Transmission of Quarterly Report for the Period Ended 09/30/2025

FINANCIAL STATEMENTS

FOR THE 3-MONTH PERIOD ENDED

SEPTEMBER 30, 2025

1. Vision & Mission Statement

2. Corporate Strategy

3. Company Information

4. Directors' Report (English)

09 "Annexure A" To The Directors' Report (English)

10 Directors' Report (Urdu)

1. "Annexure A" To The Directors' Report (Urdu)

2. Condensed Interim Statement of Financial Position

3. Condensed Interim Statement of Profit or Loss

4. Condensed Interim Statement of Comprehensive Income

5. Condensed Interim Statement of Changes in Equity

6. Condensed Interim Statement of Cash Flows

7. Notes to the Condensed Interim Financial Statements

01

02

Statement

To be a humane, cost-effective and environmentally responsible provider of industrial packaging solutions creating value for customers and all stakeholders across the board.

03

Retain market share leadership through quality and price competitiveness while creating value as a low cost producer

04

COMPANY INFORMATION

BOARD OF DIRECTORS

Mr. Asad Ali Sheikh Chairman of the Board

Mr. Hussain Jamil Chief Executive Officer

Mr. Ameen Jan Non-Executive Director

Mr. Zohair Ashir Non-Executive Director

Mr. Ali Jamil Non-Executive Director

Ms. Sonya Jamil Non-Executive Director

Ms. Laila Jamil Non-Executive Director

AUDIT COMMITTEE

Mr. Ameen Jan Chairman

Mr. Asad Ali Sheikh Member

Mr. Ali Jamil Member

Ms. Sonya Jamil Member

HUMAN RESOURCE AND REMUNERATION COMMITTEE

Mr. Zohair Ashir Chairman

Mr. Hussain Jamil Member

Mr. Ameen Jan Member

Ms. Sonya Jamil Member

Ms. Laila Jamil Member

CHIEF OPERATING OFFICER

Mr. Mohammad Raza Chinoy

CHIEF FINANCIAL OFFICER

Mr. Muhammed Ali Adil

COMPANY SECRETARY

Mr. Ali Abdullah

BANKERS

Bank Al-Habib Limited Habib Bank Limited

The Bank of Punjab Habib Metropolitan Bank

Askari Bank Limited PAIR Investment Co. Ltd.

EXTERNAL AUDITORS

A. F. Ferguson & Co. Chartered Accountants

INTERNAL AUDITORS (OUTSOURCED)

BDO Ebrahim & Co. Chartered Accountants

LEGAL ADVISOR

M/s MTC-Mohsin Tayebaly & Co. Advocate & Corporate Counsel

SHARE REGISTRAR

M/s. THK Associates (Pvt.) Limited Ballotter, Share Registrar & Transfer Agent Plot No. 32-C, Jami Commercial Street 2, D.H.A. Phase VII, Karachi

REGISTERED OFFICE AND FACTORY

112-113, Phase-V, Hattar Industrial Estate, Hattar, District Haripur, Khyber Pakhtunkhwa Tel: (0995) 617720 & 23, 617347, Fax: (0995) 617074, Web: https://www.ecopack.com.pk

DIRECTORS' REPORT

The Board of Directors of EcoPack Limited is pleased to present its unaudited financial statements and Directors' Report for the first quarter of FY2026 ended 30th September 2025:

OVERVIEW

The overarching event impacting the company's performance was the onslaught of the devastating floods and heavy monsoon rains, exacerbated by an unusual weather system causing severe damage to infrastructure, logistics and livelihoods in its wake. As large parts of the motorways and intra-city roads were washed away at several junctures, the movement of goods, services and rescue undertakings became hugely challenging for governments and their agencies.

Under these circumstances, while your company's bottle sales decreased in this quarter versus the prior year quarter, our preform sales increased to partially make up this shortfall, as some major bottling plants in closer proximity were able to lift much needed stocks from us. The benefit of our vantage location being situated on the border of the populous Punjab & Khyber Pakhtunkhwa provinces, makes your company a reliable and effective supplier to its customers in trying times. While it was operationally a somewhat uphill task to meet targets, nevertheless, your company's management was resolved to minimize the negative fallout and recovered sales wherever it was possible, through timely steps and prudent operations.

