Dear Shareholders,

The year 2025 was another year that clearly reflected the structural transition taking place in the flexible plastic film and packaging industry. This transition has been driven by cost pressures, uncertainties in supply chains, and evolving trade and environmental regulations. In response, the Board of Directors has placed strong emphasis on proactive governance, focusing on organizational resilience, adaptability, and the ability to make informed decisions amid uncertainty.

The Board of Directors believes that the Company’s long-term strength should not be measured solely by growth within a particular period, but rather by its ability to maintain standards, quality, and credibility in the eyes of customers and the capital market, even during periods of unfavorable conditions. This principle serves as an important framework guiding the Board in its continuous consideration of the Company’s policies, strategies, and investment decisions.

Amid the ongoing transformation of the industry, the Board of Directors has overseen the Company’s business operations to ensure that environmental, social, and governance (ESG) considerations are systematically integrated into its operations. These considerations are not viewed merely as cost burdens, but as fundamental factors for competitiveness and for building long-term confidence. The Company therefore places importance on the efficient use of resources, the management of environmental and climate-related risks, and operations aligned with the principles of the circular economy.

At the same time, the Board of Directors remains firmly committed to the principles of good corporate governance, transparency, and business ethics. The Board recognizes that a strong governance framework is a key mechanism for maintaining the confidence of shareholders, investors, and all stakeholders, particularly at a time when markets increasingly place greater importance on the quality of management and the sustainability of business operations rather than short-term quantitative growth. The Board believes that prudent business conduct, under an appropriate governance framework and with a long-term perspective beyond short-term results, will strengthen the organization and support the creation of sustainable value for shareholders over the long term.

On behalf of the Board of Directors, I would like to express my sincere appreciation to our shareholders, customers, business partners, management team, and employees for their continued support of the Company’s operations. The Board of Directors will continue to perform its duties with prudence in overseeing and guiding the direction of the organization, ensuring that the Company can achieve stable and sustainable growth in the long term.