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ANSA McAL ANNUAL REPORT 2025

ANNUAL REPORT 2025

AT SCALE 2025 marked a critical step in our 2X journey, accelerating growth while reinforcing our responsibility to the people we empower, the communities we serve, and the region we call home. Through disciplined execution and sustainable progress, we delivered meaningful results where they count most: strengthening livelihoods, advancing environmental stewardship, and creating long-term economic value.

TABLE OF C Creating Lasting Impact

Our Impact At A Glance

Sustainability Priorities Business

Executive Chairman’s Message

Group CEO’s Report

Stories of Impact

ESG Highlights

What Guides Us

Our Sustainability Report

IFRS SI Sustainability Disclosure Standard Compliance Progress Report

ESG Data Disclosure Report 2025

Our Philanthropy Report

Corporate Information

152

192

272

292

Board of Directors

294

Our 2X Growth Agenda

Executive Team

302

Corporate Information

Report of the Directors

304

305

Directors’ and Senior Officers’ Interests

306

Some of the information provided in this document is forward-looking and therefore could change over time to reflect changes in the environment in which ANSA McAL competes. Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contain references to our consolidated financial statements and financial information about our reporting segments.

ANSA McAL ANNUAL REPORT 2025

CONTENTS Directors’, Senior Officers’ and Connected Persons’ Interests

Substantial Interests – Top 10 Shareholders of ANSA McAL Limited

307

ANSA Relationship

308

309

ANSA McAL Group of Companies, Businesses and Products

315

ANSA McAL Group of Companies’ Contact Information

320

Notice of Annual Meeting of Shareholders

Management Proxy Circular

310

312

Our Financial Highlights 2021-2025

Statement of Management Responsibilities

Independent Auditor’s Report to the Shareholders of ANSA McAL Limited

328

Consolidated Statement of Financial Position

330

331

343

Consolidated Statement of Income

Consolidated Statement of Comprehensive Income

Consolidated Statement of Changes In Equity

Consolidated Statement of Cash Flows

345

346

347

349

Form of Proxy

313

Notes to the Consolidated Financial Statements

351

Forward-looking statements in this document are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. These forward-looking statements speak only as of the date they were originally made to the public. ANSA McAL expressly assumes no obligation to and does not intend to update these forward-looking statements.

ANSA McAL ANNUAL REPORT 2025

CREATING LASTING

IMPACT

30+ Markets

SCALING ACROSS BORDERS

Served

MAP LEGEND MARKETS WE SERVE

145 Years in

Business

ANSA McAL ANNUAL REPORT 2025

5000+

Employees

Across 10 sectors and 30+ countries, our Group continues to grow, strengthen markets, and create opportunity at scale. With thousands of committed people powering our businesses every day, we are not only building strong companies. We are shaping economies, supporting communities, driving innovation, and delivering real value across the region and beyond.

Across

10 Business Sectors

40+ Businesses & Partnerships

1 Purpose Driving It All:

Inspiring Better Choices for a Better World

ANSA McAL ANNUAL REPORT 2025

OUR

IMPACT AT A GLANCE

STRONG INTERNAL FILL RATE

PEOPLE & OPPORTUNITY

(POSITIONS FILLED INTERNALLY VS. EXTERNALLY)

48%

NUMBER OF EMPLOYEES IN 2025

HIGH PERFORMER RETENTION

5263 93% NET BENCH STRENGTH NBS INCREASE

19% 8

ANSA McAL ANNUAL REPORT 2025

COMMUNITY & SOCIETY

66 Outstanding Caribbean innovators awarded $1 million each through the Anthony N. Sabga Awards to date (through 2025).

MILLION

Awarded to laureates for excellence in arts and letters, entrepreneurship, public and civic contributions, and science and technology.

Funded through the ANSA McAL Foundation to support regional development initiatives.

SUSTAINABILITY & INNOVATION

540

Solar photovoltaic panels installed at CARIB Brewery Grenada, now supplying approximately 20% of the brewery’s electricity needs.

95,283

71,427

Solar power generated through our Monte Plata Park investment in the Dominican Republic.

Wind energy produced via the Tilawind South America Wind Farm in Costa Rica.

MWH

2,498 MT

Glass collected locally for recycling through ANSA Packaging’s Carib Glassworks, representing a 49% increase over 2024.

ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025

Our growth agenda is a blueprint for transformation

CARIB X GLOBUS ENTRY INTO INDI Through a partnership with Globus Spirits Limited, CARIB enters the Indian market, a major global milestone.

CARIB EXPANDS

TO THE BAHAMAS AND GREECE CARIB Brewery Limited expands distribution into The Bahamas and Greece, accelerating international growth.

THE 2X DECISION ANSA McAL Limited commits to its bold 2X strategy: a vision to double the Group’s size, scale and impact by 2027.

2024

COLFIRE ACQUISITION

2022

ANSA McAL ANNUAL REPORT 2025

2023

The acquisition of Colfire strengthens the Group’s insurance footprint.

FINANCIAL REPORT 2025

ANSA WEALTH MANAGEMENT UNVEILED ANSA Wealth Management launches, unifying investment and advisory services under one platform.

S: IA

ANSA BANK MOBILE APP LAUNCHES

2025 2025

ANSA Bank Limited introduces its mobile app, enhancing digital banking access and convenience.

BLEACHTECH ACQUISITION

2024 2024

The acquisition of BLEACHTECH LLC expands the Group’s U.S. manufacturing footprint.

LINE 7 COMMISSIONED CARIB launches its US$200M smart manufacturing Line 7, increasing capacity and efficiency to support export demand.

“Success requires bold action… and we’re just getting started.”

ANSA McAL ANNUAL REPORT 2025

STORIES OF

IMPACT

“ 12

Antonio Roberts

ANSA McAL Champions Programme Alumni

The Champions Programme equips young professionals with the exposure, responsibility and mindset needed to contribute meaningfully to 2X growth, and if you are willing to step up and “champion” own your development, it will be a defining experience in your journey. ANSA McAL ANNUAL REPORT 2025

Noreen de la Rosa

ANSA McAL Foundation Recipient, Co-founder of St Ann’s/Cascade Servol Junior Life Centre

” “

”

The ANSA McAL Foundation is now paying two nearly full-time psychologists, three days a week. Whether there’s a problem on the compound or not, they are here, so we try to nip any problems in the bud. The children know from the time they’re working here; they’re cared for. They belong. They don’t have to look for a gang to belong to.

Sean Bowlah

Group HRIS Analytics & Data Integration Manager

“

Key member on the AI in HR project

”

By pioneering AI within its HR ecosystem, ANSA McAL has established a new benchmark for enterprise transformation in the region—demonstrating that Caribbeanbased organisations can lead on the global stage in advancing intelligent, peoplecentred technology.

ANSA McAL ANNUAL REPORT 2025

WHAT

OUR PURPOSE Inspiring Better Choices for a Better World

OUR VISION With inherent Caribbean creativity and resilience, we unleash a future of infinite and sustainable possibilities for people everywhere.

ANSA McAL ANNUAL REPORT 2025

HOW WE LEAD With Stewardship: We lead with purpose, protecting what we’ve built while boldly shaping what comes next.

HOW WE LIVE Our Core Values The standards we hold ourselves to, in every market and every moment.

ANSA McAL ANNUAL REPORT 2025

Through our

VISION, PURPOSE and

SUSTAINABILITY BUSINESS PRIORITIES, we create hope for the future and generate value for all our stakeholders.

ANSA McAL ANNUAL REPORT 2025

SUSTAINABILITY BUSINESS PRIORITIES

ANSA McAL ANNUAL REPORT 2025

EXECUTIVE CHAIRMAN’S MESSAGE

As we celebrate 145 years of ANSA McAL in 2026, we are reminded that longevity is never accidental. It is the result of disciplined leadership, courageous decisions, and a steadfast commitment to creating value for the societies in which we operate.

A. NORMAN SABGA LLD (Hon.) UWI; (h.c.) UTT

ANSA McAL ANNUAL REPORT 2025

A Legacy in Motion. An Impact that Endures. For more than a century, our Group has grown alongside the region, building industries, expanding opportunities, and creating lasting value for the communities we serve. Today, our story is not only one of longevity, but of impact. From our earliest beginnings to our expanding international presence, ANSA McAL has consistently demonstrated that disciplined strategy, strong governance, and an unwavering commitment to people can build a business that endures. As we reflect on this year, we do so with pride in our past and confidence in the future we are building.

ANSA McAL ANNUAL REPORT 2025

EXECUTIVE CHAIRMAN'S MESSAGE (CONTINUED)

2025 Performance: Delivering Impact Through Growth

HERE IS THE BIG PICTURE:

EARNINGS PER SHARE (EPS) IMPROVED TO

$3.44

REVENUE GREW BY

9% to

PROFIT BEFORE TAX (PBT)

ADJUSTED EBITDA

INCREASE

INCREASED BY

10% to

21% to

$7.788B

$1.014B

$1.762B

THE GROUP REPAID

KEY BUSINESS SEGMENTS DELIVERED STRONG PERFORMANCES ACROSS THE CHEMICALS, FINANCIAL SERVICES, BEVERAGE, AND AUTOMOTIVE SECTORS

OPERATING MARGINS STRENGTHENED THROUGH DISCIPLINED COST MANAGEMENT AND EFFICIENCY INITIATIVES

$502M

IN TOTAL DEBT, REDUCING GEARING TO

23.9%

(2024: 28.4%)

THESE RESULTS REFLECT HIGHER EARNINGS CAPACITY, IMPROVED CASH GENERATION, AND DISCIPLINED EXECUTION ACROSS OUR PORTFOLIO, ENABLING US TO STRENGTHEN THE BALANCE SHEET WHILE CONTINUING TO INVEST IN LONG-TERM GROWTH.

ANSA McAL ANNUAL REPORT 2025

Operational Impact Across Our Businesses ACROSS THE FOUR QUARTERS OF 2025, THE GROUP DELIVERED STRONG GROWTH AND OPERATIONAL MOMENTUM, REFLECTING THE STRENGTH OF OUR DIVERSIFIED PORTFOLIO AND THE DISCIPLINED EXECUTION OF OUR 2X STRATEGY.

• Chemicals: BLEACHTECH’s U.S. operations stabilised following targeted reliability improvements, while ANSA McAL Chemicals in Trinidad completed a 50% plant expansion, strengthening regional competitiveness.

• Beverage: CARIB Lager advanced in the United Kingdom and India, while Guyana and the OECS drove regional growth.

• Financial Services: Profit Before Tax increased by 36% year-on-year, supported by prudent underwriting, higher investment income, and continued investments in technology and talent.

• Automotive & Real Estate: Guyana emerged as the Group’s second-largest market, with ANSA Motors and Europcar expanding partnerships into Jamaica and Guyana.

THESE RESULTS DEMONSTRATE THE RESILIENCE, ADAPTABILITY, AND DISCIPLINED EXECUTION THAT HAVE DEFINED ANSA McAL THROUGHOUT ITS HISTORY.

ANSA McAL ANNUAL REPORT 2025

EXECUTIVE CHAIRMAN'S MESSAGE (CONTINUED)

Strengthening Leadership and Governance

2025 was a year of renewal in leadership. I would like to take a moment to recognise the invaluable contributions of Larry Howai and Teresa White, who stepped down from the Board in June and August 2025 respectively. Their longstanding service and guidance have been instrumental in strengthening the Group’s strategic agenda. The Board was further strengthened with the appointment of two distinguished independent Directors, Dr. Marlene Attzs and Joel M.C. Pemberton, whose collective

ANSA McAL ANNUAL REPORT 2025

expertise in economics, accounting, entrepreneurship, sustainability, and energy leadership will enrich our governance and strategic direction. Adam N. Sabga was also appointed as the Group’s Chief Operating Officer, driving operational excellence and business stewardship in support of our 2X Vision. These transitions reflect our commitment to disciplined leadership, diversity of thought, and long-term resilience.

Global Impact Through Disciplined Growth As we continue to execute our 2X Vision to double the Group’s scale, size, and impact by 2027, our actions in 2025 were guided by disciplined expansion and purposeful capital allocation. • BLEACHTECH’s U.S. operations are now firmly integrated within the Group, positioning ANSA McAL as an emerging leader in the northern hemispheric bleach market. • CARIB Beer expanded across the United Kingdom and India, reinforcing its position as a globally recognised Caribbean brand. • Portfolio optimisation included divestments in non-core businesses, such as ANSA Technologies in Trinidad and Tobago, Standard Distributors in Trinidad and Tobago and Barbados, and Brydens Xpress and Retail operations in Barbados.

• Proactive measures addressed foreign exchange constraints impacting our Automotive, Trading, Distribution, and wider Retail operations, protecting profitability through tighter working capital controls and supply chain strategies.

Technology, Innovation, and Governance Innovation remains a key driver of competitiveness. In 2025, ANSA McAL became the first large-scale enterprise in the English-speaking Caribbean to introduce AI across its Human Resources ecosystem, enhancing efficiency and talent management. Strong governance remains fundamental to our ability to deliver sustainable growth. The Board and executive leadership team continue to prioritise disciplined capital allocation, transparent reporting, and

prudent financial stewardship. This approach enabled the Group to reduce gearing, strengthen the balance sheet, and maintain financial flexibility, while continuing to invest in strategic growth opportunities. External recognition reinforces this strength: CariCRIS reaffirmed ANSA Merchant Bank’s CariAA and ttAA credit ratings, while A.M. Best maintained TATIL’s A–Excellent rating, both with stable outlooks. These ratings validate the Group’s governance, resilience, and financial discipline.

ANSA McAL ANNUAL REPORT 2025

EXECUTIVE CHAIRMAN'S MESSAGE (CONTINUED)

Environmental and Social Impact Sustainability is central to how we operate, invest, and grow. In 2025, we took bold steps to ensure that sustainable business practices are not only part of our business strategy, but a source of long-term value. We launched our first IFRS Sustainability Progress Report, setting a new regional standard for transparency and accountability. Our ESG Data Reports now provide structured insights into energy, water, waste, and social impact.

Examples such as CARIB Brewery Grenada’s solar photovoltaic installation, supplying 20% of the facility’s electricity needs, demonstrate how targeted investments deliver both environmental and economic returns. From circular economy efforts in packaging to responsible resource use, ANSA McAL is setting the pace in the region.

Empowering Caribbean Impact

One of the most enduring expressions of our commitment to regional development is the work of the ANSA McAL Foundation and the Anthony N. Sabga Awards, Caribbean Excellence. In 2025, we honoured: • Ayodele Dalgety-Dean (Guyana) – Public and Civic Contributions • Dr Simone Badal (Jamaica) – Science and Technology

ANSA McAL ANNUAL REPORT 2025

• Etienne Charles (Trinidad and Tobago) – Arts and Letters • Rachel Renie-Gonzales – e-commerce agri-entrepreneur (Entrepreneurship, T&T) To date, 66 individuals have been recognised, with more than TT$32 million invested in advancing Caribbean excellence.

Building the Next Chapter of Impact As we celebrate 145 years of ANSA McAL in 2026, we are reminded that longevity is never accidental. It is the result of disciplined leadership, courageous decisions, and a steadfast commitment to creating value for the societies in which we operate. The global environment remains shaped by volatility, yet the Group has weathered many storms, emerging stronger each time. Our diversified portfolio, disciplined risk management, and proactive planning ensure that we are not only prepared to face challenges but positioned to turn them into opportunities. As we enter 2026, our priorities remain clear: maintaining margin and cost discipline, strengthening our balance sheet, and

allocating capital to the highest-return opportunities within our core businesses. With a clear strategy, strong fundamentals, and the dedication of our people, we are confident in our ability to continue delivering meaningful economic, social, and environmental impact. Because after 145 years of business, our greatest impact is still to come.

A. Norman Sabga LLD (Hon.) UWI; (h.c.) UTT Executive Chairman

ANSA McAL ANNUAL REPORT 2025

GROUP CEO’S

MESSAGE

“In an environment of

constant change, our greatest advantage is clarity of purpose, of strategy, and of the impact we are committed to delivering.

”

ANTHONY N. SABGA III GROUP CHIEF EXECUTIVE OFFICER

ANSA McAL ANNUAL REPORT 2025

Creating Value That Lasts To our employees, customers, shareholders, and partners, thank you. Your trust, hard work, and commitment made our progress in 2025 possible. The year 2025 marked a defining stage in our 2X journey, with two years remaining to our 2027 targets, amid continued volatility across the markets in which we operate. Shifting macroeconomic conditions, inflationary pressures, evolving supply chains, and uneven regional growth continue to create complexity across both our Caribbean and international markets. Yet this is an environment we understand—and one we are built to navigate. In that context, our focus in 2025 was clear – execute. After strengthening our financial foundation in 2023 and investing for growth and portfolio expansion in 2024, we turned to lifting performance across our core 2X sectors and raising the bar on operational excellence across the Group. By aligning priorities and holding ourselves accountable, we delivered measurable progress toward our 2027 targets. What has always set ANSA McAL apart is not the absence of volatility, but our response to it. Our stewardship approach, anchored in discipline, accountability, and longterm value creation, continues to guide how we operate and grow. It ensures that we remain focused, resilient, and agile in the face of change.

ANSA McAL ANNUAL REPORT 2025

Delivering Impact: The 3Bs At the heart of our 2X strategy are our core growth engines, the 3Bs: Bleach, Beverage, and Banking. These sectors offer the strongest opportunity to scale, deepen customer relationships, and accelerate value creation. While every business contributes to the Group, our capital and management attention are intentionally concentrated where they can deliver the greatest impact, while we continue to strengthen performance across the wider portfolio. In our Chemicals business, the integration and stabilisation of BLEACHTECH remained a central priority. By strengthening operational discipline and building our U.S. market position, the business delivered meaningful gains in reliability and efficiency. Plant availability reached 95% in March, supported by a 9% increase in output compared to 2024. Profitability across the wider Chemicals portfolio also improved, supported by expansion at ANSA Chemicals (Trinidad) and sharper execution across the Sector. Banking progressed through continued investment in digital transformation and customer experience. The launch of the ANSA Bank Mobile App improved accessibility, with rapid onboarding, instant

payments, and streamlined loan applications. Alongside targeted investment in talent and technology, the Financial Services Sector delivered a 36% increase in PBT—evidence of strategy translating into results. The Beverage Sector performed strongly across domestic and international markets, with continued momentum in Guyana and the OECS. Investments in brewing capacity and commercial execution in key markets reinforced the strength of our brands and the Sector’s role as a major growth driver for the Group. In line with our commitment to sharpen focus and maximise shareholder value, we also executed a series of divestments: ANSA Technologies (Trinidad), Standard Distributors (Trinidad and Barbados) and Brydens Xpress and Retail (Barbados). These actions were deliberate steps to streamline the portfolio, redeploy capital, and intensify investment in our core growth engines. Simply put, we chose to focus and reduce complexity so we can deliver 2X with greater clarity, discipline, and impact.

ANSA McAL ANNUAL REPORT 2025

Scaling Our Impact: Growth in New Markets Expanding beyond our traditional footprint remains essential to the 2X journey. In 2025, we continued to build scale in priority markets, strengthen partnerships, and invest in the capabilities required to compete and win internationally. In the United States, BLEACHTECH continued to strengthen its position as reinvestment strategies advanced and operational reliability improved. Production at both plants (Ohio and Virginia) stabilised, supporting stronger output and reinforcing our growing presence in the northern hemispheric bleach market.

In the Beverage Sector, international growth remained strongest in Guyana and the OECS, where brand awareness is already high. Building on this foundation, we also pursued new business development opportunities in India, the United Kingdom, and Canada, creating pathways for long-term growth and deeper market penetration.

Guyana continued to emerge as a strategic growth hub across multiple sectors. Beyond the strength of our beverage business, ANSA Motors and Europcar extended their partnership into Guyana and Jamaica, strengthening our regional mobility offering. The introduction of new models— including the Proton range and the newly launched Honda CR-V—supported market share and customer engagement. We also expanded our real estate services in Guyana, broadening our presence and opening new avenues for value creation. These initiatives were underpinned by disciplined financial management. Strategic investments across our international portfolio were balanced with a continued focus on capital efficiency, contributing to a reduction in our gearing ratio from 28.4% to 23.9%. This reflects our ability to pursue growth while maintaining financial strength and resilience. Together, these efforts demonstrate our strategy in action, building scale in new markets, strengthening global partnerships, and extending the reach of our core businesses.

ANSA McAL ANNUAL REPORT 2025

Our People: Empowering Impact

The year 2024 was pivotal in redefining what it means to be part of ANSA McAL. We introduced our Stewardship Principles: Agile, Brave, Responsible, Inclusive, and Visionary, which set clear expectations for leadership and gave our people a shared language for how we work and win together. In 2025, we focused on bringing these principles to life in day-to-day decisions while using technology to improve the employee experience. Artificial intelligence helped simplify how employees access HR support, learning, and career tools, making

ANSA McAL ANNUAL REPORT 2025

services faster, more consistent, and easier to use across our territories. The result is a more responsive experience that supports productivity, development, and well-being. We also applied these tools to strengthen how we attract, develop, and manage talent. By automating routine processes and improving workforce insights, leaders can spend more time coaching and building high-performing teams. As we expand the use of AI, we remain focused on responsible adoption, with appropriate safeguards for data, privacy, and governance.

Leading with Impact: Our Sustainability Agenda As expectations around corporate responsibility continue to rise, we are taking a deliberate approach to embedding sustainability into how we operate, invest, and grow. Building on progress in 2024, we expanded our ESG data frameworks in 2025 to improve how we measure, manage, and report performance across the Group. Stronger data enables greater consistency, transparency, and accountability and ensures sustainability priorities inform decision-making at every level. Underpinning this progress is a strengthened governance and reporting framework. Following our 2024 gap analysis, we accelerated our alignment with IFRS S1 Standard through structured materiality assessments and the rollout of enhanced ESG data reporting frameworks across priority sectors. This has elevated the quality, consistency, and reliability of our data, supporting more transparent, credible, and decision-useful disclosures. Our renewable energy investments continue to scale with intent. The full-year impact of Monte Plata Phase II, commissioned in July 2024, alongside increased wind generation, has contributed to a stronger, more diversified renewable energy portfolio. These efforts directly advance United Nations Sustainable Development Goal 7: Affordable and Clean Energy, while reinforcing our role in accelerating the transition toward more sustainable energy systems across the markets we serve.

Across our operations, we are translating strategy into tangible, measurable impact. In 2025, CARIB Brewery Grenada commissioned 540 solar photovoltaic (PV) panels at its main office and production facility. These now supply approximately 20% of its electricity needs, generating over 60,000 kWh of clean energy. This investment not only reduces emissions and operating costs but strengthens energy resilience, demonstrating how sustainability drives both performance and long-term value. By linking ESG performance directly to strategy, capital allocation, and operational execution, we are not only managing risk; we are positioning ANSA McAL to lead the sustainability agenda in the Caribbean. Sustainability is not a trend for ANSA McAL. It is embedded in how we build stronger, more accountable businesses, deliver lasting value, and contribute meaningfully to the world around us. In doing so, we remain guided by our purpose: Inspiring Better Choices for a Better World.

ANSA McAL ANNUAL REPORT 2025

Driving Impact, Delivering Value With two years remaining in our 2X journey, 2026 will be a decisive year, defined by execution, accountability, and measurable performance. The strategy is clear. Our focus now is to deliver consistently, strengthen returns, and continue building a Group that can thrive through cycles. None of this progress happens without our people and without the customers, partners, and shareholders who continue to place their confidence in us. I am proud of what our teams delivered in 2025, and I am equally

clear-eyed about the work ahead. We will keep raising the bar on performance, service, and governance as we pursue our 2027 targets. With confidence in our direction and urgency in our execution, we move forward to grow, to lead, and to create value that lasts, for our stakeholders and for the communities we serve across the Caribbean and beyond. Below, I outline the key highlights of our 2025 financial and operational performance.

Group’s Financial Results FOR THE YEAR ENDED 31 DECEMBER 2025

REVENUES FOR THE PERIOD ENDED 31ST DECEMBER 2025 GREW TO $7,788 MILLION, A 9% INCREASE OVER THE PREVIOUS YEAR ($7,121 MILLION – 2024) WHICH WAS AN ALREADY HISTORIC HIGH.

FISCAL YEAR HIGHLIGHTS

REVENUE

TT$7,788M up $667M or 9%

ADJUSTED EBITDA (from continuing operations)

TT$1,762M up $303M or 21%

PROFIT BEFORE TAX

(from continuing operations)

TT$1.014M up $91M or 10%

ANSA McAL ANNUAL REPORT 2025

EARNINGS PER SHARE

TT$3.44 up $0.10 or 3%

REVENUE BY SEGMENT

REVENUE BY GEOMARKET

Construction, Manufacturing, Packaging and Brewing

Trinidad and Tobago

Automotive, Trading and Distribution

Trinidad Guyana and Tobago

Banking and Insurance

Guyana Barbados

Media, Retail, Services and Parent Company

Barbados United States of America United States of America Grenada Grenada Jamaica Jamaica St Kitts and Nevis St Kitts and Nevis

Note: 2024 results are restated for the impact of finalisation of BLEACHTECH acquisition accounting and to remove results of discontinued operations.

ANSA McAL ANNUAL REPORT 2025

BUSINESS UNIT UPDATE

Note: 2024 results are restated for the impact of finalisation of BLEACHTECH acquisition accounting and to remove results of discontinued operations.

AUTOMOTIVE TRADING AND DISTRIBUTION

CONSTRUCTION, MANUFACTURING, PACKAGING AND BREWING

REVENUE

ADJ. EBITDA

UP $19M OR 1%

DOWN $15M OR 6%

PRE-TAX PROFIT

OPERATING INCOME

PRE-TAX PROFIT

UP $47M OR 7%

DOWN $18M OR 10%

DOWN $20M OR 10%

REVENUE

ADJ. EBITDA

UP $5566M OR 17%

UP $207M OR 21%

$1,190M

$2,425M

OPERATING INCOME UP $134M OR 21%

$3,867M $768M

$657M

INDUSTRY PROFILE

$211M

$172M INDUSTRY PROFILE

$170M

50%

31% GROUP REVENUE

GROUP REVENUE

Brewing Manufacturing & Packaging Construction

ADJ. EBITDA

$1,406M

$397M

REVENUE

ADJ. EBITDA

UP $14M OR 29% PRE-TAX PROFIT

$91M

UP $102M OR 8%

UP $97M OR 32%

DOWN $10M OR 10%

OPERATING INCOME

PRE-TAX PROFIT

OPERATING INCOME

UP $83M OR 34%

UP $83M OR 39%

UP $21M OR 20%

$327M INDUSTRY PROFILE

$295M

INDUSTRY PROFILE

$(107)M UP $16M OR 18%

GROUP REVENUE

$(35)M

$(84)M

18%

Insurance

Auto

MEDIA, RETAIL SERVICES AND PARENT COMPANY

BANKING AND INSURANCE

REVENUE

Distribution

Banking

ANSA McAL ANNUAL REPORT 2025

Media

Services & Parent

Discussion & Analysis of the Group’s Financial Results

7,788

Revenue TT$M

8,000 6,593

6,000

7,121

7,046 5,970 1,355

5,919

1,471

6,392

1,762

1,036

2,000 1,600

1,473 1,312

1,140

4,000

Adjusted EBITDA & PBT TT$M

REVENUES FOR THE PERIOD ENDED 31ST DECEMBER 2025 GREW TO $7,400 MILLION, A 9% INCREASE OVER THE PREVIOUS YEAR ($7,121 MILLION – 2024) WHICH WAS AN ALREADY HISTORIC HIGH, WHILE ADJUSTED EBITDA INCREASED 21% TO $1,762 ($1,473 – 2024), AND PROFIT BEFORE TAX INCREASED 10% TO $1,014 MILLION ($923 MILLION – 2024), CROSSING THE $1 BILLION MARK.

935

911

923

842

723

1,014

1,200 800

448

2,000

400

0 2019

2020

2021 Revenue TT$M

2022

2023

Adjusted EBITDA TT$M

2024

2025

PBT TT$M

FIGURE 1. SEVEN-YEAR SUMMARY OF FINANCIAL PERFORMANCE

TT$M

2019

2020

2021

2022

2023

2024

2025

PBT

$1,036

$723

$935

$448

$842

$923

$1,014

+ Finance cost (Non IFRS 16)

185

+ Impairments of goodwill

396

372

377

387

427

472

563

$1,471

$1,140

$1,355

$911

$1,312

$1,459

$1,762

+ Total depreciation and amortisation (Non IFRS 16) Adjusted EBITDA

FIGURE 2. RECONCILIATION FROM REPORTED PROFIT BEFORE TAX (PBT) TO ADJUSTED EBITDA

Note: 2024 results are restated for the impact of finalisation of BLEACHTECH acquisition accounting and to remove results of discontinued operations.

ANSA McAL ANNUAL REPORT 2025

OPERATING RESULTS In 2025, the Group divested its retail businesses which included Standard Distributors (Trinidad and Barbados), Brydens Retail Inc. and Brydens Express Inc. in Barbados, as well as ANSA Technologies Limited, in Trinidad. These divestments, as part of the Group’s strategy, will allow the Group to redeploy capital and focus on its strategic businesses. Looking at the results from Continuing Operations, the Group’s revenue increased 9% to $7,788 million ($7,121 million in 2024), demonstrating resilient demand across a diversified portfolio. Gross profit increased by $258 million (11%) to $2,688 million ($2,430 million in 2024), with our blended gross margin rising by 0.4 percentage points to 34.5%. This growth was driven in mainly by BLEACTECH LLC, which brought a higher gross margin as well as

other smaller improvements across the other businesses. Adjusted EBITDA increased 21% to $1,762 million ($1,459 million in 2024) and Operating Profit (before share of associated company profits and finance charges), increased by 23% to $1,183 million ($962 million – 2024). Operating margins improved to 12.4%, up 1.7 percentage points from 13.5% in 2024. Again, these improvements are mainly driven by BLEACHTECH LLC. Finance costs related to borrowings, overdrafts, and other finance expenses were $191 million, up from $68 million in the prior year, now having a full year of financing cost related to the BLEACHTECH acquisition. Our resultant Profit Before Tax was $1,014 million, up 10% ($923 million – 2024) even after absorbing the additional finance costs.

TAXATION In 2025, the Group paid $249 million ($268 million – 2024) in corporation taxes across all jurisdictions in which we are a resident. The Group’s Effective Tax rate was 31%, increasing from 26% in 2024, mainly due to changes in the composition of Group profitability and consolidation adjustments relating to discontinued operations, which

reduced the availability of loss offsets. Additionally, stronger profitability in higher tax jurisdictions, particularly Guyana – which is subject to higher statutory corporate tax rate – has increased the weighting of profits from these territories in the consolidated results.

NET EARNINGS Our earnings per share from continuing operations was up 3% to $3.44 ($3.34 – 2024).

ANSA McAL ANNUAL REPORT 2025

CAPITALISATION & CAPITAL INVESTMENT Our gearing ratio, measured as total interestbearing debt to shareholders’ equity, stood at 23.9%, down 4.5 percentage points from the prior year, with our debt covenants fully within thresholds with appropriate headroom, having repaid $502 million in total debt servicing, reflecting our commitment to driving strategic growth under the 2X agenda. In our financial services subsidiaries, ANSA Merchant Bank Limited (AMBL Group)

continues to retain its creditworthiness, evidenced by CariCRIS reaffirming their rating of CariAA and ttAA and a stable outlook. This remains one of the highest ratings assigned to a Trinidad and Tobagodomiciled corporate entity. Additionally, AM Best has again reaffirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) for Trinidad & Tobago Insurance Limited (TATIL). The outlook for these ratings remains stable.

MANUFACTURING, PACKAGING AND BREWING COUNTRY PRESENCE:

• Trinidad and Tobago • Grenada • St Kitts and Nevis • USA • Guyana • Jamaica • Barbados

The segment generated revenue growth of 17% to $3,867 million ($3,311 million – 2024) and Reportable Segment PBT increased 7% to $657 million ($612 million – 2024). The blended pre-tax profit margin was 17%, down 1.5 percentage points from the prior year, resulting mainly from the impact of financing costs related to the BLEACHTECH acquisition which was $109 million ($20 million in 2024). The acquisition, which took place in November 2024, accounts for $405 million of the increase in revenue and $23 million of the increase in PBT in this segment after absorbing the finance cost.

adjusted to challenging macroeconomic conditions. In 2024, we signed a joint venture agreement with Globus Spirits, a publicly traded Indian entity, to enter the market with a local partner. In April 2025, we brewed CARIB beer in the local Indian market, where consumers are eager to experience a true taste of the Caribbean. This introduction was supported by a campaign including signed endorsement contracts with cricketers Dwayne Bravo and Nicholas Pooran. To continue to further grow our global footprint, we have set up licensed manufacturing in one new market, the UK, adding to our current four licensed manufacturers in Canada, Greece, UK, and the Bahamas. Our distribution reach is now 33 markets, including France and Turks and Caicos. Our international case volumes grew by 26% in 2025 versus 2024.

Beverage Sector revenue was up 5% over the prior year, demonstrating the resilience of our brands as we responded to contracted consumers’ discretionary spending as they

Following a year of significant ‘Generational Capital Expenditure’ across our beverage businesses in plant, equipment, and technology, we have made major strides

This segment comprises the manufacturing of paint, building blocks, glass containers, plastic containers and film, chlorine, caustic soda and bleach, and brewed and nonbrewed beverages.

ANSA McAL ANNUAL REPORT 2025

MANUFACTURING, PACKAGING AND BREWING (continued) in production efficiency. In Trinidad and Tobago, our new ‘Lucky’ Line 7 is now operating successfully, producing 54,000 bottles per hour and enhancing capacity, quality, and operational efficiency. In Grenada, the installation of a new bottle washer for returnable bottles has increased line output and improved overall efficiency to support growing domestic demand. Aligned with our ESG commitments, we remain focused on reducing water consumption, conserving energy, and enhancing recycling efforts. In 2025, the Construction Sector continued to focus on its core competencies. The ANSA Tech business was strategically divested to a partner in the industry. Continued focus was placed on refining product portfolios, improving supply chain reliability, and factory maintenance. Despite the significant impact of Hurricane Melissa on Jamaica’s operations during the peak period, the Sector’s PBT was up 20% over 2024, which we applaud. This improvement was driven by strong performance in Bestcrete, Guyana, Grenada, and our export markets. Our environmental efforts continue: we have reforested 17.5 acres, bringing the total to 87.5 acres over 13 years. We also reused 9,471 MT of waste material in our block production process and we recycled 2,860 gallons of our waste solvent from our solvent recovery plant, which was installed in 2024. Through our Contractors Academy and other initiatives, we trained close to 1,200 contractors and industry professionals, continuing our efforts to equip them with the knowledge and skills needed to apply our products effectively.

ANSA McAL ANNUAL REPORT 2025

Thus far in 2026, we are very pleased to see the recovery in the Jamaican market, which demonstrates the resilience of its people. The benefits of factory maintenance carried out in 2025 are evident in our factory output metrics. We also made the tough decision to stop production in Barbados, and our focus now is to manage the transition responsibly, ensuring that our employees are supported throughout the process. The Berger brand remains prominent in Barbados through our strong distribution partners. The Chemical Sector saw growth in volumes across all product lines at all subsidiaries. The full year effect of BLEACHTECH, coupled with a 13% growth in the Caricom markets, pushed Sector revenue up by 28% over 2024. Significant investment in plant and equipment was made at BLEACHTECH in 2025, driving plant availability up to 95% and generating a 9% increase in plant output. The 50% plant expansion in Trinidad was completed and has enabled expansion of chlorine shipments into Bahamas and St. Lucia and packaged bleach shipments to Anguilla. Together, these improvements helped deliver a 73% increase in the Sector PBT.

The Packaging Sector delivered a strong and disciplined performance in 2025, underscoring the effectiveness of our strategic focus and execution capabilities. By remaining closely aligned with evolving regional customer preferences and responding proactively to the growing demand for sustainable packaging solutions, the sector achieved revenue growth of 10%, supported by continued strength across our regional markets. Profit Before Tax maintained a robust upward trajectory, enabling us to achieve our 2X growth ambition one year ahead of schedule. This early milestone reflects both the resilience of our operating environment and the consistency with which we are translating strategic priorities into measurable outcomes. This performance reinforces our confidence in the Sector’s long-term positioning and its ability to sustain value creation as we build on this momentum. Looking ahead, we are focused on scaling our operations and deepening our regional footprint. To support this, we have committed approximately TT$160 million over the next 18 months to expand our product portfolio and enhance

operational efficiencies ensuring we remain agile, competitive, and well positioned to capture emerging opportunities. Sustainability remains central to our growth strategy. ANSA Packaging continues to lead as the region’s largest glass recycler and has aligned with the Supplier Leadership on Climate Transition (SLOCT) framework. During the year, Carib Glassworks Limited achieved a significant milestone, becoming the first manufacturer in the region to attain Badge 4 of this five-tier programme— an accomplishment that reflects our commitment to responsible production and long-term value creation.

ANSA McAL ANNUAL REPORT 2025

AUTOMOTIVE TRADING AND DISTRIBUTION COUNTRY PRESENCE:

• Trinidad and Tobago • Guyana • Barbados

This segment includes the automotive and distribution businesses in Trinidad and Tobago, Barbados, and Guyana. This segment generated revenues of $2,425 million ($2,406 million – 2024) and Reportable Segment Profit Before Tax (PBT) of $170 million ($190 million – 2024). The Automotive Sector delivered modest growth of $11 million in FY2025 despite significant foreign exchange constraints in Trinidad and Tobago, which impacted supply chain stability, revenue generation, and profitability. Revenue increased by 1%, while Profit Before Tax declined by 18% due to sustained foreign exchange pressures and pricing constraints. In response, the business strengthened operational discipline through enhanced cost management and continuous improvement initiatives, improving efficiency, reducing waste, and increasing agility to protect margins and support reinvestment capacity. Strategic momentum remained strong, anchored by the continued rollout of the Proton brand, including the successful launch of the Proton eMas7 EV in Trinidad and Tobago, supported by a dedicated showroom at Grand Bazaar and the securing of dealership rights across the wider Caribbean. Guyana continued to be a standout performer, delivering exceptional growth of 38% in revenue and 77% in Profit Before Tax, driven by rising demand, portfolio expansion, and the introduction of new brand lines. This performance was further reinforced by strong growth across all divisions, including Commercial (20%),

ANSA McAL ANNUAL REPORT 2025

Mobility (21%), Hub (62%), and Industrial Sales (43%). The Guyana division also achieved a significant milestone with the award of Bronze Dealer Status from Hyundai Construction Equipment (HCE) after just two years, recognising Guyana as the fastest-growing market in Latin America, while also expanding the partnership through the award of dealership rights for Suriname, further strengthening regional expansion. The Aftersales and Service Division remained a core strength, achieving a number one ranking for Ford FIRFT and receiving recognition from Honda and Jaguar Land Rover, underscoring its service excellence and contribution to recurring revenue streams. EV readiness also advanced through targeted investments in training, infrastructure, and diagnostics, while the Europcar partnership was recognised with a Network Development Award, supporting expansion to four regional locations. Looking ahead to 2026, the business is well positioned for continued growth, with further expansion of the Proton EV range expected to sustain momentum and reinforce an

AUTOMOTIVE TRADING AND DISTRIBUTION (continued) innovation-led growth trajectory. In Trading and Distribution, revenue was up for the sixth consecutive year while gross margin percentage also improved for the seventh consecutive year due to improved pricing discipline and product mix. NonCash expenses were up significantly on the prior year due to higher depreciation on our additional facilities as well as 2024 benefiting from a material write-back on provisioning. Additionally, in Trinidad and Tobago, the deterioration in foreign exchange availability necessitated increased use of more expensive cross-currency payments that impacted AMCO’s traditional levels of profitability. The result was a small reduction in overall sector profitability. Revenue growth was driven primarily by our Guyana AMDI (ANSA McAL Distribution Inc.) operation that continued to benefit from strong market demand. Growth in Trinidad and Tobago has slowed dramatically due to lower demand driven by higher basket costs, lower disposable income and higher costs in the alcohol category arising from the increase in tariffs in the 2025 budget. In Barbados, our ongoing efforts in reorganising the business have generated a

higher gross margin despite lower revenue and in conjunction with lower operating costs, produced improved profitability over the prior year. The continued revenue growth requires expanded facilities, and we are progressing the planning and execution of the expansion and upgrades required to support this in all markets. Leadership talent and succession coverage remains strong with Mr. Abdel Ali being appointed as the Sector Head-Designate, to replace the incumbent who retires in mid2026. Mr. Ali was the Managing Director of AMCO for the last 10 years and is succeeded by Mr. David Welch, the former Managing Director at CARIB Brewery. All our metrics of supplier and customer satisfaction are up on the prior year, and we are very pleased that our improved capability was recognised by our trade partners who awarded AMCO the prestigious “Large Supplier of the Year” in their annual Supermarket Association of Trinidad and Tobago awards.

ANSA McAL ANNUAL REPORT 2025

BANKING AND INSURANCE COUNTRY PRESENCE:

• Trinidad and Tobago • Barbados This segment includes merchant and commercial banking, investment services, and life, property, and casualty insurance. Segment revenue improved by $102 million or 8% to $1,406 million ($1,303 million – 2024). Reportable Segment PBT improved to $295 million, up 39% ($213 million 2024). Against a competitive operating environment, the Banking Sector remained focused on delivering the right financial solutions to our customers while strengthening the value we provide across our businesses. This disciplined approach is reflected in our 2025 financial performance. Our measured approach to growth, with continued emphasis on maintaining appropriate capital adequacy, contributed to a prudent loan-to-deposits ratio of 61% at year end. During 2025, the Sector leveraged digital technology to improve service delivery, strengthen internal operating efficiency, and enhance customer experience. These solutions are being deployed both within our operations and across our customer-facing platforms, as demonstrated by the mobile banking application launched by ANSA Bank Limited in the second half of 2025.

ANSA McAL ANNUAL REPORT 2025

ANSA Bank Limited continues its progress towards the goal of offering banking solutions that empower individuals and businesses, through a digital, customer-first ethos. Its financial performance for 2025 shows the inherent promise of Trinidad and Tobago’s newest commercial bank as we expand our offering to a wider array of customer segments. ANSA Merchant Bank (Barbados) Limited continues to play its role in supporting customers and communities with its range of products and services designed to meet the needs of customers in our chosen market segments. As the Barbados economy continues to experience a period of increased activity, we are poised to deliver continuing support to customers and their banking needs. With a team of experienced wealth managers and portfolio professionals, ANSA Wealth Management assumed management of the investment portfolio in 2025, which complements the suite of products and services that are offered by other companies in the Banking Sector, and grew the assets

BANKING AND INSURANCE (continued) under management which consists of the management of assets of institutional investors as well as private wealth clients by 17.5%. The strong growth in the Sector is being achieved while retaining our creditworthiness, as evidenced by CariCRIS reaffirmation of AMBL’s credit ratings of CariAA and ttAA and a “Stable” outlook. The Insurance Sector delivered strong performance in 2025, with profit before taxation of $191 million, which was $48 million, 33% better than the prior year. TATIL and COLFIRE once again saw significant year-over-year improvements in their insurance service results, driven by revenue growth from both new and existing clients, improved underwriting results from specific underwriting improvements, along with reduced claims costs. Based on the most recent public market information, the combined businesses hold approximately 28% of the T&T market share, on a Gross Written Premium Income basis. The integration of the operations of COLFIRE and TATIL is at an advanced stage and we await CBTT’s approval. Our reinsurance captive (Tatil Re:) continues to support the TATIL and COLFIRE reinsurance needs and continues to deliver stable underwriting results in addition to strong investment returns. Trident Insurance in Barbados continues to perform in line with our expectations. As in the case of Trinidad and Tobago, we continue to see revenue growth along with well-controlled claim costs and improved underwriting results. We continue to maintain our Barbados market share of approximately 10%.

In TATIL Life, we continue to grow new business revenue with a key focus on our agency salesforce. Our investment portfolios have performed very well, in the process contributing to our PBT of $98 million. Compared to the prior year, our results have increased by $52 million or 116%. In September 2025, international rating agency A.M. Best affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “A-” (Excellent) of Trinidad and Tobago Insurance Limited (TATIL) (Trinidad and Tobago). The outlook of these credit ratings is stable. “TATIL maintains the strongest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by operating results that have generally been accretive to capital…”. All companies across the Sector continue to be well capitalised and are exceeding capital adequacy requirements. We look forward to the future and the pursuit of the Group’s 2X goal.

ANSA McAL ANNUAL REPORT 2025

MEDIA, RETAIL SERVICES AND PARENT COMPANY COUNTRY PRESENCE:

• Trinidad and Tobago • Barbados • Guyana • Jamaica • St Lucia • USA This segment—which includes our majority stake in multimedia company Guardian Media Limited (GML), as well as shipping, logistics, purchasing services, and real estate—reported revenues of $91 million, down from $100 million in 2024. The segment recorded a pre-tax loss of $109 million, compared to a $91 million loss in 2024. For the 12 months ended December 31, 2025, Guardian Media Limited (GML) reported a pre-tax loss of $10.6 million, an increased loss relative to the prior year’s loss of $2.9 million. This result was primarily due to a year-over-year decline in revenues by 14% to $83.8 million, as market conditions across the media sector remain challenging. Industry-wide reductions in advertising budgets, the Government’s post-election advertising freeze from mid-May through year’s end, and heightened macroeconomic uncertainty collectively weighed on commercial activity and suppressed advertising activity to below previous and expected levels.

growth reflects both the scale of GML’s reach and the increasing importance of digital platforms in content distribution and audience engagement. We also strengthened our regional and international presence, receiving more than 20 invitations to cover major global and regional events. At the national level, we continue to lead in news and current affairs coverage while expanding our role in public education, social awareness, and community engagement through multi-platform initiatives.

Through our multi-platform network, GML expanded its audience reach, strengthened regional influence, and advanced initiatives aligned with national priorities. Audience engagement expanded significantly, driven by consistent content delivery, strategic coverage, and a continued focus on relevance across multiple audience segments.

Together, these outcomes reflect a year of growing influence and continued alignment with our role as a leading multimedia solutions provider in the Caribbean. Our retail sector was divested in 2025, in line with our commitment to sharpen focus and maximise shareholder value. These actions allow the Group to streamline the portfolio, redeploy capital, and invest in our core businesses.

Digital platforms remained a key driver of performance, generating millions of video views and sustained audience interaction across social and streaming channels. This

In shipping, logistics and purchasing services, the business operated against a backdrop of global shipping stabilisation amid continued volatility, driven by geopolitical disruption,

ANSA McAL ANNUAL REPORT 2025

MEDIA, RETAIL SERVICES AND PARENT COMPANY (continued) route diversions, moderating demand growth and expanding fleet capacity. Despite freight rate volatility, demand for container transport increased by 14% year on year, supporting activity levels across our services. A renewed focus on brokerage in the fourth quarter delivered new customer growth, creating momentum we expect to build throughout 2026. Looking ahead, approval for the establishment of a private warehouse

positions us to expand our service offering as we enter 2026 and strengthen our integrated logistics capabilities. Under Parent Company entities, we had a significant improvement in profits, not having the considerable expense due to foreign exchange losses and professional fees related to the acquisition of BLEACHTECH LLC.

ENTERPRISE RISK MANAGEMENT The Group defines risk as the effect of uncertainty on the achievement of its objectives – recognising that such effects may be positive, negative or both, and may give rise to opportunities as well as threats, consistent with ISO 31073:2022. Our Enterprise Risk Management (ERM) Policy and Risk Standard are aligned with the principles of ISO 31000 and the COSO ERM Framework, providing a robust and adaptable foundation for risk governance across the Group. This dual alignment enables us to apply best-fit risk management practices, tailored to the diverse operating environments of our subsidiaries, while

maintaining a cohesive and integrated enterprise-wide approach. As our ERM framework continues to evolve and mature, the Group remains steadfast in its commitment to continuous improvement. We have embedded a disciplined, standardised methodology through which risks and opportunities are systematically identified, rigorously analysed, and strategically prioritised. This approach enhances the quality, speed, and consistency of decision-making, strengthens organisational resilience, and positions the Group to respond proactively to an increasingly complex and dynamic risk landscape.

Strategic Risk The Group actively manages strategic risk as it relates to both the pursuit of opportunities and the navigation of uncertainties arising from internal and external factors. Following a landmark acquisitive period in 2024, 2025 marked a deliberate phase of portfolio optimisation, including the divestment of the retail division and the successful sale of Standard Distributors Limited. These transactions were executed through a coordinated, risk-informed approach, leveraging cross-functional expertise and external partnerships to ensure disciplined

evaluation and execution. They reflect the Group’s continued focus on optimising its portfolio to deliver sustainable growth and long-term stakeholder value, aligned with its strategic ambitions. Macroeconomic interventions in late 2025 and their continued impact into early 2026 prompted a recalibration of performance expectations, reinforcing the importance of agility, responsiveness, and ongoing stresstesting of the Group’s resilience under varying scenarios.

ANSA McAL ANNUAL REPORT 2025

Foreign Exchange Liquidity Risk Tightening conditions in foreign exchange markets, particularly the availability of US dollars and other hard currencies, remained a key risk throughout 2025. This environment has direct implications for the Group’s ability to meet international obligations, including creditor commitments and reinsurance liabilities.