As macro-economic factors improved comparatively QoQ, with interest rates declining substantially, your company was able to reduce its financial charges and also benefitted from lower electricity charges. A well-managed Supply-Chain along with strategically timed procurement of other important 'raw & packing materials', also contributed towards crucial cost reduction.

All things taken into account, the quarter under review brought about an improvement in our P&L bottom-line results by comparison on a QoQ basis with last year.

SALES & FINANCIAL HIGHLIGHTS

A summary of financial highlights for the first quarter ended September 30, 2025 is herewith appended below:

⏺ Topline Revenue: Net sales for the 1QFY26 has slightly declined to Rs. 1.6 billion against Rs.

1.72 billion for the same period last year, reflecting a decrease of 7.2% QoQ. The main driver of this decrease is the reduction in PET Resin price by 12% which is the primary source of raw material for Preforms & Bottles. Therefore, our topline sale prices have also reduced as these are based on the PET Resin price prevailing in the market. Moreover, Bottles sales volume also decreased amid unprecedented floods country-wide.

⏺ Gross Profit: Gross profit stood at Rs. 270.5 million for the period under review against the gross profit of Rs. 283.6 million last year. However, despite this decrease in value terms, the gross profit percentage has been increased to 16.9%, compared to 16.5% QoQ. This improvement is attributable to the better operational efficiencies and cost cutting measures accompanied by timely and prudent discipline in executing your company's business.

⏺ Operating Profit: Operating profit at Rs. 170.8 million this quarter, decreased by Rs. 33.8 million i.e., 17% (1QFY25: Rs. 204.6 million) against same period last year. Operating profit to net sales was 10.7% in this quarter (1QFY25: 11.9%) mainly due to a drop in bottle sales volumes.

⏺ Financial charge: In line with the decreasing trend of the SBP discount rate due to sharp decrease in inflation, our financial charges decreased by 50% i.e., from Rs. 54.6 million (1QFY25) to Rs. 27.1 million during the first quarter under review. The decrease in financial cost is mainly driven by the reduction in KIBOR and SBP discount rates. Average KIBOR decreased from 17.36% per annum in the same period last year to 11.04% during 1QFY26. Improvement in bank spread over KIBOR also helped reduce financial cost.

⏺ Profit Before & After Tax: Profit before tax was recorded at Rs. 143.7 million against Rs. 149.9 million for the corresponding quarter last year i.e., a decrease of 4%. Profit after tax was recorded at Rs. 99.3 million, showing a growth of 74% over last year's profit after tax of Rs. 57.1 million. In the last year's corresponding quarter, as per prudent policy practices, deferred tax charge increased in the first quarter which was settled/adjusted later at the end of the financial year 2025.

⏺ Earnings per share (EPS): EPS increased accordingly to Rs. 2.06 per share this year against Rs. 1.18 per share in 1QFY25.

⏺ Cash Flows: Operating cash flows reflecting cash generated from operations to Rs. 108 million (1QFY25: Rs. 186 million), persistently depicting the Company's ability to generate sufficient liquidity to meet its working capital and investment requirements.

⏺ Financial Position: The balance sheet continues to remain healthy with shareholders' equity standing at Rs. 1.7 billion. The debt-to-equity ratio arrived at 11:89 compared to 12:88 as on June 30, 2025. Current ratio improved to 1.23:1 as compared to 1.15:1 as of June 30, 2025. The financial indicators of your company are clearly reflecting ongoing financial prudence and stability.

FUTURE OUTLOOK

Post floods, as normalcy returns to the country and businesses resume their onward momentum, your company too, is poised to appropriate its share of the temporarily disturbed growth of an otherwise

robust Beverage industry, armed with the recent productivity expansions in its filling capacities, targeting double digit growth in the market. Both local and international water & beverage brands are witnessing strong growth in their respective segments in the expanding rural and urban markets, buoyed by a thirsty and mobile, demographically young population, replicating worldwide consumption and social trends.

