Annual Report 2024

ANNUAL

REPORT

2024

Message from the CEO 4

Letter to shareholders 5

Broard of directors and audit committee 6

Executive committee 7

Key figures 8

HIGHLIGHTS 10

Appointment of Mr. CHAGAR as CEO 11

Renewal of ISO certifications 11

Participation in the international chemistry forum 12

Signature of an agreement with AMDIE

« EXPORT MOROCCO NOW » 13

Renewal of the tax categorization agreement with the general tax Directorate 14

Redevelopment of the Dar Bouazza site 15

Our achievements 16

SOCIAL POLICY 34

Celebration of Women's Day 35

« Sucré-Salé » Culinary Competition 35

Ftour Ramadan 36

Celebration of world day for safety

and health at work 36

COLORING@COLORADO 37

World No Tobacco Day - « FID OR STAFED» Programme 37

Participation in the 15th edition of the FSTS Employment forum 38

Ceremony for the graduates 38

COLORADO FOOTBALL LEAGUE 39

Retirement 39

Achoura 40

COLORANDO 40

COMMERCIAL AND MARKETING NEWS

22 OTHER HR EVENTS 41

Inauguration of international showrooms 23

Participation in a B2B mission to Qatar 23

Seminars and trainings for professionals at

the national level 24

Seminars and trainings for professionals

at the international level 25

Digital presence 26

MAP OF PRESENCE 43

AROUND THE WORLD

COLORADO IN 46

THE PRESS

FINANCIAL REPORT

48

SPONSORSHIP AND 27

PATRONAGE

FROM THE CEO

CHIEF EXECUTIVE OFFICER

In 2024, COLORADO pursued its dynamics despite a demanding economic climate. Our turnover reached MAD 605 million, recording a slight decline of1%, while our operating income jumped by 43.5% to stand at MAD 93.2 million, thanks to rigorous management and improved cost control. Net income amounted to MAD 45.3 million, representing an increase of 17.4%.

These performances emonstrate our ability to create value in an evolving market. We have strengthened our initiatives in digitalization, innovation, and sustainable development, by placing energy efficiency at the heart of our priorities.

With a committed team and a clear strategy, COLORADO looks towards the future with confidence and ambition.

Annual Report 2024

SHAREHOLDERS

FINANCIAL YEAR 2024

Ladie and Gentlemen, Dear shareholders,

The year 2024 was marked by market tensions

and a slowdown in the building sector. Despite this,

COLORADO was able toadapt to this situation. Thanks to proactive management, turnover reached MAD 605 million (-1%), operating income

increased by 43.5% to reach MAD 93.2 million, and net income stood at MAD 45.3 million (+17.4%).

We have continued to invest in digitalization and sustainable development, while optimizing our costs. Confident in the future, we will be proposing a dividend of MAD

2.60 per share at the Annual General Meeting. Thank you for your trust and support.

Abed Chagar

CHIEF EXECUTIVE OFFICER

Annual Report 2024

BROARD OF DIRECTORS

AND AUDIT COMMITTEE

THE BOARD OF DIRECTORS IS COMPOSED OF THE FOLLOWING MEMBERS:

• Mr. Abed CHAGAR, Chief Executive Officer;

• The company Colbert Finances SA, represented by its CEO Mr. Soleiman BERRADA;

• Mrs. Josette DUCASTEL;

• Mrs. Sophia BERRADA;

• Mr. Soleiman BERRADA ;

• Mrs. Merième LOTFI, Administrator - Deputy General Manager;

• Mr. Ismail BERRADA and

• Mr. Mohammed Amine BENHALIMA, Independent director.

  THE AUDIT COMMITTEE IS COMPOSED OF THE FOLLOWING MEMBERS

• Mr. Mohammed Amine BENHALIMA, Chairman of the committee; ;

• Mrs. Sophia BERRADA, and

• Mr. Ismail BERRADA.

6

Annual Report 2024

COMMITTEE

ABED CHAGAR

CHIEF EXECUTIVE OFFICER

MERIEME LOTFI

DEPUTY GENERAL MANAGER

MOHAMED AMIN ADAD

MARKETING DIRECTOR

NAIMA ELBADRI

DEPUTY MANAGING DIRECTOR

IBRAHIM ARHZAF

TECHNICAL PURCHASING DIRECTOR

CHAHIRA MOUGOUDE

PROJECTS AND PARTNERSHIPS DIRECTOR

ALI BIDOULI

REGIONAL DIRECTOR

ZAKARIA KEURTI

DEPUTY MANAGING DIRECTOR

ABOUDIHAJE LAZRAK

SALES DIRECTOR

HUSSEIN AHMED EL OKL

R&D PROJECT DIRECTOR

KHALED NOUITI

MAINTENANCE AND NEW WORKS DIRECTOR

CHARLES ALBERT PAULOS

LABORATORY DIRECTOR

FIGURES

Key Figures Annual Report 2024

FIGURES

Turnover

MAD 605 million

Net income

MAD 45.3 million

Tons of paints sold

51 406

Number of employees

Showrooms and agencies

11

Worldwide presence

22 countries

Factories and Platforms

2 factories

2 platforms

232

APPOINTMENT OF MR. CHAGAR AS CEO

In March 2024, COLORADO appointed Mr. Abed Chagar to the position of Chief Executive Officer, a position he now holds after serving as Managing Director.

