Dear Shareholders and Valued Partners,

The financial year ended 30 June 2025 was a challenging one for the global apparel industry. Shifts in trade policy, rising compliance expectations, and persistent disruptions in logistics combined with higher cost pressures across our production base. These factors placed considerable strain on both our operations and our customers, leading to softer demand across the year. The sudden introduction of new tariff measures in the United States, has impacted our sourcing strategies and margins..