The recent expansion of your company's bottle blowing capacity is now fully implemented and operationally ready to meet the instantaneous peaks of demand and exponential growth in the high sales month of Ramzan, continuing into the sizzling summer months of the beverage season.

Your company's management is geared up to achieve greater profitability and value for its shareholders and all stakeholders in the future months of this financial year.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

ASAD ALI SHEIKH

DIRECTOR

October 25, 2025

HUSSAIN JAMIL

CHIEF EXECUTIVE OFFICER

"ANNEXURE A" TO THE DIRECTORS' REPORT

1. The Composition of Board is as follows:

   1. Male : 05

   2. Female : 02

2. The composition of Board is as follows:

   1. Independent Directors

      1. Mr. Ameen Jan (2) Mr. Zohair Ashir

   2. Non-executive Directors

      1. Mr. Asad Ali Sheikh (2) Mr. Ali Jamil

   3. Executive Director

      Mr. Hussain Jamil (Chief Executive Officer)

   4. Female Directors

      1. Ms. Sonya Jamil (2) Ms. Laila Jamil

3. The Board has formed committees comprising of members given below:

   1. Audit Committee

      1. Mr. Ameen Jan - Chairman

      2. Mr. Asad Ali Sheikh - Member

      3. Mr. Ali Jamil - Member

      4. Ms. Sonya Jamil - Member

   2. Human Resource and Remuneration (HR & R) Committee

      1. Mr. Zohair Ashir - Chairman

      2. Mr. Ameen Jan - Member

      3. Ms. Laila Jamil - Member

      4. Ms. Sonya Jamil - Member

      5. Mr. Hussain Jamil - Member

4. Board has approved the Remuneration Policy of Directors; significant features are as follows:

⏺ The Board of Directors ("BOD") shall, from time to time, determine and approve the remuneration of the members of the BOD for attending Board Meetings. Such level of remuneration shall be appropriate and commensurate with the level of responsibility and expertise offered by the members of the BOD and shall be aimed at attracting and retaining members needed to govern the Company successfully and creating value addition.

⏺ No single member of the BOD shall determine his/her own remuneration. For & on behalf of the Board of Directors

ASAD ALI SHEIKH

DIRECTOR

October 25, 2025

HUSSAIN JAMIL

CHIEF EXECUTIVE OFFICER

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CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT SEPTEMBER 30, 2025

Un-audited Audited

September 30, June 30,

2025 2025

Note Rupees in thousand

N

C

TOTAL ASSETS 3,443,911 3,345,720

SHARE CAPITAL AND RESERVES

Authorized capital 8.1 1,000,000 500,000

NON-CURRENT LIABILITIES

Long term finances - secured 10

Lease liabilities 11

Deferred tax liabilities - net

C

TOTAL EQUITY AND LIABILITIES 3,443,911 3,345,720

The annexed notes 1 to 22 form an integral part of these financial statements.

___________

Chief Financial Officer

Chief Executive Officer

Director

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS

FOR THE PERIOD ENDED SEPTEMBER 30, 2025

Three-month period ended

September 30, September 30,

2025 2024

Note Rupees in thousand

The annexed notes 1 to 22 form an integral part of these financial statements.

___________

Chief Financial Officer

Chief Executive Officer

Director

TOTAL COMPREHENSIVE INCOME

FOR THE PERIOD 99,301 57,115

The annexed notes 1 to 22 form an integral part of these financial statements.

___________

Chief Financial Officer

Chief Executive Officer

Director

Share Capital

Unappropriated profits

Surplus on revaluation of property and plant

Total

Rupees in thousand

Balance as at July 1, 2024 482,584 573,887 240,077 1,296,548

The annexed notes 1 to 22 form an integral part of these financial statements.

___________

Chief Financial Officer

Chief Executive Officer

Director

September 30, September 30,

The annexed notes 1 to 22 form an integral part of these financial statements.