RENEWAL OF ISO CERTIFICATIONS

COLORADO, the only quadruple-certified company in the paint sector, was able to successfully renew its ISO 45001:2018 and ISO 14001:2015 certifications, as well as maintaining its ISO 27001:2013 and ISO 9001:2015 certifications.

This achievement, which was validated during the audit carried out in July 2024, confirms the company's commitment to excellence in its quality, safety, environment and information security management practices, as well as its leading position in QSE/SI management systems.

PARTICIPATION IN THE INTERNATIONAL CHEMISTRY FORUM

COLORADO took part in the second edition of the International Chemistry Forum, a large-scale event organized by the Federation of Chemistry and Parachemistry (FCP), in partnership with the Ministry of Industry and Trade and the Moroccan Agency for the Development of Investments and Exports (AMDIE). Held under the High Patronage of His Majesty King Mohammed VI, this forum, which took place on May 15 and 16 in Rabat, focused on the theme: « Morocco, the future global chemical hub: the high-performance battery industry».

The event provided a privileged platform for industry players to discuss strategic issues relating to the development of the chemical industry in Morocco and its key role in the global energy transition. Discussions notably focused on the creation of an industrial ecosystem around high-performance batteries, the exploitation of the country's natural resources such as phosphate and cobalt, as well as investment and international cooperation opportunities.

This active presence confirms COLORADO's ambition to play a pivotal role in the development of a competitive and sustainable Moroccan chemical industry.

Highlights Annual Report 2024

HIGHLIGHTS

SIGNATURE OF AN AGREEMENT WITH AMDIE

«EXPORT MOROCCO NOW »

In 2024, COLORADO deepened its commitment to industrial development and the promotion of Made in Morocco products by signing a partnership agreement with the Moroccan Agency for the Development of Investments and Exports (AMDIE). This agreement, concluded on the sidelines of the « Export Morocco Now » programme, is part of a drive to strengthen the international competitiveness of Moroccan industry and promote national know-how in the paint and coating sector.

Through this strategic partnership, COLORADO benefits from support in its export expansion and participation in economic promotion initiatives, strengthening its position as a major player in the industry. This partnership with AMDIE also shows the company's determination to actively contribute to Morocco's attractiveness as a benchmark industrial and commercial hub.

With this collaboration, COLORADO once again shows its ambition to shine on the international stage, while remaining true to its national roots and its values of innovation and excellence.

13

RENEWAL OF THE TAX CATEGORIZATION AGREEMENT WITH THE GENERAL TAX DIRECTORATE

COLORADO has obtained the renewal of its « categorized taxpayer » status granted since 2014.

COLORADO is the only company in the paint sector to have been awarded this label to date. The label was awarded following an external audit and an extensive review of the company's fiscal, economic and social situation.

It is worth noting that beyond the tax advantages offered by the tax categorization, this label constitutes for COLORADO, a company listed on the Casablanca Stock Exchange, an additional distinction and recognition of transparency, regularity and economic and social health.

REDEVELOPMENT OF THE DAR BOUAZZA SITE

In a process of its ongoing infrastructure improvement efforts, COLORADO has undertaken the redevelopment of part of its Dar Bouazza site. The aim of this project was to enhance the premises and provide a more pleasant and functional working environment for its employees, while enhancing the attractiveness of the site for visitors. In addition, the computer room and meeting room have been equipped with the latest technology, facilitating collaboration, connectivity and the efficiency of exchanges. These improvements not only optimize comfort and productivity internally, but also offer partners and collaborators a modern, welcoming environment in keeping with COLORADO's ambitions and dynamism.

ACHIEVEMENTS

EUROMED CAMPUS

FEZ

CADMUS ZENATA SCHOOL

CASABLANCA

WALILI GROUP

CASABLANCA

MOHAMMED V STADIUM

CASABLANCA

CAROUSEL MALL

RABAT

REALITES ZENATA RESIDENCE

CASABLANCA

NATURA LIVING RESIDENCE

MOHAMMEDIA

MY WAY RESIDENCE

CASABLANCA

RIAD GARDEN RESIDENCE

CASABLANCA

ADRAR STADIUM

AGADIR

LES ARENES ZENATA RESIDENCE

CASABLANCA

FARAH HOTEL

CASABLANCA

THE DIWAN HOTEL

CASABLANCA

CHR

TINGHIR

IDOU ANFA HOTEL

TANGER

BAYT AL ATIQ RESIDENCES

MARTIL

ARBI ZAWLI STADIUM

CASABLANCA

GRAND STADIUM

MARRAKECH

LA BRANDA ROSE HOTEL

MARRAKECH

INAUGURATION OF INTERNATIONAL SHOWROOMS

Inauguration of a showroom in SENEGAL

PARTICIPATION IN A B2B MISSION TO QATAR

Participation in the "Made in Morocco" promotional week in Doha, organized from January 22 to 28, 2024 by the Moroccan Association of Exporters (ASMEX) and the Moroccan Agency for the Development of Investments and Exports (AMDIE), with the aim of facilitating access for Moroccan exporters to the Qatari market.

