVIDEND DISTRIBUTION POLICY

The above policy is enclosed as ‘Annexure-IV to the Boards Report and also available on the Companys website at https://www.westlife.co.in/wp-content/uploads/2024/08/ Dividend-Distribution-Policy.pdf

V BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT (BRSR)

The Listing Regulations mandate the inclusion of the BRSR as part of the Annual Report for the top 1,000 listed entities based on market capitalisation. In compliance with the Listing Regulations, we have integrated BRSR disclosures annexed as ‘Annexure-V to the Boards Report.

VI Disclosure pursuant to Regulation 30A(5) of the Securities and Exchange Board of India

(Listing Obligations and Disclosure Requirements), Regulations, 2015, read with clause 5A of Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023 issued by the Securities and Exchange Board of India (details are also available on the Companys webpage at link: https://westlife.co.in/investors-compliance-and-policies.php) :

a) if the listed entity is a party to the agreement, Not applicable

i. details of the counterparties (including name and relationship with the listed entity);

b) if listed entity is not a party to the agreement,

i. name of the party entering into such an agreement and the relationship with the listed entity;

1. Hardcastle Restaurants Private Limited ("HRPL"), wholly-owned subsidiary of the listed entity.

2. Mr Amit Jatia, Director of the listed entity.

ii. details of the counterparties to the agreement (including name and relationship with the listed entity);

1. MCD Global Franchising Limited ("McDonalds").

2. McDonalds India Private Limited.

iii. date of entering into the agreement; September 1, 2022, agreement being a Master Franchise Agreement, or MFA ("the agreement").

c) purpose of entering into the agreement;

For continuing the grant of franchise rights/license to HRPL to adopt and use the McDonalds System to operate and run McDonalds restaurants.

d) shareholding, if any, in the entity with whom the agreement is executed;

The listed entity, Westlife Foodworld Ltd ("WFL"), holds 100% of the equity shareholdingof HRPL e) significant terms of the agreement (in brief);

McDonalds grants to HRPL the right to own and operate McDonalds restaurants in west and south

India (the territory), the right to adopt and use the McDonalds System (described below) to operate and run existing restaurants and to promote, develop and operate new restaurants at approved locations in the territory, and the right to advertise to the public that it is a franchisee of the McDonalds System;

The McDonalds System which is operated by McDonalds Corporation, USA and its affiliates is a comprehensive restaurant system for the ongoing development, operation and maintenance of McDonalds restaurants, and includes intellectual property and other proprietary rights and processes, including the designs and color schemes for restaurant buildings, signs, equipment layouts, formulas and specifications for certain food products, methods of inventory, operation, control, bookkeeping and accounting, and manuals covering business practices and policies that form part of McDonalds standards. McDonalds Corporation and its affiliates may add elements to or modify, alter or delete elements from, the McDonalds System in their sole discretion from time to time. McDonalds restaurants have been developed for the retailing of a limited menu of uniform and quality food products, emphasising prompt and courteous service in a clean, wholesome atmosphere that is intended to be attractive to the public at large and particularly to children and families.

The McDonalds System is operated and advertised widely within the United States of America, Europe and in many countries throughout Asia and the Middle East. McDonalds Corporation and its affiliates hold, directly or indirectly, all rights to authorise the adoption and use of the McDonalds System. The foundation of the McDonalds System is full compliance with the standards by franchisees of the McDonalds System including HRPL, and compliance with the standards provides the basis for the valuable goodwill and wide acceptance of the McDonalds System. Such full compliance by HRPL, the accountability of HRPL for its performance under the agreement and the establishment and maintenance by HRPL of a close working relationship with McDonalds in the operation of the franchise business together constitute the essence of the agreement.

In consideration of these rights, HRPL shall pay initial franchise fees for each restaurant opened, as also continuing franchise fees i.e. royalty as a percentage of sales generated at the restaurants.

McDonalds shall have the right to specify the technology and related equipment to be used by HRPL in the operation of the franchised restaurants, including all software, computer equipment, hardware interconnection and similar items.