Chief Financial Officer

Chief Executive Officer

Director

1. LEGAL STATUS AND OPERATIONS

   Ecopack Limited (the Company) was incorporated in Pakistan on August 25, 1991 as a private limited company and converted to a public limited company on April 29, 1992 under the then applicable Companies Ordinance, 1984 (repealed upon enactment of the Companies Act, 2017) and commenced its commercial production in 1993. The Company has its shares quoted on the Pakistan Stock Exchange Limited. The Company is principally engaged in manufacturing and sale of Polyethylene Terephthalate (PET) bottles and preforms for beverages and other liquid packaging industry. The head office of the Company is situated at 19, Main Street City Villas, Near High Court Road, Rawalpindi and its registered office and manufacturing facility is located at Hattar Industrial Estate, Khyber Pakhtunkhwa.

2. BASIS OF PREPARATION

   1. Statement of compliance

      These condensed interim financial statements for the three month ended September 30, 2025 have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

      1. International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and

   3. ii) Provisions of and directives issued under the Companies Act, 2017.

      Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.

      The disclosures in these condensed interim financial statements does not include all of the information required for annual financial statements and should be read in conjunction with the annual financial statements of the Company for the year ended June 30, 2025. Comparative condensed interim statement of financial position is extracted from annual financial statements as at June 30, 2025, whereas comparative condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows are extracted from un-audited condensed interim financial statements of the Company for the three month period ended September 30, 2024.

      These condensed interim financial statements are un-audited and are being submitted to the members as required under Section 237 of the Companies Act, 2017 and the listing regulations of the Pakistan Stock Exchange.

3. MATERIAL ACCOUNTING POLICY INFORMATION AND OTHER ACCOUNTING POLICIES

The material and other accounting policies, significant judgements made in the application of accounting policies, key sources of estimations, the methods of computation adopted in preparation of these condensed interim financial statements and financial risk management policy are the same as those applied in preparation of annual financial statements of the Company for the year ended June 30, 2025.

Rupees in thousand

Un-audited Audited

September 30, June 30,

Note 2025 2024

1. SHARE CAPITAL

   1. Authorized share capital

      1. This represents 100,000,000 (June 30, 2025: 100,000,000) ordinary shares of Rs 10 each.

   2. Issued, subscribed and paid-up capital

Un-audited Audited Un-audited Audited

September 30, June 30, September 30, June 30,

2025 2025 2025 2025

Number of shares Rupees in thousand

10,262,664 10,262,664 Ordinary shares of Rs 10/- each

issued against cash 102,627 102,627

37,995,753 37,995,753 Ordinary shares of Rs 10/- each

issued as fully paid bonus shares 379,957 379,957

48,258,417 48,258,417 482,584 482,584

9 SURPLUS ON REVALUATION OF PROPERTY, PLANT AND MACHINERY

The Company follows revaluation model for lease-hold land, factory building and roads on lease-hold land and plant & machinery. The fair value of these items were assessed by management based on independent valuation performed by an external valuation expert as at May 31, 2025. For valuation of these items, the current market price or depreciated replacement cost method is used, whereby, current purchase

/ construction cost of similar items in similar locations has been adjusted using suitable depreciation rates to arrive at present market value. This technique requires significant judgment as to estimating the revalued amount in terms of their quality, structure, layout and locations. Movement during the year is as follows:

Un-audited Audited

September 30, June 30,

Note 2025 2025

Rupees in thousand

10.1

10.2

10.3

This represents term loan obtained in fiscal year 2023-24 for letter of credit arrangements of the capital expenditure. T enor of the loan is three years. This is repayable in 36 equal monthly installments. The loan is priced at 1.5% per annum over 3 months KIBOR. This loan is secured by first exclusive charge over fixed assets (plant & machinery) for Rs 55,000 thousand (2025:Rs 55,000 thousand) duly registered with SECP over machinery imported.

This represents term loan obtained in fiscal year 2024-25 for letter of credit arrangements of the capital expenditure. T enor of the loan is four years and six months. This is repayable in 16 equal quarterly installments. The loan is priced at 1.5% per annum over 6 months KIBOR. This loan is secured by first exclusive charge over fixed assets (plant & machinery) for Rs 131,000 thousand duly registered with SECP over machinery imported.