On this occasion, Moroccan businessmen met their Qatari counterparts at the Doha Chamber of Commerce, in the presence of Moroccan diplomatic representatives, to exchange views on their objectives for the event. Afterwards, a B2B exhibition was inaugurated to showcase the participating companies.

SEMINARS AND TRAININGS FOR PROFESSIONALS AT THE NATIONAL LEVEL

COLORADO invests in training for painters and all professionals wishing to improve their technical knowledge.

Training seminars are regularly organized to train professionals on new products and corresponding application techniques.

TRAINING FOR PAINTERS Bribanour - Rabat TRAINING FOR PAINTERS Arzana Aquapark - Ain Atik

TRAINING FOR PAINTERS Carrefour - Casablanca ON-SITE TRAINING FOR PAINTERS - Birjdid

ON-SITE TRAINING FOR PAINTERS - Temara ON-SITE TRAINING FOR PAINTERS - Oujda

TRAINING OF PAINTERS for the benefit of a client - Rabat Painter Training for an Export Client - Ain Sebaa

TRAINING FOR PAINTERS EMSI - Casablanca Site

SEMINARS AND TRAININGS FOR PROFESSIONALS AT THE INTERNATIONAL LEVEL

TRAINING FOR PAINTERS - Cameroon TRAINING FOR PAINTERS - Spain Estepona

TRAINING OF PAINTERS for an export client - Congo Brazzaville

PRESENCE

COLORADO reinforces its digital strategy through developing an active presence on social networks. Thanks to these platforms, the company reaches a broad community of users.

Statistics of our networks :

218000

Followers

7389

Followers

On YouTube, COLORADO continues to broaden its impact by offering instructional videos on application techniques for its decorative products. These videos are available in Arabic, French and English, so as to meet the needs of our customers, both in Morocco and internationally.

Regular posts have been shared on social networks such as Facebook, Instagram and

X. These posts highlight COLORADO products, detailing their technical features and how to use them, in order to increase their visibility and better inform consumers.

Moreover, on LinkedIn, COLORADO has reached a significant milestone by gathering over 30,000 subscribers. The brand remains active on this professional platform, interacting with its community and sharing relevant content to strengthen its commitment and visibility.

PATRONAGE

In 2024, COLORADO strengthened its societal and cultural commitment through various SPONSORSHIP AND PATRONAGE initiatives. These actions illustrate our ambition to promote creativity, innovation and sustainable development, while strengthening our presence within local and professional communities.

THE MOHAMMED VI FOUNDATION ASSOCIATION:

As part of our commitment to solidarity, Colorado has contributed to the renovation of four classrooms in the village of Aghbar, located in the commune of Tlat Yacoub, in the heart of the High Atlas region. This initiative aims to provide pupils with a more pleasant environment conducive to learning, in support of the actions carried out by the Mohammed VI Foundation.

PATRONAGE

FARAH SCHOOL IN THE COMMUNE OF OULAD AZZOUZ:

COLORADO has made a donation of paint to the FARAH school in Dar Bouazza. COLORADO employees also volunteered to help with the painting work. Thanks to this wonderful action, the children were able to enjoy pleasant and colorful spaces.

RETIREMENT HOME - AFEB ASSOCIATION

Colorado has lent its support to the AFEB association (French Association for Mutual Aid and Charity) for the extension of the Rabat Souissi retirement home. This commitment contributes to improve the living environment for residents, with renovated and more welcoming spaces.

PATRONAGE

MOROCCAN ASSOCIATION FOR THE SUPPORT OF ORPHANS

Colorado helped the Moroccan Association for the Support of Orphans to fit out its new headquarters. This commitment is in line with our desire to support solidarity initiatives by providing a functional and welcoming environment for the association's beneficiaries and teams.

SPONSORSHIP OF THE « HER DAY FOR HER » MASTERCLASS

COLORADO sponsored the 5th edition of the « Her Day For Her» masterclass organized by the Moroccan Student Foundation to mark International Women's Day,.

This event was organized for the benefit of the Foundation's scholarship-holders and laureates, who came to listen to testimonials shared by women with rich and inspiring backgrounds.

PATRONAGE

SPONSORSHIP - SOS CHILDREN'S VILLAGE

« INTERNATIONAL DAY OF FAMILIES »

COLORADO helped to organize Family Day in partnership with the SOS Children's Villages association.

A day for the benefit of the village's children and their families, where activities and shows were the order of the day.

PARTNERSHIP WITH THE INSAF ASSOCIATION

COLORADO continues to collaborate with the INSAF association under the three-year collaboration agreement signed in 2022 as part of the programme for the fight against child labor

This collaboration aims to contribute to the care of children through:

• Academic support.

• Extracurricular activities.

• Medical care.

• Donations of clothing and other items.