The Group continues to mitigate this risk by leveraging the strength of its regional and international operations, alongside long-standing strategic relationships, to secure access to foreign currency and negotiate sustainable, mutually beneficial arrangements.

Investment & Credit Risk Investment and credit risks remain concentrated within the Financial Services Sector and are managed through wellestablished governance structures, including dedicated Investment and Credit Risk Committees. These committees provide ongoing oversight of portfolio quality, balancing risk and return considerations, and monitoring expected

credit losses in accordance with IFRS 9 and regulatory requirements. As at December 31, 2025, all required provisions and impairments have been appropriately recognised in the Group’s consolidated financial statements, reflecting prudent and transparent financial risk management practices.

Cyber Risk & Artificial Intelligence (AI) The Group maintains a heightened focus on cyber risk, recognising the increasing sophistication, frequency, and potential impact of cyber threats across its extensive digital and operational footprint. At the same time, we are actively embracing the opportunities presented by Artificial Intelligence to enhance data analytics, operational efficiency, and long-term cost optimisation. This is balanced by a measured

ANSA McAL ANNUAL REPORT 2025

and responsible approach to managing emerging risks, including governance gaps, data privacy considerations, evolving threat vectors, and third-party dependencies. Our cybersecurity posture continues to be strengthened through ongoing investments in training, system resilience, vulnerability testing, and independent assessments, ensuring that our defences evolve in line with the threat landscape.

Business Continuity Risk The Group adopts an enterprise-wide approach to business continuity, ensuring that critical systems, processes, and resources are supported by robust redundancy and contingency arrangements. Recovery Time Objectives (RTOs) and Recovery Point Objectives (RPOs) are clearly defined and tested to minimise disruption impacts.

In response to geopolitical developments in late 2025, the Group undertook targeted resilience assessments, further enhancing its Business Impact Assessments, Business Continuity Plans, and Disaster Recovery Plans. These efforts will continue as part of our proactive approach to anticipating and preparing for future disruptions.

Talent Risk & Culture Attracting, developing, and retaining talent remains central to the Group’s longterm sustainability. We continue to evolve our talent strategies to reflect changing workforce expectations and the impact of technological advancement.

Our commitment to our core values, combined with ongoing benchmarking and engagement initiatives, supports a culture of inclusivity, operational excellence, and employee well-being, ensuring that our people remain empowered to contribute meaningfully while maintaining a balanced quality of life.

Health, Safety, Security & Environment (HSSE) Risk The safety and well-being of all stakeholders remain a top priority. Building on the deployment of our Safety Standards framework, the Group achieved a significant reduction in high-severity incidents in 2025, alongside a substantial decrease in associated losses.

integration, foresight, and resilience. By embedding risk management into strategic and operational decision-making, we continue to strengthen our ability to navigate uncertainty, capture opportunities, and deliver sustained value to our stakeholders.

Enhanced use of data analytics has strengthened our ability to identify trends and proactively address emerging risks, while targeted interventions continue to drive improvements across all safety tiers. Independent audits and second-line oversight reinforce adherence to our Safety Management System, ensuring continuous improvement and alignment with best-inclass standards.

As we enter a new era of business, defined by faster change, higher expectations, and greater connectivity, our commitment is straightforward – to protect the trust you place in us and to earn it again each year. With disciplined risk management, clear strategic priorities, and a culture rooted in stewardship, we are positioned not only to manage uncertainty, but to lead through it, creating value that lasts for our employees, customers, shareholders, partners, and the communities we serve.

Lessons learned are actively shared across the Group, supporting a culture of safety, accountability, and operational excellence. Overall, the Group’s evolving ERM framework reflects a deliberate shift toward greater

Anthony N. Sabga III Group Chief Executive Officer

ANSA McAL ANNUAL REPORT 2025

ESG HIGHLIGHTS

Here we highlight some of the ANSA McAL Group’s accomplishments of 2025 in progressing our sustainability agenda. Also highlighted are the United Nations Sustainable Development Goals that these are in direct support of.

BREWING WITH SOLAR ENERGY CARIB Brewery Grenada installed 540 solar photovoltaic (PV) panels that will provide approximately 20% of their electricity needs with 300 kilowatts of solar power. LESS WATER, SAME SHINE ANSA Motors extended their partnership with Eco Wash in Trinidad to ANSA Motors Guyana. Their water-saving car wash solution utilises only two litres of water to wash each car, saving significant volumes of water at both locations. CIRCULAR ECONOMY ANSA Packaging continues to make concerted efforts to increase the volume of glass collected locally for recycling. The number of bars participating in their glass collection programme was increased by more than 100 and the volume of glass collected locally increased by 49% between 2024 and 2025. ACCOUNTING FOR NATURE The Banking Sector, in partnership with the Cropper Foundation, published their second Natural Capital Report in 2025, continuing a pioneering initiative in the English-speaking Caribbean.

ANSA McAL ANNUAL REPORT 2025

S G

ENHANCING THE EMPLOYEE EXPERIENCE The ANSA McAL Group became the first large-scale enterprise based in the English-speaking Caribbean to launch AI across its Human Resources ecosystem, with the aim of making HRrelated tasks easier for both employees and HR teams. CUSTOMER WELL-BEING ANSA Polymer of ANSA Packaging obtained Food Safety System Certification FSSC 22000 for the first time in 2025. CARIB Trinidad and Tobago also renewed their FSSC 22000, for the first time against the new version 6 which includes new elements of food safety and environmental monitoring controls.

IFRS S1 COMPLIANCE PROGRESS The Group has committed to compliance with the IFRS S1 Sustainability Disclosure Standard. In 2025, through a series of workshops, progress was made with the four most material Sectors: Beverage, Construction, Financial Services (Banking and Insurance) and Manufacturing (Packaging and Utilities). We are proud to share our first-ever IFRS S1 Compliance Progress Report 2025. SUSTAINABILITY IN BUSINESS AWARD For the second consecutive year, the ANSA McAL Group was awarded Sustainability Champion 2025, large company category, by EUROCHAMTT in partnership with the UN Trinidad and Tobago at the Sustainability Champions Awards 2025. ESG REPORTING The Group is pleased to share our second ESG Data Disclosure Report 2025, contained in the Annual Report for the first time, for maximum benefit of stakeholders seeking to understand the impacts of sustainability on financial performance.

ANSA McAL ANNUAL REPORT 2025

OUR

ANSA McAL ANNUAL REPORT 2025

REPORT

ANSA McAL ANNUAL REPORT 2025

MEASURING OUR

SHARED IMPACT ANSA McAL recognises that the expectations of stakeholders continue to evolve, with current and prospective employees, customers, investors, shareholders and community members becoming increasingly interested in companies that are responsible and sustainable. It is through this lens that we continue to view sustainability at the core of our business practices with an emphasis on measuring our shared impact. A key aspect of making this a reality is our voluntary commitment to pursuing compliance with the IFRS S1 Sustainability Disclosure Standard. Although this standard is not

yet mandatory in the Caribbean region, ANSA McAL acknowledges and supports the Institute of Chartered Accountants of Trinidad and Tobago's (ICATT)’s commitment to “actively work toward adoption of the IFRS S1 and S2 standards in a way that is practical, context-sensitive, and aligned with the country and region’s development goals”. We have already started to see the benefits of pursuing compliance, with enhanced collaboration across key functions and the continuously enhanced integration of sustainability into the way we do business.

IN THIS REPORT WE ARE PROUD TO PRESENT THE FOLLOWING: • Sustainability Report: E, S and G updates across the Group

Pages 61-151

• IFRS S1 Sustainability Disclosure Standard Compliance Progress Report

Pages 152-191

• ESG Data Disclosure Report 2025

Pages 192-270

As we continue to pursue our 2X ambition, anchored by our Purpose: Inspiring Better Choices for a Better World, we are acutely aware that the decisions we make today shape what our tomorrow will look like. Our efforts are all closely aligned with our Sustainability Business Priorities. These reports underscore our efforts to disclose transparently in alignment with our Sustainability Business Priority:

ANSA McAL ANNUAL REPORT 2025

Accountability as well as the United Nations Sustainable Development Goal 12 – Responsible consumption and production, Target 12.6 to encourage companies, especially large and transnational companies, to adopt sustainable practices and to integrate sustainability information into their reporting cycle.

SUSTAINABILITY REPORTING PRACTICE

Sustainability Reporting Practice This is the fourth Sustainability Report for the ANSA McAL Group, which provides information on the Group’s environmental, social and governance performance for the period January 1st to December 31st, 2025. Consistent with the IFRS S1 Sustainability Disclosure Standard, we have aligned this report to the general principles of the relevant Industry-Based, Sustainability Accounting Standards Board (SASB) standards (see Industry-based Standards Index below). Incorporating the double materiality approach, this report has also been prepared with reference to the Global Reporting Initiative (GRI) standards (see Summary GRI Standards Index below and GRI content indices on pages 211, 223, 234, 251, 260, 270).

The four Sectors: Construction, Manufacturing (Utilities and Packaging), Beverage, and Financial Services (Banking and Insurance) worked to compile Sectorspecific ESG data in the updated 2025 ESG Data reporting templates. These data metrics were reviewed to determine readiness for disclosure according to data availability, accuracy and reliability, and a subset of this data has been disclosed in the ESG Data Disclosure Report 2025 on page 192. This report, the second issue of its kind, together with our first ever IFRS S1 Sustainability Disclosure Standard Compliance Progress Report (page 152) demonstrate our commitment to our Sustainability Business Priorities: Impact Stewardship and Accountability.

ANSA McAL ANNUAL REPORT 2025

SASB INDUSTRY-BASED STANDARDS INDEX Select metrics from the following industry-based SASB® Standards have been reported. ANSA McAL Sector/ Sub-Sector

SASB® Sector

SASB® Industry Standards

SICS®

Extractive & Minerals Processing

Construction Materials

EM-CM

Resource Transformation

Chemicals

RT-CH

Chemicals

RT-CH

Construction

Manufacturing – Utilities

Resource Transformation

Resource Transformation Manufacturing - Packaging

Extractives & Minerals Processing Resource Transformation

Beverage

Financial Services Insurance

Containers & Packaging Construction Materials

RT-CP

Financials

Financials Health Care

ANSA McAL ANNUAL REPORT 2025

- ANSA McAL Enterprises Limited - Bestcrete Aggregates Limited - ANSA Building Solutions Guyana - ANSA Coatings Limited - ANSA Coatings Grenada Limited - Berger Paints Barbados Limited - Berger Paints Jamaica Limited - ANSA McAL Chemicals Limited - ANSA Chemicals Jamaica Limited

RT-CP

EM-CM

Chemicals

RT-CH

Alcoholic Beverages

FB-AB

Non-Alcoholic Beverages

FB-NB

Chemicals

RT-CH

Food & Beverage

Resource Transformation

Financial Services Banking

Containers & Packaging

Reporting Companies

Asset Management & Custody Activities

FN-AC

Commercial Banks

FN-CB

Consumer Finance

FN-CF

Investment Banking & Brokerage

FN-IB

Insurance

FN-IN

Commercial Banks

FN-CB

Managed Care

HC-MC

- ANSA Polymer - Carib Glass Limited

- Caribbean Development Company/Carib Brewery Limited - Carib Brewery Grenada Limited - Carib Brewery St. Kitts & Nevis Limited - Carib Brewery USA Guyana Breweries Inc. - ANSA Bank Limited - ANSA Merchant Bank Limited - ANSA Merchant Bank (Barbados) Limited - ANSA Wealth Management Limited - Trinidad and Tobago Insurance Limited - Tatil Life Assurance Limited - Colonial Fire & General Insurance Limited

GRI SUSTAINABILITY REPORTING STANDARDS INDEX Select metrics from the following GRI Standards have been reported. ANSA McAL Sector/ Sub-Sector

GRI Standard

Disclosure Reference

2 - General Disclosures

2-9

Governance Structure and Composition

201 – Economic Performance

201-2

Financial implications and other risks and opportunities due to climate change

403 – Occupational Health and Safety

403-2

Hazard identification, risk assessment, and incident investigation

403-8

Workers covered by an occupational health and safety management system

404-1

Average hours of training per year per employee

404-3

Percentage of employees receiving regular performance and career development reviews

405 - Diversity and Equal Opportunity

405-1

Diversity of governance bodies and employees

2 - General Disclosures

2-9

Governance Structure and Composition

403 – Occupational Health and Safety

403-2

Hazard identification, risk assessment, and incident investigation

403-8

Workers covered by an occupational health and safety management system

404 - Training and Education

404-3

Percentage of employees receiving regular performance and career development reviews

405 - Diversity and Equal Opportunity

405-1

Diversity of governance bodies and employees

416 – Customer Health and Safety

416- 2

Incidents of non-compliance concerning the health and safety impacts of products and services

417 – Marketing and Labelling

417-2

Incidents of non-compliance concerning product and service information and labelling

Construction 404 - Training and Education

Manufacturing

(Utilities)

Disclosure

Reporting Companies - ANSA McAL Enterprises Limited - Bestcrete Aggregates Limited - ANSA Building Solutions Guyana - ANSA Coatings Limited - ANSA Coatings Grenada Limited - Berger Paints Barbados Limited - Berger Paints Jamaica Limited

- ANSA McAL Chemicals Limited - ANSA Chemicals Jamaica Limited

ANSA McAL ANNUAL REPORT 2025

ANSA McAL Sector/ Sub-Sector

GRI Standard

Disclosure Reference

2 - General Disclosures

2-9

Governance Structure and Composition

GRI 403 – Occupational Health and Safety

403-2

Hazard identification, risk assessment, and incident investigation

403-8

Workers covered by an occupational health and safety management system

GRI 404 - Training and Education

404-3

Percentage of employees receiving regular performance and career development reviews

405 - Diversity and Equal Opportunity

405-1

Diversity of governance bodies and employees

Manufacturing (Packaging)

2 - General Disclosures

2-9

Governance Structure and Composition

303 – Water and Effluents 2018

303-2

Management of water discharge-related impacts

403-2

Hazard identification, risk assessment, and incident investigation

403-5

Worker training on occupational health and safety

403-6

Promotion of worker health

403-7

Prevention and mitigation of occupational health and safety impacts directly linked by business relationships

404 - Training and Education

404-3

Percentage of employees receiving regular performance and career development reviews

405 - Diversity and Equal Opportunity

405-1

Diversity of governance bodies and employees

417 – Marketing and Labelling

417-1

Requirements for product and service information and labelling

403 – Occupational Health and Safety Beverage

Disclosure

ANSA McAL ANNUAL REPORT 2025

Reporting Companies - ANSA Polymer Limited - Carib Glassworks Limited

- Caribbean Development Company/Carib Brewery Limited - Carib Brewery Grenada Limited - Carib Brewery St. Kitts & Nevis Limited - Carib Brewery USA - Guyana Breweries Inc.

ANSA McAL Sector/ Sub-Sector

GRI Standard

Financial Services – Insurance

Disclosure

2-9

Governance Structure and Composition

401-1

New employee hires and employee turnover

404-1

Average hours of training per year per employee

404-3

Percentage of employees receiving regular performance and career development reviews

405 - Diversity and Equal Opportunity

405-1

Diversity of governance bodies and employees

2 - General Disclosures

2-9

Governance Structure and Composition

201 – Economic Performance

201-2

Financial implications and other risks and opportunities due to climate change

404 - Training and Education

404-3

Percentage of employees receiving regular performance and career development reviews

405 - Diversity and Equal Opportunity

405-1

Diversity of governance bodies and employees

2 - General Disclosures

Financial Services – Banking

Disclosure Reference

404 - Training and Education

Reporting Companies

- ANSA Bank Limited - ANSA Merchant Bank Limited - ANSA Merchant Bank (Barbados) Limited - ANSA Wealth Management Limited

- Trinidad and Tobago Insurance Limited (TATIL) - Tatil Life Assurance Limited - Colonial Fire & General Insurance Limited

ANSA McAL ANNUAL REPORT 2025

SUSTAINABILITY

AS A TOP PRIORITY For the second consecutive year, ANSA McAL was recognised as the Overall Sustainability Champion 2025, Large Companies, at EUROCHAMTT’s Annual Sustainability Champion Awards. The Group stood out because of our commitment to, and progress made towards, compliance with the IFRS S1 Sustainability Disclosure Standard, among several other ongoing efforts to enhance sustainability across the Group. Frances Bain-Cumberbatch, Chief Legal and External Affairs Officer, was joined by Natalie Bibby, Corporate Sustainability Specialist, and Sarah Inglefield, Head of Marketing and External Communication, and a team of female sustainability professionals from across the Sectors to accept the accolade on behalf of the Group at the awards ceremony in May 2025. We are proud to have been recognised for the third year in a row by EUROCHAMTT for our sustainability efforts. This award further demonstrates the importance of Responsible Governance as we continue to chart the way towards a more sustainable future for all.

ANSA McAL ANNUAL REPORT 2025

In 2025, ANSA McAL Limited was the official sponsor of the Women in Leadership (WIL) 2025 Networking and Cocktail Reception, hosted by the University of the West Indies – Arthur Lok Jack Global School of Business (UWI-ALJGSB).

This sponsorship aligns with the Group’s broader commitment to advancing inclusive leadership and reflects a key pillar of ANSA McAL’s People Strategy – creating equitable pathways to leadership for all, as well as our Sustainability Business Priority – Equality. Speaking at the event, Amy Lazzari, Chief People and Culture Officer at ANSA McAL Limited, said, “This partnership with UWI-ALJGSB aligns with our People Strategy, focused on building a culture where leadership potential is recognised and nurtured across all levels. Therefore, supporting this networking reception was an intentional investment from ANSA McAL in supporting people, driving performance and influencing culture.” This initiative was one of several actions within ANSA McAL’s Culture Strategy, which prioritises equal opportunity, promotes diverse perspectives, and embeds inclusive leadership at decision-making tables. An embodiment of the prioritisation of Equality, was the appointment of Ms. Leesa Murally as Managing Director CARIB Brewery Limited in November 2025. She is the first female to be appointed to this role in the history of the Brewery and we celebrate this milestone. Known for her people-centred leadership style, Leesa is recognised for driving continuous

improvement initiatives, fostering datadriven decision-making, and reinforcing governance and cybersecurity across the organisation. As the Group continues to chart its course towards 2X, a keen focus on People and Communities is critical to our success. The Group’s HR team spearheaded many stewardship and talent development initiatives. Recognising that good leadership is key, our business leaders were assessed against core leadership competencies and each provided with a personalised development roadmap. To enhance the talent development goals of the Group, the Hay Method of job evaluation was deployed in the Banking Sector as a pilot project. The Sector has already reported experiencing the benefits of strengthened decisionmaking, increased equity and improved clarity around roles and responsibilities. The ANSA McAL Group took a bold step with Purposeful Investing in 2025 in shaping the future of work, becoming the first large-scale enterprise based in the English-speaking Caribbean to launch AI across its Human Resources ecosystem. This includes an AI-powered digital assistant/ chatbot as well as Generative AI within our current Human Capital Management (HCM) platform. The Chatbot serves to provide

ANSA McAL ANNUAL REPORT 2025

quick, on-demand support for HR-related questions. The Generative AI streamlines HR processes, making tasks faster and easier for both our HR teams and employees. Another significant investment with purpose in 2025 was the launch of ANSA Bank’s award-winning Mobile App, marking a major step in its mission to deliver faster, simpler, and more customer-focused banking. With features like 15-minute account sign-ups, quick transfers, and the ability to apply for loans directly from a phone, the app puts convenience and control into the hands of customers, making banking easier and more accessible. “Our ambition was never to simply join the industry, but to reshape it,” said Savon Persad, Managing Director of ANSA Bank. “This app reflects a commitment to putting customers first and reimagining the way they are served.” The ANSA McAL Group continues to integrate sustainability into the way we do business. Our goal is to have the two so seamlessly integrated that it evolves

into simply being the way we work. We are proud to share our fourth annual Sustainability Report and second annual ESG Data Disclosure Report which highlight the progress we have made in 2025 across the Group in the diverse industries in which we operate. We invite you to learn more about our sustainability initiatives across the Sectors in the following Environmental, Social and Governance sections. As we progress the sustainability agenda and work towards IFRS S1 compliance, we will be evolving our Sector-specific ESG Aspirations to ESG Targets starting with four of our Sectors: Beverage, Construction, Financial Services (Banking and Insurance) and Manufacturing (Utilities and Packaging). Learn also about how we are progressing towards IFRS S1 compliance in our first-ever IFRS S1 Sustainability Disclosure Standard Compliance Progress Report and about our measured impact in our second ESG Data Disclosure Report.

REVIEW AND IMPROVEMENT As part of our ongoing commitment to our stakeholders and to continuous improvement, we welcome your feedback on our fourth consecutive Sustainability Report. Please email us at: sustainability@ansamcal.com.

ANSA McAL ANNUAL REPORT 2025

Our environmental commitments are in support of the following seven United Nations Sustainable Development Goals.

ANSA McAL ANNUAL REPORT 2025

CLIMATE CHANGE MITIGATION AND ADAPTATION

INVESTING IN GREEN ENERGY SOLAR

MONTE PLATA PARK, DOMINICAN REPUBLIC

WIND

TILAWIND SOUTH AMERICA WIND FARM, COSTA RICA 2023

75,833

2023

45,445

2024

58,502

2024

62,844

2025

71,428

2025

95,283 RENEWABLE ELECTRICITY GENERATED (MWH) CARIBBEAN SOLAR PARK AND WIND FARM The increase in solar power in 2025 as compared to 2024 was due to the commissioning of Phase II of the Monte Plata Park in July 2024. The increase in wind power is attributed to an increase in wind speeds as compared to 2024.

ANSA McAL ANNUAL REPORT 2025

These investments are in direct support of United Nations Sustainable Development Goal 7 – Affordable and Clean Energy, Target 7.2 – to increase the share of renewable energy in the global energy mix.

GROUP SITES WITH SOLAR POWER In 2025, CARIB Brewery Grenada installed 540 solar photovoltaic (PV) panels on the rooftop of the Brewery’s main office facility. Commissioned in November 2025, the panels will power the main offices and production facilities, providing approximately 20% of the Brewery’s electricity needs. The solar PV system is designed to improve energy efficiency and

reduce operating costs while meaningfully lowering carbon emissions associated with electricity consumption. By generating clean, renewable energy on-site, CARIB Brewery strengthens its resilience and contributes to a more sustainable future for Grenada. In 2025, the solar panels generated 60,915 KWH of power.

SOLAR ENERGY (KWH) 2023

2024

2025

41,000

42,244

56,191

There are

solar-powered LED

In 2024, the panels were

light fixtures at the

not operating at maximum

warehouse, the power of

capacity due to minor

which is not specifically

damage that has since been

measured.

repaired.

ANSA McAL ANNUAL REPORT 2025

SUPPORTING SUSTAINABLE AGRICULTURE In 2025 our Banks continued to deepen their sustainability work with the “ANSA Bank & ANSA Merchant Bank Green Finance for the Agriculture Sector in Trinidad and Tobago” project. The three-year project, started in 2024, is funded by the Inter-American Development Bank (IDB) under their EcoMicro scheme. The aim of the project is to advance the Banks’ understanding of their Natural Capital risks, and to assist in the development of sustainable financing options – especially in the agriculture sector.

support sustainable agricultural practices among small and medium-sized farmers in Trinidad and Tobago. • Completion of a baseline quantification of the Natural Capital impacts and risks associated with the Banks’ Trinidad and Tobago-based financial portfolios (lending and investment). This information was utilised to prepare a Natural Capital Risk Assessment framework and draft a Natural Capital strategy to support the design of sustainable financial products.

In 2025, with technical support provided through the IDB, the Banks progressed the project in two areas: • Development of a financing framework to

BREWING WITH RECAPTURED CO2 CARIB Breweries in St. Kitts and Nevis and in Trinidad and Tobago recapture the carbon dioxide (CO2) generated during the fermentation process for

reuse. This reduces the volume of purchased CO2 at both breweries, which lowers production costs and reduces emissions.

Recaptured CO2 (KGs)

Increase the volume of CO2 recovered annually

2023

2024

2025

St. Kitts and Nevis

72,540

46,338

47,632

Trinidad and Tobago

422,624

101,914

264,670

The Beverage Sector continues to progress plans for replacement of the CO2 recovery system at CARIB Brewery Trinidad and Tobago. The volume of CO2 captured in 2025 was higher than the previous year due to downtime of the recovery unit in 2024. Repairs were completed in February 2025 which allowed the system to function at a higher capacity. In 2025, the tendering process was completed and a provider selected. Defining the specifications of the engineering design commenced in 2025

BEVERAGE ESG ASPIRATION:

ANSA McAL ANNUAL REPORT 2025

and work is expected to start in 2026, with commissioning in 2027. This ESG aspiration is in direct alignment with United Nations Sustainable Development Goal 9 – Industry, Innovation and Infrastructure, Target 9.4 – upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes.

FUELLING UP WITH GREENER ENERGY COMPRESSED NATURAL GAS (CNG) In 2025, ANSA Motors converted 255 vehicles to CNG fuel. CNG is a cheaper, greener, and more efficient alternative to the traditional petrol and diesel fuels for vehicles. ANSA Motors installs conversion kits for vehicles to run on a dual fuel system – CNG and either petrol or diesel, allowing customers to save money and protect the environment, but with flexibility for when

circumstances do not permit a visit to a CNG refuelling station. ANSA Motors also sells vehicles that come outfitted with dual CNGdiesel systems. The trend suggests that there is less interest in the CNG fuel option as the popularity of hybrid and electric vehicles increases. In support of this trend, the Government of Trinidad and Tobago also implemented

AUTOMOTIVE ESG ASPIRATION: Conversion of additional commercial delivery units to CNG fuel

a waiver of Customs Duty, Value Added Tax (VAT) and Online Purchase Tax on Electric Vehicle (EV) chargers and accessories, effective January 1st, 2025.

TWO SECTOR COMPANIES IN TRINIDAD AND TOBAGO HAVE CNG-FUELLED VEHICLES: Sector

No. vehicles

% Fleet

Beverage

18%

Media

77%

HYBRID AND ELECTRIC VEHICLES ANSA Motors and ANSA Mobility both offer hybrid and electric vehicles in their sales and rentals portfolios. In addition to the hybrid-electric in the portfolio (Honda HR-V and City Hybrid; Proton X90

and Land Rover Discovery Sport and Range Rover) in 2025, ANSA Motors Trinidad launched the Proton eMAS 7, their first fully electric SUV, and unveiled their EV showroom at the City of Grand Bazaar.

ANSA Motors Sales 2025 Hybrid & Electric Vehicles

ANSA Mobility Fleet 2025 Hybrid

Trinidad and Tobago

26%

20%

Barbados

25%

Guyana

41%

ANSA McAL ANNUAL REPORT 2025

ENERGY EFFICIENCY INCREASING PLANT EFFICIENCY As part of an ongoing drive to enhance energy efficiency, ANSA McAL Chemicals (Trinidad) completed a plant upgrade in October 2025. The upgrade was done to increase the capacity of the plant and reduce the energy used per unit in production. The power factor efficiency will be reviewed in 2026.

to advance the potential project options identified. At the BLEACHTECH plant in Virginia, hydrogen is captured and sold to an adjacent third party that purifies it to meet fuel-cell grade specifications and compresses it to make it suitable for energy use.

ENERGY EFFICIENT OFFICES

The BLEACHTECH plants in the United States completed an LED lighting project to update and replace all existing fixtures. ANSA Chemicals also continued their efforts to define a hydrogen capture project that can utilise the 650Kg of hydrogen that is vented from the plant daily. A feasibility study was completed in 2025 in partnership with the National Energy Corporation of Trinidad and Tobago, and discussions are ongoing

ANSA McAL ANNUAL REPORT 2025

Following on from the energy audit conducted in 2024 at COLFIRE’s head office in Port of Spain, initiatives implemented to reduce energy usage resulted in a 28% reduction in energy usage between 2024 and 2025.

CHEMICALS ESG ASPIRATION: ANSA McAL Chemicals Limited (Trinidad) aims to increase plant energy efficiency by: • Running the plant at a higher capacity setting (lower energy per unit) • Reviewing the power factor efficiency

LIGHTING UP WITH LEDS

In 2025, ANSA Motors Trinidad completed the conversion of all showroom lighting to LED for power savings. The Real Estate Sector installed LED light fixtures in the following locations: TATIL Building 10th & 11th Floors for ANSA McAL Head Office, Ground Floor ANSA Centre POS for ANSA Bank Limited Head Office, and 20 St. Vincent St. POS for ANSA Motors.

QUANTIFYING AND REDUCING GHG EMISSIONS QUANTIFYING GHG EMISSIONS Carib Glassworks has attained the SBTi Abatement Roadmap Badge, marking a significant milestone in their climate action journey. This badge signifies the successful development of an abatement strategy that outlines defined Scope 1 and Scope 2 emissions reduction measures aligned to their approved science-based target. The roadmap demonstrates ANSA Packaging’s commitment to translating ambition into action. This achievement was made possible through collaboration with their suppliers under the

Supplier Leadership on Climate Transition – SLOCT Supplier Collaborative programme, reinforcing the critical role of supplier engagement in addressing value-chain emissions and working toward collective decarbonisation. As part of the programme, ANSA Packaging’s Lead Engineer and Sustainability Officer completed the SLOCT Abatement course to enable them to lead the ANSA Packaging team in developing their abatement roadmap. This phase completes step 4 of the 5-step process defined by SLOCT, the final step of which is disclosure.

PACKAGING ESG ASPIRATION: • Establish long-term reduction targets.

REDUCED CFC EMISSIONS The Real Estate Sector has now completed the conversion of all air conditioning (AC) units to R410 gas (from R22) with the change-out of 2 AC units at the Honda Building in Port of Spain for ANSA Motors, thus completing this aspect of the aspiration. This was in accordance with the national efforts to eliminate hydrofluorocarbons (HFCs)

which are harmful to the ozone layer as per the Montreal Protocol to which Trinidad and Tobago is a committed party. No 5T HVAC units required replacing in 2025, hence there was no activity for this ESG aspiration in 2025, but the Real Estate Sector continues to target this on an as-needs basis.

REAL ESTATE ESG ASPIRATION: • Convert all AC units to R410 gas to reduce CFC emissions. • Replace HVAC (heating, ventilation, and air) to units with controls as required for improved energy efficiency – units <5T that are at end of their useful life and all new units purchased.

ANSA McAL ANNUAL REPORT 2025

WATER AND MARINE RESOURCES WATER CONSERVATION

BREWING WITH LESS WATER BEVERAGE ESG ASPIRATION: • Reduction in water consumption.

With water as a key ingredient, CARIB Brewery Trinidad and Tobago continued working towards improved water management. This aspiration is in direct alignment with United Nations Sustainable Development Goal 6 – Clean water and sanitation, Target 6.4, which aims to increase water use efficiency and ensure sustainable water use. A key aspect of the strategy is the development and installation of a Water Reclamation Facility to improve water use efficiency and wastewater quality. The following actions were taken in 2025: • Phase 1: Engagement of a consultant to assess compound effluent and recommend a wastewater treatment solution. •

Phase 2: Definition of scope of work for a design-build contract, including design, procurement, supply, construction, function testing, training and handover of the Water Reclamation Facility. The tender was launched in 2025, with a March 2026 deadline.

ANSA McAL ANNUAL REPORT 2025

HARVESTING RAINWATER Bestcrete in Trinidad continued to maintain its rainwater harvesting system. The filtered rainwater was used for roadway dust suppression and flushing toilets, reducing the reliance on the utility freshwater supply for these activities. At Berger Paints Barbados, a rainwater harvesting system was also maintained, with the collected water used for flushing toilets.

installation at the Chaguanas branch has mitigated the effect of flooding by reducing run-off. The collected rainwater was stored and used to wash vehicles, which resulted in reduced potable water usage. The San Fernando branch, which often experienced water shortages, was less reliant on water deliveries, with the rainwater collected being used to wash vehicles.

In 2025, ANSA Motors Trinidad has seen the benefits of the rainwater harvesting systems installed at their Chaguanas and San Fernando locations in 2024. The

The company also installed a tank level monitoring system that allows for better water management.

LESS WATER, SAME SHINE ANSA Motors Trinidad (Ford, Port of Spain location) continued their partnership with Eco Wash, a company that provides a watersaving vehicle wash solution utilising only two litres of water to wash each automobile. This partnership was extended to ANSA

Motors Guyana in 2025. At both locations, the vehicles from the Mobility Fleet, rentals and the service department are washed by Eco Wash, saving a significant amount of water with each cleaning.

There were no new construction works undertaken in 2025. However, there were renovations done to existing buildings which incorporated ESG best practices into its design and build out. The Real Estate Sector installed 46 water-efficient sanitary fixtures across three Group locations in 2025: • ANSA Motors, Port of Spain

• Abel Building Solutions

• ANSA McAL Head Office

- ANSA Bank - ANSA Centre POS

REAL ESTATE ESG ASPIRATION: Installation of water-efficient sanitary fixtures – new buildings and as required in existing buildings.

Sustainability remains a priority for the Real Estate Sector, for new projects to ensure sustainable development.

ANSA McAL ANNUAL REPORT 2025

SUPPORTING CLEAN WATER IN THE CARIBBEAN & USA Since 2024, the Utilities Sector has been operating three Chlor-Alkali plants: ANSA Chemicals in Trinidad (the sole producer in the English-speaking Caribbean) and BLEACHTECH LLC which comprises two plants – one in Seville, Ohio and the other in Petersburg, Virginia. These plants provide products in direct support of the United Nations Sustainable Development Goal 6 — Clean Water and Sanitation, in the Caribbean.

USA: Seville, Ohio and the other in Petersburg, Virginia and markets served: Seville, Ohio markets: • Indiana • Michigan • New York • Ohio • Pennsylvania Petersburg, Virginia markets: • Alabama • Maryland • Missouri • North Carolina • South Carolina • Texas • Virginia • West Virginia

ANSA McAL ANNUAL REPORT 2025

The Caribbean market expanded to include The Bahamas in 2025. ANSA Chemicals also maintained its position as the key supplier of liquid chlorine to the Water and Sewerage Authority of Trinidad and Tobago (WASA), and is the sole supplier of chlorine requirements to the National Water Commission (NWC) of Jamaica via ANSA Chemicals Jamaica.

Caribbean market: • Antigua and Barbuda • Aruba • Bahamas • Barbados • Dominica • Grenada • Guyana • Jamaica • Montserrat • Puerto Rico • Suriname • St. Vincent and the Grenadines • St. Lucia • St. Kitts and Nevis • Trinidad and Tobago

RESOURCE USE AND CIRCULAR ECONOMY CARIB Brewery runs a returnable packaging system with three types of packaging that are reusable: glass bottles, plastic crates, and cardboard crates. The packaging is collected and reused at three of the four breweries: Trinidad and Tobago, Grenada and St. Kitts and Nevis. In 2025, at CARIB Brewery Trinidad and Tobago, a bottle return campaign was developed to incentivise bottle returns while raising awareness of the benefits of reducing, reusing and recycling waste. The campaign was promoted across both traditional and digital media. Over a period of five years (20202025) the Brewery has successfully increased the amount of packaging that is returned. The percentage of bottles returned has increased incrementally from 75% in 2020 to 83% in 2025. In 2025, crate returns stood at 95%. CARIB Trinidad and Tobago also successfully transitioned the local Smirnoff ICE from one-way to a

returnable packaging model. The technical adjustments to the line were completed and the line commissioned in September 2025. In Grenada, the return rate was 87% for bottles and plastic crates. For CARIB St. Kitts and Nevis, the return rate for 2025 was 68% for bottles and 41% for plastic crates. The Breweries in Trinidad and Tobago, St. Kitts and Nevis and Grenada also have draft beer available in reusable kegs typically used by restaurants and bars across the islands. Across the three breweries there are more than 2,700 reusable kegs in rotation, adding to the breweries’ sustainable packaging offerings. The Beverage Sector’s returnable packaging business model is in direct alignment with United Nations Sustainable Development Goal 12 – Responsible consumption and production, Target 12.5, – to substantially reduce waste generation through prevention, reduction, recycling and reuse.

ANSA McAL ANNUAL REPORT 2025

RECYCLING GLASS AND PLASTIC ANSA Packaging is a key player in the well-established circular economy at the Beverage Sector. They produce and recycle CARIB Brewery’s glass bottles at Carib Glassworks and their plastic crates at ANSA

Polymer. Carib Glassworks, the only glass recycling plant in the English-speaking Caribbean, also produces glass bottles and containers for a wide variety of local and international customers.

Recycled glass used in manufacturing new glass

2023

2024

2025

Locally collected cullet (MT)

1,671

1,675

2,498

23,000

26,010

38,456

61%

41%

52%

Total cullet (MT) (including locally collected) % from recycled content of total material used

MORE RECYCLED CONTENT USED IN THE MANUFACTURING PROCESS MEANS: • Less energy required in production • Less raw materials extraction • Less waste reaching the nation’s landfills Carib Glassworks of ANSA Packaging continued their drive to increase the amount of glass collected locally, which further enhances the benefits of using recycled glass (cullet) to manufacture new glass by reducing the amount of foreign exchange required to import cullet. They succeeded with a significant increase of 49% between 2024 and 2025. Efforts were focused on the

key theme of partnership. These ongoing efforts are in direct alignment with United Nations Sustainable Development Goal 12 – Responsible consumption and production, Target 12.5 – to substantially reduce waste generation through prevention, reduction, recycling and reuse.

PACKAGING ESG ASPIRATION: Increase the volume of cullet collected through local recycling efforts for use in the manufacturing process.

EDUCATING THE YOUTH ABOUT WHY RECYCLING IS IMPORTANT Through a continued partnership with Trinidad and Tobago Solid Waste Management Company (SWMCOL), ANSA Packaging visited Fatima

ANSA McAL ANNUAL REPORT 2025

College to raise awareness and promote environmental sustainability through meaningful discussion. The open lecture session included the environmental

clubs and senior students and teachers who are interested in learning more about circular economies.

GETTING TO THE SOURCE OF GLASS In 2025, ANSA Packaging increased the number of bars participating in their glass collection programme by 104. The partnership with the distributor Brydens and their supplier Diageo, established in 2023, continued to be fruitful, with 41MT of glass being collected from bars such as Tipsy Ibis, Fitt Street and Wing It, to name a few. This, together with Carib Glassworks’ continued presence in Carnival parties and the system for collection from Carnival bands such as Yuma, Tribe, Ronnie & Caro and Spirit Mas, as well as collection from other events throughout the year, resulted in the recovery of 27MT of glass for recycling, which would have otherwise been sent to our local landfills. In 2024, the annual total collected from Carnival and events was 4MT, so this is a significant increase that

highlights the success of the efforts made in 2025. Carib Glassworks also has glass recycling bins at most ANSA McAL locations as part of the Group’s Reduce, Reuse, Recycle Initiative. The best performing recycle bin is the one stationed at TATIL Building, with employees and building occupants from across the compound – which includes two neighbouring buildings – regularly bringing in glass for recycling. ANSA Polymer collects CARIB crates that are no longer suitable for use and grinds them for reuse. Crates from the CARIB Breweries in both Trinidad and Tobago and St. Kitts and Nevis are used in the process. In 2025, crates were manufactured using 29% regrind on average.

Plastic regrind used for manufacturing new crates

2024

2025

Total (MT)

705

397

% from recycled content of total material used

48%

29%

In 2025, ANSA Chemicals was the Subsidiary that performed best in the Group’s Reduce, Reuse, Recycle initiative in the collection of plastic crates and glass bottles for return to CARIB Brewery Trinidad and Tobago. AMCO recycled 78 pallets of cardboard cases with a local recycling service provider in 2025. This new initiative directed a significant volume of waste away from the nation’s landfills and turned what would be waste into a valuable resource.

The Group also conducted a tendering exercise in 2025 and selected a vendor to provide recycling services at Head Office and some of the Subsidiaries that did not already have recycling in place. Bins and signage were distributed, and site visits conducted in preparation for commencement of the service in 2026. This includes recycling of plastic and paper.

ANSA McAL ANNUAL REPORT 2025

USING RESOURCES EFFICIENTLY REUSING PLASTIC At ANSA Polymer, all efforts are made to reduce waste from the plastic production process. Excess material produced with each product, called flash, as well as rejected bottles, together called scrap material, is ground and reused as a raw material.

Flash used to manufacture new bottles and buckets (MT)

2024 244*

*Note that the 2024 figure has been corrected to exclude the regrind used to manufacture crates which is now reported separately

REUSING CONCRETE AND CLAY At the Construction Sector’s concrete and clay block plants, nonconforming blocks are recycled. At Bestcrete, broken concrete blocks are crushed and utilised in the manufacture of new blocks. At the clay plant, waste cuts from the process are included in the preparation of raw materials for manufacture of new blocks. Both plants use broken blocks for ground fill internally and for sales to external customers.

2,553 MT of concrete waste material was reused. 6,918 MT of clay waste cuts were recycled in 2025 Comparably, in 2024, 4,551MT of concrete material was reused in the process. The significant decrease in the volume of waste used for recycling is due to a major reduction in the total waste produced, thanks to efforts to improve the quality of production through enhanced maintenance and efficiency of the plant.

ANSA McAL ANNUAL REPORT 2025

In 2025, the Construction Sector started measuring the volume of waste clay cuts in March. Efforts to recycle resulted in 74% of the clay waste cuts being reintroduced into the production process. The clay cuts must be dried to remove moisture to be suitable for use as a raw material.

2025 145

UPCYCLING & RECYCLING WASTE OUTPUTS SPENT GRAINS FOR FARMERS from local landfills and sold or distributed to farmers as a low-cost additive to supplement animal feed.

A portion of the spent malt grains from CARIB Breweries in Grenada, St. Kitts and Nevis and Trinidad and Tobago is diverted CARIB Brewery

Spent malt grains sold/donated to farmers (kg) 2023

2024

2025

Grenada

442,248

418,929

441,048

St. Kitts and Nevis

1,090,374

959,000

962,816

Trinidad and Tobago

867,500

490,150

285,990

The reduction in malt grains sent to farmers in Trinidad and Tobago is due to the need to replace the drying equipment which was not functional since October 2025. Due to the impact that the production equipment cleaning process has on the water effluent quality, CARIB Brewery Trinidad and Tobago began looking into alternative options to reuse the spent grains. Head, External and Legal Affairs, Mr. Sean Griffith, and the Master Brewer himself, Mr. Atiba Rique, had the privilege of meeting with Prof. Pathmanathan Umaharan, Director of the UWI Cocoa Research Centre, and Prof. John J. Forrer, Director of the Institute for

Corporate Responsibility at the George Washington University School of Business. The discussion focused on innovative ways to maximise the value of the Brewery’s spent grain by converting it into biochar, a remarkable solution that not only improves soil health and fertility for farmers by enhancing nutrient retention and waterholding capacity, but can also reduce the Brewery’s carbon footprint. Even more, biochar plays a critical role in carbon sequestration, helping to mitigate climate change by locking away carbon that would otherwise be released into the atmosphere.

RECYCLING WASTE SOLVENT To reduce the output of production waste, ANSA Coatings runs a solvent recovery plant. The system filters spent solvent and produces clean solvent which can be used again as a raw material. The plant processed 2,860 gallons (52 drums) of clean solvent in 2025. With a 50% recovery rate, resulting in 1,435 gallons (26 drums) of clean solvent being attained. The

reduced volume of solvent recovered as compared to 2024 (2,475 gallons) was due to maintenance challenges with the unit with respect to the quality of internal parts and difficulties in spare parts sourcing. The waste sludge removed from the plant is sent to an approved and responsible waste management service provider for safe handling and disposal.

ANSA McAL ANNUAL REPORT 2025

REUSING AND RECYCLING CONTAINERS AND PARTS At BLEACHTECH, empty Intermediate Bulk Containers (IBC), drums and other industrial containers are returned by customers and either reused internally on site or sent to third-party companies that reuse them. They

ANSA McAL ANNUAL REPORT 2025

also send old pumps, motors and piping to a scrap metal company to recycle the waste metal. In some cases, piping and other parts are used to make storage stands for small items on site.

POLLUTION REDUCTION REDUCING WASTE

RECYCLING USED OIL

In the Automotive and Construction Sectors, used oil was collected and returned to the original provider or sent to a service provider that consolidates and exports it to an international refinery. ANSA Motors returned over

15,000 gallons of

REDUCING SINGLE-USE PLASTICS

In 2025, ANSA McAL Head Office continued to encourage employees to use reusable glassware and bottles and limited the purchase of singleuse plastic bottles. As part of the renovation of the Head Office space, new water coolers were installed that count the number of plastic bottles saved, encouraging employees to keep up the good habit.

used oil in 2025.

ANSA McAL ANNUAL REPORT 2025

NATURE CLEAN-UPS INTERNATIONAL COASTAL CLEAN-UP ANSA Packaging led a group of more than 100 volunteers to Pool 2 at the Caura River in September 2025 to remove trash so that visitors could enjoy the natural environment as it should be enjoyed. Volunteers from across the Group’s Sectors and Head Office showed up to work together and do their part. Six-hundred and eighty-seven pounds of waste (5,948 individual items) were removed

ANSA McAL ANNUAL REPORT 2025

from the site. Waste was segregated during collection and the glass, plastic and aluminium collected were sent to be recycled. CARIB Brewery USA also continued with their monthly beach clean-ups, volunteering one hour of their time on a Saturday every month. They recovered 82kg of trash from Florida’s Cocoa Beach in 2025.

BIODIVERSITY AND ECOSYSTEMS

THE CARIBBEAN NATURAL CAPITAL HUB The Banking Sector, together with the Cropper Foundation, produced their second Natural Capital Report - for the year 2024 in November 2025. Building on the first report, the publication deepens the analysis of how the Banking Sector’s lending and investment portfolios interact with and depend on natural capital, helping to identify biodiversity and ecosystem-related risks and opportunities within financial decisionmaking. As the first private-sector-led natural capital reporting initiative of its kind in the region, the report advances the integration of naturerelated considerations into banking strategy and contributes to developing a regional knowledge base on how financial institutions can measure, value and manage their impacts and dependencies on nature. The insights generated through this work have directly informed the Banking Sector’s Sustainability Strategy for 2026 and beyond, strengthening the integration of nature-related risk, opportunity and impact considerations into the Group’s long-term business and financing decisions.

The report, titled Nature in Balance, marks a significant milestone in the Caribbean Natural Capital Hub journey, as it dives deeper into the impacts of the Banks’ portfolios on natural capital, with some key data presented: •

Relative Natural Capital impacts of the Banks’ portfolios by Sector (as a percentage) • Relative intensity of environmental impacts by Sector (as a percentage) • Financed emissions for T&T-based Banks and each Bank’s relative contribution based on portfolios • Natural Capital risks associated with the Banks’ financing (Trinidad and Tobago portfolios)

•

Selected environmental performance metrics for the Banks

•

A regional perspective on Natural Capital reporting – companies’ rating of their knowledge of natural capital impacts and sustainability terms and concepts

ANSA McAL ANNUAL REPORT 2025

THE CARIBBEAN NATURAL CAPITAL HUB ANSA MERCHANT BANK AND ANSA BANK LAUNCH THEIR SECOND NATURAL CAPITAL REPORT DURING AMCHAMTT’S HSSE CONFERENCE In November 2025, the Banks took a meaningful step forward on their sustainability journey with the launch of their second Natural Capital Report at the Hyatt during AMCHAM T&T’s HSSE Conference. For the team at the ANSA Merchant Bank Limited Banking Group, this report goes beyond just numbers and frameworks, by weaving the Natural Capital approach into how they make business decisions every day. It’s how they live their values and make choices that protect what matters most, our environment and our communities. The event began with Managing Director, Stephen Grell, explaining why sustainability is central to their vision for the future. Natalie Bibby, Corporate Sustainability Specialist at ANSA McAL Group, spoke passionately about how strong ESG reporting and IFRS S1 compliance help businesses manage risk responsibly. Keisha Garcia, the Banks’ former ESG Natural Capital Lead, walked the audience through the key findings of the report and reminded them that understanding environmental risks through a Natural Capital lens is essential to building resilience for generations to come. The presentations were followed by a panel discussion: “Future-proofing Business: ESG and Environmental Risk.” Sarita Parsad, Head of Legal and Compliance at TATIL, and Jeremy Haynes, Head of Origination for ANSA Merchant Bank, shared insights into the importance of considering environmental risks in the Financial Services Sector – Insurance and Banking respectively.

ANSA McAL ANNUAL REPORT 2025

We invite you to read the Natural Capital Report 2024 and join us in creating a future where progress and preservation go hand in hand: https://tt.ansamerchantbank.com/wpcontent/uploads/2025/11/ANS03-RM-AMBLNatural-Capital-Report-2024.pdf BANKING ESG ASPIRATION: Full integration of the Natural Capital Risk Assessment Framework into AMBL’s and ANSA Bank’s operations.

In 2025, using the results of the baseline quantification of Natural Capital impacts and risks associated with the Banks’ financial portfolios, the Banks’ prepared a preliminary Natural Capital Risk Assessment Framework. The framework is designed to support the Banks’ sustainable lending efforts in the commercial and corporate spaces.