This represents finance obtained from PAIR Investment Company Limited under sale and lease back arrangement. As per terms of agreement, the Company has an option to repurchase the assets back upon expiry of lease term, accordingly proceeds through this arrangement are classified as a financial liability in accordance with IFRS 9. T enor of the arrangement is 5 years and with 60 equal monthly installments. It carries mark-up at 3 months KIBOR plus 1.5% per annum. The loan is secured by charge over plant and machinery of the Company amounting to Rs 42,400 thousand (2025: Rs 42,400 thousand).

Un-audited Audited

September 30, June 30,

2025 2025

Rupees in thousand

1. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      1. There has been no significant change in the status of contingencies as disclosed in note 27 to the audited financial statements of the Company for the year ended June 30, 2025.

   2. Commitments

      1. Bank guarantees have been issued by two financial institutions of the Company for an aggregate amount of Rs 7.15 million (2025: Rs 7.15 million) in favor of the Company's fuel and utility suppliers.

      2. Performance guarantee cheques have been issued to a customer amounting Rs11,186 thousand (2025: Rs 11,186) for a period of one year.

      3. Local letter of credit for purchase of raw material amounts to Rs 100,693 thousand (2025: Rs 165,264 thousand).

2. REVENUE FROM CONTRACTS WITH CUSTOMERS - NET

Sales-Local

Three-month period ended

September 30, September 30,

2025 2024

------------- Rupees in thousand -------------

- PET Preforms 702,346 617,835

- PET Bottles 1,147,704 1,417,387

• Other associated goods 37,778 -

  1,887,828 2,035,222

  Less: Sales tax

• PET Preforms

• PET Bottles

• Other associated goods

(287,736) (311,016)

1,600,092 1,724,206

1,329,567 1,440,543

1. EARNINGS PER SHARE - BASIC AND DILUTED

   1. Basic

      Three-month period ended

      September 30, September 30,

      2025 2024

      Profit after taxation (Rupees in '000') 99,301 57,115

      Weighted average number of

      ordinary shares 48,258,417 48,258,417

      Earnings per share - basic (Rupees) 2.06 1.18

   2. Diluted

      There is no dilution effect on the basic earnings per share of the Company as the Company has no convertible potential dilutive instruments outstanding as on September 30, 2025 which would have effect on the basic EPS, if the option to convert would have been exercised.

      Un-Audited Un-Audited

      September 30, September 30,

      2025 2024

2. CASH AND CASH EQUIVALENTS Rupees in thousand

   Cash and bank balances 89,134 11,345

   Short-term running finance (25,127) (39,762)

   64,007 (28,417)

3. FINANCIAL RISK MANAGEMENT

   Financial risk factors

   The Company's activities expose it to variety of financial risk namely market risk (including currency risk and interest rate risk), credit risk and liquidity risk.

   There have been no changes in the financial risk management policies of the Company during the period, consequently these condensed interim financial statements do not include all the financial risk management information and disclosures required in the annual financial statements.

   Fair value estimation

   The carrying value of financial assets and liabilities reflected in financial statements approximate their respective fair value.

   Fair value hierarchy

   Certain property, plant and equipment of the Company was valued by independent valuer to determine the fair value of property, plant and equipment as at June 30, 2025. The revaluation surplus was credited to other comprehensive income and is shown as 'surplus on revaluation of property, plant and equipment'. The different levels have been defined as follows:

   Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

   Level 2:

   Level 3:

   inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

   inputs for the asset or liability that are not based on observable market data (unobservable inputs).

   Level 2 fair value of certain property, plant and equipment has been derived using the comparison approach. Sales prices of comparable property, plant and equipment in identical circumstances or close proximity are adjusted for differences in key attributes such as property size, structure, location, capacity etc. The most significant inputs into this valuation approach are price per marla, price per square feet, depreciated replacement cost etc.