McDonalds may modify its standards applicable to technology and related equipment from time to time, and HRPL shall purchase for use in the restaurant any new or modified technology, software, hardware, equipment or other similar items necessary to comply with such modified standards.

For each site approved for a restaurant, HRPL shall construct the restaurant in accordance with the restaurant design plans approved or provided by McDonalds to HRPL.

McDonalds shall advise and consult with HRPL periodically in connection with the operation of the franchise business and the restaurants and, upon HRPLs written request, at other reasonable times during normal business hours. McDonalds shall communicate to HRPL know-how, new developments, techniques and improvements in areas of restaurant management, food preparation and service that are pertinent to the operation of a McDonalds restaurant using the McDonalds System.

McDonalds shall provide to HRPL a copy of the Operations Manuals prepared by McDonalds or its affiliates for use by franchisees of McDonalds restaurants similar to HRPLs restaurants. The

Operations Manuals contain standards for the McDonalds System and other information applicable to HRPLs obligations under this agreement. HRPL agrees to promptly adopt and use exclusively the information, methods and policies contained in the Operations Manuals, now and as they may be modified by McDonalds, or its affiliates from time to time in their sole discretion.

HRPL shall provide initial and ongoing basic and advanced training (including "refresher" training at reasonable intervals) for all personnel of HRPL and the restaurants that is consistent with McDonalds global training standards.

Development, ownership, operation, promotion, and management of the restaurants and all uses of the intellectual property of McDonalds by HRPL shall meet or exceed the applicable standards and shall comply with applicable law. HRPL shall use, affix and otherwise display, the intellectual property strictly in conformity with the standards, together with applicable trademark, patent and/or copyright designations/ markings (including any legends designating McDonalds (or its licensor) as owner of the intellectual property.

McDonalds shall be entitled to monitor and measure compliance by HRPLs restaurants with the quality, service and cleanliness standards, using such system for evaluating the restaurants as McDonalds may determine from time to time.

f) extent and the nature of impact on management or control of the listed entity;

Mr Amit Jatia is at all times to be in control of HRPL. Since HRPL Is a wholly-owned subsidiary of WFL, Mr Amit Jatia is consequently to be similarly in control of WFL, which is in fact the case.

g) details and quantification of the restriction or liability imposed upon the listed entity;

- Not applicable.

h) whether, the said parties are related to promoter/promoter group/ group companies in any manner. If yes, nature of relationship;

- Mr Amit Jatia is a promoter of WFL.

i) whether the transaction would fall within related party transactions?

If yes, whether the same is done at "arms length";

- No; not applicable

j) in case of issuance of shares to the parties, details of issue price, class of shares issued;

- Not applicable

k) any other disclosures related to such agreements, viz., details of nominee on the board of directors of the listed entity, potential conflict of interest arising out of such agreements, etc.;

- Not applicable

l) in case of rescission, amendment or alteration, listed entity shall disclose additional details to the stock exchange(s):

i. name of parties to the agreement;

ii. nature of the agreement;

iii. date of execution of the agreement;

iv. details and reasons for amendment or alteration and impact thereof (including impact on management or control and on the restriction or liability quantified earlier);

v. reasons for rescission and impact thereof (including impact on management or control and on the restriction or liability quantified earlier.

- Not applicable

VII ACKNOWLEDGEMENT

The Board of Directors wishes to express its gratitude and record sincere appreciation for the dedicated efforts of all employees of the Company. The Board is thankful to the esteemed shareholders for their continued support and confidence reposed in the Company. The Board takes this opportunity to express its gratitude for the valuable assistance and co-operation extended by all stakeholders including government authorities, customers, banks, vendors, advisors, and other business partners.

For and on behalf of the Board of Directors of

Westlife Foodworld Limited
Sd/-	Sd/-
Amit Jatia	Akshay Jatia
Director	Whole Time Director (Executive Director)
DIN: 00016871	DIN: 07004280
Place: Mumbai
Date: July 23, 2025