QUARRY REHABILITATION The ANSA McAL Group operates three licensed quarries in Trinidad for sourcing raw materials locally for use in the manufacturing of glass bottles, concrete and clay blocks in the Packaging and Construction Sectors respectively. Both Sectors are committed to responsible operations, including land rehabilitation and biodiversity conservation at the quarries they manage. This approach is in direct alignment with United Nations Sustainable Development Goal 15 – Life on Land, Target 15.2 – promote the implementation of sustainable management of all types of forests, halt

Quarry

deforestation, restore degraded forests and substantially increase afforestation and reforestation globally. ANSA Packaging hosted a rehabilitation exercise at the sand quarry in Matura in Trinidad in October 2025. Eight-two volunteers from across five Sectors of the Group and Head Office, accompanied by some NGO representatives, successfully planted 300 trees indigenous to Matura. This included efforts to replant some of the areas that were planted in 2024 but did not thrive as expected. This is why the new acreage replanted in 2025 is less than 2024 (7 acres).

Clay quarry Longdenville Trinidad

Sand quarry Matura Trinidad

Raw Materials & Clay for clay block Sand and gravel products: manufacturing for concrete block manufacturing

Sand for glass manufacturing

Group company:

ABEL

Bestcrete

Carib Glassworks

Rehabilitation began

2013

2021

2019

2025 progress:

12 acres

1.5 acres

4 acres

Total progress:

61 acres

8.5 acres

18 acres

ANSA McAL ANNUAL REPORT 2025

Our social commitments are in support of the following six United Nations Sustainable Development Goals:

ANSA McAL ANNUAL REPORT 2025

IMPACT

ANSA McAL ANNUAL REPORT 2025

2025 marked a pivotal step in the evolution of the Human Resources function at ANSA McAL. Guided by Stewardship, People and Impact, we strengthened:

STEWARDSHIP Accountability, responsibility, and long-term value creation through strong leadership ownership.

LEADERSHIP Building leadership capability and strengthening accountability across the Group.

ALIGNMENT Directly linking people initiatives and HR investments to enterprise outcomes and performance.

CAPABILITY Targeted talent development and organisational learning to support sustained growth.

FUTURE-READINESS Organisational development, digital innovation, and design to prepare the Group for what’s next.

Central to this progress was the reimagining of the Corporate Head Office HR function into Centres of Excellence, enabling clearer accountability, stronger analytics and closer alignment across Talent, Rewards and HR Operations. Anchored in Stewardship, this

ANSA McAL ANNUAL REPORT 2025

model elevated HR from functional delivery to strategic impact, strengthening execution across the Group and ensuring people strategy directly supported ANSA McAL’s growth agenda.

HOW THESE VALUES WERE LIVED OUT FROM A GROUP-WIDE STANDPOINT PIONEERING AI IN HR: A FIRST FOR THE ENGLISH-SPEAKING CARIBBEAN In 2025, ANSA McAL became the first largescale enterprise in the English-speaking Caribbean to launch Artificial Intelligence across its Human Resources ecosystem, marking a defining milestone in the Group’s digital and cultural transformation. Embedded within its Human Capital Management platform, an AI-powered digital assistant and advanced Generative AI capabilities are reshaping how employees and leaders engage with work. Team members can now access real-time HR support, personalised learning pathways, and career insights through intuitive, conversational tools, while leaders leverage AI-driven analytics to enhance recruitment, performance management, and succession planning.

By automating routine processes and accelerating decision-making, the initiative increases agility, strengthens talent alignment, and enables HR teams to focus on strategic priorities. Delivered in collaboration with HRIZONS, a leading SAP SuccessFactors partner, this launch reflects more than technological advancement. It signals ANSA McAL’s commitment to leading the future of work in the region and advancing its 2X Growth ambition through people and performance.

BUILDING STABILITY THROUGH STRATEGIC TALENT ACQUISITION In 2025, Talent Acquisition focused on long-term workforce stability, guided by Stewardship. The priority was building a sustainable talent ecosystem that supports business continuity, growth and resilience. This included strengthening the Employer Value Proposition through the #WeAreTheANSA campaign, which was worked on in 2025, for a 2026 launch and improving onboarding and orientation to drive early engagement, cultural alignment and retention. Operational capability was strengthened through the rollout of SAP SuccessFactors Recruitment, Onboarding and Offboarding modules, enabling more consistent, datadriven hiring across the Group. Talent

pipelines were reinforced through Cohort 8 of the Champions Programme and expanded partnerships with regional and international institutions, positioning the Group to compete effectively in an evolving labour market. In support of long-term workforce sustainability, external partnerships were expanded to widen access to regional and international talent. Formal engagements with The University of the West Indies, Arthur Lok Jack Global School of Business, The University of Guyana, and the Guyana Ministry of Foreign Affairs’ Diaspora Unit position the Group to attract emerging, specialised and returning talent aligned to evolving business needs.

ANSA McAL ANNUAL REPORT 2025

REWARDS THAT MATTER AND DRIVE IMPACT In 2025, the Group strengthened its approach to people investment through a clear shift to a Total Rewards philosophy, integrating compensation, benefits, well-being and development to support performance, equity and long-term value. A key priority for 2025 was the rollout of the Hay Profile Methodology of Job Evaluation across the Group, providing a consistent, data-driven framework for role design, workforce planning, succession and career development. The Banking Sector led the pilot and has already realised clearer role definition, stronger decision-making and improved equity. Implementation is progressing across the Chemicals and Beverage Sectors, with Corporate Head Office and Insurance scheduled for 2026,

establishing the foundation for fair pay and scalable organisational growth. The link between performance and reward was reinforced through a comprehensive review of the Executive Incentive Plan, conducted with global experts. This work strengthens alignment between executive reward, business performance, risk management and long-term value creation, reinforcing accountability at the highest levels. Enterprise policies were also reviewed to maintain alignment with leading practices and evolving organisational needs, including updates to the Global Mobility Policy to support the Group’s expanding operating model.

STRENGTHENING LEADERSHIP DEVELOPMENT In 2025, leadership development was advanced as a strategic lever for performance and accountability, grounded in Stewardship, Performance and measurable business impact. The focus shifted from development activity to capability that directly supports enterprise outcomes. A key milestone was the partnership with TalentPRO to assess leaders against core stewardship principles and competencies, providing a Group-wide, data-driven view of leadership effectiveness, succession and readiness. Leaders received targeted development roadmaps, enabling more deliberate deployment of leadership capability across critical roles. Leadership development was further institutionalised through the launch of ANSA L.E.A.D., (Lead, Empower, Advance, Develop) beginning with supervisors.

ANSA McAL ANNUAL REPORT 2025

Two cohorts completed the inaugural programme, strengthening frontline leadership capability and establishing a scalable leadership pathway for broader rollout in 2026. Targeted learning partnerships, including ExecOnline which will offer access to international best-in-class learning opportunities, further addresses priority capability gaps aligned to workforce planning and business needs.

STEWARDSHIP THROUGH ENGAGEMENT: LISTENING AND ACTING Employee engagement remained a priority in 2025, supported by regular pulse surveys to measure progress and guide action. Overall engagement increased modestly, indicating positive momentum while highlighting the need for continued focus. A key improvement was recorded in performance feedback, with a 14-percentage-point increase in employees reporting effective manager feedback. This reflects stronger leadership behaviour and reinforces the link between people management and engagement. Through disciplined measurement and follow-up, HR continues to convert employee insight into targeted action—strengthening connection, accountability and workforce resilience.

DIGITAL ENABLEMENT: A SCALABLE HR INFRASTRUCTURE In 2025, our SAP based Human Resources Information System (HRIS) emerged as a core driver of efficiency, governance and insight. Investment focused on building a scalable digital foundation to improve accuracy, accountability and decisionmaking across the Group. Technology adoption increased from 38% to 86%, delivering faster workflows, improved self-service and stronger system reliability.

Targeted optimisation delivered TT$0.5M in realised savings, with an additional TT$1.8M in projected efficiencies identified. Innovation accelerated through AI-powered chatbots, Generative AI pilots and real-time Power BI dashboards. With 90% of key HR processes now automated, HR operates with greater speed, visibility and precision— positioning the function to support both current operations and future growth.

ANSA McAL ANNUAL REPORT 2025

IMPACT THROUGH NUMBERS INTERNAL PIPELINE FILL RATE

REDUCTION IN VOLUNTARY TURNOVER

11%

Voluntary turnover declined slightly from 11.6% to 11.0%, reflecting our continued focus on strengthening the employee experience and workforce stability. This result is a reflection of the Group’s continued focus on fostering a positive employee experience, aimed at enhancing workforce stability.

48%

Our strong commitment to developing and advancing talent from within is reflected in an internal fill rate of 48%—a clear demonstration of the depth and readiness of our people. Nearly half of all roles were filled through internal promotions and movements, reinforcing our focus on building capability, rewarding performance, and creating meaningful career pathways across the organisation. This achievement not only strengthens engagement and retention, but also ensures continuity, accelerates time to productivity, and delivers measurable value by leveraging institutional knowledge. It is a powerful indicator that our investment in talent development is translating into sustained organisational strength and future-ready leadership.

NET BENCH STRENGTH

63%

PULSE PARTICIPATION

Strong cross-sector collaboration and aligned, ambitious targets drove steady progress in workforce capability. Net Bench Strength increased from 44% to 63%, reflecting significantly improved leadership readiness and talent depth to support future growth

HIGH POTENTIAL RETENTION RATE

93% Talent reflects the strength of our leadership pipeline and the effectiveness of our targeted development and engagement strategies. Retaining this critical segment protects institutional knowledge, reduces succession risk, and ensures sustained leadership continuity to drive long-term business performance.

ANSA McAL ANNUAL REPORT 2025

76%

Employee engagement remains a priority, with Groupwide Pulse Survey participation increasing from 70% to 76% in 2025 and upward movement in our engagement scores. This increased participation reflects growing trust and provides stronger insights to guide targeted engagement and workplace improvements.

GENDER PAY GAP We continue to build our bench strength of females, with our female Senior Management team being represented with a 42% rate, presenting a solid pipeline for our Executive leadership group growth. Further, the gender pay gap analysis shows the Company remains pay equitable across job levels, with most roles operating at or near full parity – in some cases with Female averages surpassing that of Males. Variations

observed across certain grades reflect a combination of workforce composition, market conditions, and role-specific factors rather than systemic imbalance. Overall, year-on-year movements highlight that pay outcomes are responsive to organisational and market dynamics and are reviewed regularly to support fair and equitable reward practices.

ADMINISTRATIVE/ TECHNICAL SUPPORT

-7.39%

SENIOR MANAGERS

1.15% MALES ABOVE FEMALES

MALES ABOVE FEMALES

PROFESSIONALS/ TEAM LEADS

-9.07% MALES ABOVE FEMALES

MANAGERS AND SENIOR PROFESSIONALS

0.59% MALES ABOVE FEMALES

HEAD OFFICE EXECUTIVES, SECTOR HEADS, MDS/GMS & SUBSIDIARIES’ DIRECTORS

4.33% MALES ABOVE FEMALES

Data reflects non-unionised employees and does not include employees covered by a collective agreement

ANSA McAL ANNUAL REPORT 2025

SOCIAL COMPONENTS OF OUR ESG PILLARS Safe Working

Equal Opportunity

Employee, Customer and Consumer Well-Being

Responsible Marketing and Innovation

Education

LOOKING FORWARD As we prepare for the next phase of HR evolution, our focus remains on embedding stewardship into leadership practice, deepening talent readiness and leveraging technology to drive performance at scale. The foundations built in 2025 position HR to continue enabling disciplined growth, stronger leadership accountability and

ANSA McAL ANNUAL REPORT 2025

sustainable organisational capability. Through deliberate design and measurable execution, HR delivered results that matter— strengthening leadership, stabilising the workforce and translating people investment into business performance across the Group.

SAFE WORKING Safety at work remains a top priority across the ANSA McAL Group. Our objective of continuous improvement drives the enhancement of existing and the addition of new measures and approaches to protecting the well-being of our employees at work. This approach shares the same objective as United Nations Sustainable Development Goal 8 – Decent work and economic growth, Target 8.8, which aims to protect labour rights and promote safe and

secure work environments for all workers, to prevent the occurrence of injury on the job. ANSA McAL makes continuous efforts to reduce accidents on the job through Health, Safety, Security and Environment (HSSE) training, including the ongoing Safe Systems of Work training programme and the Group HSSE Safety Management System training.

2021

2022

2023

2024

2025 (YTD)

Accidents

Lost Time Injuries (LTIs)

$175,000 $80,000

$86,940

$533,368

239

147

Cost of Accidents/LTIs (Medical care and wages)

$38,000

Lost Working Days

ANSA McAL considers even one accident too many. The two Lost Time Injuries in 2025 had significant impacts on the persons, teams and businesses involved. The injuries occurring in the Utilities and

236

Beverage Sectors, resulted in emphasis placed on leadership responsibility and ownership, procedural compliance, enforcement of frontline safety, SSOW and Hazard Awareness.

ANSA McAL ANNUAL REPORT 2025

SAFETY MANAGEMENT SYSTEM (SMS) AUDITS AND TRAINING The Safety Management System (SMS) and Life-Saving Rules launched in 2024 were the basis of the HSSE audits conducted in 2025. Internal audits were conducted by the HSSE representatives in each Subsidiary across the Group, in conjunction with their respective management teams. The audits covered all 14 standards of the SMS. The target compliance for this new system was over 30% and the overall results were promising, with an average compliance above 40%. Each Subsidiary is intensely focused on closing gaps identified, with the overall objective of elevated collective accountability for HSSE on the job, enhanced safety culture and reduced accidents. In 2025, the Group HSSE team launched online SMS training in two phases, with each phase covering seven of the 14 standards. The training was launched through the HR engagement platform Employee Central.

SAFETY HIGHLIGHTS BLEACHTECH celebrated the achievement of two years without a Lost Time Incident (LTI) at both of its plants in 2025 – October for Ohio and December for Virginia. This is in part due to the implementation of the Group HSSE Safe System of Work training which started in 2024 and continued into 2025 and now forms part of the orientation programme for new hires. In 2025 at ANSA Chemicals, all operations staff were retrained in the Group HSSE Safe System of Work to reinforce safe working practices. A forklift safety training video was also developed internally by the HSSE and IT teams.

ANSA McAL ANNUAL REPORT 2025

Phase 1 ran from June to July 2025 and Phase 2 from September to October 2025. The short courses were engaging, with videos and quizzes to assess employees’ understanding. Completion rate across the Group was 72%. Subsidiaries such as Beverage, Construction, Packaging and Utilities that have an inherent presence of safety hazards have a Behaviour Based Safety (BBS) Observation programme in place to encourage and empower employees to report hazards on the job so they can be promptly addressed and reduce the likelihood of accidents occurring. Additionally, at the Construction manufacturing facilities, a 6S system is in place, where focus of 5S (sort, set in order, shine, standardise, and sustain) coupled with HSE leading indicators (training, BBS, regulatory requirements etc) supports a proactive safety culture.

SAFETY HIGHLIGHTS (CONTINUED) In alignment with the Group’s commitment to workplace safety, team members from Berger Paints Jamaica, including members of the security team, completed an Industrial Firefighter Training Course at the Caribbean Maritime University. The hands-on programme equipped participants with essential knowledge and practical skills to respond effectively to industrial fire emergencies. Training covered fire prevention strategies, the safe use of firefighting equipment, emergency response

CARIB Trinidad and Tobago successfully reduced accidents on the job by 64% and forklift accidents stood at zero, as compared to 13 in 2024, thanks to efforts to improve warehouse safety. In 2025, there were five accidents in the Packaging Sector, one less than in

coordination, and personal protective equipment best practices. This investment strengthens Berger Jamaica’s fire prevention and response capabilities and enhances overall operational resilience.

2024. Various initiatives to continue to reduce accidents on the job are in place. The behaviour-based safety observation rate was well over the target of 20, at 45 per month on average. Closeoff of high-risk observations within 24-72 hours remained at 100%, consistent with the trends in 2024.

ESG ASPIRATION: Manufacturing Sector: Packaging Develop safety first culture with goal of zero accidents

HEALTH, SAFETY, SECURITY AND ENVIRONMENT (HSSE) INITIATIVES HSSE is a core operational priority that is implemented through procedures and initiatives focused on strengthening safety awareness, emergency preparedness and employee well-being. CARIB Brewery St. Kitts and Nevis observed Health and Safety Week with a

comprehensive programme centred on workplace safety, health awareness and preparedness. Activities included evacuation procedure training, eye screenings, yoga and wellness sessions, financial health discussions, hurricane preparedness workshops and general health check-ups, alongside conversations on nutrition and mental health.

ANSA McAL ANNUAL REPORT 2025

HEALTH, SAFETY, SECURITY AND ENVIRONMENT (HSSE) INITIATIVES (CONTINUED) ANSA Packaging hosted HSSE Week activities at Carib Glassworks and ANSA Polymer, where more than 180 employees participated. The programme combined practical safety exercises, including hazard identification challenges, ergonomic assessments and speak-up scenarios, with health and well-being activities such as guided stretching and breathing techniques. Each day concluded with a safety pledge wall, encouraging employees to commit to specific actions to improve safety in their work environment and reinforcing shared accountability.

Safety engagement was similarly reinforced at ANSA Motors Trinidad. HSSE Days were hosted across Port of Spain, Chaguanas and San Fernando, offering employees hands-on learning through CPR and basic first-aid training, fire-response drills, crash simulations and an impaired driving exercise using specialised goggles. These activities were supported by interactive engagements designed to reinforce safe decision-making in real-world scenarios. To further embed a safety-first culture, a rewards and recognition programme was introduced within the Mobility department, to incentivise safe driving behaviour which is monitored through software installed in each vehicle. High-performing drivers were recognised, while those requiring improvement received targeted coaching to support safer practices across the fleet.

ANSA McAL ANNUAL REPORT 2025

HEALTH, SAFETY, SECURITY AND ENVIRONMENT (HSSE) INITIATIVES (CONTINUED) ANSA McAL Distribution dedicated a week in July to encouraging staff to make healthier lifestyle choices. From health talks to friendly department challenges, the week was filled with engaging and educational activities coordinated by HSSEQ Coordinator Reana Anderson, and included expert advice from Courts Optical and a registered nutritionist. Awareness training also extended to operational safety. In Guyana, ANSA McAL Distribution hosted a road safety training session in August 2025, reinforcing the importance of responsible driving practices. The session covered defensive driving techniques and legal awareness, supporting the Group’s ongoing focus on employee safety and risk reduction.

Guardian Media Limited dedicated the month of October to HSSE awareness, with a strong focus on holistic well-being and personal safety. Employees participated in health screenings, fitness challenges and educational sessions, including a perimenopause seminar that created

space for open discussion and awareness. The month culminated in an HSSE Expo, bringing together vendors across key health and safety areas such as eye care, sleep health, dental care, nutrition and fire safety, providing employees with direct access to resources and information.

TATIL also advanced its employee well-being agenda through a comprehensive Health and Wellness Week hosted across its Head Office and COLFIRE locations. The initiative engaged approximately 250 employees in a range of wellness activities including basic eye and health screenings, cholesterol

testing, fitness sessions and wellness popups. The programme was supported by key partners including the Diabetes Association of Trinidad & Tobago, the North West Regional Health Authority, Optometrists Today, AMCO and DuroBody Fitness.

ANSA McAL ANNUAL REPORT 2025

EQUAL OPPORTUNITY The Group continued to advance its commitment to equal opportunity and inclusion through initiatives that promoted awareness, recognition and meaningful employee engagement.

In observance of Neurodiversity Celebration Week 2025, employees at CARIB Brewery Trinidad and Tobago participated in an awareness session on neurodiversity in the workplace, highlighting the wide range of natural neurological differences and how they influence the way individuals think, learn and process information. The session reinforced the importance of fostering inclusive environments where diverse perspectives and working styles are understood and supported. In addition, the team at CARIB actively embraced World Down Syndrome Day 2025 under the theme Improve Our Support Systems. Employees demonstrated their support for the Down Syndrome Family Network (DSFN) through the purchase of awareness socks and participation in the global “Lots of Socks” initiative, wearing colourful and mismatched socks to raise awareness and promote inclusion.

ANSA McAL ANNUAL REPORT 2025

Gender-focused engagement was also prioritised across the Group. The iRadio team commemorated International Women’s Day with a luncheon and empowerment lecture led by Beverley Harper, creating space for reflection, connection and motivation. Guyana Breweries Inc. similarly observed International Men’s Day with a luncheon recognising the contributions of men in the workplace and highlighting the positive impact they make across the business.

On Tuesday 17th June 2025, Guardian Media hosted a Men’s Health Workshop featuring Counsellor/Behaviour Change Specialist Yohance Ayodike. This session was designed to empower their male team members with the knowledge, tools, and encouragement they need to prioritise their well-being. The session focused on building healthy habits – those small, consistent choices that quietly shape stronger bodies, sharper minds, and more balanced lives.

EMPLOYEE,

CUSTOMER AND CONSUMER WELL-BEING EMPLOYEE WELL-BEING

STEWARDSHIP AND DEVELOPMENT During 2025, the Group continued to advance its Stewardship agenda, strengthening leadership capability, organisational alignment and employee growth across key Sectors. At the core of this approach are the ANSA McAL Business Stewardship Principles—Brave, Agile, Responsible, Inclusive and Visionary—which define how leaders make decisions, lead teams and deliver sustainable, long-term value. In the fourth quarter of 2025, the Banking Sector’s Human Resources team led the rollout of these principles across a series of highly interactive activation sessions for Executives and Senior Managers. Led by the Talent & Organisational Development function, the sessions focused on embedding stewardship behaviours into day-to-day leadership practices, creating a shared understanding and establishing a clear foundation for action. More than 70 Executives and Senior Managers participated.

ANSA McAL ANNUAL REPORT 2025

STEWARDSHIP AND DEVELOPMENT (CONTINUED) This leadership focus was complemented by a Banking Sector townhall roadshow, undertaken during Q4 2025, to strengthen communication and engagement across all ANSA Merchant Bank and ANSA Bank locations. Senior Leadership engaged directly with employees, encouraging open dialogue and providing opportunities for team members to raise questions and share feedback. The roadshow also served as a platform to formally introduce the Business Stewardship Principles to the wider employee population.

Capability development was further advanced within ANSA Chemicals, where structured career paths were developed and implemented across all departments. To support these pathways, dedicated funding was allocated and the Group’s Education Support Policy was actively promoted, enabling employees to pursue education and training aligned with their career

progression. As at 31st December 2025, four applications were approved, representing a total investment of TT$174,867.56. In parallel, individual learning and development plans were created for all operators to strengthen current role capabilities and prepare employees for future advancement, with 100% of planned training for 2025 successfully completed by year end.

EMPLOYEE WELL-BEING INITIATIVES The Group continued to prioritise employee well-being through initiatives focused on mental health, psychological safety, physical health and inclusive workplace practices across each sector.

ANSA McAL ANNUAL REPORT 2025

Guardian Media partnered with the Group’s Employee Assistance Programme provider, Families in Action, to deliver a management-focused seminar on creating safe and inclusive workspaces. The session reinforced the importance of respect, open communication and psychological safety, equipping managers with practical tools and scenarios to support healthy boundaries, effective communication and inclusive team environments.

EMPLOYEE WELL-BEING INITIATIVES (CONTINUED) Employee well-being was further enhanced at ANSA Motors through a range of mental and physical health initiatives. These included lunch-and-learn sessions focused on mental health awareness, the “Wellness Wednesday” programme promoting healthier eating habits, and on-site medical testing for employees. Through partnerships with the North West and South West Regional Health Authorities, staff benefited from convenient on-site health screenings at the Port of Spain and San Fernando locations, complemented by preventive dental care services provided across all branches.

At CARIB Trinidad and Tobago, workplace inclusion and awareness were reinforced through two interactive sensitisation sessions on HIV and AIDS in the workplace, delivered in January 2025, by the Ministry of

Labour’s HIV Workplace Advocacy Unit. The sessions promoted understanding, reduced stigma and reinforced the importance of maintaining a safe, productive and inclusive environment for all employees.

Leadership well-being and capability were also addressed through targeted development programmes. Emotional Intelligence training for Abel Building Solutions leadership was delivered over two days in response to feedback from the 2024 Pulse Survey, with strong participation

across the leadership team. Building on this foundation, a follow-up workshop on Navigating Difficult Conversations was conducted in November 2025, strengthening leaders’ ability to manage challenging discussions with confidence, empathy and composure.

ANSA McAL ANNUAL REPORT 2025

EMPLOYEE WELL-BEING INITIATIVES (CONTINUED) 5K EVENTS The Group continued to promote employee well-being and active lifestyles through the support of community-based 5K events that encouraged physical

activity, inclusivity and social connection. In 2025, these initiatives also increasingly integrated sustainability and public health awareness into their design and delivery.

TATIL further supported employee wellbeing and public health awareness through participation in the Run DATT 5K Diabetes Run/Walk, held on 22nd November 2025 at the Queen’s Park Savannah. The event attracted approximately 3,100 registered participants, including over 200 employees from TATIL, COLFIRE and TATIL Life. The initiative reinforced the importance of lifestyle choices, early detection and community engagement, with participation from national stakeholders, including the Minister of Health. The event also received strong national support with participation from key stakeholders, including the Minister

of Health, reinforcing TATIL's commitment to public health advocacy and employee wellness.

In St. Kitts and Nevis, CARIB employees participated in a Health Walk and Beach Bash organised by the Sports and Social Club, combining physical activity with social interaction and wellness.

100

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EMPLOYEE WELL-BEING INITIATIVES (CONTINUED) 5K EVENTS The ANSA Motors 5K 2025, held under the theme Glow Green, brought together approximately 1,500 participants in a high-energy event that combined fitness, community engagement and environmental responsibility. The event featured a Race Village, live entertainment and glow-inthe-dark medals, while also strengthening sustainability practices through targeted waste management initiatives. In partnership with local upcycling company Glastic Designs, 84lbs of plastic waste were collected from the Queen’s Park Savannah and Race Village. Select plastics were upcycled into functional products, while PET bottles were channelled through Every Bottle Back TT’s national recovery system, ensuring responsible recycling and minimal landfill impact. A custom coffee table created from the collected materials will be displayed at the ANSA Motors office as a lasting reminder of shared environmental responsibility.

Similarly, AMCO held the Brunswick Colour Dash 5K, now in its second year. More than 2,500 runners and walkers participated in the event around the Queen’s Park Savannah, which combined fitness with family-friendly activities, cultural elements and charitable outreach. The event featured live entertainment, children’s activities and custom-designed medals, creating an inclusive environment that encouraged participation from seasoned runners and first-time participants alike.

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AWARENESS AND TRAINING Throughout the year, the Group continued to invest in awareness initiatives designed to strengthen collaboration, leadership

capability, technical expertise and responsible workplace behaviours across sectors.

In the Construction Sector, the Winning Together leadership series was launched to enhance collaboration, communication and professional conduct. The series focused on building high-performing teams, managing conflict constructively and reinforcing ethical and respectful workplace interactions. Sessions were held by leaders from the Group, including Head

of Legal, Head of Strategy and a Head of Change Management and Transformation. Topics covered included personal branding and team identity, the value of effective team participation, and practical conflict management and collaboration skills, providing leaders with tools to support team cohesion and shared accountability.

At ANSA Packaging, Pension and Benefits information sessions were conducted between May and June 2025, providing employees with the opportunity to gain greater clarity on retirement planning and pension benefits within the Group. Fortyone employees participated in the sessions, which encouraged informed decisionmaking and open dialogue around long-term financial well-being.

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EMPLOYEE RECOGNITION Employee recognition remains a key pillar of the Group’s people strategy, complementing long-standing milestone celebrations with initiatives that recognise performance, values-driven behaviour and meaningful contributions across the organisation. Throughout the year, sectors continued to introduce innovative approaches to honour employees and reinforce a culture of appreciation, engagement and shared success. Within Caribbean Development Company and CARIB Brewery Limited, the CARIB Trailblazer Employee

Recognition Programme celebrated outstanding contributions to operational excellence and food safety. In August 2025, employees were recognised for improving the mechanical integrity of Line 6, contributing to greater operational stability, as well as for demonstrating sustained commitment as integral members of the Food Safety Committee through consistent auditing and support of the Management of Change process.

AMCO continued to spotlight employee growth and achievement through its Careers in Motion series, which celebrates the professional journeys of team members while highlighting opportunities for

development within the organisation. To date, six employees have been featured on LinkedIn, with weekly posts designed to recognise internal talent and support employer recruitment.

In the Construction Sector, the Winner’s Circle Rewards and Recognition Programme was launched to formally acknowledge both values-based behaviours and business performance excellence. Rolled

out to approximately 500 employees, the programme reinforces the sector’s core values while motivating high performance. A total of 81 Spirit Awards were submitted, reflecting strong engagement with the initiative.

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EMPLOYEE RECOGNITION (CONTINUED)

Recognition remained a key priority across the Banking Sector. In June 2025, ten exemplary employees from ANSA Merchant Bank and ANSA Bank were honoured at the Banks' Annual Milestone Awards Ceremony. These individuals celebrated 40, 25, 15 and 5 years of dedicated service. Their achievements reflected not only their personal commitment but also the value they continue to bring to the continued growth and success of the Banking Sector. A Customer Experience (CX) Roadshow was conducted during the Christmas period. Members of the ANSA Bank and ANSA Merchant Bank executive teams, alongside the CX team, visited branch and operational

CARIB Brewery USA further reinforced its recognition culture through its Employee of the Quarter programme, which recognised outstanding performance of 38 employees between Q1 and Q3, alongside it’s You Got

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locations to personally thank employees for their contributions throughout the year. The visits included the distribution of departmental hampers and the presentation of awards to third-quarter winners of Cheers for Peers, the Bank’s peer-to-peer recognition programme. The roadshow concluded with the announcement of Peer of the Year award recipients for both Banks, recognising individuals who consistently exemplified the Group’s core values and commitment to excellence.

Served Employee Appreciation and Safety Champion programme, supporting teambuilding, safety awareness and individual development.

EMPLOYEE ENGAGEMENT AND CULTURE A strong sense of connection and community was reinforced throughout the year through employee engagement initiatives that encouraged collaboration,

work-life balance and shared experiences. Social and recreational events played a central role in building engagement.

Guardian Media Limited hosted a Game Day and Karaoke event in July 2025, bringing teams together through interactive board games, video games and a lively karaoke competition. This was complemented by

sporting initiatives, including a cricket competition held in August and September 2025, which saw strong participation and highlighted teamwork, inclusion and friendly competition.

Cultural and social engagement was further supported through events across territories. In Guyana, an Inter-Department Cook-Up Competition brought together teams from Guyana Breweries, ANSA Building Solutions and ANSA McAL Distribution, fostering camaraderie through friendly culinary competition.

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EMPLOYEE ENGAGEMENT AND CULTURE (CONTINUED) TATIL strengthened employee engagement and company culture through several largescale staff events at TATIL, including Chow & Soca and a Games Night and Karaoke, that brought together employees from TATIL, TATIL Life, COLFIRE, the Banking Sector and ANSA McAL Head Office. These events blended entertainment with friendly competition, fostering deeper relationships across entities, enhancing team spirit, and boosting overall employee morale.

The high-level of participation demonstrated the positive impact of these initiatives on building a more collaborative and unified culture across the Group. Engagement was also encouraged within the Packaging Sector through an annual cricket tournament and All Fours event, promoting camaraderie between the Carib Glassworks and ANSA Polymer teams.

Family-focused initiatives complemented these efforts, reinforcing the Group’s commitment to supporting employees beyond the workplace. In Guyana, Bring Your Kids to Work Day at ANSA McAL

Distribution provided children with exposure to different careers and brands through interactive tours and engagement with team members.

In Jamaica, ANSA Chemicals further supported employees and their families through the introduction of a Student Milestones Policy, recognising academic achievement with book vouchers for children who successfully completed national secondary school entrance examinations.

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EMPLOYEE ENGAGEMENT AND CULTURE (CONTINUED) The Real Estate Sector hosted two townhalls in 2025, the second of which involved hosting four employees based in Guyana in person to allow for their full participation.

The team also took the opportunity to hold their team-building activity in conjunction with this townhall during which they got the chance to relax, unwind and bond while bowling.

Across the Banking Sector, Mother’s Day was recognised through the distribution of spa gift vouchers to employees who are mothers, acknowledging their contributions both in the workplace and at home, and reinforcing the Group’s commitment to work-life balance.

Milestone celebrations further strengthened shared values and organisational culture across businesses. In the United States, BLEACHTECH marked its first anniversary as part of the ANSA McAL Group with employee celebrations in Ohio and Virginia, featuring games, awards, and recognition

At ANSA Motors Trinidad and Tobago, Mother’s Day was marked by the distribution of chrysanthemums to mothers across all locations, celebrating their invaluable contributions and fostering a warm, inclusive atmosphere where employees felt seen and appreciated. Father’s Day was similarly commemorated with the distribution of beer mugs and branded key chains to fathers across the company, providing a meaningful opportunity to recognise and celebrate fatherhood.

aligned with core values. AMCO similarly celebrated its people through its annual Carpark Jam, bringing employees together through music, food, and entertainment to recognise contributions and reinforce a “Work Hard, Play Hard” culture.

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CUSTOMER WELL-BEING In the manufacturing of all our products across the Sectors, customer well-being is a top priority. One way to ensure that quality standards are consistently met is by implementing systems and measures in alignment with both local and international certifications.

Trinidad and Tobago was assessed against the new version 6, released in 2023, which includes new elements that mirror Critical Control Points (CCP) in food safety, a mandatory food safety and quality culture plan, and enhanced allergen management and environmental monitoring controls.

In June 2025, CARIB Trinidad and Tobago marked the global World Food Safety Day, themed Science in Action, with a celebration of the successful and significant achievement of the attainment of Food Safety System Certification FSSC 22000 Version 6. This was the first time that CARIB

ANSA Polymer of ANSA Packaging also successfully obtained FSSC 22000 certification for the first time in 2025. This milestone opens potential opportunities to expand its customer base both locally and internationally.

SECTOR COMPANY

CERTIFICATION ISO 9001: 2015

FSSC 22000

ISO TTBS Star-K 22000 Certification

NSF ANS/

CAN60 Beverage

CDC/CARIB Brewery Trinidad and Tobago CARIB Brewery Grenada CARIB Brewery St. Kitts and Nevis

Packaging

ANSA Polymer Carib Glassworks

Construction

ANSA Coatings Sissons Paints Grenada Berger Paints Barbados Berger Paints Jamaica ANSA McAL Enterprises Limited (Bestcrete, Abel Clay Plant and Construction Head Office)

Utilities

ANSA McAL Chemicals (Trinidad and Tobago) BleachTech

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n/a n/a n/a n/a n/a

n/a n/a

CUSTOMER WELL-BEING (CONTINUED) PACKAGING ESG ASPIRATION: Continuous reduction of complaints year on year with the goal of zero consumer and customer complaints

At ANSA Packaging, quality control is critical to ensuring product, customer and consumer safety. As such, they have robust procedures and detection software in place to prevent even the smallest of deformities from creating an impact. At ANSA Polymer, there were four significant customer complaints. Corrective actions were taken to reduce likelihood of reoccurrence; all machine attendants were retrained

in defect identification and additional quality and process control checks by production personnel. In 2025, Carib Glassworks implemented a new integrated quality and production monitoring system to enhance existing quality control processes and equipment. There were zero consumer and customer complaints for Carib Glassworks.

FOOD SAFETY AND QUALITY EXCELLENCE CARIB Brewery Trinidad and Tobago marked World Food Safety Day on 13th June 2025 under the theme Science in Action, reinforcing the role of science, systems and continuous improvement in ensuring food safety. The observance coincided with a significant milestone for the business: the successful attainment of FSSC 22000 Version 6 certification, a globally recognised and GFSI-benchmarked food safety standard. This achievement reflects CARIB’s ongoing investment in robust food safety management systems and its commitment to meeting international quality standards.

CARIB Brewery St. Kitts also observed Food Safety Day through activities aimed at promoting awareness and best practices

across its operations. The event incorporated food safety messaging alongside employee engagement activities.

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RESPONSIBLE MARKETING AND INNOVATION Creativity, collaboration and customer insight continued to drive standout marketing and innovation initiatives across the Group, delivering strong brand engagement, industry recognition and measurable commercial impact. The promotion of responsible drinking is part of the core messaging of CARIB Brewery. Their @EASE symbol on each product serves as a consistent reminder

BEVERAGE ESG ASPIRATION: Adult LNA/alcohol-free portfolio (25% business volume)

CARIB Brewery continues to evolve its portfolio to meet evolving market trends that show the increasing interest of consumers in low and no alcohol (LNA) beverages. In 2025, the LNA portfolio stood at 17% of the total portfolio.

At ANSA Polymer, innovation continues to drive circular solutions within their operations. In 2025, the team designed and tested a new product- plastic pallets, developed primarily from recycled crate regrind. These pallets offer a longer service life compared to traditional wooden pallets, helping to reduce material waste through extended durability and reuse. Approximately 95% of each pallet is manufactured from recycled material, and the pallets themselves can be recycled at end-of-life, supporting ANSA Packaging’s commitment to circular manufacturing and responsible resource management.

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to consumers to drink responsibly. Their commitment is also demonstrated by their continued membership in the Trinidad and Tobago Beverage Alcohol Alliance, a nonprofit association whose mission is to reduce alcohol-related harm through combating the misuse and abuse of beverage alcohol products and promoting only their responsible use. Sean Griffith, Sector General Counsel and Head of External Affairs, is a member of the Board.

Although there were many initiatives underway in 2025, due to some delays the launch of new LNA products was pushed to 2026. This remains a key strategy of the Beverage Sector and stakeholders can expect more to come.

RESPONSIBLE MARKETING AND INNOVATION (CONTINUED) Education-driven marketing also played a key role in strengthening customer relationships within the Construction Sector. The second instalment of the Abel Clay Blocks & Breakfast series, hosted in Tobago, reinforced the Group’s commitment to customer education. Contractors, small builders and industry professionals participated in hands-on learning focused on the benefits of Abel Clay Blocks, including the Hercules and Colossus vertical core structural blocks. The session combined expert presentations on performance, cost efficiency and bestpractice construction techniques with live demonstrations showcasing the structural advantages of reinforced clay blocks. Strong

participation and engagement from the Tobago construction community highlighted the value of immersive, knowledge-sharing initiatives in driving innovation and informed decision-making.

Innovation in media and broadcasting was recognised at the national level, with Guardian Media Limited receiving four prestigious awards at the Telecommunications and Broadcasting Industry (TBI) Awards hosted by the Telecommunications Authority of Trinidad and Tobago. These honours reflected a continued focus on technological advancement, content innovation and meaningful audience engagement.

a solutions-focused initiative that brought together experts, community leaders and activists to address crime through accessible, multi-platform dialogue. The Radio for Our People award recognised long-form programming that amplifies local stories, culture and innovation, while the Technological Disruptor – Free to Air award reflected significant investments in digital broadcasting, mobile technology and live streaming, expanding reach, improving sound quality and enabling cost-effective, nationwide coverage.

Recognition as Innovative Broadcaster highlighted Freedom 106.5 FM’s ability to seamlessly integrate traditional radio with digital platforms, delivering flexible, highquality coverage of over 150 events in two years while amplifying environmental, social and governance initiatives. The Innovative Service Offering – Free to Air award acknowledged “For the Love of Country”,

These efforts form part of a broader Contractor’s Academy framework, designed to empower construction professionals through specialised knowledge, practical experience and access to innovative tools and techniques. The Academy aims to inspire innovation, promote sustainable building practices and foster long-term partnerships that strengthen industry capability and community.

Together, these initiatives demonstrate how marketing innovation across the Group continues to drive relevance, deepen customer and community connections, and position brands for sustainable growth in an evolving marketplace.

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111

EDUCATION Education remained a critical pillar of people development, industry advancement and community impact across the Group, with initiatives designed

to build academic capability, practical skills, professional confidence and futureready talent.

As part of the drive to build a fully trained and future-ready workforce, ANSA Packaging’s uPack training initiative continued throughout the year, supporting the goal of achieving a 100% trained and fully equipped employee base through modular, skills-focused learning. This ESG aspiration is in direct alignment with United Nations

PACKAGING ESG ASPIRATION: Aim to have a 100% trained and fully equipped workforce by establishing “uPack”

Sustainable Development Goal 4 – Quality Education, Target 4.4 – to substantially increase the number of youths and adults who have relevant skills, including technical and vocational skills, for employment, decent jobs and entrepreneurship.

In 2025, the programme delivered strong completion and participation results across multiple technical courses. Course

Completion, Attendance and success rate

Glass Forming

100% completion 93% attendance 91% assessment success rate

Blow Moulding

Power Distribution

Job Change Process

Defect Identification

112

Employees

Training hours

156

100% completion 100% attendance 80% success rate

697

100% completion 98% attendance 90% assessment success rate

155

91% completion 98% attendance 95% assessment success rate

100% completion 95% attendance 98% assessment rate

1,526

ANSA McAL ANNUAL REPORT 2025

EDUCATION (CONTINUED) Education and early-career development were further supported through structured internship and student engagement programmes. CARIB Trinidad and Tobago invested in early talent development by hosting participants from the iLEAD Internship Programme and students enrolled in the National Engineering Technician Diploma (NETD) at the University of Trinidad and Tobago (UTT). These internships provided hands-on exposure to operational environments, bridging academic learning with practical industry experience. They also hosted 11 final-year UTT engineering students for an immersive five-week internship, where participants actively contributed to projects across Brewing, Packaging, Utilities, and

CARIB Trinidad and Tobago also advanced finance capability through the launch of its Finance Leadership Council in August 2025. This 12-month programme is designed to strengthen strategic thinking and

Engineering. The programme emphasised real problem-solving, operational learning, and professional readiness rather than observation alone. Building on the success of this initiative, CARIB Brewery and UTT signed a Memorandum of Understanding (MOU). This agreement established a framework for expanded internship opportunities, collaborative research, and ongoing knowledge-sharing, creating a sustainable pipeline of skilled, work-ready engineering talent. Through this partnership, CARIB continues to reinforce its role not only as a leader in beverage manufacturing, but as an active contributor to national workforce development and the future of industrial innovation in Trinidad and Tobago.

business leadership skills among finance professionals, supporting the development of future-ready leaders who can contribute beyond traditional finance functions.

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113

EDUCATION (CONTINUED) Capability building within Distribution was also prioritised through targeted development programmes. At ANSA McAL Distribution (Guyana), the Brand Management Trainee Programme was as an eight-week initiative designed to equip new brand managers with core skills across strategy development, execution and performance analysis, while also strengthening the capabilities of experienced team members. Trainees worked closely with cross-functional teams to ensure brand consistency across all touchpoints and contribute to active campaigns and projects.

AMCO further strengthened leadership and sales capability through a structured sales training programme for middle-to-upperlevel managers across all divisions. These sessions were facilitated by Andrea Davis (Strategic Business Leader) and Lyndon Brathwaite (Customer Relationship Management Strategist). A total number

In the Insurance Sector, as part of its commitment to developing future leaders, TATIL continued its rollout of the Insurance Management Training Academy, relaunched in May 2024 as a strategic initiative supporting internal succession planning. A cohort of nine management trainees across the Group’s insurance companies is currently progressing through structured

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of 84 employees across all departments attended these sessions. The training focused on strategic planning, performance measurement and the development of essential leadership and soft skills, while also promoting cross-functional alignment and effective team motivation.

rotational assignments, gaining exposure to key business functions, enhanced technical and managerial capability, and deepened institutional knowledge. The programme is scheduled to conclude in 2026, at which point trainees will be placed in roles aligned with their strengths, performance outcomes and academic interests.

EDUCATION (CONTINUED) In Guyana, access to formal education was expanded through the Accelerate Programme by ANSA McAL Distribution (Guyana), an employee-focused initiative that blends academic support with practical training at no cost to participants. Beginning with CSEC Mathematics and set to expand to additional CSEC subjects, the programme also offers scholarships for diplomas and degrees, alongside hands-on certifications such as forklift operation and driving. Participants benefit from targeted tutoring, flexible on-site schedules, exam preparation resources and a supportive learning environment that builds confidence and discipline, ultimately enabling employees to achieve CSEC passes in Mathematics and English and unlock new career pathways. The programme’s impact is reflected in the experience of Oneca Benjamin, Trade Marketing Co-ordinator at ANSA McAL Distribution, who describes Accelerate as an opportunity worth every effort. She says:

COLFIRE maintained a strong emphasis on safety, technical competency, and continuous upskilling through structured training programmes. A major highlight was the defensive driving initiative that saw 851 participants complete certification in 2025, earning recognition under the Driver Safety Training Award. This initiative directly supports United Nations Sustainable

“It gives you the opportunity to meet your educational goals at no cost to you, and also a chance to move up in the company.” She encourages colleagues to take the leap, noting that growth begins with the decision to start and that time should never be a barrier to self-improvement.

Development Goal 3 - Good Health and Well-being, Target 3.6 which aims to reduce the number of global deaths and injuries from road traffic accidents. By advancing employee awareness and customer capability in road safety, COLFIRE continues to champion both workplace safety and wider public health objectives.

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115

EDUCATION (CONTINUED) Industry education within the Construction Sector remained a key priority, with a series of high-impact learning engagements delivered through seminars, workshops and the Contractor’s Academy framework. The Contractor’s Academy continued to expand its reach, hosting specialised sessions focused on painters, structural blocks, pavers and retaining wall systems. These programmes combined classroom learning with live demonstrations, equipping participants with best-practice techniques, safety standards, product knowledge and

job-costing skills. Feedback consistently reflected the value of the hands-on approach, with participants highlighting immediate improvements in capability and confidence. Across editions, the Academy reinforced its purpose: empowering professionals with the tools, knowledge and experience needed to drive innovation, sustainability and excellence within the construction industry. A key segment of their industry education programme included The Block Systems for Structural Design seminar at the University of the West Indies, in collaboration with Beston Consulting. The seminar brought together over 100 professionals from civil engineering, architecture and construction for an in-depth exploration of clay block systems, bridging academic knowledge with practical application. Strong engagement and technical dialogue highlighted growing interest in vertical core structural solutions for foundations and infrastructure. Similarly, the Construction Sector advanced automotive refinishing skills through Deltron NXT training at the PPG Training Centre, where participants engaged in hands-on modules focused on surface preparation, application efficiency, durability and real-world troubleshooting to improve productivity and reduce rework.

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EDUCATION (CONTINUED) Beyond internal development, education through media and public engagement played a powerful role in shaping national dialogue. Guardian Media’s Make Your Point secondary school debate series continued to build leadership, critical thinking and respectful discourse among young people, with sustainability goals embedded into debate topics. Guardian Media’s 2025 Spelling Bee Competition was taken outdoors to various malls. Through key stakeholder partnerships, they activated an SDG Bee Hive game hub combining SDG education and spelling. Hundreds of persons attended. Spellbound 2025 created a national impact through the television series, digital clips and outdoor engagement. ANSA McAL proudly sponsored journalist Ryan Bachoo’s attendance at COP29 in Baku, Azerbaijan, ensuring Caribbean voices were represented on the global stage. Ryan’s reporting highlighted the human impact of climate change in the region, including Hurricane Beryl and devastating floods in Trinidad, Grenada, and Belize, translating complex international discussions into stories that resonate locally. Through this support, Guardian Media connected climate science to real-world consequences, demonstrating the urgent need for sustainable solutions while amplifying regional perspectives at a global forum.

Similarly, Freedom 106.5 facilitated over 150 discussions on regional food security and sustainability through its Agri-Business Innovation series, hosted by Jody White. Weekly sessions included emerging entrepreneurs, while monthly episodes focused on education in the agri-sector. The station also provided exclusive live coverage of the Korea-Caribbean Agricultural Research Innovation Platform (KoCARIP) launch, showcasing collaborative efforts to build a resilient, technology-driven agricultural ecosystem. These initiatives strengthened public knowledge, encouraged innovation, and supported sustainable food practices across the Caribbean.

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EDUCATION (CONTINUED) In the field of medical education and professional development, AMCO advanced healthcare education through targeted sessions with pharmacists and doctors. In collaboration with Laboratorios Sanfer, AMCO hosted a Pharmacy Week breakfast with the Ophthalmological Society of the West Indies (OSWI), offering practical insights on key ophthalmic conditions and treatments. Complementing this, AMCO's Health and Wellness, in partnership with MSN, conducted four educational meetings on emerging treatments for

epileptic seizures. These sessions fostered professional dialogue, peer learning, and collaborative networks, empowering healthcare professionals to provide improved, patient-centred care. Collectively, these initiatives reflect a comprehensive education strategy, one that builds skills, unlocks opportunity, strengthens industries and empowers communities, while reinforcing the Group’s commitment to lifelong learning and sustainable development.

REPUTATION RESILIENCE ANSA McAL advanced a dedicated work stream under the Group External Affairs Unit to strengthen the Group’s preparedness and credibility during challenging times. We conducted a series of crisis communications and media training workshops for regional leaders, equipping them with the skills to respond with transparency, confidence, and consistency in high-stakes situations. Over 80 ANSA McAL leaders were trained

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through these in-person workshops. The objective was to embed resilience into our leadership culture, ensuring that our executives can act as trusted stewards of the ANSA McAL brand when it matters most. This investment not only reinforced stakeholder confidence in our ability to navigate challenges but also elevated the Group’s reputation resilience as a cornerstone of sustainable growth and trust.