4. TRANSACTIONS AND BALANCES WITH RELATED PARTIES

   The Company has related party relationship, with its directors, key management personnel and employee benefit plan. The Company in the normal course of business carries out transactions with various related parties. There were no transactions with key management personnel other than under the terms of employment. Aggregate transactions with the related parties during the period were as follows:

   Three-month period ended

   September 30, September 30,

   2025 2024

   ------------- Rupees in thousand -------------

   Transactions during the period

   Contribution to staff provident fund 8,407 5,791 Contribution to employees' gratuity

   fund

   Remuneration to key management personnel

   2,500 1,200

   26,369 16,001

   Directors meeting fee 3,020 2,425

   Un-audited Audited

   September 30, June 30,

   2025 2025

   Rupees in thousand

   Payable / as on date of statement of financial position with:

   Ecopack - Employees' Provident Fund Trust 3,812 2,801

   Ecopack - Employees' Gratuity Fund Trust 65,282 63,654

5. SEGMENT REPORTING

   1. Description of operating segments

      Business segments are determined based on the Company's management and internal reporting structure. The Company has two operating segments which are also the reporting segments i.e., injection and blowing.

      Reportable segments Operations

      Injection

      Blowing

      Engaged in buying PET Resin/ receive from customers and other raw materials for the purpose of production of PET preforms (finished product of this segment) which is used as a raw material in Blowing segment for manufacturing of PET bottles.

      Engaged in using PET preforms produced by the Injection segment, purchasing PET preforms/ receive from customers and other raw materials from external suppliers for the purpose of production of PET bottles (finished product of this segment).

      The Company's Chief Executive officer reviews the internal management reports of each segment at least quarterly.

   2. Information about reportable segments

      Information related to each reportable segment is set out below. Segment profit before tax is used to measure performance because management believes that this information is the most relevant in evaluating the results of the respective segments relative to other entities that operate in the same industries.

      Injection Jul - Sep Jul - Sep 2025 2024					Blow Jul - Sep 2025 Rupees	ing Jul - Sep 2024 in thousand			T Jul - Sep 2025	otal Jul - Sep 2024
      Total Sales Less: Intersegment sales (eliminated)	945,798 (422,777)	1,284,958 (761,937)		1,044,792 -		1,201,185 -		1,990,590 (422,777)		2,486,143 (761,937)
      Revenue from main products	523,021	523,021		1,044,792		1,201,185		1,567,814		1,724,206
      Other associated goods	10,768	-		21,510		-		32,278		-
      Sales-net	533,789	523,021		1,066,302		1,201,185		1,600,092		1,724,206
      Total Cost of Sales	(412,672)	(441,822)		(1,339,672)		(1,760,658)		(1,752,344)		(2,202,480)
      Less: Intersegment cost
      (eliminated)	-	-		422,777		761,937		422,777		761,937
      Cost of sales-net	(412,672)	(441,822)		(916,895)		(998,721)		(1,329,567)		(1,440,543)
      Gross profit	121,117	81,199		149,407		202,464		270,525		283,663
      Selling expenses Administrative expenses	(15,593) (14,457)	(13,062) (10,328)		(31,148) (28,880)		(29,998) (23,720)		(46,741) (43,337)		(43,060) (34,048)
      	(30,050)		(23,390)		(60,028)		(53,718)		(90,078)		(77,108)
      Operating profit	91,067		57,809		89,379		148,746		180,447		206,555

   3. Reconciliations of information on reportable segments to the amounts reported in the interim statement of profit or loss:

      September 30,		September 30,
      2025		2024
      Rupees in thousand
      Operating profit of the reportable segments	180,447	206,555
      Add: other income	28	-
      Less: other expenses	(9,637)	(1,944)
      Finance costs	(27,136)	(54,622)
      Profit before taxation & levy as per interim statement of profit or loss	143,702	149,989

6. GENERAL

   1. Seasonality

      The Company's major customers are manufacturers of beverages, sales of which decreases in winter season. This ultimately impacts Company's sales. Due to the seasonal nature of business of the Company, higher revenues and profitability are usually expected in first and last quarters of the year.

   2. Rounding off

      Figures have been rounded off to the nearest thousand of rupees unless otherwise stated.

   3. Corresponding figures

      Corresponding figures have been re-arranged and re-classified, where required, for the purposes of comparison and alignmnet with annual financial statements.

7. DATE OF AUTHORIZATION FOR ISSUE

These condensed interim financial statements were authorised for circulation to the shareholders by the Board of Directors of the Company on October 25, 2025.

Chief Financial Officer

Chief Executive Officer

Director