Our governance commitments are in support of the following three United Nations Sustainable Development Goals:

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119

BOARD GOVERNANCE PARENT BOARD

GOVERNANCE NOMINATING AND REMUNERATION COMMITTEE

AUDIT AND RISK COMMITTEE

DUTIES OF THE BOARD OF DIRECTORS The Board of Directors of ANSA McAL Limited oversees the management of the Company, ensuring its long-term success and value creation for its shareholders. In the performance of its duties, the Board secures the interests of shareholders by balancing the interests of its stakeholders as well as interested parties. In addition to its legal requirements, the Board is governed by its Charter which has been developed and is updated from time to time in accordance with international best

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ANSA McAL ANNUAL REPORT 2025

practice. The Charter is publicly available on the Group’s website: Board Charter - ANSA McAL. The sub-committees of the Board, namely the Audit & Risk Committee (ARC) and the Governance, Nominating and Remuneration Committee (GNRC), have been established in accordance with the Board Charter. These committees are governed by respective Committee Charters and comprise solely independent/non-executive directors.

BOARD INDEPENDENCE AND DIVERSITY The Board has a composition of Directors reflective of its commitment to independence and diversity. This commitment also firmly aligns with the Core

Values of the ANSA McAL Group. In 2025, Board Independence increased to 58% (54% in 2024) and Gender Diversity decreased to 25% (31% in 2024).

BOARD INDEPENDENCE

GENDER DIVERSITY

Not-Independent 42%

Female 25%

Independent 58%

Male 75%

AGE DIVERSITY

The Board also believes that age diversity enhances decision-making through innovation and varied generational insights.

33%

33% 25%

40s

50s

60s

70s

BOARD OF DIRECTORS MEETINGS In 2025, the Board held five regular meetings and three special meetings. The Board also held a two-day retreat in

November to discuss and align on the strategic agenda of the Group. Director attendance at Board meetings in 2025 was 90%.

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BOARD OF DIRECTORS MEETING ATTENDANCE FOR 2025: 5 REGULAR, 3 SPECIAL AND A 2-DAY RETREAT

DIRECTORS

Feb 6, 2025

Mar 20, 2025

May 13, 2025

SPECIAL

Mr. A. Norman Sabga (Chairman)

Aug 7, 2025

SPECIAL

Oct 13, 2025

Nov 6, 2025

SPECIAL

Nov 13, 2025

Nov 14, 2025

RETREAT (DAY 1)

RETREAT (DAY 2)

Mr. David B. Sabga (Deputy Chairman)

Mr. Andrew Sabga (Deputy Chairman)

Mr. Anthony N. Sabga III (Group CEO)

Mr. Ray A. Sumairsingh

Ms. Teresa White (Resigned on 08.08.25)

July 21, 2025

Mr. Mark Morgan Mr. Larry Howai (Resigned on 23.06.25)

Mr. Winston Singh

Ms. Krysta De Lima

Mr. Norman Christie Ms. Vicki-Ann Assevero Dr. Tonya Villafana (Resigned on 29.05.25)

Dr. Marlene Attz (Appointed on 01.11.25)

Mr. Joel M.C. Pemberton (Appointed on 01.11.25)

Present

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ANSA McAL ANNUAL REPORT 2025

Absent

Not a director

SUB-COMMITTEES OF THE BOARD AUDIT AND RISK COMMITTEE (ARC) The ARC is the Board’s sub-committee with responsibility for overseeing the financial reporting process, the audit process and all related systems of control. The ARC also oversees the Enterprise Risk Management (ERM) framework of the Group. In 2025, the Group continued its progression toward increased risk maturity, implementing new systems and procedures for the recording, monitoring and mitigation of risk across its multiple sectors of operation.

The ARC also provided support and oversight to Group Internal Audit (GIA) in the updating of the Group’s Internal Audit Charter which governs audit procedures to ensure the independence of the audit function. The ARC comprises two independent Directors and one nonexecutive Director. Attendance at meetings in 2025 was 92%.

ARC MEETING ATTENDANCE FOR 2025: 4 MEETINGS Mar 14, 2025

DIRECTORS

May 6, 2025

July 31, 2025

Oct 30, 2025

Mr. Norman Christie Mr. Mark Morgan Mr. Larry Howai (Resigned on 23/06/25)

Mr. Ray A. Sumairsingh

Present

-- Not a member

X Absent

GOVERNANCE, NOMINATING AND REMUNERATION COMMITTEE (GNRC) The GNRC is the sub-committee of the Board with oversight for the Company’s Corporate Governance and Sustainability Frameworks. The GNRC comprises three independent Directors who together bring

over 90 years of combined experience in the areas of corporate governance, law and sustainability. Attendance at meetings in 2025 was 100%.

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123

SUB-COMMITTEES OF THE BOARD (CONTINUED) GNRC MEETING ATTENDANCE FOR 2025: 5 MEETINGS Mar 6, 2025

Jun 3, 2025 (Joint with ARC)

July 11, 2025

Sept 3, 2025

Oct 24, 2025

Dr. Marlene Attzs

Mr. Joel M. C. Pemberton

O O

DIRECTORS Mr. Mark Morgan (Chairman) Ms. Krysta De Lima Ms. Vicki-Ann Assevero

Present

X Absent

In 2025, the GNRC set an agenda that prioritised oversight of sustainability initiatives across the Group. This mandate aligned closely with the Group’s purpose, values and long-term strategy direction, further reinforcing the foundation of our sustainability agenda. As ANSA McAL Limited advanced toward its 2X goal, the GNRC played a pivotal role in supporting management through several key initiatives, including the following: -

124

Consideration of the Group’s approach to executive compensation and ensuring that it reflected the principles set out in the Group’s philosophy.

ANSA McAL ANNUAL REPORT 2025

By Invitation

Not a member-

Consideration and recommendation of suitable candidates to fill vacancies on ANSA McAL’s Board in the capacity of independent Directors.

Reviewing of the Group’s Talent Strategy.

Approval of the Diversity, Equity, Inclusion and Belonging Framework which will be rolled out to the Group in 2026.

The GNRC continued its work overseeing the evolution of the culture of ANSA McAL, a key social initiative which has shown significant benefit in terms of employee relations across the Group. This committee also maintains responsibility for the Board’s succession planning and for assessing the compensation of the Group Chief Executive Officer and Executive Chairman.

ANNUAL BOARD EVALUATIONS AND SKILLS ASSESSMENT The GNRC holds delegated authority for ensuring that the Board is operating effectively and for making recommendations for improvement in Board processes and composition. To support this, the GNRC coordinates internal and third-party evaluations on an annual and tri-annual

basis respectively. The next scheduled internal evaluation and skills assessment of the Board is set for Q4 2026. Following the appointment of two new Directors in November 2025, the GNRC intends to conduct a third-party Board evaluation in 2027.

The chart below shows the technical and behavioural skills of the Board as of October 2025:

Technical and Behavioural Skills Strategic Business

Finance

Capital Management

Industry Experience

Brand Management

International/Global Business Technology/E-Commerce

9 5

Leadership

Negotiations/Influence

Networking/Relationships

Responsiveness

Informed Business Judgement

Adaptability/Resilience

Solutions

Team Player

Critical Thinking Effective Listening

10 9

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DIRECTOR ORIENTATION PROGRAMME, TRAINING AND DEVELOPMENT

In keeping with our commitment to training and development, there is an ongoing Director’s Training and Development Programme in place, and a Director’s Orientation Programme. The two new Directors appointed in November 2025 each underwent this comprehensive orientation programme to support their effective integration. Both Directors were briefed on the Group’s governance framework, strategic priorities, operational structure, and key regulatory obligations. This induction process provided the newly appointed Directors with insight required to contribute meaningfully to Board deliberations from the outset.

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The training agenda set by the Board in 2025 placed a strong emphasis on strengthening Directors’ understanding of Enterprise Risk Management (ERM). This focus reflected the Board’s commitment to enhancing risk governance across the Group. As part of this agenda, Directors were taken through a targeted ERM training session designed to deepen their awareness of emerging risks, reinforce their oversight responsibilities, and ensure alignment with the Group’s strategic risk management framework. This training equipped the Board with the insight needed to more effectively guide management in navigating evolving risks in an increasingly complex operating environment.

EXTERNAL AUDITORS (EY) FEES FOR SERVICES RENDERED BY THE INDEPENDENT EXTERNAL AUDITORS The International Ethics Standards Board for Accountants (IESBA) Code requires communication of fee-related information for both audit and other services to assist those charged with governance in their assessment of independence. The fees billed

by and payable to the independent external auditors, Ernst & Young (EY), in respect of professional services to the Group for the fiscal years ended 31 December 2025 and 31 December 2024 are set out below.

31 DECEMBER Note 2025 2024 Fees billed and payable (TT$ thousands) Audit fees

(1)

13,133

13,705

Tax fees

(2)

1,545

1,977

Other

(3)

2,294

232

16,972

15,914

Notes: 1)

2) 3)

For the audit of ANSA McAL Limited’s annual consolidated financial statements and the audit of certain of its subsidiaries, as well as other services normally provided by the principal auditor in connection with the audit together with other assurance and related services that are reasonably related to the performance of the audit or review of ANSA McAL Limited’s financial statements, including audits of pension funds and employee benefit plans, accounting consultation, various agreed upon procedures and fulfilling other regulatory and statutory filings and requirements. For tax compliance and advisory services For other non-audit services.

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SUSTAINABILITY GOVERNANCE ANSA McAL SUSTAINABILITY COMMITTEE The Sustainability Committee is chaired by Frances Bain-Cumberbatch, Chief Legal and External Affairs Officer, and is comprised of Head Office and Sector representatives. In 2025, its third year of operation, the committee met on three occasions. At

each meeting both Group and Sectorled sustainability initiative updates were showcased, achievements highlighted, and events and milestones of the Sectors’ sustainability journeys shared

Committee Chairperson Chief Legal & External Affairs Officer Corporate Sustainability Specialist

Head of Marketing and External Communication

Group Strategy & Growth Manager

Group HSE Manager

Group Talent Manager Automotive

Beverage

Construction

Financial Services - Banking - Insurance

Distribution

Manufacturing - Chemicals - Packaging

Media

Real Estate

Retail

Group Supply Chain

EXECUTIVE OVERSIGHT The executive management in each Sector is responsible for overseeing the sustainabilityrelated activities in their Sector.

Sustainability initiatives are included in the Annual Operating Plans linked to Balanced Business Score Cards which are directly tied to executive remuneration.

GROUP SUSTAINABILITY POLICY In 2025, the Group’s Sustainability Policy, which was previously approved by the GNRC and Parent Board in 2024, was updated in alignment with the IFRS S1 Sustainability

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Disclosure Standard. Approval and rollout of the policy across the Group is planned for 2026.

GROUP ESG DATA GOVERNANCE FRAMEWORK AND MANUAL As part of the ESG Data Disclosure 2024 exercise, Group Internal Audit (GIA) was engaged to conduct an audit prior to disclosure. Findings were shared with the Sector teams to ensure that the data disclosed was verifiable and accurate. A recommendation was also made to the Head Office team for the establishment of a formal ESG Data Governance Framework and reporting process, integrated with existing systems and supported by targeted training. This Group ESG Data Governance Framework and Manual was developed in 2025 and shared with the GIA team

for review and input. Preliminary training was conducted with the Sector teams responsible for data entry to ensure they were aware of both how to use the ESG data templates and that they were aware of the data governance principles: comparability, completeness, consistency, timeliness and verifiability. One aspect of the ESG Data Governance Framework, a data validation process, was implemented within the ESG Data templates 2025 to ensure that there is accountability within the Sectors, from the person responsible for data entry, right up to the Sector head to ensure that the data reported is accurate.

IFRS S1 COMPLIANCE PROGRESS We are pleased to share our first-ever IFRS S1 Compliance Progress Report. Based on the gap analysis conducted by KPMG in 2024, we got a kick-start towards compliance in 2025 with a series of internal materiality assessment

workshops and refinement of the ESG Data Reporting templates. Read more about our methodology and results in the IFRS S1 Compliance Progress Report 2025 on pages 152-191.

SUSTAINABILITY ESG REPORTING In 2025, the ESG Data templates were updated to be in alignment with the Sectorspecific material topics identified in the IFRS S1 workshops and rolled out to the Sector teams (Beverage, Construction, Financial Services – Banking and Insurance, and Manufacturing – Utilities and Packaging). Read more about the approach we took in the IFRS S1 Sustainability Disclosure Standard Compliance Progress Report on pages 152-191.

Based on reviews to determine readiness for disclosure according to data availability, accuracy and reliability, a subset of this data has been disclosed in the ESG Data Disclosure Report 2025 on pages 192-271. In 2026, the Group will be working to formalise the process of using this data for informed decision-making.

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RECOGNITION FOR SUSTAINABILITY IN BUSINESS

The ANSA McAL Group is proud to report that for the fifth consecutive year we were recognised and awarded for Sustainability in Business. For the second year in a row, the Group was named the Overall Sustainability Champion 2025 in the Large Companies category presented by EUROCHAMTT, in partnership with UN Trinidad and Tobago, at the Sustainability Champion Awards 2025. The purpose of the awards is to recognise and celebrate those in businesses that have put in place the policies, structures and systems to measure, assess and disclose impact in terms of ESG and sustainability.

2025 Overall Sustainability Champion 2025 - Large Business category EUROCHAMTT, in partnership with UN Trinidad and Tobago

2023 “Excellence in Governance” at the inaugural Sustainability Champion Awards 2023 From EUROCHAMTT, in partnership with UN Trinidad and Tobago

2021 “Best Corporate Governance Conglomerate in the Caribbean” Ethical Boardroom in the UK

2022 “Company of the Year for Excellence in Enterprise Risk Management” Caribbean Risk Management Academy

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Accepting the award at the ceremony, Frances Bain-Cumberbatch, our Chief Legal and External Affairs Officer, was joined by Natalie Bibby, Corporate Sustainability Specialist, Sarah Inglefield, Head of Marketing and External Communication, and a team of female sustainability representatives from Sectors across the Group. Collectively receiving the award allowed us to acknowledge the behindthe-scenes teamwork responsible for our celebrated success, and to embody our Core Values: Owning Our Mission, Playing Hard and Winning Together.

ANSA McAL ANNUAL REPORT 2025

2024 Overall Sustainability Champion 2024 - Large Business category EUROCHAMTT, in partnership with UN Trinidad and Tobago

COMPLIANCE The Group remains steadfast in its commitment to maintaining robust regulatory compliance and upholding the highest standards of ethical business conduct across all operations. Against an increasingly complex and evolving global regulatory landscape, 2025 required heightened vigilance, agility, and a proactive approach to compliance management. During the year, the Group focused on strengthening our compliance framework and deepening the monitoring of regulatory and legislative developments across all jurisdictions in which it operates. This ensures timely identification, assessment, and mitigation of emerging risks, while reinforcing alignment with applicable legal and regulatory requirements. The enhancement will safeguard the integrity of the organisation by driving effective risk management, ensuring regulatory adherence, and fostering a culture of accountability and ethical decision-making at all levels of the business.

Looking ahead to 2026, the Group will prioritise: • Enhancing regulatory compliance through strengthened controls, monitoring, and improved reporting capabilities • Leveraging technology and automation to modernise compliance processes and enable more effective risk detection and management • Embedding a stronger culture of compliance and ethical conduct, supported by leadership accountability and tone at the top • Expanding and modernising compliance training through targeted, role-specific, and risk-based learning modules • Monitoring and responding to emerging global trends, including increased enforcement activity, digital transformation risks, ESG-related regulatory developments, and crossborder compliance obligations

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ENTERPRISE RISK MANAGEMENT Enterprise Risk Management continues to be a strategic enabler of ANSA McAL’s growth agenda, driving value creation and portfolio optimisation across the Group.

RISK LEADERSHIP

In Q3 2025, the Chief Shared Services Officer (CSSO) expanded their strategic remit to include Risk, HSE, and Security – reinforcing integrated leadership across critical governance domains. As of Q4 2025, ANSA McAL achieved Enterprise Risk Maturity Level 1, with a clear trajectory toward Level 2 by year-end 2026. Building on 2024 outcomes, the Group’s primary focus for 2025 was continuous risk reduction and operational excellence, evidenced through performance –

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a key component being increased capability of our Human Capital across all three lines of defence. The realities of 2025 delivered commitment and an expansion of scope under lens.

TRAINING & DEVELOPMENT ANSA McAL advanced its human capital strategy through targeted capability development, underpinned by technology as a transformative lever. Key initiatives: • Group HSE, Security and Risk Unit completed a two-day TapRooT® Root Cause Analysis training course [Q2 2025]

• Group HSE launched its online training module on the 14 safety standards of the Group’s Safety Management System (SMS) in two phases, across Q2 and Q3 2025. • Group Risk deployed ANSA McAL’s Enterprise Risk Framework at BleachTech in Q4 2025, ensuring holistic oversight is maintained at the Group level.

ASSURANCE AND CONTINUOUS IMPROVEMENT Group HSE and Security completed audits of the SMS (all 14 safety standards) in Q1 and Q3 2025. The assessed overall compliance score was 60%. Comprehensive corrective action plans were formulated, with clear ownership and timelines to ensure accountability and timely remediation. To strengthen alignment with the first and second lines of defence, Group Internal Audit (GIA) enhanced its communication protocols to proactively share insights that will help prevent, detect, and mitigate emerging risks. The function continued

to champion ethical conduct, anti-corruption efforts, and whistleblower mechanisms, reinforcing a culture of transparency and accountability. A renewed focus on documenting root causes to reduce the recurrence of risk events, while the application of Affinity Group standard timelines ensured timely closure of audit recommendations by management. Additionally, increased investment in training and development equipped management with access to best-in-class auditors capable of delivering impactful, value-added recommendations.

BUSINESS CONTINUITY The Group prioritised resilience planning for national-level disruptions, including civil unrest, through enhanced threat modelling and scenario testing, driven by synergies across Risk, HSE, Security and IT.

2. Conducting Group-wide Business Impact Assessments (BIAs) and 3. Assessing overall operational readiness through scenario and stress-testing of its Business Continuity Plans (BCPs).

ANSA McAL’s ongoing efforts are centred on: 1. Broadening its scope of threat factors with clear escalation triggers defined

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GOVERNANCE & REPORTING A sustained emphasis on top risk assessment and control environment health continues to inform strategic oversight at both Subsidiary and Group levels.

OUTLOOK 2026: SUSTAINABLE PERFORMANCE THROUGH DIGITISATION, AI GOVERNANCE AND IMPROVED RISK MATURITY In 2026, Group Risk, HSE & Security will harness LogicGate’s RiskCloud platform – enhanced by Spark AI – to drive intelligent risk identification and integrated control management across all Sectors. Strong risk leadership across a more robust control environment fosters safe and highperforming operations. Group Internal Audit (GIA) will deepen its commitment to governance excellence and risk resilience through a strategic audit plan aligned with the ANSA McAL Group’s priorities. Key initiatives include the rollout of revised governance scorecards, and enhanced reports to elevate transparency and accountability while adding helpful insights. Ethical practices will be reinforced

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through a refreshed whistleblowing portal safeguarding stakeholder trust. To build future-ready capabilities, GIA plans to implement a comprehensive competency framework, targeted training for finance and risk teams, and updated policies and procedures. Progress will be tracked through departmental KPIs and validated by an External Quality Assessment (EQA) to ensure global internal audit standards are met. Engagement efforts such as Internal Audit Awareness Month 2026 and Fraud Week 2026 will foster a culture of risk awareness and compliance, embedding governance excellence at the core of the Group’s sustainability journey.

ANSA McAL’S CYBERSECURITY MATURITY: 2025 HIGHLIGHTS The ANSA McAL Group of Companies continued to advance its cybersecurity posture in 2025, building on the multi-year Information Security Strategic Programme. This year, the Group placed particular emphasis on strengthening resilience, enhancing data protection, and maturing

cyber risk management processes. These efforts were supported by the transition to a locally operated Security Operations Centre (SOC), which unified monitoring and incident response capabilities across all business units.

A HOLISTIC COMMITMENT TO CYBERSECURITY In 2025, ANSA McAL’s strategic efforts collectively elevated its cybersecurity maturity. Key achievements included integration of advanced technologies and unified security operations, implementation of robust incident response frameworks, and promotion of cybersecurity awareness and culture across all levels of the organisation.

These initiatives have positioned ANSA McAL as a leader in navigating the dynamic cybersecurity landscape. As the Information Security Strategic Programme progresses, the Group remains steadfast in safeguarding its digital ecosystem, ensuring resilience, and maintaining stakeholder trust.

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EVOLVING CYBERSECURITY RISK MANAGEMENT Cyber risk management matured further in 2025, with the Group conducting extensive cyber risk assessments aligned with the Enterprise Risk Management (ERM) function. These assessments enabled consistent evaluation of risks across all companies and

informed the prioritisation of mitigation strategies. The locally operated SOC provided improved visibility and response capabilities, ensuring swift identification and management of emerging threats.

ENHANCING ORGANISATIONAL RESILIENCE In 2025, the Group further refined its resilience framework, incorporating advanced Business Continuity and Disaster Recovery (BCDR) planning. Enhanced Business Impact Analysis (BIA) methodologies enabled more precise

identification of critical information assets and business priorities. These improvements ensured that tailored protections were applied to vital systems, supporting operational continuity and minimising disruption in the event of incidents.

STRENGTHENING DATA PROTECTION Data protection remained a central focus, with ongoing efforts to identify and classify information assets across the Group. Enhanced data loss prevention controls were identified and tested and improved monitoring capabilities were introduced, reducing the risk of data leakage and supporting compliance with regulatory standards. The Group’s commitment to safeguarding sensitive information was reinforced through reviews and updates to data protection frameworks.

PROACTIVE VULNERABILITY MANAGEMENT The Group continued to deploy advanced vulnerability management systems, including continuous scanning, and prioritised remediation based on severity and business

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impact. Patch management processes were standardised and automated, reducing exposure windows and improving overall security posture.

INFRASTRUCTURE AND NETWORK ENHANCEMENTS Network resilience was strengthened through detailed mapping of infrastructure and the introduction of modern access controls. The Group enhanced its firewall

infrastructure and adopted improved endpoint management practices, ensuring robust protection against a wide spectrum of cyber threats.

INCIDENT RESPONSE Incident response capabilities were bolstered by multiple tabletop exercises, which tested and refined the Group’s readiness to handle real-world scenarios.

Lessons learned from these activities informed updates to incident response plans and procedures.

CYBERSECURITY AWARENESS AND TRAINING In 2025, the Group significantly expanded its cybersecurity awareness and training initiatives to foster a security-conscious culture at every level. Key activities included: • Regular Webinars: Ongoing live sessions covering emerging threats, best practices, and policy updates. • Gamification Through Quizzes: Interactive quizzes and competitions to reinforce learning and engagement. • Frequent Training Content: Continuous delivery of cyber-related modules and bite-sized learning content. • Simulations: Realistic phishing simulations and scenario-based exercises to test and improve employee responses.

MITIGATING THIRD-PARTY RISKS Recognising the importance of supply chain security, the Group maintained its thirdparty risk management processes. Rigorous assessments of suppliers and partners were

conducted to identify and mitigate potential cybersecurity risks, ensuring the integrity of the Group’s extended ecosystem.

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BUSINESS ETHICS AND INTEGRITY

these policies and, by extension, our Code of Ethics. This system is in direct alignment with United Nations Sustainable Development Goal 16 – Peace, justice and strong institutions, target 16.5 – to substantially reduce corruption and bribery in all their forms.

The ANSA McAL Group remains committed to enforcing our Code of Ethics to maintain the highest levels of transparency, probity and accountability. In support of the Group’s Whistleblower Policy and AntiBribery and Anti-Corruption Policy, the ANSA McAL Group maintains a call centre and website for reporting any breaches of

TOTAL REPORTS RECEIVED IN 2025: 13 Status

Report received via

Resolved Under review/ Investigation

Investigation Pending Approval

Call centre

Web report

Other

11 (84%) 1 (8%)

1 (8%)

2 (16%)

11 (84%)

Reported by Employee Agent/Broker 13 (100%)

ESG category of reports

Leadership Role --

All reports received in 2024 were investigated and closed.

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ANSA McAL ANNUAL REPORT 2025

Environmental 1 (8%)

Social

Governance

6 (46%)

STAKEHOLDER ENGAGEMENT AND ADVOCACY The ANSA McAL Group recognises that stakeholder engagement and partnerships are critical to a cohesive approach to the sustainable development of the Caribbean

region. As such, we continued to foster new and existing key relationships with stakeholders from across the region.

ANSA McAL GROUP FEATURES AND EVENTS INVESTOR ENGAGEMENT Our relationship with our investors is critical to growth, not just as a Group, but as a regional community that believes in the power of purpose-driven progress. That’s why we reimagined the investor’s meetings, creating more open lines of communication with both the media and our investor community.

It wasn’t just about us talking – it was a valuable two-way exchange. We heard their perspectives, their questions, their confidence. And we responded with transparency, vision, and a reaffirmed commitment to the journey ahead. Meetings like these remind us that growth is not a solo pursuit. It’s built through trust, collaboration, and shared ambition.

The revised format gave us the opportunity to share deeper insights into our 2X agenda. More importantly, we were able to showcase the tangible progress we’ve already made and the clear plans we have to keep pushing forward.

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STAYING CONNECTED As the digital transformation of our world continues, it is important to us that we remain connected to our stakeholders. The world of social media presents an opportunity to remain connected in a meaningful and transparent way, beyond the traditional in-person engagements. In 2025, we continued to give our stakeholders a glimpse into what it’s like to manage such a diverse Group of companies through the profiles of our Executive Leadership,

including Group CEO, Anthony N. Sabga III, Frances Bain-Cumberbatch, Chief Legal and External Affairs Officer, Sarah Inglefield, Head of Marketing and External Communication, and most recently Andre Jeffers, Chief Strategy Officer, who joined the team in 2025. Through their personal perspectives, stakeholders learned a little more about the ongoing activities and achievements across the Group.

TRANSFORMING THE FUTURE OF WORK WITH AI Faheem Mohammed, Chief Shared Services Officer, and Sean Bowlah, Group HRIS Analytics & Data Integration Manager, were interviewed on live television, on TTT’s Morning Show and CNC3’s Morning Show, to discuss utilising AI in the HR ecosystem. Faheem shared that “the initiative is in

alignment with the Group’s 2X ambition, where we are doubling scale and impact. Efficiency is a key aspect of making this happen, and this AI in HR implementation is going to enhance our HR centre efficiency by 80%, from the attract-a-hire to the retirement stage of the HR process”.

TABLE TALKS WITH FRAN EPISODES Frances Bain-Cumberbatch, Chief Legal and External Affairs Officer, continued her series in 2025, showcasing leaders from across the ANSA McAL Group. In each interview Frances got her guest to open up about their personal journeys and perspectives, and to impart knowledge on their various areas of expertise. • Andre Jeffers, Chief Strategy Officer, ANSA McAL, shared ideas that move industries forward! The interview was packed with game-changing perspectives on strategy and growth. • Antron Forte, Head of Brand Marketing at CARIB Brewery Trinidad and Tobago, explained what it takes to build a sustainable brand. From the importance of authenticity to the power

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of storytelling, Antron shared invaluable insights that every marketer and brand enthusiast needs to hear. • Dwaine Williams, General Manager, Berger Paints Jamaica, shared about the journey of one of the Caribbean region’s most trusted brands. The conversation was focused on what it means to lead with purpose and integrity, driving transformation even during the toughest of times. • Tova Satnarine, Head of Commercial Content & Marketing, Guardian Media, gave an eye-opening look into what truly drives one of the region’s largest media houses. Tova shared how she links personal leadership to professional success in the world of media.

BUILDING TRUST AND ADVOCACY THROUGH ROBUST STAKEHOLDER ENGAGEMENT AND ADVOCACY STRATEGY

In 2025, ANSA McAL made significant strides in stakeholder engagement across North America, Guyana, and Trinidad and Tobago. In North America, we embarked on an extensive stakeholder mapping exercise across Ohio, Virginia, and Florida to support the acquisition of BLEACHTECH. This effort included over 60 external stakeholder meetings with state officials, environmental regulators, business associations, key customers, and local community representatives. In total, more than 400 highranking and influential stakeholders were engaged in 2025. Each left with a positive understanding of who ANSA McAL is and our plans to positively impact people and communities in these states. Virginia State Senator Lashrecse D. Aird (District 13) reflected this sentiment, stating: “I am incredibly optimistic about ANSA McAL’s expansion into Virginia and proud to welcome them to the City of Petersburg. This landmark acquisition reflects the company’s

long-term commitment to sustainable growth and its confidence in our region’s potential. As a family-owned business, ANSA McAL brings not only industry expertise but a deep appreciation for community investment. I look forward to seeing their continued success and the positive impact they will have on our local economy and workforce.” In Guyana, our outreach initiatives reinforced ANSA McAL’s role as a trusted partner in national development, strengthening ties with government, industry, and community leaders. A major accomplishment for the year was the successful re-engagement and active participation in all major privatesector bodies, namely the Private Sector Commission, Georgetown Chamber of Commerce and Industry, and the Guyana Manufacturing and Services Association. Importantly, our participation has gone beyond nominal membership. We now hold functional roles on multiple committees, ensuring our perspectives are consistently

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141

BUILDING TRUST AND ADVOCACY THROUGH ROBUST STAKEHOLDER ENGAGEMENT AND ADVOCACY STRATEGY (CONTINUED) represented and that we are involved early in policy discussions rather than reacting after decisions are made. In 2025, ANSA McAL significantly deepened its stakeholder engagement in Trinidad and Tobago, starting with an extensive Groupwide Stakeholder Mapping exercise. We then re-imagined our media and investor community engagements, in-person and virtually, doubled down on our core social investments – focused on youth and societal well-being, and implemented an open feedback channel for key external stakeholders. Across the region, we are shaping local content and regional policy: • Illicit trade was identified as a core advocacy pillar at the start of the year. Throughout 2025, we re-engaged this issue across private-sector forums, positioning it as both a revenue-loss concern for the state and a competitiveness issue for legitimate distributors and manufacturers. While enforcement outcomes remain gradual, the issue is now firmly reestablished on the national agenda. • Removal of VAT on Clay Blocks continues to be a major advocacy objective, given its impact on housing affordability and local manufacturing competitiveness.

While VAT removal has not yet been achieved, a key milestone was reached in 2025 – the matter is now formally placed on the agenda for the national budget consultations currently underway, ensuring it receives policy-level consideration rather than remaining a peripheral issue. This represents meaningful progress compared to prior years when the issue lacked formal traction. • Significant progress was achieved on local content certification (Guyana). A draft legislative framework was prepared and formally submitted to the Attorney General’s Chambers, and to the new Local Content Director, ensuring continuity and visibility within the implementing agency. While legislation is still under review, this places ANSA McAL in a first-mover position, shaping the framework rather than responding to it after enactment. • Sector-Specific Support & Cross-Business Advocacy: External Affairs continues to provide targeted support across multiple business units, for example, Foreign Exchange Advocacy (Cross-Sectoral), and advocacy work relating to the Common External Tariff (CET) which impacts our Chemicals Sector, among other key issues affecting our businesses.

Collectively, these efforts advanced advocacy for ANSA McAL’s vision, amplified our reputation as a purpose-driven Group, and created platforms for dialogue that will sustain long-term trust and alignment across diverse markets.

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CORPORATE BRAND AUDIT 2025: DRIVING GROWTH THROUGH CLARITY AND TRUST In 2025, ANSA McAL undertook a comprehensive corporate brand audit to evaluate the strength and resonance of our identity, and reputation, across the Caribbean and beyond. The audit delivered clarity in brand architecture, significantly strengthened our stakeholder relationships, and identified opportunities to evolve the brand narrative to reflect our leading

position in the areas of sustainability, innovation, and digital transformation. It also deepened internal alignment, ensuring our people remain proud stewards of the ANSA McAL brand. These outcomes reinforced our reputation as a resilient, purpose-driven enterprise and provided actionable insights to guide our next chapter of growth and impact.

WINNING TOGETHER

The Construction Sector hosted a series of inspirational talks for their staff centred on the theme of “Winning Together”, one of our Core Values. Members of the C-Suite were invited to speak and impart their knowledge and insights.

personal brand?” and “What do people say when I leave the room?” He shared that it’s when we understand our unique role and align our strengths with the team’s mission, that’s when collective success begins.

• Chief Legal and External Affairs Officer, Frances Bain-Cumberbatch, focused on a critical aspect of our “Winning Together” principle: transforming conflict from a disruptive force into a catalyst for growth and stronger teamwork.

• Head of Change and Transformation, Jodi Mahon emphasised the “Team Player Advantage”, highlighting what it really means to be a team player and how collaboration drives results. Key takeaways from her session included balancing individual goals with team objectives, practical ways to support teammates and build synergy, and testimonies of successful team efforts and what made them work.

• Chief Strategy Officer, Andre Jeffers, spoke about the realisation process of showing up as your best self every day, asking yourself questions like, “What is my

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MEMBERSHIP ORGANISATIONS & EVENTS PARTICIPATION Organisation

Position/Participation

Date

AMCHAM Trinidad and Tobago

AMCHAMTT Board Member: Frances Bain-Cumberbatch, Chief Legal and External Affairs Officer.

May 2025

The Sustainability Journey – Intention to Impact Series Part 1: ESG Leadership - Driving Economic Growth • “CEO’s Conversation” panel discussion. Frances Bain-Cumberbatch, Chief Legal and External Affairs Officer, spoke about the importance and benefits of incorporating sustainability into business strategy. • Access to Green Investment” panel discussion: Nigel Sabga, Executive Director, ANSA Merchant Bank, discussed the transformative role of sustainable finance in driving impactful ESG strategies and the importance of clear frameworks to classify environmentally sustainable activities. • “Reflections from Companies Maturing on Their Journeys: The Challenges Faced and How They Were Overcome”. The panel discussion was moderated by Keisha Garcia, former ESG Natural Capital Lead, ANSA Merchant Bank. Part 2: People, Purpose & Progress – Activating the “S” in ESG • “The ANSA McAL Journey towards IFRS S1 Compliance.” The presentation by Natalie Bibby, Corporate Sustainability Specialist, provided practical insights into the Group’s journey towards IFRS S1 compliance, with a highlight on social components featured in our first-ever ESG Data Disclosure Report 2024.

Association of Trinidad and Tobago Insurance Companies (ATTIC)

144

AMCHAM TT Women in Leadership Conference • “Risks to Rewards” panel. Frances Bain-Cumberbatch, Chief Legal and External Affairs Officer, shared her insights on the panel that focused on fostering environments where risk-taking is recognised and rewarded equitably.

Mar 2025

AMCHAM TT Linkage Magazine • Rachel Welch-Phillips, Head of Legal and Corporate Secretary, ANSA Merchant Bank, authored an article entitled “Climate Financing: The Caribbean at a Unique Crossroads – A Multi-stakeholder Approach to Sovereign Refinancing for Climate Impact”. LinkageQ2-2025/Climate Financing | AMCHAM T&T

Q2 2025

Insurance Conference 2025: “The New Risk Equation: Innovation, Regulation and Resilience” • Global Shifts, Local Impact: How Global Economic Trends and Geopolitical Conflicts are Reshaping Caribbean Insurance” and “Climate Reality Check: How Climate Change is Redefining Risk & Resilience”, moderated by Musa Ibrahim, Managing Director TATIL and Tatil Life. • “Future Forward: Digitisation in Insurance Part 1 – What’s Next?” and “Future Forward: Digitisation in Insurance Part 2 – What’s Next?” moderated by Uthra Ramnarine-Hill, General Manager, TATIL. • “Beyond Profits: ESG in Insurance” – Our panellist was Rachel Welch-Phillips, Head of Legal and Corporate Secretary, ANSA Merchant Bank.

Oct 2025

ANSA McAL ANNUAL REPORT 2025

MEMBERSHIP ORGANISATIONS & EVENTS PARTICIPATION Organisation

Position/Participation

Date

Energy Chamber of Trinidad and Tobago

T&T Energy Conference 2025: “Investing for the future”

Feb 2025

• Anthony N. Sabga III, Group CEO, was a panellist on the Platinum Sponsor’s panel. He emphasised that collaboration is the cornerstone for sustainable progress. As we continue to strengthen our position as the Caribbean’s most diversified conglomerate, we remain deeply committed to supporting regional resilience, responsible innovation, and the kind of partnerships that move entire industries and communities forward.

• Frances Bain-Cumberbatch, Chief Legal and External Affairs Officer, spoke about ANSA McAL’s evolving sustainability journey, highlighting initiatives and milestones across the Beverage, Packaging and Utilities Sectors.

The Institute of Chartered Accountants of Trinidad and Tobago (ICATT)

16th Annual International Finance and Accounting Conference (AIFAC 2025): “Future Ready: Innovation, Transformation & Resilience”

ANSA Coatings’ booth focused on its industrial line, with the launch of the Berger Industrial, Protective and Marine Coatings line. During the conference, Claire Johnson – Sector Coatings Auto and Industrial Manager, and Emmerson French – Senior Industrial and Marine Sales Lead, were interviewed live by CNC3. They highlighted the superior quality of the new product line. Caribbean Sustainable Energy Conference 2025: June 2025 “Adapting and Recalibrating” ANSA McAL: Platinum Sponsor

“Reimagining Resilience: Turning Disruption into Opportunity” – • Fireside chat interview with Anthony N. Sabga III, Group Chief Executive Officer, ANSA McAL. The session offered a reflective and personal exploration of leadership evolution, key lessons, legacy, and the values that have shaped Mr. Sabga’s tenure.

• “The Future of Growth: Agility & Value Creation” panellist Andre Jeffers, Chief Strategy Officer, ANSA McAL, joined the discussions that explored how organisations can sustain growth by embedding agility, innovation, and data-driven decision-making into their strategic frameworks

Trinidad and Tobago Chamber of Industry and Commerce

Employment Labour Relations Committee member: Marlene Gervais, Beverage Sector Employee & Industrial Relations Manager

Food Distributors Association

Executive Board Member: Glen Rogers, General Trade National Sales Manager at AMCO.

Georgetown Chamber of Commerce

Active Members: • Padmawattie De Lima, ANSA McAL Distribution’s Divisional Head for Food and Consumer Goods • Ganesh Hirryman, ANSA McAL Distribution’s Chief Financial Officer

Nov 2025

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MEMBERSHIP ORGANISATIONS & EVENTS PARTICIPATION Organisation

Position/Participation

Guyana Manufacturing Services Organisation

Active Member: ANSA McAL Distribution’s Managing Director, Troy Cadogan

Greater Tunapuna Chamber of Industry and Commerce

The Beverage Sector is a proud member of this organisation which aims to foster an environment of sustained economic growth and social development.

The Private Sector Commission of Guyana

Active Member: ANSA McAL Distribution’s Managing Director, Troy Cadogan

Trinidad and Tobago Beverage Alcohol Alliance

Member of Board of Directors: Sean Griffith, General Counsel and Head of External Affairs, Beverage Sector The Beverage Sector is a proud member of this organisation which aims to promote the responsible distribution, sale and consumption of alcoholic beverages.

Emergency Management Authority

BLEACHTECH is a member of several organisations in North America.

American Fuel & Petrochemical Manufacturers

Active Members: • BLEACHTECH, Ohio – HSSE Manager Mickell Rattan • BLEACHTECH, Virginia – HSE Manager Clarence Ramkhelawan • BLEACHTECH, Ohio & Virginia, Chief HSE Manager, Nixon Gangoo

Greater Medina Chamber of Commerce

For BLEACHTECH, stakeholder engagement is key to sustainable operations. Over 60 stakeholder meetings were held with state, regulatory, businesses and the local community in 2025.

Medina Safety Council Meetings Virginia Manufacturers Association Environment, Health, Safety, & Security (EHS&S) Sub-Committee and Air Regulation Sub-Committee Ohio Manufacturers’ Association Prince George Chamber of Commerce Southern Virginia Regional Chamber Greater Medina Chamber of Commerce Virginia Manufacturing Association

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OTHER ORGANISATIONS, EVENTS AND ENGAGEMENTS Organisation

Position/Participation

Date

Citizens Bank

Citizens Bank Global M&A Outlook Webinar • Andre Jeffers, Chief Strategy Officer, was a panellist. The discussion covered several themes: the macro M&A environment, renewed market strength, valuation expectations, and the global forces shaping today’s deal flow — from international interest to a more balanced buyer/seller dynamic.

Jan 2025

GuyExpo

Feb 2025

Guyana Energy Conference and Supply Chain Expo 2025: “Transformation through entrepreneurship and innovation” • ANSA McAL Distribution Inc (AMDI), Guyana, was a sponsor and official partner for the expo and also received a GuyExpo 30th Anniversary Award. They were recognised for their longstanding contribution to Guyana’s commercial landscape, commitment to delivering high-quality products to consumers, and continued investment in national growth and development. Over the years, AMDI has demonstrated excellence in distribution, innovation in market engagement, and unwavering support for local economic advancement—values that align strongly with GuyExpo’s mission. This award celebrates AMDI’s impact, consistency, and leadership within the business community.

• ANSA Coatings’ booth focused on its newly launched line – Berger Industrial, Protective and Marine Coatings, further underscoring its superior quality and critical applications in the energy sector.

UWI Arthur Lok Jack Global School of Business

Exploring partnership opportunities with UWI Arthur Lok Jack Global School of Business David Welch, former Managing Director at CARIB Brewery Trinidad and Tobago, and Sarah Arneaud, Sector Talent Manager, met with Mariano Browne, CEO of the UWI Arthur Lok Jack Global School of Business and his team. The purpose of the meeting was to engage a neighbour in the fenceline community and identify potential areas of future collaboration specifically around talent development and provision of short courses.

NGC Green Company Limited

Sustainability Breakfast Series Mar 2025 Frances Bain-Cumberbatch, Chief Legal and External Affairs Officer, attended the first breakfast meeting in this series, where participants signed a Women in Leadership Sustainability pledge. The event was designed to bring together a diverse group of seasoned and emerging C-suite female leaders from across Trinidad and Tobago to discuss the critical intersection of women’s leadership and sustainability.

Media Insite

“Understanding Consumer Sentiment: The Key to Caribbean Market Success” webinar Sarah Inglefield, Head of Marketing and External Communication, shared insights into how staying closely connected to the voices of our customers is what matters most.

Mar 2025

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OTHER ORGANISATIONS, EVENTS AND ENGAGEMENTS Organisation

Position/Participation

Date

Jamaica Manufacturers and Exporters Association (JMEA)

Expo Jamaica Berger Paints Jamaica’s booth focused on their products, highlighting their decorative, textured, and marine and industrial lines. Representatives were on hand to offer solutions to paint problems, recommendations for paint usage and care, as well as live demonstrations of Trowel-On.

Apr 2025

Rotary District 7030 Conference

Rotary District 7030 Conference • Andre Jeffers, Chief Strategy Officer, delivered the keynote speech, “From Boardroom to Road March”. It was a stirring call to lead with passion, honour our culture, and serve with courage.

Apr 2025

Organisation of Eastern Caribbean States

OECS Third Caribbean NDC Investment Forum & Marketplace • Rachel Welch-Phillips, Head of Legal and Corporate Secretary, ANSA Merchant Bank Limited, made a presentation at the “Sustainable and Green Finance for Sovereigns” workshop.

Apr 2025

Caribbean Renewable Energy Forum

Caribbean Renewable Energy Forum (CREF), Miami Rachel Welch-Phillips, Head of Legal and Corporate Secretary, ANSA Merchant Bank: • Panel discussion moderator: “A multi-faceted approach to financing the hydrogen industry in the Caribbean.” • Participant at the Banking Roundtable at the World Bank workshop on the Caribbean Resilient Renewable Energy Infrastructure Investment Facility (RREIIF) to enhance renewable energy adoption in the Caribbean region.

May 2025

Manufacture 360° Conference: “Shaping the Future of Jamaican Manufacturing from All Angles” • Dwaine Williams, General Manager, Berger Paints, Jamaica, was a panellist for the “Skills Development for the Future of Manufacturing” feature. Dwaine shared that understanding where your people are in their capacity journey and mapping this to the current and futures needs of the business will deliver a structured roadmap to capacity-building, ensuring investment in upgrade technology and machinery delivers the outcomes expected.

May 2025

OECS Global Investment Summit 2025 • Ian N. Chin, General Manager, Corporate & Investment Banking ANSA Merchant Bank Limited contributed to a panel titled "Loan Syndication and the Future of Collaborative Financing" UNICOM

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UNICOM visit to Abel Building Solutions ABS hosted key members of UNICOM, including their lead architect and project manager, to the ABEL Clay Factory in Longdenville. As one of Trinidad and Tobago’s prominent contracting companies, UNICOM plays a vital role in shaping the construction environment. Their visit signals a growing interest in sustainable and structurally sound building materials like our Hercules and Colossus Vertical Core Clay Blocks, engineered for long-term performance, fire resistance, and cost efficiency. We look forward to deepening this relationship and supporting UNICOM on future developments with the strength, precision, and reliability of Abel Clay Blocks.

ANSA McAL ANNUAL REPORT 2025

May 2025

OTHER ORGANISATIONS, EVENTS AND ENGAGEMENTS Organisation

Position/Participation

Date

Natural Capital Hub

Keisha Garcia, former ESG Natural Capital Lead at ANSA Merchant Bank, spoke at various forums hosted by the Natural Capital Hub – a partnership between ANSA Merchant Bank, ANSA Bank and the Cropper Foundation • Waterloo University, Canada. Virtual presentation to second year students on ANSA Merchant Bank’s experience in implementing Natural Capital Accounting as a tool to support sustainability decision-making.

May 2025

• CTS College students doing the Responsible Leadership and Sustainable Management Course. Virtual presentation, “Integrating a Natural Capital Approach into Corporate Financial Decision-making”.

Jun 2025

• Caribbean Natural Capital Hub-hosted webinar series, “A Guide to Natural Capital”. Two panel discussions: “The Link Between Biodiversity and Business” and “Understanding Nature’s Value”.

Sept 2025

• SAEDI and 2X Global’s webinar panel discussion on “Keeping Score: Standardised frameworks for measuring gender performance and impact in climate action”.

Oct 2025

Amplify 2025

ContractPodAi Global Kickoff Conference 2025 Frances Bain-Cumberbatch, Chief Legal and External Affairs Officer, spoke at the conference in Dubai where she joined brilliant minds from PwC, Integreon, and ContractPodAi to shape the future of GenAI and contracts.

May 2025

Bocas Lit Fest

Bocas Youth Debate Sarah Inglefield, Head of Marketing and External Communication, served as a judge for the youth debate.

May 2025

Conversations over Coffee with Charlene Pedro

Leadership Breakfast Frances Bain-Cumberbatch, Chief Legal and External Affairs Officer, spoke at the event that dealt with recognising the human side of making decisions and leading with both strength and empathy.

Jun 2025

Women in Business Law Awards

Women in Business Law Awards 2025 Rachel Welch-Phillips, Head of Legal and Corporate Secretary, ANSA Merchant Bank, was recognised as the In-House Rising Star at the Women in Business Law Awards 2025 in New York. As the only awardee from the Caribbean, Rachel carried not only the ANSA McAL Group banner but also that of Trinidad and Tobago and the wider region. This was a proud moment for her and for all of us at ANSA McAL.

Jun 2025

Mutual Fund Association of Trinidad and Tobago

MFATT Board Member, Treasurer: Natalie Mansoor, General Manager, ANSA Wealth Management, appointed July 2025

Jul 2025

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OTHER ORGANISATIONS, EVENTS AND ENGAGEMENTS Organisation

Position/Participation

Date

UWI Arthur Lok Jack Global School of Business

Women in Leadership Conference 2025 • ANSA McAL was a proud sponsor of the conference networking session. Present at the event was Amy Lazzari, Chief People and Culture Officer, who shared that “this partnership is an intentional investment in people, performance and culture”.

Jul 2025

Caribbean Infrastructure Forum

9th CARIF Forum 2025 Ian N. Chin, General Manager, Corporate & Investment Banking, ANSA Merchant Bank Limited, contributed to a panel titled, “Is Investor Appetite for Caribbean Assets on the Rise?

MELO

Annual Recognition Awards AMCO earned a MELO recognition award in 2025. MELO is a Panamanian company that supplies frozen chicken products that AMCO has been distributing locally for over 20 years.

Sep 2025

Caribbean Association of Banks

Member of the Board of Directors: Reaaz Shah, Head of Treasury & FX, ANSA Merchant Bank

Oct 2025

Guyana Dental Association

Guyana Dental Convention 2025 ANSA McAL Distribution (Guyana) participated with Sensodyne to present on their oral care products, led by Brand Manager Raoul Mohamed.

Oct 2025

International Business Conference, Guyana

International Business Conference, Guyana Amy Lazzari, Chief People and Culture Officer for ANSA McAL Limited, presented on “Bridging Businesses for Regional Prosperity”.

Oct 2025

Trinidad and Tobago Stock Exchange

TTSE Capital Market Conference 2025 Andre Jeffers, Chief Strategy Officer, was the feature speaker. His talk titled, “Future Proofing Generational Businesses via Capital Markets in an Era of Transition”, offered a perspective on how legacy businesses can use the capital markets to manage succession and stay strong for the long term.

Oct 2025

Sep 2025

Natalie Mansoor, General Manager, ANSA Wealth Management, contributed to a panel at the TTSE Capital Markets & Investor Conference 2025 titled, “Capital Markets & Trends Outlook 2026”.' HARCON Harrington Consulting Limited

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National Youth Sustainability and Environmental, Oct 2025 Social and Governance (ESG) Programme (NYSESG) This initiative was officially launched on October 9, 2025. ANSA McAL was proud to sponsor HARCON Consulting’s national rollout of the NYSESG, in partnership with the Ministry of Education. Frances Bain-Cumberbatch, our Chief Legal and External Affairs Officer, was present to give her remarks: “Our commitment as Premier Sponsor is not symbolic. It reflects our belief that the future of Trinidad and Tobago, and indeed our region, depends on preparing our young people to lead with purpose, responsibility and vision.”

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OTHER ORGANISATIONS, EVENTS AND ENGAGEMENTS Organisation

Position/Participation

Date

Supermarket Association of Trinidad and Tobago

Supermarket Association of Trinidad and Tobago’s 31st Industry Awards & Christmas Gala 2025. AMCO, the Diamond Sponsor of the event, won Distributor of the Year 2025 award. Criteria for nomination included: delivery of goods, damage policy, merchandising, sales promotion and payment policy, quality and reliability of products offered, innovation through the demonstration of initiatives that are forward-thinking within the industry, and efforts toward sustainable practices.

Nov 2025

St. Mary’s College

St. Mary’s College’s annual Post-Budget Panel Discussion The event brought classroom learning to life for Form 6 Economics students. This took place shortly after the reading of the 2026 TT National Budget.

Nov 2025

This year’s theme, “Navigating the Nation’s Priorities: Insights on the 2025 National Budget,” set the stage for a meaningful conversation, and we were proud to have our Group CEO, Anthony N. Sabga III, as well as newly appointed Board Member Joel Pemberton joining as panellists. By sharing his experiences and insights, the GCEO, a past pupil of St. Mary’s College, helped students connect classroom concepts to the real decisions that shape our nation, sparking thoughtful reflection on the role they themselves can play in the future. Brunswick

Annual Distributor Awards Nov 2025 AMCO was recognised as Brunswick’s No. 2 distributor in the world. AMCO distributes Brunswick’s canned seafood and meats from their Canadian business operations.

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IFRS S1

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STANDARD COMPLIANCE PROGRESS REPORT As part of our commitment to compliance with the International Financial Reporting Standards (IFRS) S1 Standard, we established an IFRS Compliance Roadmap in 2025 and commenced work on the top four Sectors with the most potential to create impact financially, environmentally and socially: Beverage, Construction, Financial Services (Banking and Insurance) and Manufacturing (Utilities and Packaging). For the purposes of alignment with the financial report, the Sectors have been divided into the following segments: 1. Construction 2. Manufacturing (Utilities and Packaging) 3. Beverage 4. Financial Services (Banking and Insurance) This roadmap provides an overview of the work undertaken in 2025 and our plans for moving towards IFRS S1 compliance.

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ANSA MCAL COMPLIANCE ROADMAP

Establishing Targets

Linking to Financial Performance

Further embedding Sustainability into Management

Identification of Sustainability Risks & Opportunities (SR&Os) and Impacts

Double Materiality Assessment

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Redefining Metrics

DOUBLE MATERIALITY ASSESSMENT Consistent with the ANSA McAL Group Sustainability Policy, our approach to materiality is based on double materiality, that is, identifying both the impact of people and planet on the business (financial materiality) and the impact of the business on people and the planet (impact materiality).

In 2025, we conducted an Internal Double Materiality Assessment to identify the most critical Sector-specific issues for monitoring, data collection and reporting. This assessment involved a series of Sector surveys, workshops and discussions to arrive at Sector-specific material topics.

The Group also recognises the importance of engaging external stakeholders in assessing materiality and shaping our sustainability strategy. Our last external stakeholder materiality assessment was conducted in

2022, with the next assessment scheduled for 2027. Our Sustainability Policy requires an external stakeholder assessment to be conducted every three to five years.

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SELECTION OF MATERIAL TOPICS IFRS S1 Section 17: Materiality Appendix B Application guidance – Identifying material information

The identification of impacts from a financial and impact materiality perspective considered both resources and relationships in each Sector, as highlighted in the diagram below.

The result of our internal materiality assessment was the identification of the material topics for each Sector. The Sectorspecific material topics identified are

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outlined below and classified according to financial materiality and/or impact materiality.

NVIRONMENT Impact Materiality

Financial Materiality

CONSTRUCTION MATERIAL TOPICS

BEVERAGE MATERIAL TOPICS

Climate Change Impacts on Business

Energy Consumption and Management

Water and Wastewater Management

Biodiversity Impacts

Supply Chain Management

Waste and Wastewater Management

Packaging and Waste

UTILITIES MATERIAL TOPICS

BANKING MATERIAL TOPICS

Energy Consumption and Management

Environmental and Physical Risks

Water Consumption and Management

PACKAGING MATERIAL TOPICS

INSURANCE MATERIAL TOPICS

Energy Consumption and Management

Climate Change Impacts on Business

Biodiversity Impacts Product Lifecycle Management

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OCIAL

Financial Materiality (F)

Impact Materiality (I)

CONSTRUCTION MATERIAL TOPICS

BEVERAGE MATERIAL TOPICS

Talent Management and Development

Health and Safety

Community Impact and Engagement

UTILITIES MATERIAL TOPICS

BANKING MATERIAL TOPICS

Product Safety

Talent Management and Development

Health and Safety

PACKAGING MATERIAL TOPICS

INSURANCE MATERIAL TOPICS

Talent Management and Development

Human Health Risk

Health and Safety

Customer Experience and Satisfaction

Product Safety

OVERNANCE UTILITIES MATERIAL TOPICS Legal/Regulatory Compliance and Business Ethics

Impact Materiality

BEVERAGE MATERIAL TOPICS Responsible Consumption and Marketing

BANKING MATERIAL TOPICS

INSURANCE MATERIAL TOPICS

Data Privacy and Security

Legal/Regulatory Compliance and Business Ethics

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Financial Materiality

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Legal/Regulatory Compliance and Business Ethics

IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS) IFRS S1 Section 30: Sustainability-related risks and opportunities (a) describe sustainability-related risks and opportunities that could reasonably be expected to affect the entity’s prospects

SR&Os refer to the Sector-specific sustainability-related risks and opportunities that could reasonably be expected to affect the entity’s prospects — its cash flows, its access to finance or cost of capital, and might change over time.

The potential SR&Os were listed in a survey for the Sectors to review and determine the materiality of each depending on the magnitude of the impact and the likelihood of the SR&Os to occur and cause a material impact on finances.

Understanding and managing sustainabilityrelated risks, opportunities, and impacts requires a structured and methodical approach. For each Sector, the SR&Os were developed based on the context of the Sector and the country or countries in which it has operations (e.g., understanding of risks products and operations in the Sector and value chain impact). Additionally, SR&Os from comparator reports were used in drafting Sector-specific SR&Os and impacts.

The tables below show the categories of the sustainability-related risks and opportunities, as well as impacts (positive and negative) identified for each Sector, and how they manage these. The tables also note the metrics that have been selected to monitor the sustainability-related risks and opportunities, data collection for some of which will commence in 2026, while the others commenced in 2025. The key below shows how the risk (R)/opportunity (O)/ impact (I) categories are classified.

Risk

Opportunity

R&O

Risk & Opportunity

R&I

Risk and Impact

O&I

Opportunity and Impact

Impact

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IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS)

Construction Sector Construction Sector Material topic

Risk/ Opportunity/ Impact Category

Physical risk (R)

Supply chain disruptions (R) Water supply disruptions (R)

Climate Change Impacts on Business

Climate- resilient products (O)

Management approach

Operating in the Caribbean, the Construction Sector has operations in Small Island Developing States (SIDS) that are vulnerable to tropical storms and hurricanes. This includes Grenada, where production was temporarily halted at ANSA Coatings Grenada after Hurricane Beryl in 2024, and at Berger Jamaica after Hurricane Melissa in 2025. While damage to the sites was minimal, country-wide impacts SASB EM-CM-140.a1 resulted in restart challenges. (1) Total water The Construction Sector also has withdrawn an established Business Continuity (2) Total Plan (BCP) that addresses potential water consumed; disruption scenarios, including percentage of each in hurricanes. The BCP outlines how regions with high or critical operations are maintained extremely high baseline or rapidly restored during and after water stress disruptive events and is proactively activated ahead of anticipated storm GRI 201-2 impacts to minimise the risk of Financial implications employee injury and property damage. and other risks and Early activation also facilitates a swift opportunities due to and effective post-storm response, climate change including damage assessment and repair activities. Notably, prior to ANSA-Specific Metric Hurricane Melissa impacting Jamaica, Material Resource Plan BPJL activated its BCP in advance, (MRP) inventory resulting in no loss of life among accuracy employees and significantly mitigated ANSA-Specific Metric damage to the factory. adapted from Each subsidiary maintains a minimum RT-IG-440a.1 holding inventory, particularly for Description of the fast-moving products, to mitigate management of risks against the risk of supply chain associated with the disruptions associated with changing weather patterns attributable to climate use of essential materials change. To steady the water supply for operations, each subsidiary has water storage tanks on site. To ensure durability in the Caribbean weather, products are formulated to withstand water, fruit acids and most household chemicals.

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ESG Metrics

IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS)

Construction Sector Construction Sector Material topic

Risk/ Opportunity/ Impact Category

Management approach

ESG Metrics

SASB EM-CM-130a.1 (amended to include natural gas as an energy source)

Energy

Energy efficiency (O)

The Sector is continuously exploring energy efficient and renewable energy opportunities. In 2023, solar lighting was installed at ANSA Coatings Grenada and most office lighting has been converted to LED options. A review of solar photovoltaic systems deemed them to be cost prohibitive but that option will be re-examined over time as markets evolve.

(1) total energy consumed, (2) Percentage grid electricity (3) Percentage alternative (4) Percentage renewable (5) Percentage natural gas

Legal compliance (O)

Reputational risk (R)

Waste and wastewater management

Waste management (I)

Reduce, Reuse, Recycle strategies (O)

ABEL Clay and Bestcrete ensure all waste generated from the blockmaking process is recycled back into the process or recycled offsite through a third party waste management services provider. ANSA Coatings incorporates a solvent recovery machine within their process which recycles dirty solvent. Berger Jamaica is in the process of obtaining approvals to construct an Effluent Treatment Plant (ETP) to further enhance their wastewater management process.

GRI 303-2 Management of water discharge-related Impacts

GRI 306-2 Management of significant waste-related impacts

All subsidiaries contract a third-party waste management services provider to ensure legal compliance and environmental impacts are minimised.

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IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS)

Construction Sector Construction Sector Material topic

Risk/ Opportunity/ Impact Category

Habitat loss (I) Biodiversity impacts

Land rehabilitation (I)

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Management approach The Sector operates two quarries in Trinidad. Both the clay quarry and sand quarry sites have been approved by the Ministry of Energy via the granting of a mining licence in accordance with the Minerals Act. These licences stipulate the area to be mined and any mining outside of the approved area is in direct breach of the licence. There are restrictions on the depth to which an area can be mined so as not to disrupt the water table, and as part of the process of obtaining the Certificate Environmental Clearance for each site, the rehabilitation of mined areas is mandatory.

ESG Metrics

SASB EM-CM-160a.1. Description of environmental management policies and practices for active sites

SASB EM-CM-160a.2. Terrestrial acreage disturbed, percentage of impacted area restored

IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS)

Construction Sector Construction Sector Material topic

Risk/ Opportunity/ Impact Category

Management approach

ESG Metrics SASB EM-CM-320a.1. supplemented by RT-CH--320a.2.

Reputational risk (R)

(1) Total recordable incident rate (TRIR) Health & safety of employees (I)

Health and Safety

Employee well-being (I)

Workplace safety in the Sector is a top priority. Emphasis is placed on prevention of accidents through consistent in-depth HSE training, particularly for front-line workers. HSE policies are strictly enforced, with a zero-tolerance policy for noncompliance. The “Five S” System (sort, set in order, shine, standardise, sustain) with a sixth “S” for safety, is in place at all subsidiaries. Workplace-related incidents are very closely tracked, investigated and monitored.

(2) Near Miss Frequency Rate (NMFR) and (3) Fatality rate for (a) direct employees and (b) contract employees

GRI 403-2 Hazard identification, risk assessment, and incident investigation

GRI 403-8 Workers covered by an occupational health and safety management system (OHSMS)

Staff turnover (R)

Talent development

Training and career development (O)

The Sector continuously invests in employee training and education to keep them actively engaged in their own career development. Feedback from annual surveys is used to design initiatives geared towards increasing employee satisfaction. Each subsidiary has a structured training programme led by the Sector HR Capability Development Team. There is also an internal Learning Management System that provides product knowledge and soft skills training. Cost of external certifications and qualifications is also covered by the respective subsidiaries.

GRI 404-1 Average hours of training per year per employee

GRI 404-3 Percentage of employees receiving regular performance and career development reviews

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IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS)

Manufacturing Sector - Utilities Manufacturing Sector - Utilities Material topic

Risk/ Opportunity/ Impact Category

Management approach

At ANSA Chemicals electricity is a key input for the electrolysis process to manufacture chlorine, and as such any volatility in electricity rates presents a material risk to the operation. Energy

Water consumption

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Increase in energy rates (R) ANSA Chemicals in Trinidad has been working to enhance energy efficiency since 2023 with the installation of more energy efficient equipment and will be reviewing the power factor efficiency of the plant in 2026. They will also be exploring alternative sources of energy.

Water supply disruption (R)

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Most of the water that ANSA Chemicals uses is supplied by the desalination plant on the industrial estate where they are also located, with the secondary source being the municipal supply. For redundancy there is a set of large storage tanks on site. Water consumption is continuously tracked versus the budget target. The recently launched trial of recycling brine in the dilution of bleach products has resulted in a reduced amount of fresh water used in the process.

ESG Topics

SASB RT-CH-130a.1 (1) Total energy consumed (2) Percentage grid electricity (3) Percentage renewable and (4) Total self-generated energy

ANSA Specific Metric % change in energy intensity year on year

SASB EM-CH-140.a1 (1) Total water withdrawn (2) total water consumed; percentage of each in regions with high or extremely high baseline water stress

IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS)

Manufacturing Sector - Utilities Manufacturing Sector - Utilities Material topic

Risk/ Opportunity/ Impact Category

Customer well-being impacts (R)

Product safety

Reputation management (O)

Management approach

ESG Topics

ANSA Chemicals enforces a culture of “getting it right the first time”. Customer complaints are addressed promptly, and closure rates are actively monitored against targets.

Customers are engaged to provide feedback through surveys. Net Promoter Score (NPS) is tracked and linked to the subsidiary’s Business Score Card which is attached to executive remuneration.

ANSA Chemicals maintains several local and international certifications Compliance with standards, trusted including ISO 9001, ISO 140001, TTBS under standard TTCS 21:2023, STOW, brand (O & I) National Sanitation Foundation (NSF) and Star-K Kosher.

SASB RT-CP-250a.1 (1) Number of recalls issued (2) Total units recalled

SASB RT-CH-410b.1 (1) Percentage of products that contain Globally Harmonised System of Classification and Labelling of Chemicals (GHS) Category 1 and 2 Health and Environmental Hazardous Substances (2) Percentage of such products that have undergone a hazard assessment

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IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS)

Manufacturing Sector - Utilities Manufacturing Sector - Utilities Material topic

Risk/ Opportunity/ Impact Category

Workplace Injuries (R)

Safety Culture & employee well-being (I)

Customer well-being (R)

Health and Safety

Process safety incidents (I)

Management approach

ANSA Chemicals maintains the health and safety of its employees and operations as a top priority. All operations staff are required to be retrained annually in the safety orientation, the Group Safety Management System and the Safe System of Work. Permit to Work and Lock out – Tag out systems are strictly enforced. Risk assessment of all operations is conducted annually, in accordance with the Occupational Safety and Health Act of Trinidad and Tobago. Incidents are reported and investigated using the root cause analysis method. Leadership regularly walks the plant, conducting safety walks and toolbox talks to promote a culture of “Stop work authority” – empowering employees to stop a job without repercussion when they notice something unsafe.

SASB RT-CH-320a.1 supplemented by EM-CM320a.1

Labelling of products is done in compliance with the local regulation requirements in the production markets – Trinidad and Tobago and Jamaica – and in export markets. ANSA Chemicals conducts training with regional authority customers on chlorine awareness and emergency response.

Process Safety Incident Severity Rate (PSISR)

Regular emergency drills are conducted on site as well as in conjunction with neighbouring plants to ensure readiness to respond effectively to emergencies that have the potential to impact the nearby community on the industrial plant.

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ESG Topics

(1) Total recordable incident rate (TRIR) and (2) Fatality rate (3) Near Miss Frequency Rate (NMFR) for (a) direct employees and (b) contract employees SASB RT-CH-320a.2 Description of efforts to assess, monitor, and reduce exposure of employees and contract workers to longterm (chronic) health risks. SASB RT-CH-540a.1 Process Safety Incidents Count (PSIC), Process Safety Total Incident Rate (PSTIR), and

GRI 403-2 Hazard identification, risk assessment, and incident investigation GRI 403-8 Workers covered by an occupational health and safety management system RT-CH-140a.2 Discussion of engagement processes to manage risks and opportunities associated with community interests

IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS)

Manufacturing Sector - Utilities Manufacturing Sector - Utilities Material topic

Risk/ Opportunity/ Impact Category

Management approach

ESG Topics SASB RT-CH-140a.2 Number of incidents of non-compliance associated with water quality permits, standards and regulations

Compliance with regulations (R)

Legal and Regulatory environment

Changing regulations (R)

Legal compliance in both Trinidad and Tobago and Jamaica is managed through the offices of the HSE Manager and the Quality Manager at ANSA Chemicals. Legal support is provided by Head Office at ANSA McAL.

SASB RT-CH-530a.1. Discussion of corporate positions related to government regulations or policy proposals that address environmental and social factors affecting the industry

Compliance is managed through a legal GRI 416-2 register used for ISO and STOW certifiIncidents of noncation that is overseen by the HSE and compliance concerning the Quality Managers. health and safety impacts of products and services

Reputation management (I)

GRI 417-2 Incidents of noncompliance concerning product and service information and labelling

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IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS)

Manufacturing Sector - Packaging Manufacturing Sector - Packaging Material topic

Risk/ Opportunity/ Impact Category Compliance with standards (R)

Product Lifecycle Management

Recycling locally collected materials (O)

Management approach

ANSA Packaging has been consistently advancing its pursuit of achieving 50% local cullet recovery within its manufacturing process. This effort directly supports cost reduction by increasing the use of recycled raw materials while lowering dependence on more expensive virgin inputs. In parallel, as standards upgrade to include sustainability and culture adaptation, specifically, with FSSC 22000, they continue to ensure Sector compliance and maintain their position as the premier supplier of packaging and sustainable packaging to customers nationally and regionally.

Increased energy rates (R) Given this risk, ANSA Packaging is considering opportunities for energy-efficient initiatives to mitigate rising operational costs and strengthen long-term cost resilience.

Energy Consumption Energy efficiency (O)

ESG Topics

SASB RT-CP-410a.1. Percentage of raw materials from: (1) Recycled content (2) Renewable resources and (3) Renewable and recycled content

SASB RT-CP-130a.1 amended to include percentage of energy from natural gas (1) Total energy consumed (2) Percentage grid electricity (3) Percentage renewable and (4) Total self-generated energy (5) percentage natural gas GRI 302-4 Reduction of energy consumption

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IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS)

Manufacturing Sector - Packaging Manufacturing Sector - Packaging Material topic

Risk/ Opportunity/ Impact Category

Customer well-being impacts (R)

Product Safety

Reputation for superior product safety (O)

Loss of natural habitat (I)

Biodiversity Impacts

Land rehabilitation (I)

Management approach

ESG Topics

The Sector upholds the highest quality and food-safety standards, including FSSC and ISO certifications, and places the safety of their customers at the forefront of the operations. They continue to manage this risk by maintaining strict compliance with these standards, strengthening quality assurance systems, and continually enhancing the reliability and safety of their products.

SASB RT-CP-250a.1 (1) Number of recall issued (2) Total units recalled ANSA-Specific metric First Pass Yield

SASB EM-CM-160a.1. Description of environmental The Sector has made a deliberate management policies commitment to environmental stewardship and practices for active and the responsible management sites of natural resources. As part of this commitment, they continue to strengthen land rehabilitation initiatives that support reforestation, habitat restoration, and SASB EM-CM-160a.2. responsible mining practices. These efforts Terrestrial acreage help to mitigate the potential negative disturbed, percentage of biodiversity impacts that may arise from impacted area restored their operations.

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Manufacturing Sector - Packaging Manufacturing Sector - Packaging Material topic

Risk/ Opportunity/ Impact Category

Management approach

ESG Topics SASB RT-CH-320a.1 adapted to include EM-CM-320a.1

Injuries at work (R & I)

(1) Total recordable incident rate (TRIR) and

Employee well-being (I)

(2) Fatality rate and (3) Near Miss Frequency Rate (NMFR) for Through their Behaviour-based Safety Observation programme and a suite of other safety initiatives, ANSA Packaging remains committed to maintaining a safe and well-controlled work environment for all employees and stakeholders.

Health and Safety Community impact (I)

Their efforts focus on reducing the likelihood of recurrence of serious injuries by ensuring robust health and safety guidelines, continuous hazard identification, and comprehensive employee training. These measures strengthen their overall safety culture and safeguard both our workforce and the surrounding community.

(a) direct employees (b) contract employees

SASB RT-CH-320a.2 Description of efforts to assess, monitor, and reduce exposure of employees and contract workers to long-term (chronic) health risks.

GRI 403-2 Hazard identification, risk assessment, and incident investigation

GRI 403-8 Workers covered by an occupational health and safety management system

Staff turnover (R)

Talent Development Training and skill enhancement (O)

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ANSA Packaging has invested significantly in the continuous development of their specialised workforce through the creation and expansion of programmes offered under our uPACK “University of PACK” initiative. These programmes strengthen technical capability, improve operational efficiency, and ensure that both existing and new employees are equipped with the skills required in this highly specialised industry.

GRI 404-1 Average hours of training per year per employee GRI 404-3 Percentage of employees receiving regular performance and career development reviews

IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS)

Beverage Sector Beverage Sector Material topic

Risk/ Opportunity/ Impact Category

Management approach

ESG Metrics SASB FB-AB-140a.1

Water shortages (R)

Water & Wastewater management

Wastewater management (R&I)

Water use efficiency (O) Water scarcity & ingredient sourcing (R)

The Sector has a strategic plan in place to enhance water efficiency which is in progress and has a number of upcoming planned initiatives. This is particularly a priority area for the Trinidad and Tobago Brewery which adopts a multidimensional approach based on performance and needs. • Improved water efficiency across the operations - replacement of leaking pipelines, optimising cleaning in-place systems to reduce volumes, installation of flow meters to manage water real time etc. • Installation of new equipment that is water efficient: Commissioning of Line 7 which is more water efficient by design • Wastewater management, with a Water Reclamation Facility plant which is in the planning phase.

Water efficiency and conservation (O)

Energy consumption rate increase (R)

Energy Consumption

Energy efficiency (O)

Renewable energy (O & I)

The Beverage Sector has been working to increase energy efficiency of their operations through the installation of energy-efficient machinery and equipment and exploration of solar photovoltaics system on the rooftops of designated buildings. In 2025, CARIB Grenada installed 540 solar PV panels that will provide approximately 20% of their electricity needs with 300 kilowatts of solar power. The completion of SMETA audits throughout the Sector helps to identify areas for improvement.

(1) Total water withdrawn (2) Total water consumed; percentage of each in regions with high or extremely high baseline water stress SASB FB-AB-140a.2 Description of water management risks and discussion of strategies and practices to mitigate those risks GRI 303-2 Management of water discharge-related impacts *SASB FB-AB-440a.1 Percentage of beverage ingredients sourced from regions with high or extremely high baseline water stress

SASB FB-AB-130a.1. amended to include percentage of energy from natural gas (1) Total energy consumed (2) Percentage grid electricity and (3) Percentage renewable (4) Percentage from purchased natural gas

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Beverage Sector Beverage Sector Material topic

Risk/ Opportunity/ Impact Category

Packaging reuse and recycling (O)

Packaging and waste

Reduced waste (I)

Waste to landfill (I)

Management approach

CARIB Breweries in Trinidad and Tobago, Grenada and St. Kitts and Nevis run returnable packaging circular economy systems. The Breweries aim at a 90% recovery rate for bottles. Bottles that cannot be used at CARIB Brewery Trinidad and Tobago are recycled at Carib Glassworks. CARIB crates are also recovered from CARIB Brewery Trinidad and Tobago and CARIB Brewery St. Kitts and Nevis and recycled with ANSA Packaging’s ANSA Polymer.

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SASB FB-AB-410a.2 Discussion of strategies to reduce them environmental impact of packaging throughout its lifecycle

Waste reduction initiatives include the installation of beer filtration systems (Trinidad and Tobago and Grenada) that don’t require powders for the filtration process and hence reduce waste produced in the process by 51%.

CARIB Breweries Trinidad and Tobago, Grenada and St. Kitts and Nevis sell and donate spent grains to local farmers as a low-cost additive to supplement animal feed. CARIB is exploring two initiatives to further reduce the amount of waste sent to landfills in Trinidad and Tobago: • •

Waste management (R)

ESG Metrics

Wet waste yeast to be passed on to a contractor for productive use UWI-led research into the possibility of converting spent grain into biochar that can improve soil fertility for farmers, as well as sequester carbon

GRI 301-3 Reclaimed products and their packaging materials

IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS)

Beverage Sector Beverage Sector Material topic

Risk/ Opportunity/ Impact Category

Management approach

Injuries at work (R & I)

CARIB Breweries works towards continuous improvement in health and safety performance in four key areas:

Health & Safety

Safety culture and operational efficiency (O)

• •

• Community impact • from major site incidents (I)

Strengthening governance, and full compliance with public policies Strengthening controls and hazard reporting systems to eliminate unsafe conditions and behaviours, with early detection and root-cause investigation processes Enhancing fire safety and emergency response preparedness Safety Management System implementation and enforcement

Safety culture and employee satisfaction (I)

ESG Metrics SASB FB-AG-320a.1 (1) Total recordable incident rate (TRIR) (2) Fatality rate and (3) Near miss frequency rate (NMFR) for (a) direct employees and (b) seasonal & migrant employees SASB RT-CH-320a.2 Description of efforts to assess, monitor, and reduce exposure of employees and contract workers to long-term (chronic) health risks GRI 403-2 Hazard identification, risk assessment, and incident investigation GRI 403-5 Worker training on occupational health and safety GRI 403-6 Promotion of worker health

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Beverage Sector Beverage Sector Material topic

Risk/ Opportunity/ Impact Category Brand ambassador safety (I)

Community Impact and Engagement

Management approach CARIB Breweries has always been well integrated into community life through sponsorship of cultural and sporting events. Starting in 2026, the Breweries will be working to formalise these engagements by building a framework or transparent and continuous communications with business and community groups in their fenceline communities. Apart from their engagement with communities, in their business relationships there are two primary groups who they manage carefully to ensure prevention and mitigation of occupational health and safety impacts; their brand promoters and their thirdparty transport drivers.

Employment and learning (I)

Brand promoters are managed through a third party, the contract for which includes code of conduct requirements. Moving forward, new contracts will contain more rigorous clauses to reduce the vulnerability and increase the protection of brand promoters, particularly women. Third-party transport drivers are contracted through reputable transport companies with various prerequisites for engagement and best applicable health and safety standards in place, such as mandatory defensive driving as an example.

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ESG Metrics

GRI 403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships

IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS)

Beverage Sector Beverage Sector Material topic

Risk/ Opportunity/ Impact Category Product labelling requirements (R & I)

Responsible Consumption and Marketing

Supply Chain Management (CO2)

Consumer health awareness (O & I)

Management approach

ESG Metrics

The compliance team keeps abreast of local labelling laws and regulations across the territories to ensure full compliance is maintained. Clear nutritional and ingredient information, relevant health warnings and responsible consumption messaging accompanied by the @EASE symbol adorn all products.

SASB FB-AB-270a.2 Number of incidents of non-compliance with industry or regulatory labelling or marketing codes

CARIB Brewery is working to increase its low to no alcohol (LNA) product portfolio, in support of the growing consumer aspiration to living a healthier lifestyle.

SASB FB-AB-270a.4 Description of efforts to promote responsible consumption of alcohol

GRI-417-1 Requirements for product and service information and labelling

Supply chain disruption for raw materials (R)

CARIB Breweries recovers CO2 from the brewing process in Trinidad and Tobago and St. Kitts and Nevis, reducing the reliance on a third-party supplier to those Breweries.

Recovery of CO2 (O)

CARIB Breweries recovers CO2 from the brewing process in Trinidad and Tobago and St.Kitts & Nevis, to manage the operational risk due to sporadic supplier ANSA-Specific shortages. In Trinidad and Tobago, the Brewery is in the process of replacing Volume of CO2 its CO2 recovery equipment to enhance recovered efficiency and reliability. The shutdown of operations by Nutrien Ltd. in Trinidad and Tobago in 2025 exposed a supply risk, as the Brewery was heavily reliant on this supplier for CO2. In response, storage capacity was increased to extend on-site supply in the event of shortages. A new CO2 recovery plant is scheduled for commissioning by 2028, which will further strengthen supply resilience and reduce reliance on external third-party suppliers.

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IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS)

Financial Services Sector - Banking Financial Services Sector - Banking Risk/ Opportunity/ Material topic Impact Category

Climate change impacts on business (R)

Management approach

The Banks have started to analyse their financial portfolios for nature and climaterelated impacts and risks, using a suite of appropriate tools and methods. This data helps us to understand: •

Environmental and Physical Risks

• Enhanced risk management strategies (O)

Natural Capital (O & I)

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•

Sectors which have the highest nature and climate-related impacts Nature and climate-related risks to their lending and investment portfolios The situation relating to mortgage properties most at risk from flooding opportunities for offering sustainable finance solutions to customers

Using this information, the Banks have been developing a financing policy and strategy to help address both impacts and risks.

ESG Metrics

SASB FN-CB-410a.2 Description of approach to incorporation of environmental, social and governance (ESG) factors in credit analysis.

SASB FN-IB-410a.3 Description of approach to incorporation of environmental, social and governance (ESG) factors in investment banking and brokerage activities.

IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS)

Financial Services Sector - Banking Financial Services Sector - Banking Risk/ Opportunity/ Material topic Impact Category

Management approach

ESG Metrics

The Banks’ defence strategies follow the NIST Cybersecurity Framework, supported by real-time vulnerability management and Cyber 24/7 incident monitoring through a thirdSecurity party partner. Technical controls include (R, O & I) Principle of Least Privilege and full data encryption in transit and at rest. Their core Customer data vendors comply with SOC 2 and ISO 27001 privacy (R & I) cybersecurity standards.

Remote digital onboarding enables customers to join without visiting branches, reducing operational costs and improving acquisition efficiency. Automated scanning and patching increase efficiency.

Data Privacy & Security

Digitisation (O)

The Banks build trust and competitive advantage by showcasing robust security measures, like biometrics, Multi-factor Authentication (MFA), Secure Sockets Layer (SSL) encryption, and maintaining transparent privacy policies across digital channels.

SASB FN-CF-230a.1 (1) Number of data breaches Percentage that are personal data breaches (2) Number of account holders affected

SASB FN-CB-230a.2 Description of approach to identifying and addressing data security risks

Public communication during incidents is managed via the Group Crisis Management Framework, combined with real-time response to minimise disruption and reputational risk.

Talent Development

Turnover, recruitment and training (R)

The Sector is currently revamping its talent development strategy to formally introduce Sector-wide career development and career laddering, utilising the newly implemented grading structure.

GRI 401-1 New employee hires and employee turnover

GRI 404-1 Average hours of training per year per employee

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Financial Services Sector - Banking Financial Services Sector - Banking Risk/ Opportunity/ Material topic Impact Category

Management approach

ESG Metrics

AMBL is a highly regulated entity with compliance oversight from the following: • Central Bank of T&T • The T&T Securities and Exchange Commission • Financial Intelligence Unit of T&T • The T&T Stock Exchange • Board of Inland Revenue • Companies Registry

Regulatory penalties (R)

The Banks utilise a comprehensive Compliance Grid to track all of their regulatory obligations to ensure compliance with the various regulations and laws which call for the submission of financial information and reports, completion of mandatory audits and deadlines for the settlement of payments of taxes and other mandatory payments (Stock Exchange fees, CBTT contribution, annual registration fees, Deposit Insurance contribution). The Compliance Grid is prepared monthly from information provided from various departments and serves as a monthly dashboard to indicate the nature of the compliance requirement, the date in which the compliance requirement is due, and when it was submitted. The Compliance Grid is included in the AMBL Board Pack bi-monthly which serves as oversight by the AMBL Board.

Regulatory Compliance

SASB FN-CB-510a.1 Total amount of monetary losses as a result of legal proceedings associated with fraud, insider trading, anti-trust, anti-competitive behaviour, market manipulation, malpractice, or other related financial industry laws or regulations

Regulatory compliance is supported by a suite of policies and procedures which are reviewed periodically to ensure that they remain relevant.

Compliance with regulations and laws (O)

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Regulatory compliance with all of the authorities will avoid the risk of monetary penalties, suspension of operations and reputational risk to the Bank. Companies that have demonstrated consistency in meeting their regulatory requirements are held in a higher level of esteem than others who are frequently late or are subject to periodic notifications of breaches and are more likely to receive a more sympathetic response from regulators for any infraction committed in error.

SASB FN-CB-510a.2 Description of whistleblower policies and procedures ANSA Specific Metric Communication and training about AntiMoney Laundering, Counter Terrorism Financing & Counter Proliferation Financing (AML/CFT/CPF)

IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS)

Financial Services Sector - Insurance Financial Services Sector - Insurance Material topic

Risk/ Opportunity/ Impact Category Physical risk (R)

Climate change impacts on the Business

Climate resilience (O)

Management approach

ESG Metrics

To date, the potential physical risk to the Sector from extreme weather events has not materialised in terms of increased claims or reinsurance rates; however, the Sector understands and appreciates the increasing risks associated with climate change and its impacts on business and has included this risk in its Quarterly Management Risk Reporting.

SASB FN-IN-450a.1. Probable Maximum Loss (PML) of insured products from weather-related natural catastrophes

Risk is managed through careful review and monitoring of Probable Maximum Loss (PML) calculations by location and type of weather risk for risk assessment, premium-setting and GRI 201-2 Financial implications determining reinsurance needs. and other risks and opportunities due to climate change. The Sector also recognises the opportunity to develop new products that align with increasing climate-related risks and is currently exploring new products in this area.

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Financial Services Sector - Insurance Financial Services Sector - Insurance Material topic

Risk/ Opportunity/ Impact Category

Management approach The Sector understands the importance of customer experience and satisfaction and the opportunity it presents to maintain and grow market share and retain customers. Across the Sector there are robust Voice of the Customer (VoC) programmes, utilising multiple feedback mechanisms to obtain qualitative and quantitative feedback from our customers.

Customer Enhanced experience customer and experience (O) satisfaction

Health issues e.g. NCIDs (R)

Human health risks

Health and wellness (O)

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ESG Metrics ANSA Specific Metric Customer Renewal Retention Ratio

ANSA-Specific Metric Net Promoter Score (NPS)

Best practice industry metrics are monitored, ANSA-Specific Metric with monthly reporting to management, Customer Satisfaction including: Score (CSAT) Customer Satisfaction (CSAT) Net Promoter Score (NPS) Customer Effort Score (CES) Overall Resolution Rate

The Sector acknowledges the prevalence of non-communicable diseases (NCDs) in the region and their risk in terms of increased claims. It also understands the opportunity to work with customers to support health and wellness.

There is active and ongoing customer education in support of healthy lifestyles and support for the inclusion and maintenance of preventative care benefits within the health plans offered. The Sector also actively participates in external initiatives, including health fairs that promote healthy lifestyle behaviours.

SASB HC-MC-260a.4 Discussion of initiatives and programmes to maintain and improve enroll health

IDENTIFICATION OF SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES (SR&OS)

Financial Services Sector - Insurance Financial Services Sector - Insurance Material topic

Risk/ Opportunity/ Impact Category

Cyber security and customer data privacy (R)

Data privacy and security

Digitisation (O)

Cyber-security (I)

Management approach

ESG Metrics SASB HC-MC-230a.1 Description of policies and practices to secure customers’ personal health data records and other personal data

Data privacy and security are critical to the Insurance Sector, and the management of this risk is two-fold: first, through external regulatory requirements and second, through robust internal controls, IT Infrastructure and audits.

SASB HC-MC-230a.2. (1) Number of data breaches (2) Percentage involving (a) personal data only and (b) personal health data, The Central Bank of Trinidad and Tobago's (3) Number of regulatory requirements mandate robust customers affected compliance reporting reporting for data in each category privacy and security systems. (a) personal data only and The Sector also maintains strong infrastructure and cybersecurity systems that (b) personal health data are examined annually by external auditors. IT and cybersecurity training is also included in Annual Development Plans for all employees, and regular simulation exercises are undertaken to test systems and responses.

SASB HC-MC-230a.3. Total amount of monetary losses as a result of legal proceedings associated with data security and privacy

Employee upskilling (I)

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Financial Services Sector - Insurance Financial Services Sector - Insurance Material topic

Risk/ Opportunity/ Impact Category

Compliance with laws and regulations (R)

Management approach

The Insurance Sector is heavily regulated, with high risk of penalties and reputational damage for non-compliance. To manage this risk the Sector maintains and adheres strictly to a Statutory Obligations Calendar and Compliance Tracker which is updated monthly and monitored by the compliance departments of the respective companies.

Governance Regulatory structure (R) compliance including Business ethics

Ethical business practices (O)

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ESG Metrics SASB FN-IN-270a.1 Total amount of monetary losses as a result of legal proceedings associated with marketing and communication of insurance productrelated information to new and returning customers

SASB FN-CB-510a.1 Total amount of monetary losses Established compliance procedures are as a result of legal in place to identify, track and report all proceedings associated statutory deadlines and obligations and with fraud, insider annual training is conducted with Directors, Management and Staff to ensure everyone is trading, anti-trust, anticompetitive behaviour, aware of their obligations. market manipulation, Business ethics and compliance are critical to malpractice, or other the Sector and are managed through strong related financial industry internal control and compliance systems that laws or regulations are subject to regular risk-based internal audit review. Policies and procedures are developed and reviewed regularly to ensure they are updated and appropriate to meet the evolving needs of the Sector and aligned with regulatory requirements. Policies in place across the sector include: -

Corporate Governance Policy Code of Conduct Whistleblower Policy Conflict of Interest Policy

SASB FN-CB-510a.2 Description of whistleblower policies and procedures

ANSA Specific Metric Communication and training about AntiMoney Laundering, Counter Terrorism Financing & Counter Proliferation Financing (AML/CFT/CPF)

EMBEDDING SUSTAINABILITY INTO MANAGEMENT STRUCTURES IFRS S1 reporting requirements includes disclosures across four content areas: Governance; Strategy; Risk Management; and Metrics and Targets.

GOVERNANCE Information that enables investors to understand the governance processes, control and procedures a company uses to monitor, manage and oversee sustainability-related risks and opportunities.

STRATEGY Information that enables investors to understand a company's strategy for managing sustainability-related risks and opportunities.

RISK MANAGEMENT Information that enables investors to understand a company's processes to identify, assess, prioritise and monitor sustainability-related risks and opportunities.

METRICS AND TARGETS Information that enables investors to understand a company's performance in relation to its sustainability-related risks and opportunities, including progress towards any targets the company has set, or any targets it is required to meet by law or regulation.

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GOVERNANCE The objective of sustainability-related financial disclosures on governance is to enable users of general-purpose financial reports to understand the governance

Reference Governance Section Page 119

processes, controls and procedures an entity uses to monitor, manage and oversee sustainability-related risks and opportunities (IFRS S1 Section 26: Governance)

IFRS S1 Section 27: Governance a) the governance body(s) (which can include a board, committee or equivalent body charged with governance) or individual(s) responsible for oversight of sustainability-related risks and opportunities. b) management’s role in the governance processes, controls and procedures used to monitor, manage and oversee sustainability-related risks and opportunities

SUSTAINABILITY GOVERNANCE At ANSA McAL, sustainability is embedded in the way we do business and is incorporated into the governance structure. The Governance, Nomination and Remuneration Committee (GRNC) is the sub-committee of the Group’s Parent Board with oversight for the Company’s Corporate Governance and Sustainability Frameworks. The GNRC is governed by a charter which outlines the GNRC members’ roles and responsibilities. The Parent Board Charter, which is publicly available Board Charter - ANSA McAL, outlines the main responsibilities of the Board, four of which are: • Reviewing, monitoring and approving significant financial and business strategies and major corporate policies; • Reviewing and approving the overall Corporate Strategy of the Company; • Assessing major risks facing the Company and reviewing mitigation strategies; • Ensuring that processes are in place for maintaining the sustainability and integrity of the Company, its financial statements and compliance with all laws and ethical standards of business

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In 2025, the Group updated its Sustainability Policy to align with its intention to comply with IFRS Sustainability Standards. This policy was shared with the Governance, Nomination and Remuneration Committee (GRNC) for review prior to being presented to the Parent Board in 2026 for review and approval. Once approved, this new policy will be rolled out across the Group in 2026. In each of the Sectors: 1. Construction 2. Manufacturing (Utilities and Packaging) 3. Beverage 4. Financial Services (Banking and Insurance) the governance structure and composition, in alignment with GRI 2-9, has been outlined in the ESG Data Disclosure Report 2025 (pages 207, 220, 231, 247, 258, 267). The Group Sustainability Committee is chaired by the Chief Legal and External Affairs Officer and consists of representatives from Head Office and all Sectors of the Group. Details can be found in the Governance Section of the Sustainability Report, page 128.

IFRS S1 Section 27: Governance (a) specifically, the entity shall identify that body(s) or individual(s) and disclose information about: (v) how the body(s) or individual(s) oversees the setting of targets related to sustainability-related risks and opportunities, and monitor progress towards those targets (paragraph 51), including whether and how related performance metrics are included in remuneration policies

In 2022, ANSA McAL engaged its Sectors to set ESG key performance indicators (KPIs), based on the material sustainability matters in each of their subsidiaries. These KPIs were then reviewed and approved by Sector management and subsequently the GNRC and Parent Board. Progress reports are shared with executive management and reported and disclosed annually in the Group’s Sustainability Report contained in the Annual Report. Progress in relation to the ESG KPIs is tracked via the Sector Annual

Operating Plans, and Business Score Cards, which are linked to executive remuneration. In 2025, based on the materiality assessment in accordance with IFRS S1, the Sectors commenced the process of setting targets in alignment with the metrics set. This was done using the ESG KPIs established back in 2022, where they fit suitably into the requirements of the IFRS S1 Standard with refinement as required. Refer to the Metrics and Targets page 187 to read more.

STRATEGY HIGHLIGHTS The objective of sustainability-related financial disclosures on strategy is to enable users of general-purpose financial reports to understand an entity’s strategy for managing sustainability-related risks and opportunities (IFRS S1 Section 28: Strategy) In 2025, preliminary meetings were held with the Chief Strategy Officer, Chief

Operating Officer and Group Risk Manager to determine the most appropriate approach to developing reporting structures for information on SR&Os, impacts and metrics, together with financial impacts to be reported through appropriate governance channels to inform decision-making. These discussions informed the development of the Annual Operating Plan for 2026.

IFRS S1 Section 15: Fair presentation (b) to disclose additional information if compliance with the specifically applicable requirements in IFRS Sustainability Disclosure Standards is insufficient to enable users of general-purpose financial reports to understand the effects of sustainability-related risks and opportunities on the entity’s cash flows, its access to finance and cost of capital over the short, medium and long term.

An important aspect of this strategy is the identification of financial impacts of sustainability-related risks and opportunities. A qualitative assessment was completed in 2025 for each of the four Sectors (Beverage, Construction, Financial Services (Banking and Insurance) and Manufacturing (Utilities

and Packaging). Preliminary discussions were also held with the Group Financial Controller to determine the best approach to start quantifying financial impacts of sustainability-related risks and opportunities. This work will commence in 2026 with each of the four Sectors.

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RISK MANAGEMENT HIGHLIGHTS

Reference Risk Section Page 132

The objective of sustainability-related financial disclosures on risk management is to enable users of general-purpose financial reports: a) to understand an entity’s processes to identify, assess, prioritise and monitor sustainability-related risks and opportunities, including whether and how those processes are integrated into and inform the entity’s overall risk management process; and b) to assess the entity’s overall risk profile and its overall risk management process. (IFRS S1 Section 43: Risk Management)

Integral to the delivery of our vision is robust Enterprise Risk Management (ERM) managed through the LogicGate ERM Solution, which provides a consolidated platform for Group-wide risk management. In 2023, an ESG component was included in LogicGate to allow for the identification of risks that are sustainability-related and the filtering of these according to the Environment, Social and Governance Pillars as defined in the Group’s Sustainability Business Priorities (page 17). In 2025, preliminary discussions were held with the sustainability team to support the integration of IFRS S1-aligned sustainability-

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related risks and opportunities (SR&Os) defined in the 2025 workshops with KPMG, into LogicGate, which will allow for the incorporation of these into the Group’s overall risk management process. The full rollout of this for Sectors 1-4 (Beverage, Construction, Financial Services – Banking and Insurance and Manufacturing – Utilities and Packaging) is scheduled for 2026 and will allow for the continuous identification, assessment, prioritisation and monitoring of sustainability-related risks and opportunities.

METRICS AND TARGETS HIGHLIGHTS The objective of sustainability-related financial disclosures on metrics and targets is to enable users of general-purpose financial reports to understand an entity’s performance in relation to its sustainabilityrelated risks and opportunities, including progress towards any targets the entity has set, and any targets it is required to meet

by law or regulation (IFRS S1 Metrics and Targets – Section 45). The year 2024 saw the publication of our first-ever ESG Data Disclosure Report for the Group, demonstrating our commitment to transparency and accountability in the way we do business.

IFRS S1 Section 46: Metrics and Targets An entity shall disclose, for each sustainability-related risk and opportunity that could reasonably be expected to affect the entity’s prospects: (a) metrics required by an applicable IFRS Sustainability Disclosure Standard; and

In 2025, with the identification of Sectorspecific material topics, the ESG metrics were refined to align with these topics. This process allowed for the streamlining of data collection in alignment with the sustainability-related risks and opportunities that are most material to the Sector, allowing for better monitoring and reporting, and will also enable enhanced integration into

the Group’s decision-making. The metrics selected to monitor the sustainability-related risks and opportunities for Sectors 1-4 are shown in the tables in the identification of sustainability-related risks and opportunities (pages 159-182). A subset of the data collected in accordance with these metrics can be found in the ESG Data Disclosure Report 2025 (pages 192-270).

IFRS S1 Section 47: Metrics and Targets In the absence of an IFRS Sustainability Disclosure Standard that specifically applies to a sustainabilityrelated risk or opportunity, an entity shall apply paragraphs 57–58 to identify applicable metrics.

The metrics were selected primarily from the industry-specific Sustainability Accounting Standards Board (SASB) standards, with supplemental metrics selected from the Global Reporting Institute as outlined in IFRS S1 Appendix C Sources of guidance – C2. As the exception, in the absence of suitable SASB and GRI metrics, ANSA-specific metrics were defined. In these cases, how the metric is defined, whether it is an absolute measure or a qualitative measure, whether it is validated by a third party and the method used to calculate, the metric and inputs to

the calculation, have been outlined in the ESG Data Disclosure Report 2025 where relevant, as per IFRS S1 50 a – d. Sector-specific targets are also being set to align with these material topics and tracking of progress will begin in 2026. In some cases, prerequisites must be completed prior to target- setting, all of which will form part of the Sector-specific plans. Also in 2025, with a view to enhancing the integrity of the ESG Data collection, and on

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METRICS AND TARGETS HIGHLIGHTS (CONTINUED) the recommendation of Group Internal Audit (GIA), an ESG Data Governance Framework and Manual was developed, designed to govern all ESG data for the ANSA McAL Group.

This ESG Data Governance Framework and Manual was developed to provide a holistic approach to the collection and use (including public disclosure) of ESG data, with a view to ensuring quality to enhance the usefulness for decision-making for both internal and external stakeholders.

CONCEPTUAL FOUNDATION HIGHLIGHTS The highlights below are of sections of the IFRS S1 standard that ANSA McAL (Head Office) and Sectors 1 -4 are in compliance with. Note that this is a subset of the Group and does not represent full compliance with the standard.

IFRS S1 section Fair presentation

ANSA McAL compliance 15

(a) To disclose information that is comparable, verifiable, timely and understandable;

Information disclosed in the Sustainability Report is generally comparable and understandable in nature. Where relevant, data from previous years is included. Information disclosure occurs on a timely basis, given that the Annual Report included sustainability information and the ESG Data Disclosure Report 2024 was released within ~120 days of year-end. Group Internal Audit was engaged to verify the quantifiable data that was released in the ESG Data Disclosure Report 2024.

Reporting entity

188

An entity’s sustainabilityBoth sustainability-related financial disclosures and related financial disclosures related financial statements are for the same entity. shall be for the same reporting entity as the related financial statements.

ANSA McAL ANNUAL REPORT 2025

GENERAL REQUIREMENTS HIGHLIGHTS The highlights below are of sections of the IFRS S1 standard that ANSA McAL (Head Office) and Sectors 1-4 are in compliance with. Note that this is a subset of the Group and we are not claiming full compliance.

IFRS S1 section Sources of Guidance

ANSA McAL compliance

In identifying sustainability-related risks and opportunities that could reasonably be expected to affect an entity’s prospects, an entity shall apply IFRS Sustainability Disclosure Standards.

In 2025, with the support of KPMG, workshops were conducted with Sectors 1-4, to identify sustainability-related risks and opportunities that could reasonably be expected to affect an entity’s prospects. The IFRS Sustainability Disclosure Standard was applied in the methodology – see page 155.

In addition to IFRS Sustainability Disclosure Standards:

For Sectors 1-4 (Beverage, Construction, Financial Services – Banking and Insurance and Manufacturing – Utilities and Packaging), ANSA McAL has been collecting data in accordance with the Sector-specific SASB standards and GRI standards since 2023.

(a) an entity shall refer to and consider the applicability of the disclosure topics in the SASB Standards. An entity might conclude that the disclosure topics in the SASB Standards are not applicable in the entity’s circumstances. Disclosure of information about sources of guidance

59 (a)

An entity shall identify: the specific standards, pronouncements, industry practice and other sources of guidance that the entity has applied in preparing its sustainability-related financial disclosures, including, if applicable, identifying the disclosure topics in the SASB Standards;

59 (b)

The industry(s) specified in the relevant IFRS Sustainability Disclosure Standards, the SASB Standards or other sources of guidance relating to a particular industry(s) that the entity has applied in preparing its sustainability-related financial disclosures, including in identifying applicable metrics.

A subset of this data was disclosed for the first time in our first-ever ESG Data Disclosure Report 2024 and subsequently in our ESG Data Disclosure Report 2025 – see page 192. SASB indices and GRI indices have been included in both reports.

ANSA McAL ANNUAL REPORT 2025

189

IFRS S1 section Location of disclosures

ANSA McAL compliance An entity is required to provide disclosures required by IFRS Sustainability Disclosure Standards as part of its general-purpose financial reporting.

Since 2023, ANSA McAL’s Annual Reports contain a Sustainability Report. In 2024, a subsequent report – Sustainability & ESG Data Disclosure Report 2024 – was released in accordance with IFRS S1.

Appendix B Application guidance

Information included by crossreference (paragraph 63)

Appendix E Effective date and transition

Effective date

190

Subject to any regulation or other requirements that apply to an entity, there are various possible locations in its general-purpose financial reports in which to disclose sustainabilityrelated financial information. Sustainability-related financial disclosures could be included in an entity’s management commentary or a similar report when it forms part of an entity’s general purpose financial reports. Management commentary or a similar report is a required report in many jurisdictions. It might be known by or included in reports with various names, such as ‘management report’, ‘management’s discussion and analysis’, ‘operating and financial review’, ‘integrated report’ or ‘strategic report’.

In 2025, the ESG Data Disclosure Report is now contained in the Annual Report to ensure the simultaneous availability of financial and sustainability information for maximum usefulness and facilitating decision-making by stakeholders.

This report includes the SR&Os for the segments: 1. Construction, Manufacturing (Utilities and Packaging) and Beverage, and 2. Banking and Insurance, as well as the metrics selected from SASB and GRI to track performance, supplemented by ANSAspecific metrics.

B46 Information included by crossreference becomes part of the complete set of sustainabilityrelated financial disclosures and shall comply with the requirements of IFRS Sustainability Disclosure Standards. For example, it needs to be relevant, representationally faithful, comparable, verifiable, timely and understandable. The body(s) or individual(s) that authorises the general purpose financial reports takes the same responsibility for the information included by cross-reference as it does for the information included directly.

The governing bodies at ANSA McAL that authorise general purpose financial statements also take responsibility for crossreferenced information (i.e., the Sustainability Report).

Although the IFRS S1 standard is not yet mandatory in the Caribbean region, ANSA McAL has started applying it from annual reporting periods beginning on and after 1 January 2024. Although IFRS S2 climaterelated disclosures have not yet been made, the Group will be working towards this in the future.

An entity shall apply this Standard for annual reporting periods beginning on or after 1 January 2024. Earlier application is permitted. If an entity applies this Standard earlier, it shall disclose that fact and apply IFRS S2 Climate-related Disclosures at the same time.

ANSA McAL ANNUAL REPORT 2025

THE WAY FORWARD The ANSA McAL Group remains steadfast in its commitment to voluntary compliance with IFRS Sustainability Standards and specific steps towards compliance have been outlined in the Annual Operating Plans at both Head Office and Sectors 1 – 4 (Beverage, Construction, Financial Services

– Banking and Insurance and Manufacturing – Utilities and Packaging) for 2026 and 2027. The strategic plan for sustainability also includes objectives of working towards compliance with IFRS S1 in the remaining Sectors of the Group, as we progress the roadmap (page 154).

SUSTAINABILITY INTEGRATION AND LINK TO FINANCIAL PERFORMANCE Ongoing collaborations with the strategy, risk and finance and audit teams will continue to work toward the integration

of sustainability at both a strategy and operational level.

TRAINING AND COMMUNICATION The year 2025 saw the start of the development of the ANSA Group Sustainability Training Series, which includes a number of Group-wide and Sector-specific training components to upskill employees

on sustainability and related themes. This training series, together with an internal sustainability communication plan, will be rolled out in 2026.

SECTOR TARGET-SETTING Targets for Sectors 1-4 (Beverage, Construction, Financial Services (Banking and Insurance) and Manufacturing (Utilities and Packaging) will be finalised and tracking of performance will commence in 2026. This testing period will allow the

Sectors to understand the feasibility of the targets set, identify any challenges, and adjust to be more ambitious should they be more easily realised than anticipated. Targets may be refined at the end of 2026 and disclosed thereafter.

ANSA McAL ANNUAL REPORT 2025

191

192

ANSA McAL ANNUAL REPORT 2025

193

CONSTRUCTION SECTOR COUNTRY PRESENCE Trinidad and Tobago • Barbados • Grenada • Guyana • Jamaica The reporting entities in the Construction Sector include: • ANSA McAL Enterprises Limited • Bestcrete Aggregates Limited • ANSA Building Solutions Guyana Inc. • ANSA Coatings Limited • ANSA Coatings Grenada Limited • Berger Paints Barbados Limited • Berger Paints Jamaica Limited In the 2024 ESG Data Disclosure Report, the Construction Sector was reported in two divisions: Blocks and Coatings, based on each division reporting on some different material topics and associated metrics. In 2025, a Sector-wide materiality assessment was conducted and as such, the material topics for the Sector were identified and the data is reflected here in the Sector specific report.

Activity Metrics Activity Metrics “quantify the scale of specific activities or operations by a company. Activity metrics are intended for use in conjunction with the metrics to normalise data and facilitate comparison, which are important for the analysis of related disclosures.” Reporting Entity:

CODE Activity Metric

ANSA McAL Enterprises Limited

Bestcrete Aggregates Limited

ANSA Coatings Grenada Limited

Berger Paints Barbados Limited

Berger Paints Jamaica Limited

Coatings Factory

ANSA Specific Metric Number of production facilities by category

2 2025

N/A1 • •

2024

ANSA ANSA Coatings Building Limited Solutions Guyana Inc.

1 Clay Block Factory 1 Concrete Block Factory

• •

1 Clay quarry 1 Sand quarry

Not reported, however there were no changes between 2024 and 2025 to the number of production facilities by category.2

ANSA Specific Metric details a) This metric is a simple count of the number of production facilities by category b) This metric is an absolute measure and not expressed in relation to another metric c) This metric has not been validated by a third party. d) The method used to calculate the metric: a simple count of the number of production facilities by category

ANSA Building Solutions Guyana Inc. is not a manufacturing facility; it is a distribution centre for construction materials. Formerly, EM-CM-000.A – Production by major product line and RT-CH-000.A – Production by reportable segment were disclosed, however a decision was taken not to disclose this data for 2025 and moving forward due to commercial sensitivity.

194

ANSA McAL ANNUAL REPORT 2025

CONSTRUCTION SECTOR

Material Topic: Energy Management Reporting Entity:

CODE Metric

ANSA McAL Enterprises Limited

Bestcrete Aggregates Limited

ANSA Building Solutions Guyana Inc.

ANSA Coatings Limited

ANSA Coatings Grenada Limited

Berger Paints Barbados Limited

Berger Paints Jamaica Limited

EM-CM-130a.1 Energy Management (amended to include natural gas as an energy source)3 (1) Total energy consumed, (2) Percentage grid electricity, (3) Percentage alternative, (4) Percentage renewable, (5) Percentage natural gas Clay Block Operations:

Clay quarry:

(1) 222,222 GJ (2) 0.1% (3) 0%

2025

N/A6

(1) 404 GJ

(1) 553 GJ

(1) 1,268 GJ5

(2) 100%

(2) 63.4%

(2) 100%

(3) 0%

(3) 36.6%

(3) 0%

(4) 0%

(4) 0 %

(5) 0%

(1) 5,603 GJ10

(1) 397 GJ

(1) 599 GJ

(1) 1,251 GJ5

(2) 100%9

(2) 100%

(2) 75%

(2) 100%

(3) 0%

(4) 0%

(4) 25%

(4) 0%

(1) 135 GJ4

(1) 6,163GJ

(4) 0%

(2) 100%

(2) 92.0%7

(5) 99.9%

(3) 0%

(4) 0%

(5) 0%

(1) 182 GJ4

Concrete Block Operations:

Sand quarry:

(1) 5,264 GJ (2) 98.6%7 (3) 0%

Not reported8

(4) 0% (5) 0% Clay Block Operations:

Clay quarry:

(1) 270,944 GJ (2) 11%ii (3) 0%

N/A6

(4) 0%

2024

(5) Not reported3 Concrete Block Operations:

Sand quarry:

(1) 5,877 GJ (2) 82% (3) 0% (4) 0%

Not reported8

(5) Not reported3 EM-CM-130a.1 has been amended, effective 2025 to include natural gas as an energy source. As such this information was not reported for 2024. ANSA Building Solutions Guyana Inc. is not a manufacturing facility; it is a distribution centre for construction materials. The energy reported is for the office and retail operations. 5 Energy reported is for the manufacturing facility only, and does not include energy and water used at retail outlets 6 The clay quarry does not require an electrical supply for the operations. 7 A small portion of the energy is derived from a diesel generator on site 8 The sand quarry operations are managed by a third-party contractor, energy and water usage is not captured. 9 Correction: The 2024 figure was 100% and not 0% as previously reported 10 Energy reported did not include diesel fuel usage for the standby generator for 2024, but this information has been included in the 2025 figure. 11 Most of the energy was derived from natural gas 3

ANSA McAL ANNUAL REPORT 2025

195

CONSTRUCTION SECTOR

Material Topic: Climate Change Impact on Business Reporting Entity:

CODE Metric

2025

ANSA McAL Enterprises Limited

Bestcrete Aggregates Limited

ANSA Building Solutions Guyana Inc.

ANSA Coatings Limited

ANSA Coatings Grenada Limited

Berger Paints Barbados Limited

Berger Paints Jamaica Limited

EM-CM-140.a1 Water Management (1) Total water withdrawn (2) total water consumed12; (3) Percentage of each in regions with High or Extremely High Baseline Water Stress13 Clay Block Operations:

Clay quarry:

(1) 7,653 m3

(1) 0 m3 17

(2) 7,653 m3

(2) 0%

(3) 0%

Concrete Block Operations:

Sand quarry:

(1) Not available15 Not available14

(3) 0%

(1) 7,980 m3 (2) 7,980 m3

(2) Not available

(1) 1,455 m3

(1) 1,451 m3 16

(1) 15,104 m3

(2) 1,455 m3

(2) 1,451 m3

(2) 15,104 m3

(3) 0%

(1) 1,621m3

(1) 1,733 m3 16

(1) 13,519 m3

(2) 1,621m3

(2) 1,733 m3

(2) 9,512m3

(3) 0%

Not reported18

(3) 0%

2024

Clay Block Operations:

Clay quarry:

(1) 8,692 m3

(1) 0m3 17

(2) % recycled: 0%19

(3) 0%

Concrete Block Operations:

Sand quarry:

(1) Not available15 Not available14

(2) Not available (3) 0%

(1) 8,460 m3 (2) % recycled: 0%19

Not reported18

(3) 0%

Total water consumed is assumed to be equal to total water withdrawn in the absence of measurement of water usage on site. Water stress was determined using Aqueduct Water Risk Atlas. www.wri.org/applications/aqueduct/water-risk-atlas ANSA Building Solutions Guyana Inc. facilities is on a leased property; this information is not disaggregated. 15 Water supplied is for ANSA McAL Industrial Park which includes ANSA Coatings Limited and ANSA Polymer Limited (Manufacturing Sector: Packaging) the information is not disaggregated. 16 Berger Barbados collects rainwater on site for use; however this is not measured and has not been included 17 No water abstracted from ponds for use in 2024 or 2025 18 The sand quarry operations are managed by a third-party contractor, water usage information is not captured 19 In the 2024 report, the 2018 edition of EM-CM-140.a1 was applied to the Blocks subsidiaries, this data differs from the requirements of the 2023 edition, with % recycled water reported as item 2 instead of total water consumed. 12

196

ANSA McAL ANNUAL REPORT 2025

CONSTRUCTION SECTOR

Material Topic: Climate Change Impact on Business Reporting Entity:

ANSA McAL Bestcrete Enterprises Aggregates Limited Limited

ANSA Building Solutions Guyana Inc.

ANSA Coatings Limited

ANSA Coatings Grenada Limited

Berger Paints Barbados Limited

Berger Paints Jamaica Limited

201-2 Financial implications and other risks and opportunities due to climate change a. i.

CODE Metric

ii. iii. iv. v.

2025

(this metric was not previously reported)

Reporting Entity: i.

Risks and opportunities posed by climate change that have the potential to generate substantive changes in operations, revenue, or expenditure, including: a description of the risk or opportunity and its classification as either physical, regulatory, or other; a description of the impact associated with the risk or opportunity; the financial implications of the risk or opportunity before action is taken; the methods used to manage the risk or opportunity; the costs of actions taken to manage the risk or opportunity.

ANSA McAL Enterprises Limited

Bestcrete Aggregate Limited

Physical Risk: Tropical storms and hurricanes: intense rainfall and flooding, high winds Potential threat from hurricanes and tropical storm systems, which are becoming more intense and frequent due to climate change. High winds, heavy rainfall, and flooding associated with these events can cause:

ii.

• • • •

Physical damage to plant infrastructure such as kiln structures, roofs, and electrical systems. Flooding of clay mine and raw material and finished goods storage areas, resulting in reduced raw material availability and spoilage of clay stockpiles and production loss. Disruption of electricity and transportation networks, halting production and delaying deliveries to customers. Occupational safety risks for workers during and after the event due to unstable structures, power outages, and debris.

•

Damage to Property/Equipment- kiln systems, buildings, and machinery from high winds or debris. Production downtime- Temporary shutdown during and after hurricane for repairs, cleanup, or power restoration. Customer Impact- Delivery delays or cancelled orders impacting customer confidence.

iv.

• • •

Improve site drainage Emergency Response Plan which is reviewed and updated periodically Elevate stockpiles if possible

The costs associated with hurricane preparedness and mitigation are considered moderate but necessary for operational resilience. These include expenditures on preventative maintenance, structural reinforcement, training and annual emergency drills, and protective barriers to aid in flooding.

Physical Risk: Supply Chain Disruption

iii.

ii.

iii. iv. v.

• •

The Clay and Concrete Manufacturing Plants rely on the timely delivery of raw material such as clay and sand. Climate change driven events such as extreme rainfall, flooding, hurricanes, prolonged droughts, or road network disruptions can delay or interrupt the supply of these critical inputs. The impacts include: • • •

Delayed production schedules due to unavailability of raw materials or fuel Increased costs from emergency procurement or alternative suppliers Customer delivery delays, potentially affecting contracts and market reputation.

• •

Production Delays Interruption of manufacturing due to lack of raw materials. Increased Procurement Costs - need to source materials from alternative or distant suppliers

Increase raw material storage capacity Moderate costs related to additional storage capacity, higher procurement expenses for secondary suppliers.

ANSA McAL ANNUAL REPORT 2025

197

CONSTRUCTION SECTOR

Material Topic: Climate Change Impact on Business Reporting Entity: i.

ANSA McAL Enterprises Limited

Bestcrete Aggregate Limited

Physical Risk: Water shortages Prolonged dry seasons, reduced rainfall, or disruptions to water utility distribution network can lead to water scarcity. This could directly affect production efficiency, product quality, and equipment maintenance, and may even cause temporary plant shutdowns if water reserves are depleted.

ii.

Water scarcity at the clay and sand mining sites can significantly affect extraction and material preparation activities. During extended dry periods reduced water availability can hinder dust suppression, soil conditioning, and moisture control all of which are essential for safe and efficient clay excavation. Insufficient moisture content in the clay and sand can lead to material handling difficulties, increased equipment wear, and reduced quality of extracted material. Additionally, reliance on trucked water for dust control and processing can raise operational costs and disrupt production schedules Water shortages can lead to moderate to high financial impacts, depending on severity and duration: • •

Lost production time leading to reduced revenue. Increased operational costs from purchasing truck-borne water or installing emergency water storage systems. Higher maintenance costs if equipment overheats or if dust accumulation increases wear.

iv.

• •

Increased storage of additional water tanks and maintenance of pumps and water filtration systems. Implement water conservation initiatives by reusing the pond water at the Clay factory within the production process and establishing rainwater collection and storage systems at Bestcrete.

Moderate upfront costs associated with installing additional water storage tanks, ongoing maintenance costs for pumps, tanks, and filtration systems.

iii.

198

ANSA McAL ANNUAL REPORT 2025

CONSTRUCTION SECTOR Reporting Entity:

ANSA Building Solutions Guyana Inc.

Physical Risk: Heavy rainfall resulting in flooding and impacting supply chain to customers

ii.

Guyana experiences its primary rainy season from mid-May to mid-August, during which heavy and prolonged rainfall often leads to flooding, particularly in low-lying and coastal regions. As a result, there is damage to roads, bridges, and drainage systems, disrupting transportation and logistics. Interruption of utilities (electricity, water supply, and telecommunications). Damage to public and private property, including buildings, warehouses, and equipment. Increased maintenance and repair costs for facilities and machinery exposed to water damage. Delays in imports, exports, and local distribution due to impassable roads or port disruptions.

iii.

• •

Revenue losses due to downtime or damaged products. Reputational damage if customers or partners view the business as unprepared or unreliable due to the unavailability of Products.

Our mitigation strategy will include both avoidance and reduction measures. Flooding typically results from prolonged and continuous rainfall, rather than sudden events. Under such conditions, our clay and concrete products are not expected to be significantly impacted due to their inherent durability. For paint products, which are more susceptible to water damage, the following measures will be implemented: iv.

• •

Paint stored on pallets will be relocated to existing racking systems and covered securely. Additional pallets may be used to elevate paint products further, preventing contact with any potential floodwater. As the warehouse is rented space, the Landlord will be responsible for structural integrity and repairs, including the securing or replacement of roof sheets in the event of flooding or high winds that cause roof damage

Managing flooding risk is expected to be moderate and mostly operational. Paint products require labour, pallets, and coverings, while clay and concrete products incur negligible costs. Structural repairs are the landlord’s responsibility. Overall, the mitigation measures are low-cost and cost-effective relative to potential flood losses.

ANSA McAL ANNUAL REPORT 2025

199

CONSTRUCTION SECTOR

Material Topic: Climate Change Impact on Business Reporting Entity:

ANSA Coatings Limited

ANSA Coatings Grenada Limited

Berger Paints Barbados Limited

Berger Paints Jamaica Limited

Physical Risk: Tropical storms and hurricanes: intense rainfall and flooding, high winds

Potential threat from hurricanes and tropical storm systems, which are becoming more intense and frequent due to climate change. High winds, heavy rainfall, and flooding associated with these events can cause: • ii.

• • • • •

Physical damage to plant infrastructure such as plants and machinery, roofs, waste treatment plant, and electrical systems. Flooding of raw material and finished goods storage areas, resulting in damages to materials and production loss. Disruption of electricity and transportation networks, halting production and delaying deliveries to customers. Occupational safety risks for workers during and after the event due to unstable structures, power outages, and debris. Chemical spills resulting in environmental impact and legal non-compliance Potential HSE impact of compromised waste treatment plant, possible contamination of raw materials

iii.

Hurricanes and tropical storm events may result in major unplanned costs due to physical damage to infrastructure and critical equipment (roofing, electrical systems, machinery, wastewater treatment plant), inventory writeoffs and disposal costs from flooded raw material and finished goods storage, production downtime leading to lost contribution margin, continued fixed overheads, and recovery premiums (overtime/expedited freight), logistics disruption causing delivery delays, customer dissatisfaction, and lost sales, and health and safety and environmental liabilities including injury-related costs, cleanup/remediation, and increased insurance deductibles/ premiums.

iv.

• • •

Physical Risk: Supply Chain Disruption

Improve site drainage Emergency Response Plan which is reviewed and updated periodically Elevate stockpiles if possible

Production at the ACL factory is heavily dependent on the timely delivery of raw materials, most of which are imported. Climate change driven events such as extreme rainfall, flooding, hurricanes, prolonged droughts, or road network disruptions can delay or interrupt the supply of these critical inputs. The impacts include: ii.

200

• • • •

Delayed production schedules, Increased costs from emergency procurement or alternative suppliers, Customer delivery delays, potentially affecting contracts and market reputation Production downtime and increased associated costs.

iii.

Financial impacts may include higher COGS (cost of goods sold) from emergency procurement and premium freight, demurrage and logistics surcharges, production downtime resulting in lost contribution margin and fixedcost under-absorption, and recovery costs (overtime, rentals, expedited inbound freight). Downstream effects include customer delivery delays that can lead to order cancellations, contractual penalties, price concessions, and reputational damage, alongside increased working capital requirements and cash-flow pressure from higher safety stock and early supplier payments.

iv.

Increase raw material storage capacity (taking into consideration provisions policy)

Moderate costs related to additional storage capacity and higher procurement expenses for secondary suppliers

ANSA McAL ANNUAL REPORT 2025

CONSTRUCTION SECTOR

Material Topic: Climate Change Impact on Business Reporting Entity:

ANSA Coatings Limited

ANSA Coatings Grenada Limited

Berger Berger Paints Paints Barbados Barbados Limited Limited

Berger Berger Paints Paints Jamaica Jamaica Limited Limited

Physical Risk: Water shortages

ii.

Prolonged dry seasons, reduced rainfall, or disruptions to water utility company’s distribution network can lead to water scarcity. This could directly affect production efficiency, product quality, and equipment maintenance, and may even cause temporary plant shutdowns if water reserves are depleted.

iii.

Financial impacts may include production slowdown or temporary plant shutdowns leading to lost contribution margin and under-absorption of fixed costs, increased operating expenses from emergency water sourcing and recovery overtime, higher waste and rework costs due to product quality variability, and elevated maintenance or capital costs from equipment stress. Downstream effects may include delayed customer deliveries, potential revenue loss, contractual penalties, and increased working capital requirements to manage inventory and operational buffers.

iv.

• •

Moderate: The costs include installation of additional water storage tanks, and maintenance of onsite water storage tanks, implementation of rainwater harvesting

Physical Opportunity: Climate Resilient Products

ii.

The majority of ACL’s products are locally manufactured, and in-depth research goes into the formulation and specific composition to increase their durability properties including algal and fungal resistance, resistance to water, fruit acids, and the majority of household chemicals, as well as resistance to weathering in a tropical climate. This presents an opportunity for even further research and development for climate-resilient coatings in the Caribbean.

iii.

Financial implications include potential revenue growth and margin enhancement through premium product offerings, improved market share, and regional export opportunities. These benefits must be balanced against upfront R&D and potential capital investment costs for formulation development, testing, and certification. Over the medium to long term, successful innovation may also reduce warranty claims and protect brand reputation, delivering sustained financial upside.

iv. v.

Installing additional water storage tanks. Implementation of rainwater harvesting for domestic use.

Research and development into more climate resilient products.

Upfront costs of research and development, testing, prototypes

ANSA McAL ANNUAL REPORT 2025

201

Material Topic: Biodiversity Impacts Reporting Entity:

CONSTRUCTION SECTOR

Bestcrete Aggregates Limited (Clay quarry and sand quarry) EM-CM-160a.1 Description of environmental management policies and practices for active sites

CODE Metric

2025 (consistent with previous year unless otherwise specified) Bestcrete Aggregates Limited has an established Environmental Management Policy (EMP) that outlines the commitments of the Subsidiary company including remediation of mined areas, ensuring that environmental protection is an equal priority with other business values. The EMP reflects the Health, Safety and Environment (HSE) Value and Policy Statement and demonstrates the company’s commitment to ensuring that all activities are conducted without compromising the well-being of employees, surrounding communities, or the natural environment. The EMP applies across the full project lifecycle and defines clear mitigation, monitoring, and reporting requirements. The EMP, protects ecology and biodiversity through phased quarrying and post-closure rehabilitation. Environmental management is considered in the planning of all activities, and risks to the environment are effectively managed to ensure that operations are in compliance with all local legal requirements. This Policy is supplemented by the Environmental and Waste Control Policy which outlines the processes for spill prevention, noise monitoring, control of air emissions, management of chemicals, waste management and ensuring compliance with all local legal requirements. Both quarries (Clay and Sand) are governed by the terms and conditions outlined in the respective mining licenses, while ensuring compliance with the requirements of the CEC’s (Certificate of Environmental Clearance) issued by the Environmental Management Authority (EMA) of Trinidad and Tobago which include environmental monitoring such as ambient air quality monitoring for both the clay quarry and the sand quarry, as well as water quality monitoring for the sand quarry. Ambient air quality monitoring results are submitted to the EMA quarterly, and water quality monitoring results are submitted bi-annually to the EMA for the sand quarry. There is an established rehabilitation plan for each of the quarries that was developed internally by the Quarry Manager. Replanting of disturbed areas is managed on an annual basis. Indigenous species of trees are planted to support the local biodiversity. The Group Safety Management System is implemented at both quarry sites to ensure the operations are managed as per all relevant procedures, and local legal requirements. EM-CM-160a.2 CODE Metric

2025

Terrestrial acreage disturbed in hectares (cumulative)

% of impacted are restored (in the calendar year)

Clay quarry

129

Sand quarry

3620

23%

Definition of restoration and accompanying practices

Sand quarry

1.7%

The Certificate of Environmental Compliance requires a Rehabilitation plan. Rehabilitation is the process of restoring a disturbed area, following mining, with appropriate vegetative cover to achieve a stable, safe, and ecologically functional condition. The objective is to return the land to a suitable and sustainable post-mining use, as close as possible to its former use. Rehabilitation is conducted in stages; i. Backfilling the area ii. Preparation of soil iii.Planting of seedlings (vegetation) iv. Maintaining and monitoring the area rehabilitated.

2024

202

3621

36%

Not previously reported

There was no additional clearing of vegetation in 2025, quarrying continued in areas previously cleared.

The reported unit for 2024 acres, this has been updated to hectares in accordance with the reporting standard.

ANSA McAL ANNUAL REPORT 2025

CONSTRUCTION SECTOR

Material Topic: Talent Development Reporting Entity:

ANSA Bestcrete ANSA Aggregates Building McAL Enterprises Limited Solutions Limited Guyana Inc.

ANSA Coatings Limited

ANSA Coatings Grenada Limited

Berger Paints Barbados Limited

Berger Paints Jamaica Limited

404-1 Average hours of training per year per employee CODE Metric

Average hours of training that the organization’s employees have undertaken during the reporting period, by: i. gender; ii. employee category (not reported)

Female

11.5

7.75

10.9

16.1

7.3

8.8

Male

10.9

4.61

9.5

14.2

6.7

3.0

2025

2024

Not previously reported

ANSA McAL ANNUAL REPORT 2025

203

CONSTRUCTION SECTOR

Material Topic: Health and Safety Reporting Entity:

CODE Metric

ANSA McAL Enterprises Limited

Bestcrete Aggregates Limited

ANSA Building Solutions Guyana Inc.

ANSA Coatings Limited

ANSA Coatings Grenada Limited

Berger Paints Barbados Limited

Berger Paints Jamaica Limited

EM-CM-320a.1. Workforce Health & Safety Supplemented by RT-CH-320a.222 (1) Total recordable incident rate (TRIR), (2) Near Miss Frequency Rate (NMFR) and (3) Fatality rate for (a) direct employees and (b) contract employees Clay Block Operations:

Clay quarry:

(1) (a) 1.50 (b) 0.00 (2) (a) 1.50 (b) 0.00

Not applicable25

(3) (a) 0.00 (b) 0.00 2025

Concrete Block Operations:

(b) 0.00 Sand quarry:

(1) (a) 1.50 (b) n/a26 (2) (a) 1.50 (b) n/a26

(1) (a) 0.00

(2) (a) 0.00 (b) 0.00

(1) (a) 1.99 (b) 0.00 (2) (a) 2.00 (b) 0.00

(3) (a) 0.00

(b) 0.00

(1) (a) 0.0029 (b) 0.00

(1) 0.0029

(1) (a) 0.00 (b) n/a23 (2) (a) 0.00 (b) n/a23 (3) (a) 0.00

(1) (a) 3.20 (b) Not reported24 (2) (a) 11.2 (b) Not reported24

(1) (a) 0.00 (b) Not reported24 (2) (a) 1.60 (b) Not reported24

(3) (a) 0.00 (b) Not reported24

(1) 0.0029

(2) Not reported22

(3) (a) 0.00 (b) n/a23

(3) (a) 0.00 (b) 0.00

(b) n/a

Not Applicable27

(3) (a) 0.00 (b) n/a26 Clay Block Operations:

Clay quarry:

(1) (a) 0.06 (b) 0.00 (2) (a) 0.94 (b) 0.00

202428

Not applicable25

(3) Not reported Concrete Block Operations:

Sand quarry:

(1) (a) 0.00 (b) n/a30 (2) (a) 0.00 (b) n/a26

(2) (a) 0.00 (b) 0.00 (3) Not reported

(2) Not reported22 (3) (a) 0.00 (b) 0.00

Not applicable27

(3) Not reported

This metric was amended in 2025 to include fatality rate for blocks subsidiaries and near miss rate for coatings subsidiaries for 2025; therefore, this was not reported for 2024 ANSA Coatings Grenada Limited does not employ individual contract employees 24 Man hours worked data was not tracked for contractors in 2025, however there were no recordable injuries, near misses, or fatalities involving contract workers in 2025. 25 The employees assigned to work at the Bestcrete Aggregates Limited quarries are employed by AMEL. Correction has been made for the 2024 data. 26 ANSA McAL Enterprises Limited (Concrete Block operations) does not employ individual contract employees 27 The Bestcrete Aggregates sand quarry is managed by a third-party contractor 28 For 2024 RT-CH-320a.1 was applied to the Coatings subsidiaries and EM-CM-320a.1. for the Blocks subsidiaries 29 For 2024 the employee and contractor rates were reported collectively 30 Correction: this figure was previously reported as zero, should have been n/a as per note 26. 22

204

ANSA McAL ANNUAL REPORT 2025

CONSTRUCTION SECTOR

Material Topic: Health and Safety Reporting Entity:

CODE Metric

ANSA McAL Enterprises Limited

Bestcrete Aggregates Limited

ANSA Building Solutions Guyana Inc.

ANSA Coatings Limited

ANSA Coatings Grenada Limited

Berger Paints Barbados Limited

Berger Paints Jamaica Limited

403-2: Hazard identification, risk assessment, and incident investigation (a) A description of the processes used to identify work-related hazards and assess risks on a routine and non-routine basis, and to apply the hierarchy of controls to eliminate hazards and minimize risks, including: i. how the organization ensures the quality of these processes, including the competency of persons who carry them out; ii. how the results of these processes are used to evaluate and continually improve the occupational health and safety management system. (b) A description of the processes for workers to report work-related hazards and hazardous situations, and an explanation of how workers are protected against reprisals. (c) A description of the policies and processes for workers to remove themselves from work situations that they believe could cause injury or ill health, and an explanation of how workers are protected against reprisals. (d) A description of the processes used to investigate work-related incidents, including the processes to identify hazards and assess risks relating to the incidents, to determine corrective actions using the hierarchy of controls, and to determine improvements needed in the occupational health and safety management system.

Annual Risk Assessments are required in each Subsidiary. Additionally, Task Based Risk Assessments are required for some activities based on levels of risk associated with the job. Job Safety Analysis is conducted for nonroutine work to ensure risks are assessed and the hierarchy of controls applied. Regular inspections are carried out, and regular reviews and updates of the risk assessments are completed, including post incidents. The applicable sections of the Group HSE Policy Manual Section 6. Risk Assessment Procedure and Section 7: Inspections. i.

Regular training of staff and is completed to ensure that persons are competent to carry out these processes to quality. The processes are also regularly audited by HSE employees. This is as per Group HSE Policy Manual Section 6: Risk Assessment Procedure and Section 10: HSE Audits

ii.

Corrective action logs are maintained based on the results of inspections, audits, and Management reviews for follow up action to ensure improvements are made continuously. Retraining is done as required. Within each Subsidiary, reviews are conducted with the HSE employees and respective subject matter experts (SME)s including Plant Managers, Engineers etc.

ANSA McAL ANNUAL REPORT 2025

205

CONSTRUCTION SECTOR

Material Topic: Health and Safety Reporting Entity:

ANSA McAL Enterprises Limited

Bestcrete Aggregates Limited

ANSA Building Solutions Guyana Inc.

ANSA Coatings Limited

ANSA Coatings Grenada Limited

Berger Paints Barbados Limited

Berger Paints Jamaica Limited

There is a Refusal to Work Policy in place. If an employee believes the work can be in any way harmful to themselves or others, they have the right to refuse the work. The relevant section of the Group HSE Policy Manual - Section 46: Refusal to Work. The Refusal to Work Policy is based on the legal requirements of the Occupational Health and Safety Act of Trinidad and Tobago 2004, Amended 2006. Employees have the right to refuse unsafe work, after which, certain processes for verification and rectification are then followed.

The Group HSE Policy Manual Section 9: Accident and Injury Reporting guides the process for incident reporting and investigation. Incidents must be reported in a timely manner, and once the site is made safe and any applicable emergency response procedures activated to address immediate needs, the site is secured for assessment. Evidence is collected and statements of witnesses taken for the purpose of conducting a thorough investigation. Interviews with relevant persons are carried out as required. Upon completion of the investigation, the findings, risk, and the recommended corrective actions, inclusive of dates for closure, and identification of persons responsible for each action,are shared and implemented. This includes a review against the relevant Policy for any relevant updates that are required to be made.

2024

The methodologies used for hazard identification, risk assessment, and incident investigation were consistent with the 2025 description above.

CODE Metric

403-8 Workers covered by an occupational health and safety management system % workers covered by occupational health and safety management system

2025 100% of employees and contract workers (where applicable) on the sites are covered by the Group’s HSE Policy Manual. No workers are excluded. Internal HSE Audits are conducted periodically on the implementation of the Group HSE Policy Manual on site. Berger Barbados Limited and Berger Jamaica Limited are ISO 14001 certified, and as such 100% of the workers in those Subsidiaries are covered by an externally audited occupational health and safety management system. 2024

206

The approach to workers covered by an occupational health and safety management system was consistent with the 2025 description above.

ANSA McAL ANNUAL REPORT 2025

Governance and Diversity Equity and Inclusion

CONSTRUCTION SECTOR

At a Group level Governance and DEI are deemed to be Material Topics. Metrics have been collected and disclosed for all ESG reporting entities even where this topic was not identified as a Sector-specific Material Topic.

CODE Metric

GRI 2-9 Governance Structure and Composition The organisation shall: a) describe its governance structure, including committees of the highest governance body b) list the committees of the highest governance body that are responsible for decisionmaking on and overseeing the management of the organisation’s impacts on the economy, environment, and people.

2025 Reporting entities The reporting entities in the Construction (Blocks) sub-sector include: i. ANSA McAL Enterprises Limited ii. Bestcrete Aggregates Limited iii. ANSA Building Solutions Guyana Inc. iv. ANSA Coatings Limited v. ANSA Coatings Grenada Limited vi. Berger Paints Barbados Limited vii. Berger Paints Jamaica Limited Governance Structure Highest Governance Body responsible for decision making Each of these three entities has a separate Board of Directors which is the highest governance body in the respective organisations responsible for decision-making on and overseeing the management of the organization’s impacts of the economy, environment and people. The Construction Sector (Blocks and Coatings) also has a Sector Advisory Council consisting of both executive and non-executive members, with 50% independence. This Council is governed by a Terms of Reference and supports the subsidiary statutory boards and management in the sector by providing counsel to the Group CEO in respect of strategic direction and risk oversight. Committees of Highest Governance Body The Construction Sector (Blocks and Coatings) also has an Assets and Liabilities Committee (formerly Sector Audit and Risk Committee) established by a Terms of Reference, approved by the Head of Internal Audit, Head of Group Legal and the Group Chief Executive Officer. The purpose of the Assets and Liabilities Committee is to provide a structured, systematic oversight of the Sector’s governance, risk management, and internal control practices. The Committee assists the Sector Advisory Council by providing advice to the Group CEO on the adequacy of the Sector’s initiatives for: • Values and ethics • Governance structure • Risk management including business continuity (risk resilience and crisis readiness) • Internal control framework • Oversight of internal and external audit activities • Financial statements reporting The Construction Sector established an Operations and Technical Committee in Q2 2025 as a sub-committee of the Sector Advisory Council. The committee met on a quarterly basis and was chaired by an independent Sector Advisory Council member. The areas of focus of the committee were plant utilisation and efficiency including waste reduction and recycling, plant maintenance, product innovation and safety. There is also a Construction Sector (Blocks and Coatings) Sustainability Committee, however this is not a committee of the Board. The committee is responsible for management of sustainability projects undertaken in the sector. The primary roles of the Committee are: • Provide project management support through all phases • Review project performance versus targets • Manage and audit annual ESG data collection process • Report on ongoing projects and project pipeline at all levels 2024

The Governance structure and composition in 2024 were consistent with the 2025 description above with the exception of the addition of the Operations and Technical Committee which was added in 2025.

ANSA McAL ANNUAL REPORT 2025

207

CONSTRUCTION SECTOR

Material Topic: Governance Reporting Entity:

2024

208

Bestcrete

Aggregates

Limited

ANSA ANSA Coatings Building Solutions Limited Guyana Inc.

ANSA Coatings Grenada Limited

Berger Paints Barbados Limited

Berger Paints Jamaica Limited

GRI General Disclosures GRI 2-9 Governance Structure and Composition c) describe the composition of the highest governance body and its committees by: i. executive and non-executive members; ii independence; and iv. gender (see GRI 405-1 above) (other categories not reported)

CODE Metric

2025

ANSA McAL Enterprises Limited

Executive Members

Non-executive members

Total Number of Board Members

Independent

Executive Members

Non-executive members

Total Number of Board Members

Independent

ANSA McAL ANNUAL REPORT 2025

Material Topic: Diversity and Equal Opportunity Reporting Entity:

CODE Metric

2025

2024

ANSA McAL Enterprises Limited

Aggregates

Limited

ANSA Building Solutions Guyana Inc.

ANSA Coatings Limited

ANSA Coatings Grenada Limited

Berger Paints Barbados Limited

Berger Paints Jamaica Limited

405-1 Diversity of governance bodies (Boards of Directors) Percentage of Individuals within the organisation’s governance bodies in each of the following diversity categories: I. Gender ii. Age Group

Female

33%

50%

33%

25%

33%

14%

Male

67%

50%

67%

75%

67%

86%

< 30 years

30- 50 years

33%

50%

33%

29%

> 50 years

100%

67%

50%

67%

71%

Female

33%

50%

33%

14%

Male

67%

50%

67%

86%

< 30 years

30- 50 years

33%

29%

>50 years

100%

67%

100%

67%

71%

CODE Metric

405-1 Diversity of employees Percentage of employees per employee category in each of the following diversity categories: i.

Gender ii. Age Group

Clay Ops

Conc. Ops

206

Female

43%

Male

57%

92%

< 30 years

16%

30- 50 years

Total Employees

2025

Bestcrete

CONSTRUCTION SECTOR

152

18%

43%

32%

43%

34%

82%

57%

68%

57%

66%

53%

24%

12%

27%

23%

64%

62%

47%

56%

70%

39%

54%

> 50 years

20%

32%

20%

18%

34%

Total Employees

199

161

120

Female

46%

14%

25%

45%

40%

33%

40%

30%

Male

54%

86%

75%

55%

60%

67%

60%

70%

< 30 years

18%

25%

73%

26%

12%

26%

23%

30- 50 years

66%

54%

50%

27%

57%

65%

43%

54%

>50 years

16%

40%

25%

17%

23%

31%

23%

n/a31

122

2024

31 Employees assigned to work at the Bestcrete Aggregates Limited sand and clay quarries are employees of ANSA McAL Enterprises Limited and are captured under the data included for AMEL Clay and Concrete operations. Although this was the case also for 2024, the data for those employees was reported under Bestcrete Aggregates Limited.

ANSA McAL ANNUAL REPORT 2025

209

Material Topic: Diversity and Equal Opportunity Reporting Entity:

ANSA McAL Enterprises Limited

CODE Metric

Bestcrete Aggregates Limited

ANSA ANSA Building Coatings Solutions Limited Guyana Inc.

ANSA Coatings Grenada Limited

CONSTRUCTION SECTOR

Berger Paints Barbados Limited

Berger Paints Jamaica Limited

404-3 Percentage of employees receiving regular performance and career development reviews Percentage of total employees by gender and by employee category (not reported) who received a regular performance and career development review during the reporting period Clay Operations: 87%

Female

Concrete Operations: 75%

Clay Operations: 86%

2025

Male

100%

94%

100%

88%

82%

63%

77%

94%

89%

42%

100%

100

100%

Not applicable1

Concrete Operations: 13%

Clay Operations: 100% Female Concrete Operations: 100% 2024

Clay Operations: 100%

Not applicable32

Male

100%

Concrete Operations: 100%

Employees assigned to work at the Bestcrete Aggregates Limited sand and clay quarries are employees of ANSA McAL Enterprises Limited and are captured under the data included for AMEL Clay and Concrete operations. This was the case also for 2024.

210

ANSA McAL ANNUAL REPORT 2025

CONSTRUCTION SECTOR

GRI Content Index Statement of Use

GRI 1 used

GRI Standard

ANSA McAL Enterprises Limited, Bestcrete Aggregates Limited, ANSA Building Solutions Guyana Inc., ANSA Coatings Limited, ANSA Coatings Grenada Limited, Berger Paints Barbados Limited, and Berger Paints Jamaica Limited have reported the information cited in this GRI content index for the period 1 January 2025-31 December 2025 with reference to the GRI Standards GRI 1: Foundation 2021

Disclosure

Location

GENERAL DISCLOSURES GRI 2: General Disclosures 2021

2-9 Governance Structure and Composition

Page 207

MATERIAL TOPICS GRI 201: Economic Performance

GRI 403 Occupational Health and Safety 2018

GRI 404: Training and Education 2016

GRI 405: Diversity and Equal Opportunity 2016

201-2 Financial implications and other risks and opportunities due to climate change.

Page 197

403-2 Hazard identification, risk assessment, and incident investigation

Page 205

403-8 Workers covered by an occupational health and safety management system

Page 206

404-1 Average hours of training per year per employee

Page 203

404-3 – Percentage of employees receiving regular performance and career development reviews

Page 210

405-1 – Diversity of Governance Bodies and Employees

Page 209

ANSA McAL ANNUAL REPORT 2025

211

MANUFACTURING SECTOR: UTILITIES COUNTRY PRESENCE • Trinidad and Tobago • Jamaica The reporting entities in the Manufacturing: Utilities Sector include: •

ANSA McAL Chemicals Limited

•

ANSA Chemicals Jamaica Limited

ANSA McAL Chemicals Limited is a chlor-alkali plant that produces chlorine and associated products including bleach and caustic soda. ANSA Chemicals Jamaica Limited is a transfilling hub that receives chlorine and caustic soda from ANSA McAL Chemicals Limited for local distribution and for manufacturing of bleach.

Reporting Entity: CODE Activity Metric

2025

2024

ANSA McAL Chemicals Limited

ANSA Chemicals Jamaica Limited

ANSA Specific Metric Number of production facilities by category

1 • Chlor-alkali plant • Bleach factory

1 • Bleach factory

Not reported, however there were no changes between 2024 and 2025 to the number of production facilities by category.1

1 Formerly, RT-CH-000.A – Production by reportable segment was disclosed, however a decision was taken not to disclose this data for 2025 and moving forward due to commercial sensitivity.

212

ANSA McAL ANNUAL REPORT 2025

MANUFACTURING SECTOR : UTILITIES

Material Topic: Energy Management Reporting Entity:

ANSA McAL Chemicals Limited

ANSA Chemicals Jamaica Limited

RT-CH-130a.1. Energy Management CODE Metric

(1) Total energy consumed, (2) percentage grid electricity, (3) percentage renewable (4) total self-generated energy Note to RT-CH-130a.1 - 1 The entity shall discuss its efforts to reduce energy consumption or improve energy efficiency throughout the manufacturing and production processes. (1) 75,620 GJ (2) 99.9%2 (3) 0% (4) 85.2 GJ

2025

2024

(1) 302 GJ (2) 100% (3) 0% (4) 0 GJ

As part of an ongoing drive to enhance energy efficiency, ANSA McAL Chemicals (Trinidad) completed a plant upgrade in October 2025. The upgrade was done to increase the capacity of the plant and reduce the energy used per unit in production. In 2025, ANSA McAL Chemicals Limited started tracking energy intensity monthly with the intention of working towards improving energy efficiency. The company also replaced the lighting in the warehouse with LED lights and motion sensor solar panel lighting was installed along the compound perimeter in 2025.

There were no specific efforts to improve energy efficiency in 2025.

(1) 68,211 GJ (2) 99.9%2 (3) 0% (4) 41.7 GJ3

(1) 427 GJ (2) 100% (3) 0% (4) 0 GJ3

Note 1 not previously reported

CODE Metric

EM-CH-140.a1 Water Management (1) Total water withdrawn, (2) total water consumed4; percentage of each in regions with High or Extremely High Baseline Water Stress

2025

(1) 21,957 m3 (2) 21,957 m3, 0%

(1) 1,275 m3 (2) 1,275 m3, 0%

2024

(1) 19,822 m3 (2) 19,822 m3, 0%

(1) 1,293 m3 (2) 1,293 m3, 0%

A small portion of the energy is derived from a diesel generator on site In the 2024 report, the 2018 edition of EM-CM-140.a1 was referenced which did not include total self-generated energy, now included. 4 Total water consumed is assumed to be equal to total water withdrawn in the absence of measurement of water usage on site 2

ANSA McAL ANNUAL REPORT 2025

213

MANUFACTURING SECTOR : UTILITIES

Material Topic: Product Safety Reporting Entity:

ANSA McAL Chemicals Limited

CODE Metric

RT-CP-250a.1. Product Safety Number of recalls issued, total units recalled

2025

There were no product recalls in 2025

2024

Not previously reported

ANSA Chemicals Jamaica Limited

There were no product recalls in 2025

RT-CH-410b.1 Safety & Environmental Stewardship of Chemicals CODE Metric

(1) Percentage of products that contain Globally Harmonised System of Classification and Labelling of Chemicals (GHS) Category 1 and 2 Health and Environmental Hazardous Substances (2) percentage of such products that have undergone a hazard assessment

2025

(1) 100% (2) 100%

2024

(1) 100% (2) 100%

CODE Metric

RT-CH-410b.1 Safety & Environmental Stewardship of Chemicals The entity shall disclose the methodologies used to conduct the hazard assessments of its products

2025 Hazards associated with the products are assessed in an annual risk assessment. All products of ANSA McAL Chemicals Limited and ANSA Chemicals Jamaica Limited conform to the Globally Harmonised System of Classification and Labelling of Chemicals (GHS) requirement for Safety Data Sheets and labelling. SDSs are reviewed every 5 years. The risk assessment and communication of hazards associated with the products is also in compliance with ISO 45001 for which ANSA McAL Chemicals Limited is certified. Each of the SDSs include the following information on hazard management: Chemical product and company identification, hazard identification, information in ingredients, first aid measures, fire-fighting measures, accidental release measures, handling and storage instructions, exposure controls/personal protection, physical and chemical properties, stability and reactivity, toxicological information, ecological information, disposal considerations, transport information and regulatory information. Labels for bleach products include instructions for safe use including diagrams and a list of precautions to be taken including not mixing with other products containing ammonia, acids or other household products, the recommended use of gloves while handling, safe storage out of direct sunlight and instructions in the event of contact with skin or ingestion. The products are also in compliance with the following standards from the Trinidad and Tobago Bureau of Standards: • •

Trinidad and Tobago Compulsory Standard for Sodium Hypochlorite Solution (TTCS 1:2018) Compulsory Standard (TTS 76: Part 15: 2005) for General Automotive and Household Cleaning Chemicals. 2024

214

The methodologies used to conduct the hazard assessment of products were consistent with the 2025 description above.

ANSA McAL ANNUAL REPORT 2025

MANUFACTURING SECTOR : UTILITIES

Material Topic: Health and Safety Reporting Entity:

ANSA Chemicals Jamaica Limited

ANSA McAL Chemicals Limited

CODE Metric

RT-CH-320a.1. Workforce Health and Safety Supplemented by RT-CM-320a.15 (1) Total recordable incident rate (TRIR), (2) Fatality rate, and (3) Near Miss Frequency Rate (NMFR) for (a) direct employees and (b) contract employees

2025

(1) (a) 0.83 (b) 0.00 (2) (a) 0.00 (b) 0.00 (3) (a) 6.60 (b) not reported6

(1) (a) 0.00 (b) n/a (2) (a) 0.00 (b) n/a (3) (a) 57.19 (b) n/a

2024

(1) (a) 0.00 (b) not reported7 (2) (a) 0.00 (b) not reported8 (3) (a) not reported5 (b) not reported5

(1) (a) 17.2 (b) not reported9 (2) (a) 0.00 (b) not reported10 (3) (a) not reported5 (b) not reported5

CODE Metric

RT-CH-320a.2 Workforce Health and Safety Description of efforts to assess, monitor, and reduce exposure of employees and contract workers to long-term (chronic) health risks

2025

Chlorine, caustic soda and bleach are highly corrosive and present significant respiratory system hazards. The handling of these substances is done in accordance with company procedures and associated risk assessments which outline the competencies, training, hazard controls and monitoring required for safe operations. This includes the use of personal protective equipment (PPE) including respirators during operations that present higher levels of risk. There is also a safe room at ANSA McAL Chemicals Limited and ANSA Chemicals Jamaica Limited for staff, contractor and visitors to shelter in the event of a significant chlorine gas release. ANSA McAL Chemicals Limited and ANSA Chemicals Jamaica Limited conduct medicals for all operational staff annually and for all non-operational staff once every two years. The results are made available confidentially to each employee and discussed with a Medical Doctor for further advice where needed. These Medicals include Complete Blood Count, Vision Screening and Spirometry testing.

2024

CODE Metric

Not previously reported RT-CH-540a.1 Operational Safety, Emergency Preparedness & Response (1) Process Safety Incidents Count (PSIC), (2) Process Safety Total Incident Rate (PSTIR), and (3) Process Safety Incident Severity Rate (PSISR) The entity shall describe incidents with a severity rating of 1 or 2, including root causes, outcomes and corrective actions implemented in response. Tier 1 Process Safety Events

(1) PSIC (2) PSTRI (3) PSISR 2025

Root Causes, Outcomes and corrective actions implemented 2024

(1) 0 (2) 0.00 (3) 0.00

Tier 2 Process Safety Events

Tier 1 Process Safety Events

(1) 0 (2) 0.00 (3) 0.00

Tier 2 Process Safety Events (1) 1 (2) 9.02 (3) 27.06

Not applicable – no incidents

An investigation was promptly conducted into the one Tier 2 process safety event, and it was determined that there was non-compliance with the transfilling procedure and to reduce the likelihood of reoccurrence all operators were retrained in the procedure.

Not previously reported

This metric was amended in 2025 to include near miss incident reports; therefore, this was not reported for 2024. This metric is not reported because ANSA McAL Chemicals only implemented a system for tracking contractor man hours in March 2025 and as such the full year of data is not available to calculate the NMFR. In 2025 there were three near miss incidents that involved contract employees. 7 ANSA McAL Chemicals Limited did not track contract worker hours in 2024. However, there were zero recordable incidents involving contract workers in 2024. 8 ANSA McAL Chemicals Limited did not track contract worker hours in 2024. However, there were zero fatalities involving contract workers in 2024. 9 ANSA Chemicals Jamaica Limited did not track contract worker hours in 2024. However, there were zero recordable incidents involving contract workers in 2024. 10 ANSA Chemicals Jamaica Limited did not track contract worker hours in 2024. However, there were zero fatalities involving contract workers in 2024 5

ANSA McAL ANNUAL REPORT 2025

215

MANUFACTURING SECTOR : UTILITIES

Material Topic: Health and Safety Reporting Entity:

ANSA McAL Chemicals Limited

ANSA Chemicals Jamaica Limited

403-2: Hazard identification, risk assessment, and incident investigation CODE Metric

(a) A description of the processes used to identify work-related hazards and assess risks on a routine and non-routine basis, and to apply the hierarchy of controls in order to eliminate hazards and minimise risks, including: i. how the organisation ensures the quality of these processes, including the competency of persons who carry them out; ii. how the results of these processes are used to evaluate and continually improve the occupational health and safety management system. (b) A description of the processes for workers to report work-related hazards and hazardous situations, and an explanation of how workers are protected against reprisals. (c) A description of the policies and processes for workers to remove themselves from work situations that they believe could cause injury or ill health, and an explanation of how workers are protected against reprisals.(d) A description of the processes used to investigate work-related incidents, including the processes to identify hazards and assess risks relating to the incidents, to determine corrective actions using the hierarchy of controls, and to determine improvements needed in the occupational health and safety management system.

216

Annual Risk Assessments are required in each Subsidiary. Additionally, Task-Based Risk Assessments are required for some activities based on levels of risk associated with the job. Job Safety Analysis is conducted for non-routine work to ensure risks are assessed and the hierarchy of controls applied. Regular inspections are carried out, and regular reviews and updates of the risk assessments are completed, including post incidents. The applicable sections of the Group HSE Policy Manual are Section 6. Risk Assessment Procedure and Section 7: Inspections. i.

Regular training of staff is completed to ensure that persons are competent to carry out these processes to quality. The processes are also regularly audited by HSE employees. This is as per Group HSE Policy Manual Section 6: Risk Assessment Procedure and Section 10: HSE Audits. At ANSA McAL Chemicals Limited and ANSA Chemicals Jamaica Limited, the risk assessment process is overseen by the respective HSE Managers who are suitably qualified, and in 2025 employees involved in risk assessments were trained by an external training provider on Root Cause Analysis.

ii.

Corrective action logs are maintained based on the results of inspections, audits and Management reviews for follow-up action to ensure improvements are made continuously. Retraining is done as required. Within each Subsidiary, reviews are conducted with the HSE employees and respective subject matter experts (SME)s including Plant Managers, Engineers, Operations Managers etc.

There are behaviour-based safety programmes, with reporting systems in place for workers to report work-related hazards and hazardous situations. Workers (direct and contract as applicable) are encouraged to use these programmes for reporting and are also encouraged to raise concerns at Departmental meetings, toolbox meetings, HSE Committee meetings, and with their supervisors. There is a Refusal to Work policy in place which protects workers from reprisals. Relevant sections of the Group HSE Policy Manual include Section 2: The HSE Committee and Section 46: Refusal to Work. At ANSA McAL Chemicals Limited the behaviour-based safety system is in an online reporting format that allows for anonymous reporting if preferred. ANSA McAL Chemicals Limited features updates on the hazards raised by employees and what was done to bring the hazards under control by featuring this information in monthly HSSE committee meetings. This is to demonstrate transparency and effectiveness of the system, aimed to encourage workers to continue to report hazards at work. Both ANSA McAL Chemicals Limited and ANSA Chemicals Jamaica Limited also promote the ANSA McAL Whistleblower programme to report any additional concerns they may have.

ANSA McAL ANNUAL REPORT 2025

Material Topic: Health and Safety Reporting Entity:

ANSA McAL Chemicals Limited

MANUFACTURING SECTOR : UTILITIES

ANSA Chemicals Jamaica Limited

There is a Refusal to Work Policy in place. If an employee believes the work can be in any way harmful to themselves or others, they have the right to refuse the work. Relevant section of the Group HSEMS - Section 46: Refusal to Work. The Manufacturing (Utilities) Sector has also implemented its own specific Refusal to Work Policy for ANSA McAL Chemicals Limited and ANSA Chemicals Jamaica Limited. Both the Group and Manufacturing (Utilities) refusal to work policies are based on the legal requirements of the Occupational Health and Safety Act of Trinidad and Tobago 2004, Amended 2006. Employees have the right to refuse unsafe work, after which, certain processes for verification and rectification are then followed.The Chemicals Sector Refusal to Work Policy allows for the inclusion of the Subsidiary HSSE Committee and Trade Union representation for all reports.

The Group HSE Policy Manual Section 9: Accident and Injury Reporting guides the process for incident reporting and investigation. Incidents must be reported in a timely manner, and once the site is made safe and any applicable emergency response procedures activated to address immediate needs, the site is secured for assessment. Evidence is collected and statements of witnesses taken for the purpose of conducting a thorough investigation. Interviews with relevant persons are carried out as required. Upon completion of the investigation, the findings, risks and the recommended corrective actions, inclusive of dates for closure, and identification of persons responsible for each action, are shared and implemented. This includes a review against the relevant Policy for any relevant updates that are required to be made. At ANSA McAL Chemicals Limited, the team is trained in root cause analysis for HSE investigations.

2024

The methodologies used for hazard identification, risk assessment, and incident investigation were consistent with the 2025 description above.

ANSA McAL ANNUAL REPORT 2025

217

Material Topic: Health and Safety Reporting Entity: CODE Metric

ANSA McAL Chemicals Limited

MANUFACTURING SECTOR : UTILITIES

ANSA Chemicals Jamaica Limited

403-8 % Workers covered by an occupational health and safety management system

2025 100% of employees and contract workers on the ANSA McAL Chemicals Limited and ANSA Chemicals Jamaica Limited sites are covered by the Group’s HSE Policy Manual, supplemented by the Manufacturing (Utilities) Sector specific HSE procedures and processes in place on site. No workers are excluded. Internal HSE Audits are conducted periodically on the implementation of the Group HSE Policy Manual on site. ANSA McAL Chemicals Limited is ISO 14001: Environmental Management and ISO 45001/OHSAS 18001: Safety Management, as well as STOW: Health, Safety and Environmental certified, and as such their occupational health and safety management system is also externally audited. 2024

Reporting Entity:

CODE Metric

The approach to workers covered by an occupational health and safety management system was consistent with the 2025 description above.

ANSA McAL Chemicals Limited

RT-CH-140a.2 Community Engagement Discussion of engagement processes to manage risks and opportunities associated with community interests ANSA McAL Chemicals Limited is located in Point Lisas Industrial Estate and is a member of Trinidad and Tobago Emergency Mutual Air Scheme (TTEMAS), an NGO, not for profit organisation which is an industrial-based emergency response mutual aid organisation in the energy sector in cases of major and critical incidents.

2025

2024

218

ANSA Chemicals Jamaica Limited

ANSA McAL Chemicals Limited maintains TTEMAS and neighbouring Phoenix Park Gas Processors Limited (PPGPL) radios for the prompt notification of any health and safety, security or environmental incidents in or around the industrial estate, and for any associated emergency response coordination required. A WhatsApp group is also maintained with stakeholders in the Point Lisas estate for the purpose of continuous communications on emergency response related topics such as upcoming drills etc. Not previously reported

ANSA McAL ANNUAL REPORT 2025

ANSA Chemicals Jamaica Limited shares a compound with Berger Paints Jamaica Limited in Kingston, Jamaica. They have established emergency response procedures and communication protocols such that employees from both companies are promptly notified to report to the safe room in the event of a chorine release. In 2025, there was an opportunity for ANSA Chemicals Jamaica Limited to support the recovery efforts after the passage of Hurricane Melissa which caused widespread physical damage in Jamaica. Together with ANSA McAL Chemicals Limited, 60,000 litres of bleach was donated to the Office of the Prime Minister (OPM) and The Office of Disaster Preparedness and Emergency (ODPEM).

MANUFACTURING SECTOR : UTILITIES

Material Topic: Legal and Regulatory Environment Reporting Entity: CODE Metric 2025

ANSA McAL Chemicals Limited

ANSA Chemicals Jamaica Limited

RT-CH-140a.2. Water Management Number of incidents of non-compliance associated with water quality permits, standards and regulations Exceedance of Water Pollution Permit WP02/2020 in accordance with the Water Pollution Rules 2019 of the Environmental Management Act, Chapter 35:05 of Trinidad and Tobago for two parameters: Total Suspended Solids and Chlorides. As per the conditions of the Water Pollution Permit, ANSA McAL Chemicals Limited was required to pay a fine to the Environmental Management Authority in the amount of TT $25,841.42.

There is a permit 2019-02017-EP00167 for water effluent issued by the National Environment and Planning Agency (NEPA). The permit was renewed in 2025 and is valid until 2030. There were no instances of non-compliance associated with water quality permits, standards and regulations in 2025.

AMCL proactively addressed water quality nonconformances identified in 2025 through the development of a comprehensive environmental action plan. This plan focused on (1) Identifying the root causes of elevated total suspended solids (TSS) and chloride levels in effluent streams, (2) Including capital investments allocation for 2026 to repair cracked and leaking drainage systems that were contributing to cross-contamination between process effluent and stormwater drains, and (3) Initiating a feasibility study to assess the addition of an effluent treatment system specifically targeting chloride removal. These actions demonstrate our commitment to strengthening environmental compliance, improving water management practices, and reducing our impact on surrounding water bodies.

2024

Not previously reported

CODE Metric

416-2 Incidents of non-compliance concerning the health and safety impacts of products and services

2025

There were no incidents of non-compliance concerning the health and safety impacts of products and services of ANSA McAL Chemicals Limited and ANSA Chemicals Jamaica Limited. This includes incidents of non-compliance with regulations resulting in a fine or penalty or a warning, and incidents with non-compliance with voluntary codes, of which there were none.

2024

Not previously reported

CODE Metric

417-2 Incidents of non-compliance concerning product and service information and labelling

2025

There were no incidents of non-compliance concerning product and service information and labelling at ANSA McAL Chemicals Limited and ANSA Chemicals Jamaica Limited. This includes incidents of non-compliance with regulations resulting in a fine or penalty or a warning, and incidents with non-compliance with voluntary codes, of which there were none.

2024

Not previously reported

ANSA McAL ANNUAL REPORT 2025

219

MANUFACTURING SECTOR : UTILITIES

Governance and Diversity Equity & Inclusion

*At a Group level Governance and DEI are deemed to be Material Topics. Metrics have been collected and disclosed for all ESG reporting entities even where this topic was not identified as a Sector-specific Material Topic.

Material Topic: Governance CODE Metric

GRI 2-9 Governance Structure and Composition The organisation shall: a) describe its governance structure, including committees of the highest governance body b) list the committees of the highest governance body that are responsible for decision-making on and overseeing the management of the organisation’s impacts on the economy, environment, and people.

2025

Reporting entities The reporting companies in the Manufacturing (Utilities) sub-sector include: 1. 2.

ANSA McAL Chemicals Limited ANSA Chemicals Jamaica Limited.

Governance Structure: Highest Governance Body responsible for decision-making Each of these two entities has a separate Board of Directors which is the highest governance body in the respective organisations responsible for decision-making on and overseeing the management of the organisation’s impacts of the economy, environment and people. The Manufacturing Sector (Utilities) also has a Utilities Sector Advisory Council consisting of both executive and non-executive members, with 44% independence. This Council is governed by a Terms of Reference and supports the subsidiary statutory boards and management in the Sector by providing counsel to the Group CEO in respect of strategic direction and risk oversight. In 2025, there were changes made to the members of the Advisory Council with four members departing and five new members joining, one of whom is independent. A Technical Committee exists as a subcommittee to the Utilities Sector Advisory Council with the purpose of assisting the council in fulfilling its oversight responsibilities with respect to ANSA McAL Chemicals Limited and ANSA Chemicals Jamaica Limited, particularly as it relates to technical matters. Committees of Highest Governance Body The Manufacturing Sector (Utilities) also has an Assets and Liabilities Committee (formerly Sector Audit and Risk Committee) established by a Terms of Reference approved by the Head of Internal Audit, Head of Group Legal and the Group Chief Executive Officer. The purpose of this Sector's Assets and Liabilities Committee is to provide a structured, systematic oversight of the Sector’s governance, risk management, and internal control practices. The Committee assists the Sector Advisory Council by providing advice to the Group CEO on the adequacy of the Sector’s initiatives for: • Values and ethics • Governance structure • Risk management including business continuity (risk resilience and crisis readiness) • Internal control framework • Oversight of internal and external audit activities • Financial statements reporting There is an informal Sustainability Committee with representatives from various departments who are responsible for collection and collation of ESG data.

2024

220

The Governance structure and composition in 2024 were consistent with the 2025 description above.

ANSA McAL ANNUAL REPORT 2025

Material Topic: Governance ANSA McAL Chemicals Limited

Reporting Entity:

2024

ANSA Chemicals Jamaica Limited

2-9 Governance Structure and Composition c) describe the composition of the highest governance body and its committees by: i. executive and non-executive members; ii. independence; and iv. gender (see GRI 405-1 above) (other categories not reported)

CODE Metric

2025

MANUFACTURING SECTOR : UTILITIES

Executive Members

Non-executive members

Total Number of Board Members

Independent

Executive Members

Non-executive members

Total Number of Board Members

Independent

Material Topic: Diversity and Equal Opportunity Reporting Entity:

CODE Metric

2025

2024

ANSA McAL Chemicals Limited

ANSA Chemicals Jamaica Limited

405-1 Diversity of governance bodies (Boards of Directors) Percentage of Individuals within the organisation’s governance bodies in each of the following diversity categories: i.

Gender ii. Age Group

Female

33%

Male

67%

< 30 years

30- 50 years

> 50 years

100%

Female

33%

Male

67%

< 30 years

30- 50 years

>50 years

100%

ANSA McAL ANNUAL REPORT 2025

221

MANUFACTURING SECTOR : UTILITIES

Material Topic: Diversity and Equal Opportunity ANSA McAL Chemicals Limited

Reporting Entity:

ANSA Chemicals Jamaica Limited

405-1 Diversity of employees Percentage of employees per employee category in each of the following diversity categories:

CODE Metric

2025

2024

Total Employees

135

Female

32%

25%

Male

68%

75%

< 30 years

26%

30-50 years

61%

> 50 years

13%

Total Employees

124

Female

35%

11%

Male

65%

89%

< 30 years

16%

30-50 years

68%

56%

>50 years

16%

2024

8% 84% 8%

44%

404-3 Percentage of employees receiving regular performance and career development reviews

CODE Metric

2025

Gender ii. Age Group

Percentage of total employees11 by gender and by employee category (not reported) who received a regular performance and career development review during the reporting period Female

97%

67%

Male

96%

33%

Female

100%

Male

100%

The HR Manual for the ANSA McAL Group provides that performance reviews are to be conducted for general staff by November 30th each year, and for Senior Managers and Executives by April 30th of the following year.

222

Data reported here is for permanent employees only.

ANSA McAL ANNUAL REPORT 2025

MANUFACTURING SECTOR : UTILITIES

GRI Content Index Statement of Use

GRI 1 used

ANSA McAL Chemicals Limited and ANSA Chemicals Jamaica Limited have reported the information cited in this GRI content index for the period 1 January 2025-31 December 2025 with reference to the GRI Standards GRI 1: Foundation 2021

GRI Standard

GRI 2: General Disclosures 2021

Disclosure GENERAL DISCLOSURES

Location

2-9 Governance Structure and Composition

Page 220

MATERIAL TOPICS 403-2 Hazard identification, risk assessment, and incident investigation

Page 216

403-8 Workers covered by an occupational health and safety management system

Page 218

GRI 404: Training and Education 2016

404-3 – Percentage of employees receiving regular performance and career development reviews

Page 222

GRI 405: Diversity and Equal Opportunity 2016

405-1 – Diversity of Governance Bodies and Employees

Page 221

GRI 416: Customer Health and Safety 2016

416-2 Incidents of non-compliance concerning the health and safety impacts of products and services

Page 219

GRI 417: Marketing and Labelling 2016

417-2 Incidents of non-compliance concerning product and service information and labelling

Page 219

GRI 403: Occupational Health a nd Safety 2018

ANSA McAL ANNUAL REPORT 2025

223

MANUFACTURING SECTOR: PACKAGING COUNTRY PRESENCE • Trinidad and Tobago The reporting entities in the Manufacturing: Packaging Sector include: • Carib Glassworks Limited (inclusive of glass production and sand quarry) • ANSA Polymer

Activity Metrics Quantify the scale of specific activities or operations by a company. Activity metrics are intended for use in conjunction with the metrics to normalise data and facilitate comparison, which are important for the analysis of related disclosures Reporting Entity:

CARIB Glassworks Limited Glass production

CODE Activity Metric

ANSA Specific Metric details

CODE Activity Metric

Glass packaging factory

Sand quarry

Plastic packaging factory

Not reported, however there were no changes between 2024 and 2025 to the number of production facilities by category. a) This metric is a simple count of the number of production facilities by category b) This metric is an absolute measure and not expressed in relation to another metric c) This metric has not been validated by a third party. d) The method used to calculate the metric: a simple count of the number of production facilities by category RT-CP-000.B Percentage of production as: (1) paper/wood, (2) glass, (3) metal, and (4) plastic

2025

(1) 0% (2) 100% (3) 0% (4) 0%

2024

(1) 0% (2) 100% (3) 0% (4) 0%

CODE Activity Metric

Sand quarry

ANSA Specific Metric Number of production facilities by category

2025

2024

ANSA Polymer

N/A

(1) 0% (2) 0% (3) 0% (4) 100%

N/A

(1) 0% (2) 100% (3) 0% (4) 0

RT-CP-000.C Number of employees

2025

331

N/A2

188

2024

328

N/A2

178

1 Formerly, RT-CP-000.A – Production by major product line and EM-CM-000.A – Production by major product line were disclosed, however a decision was taken not to disclose this data for 2025 and moving forward due to commercial sensitivity.

The Carib Glassworks sand quarry is managed by a third party; there are no direct or contract employees at the site, only subcontractors.

224

ANSA McAL ANNUAL REPORT 2025

Material Topic: Energy Management Reporting Entity:

CARIB Glassworks Limited Glass production

CODE Metric

MANUFACTURING SECTOR : PACKAGING

ANSA Polymer

Sand quarry

RT-CP-130a.1. Energy Management amended to include percentage of energy from natural gas (1) Total energy consumed (2) percentage grid electricity, (3) percentage renewable, (4) total self-generated energy (5) percentage natural gas

2025

(1) 1,223,104 G (2) 11% (3) 0% (4) 632 GJ (5) 89%

(1) 844 GJ (2) 100% (3) 0% (4) 0 GJ (5) 0%

(1) 29,711 GJ (2) 100% (3) 0% (4) 0 GJ (5) 0%

2024

(1) 1,185,456 GJ (2) 11%3 (3) 0% (4) 2,333 GJ (5) Not reported

(1) 778 GJ (2) 100% (3) 0% (4) 0 GJ (5) Not reported

(1) 26,231 GJ (2) 100% (3) 0% (4) 0 GJ (5) Not reported

Material Topic: Product Lifecycle Management CARIB Glassworks Limited

Reporting Entity:

Glass production

Sand quarry

RT-CP-140a.1. Product Lifecycle Management Percentage of raw materials from: (1) recycled content, (2) renewable resources, and (3) renewable and recycled content

CODE Metric

ANSA Polymer

2025

(1) 42% (2) 0% (3) 42

N/A

(1) 4% (2) 0% (3) 4%

2024

(1) 41% (2) 0% (3) 41%

N/A

(1) 13% (2) 0% (3) 13%

Most of the energy for glass production was derived from a natural gas supply. The metric was amended in 2025 to reflect this information.

ANSA McAL ANNUAL REPORT 2025

225

Material Topic: Biodiversity Impacts Reporting Entity:

MANUFACTURING SECTOR : PACKAGING

CARIB Glassworks Limited (Sand quarry)

CODE Metric

EM-CM-160a.1 Biodiversity Impacts Description of environmental management policies and practices for active sites

2025

(Consistent with prior year unless otherwise specified)

The sand quarry, located in Matura Trinidad and Tobago, operated by Carib Glassworks Limited (CGL), is governed by the terms and conditions in the 30-year mining lease issued by the Government of Trinidad and Tobago. This includes conditions for natural resource consumption, land use and land rehabilitation. Total acreage of land leased is 20.9518 hectares. The rehabilitation plan was developed by a third-party environmental consultant in 2016. The ongoing rehabilitation is in accordance with this plan. The site is regulated by a Certificate of Environmental Clearance and by a Water Pollution Permit, both of which aim to minimise ecological and biodiversity impacts to the environment and to the Matura Community. There is minimal impact from the operations as it relates to emissions, noise and hazardous chemical usage. The greatest potential for impact is due to discharges to water and natural resource consumption (silica sand). Measurements for water effluent parameters include flow (daily), Total Suspended Solids and pH (monthly) and are done both internally and by a third party who provides a monthly and annual report to Carib Glassworks and subsequently, to the Environmental Management Authority as per the terms of the Quality Assurance Project Plan. Additionally, the operations at the sand quarry adhere to Carib Glassworks’ Safety Management System, in particular the Environmental Policy. The Group Safety Management System, supplemented by Carib Glassworks’ HSE Procedures, is implemented at the quarry to ensure the operations are managed as per all relevant procedures, and local legal requirements. Land rehabilitation is planned on an annual basis. 3.9 acres of land were rehabilitated in 2025 which included replanting of a portion of the area rehabilitated in 2024 due to challenges, those planted trees not thriving as expected. The characteristics of the geology and soils of this excavation site, combined with the high slope gradient, rendered the area prone to soil erosion and land slippage. The fragility of the soil structure and removal of vegetative cover for the extraction of the layers of sands located deep under the soil surface make earth movements more likely when very heavy rainfall occurs. Carib Glassworks has applied techniques to reduce the likelihood of this from reoccurring including: installing thick rows of Vetiver grass (grass with deep stabilising roots) along the brows of the terraces to control sheet erosion, benching earlier and allowing soil to settle, erecting a series of live check dams across the drainage channels to control gully erosion, spreading of organic matter as a mulch on the soil surface to improve water infiltration and reduce erosion, and enriching the nutrient-poor soils by applying pen manure to the roots of the plantings. These techniques were implemented since 2022 and some of these techniques were applied in 2025 with the exception of planting new Vetiver grass. EM-CM-160a.2 CODE Metric

Terrestrial acreage disturbed in hectares (cumulative)

% of impacted acreage restored (in the calendar year)

Definition of restoration and accompanying practices Restoration of vegetative cover which may be altered by the mining; more specifically, to attempt to restore the project site to its former use, forestry.

2025

12 hectares4

13%

Rehabilitation is conducted as a phased activity in stages of rehabilitation as follows: • Preparation of Slopes; • Preparation of Soil; • Planting of Striplings; and • Maintenance and Monitoring.

2024

4 5

226

12 hectares

13%

Not disclosed previously

There was no additional clearing of vegetation in 2025, quarrying continued in areas previously cleared Correction: the cumulative area of disturbed land in 2024 was 12 hectares

ANSA McAL ANNUAL REPORT 2025

MANUFACTURING SECTOR : PACKAGING

Material Topic: Product Safety Reporting Entity:

CARIB Glassworks Limited Glass production

ANSA Polymer

Sand quarry

CODE Metric

RT-CP-250a.1. Product Safety Number of recalls issued, total units recalled

2025

There were no product recalls in 2025

N/A

There were no product recalls in 2025

2024

There were no product recalls in 2024

N/A

There were no product recalls in 2024

CODE Metric

ANSA Specific Metric First Pass Yield

2025

96%

N/A

Not reported6

2024

Not previously reported

ANSA Specific-Metric details a) This metric is a standard metric in the manufacturing industry for tracking production efficiency and product quality. It is defined as the percentage of products that meet quality standards without requiring reworking. b) This metric is an absolute measure and not expressed in relation to another metric. c) This metric has been validated by a third party. d) The method used to calculate the metric and the inputs to the calculation, are outlined below and there are no specific limitations of the method used and the significant assumptions made: [(No. products manufactured – No. products reworked) / No. products manufactured] x 100

This metric was not tracked in 2025 for ANSA Polymer and will be reviewed for 2026.

ANSA McAL ANNUAL REPORT 2025

227

Material Topic: Health and Safety Reporting Entity:

CARIB Glassworks Limited

MANUFACTURING SECTOR : PACKAGING

ANSA Polymer

CODE Metric

EM-CM-320a.1. Workforce Health and Safety Supplemented by RT-CH-320a.2 (1) Total recordable incident rate (TRIR), (2) Near Miss Frequency Rate (NMFR) and (3) Fatality rate for (a) direct employees and (b) contract employees

2025

(1) (a) 1.25 (b) 0.00 (2) (a) 4.57 (b) 1.57 (3) (a) 0.00 (b) 0.00

2024

Not previously reported

CODE Metric

RT-CH-320a.2 Description of efforts to assess, monitor, and reduce exposure of employees and contract workers to long term (chronic) health risks.

(1) (a) 0.53 (b) 27.75 (2) (a) 1.59 (b) 0.00 (3) (a) 0.00 (b) 0.00

2025 The risks associated the potential for long-term (chronic) occupational health risks—such as exposure to carcinogenic, agents— are managed through a structured Occupational Health Management System that includes comprehensive risk assessments, exposure and biological monitoring, and targeted health surveillance. At ANSA Polymer, this includes testing for benzene from the inks and solvents storage area and the blow moulding machines. Tests are repeated every two years unless there is a significant change to the operations. Based on historical testing last conducted in 2024, the levels of benzene are typically found to be within tolerable limits in accordance with the threshold and time weighted average limits prescribed by ACGIH. At Carib Glassworks Limited, there is exposure to silica in the form of crushed glass known as cullet, which can primarily impact the respiratory system. Lung function testing is included in the medical surveillance for employees working in areas with a higher likelihood of exposure as well as maintenance personnel, every two years. These groups of employees wear respirators as part of their required personal protective equipment (PPE) to reduce exposure. Additionally, cleaning crews regularly remove fallen cullet from high traffic areas such as roadways. Additionally, the aforementioned high traffic areas are also routinely wet with water, several times a day in an attempt to control the migration of dust. Emerging health risks are communicated early, and medical evaluations are overseen by qualified professionals to identify and mitigate chronic exposures. Controls such as PPE, training on workplace hazards and hygiene, and coordination with contractors and suppliers help reduce harmful exposure, while ongoing audits, record-keeping, and well-being initiatives support continuous improvement. Clear roles across management, HSE staff, medical personnel, and employees ensure accountability in preventing occupational illnesses and protecting long-term employee health. Gas monitors are purchased to ensure the atmosphere is safe by detecting low oxygen levels, flammable vapours from solvents or resins, and toxic gases that may accumulate during extrusion, moulding, or maintenance work. It is essential for checking confined spaces such as silos, or enclosed machine areas before entry, and for continuously monitoring air quality during hot work, chemical handling, or equipment cleaning. This device helps protect workers, prevent fires or explosions, and ensure compliance with safety standards within the factory. The implementation of the new ANSA McAL Group 14 Safety Management System Standards was rolled out by the HSSEF Department in 2025. Quarterly assessments against these SMS Standards were completed in 2025. 2024

228

Not previously reported

ANSA McAL ANNUAL REPORT 2025

Material Topic: Health and Safety

CODE Metric

MANUFACTURING SECTOR : PACKAGING

403-2: Hazard identification, risk assessment, and incident investigation (a) A description of the processes used to identify work-related hazards and assess risks on a routine and non-routine basis, and to apply the hierarchy of controls in order to eliminate hazards and minimise risks, including: i. how the organisation ensures the quality of these processes, including the competency of persons who carry them out; ii. how the results of these processes are used to evaluate and continually improve the occupational health and safety management system. (b) A description of the processes for workers to report work-related hazards and hazardous situations, and an explanation of how workers are protected against reprisals. (c) A description of the policies and processes for workers to remove themselves from work situations that they believe could cause injury or ill health, and an explanation of how workers are protected against reprisals. (d) A description of the processes used to investigate work-related incidents, including the processes to identify hazards and assess risks relating to the incidents, to determine corrective actions using the hierarchy of controls, and to determine improvements needed in the occupational health and safety management system.

2025 The ANSA McAL Group has a Group HSE Policy Manual that is applied across all Group companies as a guide. This has been supplemented with the Safety Management System (SMS) which simplifies the procedures in the Group HSE Policy Manual for ease of implementation. These are supplemented by processes and procedures in the subsidiaries (Carib Glassworks Limited, including the sand quarry, and ANSA Polymer Limited) for effective application and enforcement of the Group HSE Policy Manual as required. The description below explains the relevant processes as defined at the Group HSE Policy Manual level, with specific notes on additional steps taken at the Subsidiary level with the Subsidiaries and Operations specified where relevant. Annual Risk Assessments are required in each Subsidiary. Additionally, Task-Based Risk Assessments are required for some activities based on levels of risk associated with the job. Job Safety Analysis is conducted for non-routine work to ensure risks are assessed and the hierarchy of controls applied. Regular inspections are carried out, and regular reviews and updates of the risk assessments are completed, including post incident. The applicable sections of the Group HSE Policy Manual are Section 6. Risk Assessment Procedure and Section 7: Inspections. i.

ii.

There are behaviour-based safety programmes with reporting systems in place for workers to report work-related hazards and hazardous situations. Workers (direct and contract as applicable) are encouraged to use these programs for reporting and are also encouraged to raise concerns at Departmental meetings, toolbox meetings, HSE Committee meetings, and with their supervisors. There is a Refusal to Work policy in place which protects workers from reprisals. Relevant sections of the Group HSE Policy Manual include Section 2: The HSE Committee and Section 46: Refusal to Work. At Carib Glassworks Limited and ANSA Polymer, the behaviour-based safety observation reporting programme is via an online application that allows employees to report any observed non-conformances directly to the HSE Manager. The associated corrective actions are tracked to completion. Supervisors are also tasked with conducting HSE inspections at agreed times and submitting records of observations to the HSE Department so that these can also be tracked to completion. i.

There is a Refusal to Work Policy in place. If an employee believes the work can be in any way harmful to themselves or others, they have the right to refuse the work. Relevant section of the Group HSEMS - Section 46: Refusal to Work. The Refusal to Work Policy is based on the legal requirements of the Occupational Health and Safety Act of Trinidad and Tobago 2004, Amended 2006. Employees have the right to refuse unsafe work, after which, certain processes for verification and rectification are then followed.

The Group HSE Policy Manual Section 9: Accident and Injury Reporting guides the process for incident reporting and investigation. Incidents must be reported in a timely manner, and once the site is made safe and any applicable emergency response procedures activated to address immediate needs, the site is secured for assessment. Evidence is collected and statements of witnesses taken for the purpose of conducting a thorough investigation. Interviews with relevant persons are carried out as required. Upon completion of the investigation, the findings, risk and the recommended corrective actions, inclusive of dates for closure, and identification of persons responsible for each action, are shared and implemented. This includes a review against the relevant Policy for any relevant updates that are required to be made. 2024

The methodologies used for hazard identification, risk assessment, and incident investigation were consistent with the 2025 description above.

ANSA McAL ANNUAL REPORT 2025

229

Material Topic: Health and Safety CODE Metric

MANUFACTURING SECTOR : PACKAGING

403-8 Workers covered by an occupational health and safety management system

100% of employees and contract workers (where applicable) on the sites are covered by the Group’s HSE Policy Manual. No workers are excluded. Internal HSE Audits are conducted periodically on the implementation of the Group HSE Policy Manual on site. 2024

230

The approach to workers covered by an occupational health and safety management system was consistent with the 2025 description above.

ANSA McAL ANNUAL REPORT 2025

MANUFACTURING SECTOR : PACKAGING

Governance and Diversity Equity & Inclusion *At a group level Governance and DEI are deemed to be Material Topics. Metrics have been collected and disclosed for all ESG reporting entities even where this topic was not identified as a Sector-specific Material Topic.

Material Topic: Governance CODE Metric

2025

GRI 2-9 Governance Structure and Composition The organisation shall: a) describe its governance structure, including committees of the highest governance body b) list the committees of the highest governance body that are responsible for decision-making on and overseeing the management of the organization’s impacts on the economy, environment, and people. (Consistent with prior year unless otherwise specified)

Reporting entities The reporting companies in the Manufacturing (Packaging) sub-sector include: 1. Carib Glassworks Limited (inclusive of glass production and sand quarry) 2. ANSA Polymer Limited. Governance Structure: Highest Governance Body responsible for decision-making Each of these two entities has a separate Board of Directors which is the highest governance body in the respective organisations responsible for decision-making on and overseeing the management of the organisation’s impacts of the economy, environment and people. The Manufacturing Sector (Packaging) also has a Sector Advisory Council consisting of both executive and non-executive members, most of whom are independent. This Council is governed by a Terms of Reference and supports the subsidiary statutory boards and management in the sector by providing counsel to the Group CEO in respect of strategic direction and risk oversight. Committees of Highest Governance Body A Technical Committee exists as a subcommittee to the Manufacturing Sector Advisory Council with the purpose of assisting the Council in fulfilling its oversight responsibilities with respect to the Sector particularly as it relates to technical matters. Committees of Highest Governance Body The Manufacturing Sector (Packaging) also has an Assets and Liabilities Committee (formerly Sector Audit and Risk Committee) established by a Terms of Reference approved by the Head of Internal Audit, Head of Group Legal and the Group Chief Executive Officer. The purpose of the Assets and Liabilities Committee is to provide a structured, systematic oversight of the Sector’s governance, risk management, and internal control practices. The Committee assists the Sector Advisory Council by providing advice to the Group CEO on the adequacy of the Sector’s initiatives for: - Values and ethics - Governance structure - Risk management including business continuity (risk resilience and crisis readiness) - Internal control framework - Oversight of internal and external audit activities - Financial statements reporting The Manufacturing Sector (Packaging) has a Sustainability Council. This Council is not a Board Committee but has a Charter, with the primary objectives as follows: -

ensure that a safe and healthy working environment is a primary objective and is fundamental to the Company’s business operations implement a strategy to achieve the Sector’s sustainability initiatives and drives promote sound community development and engagement practices to facilitate socio-economic development in the Company’s host communities oversee the monitoring, reporting, and verification of the Sustainability KPIs of the Sector and their implementation through the Group Sustainable Futures Roadmap emphasise and facilitate the adoption of a mindset & culture adaption in favour of sustainability throughout the Sector.

ANSA McAL ANNUAL REPORT 2025

231

MANUFACTURING SECTOR : PACKAGING

Material Topic: Governance Reporting Entity:

CARIB Glassworks Limited

CODE Metric

2025

2024

ANSA Polymer

Executive Members

Non-executive members

Total Number of Board Members

Independent

Executive Members

Non-executive members

Total Number of Board Members

Independent

Material Topic: Diversity and Equal Opportunity Reporting Entity:

CARIB Glassworks Limited

CODE Metric

2025

2024

232

ANSA Polymer

405-1 Diversity of governance bodies (Boards of Directors) Percentage of Individuals within the organisation’s governance bodies in each of the following diversity categories: i.

Gender

ii.

Age Group

Female

33%

Male

67%

< 30 years

30-50 years

33%

> 50 years

67%

Female

33%

Male

67%

< 30 years

30-50 years

33%

>50 years

67%

ANSA McAL ANNUAL REPORT 2025

0% 33% 67%

MANUFACTURING SECTOR : PACKAGING

Material Topic: Diversity and Equal Opportunity Reporting Entity:

CARIB Glassworks Limited

ANSA Polymer

405-1 Diversity of employees Percentage of employees per employee category in each of the following diversity categories: i. Gender ii. Age Group

CODE Metric Total Employees

331

188

Female

34%

Male

92%

66%

< 30 years

24%

30-50 years

64%

> 50 years

12%

Total Employees

328

178

Female

32%

Male

91%

68%

< 30 years

25%

30-50 years

62%

50%

>50 years

13%

16%

2025

2024

53% 13%

34%

CODE Metric

2025

34%

Female

100%

91%

Male

99%

98%

Female

100%

Male

100%

ANSA McAL ANNUAL REPORT 2025

233

MANUFACTURING SECTOR : PACKAGING

GRI Content Index Statement of Use

GRI 1 used

Carib Glassworks Limited and ANSA Polymer have reported the information cited in this GRI content index for the period 1 January 2025-31 December 2025 with reference to the GRI Standards

GRI 1: Foundation 2021

GRI Standard

Disclosure

Location

GENERAL DISCLOSURES GRI 2: General Disclosures 2021

2-9 Governance Structure and Composition

Page 231

MATERIAL TOPICS 403-2 Hazard identification, risk assessment, and incident investigation

Page 229

403-8 Workers covered by an occupational health and safety management system

Page 230

GRI 404: Training and Education 2016

404-3 – Percentage of employees receiving regular performance and career development reviews

Page 233

GRI 405: Diversity and Equal Opportunity 2016

405-1 – Diversity of Governance Bodies and Employees

Page 232

GRI 403 Occupational Health and Safety 2018

234

ANSA McAL ANNUAL REPORT 2025

BEVERAGE SECTOR COUNTRY PRESENCE • Grenada • Guyana • St. Kitts and Nevis • Trinidad and Tobago • USA The reporting entities in the brewing sector include: •

Caribbean Development Company Limited (CDC)

•

CARIB Brewery Limited (CBL)

•

CARIB Brewery (Grenada) Limited

•

CARIB Brewery (St. Kitts & Nevis) Limited

•

Guyana Breweries Inc.

•

Indian River Beverage Corporation Dba Carib Brewery USA

Note: Caribbean Development Company Limited (CDC) is the entity that manufacturers beverage products in Trinidad and Tobago. Following manufacture, products are transferred to CARIB Brewery Limited (CBL) for marketing, sales and distribution to the market. Data below is presented for the total operation as CDC/CBL; however, board composition is disclosed for each company. Note: Activity Metrics “quantify the scale of specific activities or operations by a company. Activity Metrics are intended for use in conjunction with the metrics to normalise data and facilitate comparison, which are important for the analysis of related disclosures”

Activity Metrics Reporting Entity:

CODE Metric

CBL/CDC

CARIB Brewery Grenada

CARIB Brewery St. Kitts & Nevis

CARIB Brewery USA

Guyana Breweries

FB-AB-000.B (Alcoholic Beverages) Number of production facilities1 FB-NB-000.B (Non-Alcoholic Beverages) Number of production facilities

2025

Not applicable3

2024

Not applicable

Each country operation with production facilities produces both alcoholic and non-alcoholic products from a single production facility. CARIB Brewery USA does not produce non-alcoholic beverages. 3 Guyana Breweries is solely a distribution facility with no production. 1

ANSA McAL ANNUAL REPORT 2025

235

BEVERAGE SECTOR

Material Topic: Energy Management Reporting Entity:

CODE Metric

2025

2024

236

CBL/CDC

CARIB Brewery Grenada

CARIB Brewery St. Kitts & Nevis

CARIB Brewery USA

Guyana Breweries

FB-AB-130a.1 (1) Total energy consumed, (2) percentage grid electricity and (3) percentage renewable (4) percentage from purchased natural gas (1) 242,225 GJ

(1) 9,526 GJ

(1) 8,476 GJ

(1) 6,568 GJ

(1) 66 GJ

(2) 30 %

(2) 98%

(2) 100%

(2) 70%

(2) 100%

(3) 0 %

(3) 2%

(3) 0%

(4) 70 %

(4) 0%

(4) 0 %

(4) 30%

(4) 0%

Not previously reported

ANSA McAL ANNUAL REPORT 2025

BEVERAGE SECTOR

Material Topic: Energy Management Reporting Entity:

CODE Metric 2025

CBL/CDC

CARIB Brewery Grenada

CARIB Brewery St. Kitts & Nevis

CARIB Brewery USA

Guyana Breweries

FB-AB-140a.1 (1) Total water withdrawn, (2) total water consumed; percentage of each in regions with High or Extremely High Baseline Water Stress (1) 1,150,485 m3

(1) 99,025 m3

(1) 88,065 m3

(1) 12,747 m3

(2) 1,150,485 m3

(2) 99,025 m3

(2) 88,065 m3

(2) 12,747 m3

Not reported4

No regions with high or Extremely High Baseline Water Stress 2024

Not previously reported

CODE Metric

FB-AB-140a.2 Description of water management risks and discussion of strategies and practices to mitigate those risks

2025 CBL/CDC identifies a potential compliance risk as it relates to wastewater activities. The facility operates under the Environmental Management Authority’s (EMAs) permit WPR05/2020, which classifies its discharge destination as surface water. Non-compliance with this permit may result in financial penalties or enforcement actions, and reputational impacts due to failure to meet regulatory effluent quality and reporting requirements. To manage the significant environmental and regulatory risks inherent to this pathway, we have implemented a robust management system. This system is built on a combination of monthly compliance testing, collaborative monthly effluent taskforce meetings, transparent reporting to the EMA, and proactive planning through submitted annual pollution control plans to the authority. The wastewater management strategy is defined by a clear short-term goal to maintain permit compliance, achieved through monthly effluent testing and reporting to the authority. Our long-term goal is to commission a new Water Reclamation Facility (WRF) to ensure more efficient water management. CARIB Brewery Grenada recognises the risk of seasonal drought and other disruptions which may cause interruptions to the municipal water supply, which is the only source of potable water on the island. Water to the compound is received from two different water supply lines, somewhat reducing the risk to supply. Additionally, the compound has on-plant storage capabilities which further ensure continuous water supply to the Brewery. We are currently in the process of assessing our water wells for rehabilitation. CARIB Brewery St. Kitts and Nevis identifies the water management risk as reliance on a single source from municipal water supply. Relying on this single municipal water supply increases risk due to potential supply disruptions, and changes in water quality. There is an on-plant storage facility, and an additional tank is being installed to increase storage capacity, which will assist in mitigating the risk of supply disruptions. CARIB Brewery USA is potentially exposed to a risk of fines and reputational damage if effluent fails to meet regulatory specifications (pH, temperature, phosphorus, nitrogen). Therefore, there is a need to maintain adequate pretreatment capacity to avoid non-compliance. Our wastewater is treated and discharged into the municipal sewer. There is a continuous supply of water to the Brewhouse as there is a cold-water tank that facilitates on-going operations. With a view to strengthening capacity, there are plans to implement water efficiency programmes across brewing and packaging operations, upgrade pretreatment systems to enable reuse/recycling of process water and evaluate installation of reception tanks for hurricane contingency and continuous operation. 2024

Not previously reported

Guyana Breweries operates from a leased facility where water consumption is metered at the building level and shared among multiple tenants.

ANSA McAL ANNUAL REPORT 2025

237

BEVERAGE SECTOR

Material Topic: Water Management Reporting Entity:

CBL/CDC

CARIB Brewery Grenada

CARIB Brewery St. Kitts & Nevis

CARIB Brewery USA

Guyana Breweries5

GRI 303-2 Management of water discharge-related impacts

CODE Metric

a) A description of any minimum standards set for the quality of effluent discharge, and how these minimum standards were determined, including: i. how standards for facilities operating in locations with no local discharge requirements were determined; ii. any internally developed water quality standards or guidelines ii. any sector-specific standards considered; iv. whether the profile of the receiving waterbody was considered

2025 CBL/CDC operates under the EMA's Water Pollution Rules, 2019 and specific discharge standards are stipulated in the water pollution permit WPR05/2020, issued in accordance with these rules. The sector-specific standard applied by the EMA in the permit is for ‘Manufacturing Facilities’ discharging to In-land Surface Water. CARIB Brewery Grenada is guided by the Waste Management Act (Cap. 334A), which governs water quality matters and focuses on the protecting the quality of water intended for human consumption. It provides the statutory basis for water quality management and compliance monitoring. Additionally, the National Water and Sewerage Authority is the statutory body responsible for potable water supply and sewerage services. The Water Resources Management and Regulation Act (2025) created the Water Resources Management Unit responsible for sustainable water management, including testing and monitoring water and effluent levels. The brewery ensures its water use and effluent management practices comply with regulatory requirements. CARIB Brewery SKN in the absence of specific legislation governing discharge of water and wastewater for industrial plants, the Brewery has taken the initiative to evaluate its water management practices and is actively exploring options to minimise environmental impact and align with international best practices in sustainability and water management. CARIB Brewery USA operates in full compliance with the legal requirements established by the Environmental Protection Agency (EPA) as well as applicable municipal regulations. All waste-water is pretreated on-site to meet regulatory standards before entering the municipal sewer system, reflecting the Brewery’s commitment to responsible water stewardship and adherence to both federal and local environmental regulations. 2024

238

Not previously reported

There is no effluent discharge in Guyana as it is not a production facility.

ANSA McAL ANNUAL REPORT 2025

Material Topic: Packaging Lifecycle Management Reporting Entity:

CODE Metric

CARIB Brewery Grenada

Guyana Breweries

301-3 Reclaimed products and their packaging material6 a) Percentage of reclaimed products and their packaging materials for each product category. b) How the data for this disclosure have been collected. 83%

87%

68%

Plastic Crates

95%

87%

41%

Approach to data collection

CARIB Brewery USA

CARIB Brewery St. Kitts & Nevis

Glass bottles

2025

CBL/CDC

BEVERAGE SECTOR

Empty bottles in crates are received at various warehouses and depots, supported by documentation such as Daily Warehouse Transfer Notes, Daily Sorting Records, and Invoices. Data from these documents is used to capture the number of reclaimed products in each category.

Not applicable

Both Carib USA and Guyana Breweries do not undertake any reclamation activities.

ANSA McAL ANNUAL REPORT 2025

239

Material Topic: Packaging Lifecycle Management Reporting Entity:

CODE Metric

CBL/CDC

CARIB Brewery Grenada

CARIB Brewery St. Kitts & Nevis

CARIB Brewery USA

BEVERAGE SECTOR

Guyana Breweries

FB-AB-410a.2 Discussion of strategies to reduce the environmental impact of packaging throughout its lifecycle

2025 At all our regional production facilities, including Trinidad and Tobago, Grenada and St. Kitts and Nevis, all packaging materials are sourced from both third-party local suppliers and overseas suppliers. All incoming packaging materials are subjected to quality checks and verifications to ensure weight, volume and other characteristics conform to the certificate of acceptance. The glass bottles used for beverages in the local market are returnable and reusable. These bottles are washed, sanitised and reused during the process with defective bottles recycled to make new bottles. Aluminium cans are also recyclable. Both bottles and cans include the recycle logo for customer awareness. Bottles are supplied by Carib Glassworks Limited (CGL) in Trinidad and Tobago, while cans are sourced from both local and overseas suppliers. The company also utilises recyclable materials, such as defective plastic crates, which are sent to ANSA Packaging to be recycled into new crates. Defective glass bottles are sent to CGL to be recycled into new bottles and defective aluminium cans are sent to external contractors for recycling. Labels use water-based, low-Volatile Organic Compounds (VOC) inks to reduce hazardous substances. CARIB Brewery USA continuously reviews packaging specifications to minimise weight and volume without compromising product integrity, which includes lighter glass bottles and optimised cardboard cases to reduce material use and transportation emissions. Outer cardboard packs contain 70% post-consumer recycled fibre, reducing virgin material use and supporting circularity. Aluminium cans introduced in 2025 are recyclable and include recycling symbols and QR codes linking to local recycling programmes. Labels use water-based, low-Volatile Organic Compounds (VOC) inks to reduce hazardous substances. Packaging choices align with growing consumer demand for sustainable options. QR codes on cans provide recycling guidance, enhancing consumer engagement and reinforcing brand reputation for sustainability. Management has implemented strategies to ensure packaging is recyclable and meets durability and regulatory requirements. Aluminium cans introduced in 2025 are 100% recyclable and include recycling symbols and QR codes linking to local recycling programmes. Outer cardboard packs contain 70% post-consumer recycled fibre, supporting circularity and reducing virgin material use. Packaging complies with U.S. regulatory requirements for labelling and environmental safety. QR codes on cans have been voluntarily implemented to direct consumers to local recycling programmes and demonstrate the organisation’s commitment to responsible environmental stewardship. We support the collection, reprocessing and reintroduction to the economic system. Our aluminium cans and cardboard packs are designed for waste-free recycling, instead of being discarded to the landfill. CARIB Brewery USA has implemented international standards and industry protocols to reduce the environmental impact of packaging across its lifecycle. This includes alignment with ISO 18602 (Packaging and the Environment), which promotes the minimisation of packaging weight and volume without compromising product integrity. Key initiatives include the use of lighter glass bottles, optimised cardboard cases, and increased use of aluminium packaging. The organisation aims to reduce its packaging footprint by minimising material usage and optimising design. Improvements in packaging quality have resulted in a 15% reduction in material consumption and waste, as well as a 6% reduction in packaging weight per unit through material innovation and design optimisation. Additionally, increasing recycled content in packaging to 70% and the use of aluminium cans have contributed to reduced weight and lower transportation emissions. Guyana Breweries manages all packaging waste through a third-party contractor and disposal is in accordance with applicable local laws. Given that all products are purchased from CDC, the strategies for reducing environmental impact in terms the type and sourcing of the packaging apply. 2024

240

Not previously reported

ANSA McAL ANNUAL REPORT 2025

BEVERAGE SECTOR

Material Topic: Health and Safety Reporting Entity:

CODE Metric

CBL/CDC

CARIB Brewery Grenada

CARIB Brewery St. Kitts & Nevis

CARIB Brewery USA

Guyana Breweries7

GRI 403-2 Hazard identification, risk assessment, and incident investigation a) A description of the processes used to identify work-related hazards and assess risks on a routine and non-routine basis, and to apply the hierarchy of controls in order to eliminate hazards and minimise risks, including i. how the organisation ensures the quality of these processes, including the competency of persons who carry them out; ii. how the results of these processes are used to evaluate and continually improve the occupational health and safety management system. b) A description of the processes for workers to report work-related hazards and hazardous situations, and an explanation of how workers are protected against reprisals. c) A description of the policies and processes for workers to remove themselves from work situations that they believe could cause injury or ill health, and an explanation of how workers are protected against reprisals. d) A description of the processes used to investigate work-related incidents, including the processes to identify hazards and assess risks relating to the incidents, to determine corrective actions using the hierarchy of controls, and to determine improvements needed in the occupational health and safety management system.

ii.

Corrective action logs are maintained based on the results of inspections, audits and Management reviews for follow up action to ensure improvements are made continuously. Retraining is done as required. Within each Subsidiary, reviews are conducted with the HSE employees and respective subject matter experts (SME)s including Plant Managers, Engineers, Operations Managers. In each of the Breweries, there is also auditing of the implementation of the approved risk controls. Changes are made to the approach taken to execution of future non-routine jobs and/or updates are made to the relevant operating procedures.

(b)

7 8

There are behaviour-based safety programmes with reporting systems in place for workers to report workrelated hazards and hazardous situations. This is referred to as the UC-UB8 Safety Observation Programme Health & Environment Safety Application used for reporting unsafe conditions and unsafe behaviour. Workers (direct and contract as applicable) are encouraged to use these programmes for reporting and are also encouraged to raise concerns at Departmental meetings, toolbox meetings, HSE Committee meetings, and with their supervisors. There is a Refusal to Work policy in place which protects workers from reprisals. Relevant sections of the Group HSE Policy Manual include Section 2: The HSE Committee and Section 46: Refusal to Work.

There is no effluent discharge in Guyana as it is not a production facility Unsafe Conditions - Unsafe Behaviours

ANSA McAL ANNUAL REPORT 2025

241

BEVERAGE SECTOR

Material Topic: Health and Safety Reporting Entity:

CBL/CDC

CARIB Brewery Grenada

CARIB Brewery St. Kitts & Nevis

CARIB Brewery USA

Guyana Breweries7

2025 (c)

There is a Refusal to Work Policy in place. If an employee believes the work can be in any way harmful to themselves or others, they have the right to refuse the work. Relevant section of the Group HSE Policy Manual – Section 46: Refusal to Work which is based on the legal requirements of the Occupational Health and Safety Act of Trinidad and Tobago 2004, Amended 2006. Employees have the right to refuse unsafe work, after which, certain processes for verification and rectification are then followed.

The Group HSE Policy Manual Section 9: Accident and Injury Reporting guides the process for incident reporting and investigation. Incidents must be reported in a timely manner, and once the site is made safe and any applicable emergency response procedures activated to address immediate needs, the site is secured for assessment. Evidence is collected and statements of witnesses taken for the purpose of conducting a thorough investigation. Interviews with relevant persons are carried out as required. Upon completion of the investigation, the findings, risks and the recommended corrective actions, inclusive of dates for closure, and identification of persons responsible for each action, are shared and implemented. This includes a review against the relevant Policy for any relevant updates that are required to be made. 2024

242

The Hazard identification, risk assessment, and incident investigation is consistent with the 2025 description above.

ANSA McAL ANNUAL REPORT 2025

BEVERAGE SECTOR

Material Topic: Health and Safety Reporting Entity:

CODE Metric

CBL/CDC

CARIB Brewery Grenada

CARIB Brewery St. Kitts & Nevis

CARIB Brewery USA

Guyana Breweries

GRI 403-5 Worker training on occupational health and safety A description of any occupational health and safety training provided to workers, including generic training as well as training on specific work-related hazards, hazardous activities, or hazardous situations

2025 CBL/CDC conducts in-person and virtual training by the HSE department and accredited external providers to comply with the provisions of The Occupational Safety and Health Act (OSHA) of Trinidad and Tobago and the Group's Safety Management System (SMS) Standards. Training programmes includes Permit to Work, Lockout/Tagout, Fire Warden, Defensive Driver and Forklift Operator Certification. Annual and variable-dated programmes are developed based on training needs, legal requirements and changes to laws, policies and enterprise risks. CARIB Brewery Grenada conducts safety training focused on Safe Control of Work procedures, including Lockout/ Tagout, accident and incident reporting and investigation, and the use of permits and task-based risk assessments to manage workplace hazards. Training is delivered through Employee Central and in-house sessions to support employee awareness and compliance with safety requirements. CARIB Brewery St. Kitts provides safety training which includes induction for new employees, as well as instruction on accident reporting, unsafe condition and unsafe behaviour (UC/UB) reporting, fire safety, evacuation procedures, and Safe Control of Work practices. Induction training is conducted during the onboarding of new staff, while other safety training sessions are delivered in person throughout the year as required CARIB Brewery USA conducts safety training including OSHA-related programmes and video-based learning modules designed to reinforce workplace health and safety practices. Training is conducted in accordance with the training requirements established by the Department of Health. These are delivered on an annual or bi-annual basis to ensure employees remain aware of safety procedures and regulatory obligations. Guyana Breweries provides safety training which covers Basic First Aid, Fire Warden, and Defensive Driving courses, equipping employees to respond to emergencies, manage fire safety, and operate vehicles safely. 2024

Not previously reported

There is no effluent discharge in Guyana as it is not a production facility.

ANSA McAL ANNUAL REPORT 2025

243

BEVERAGE SECTOR

Material Topic: Health and Safety Reporting Entity:

CBL/CDC

CARIB Brewery Grenada

CARIB Brewery St. Kitts & Nevis

CARIB Brewery USA

Guyana Breweries

GRI 403-6 Promotion of worker health CODE Metric

a) An explanation of how the organisation facilitates workers’ access to non-occupational medical and healthcare services, and the scope of access provided. b) A description of any voluntary health promotion services and programmes offered to workers to address major non-work-related health risks, including the specific health risks addressed, and how the organisation facilitates workers’ access to these services and programmes.

2025 CBL/CDC offers participation in ANSA McAL’s Employee Assistance Programme (EAP) and a contributory Health Insurance programme. Management’s Health and Wellness Programme educates employees on non-work-related medical concerns and their treatment, supported by a contracted medical provider who reviews all work-related and any other medical issues that arise while on-site. CARIB Brewery Grenada provides a contributory Group Health Plan for all approved permanent employees. In addition, employees have access to an EAP, participate in Health Fairs, and undergo annual medical examinations, for specific departments. CARIB Brewery St. Kitts & Nevis provides employees with a Health Insurance Programme, access to local medical facilities, and the opportunity to participate in voluntary health checks during the annual Health and Safety Week, which includes fitness activities during work hours to promote well-being. CARIB Brewery USA offers vision, dental, and life insurance to regular full-time employees upon completion of their probation period, with group health benefits shared between the Company and employees. The Employee Assistance Programme (EAP) provides confidential counselling services to support personal concerns that may impact job performance. Participation is voluntary and does not affect employment or advancement opportunities. Guyana Breweries provides EAP Services that are available to all employees. Health insurance is offered to full-time employees on a voluntary subscription basis. Basic first aid kits are provided at the office and warehouse locations, supported by trained first aid officers.

2024

244

Not previously reported

ANSA McAL ANNUAL REPORT 2025

BEVERAGE SECTOR

Material Topic: Responsible Consumption and Marketing Reporting Entity:

CODE Metric

CBL/CDC

CARIB Brewery Grenada

CARIB Brewery St. Kitts & Nevis

CARIB Brewery USA

Guyana Breweries

FB-AB-270a.2 Number of incidents of non-compliance with industry or regulatory labelling or marketing codes

2025

None

1 (labelling)10

None

3 (labelling)11

None

2024

1 (labelling)

None

CODE Metric

FB-AB-270a.3 No fines were imposed and no regulatory action was taken.

2025

None

2024

None

CODE Metric

FB-AB-270a.4 Description of efforts to promote responsible consumption of alcohol

2025

Further to the efforts disclosed in 2024 (see below), in 2025 the existing labelling and symbols, @EASE12, highlight our commitment to inspiring everyone to enjoy CARIB beverage products responsibly. This was expanded across new product innovations introduced in the USA including Caribe Peach, Shandy Tamarind, Carib Malta, 0% ABV, Citra-Cane, and on the reintroduced Florida-brewed SKUs in cans.

2024

All Alcoholic beverages sold across local and international markets contain labelling with symbols and/or text that promotes responsible drinking including “age”, “don’t drink and drive” and “not suitable for pregnant women”. Product marketing also promotes responsible drinking with specific product lines aligned with responsible drinking initiatives. GRI 417-1 Requirements for product and service information and labeling Whether each of the following types of information is required by the organisation’s procedures for product and service information and labelling:

CODE Metric

a) The sourcing of components of the product or service; b) Content, particularly with regard to substances that might produce an environmental or social impact; c) Safe use of the product or service; d) Disposal of the product and environmental or social impacts.

2025

Across all subsidiaries, the organisation’s procedure for product and service labelling complies with all requirements (a) through (d).

2025

Not previously reported

In January 2025 grammatical errors were identified on the label for Pink Ting beverage. A non-conformance report was prepared and amended labels were developed with implementation of new labels rolled out in November 2025. The Procedure for Label Processing was also reviewed to ensure similar errors would not be repeated. 11 In April 2025 during a routine distributor partner compliance review it was identified that three (3) Shandy bottle labels did not contain the required US State deposit law details. All affected inventory was quarantined submitted for legal approval in September 2025. 12 @EASE - Eat, Alternate, Stay within limits, Ensure a safe ride home. 10

ANSA McAL ANNUAL REPORT 2025

245

BEVERAGE SECTOR

Material Topic: Community Engagement Reporting Entity:

CODE Metric

CBL/CDC

CARIB Brewery Grenada

CARIB Brewery St. Kitts & Nevis

CARIB Brewery USA

Guyana Breweries

GRI 403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships A description of the organization’s approach to preventing or mitigating significant negative occupational health and safety impacts that are directly linked to its operations, products, or services by its business relationships, and the related hazards and risks.

2025 Potential impacts have been identified in two specific business relationships within the sector: brand ambassadors and third-party transport drivers. Brand ambassadors are engaged through well-established promotional agencies or are in-house brand ambassadors with Brewery experience and Human Resources-verified training. Controls include supervisor presence at events, clear escalation pathways, safe-transport arrangements, and conduct/incident-reporting training. Annual governance reviews ensure ongoing compliance. Third-party transport drivers are contracted through reputable transport companies with various safety standards in place including, holding valid driver’s licences, undergoing defensive driving, periodic fitness assessments. 2024

246

Not previously reported

ANSA McAL ANNUAL REPORT 2025

BEVERAGE SECTOR

Governance and Diversity, Equity & Inclusion *At a Group level Governance and DEI are deemed to be Material Topics. Metrics have been collected and disclosed for all ESG reporting entities even where this topic was not identified as a Sector-specific Material Topic.

Material Topic: Governance Reporting Entity:

CODE Metric

CBL/CDC

CARIB Brewery Grenada

CARIB Brewery St. Kitts & Nevis

CARIB Brewery USA

Guyana Breweries

GRI General Disclosures GRI 2-9 Governance Structure and Composition a) describe its governance structure, including committees of the highest governance body b) list the committees of the highest governance body that are responsible for decisionmaking on and overseeing the management of the organisation’s impacts on the economy, environment, and people.

2025 Reporting entities The reporting entities in the beverage sector include: 1. 2. 3. 4. 5. 6.

Caribbean Development Company Limited (CDC) CARIB Brewery Limited (CBL) CARIB Brewery (Grenada) Limited CARIB Brewery (St. Kitts & Nevis) Limited Guyana Breweries Inc. Indian River Beverage Corporation Dba CARIB Brewery USA

Governance Structure: Highest Governance Body responsible for decision-making Each of these entities has a separate Board of Directors which is the highest governance body in the respective organisation responsible for decision-making on and overseeing the management of the organisation’s impacts on the economy, environment and people. Board Committees The Beverage Sector also has an Assets and Liabilities Committee (formerly Sector Audit and Risk Committee) established by a Terms of Reference approved by the Head of Internal Audit, Head of Group Legal and the Group Chief Executive Officer. The purpose of the Sector Assets and Liabilities Committee is to provide a structured, systematic oversight of the Sector’s governance, risk management, and internal control practices. The Committee assists the Sector Advisory Council by providing advice to the Group CEO on the adequacy of the Sector’s initiatives for: -

Values and ethics

Governance structure

Risk management including business continuity (risk resilience and crisis readiness)

Internal control framework

Oversight of internal and external audit activities

The Beverage Sector also has a Sector Advisory Council comprising executive, non-executive and independent members. This Council is governed by a Terms of Reference and supports the subsidiary’s statutory boards and management by providing counsel to the Group CEO in respect of strategic direction and risk oversight. There are two subcommittees to the Beverage Sector Advisory Council established with defined charters: 1.

Commercial Committee – The purpose is to assist the Council in fulfilling its oversight responsibilities with respect to Beverage Sector strategic commercial themes.

Supply Chain Committee – The purpose is to assist the Council in fulfilling its oversight responsibilities with respect to supply chain management. 2024

The Governance structure and composition in 2024 were consistent with 2025 description above.

ANSA McAL ANNUAL REPORT 2025

247

BEVERAGE SECTOR

Material Topic: Governance Reporting Entity:

CODE Metric

2025

CBL

CDC

CARIB Brewery Grenada

CARIB Brewery St. Kitts & Nevis

CARIB Brewery USA

Guyana Breweries

GRI General Disclosures GRI 2-9 c) describe the composition of the highest governance body and its committees by: i. executive and non-executive members; ii independence; and iv. gender (see GRI 405-1 below) (other categories not reported) 2

2024

248

ANSA McAL ANNUAL REPORT 2025

BEVERAGE SECTOR

Material Topic: Diversity and Equal Opportunity Reporting Entity:

CODE Metric

2025

2024

CBL

CDC

CARIB Brewery Grenada

CARIB Brewery St. Kitts & Nevis

CARIB Brewery USA

Guyana Breweries

11%

33%

89%

100%

67%

22%

11%

33%

17%

100%

33%

78%

89%

67%

83%

67%

11%

10%

11%

33%

89%

90%

89%

100%

67%

44%

50%

33%

100%

33%

56%

50%

67%

ANSA McAL ANNUAL REPORT 2025

249

Material Topic: Diversity and Equal Opportunity Reporting Entity:

2024

CARIB Brewery St. Kitts & Nevis

CARIB Brewery USA

Guyana Breweries

Total Employees

1,013

266

185

Female

18%

15%

14%

44%

31%

Male

82%

85%

86%

56%

69%

<30 years

28%

44%

32%

24%

37%

30-50 years

55%

42%

47%

65%

63%

>50 years

17%

14%

21%

11%

Total Employees

974

285

190

Female

19%

15%

17%

44%

31%

Male

81%

85%

83%

56%

69%

23%

46%

34%

22%

28%

30-50 years

58%

41%

46%

58%

72%

>50 years

19%

13%

20%

<30 years

404-3 Employees receiving performance and career development reviews Percentage of employees by gender who received a regular performance and career development review during the reporting period.13

CODE Metric

2025

CARIB Brewery Grenada

405-1 Diversity of employees Percentage of employees per employee category in each of the following diversity categories: i) Gender ii) Age Group

CODE Metric

2025

CBL/CDC

BEVERAGE SECTOR

Female

67%

100%

Male

33%

100%

Female

100%

Male

100%

The HR Manual for the Group provides that performance reviews are to be conducted for general staff by November 30th each year, and for Senior Managers and Executives by April 30th of the following year.

250

Data reported here is for permanent, non-unionised employees only.

ANSA McAL ANNUAL REPORT 2025

BEVERAGE SECTOR

GRI Index Caribbean Development Company Limited (CDC) CARIB Brewery Limited (CBL) CARIB Brewery (Grenada) Limited Statement of Use

CARIB Brewery (St. Kitts & Nevis) Limited Guyana Breweries Inc. Indian River Beverage Corporation Dba Carib Brewery USA have reported the information cited in this GRI content index for the period 1 January 2025-31 December 2025 with reference to the GRI Standards.

GRI 1 used

GRI 1: Foundation 2021

GRI Standard

Disclosure

Location

General Disclosures GRI 2: General Disclosures 2021

2-9 Governance Structure and Composition

Page 247

Material Topics GRI 301: Materials 2016

301-3- Reclaimed products and their packaging materials

Page 239

GRI 303: Water and Effluents 2018

303-2 – Management of water discharge-related impacts

Page 238

403-2 – Hazard identification, risk assessment, and incident investigation

Page 241

403-5 – Worker training on occupational health and safety

Page 243

403-6 – Promotion of worker health

Page 244

403-7 - Prevention and mitigation of occupational health and safety impacts directly linked by business relationships

Page 246

404-3 - Percentage of employees receiving regular performance and career development reviews

Page 250

GRI 405: Diversity and Equal Opportunity 2016

405-1 – Diversity of governance bodies and employees

Page 249

GRI 417: Marketing and Labelling 2016

417-1 – Requirements for product and service information and labelling

Page 245

GRI 403: Occupational Health and Safety 2018

GRI 404: Training and Education 2016

ANSA McAL ANNUAL REPORT 2025

251

BANKING SECTOR COUNTRY PRESENCE • Trinidad and Tobago • Barbados The reporting entities in the Banking Sector include: • ANSA Bank Limited • ANSA Merchant Bank Limited • ANSA Merchant Bank (Barbados) • ANSA Wealth Management Limited1

Activity Metrics Reporting Entity:

2025

2024

252

ANSA Bank TTD

ANSA Merchant Bank TT

ANSA Wealth Management TT1

ANSA Merchant Bank (Barbados) BDS

Loans

852,057,000

1,209,428,000

Not applicable

729,730,532

Assets

1,528,449,000

3,640,969,000

30,794,000

1,106,906,549

Deposits

1,191,764,000

1,333,720,000

Not applicable

824,744,910

Equity

219,711,000

1,529,895,000

17,143,000

236,701,109

Loans

797,619,000

Not applicable

625,095,146

Assets

1,384,985,000

3,801,523,000

Not applicable

1,011,808,972

Deposits

1,162,749,000

1,521,420,000

Not applicable

722,600,276

Equity

126,142,000

19,918,000

Not applicable

239,257,616

ANSA Wealth Management was established in 2025

ANSA McAL ANNUAL REPORT 2025

1,238,322,000

Material Topic: Environmental and Physical Risks Reporting Entity:

ANSA Bank TTD

ANSA Merchant Bank TT

ANSA Wealth Management TT

BANKING SECTOR

ANSA Merchant Bank (Barbados) BDS

FN-CB-410a.2 Description of approach to incorporation of environmental, social and governance (ESG) factors in credit analysis.

CODE Metric 2025

In 2025, our credit risk assessment process began integrating selected Environmental, Social, and Governance (ESG) considerations to identify opportunities for improving the Banks’ sustainability performance and portfolio resilience. This has included assessing the exposure of proposed activities to material climate and nature-related risks. Beginning in 2025, new commercial and corporate loans have started undergoing review for opportunities to work with clients with a sustainable focus. This is especially applicable to high-risk sectors such as energy, tourism, and agriculture. Our mortgage portfolio is also a priority. Where opportunities are identified, clients are engaged to determine their interest in/appetite for mitigating measures and associated financing. As a matter of due diligence, our Banks also ensure that all entities are screened for compliance with local ESG-related laws and regulations. There are currently no formal policies in place at the Banks that detail the approach to the incorporation of ESG factors.

2024

Not previously reported

ANSA McAL ANNUAL REPORT 2025

253

BANKING SECTOR

Material Topic: Data Privacy and Security Reporting Entity:

CODE Metric 2025

ANSA Bank TTD

ANSA Merchant Bank TT

ANSA Wealth Management TT

ANSA Merchant Bank (Barbados) BDS

FN-CF-230a.1 (1) Number of data breaches (2) percentage that are personal data breaches (3) number of account holders affected 0

2024

Not reported

CODE Metric

FN-CF-230a.3 Description of approach to identifying and addressing data security risks.

2025 Data breach disclosures are centralised and governed by the Group Incident Response Policy. The Group Crisis Management Team assesses the situation to determine the necessity and timing of external notifications in compliance with regulatory requirements. Our data security policies are strictly aligned with the Central Bank of Trinidad and Tobago (CBTT) guidelines for Information Technology and Security Risk Management, as well as internal standards adopted for regulatory compliance. Our security framework is primarily aligned with the NIST Cybersecurity Framework (CSF) for managing critical infrastructure. We also reference ISO/IEC 27001 standards to guide our information security management controls and procedures. Risks are managed through a multi-layered approach comprising routine internal audits, established incident management playbooks, and continuous monitoring via a third-party 24/7 SOC. We also conduct regular security awareness training to mitigate human error. We utilise automated, industry-standard vulnerability management tools to scan internal and external assets daily. Risk is quantified using a cyber exposure score to prioritise remediation efforts effectively. Historical data on specific attack trends is currently being aggregated. We rely on global threat intelligence to anticipate industry-wide shifts in attack vectors.

Material Topic: Regulatory Compliance Reporting Entity:

CODE Metric

ANSA Bank TTD

ANSA Merchant Bank TT

ANSA Wealth Management TT

ANSA Merchant Bank (Barbados) BDS

FN-CB-510a.1 Total amount of monetary losses as a result of legal proceedings associated with fraud, insider trading, anti-trust, anti-competitive behaviour, market manipulation, malpractice, or other related financial industry laws or regulations.

2025

2024

CODE Metric

FN-CB-510a.2 Description of whistleblower policies and procedures.

2025 ANSA McAL Whistleblower Policy which guides employees and other stakeholders of the ANSA McAL Group of Companies on the use of Whistleblower channels to raise concerns internally at a high level and disclose information the individual believes shows malpractice or impropriety. 2024

254

The Whistleblower Policy in 2024 was consistent with the 2025 description above.

ANSA McAL ANNUAL REPORT 2025

BANKING SECTOR

Material Topic: Regulatory Compliance Reporting Entity:

ANSA Bank TTD

ANSA Merchant Bank TT

ANSA Wealth Management TT

ANSA Merchant Bank (Barbados) BDS

ANSA Specific Metric Communication and training about Anti-Money Laundering, Counter Terrorism Financing & Counter Proliferation Financing (AML/CFT/CPF)

CODE Metric

2025

2024

a. Total number and percentage of governance body members that are aware of their obligations under the organisation’s AML/CFT/CPF policies and procedures. b. Total number and percentage of employees that are aware of their obligations under the organisation’s AML/CFT/CPF policies and procedures. c. Total number and percentage of governance body members that have received training on AML/CFT/ CPF. d. Total number and percentage of employees that have received training on AML/CFT/CPF. Number

Number

a) 9

100

a) 9

100

a) 5

100

b) 134

100

b) 132

100

b) 17

100

c) 9

100

c) 9

100

c) 5

100

e) 134

100

d) 132

100

d) 17

100

Not previously reported

ANSA-Specific Metric Details a) These metrics have been developed by amending the GRI Metric 205-2 – Communication and training about anticorruption policies to reflect more Sector-specific AML/CFT/CPF communication and training rather than general anti-corruption policies. b) All metrics are absolute measure and not expressed in relation to another metric. c) These metrics have not been validated by a third party d) The method used to calculate the metric and the inputs to the calculation, are outlined below and there are no specific limitations of the method used and the significant assumptions made: a.

c. d.

ANSA McAL ANNUAL REPORT 2025

255

Material Topic: Diversity and Equal Opportunity Reporting Entity:

ANSA Bank TTD

CODE Metric

2025

GRI 401-1 Employment (a) Total number and rate of new employee hires during the reporting period, by age group, gender and region. 39

Rate of Hire (%)

Female

Male

< 30 years

30- 50 years

> 50 years

17 Not applicable

5 16

b. Total number of rate of employee turnover during the reporting period, by age, group, gender and region.

Employee Turnover

Rate of Turnover (%)

Female

Male

< 30 years

30- 50 years

> 50 years

Not previously reported CODE Metric

2025

256

ANSA Merchant Bank (Barbados) BDS

2024

ANSA Wealth Management TT

New Employee Hires

CODE Metric 2025

ANSA Merchant Bank TT

BANKING SECTOR

GRI 404-1 Talent Management Average hours of training that the organisation’s (permanent) employees have undertaken during the reporting period.

Female

Male

Not previously reported

ANSA McAL ANNUAL REPORT 2025

12 17

Material Topic: Diversity and Equal Opportunity Reporting Entity:

ANSA Bank TTD

2024

ANSA Wealth Management TT

ANSA Merchant Bank (Barbados) BDS

404-3 Employees receiving performance and career development reviews Percentage of employees by gender who received a regular performance and career development review during the reporting period.2

CODE Metric 2025

ANSA Merchant Bank TT

BANKING SECTOR

Female

100%

Male

100%

Female

100%

Male

100%

Not applicable

100% 100%

405-1 Diversity of employees Percentage of employees per employee category in each of the following diversity categories: i.

2025

2024

Gender ii. Age Group

No. of Employees

134

132

Female

62%

58%

65%

79%

Male

38%

42%

35%

21%

< 30 years

34%

19%

24%

26%

30- 50 years

57%

64%

70%

42%

> 50 years

10%

17%%

32%

No. of Employees

149

Female

63%

58%

77%

Male

37%

42%

< 30 years

31%

21%

13%

30- 50 years

56%

64%

48%

>50 years

13%

15%

39%

Not applicable

23%

Data reported here is for permanent, non-unionised employees only.

ANSA McAL ANNUAL REPORT 2025

257

Governance and Diversity Equity & Inclusion

BANKING SECTOR

Material Topic: Governance Reporting Entity:

CODE Metric

ANSA Bank TTD

ANSA Merchant Bank TT

ANSA Wealth Management TT

ANSA Merchant Bank (Barbados) BDS

GRI General Disclosures GRI 2-9 Governance Structure and Composition a) describe its governance structure, including committees of the highest governance body b) list the committees of the highest governance body that are responsible for decision-making on and overseeing the management of the organisation’s impacts on the economy, environment, and people.

2025 Reporting Entities: The reporting companies in the Banking sub-sector include: 1. ANSA Bank which opened to the public in April 2021 through the acquisition of 100% shares on the Bank of Baroda (Trinidad and Tobago) Limited by ANSA Merchant Bank Limited. 2. ANSA Merchant Bank, a Commercial and Investment Bank publicly quoted on the Trinidad and Tobago Stock Exchange. 3. ANSA Merchant Bank (Barbados) Limited, formerly Consolidated Finance Co Limited, acquired by ANSA McAL in March 2013 and rebranded as ANSA Merchant Bank (Barbados) Limited in December 2021. 4. ANSA Wealth Management Limited Effective March 1, 2025, ANSA Merchant Bank Limited (“AMBL”) completed the hive-off of its investment services and wealth management business into a newly incorporated wholly owned subsidiary, ANSA Wealth Management Limited. This restructuring reflects AMBL’s transition from providing wealth management services internally to operating these activities through a dedicated entity. The change supports a clearer separation of business lines, aligns with revised statutory guidelines, and positions ANSA Wealth Management Limited to focus exclusively on investment advisory, wealth management and related services, while AMBL continues to concentrate on its core banking and financing operations. Governance Structure: Highest Governance Body responsible for decision-making Each of these three entities has a separate Board of Directors which is the highest governance body in the respective organisations responsible for decision-making on and overseeing the management of the organisation’s impacts of the economy, environment and people. Committees of Highest Governance Body The Board of Directors of ANSA Merchant Bank Limited (AMBL) has two sub-committees which are (i) an Audit and Risk Committee; and (ii) a Governance Nominating and Remuneration Committee operating under their own respective Terms of Reference and/or Charter. These Committees are composed of a majority of independent directors. There is also a Board-appointed management committee for the monitoring and approval of credits, namely the Credit Committee, operating within the parameters of Board-approved delegation of authority limits. The Board of Directors of ANSA Bank Limited Board has one sub-committee, namely the Audit and Risk Committee governed by a separate charter. There is also a Board-appointed management committee for the monitoring and approval of credits, namely the Credit Committee, operating within the parameters of Board-approved delegation of authority limits. The Board of Directors of ANSA Merchant Bank (Barbados) Limited has one sub-committee, namely the Audit and Risk Committee, that is composed of a majority of independent directors and is governed by its own Terms of Reference. The Board of Directors of ANSA Wealth Management Limited has one sub-committee, the Audit Risk & Investment Compliance Committee, that is composed of a majority of independent directors and is governed by its own Terms of Reference. 2024 The Governance structure and composition in 2024 were consistent with 2025 description above save for ANSA Wealth Management Limited noted above.

258

ANSA McAL ANNUAL REPORT 2025

BANKING SECTOR

Material Topic: Governance Reporting Entity:

ANSA Bank TTD

CODE Metric

GRI General Disclosures GRI 2-9 c) describe the composition of the highest governance body and its committees by: i. executive and non-executive members; ii. independence; and iv. gender (see GRI 405-1 below) (other categories not reported)

2025

2024

ANSA Merchant Bank TT

ANSA Wealth Management TT

ANSA Merchant Bank (Barbados) BDS

Executive Members

Nonexecutive members

Total Number of Board Members

Independent

Executive Members

Nonexecutive members

6 Not applicable

Total Number of Board Members

Independent

405-1 Diversity of governance bodies (Boards of Directors) Percentage of Individuals within the organisation’s governance bodies in each of the following diversity categories:

CODE Metric

i. Gender ii. Age Group

2025

2024

Female

56%

60%

25%

Male

44%

100%

40%

75%

< 30 years

30- 50 years

33%

22%

20%

38%

> 50 years

67%

78%1

80%

62%

Female

63%

33%

Male

38%

100%

67%

< 30 years

30- 50 years

25%

10%

>50 years

75%

90%

Not applicable

0% 50% 50%

ANSA McAL ANNUAL REPORT 2025

259

BANKING SECTOR

GRI Content Index ANSA Bank ANSA Merchant Bank Limited

Statement of Use

ANSA Wealth Management Limited, and ANSA Merchant Bank (Barbados) Limited have reported the information cited in this GRI content index for the period 1 January 2025-31 December 2025 with reference to the GRI Standards

GRI 1 used

GRI 1: Foundation 2021

GRI Standard

Disclosure

Location

General Disclosures GRI 2: General Disclosures 2021

2-9 Governance Structure and Composition

Page 258

Material Topics GRI 401: Employment 2016

GRI 404: Training and Education 2016

GRI 405: Diversity and Equal Opportunity 2016

260

ANSA McAL ANNUAL REPORT 2025

401-1 – New employee hires and employee turnover

Page 256

404-1 – Average hours of training per employee per year

Page 256

404-3 – Percentage of employees receiving regular performance and career development reviews

Page 257

405-1 – Diversity of Governance Bodies and Employees

Page 257

INSURANCE SECTOR COUNTRY PRESENCE • Trinidad and Tobago • Barbados The reporting entities in the Banking Sector include: 1. Colonial Fire and General Insurance Company Limited (COLFIRE) 2. Trinidad and Tobago Insurance Limited (TATIL) 3. Tatil Life Assurance Limited (Tatil Life)

Reporting Entity: CODE Metric

2025

TATIL

COLFIRE

TATIL LIFE

Types of insurance provided

•

Motor Vehicle

•

Motor Vehicle

• Accident & Sickness

•

Property

•

Property

• Disability Income

•

Pecuniary Loss

•

Personal Accident – Short term

* Life

•

Workers Compensation

•

Pecuniary loss

•

Personal Accident – Short Term

•

Workers Compensation

•

Liability

•

Accident & Sickness

•

Marine, Aviation & Transport

•

Liability

•

Marine, Aviation & Transport

1 Formerly, FN-IN-000.A Number of policies in force, by segment was disclosed, however a decision was taken not to disclose this data for 2025 and moving forward due to commercial sensitivity.

ANSA McAL ANNUAL REPORT 2025

261

Material Topic: Climate and Related Risks Impacts Reporting Entity: CODE Metric

TATIL

COLFIRE

INSURANCE SECTOR

TATIL LIFE

FN-IN-450a.1 Probable Maximum Loss (PML) of insured products from weather-related natural catastrophes Geographic Location

Natural catastrophe

1-in-50(2%)

1-in-100(1%)

1-in-250 (.4%)

USD Million ($)

Gross Probable Maximum Loss (PML) Barbados Trinidad and Tobago

2025

Hurricanes

42.83

101.59

230.97

Earthquakes

0.74

29.67

Hurricanes

6.78

20.61

114.41

Earthquakes

26.39

105.57

283.84

Not applicable

Net Probable Maximum Loss (PML) Barbados Trinidad and Tobago 2024

Hurricanes

3.31

6.63

17.51

Earthquakes

0.3

5.7

Hurricanes

0.41

2.43

15.64

Earthquakes

3.59

14.55

36.29

Not previously reported

Not applicable

GRI 201-2 Economic Performance Financial implications and other risks and opportunities due to climate change. a.

CODE Metric

2025

2024

262

Risks and opportunities posed by climate change that have the potential to generate substantive changes in operations, revenue, or expenditure, including: i. a description of the risk or opportunity and its classification as either physical, regulatory, or other; ii. a description of the impact associated with the risk or opportunity; iii. the financial implications of the risk or opportunity before action is taken; iv. the methods used to manage the risk or opportunity; v. the costs of actions taken to manage the risk or opportunity.

Risks and opportunities posed by climate change that have the potential to generate substantive changes in operations, revenue, or expenditure include Physical Risk - Disruption to Operations, Financial Risk Higher Claims Cost, Lower Profitability.

Climate change may contribute to an increase in the frequency and severity of extreme weather events, including hurricanes, flooding and other weather-related catastrophes. For insurers, this may result in higher claims frequency and severity, particularly within property insurance portfolios exposed to weather-related risks.

iii

Increased catastrophe activity may result in higher claims costs, increased volatility in underwriting results and potential upward pressure on reinsurance costs. These impacts may influence underwriting profitability and capital management requirements across the Group’s insurance operations.

The Group manages climate-related risks through its Enterprise Risk Management framework, which includes catastrophe exposure monitoring, underwriting guidelines, geographic risk diversification and the maintenance of a comprehensive reinsurance programme designed to mitigate exposure to large catastrophe losses.

Climate-related risks are monitored through the Group’s Enterprise Risk Management and Risk Register processes. Management conducts periodic reviews of catastrophe modelling outputs, monitors claims trends and assesses exposure concentrations across geographic regions. These processes support underwriting decisions and reinsurance programme design to ensure that catastrophe risk exposures remain within the Group’s defined risk appetite. Not previously reported

ANSA McAL ANNUAL REPORT 2025

INSURANCE SECTOR

Material Topic: Customer Experience and Satisfaction Reporting Entity: CODE Metric

COLFIRE

TATIL

TATIL LIFE

*ANSA-Specific Metric Customer Experience and Satisfaction Customer Renewal Retention Ratio

2025

84.4%

2024

Not previously reported

85.4%

Not applicable for life insurance

*ANSA-Specific Metric a) This metric has been developed by amending the SASB Metric FN-IN-270a.3 – Customer Retention Rate to a similar Customer Renewal Retention Ratio used as a key metric in the sub sector. b) This metric is an absolute measure and not expressed in relation to another metric. c) This metric has been validated by a third party. d) The method used to calculate the metric and the inputs to the calculation, are outlined below and there are no specific limitations of the method used and the significant assumptions made: Renewal Policies / Prior Year Total Policies = Renewal Retention Ratio. Note: A distinct count is used to generate values, so New + Renewal may not equal Total (To cater for unique characteristic of a 6-month policy)

ANSA McAL ANNUAL REPORT 2025

263

Material Topic: Data Privacy and Security Reporting Entity: CODE Metric

TATIL

COLFIRE

INSURANCE SECTOR

TATIL LIFE

HC-MC-230a.1 Description of policies and practices to secure customers’ personal health data records and other personal data.

2025 Across the Sector the companies are committed to security of their systems and client data and comply with the Information Security Governance Framework which outlines seventeen (17) policies and practices to secure customers’ information. These include Data Loss Prevention Policy, Data Management Policy, Information Security Policy for End Users and Cyber Security Awareness Training and Testing Policy. There is a Data Protection, Retention, Disposal and Destruction Policy which serves to: • Protect the critical and important data and documents of the Company. • Retain important documents for reference and future use. • Delete documents that are no longer necessary for the proper functioning of the company. • Organise documents for efficient retrieval. • Ensure that employees are properly educated on what documents to retain, the length of their retention, means of storage and when/how they are to be destroyed. In order to detect breaches of company policy and maintain the security levels required by the business, the company reserves the right to monitor the content of any electronic communications that passes through or within the company’s proprietary information systems. Non-Compliance Violations of Policies will be treated like other allegations of wrongdoing at ANSA McAL. Allegations of misconduct will be adjudicated according to established procedures. Sanctions for non-compliance may include, but are not limited to, one or more of the following: 1. Disciplinary action according to applicable ANSA McAL policies; 2. Termination of employment; and/or 3. Legal action according to applicable laws and contractual agreements. The 17 policies noted above address the safeguarding of company information along with the Business Continuity Plan, Cloud Security Policy and periodic vulnerability testing. Data provided through formal requests must only be used for the stated purpose, and any new purpose requires a separate formal request. Non-standard access or exceptions to data policies must be requested in writing, specifying the data and intended use, and decisions must be documented. Disclosure of unpublished corporate data or using it for personal gain is strictly prohibited, and users must respect confidentiality, comply with laws, and formally acknowledge their responsibilities. Users are accountable for accurate data representation, compliance and protection standards, and reporting errors or outdated information. 2024

Not previously reported

CODE Metric

HC-MC-230a.2 (1) Number of data breaches, (2) percentage involving (a) personal data only and (b) personal health data, (3) number of customers affected in each category, (a) personal data only and (b) personal health data

2025

(1) 0

(2)

(2) 0

(3)

(3) 0

2024

Not previously reported

CODE Metric

HC-MC-230a.3 Total amount of monetary losses as a result of legal proceedings associated with data security and privacy.

2025 2024

264

(1)

0 Not previously reported

ANSA McAL ANNUAL REPORT 2025

INSURANCE SECTOR

Material Topic: Regulatory Compliance Reporting Entity: CODE Metric

TATIL

COLFIRE

TATIL LIFE

FN-IN-270a.1 Total amount of monetary losses as a result of legal proceedings associated with marketing and communication of insurance product-related information to new and returning customers.

2025

2024

CODE Metric

2025

2024

Not reported

CODE Metric

FN-CB-510a.2 Description of whistleblower policies and procedures.

2025 ANSA McAL has a Whistleblower Policy which guides employees and other stakeholders of the ANSA McAL Group of Companies on the use of Whistleblower channels for raising concerns internally at a high level and in disclosing information which the individual believes shows malpractice or impropriety. Complaints can be submitted via email, via ANSA McAL Limited’s online Ethix360 platform or lodging a verbal report via ANSA McAL Limited’s whistleblowing hotline at (868) 224-5898 or (844) 540-2345[1] 2024

Not previously reported ANSA-Specific Metric Communication and training about Anti-Money Laundering, Counter Terrorism Financing & Counter Proliferation Financing (AML/CFT/CPF)

CODE Metric

a. Total number and percentage of governance body members that are aware of their obligations under the organisation’s AML/CFT/CPF policies and procedures. a. Total number and percentage of employees that are aware of their obligations under the organisation’s AML/CFT/CPF policies and procedures. b. Total number and percentage of salespersons that are aware of their obligations under the organisation’s AML/CFT/CPF policies and procedures. c. Total number and percentage of governance body members that have received training on AML/CFT/ CPF. d. Total number and percentage of employees that have received training on AML/CFT/CPF. e. Total number and percentage of salespersons that have received training on AML/CFT/CPF. Number

2025

2024

Number

a) 5

100

a) 9

b) 136

100

c) 126

Number

100%

a) 10

100

b) 226

100%

b) 134

100

c) 88

100%

c) 111

100

d) 5

100

d) 9

100%

d) 10

100

e) 136

100

e) 222

98.2%

e) 133

f) 123

97.6

f)) 84

95.4%

f)) 111

100

Not previously reported

ANSA McAL ANNUAL REPORT 2025

265

Material Topic: Regulatory Compliance Reporting Entity:

COLFIRE

TATIL

INSURANCE SECTOR

TATIL LIFE

*ANSA Specific Metric e) These metrics have been developed by amending the GRI Metric 205-2 – Communication and training about anticorruption policies to reflect more Sector-specific AML/CFT/CPF communication and training rather than general anti-corruption policies. f) All metrics are absolute measure and not expressed in relation to another metric. g) These metrics have not been validated by a third party h) The method used to calculate the metrics and the inputs to the calculation, are outlined below and there are no specific limitations of the method used and the significant assumptions made: a.

d. e. f.

2024

266

Numerator: Number of board members aware of their obligations under AML/CFT/CPF policies and procedures. Denominator: Total number of board members Formula: (Number of Board members aware of obligations under AML/CFT/CPF ÷ Total number of Board members) × 100 Numerator: Total employees that are aware of their obligations under the organisation’s AML/CFT/CPF policies and procedures. Denominator: Total number of employees. Formula: (Number of employees that are aware of their obligations under the organisation’s AML/CFT/CPF policies and procedures. ÷ Total employees) × 100 Numerator: Salespersons that are aware of their obligations under the organisation’s AML/CFT/CPF policies and procedures. Denominator: Total registered salespersons. Formula: (Number of salespersons that are aware of their obligations under the organisation’s AML/CFT/CPF policies and procedures. ÷ Total salespersons) × 100 Numerator: Number of Board members who completed the required AML/CFT/CPF training. Denominator: Total number of Board members. Formula: (Number of Board members trained ÷ Total Board members) × 100 Numerator: Number of employees who completed the required AML/CFT/CPF training. Denominator: Total number of employees. Formula: (Number of employees trained ÷ Total employees) × 100 Numerator: Number of salespersons who completed the required AML/CFT/CPF training. Denominator: Total number of salespersons. Formula: (Number of salespersons trained ÷ Total salespersons) × 100 Not reported

ANSA McAL ANNUAL REPORT 2025

INSURANCE SECTOR

Material Topic: Governance Reporting Entity:

COLFIRE

CODE Metric

TATIL

TATIL LIFE

GRI General Disclosures GRI 2-9 Governance Structure and Composition a) describe its governance structure, including committees of the highest governance body b) list the committees of the highest governance body that are responsible for decision-making on and overseeing the management of the organisation’s impacts on the economy, environment, and people.

2025 Reporting Entities: The reporting entities in the Insurance sub-sector include: 1. Colonial Fire and General Insurance Company Limited (COLFIRE) which was acquired by Trinidad and Tobago Insurance Limited (TATIL) in April 2023. 2. TATIL, a wholly owned subsidiary of ANSA Merchant Bank Ltd. (AMBL). 3. Tatil Life Assurance Limited, a subsidiary of TATIL. Note: TATIL acquired Trident Insurance Company Limited located in Barbados in 2021, and its operations were merged with Brydens Insurance (the Barbados branch operations of TATIL) under the Trident name. All data reported for TATIL includes data for branch operations located in Barbados trading under Trident Insurance. Governance Structure Highest Governance Body responsible for decision making Each of these three entities has a separate Board of Directors which is the highest governance body in the respective organisations responsible for decision-making on and overseeing the management of the organization’s impacts of the economy, environment and people. Committees of Highest Governance Body COLFIRE, has an Audit Committee, and an Investment Committee, both appointed by the Board of Directors and governed by separate charters. A Sustainability Committee was re-established in 2024; however, this is not a committee of the Board and is focused on employee engagement and awareness around sustainability issues. TATIL and Tatil Life each have Audit and Risk Committees, as well as an Investment Committee. Both are Sub-Committees of the Board of Directors and governed by separate charters. In December 2023, these charters were amended to include a focus on Sustainability, effectively tasking the Risk Committee with the responsibility for “articulating and developing the sustainability strategy and providing oversight of sustainability initiatives across the Company”. The Risk & Sustainability management committees are chaired by the Managing Director and comprise members of senior management across various technical roles in the organisation.

2024

The Governance structure and composition in 2024 were consistent with 2025 description above.

ANSA McAL ANNUAL REPORT 2025

267

INSURANCE SECTOR

Material Topic: Governance Reporting Entity:

COLFIRE

2024

Executive Members

Non-executive members

Total Number of Board Members

Independent

Executive Members

Non-executive members

Total Number of Board Members

Independent

404-3 Employees receiving performance and career development reviews Percentage of employees by gender who received a regular performance and career development review during the reporting period.1

CODE Metric 2025

2024

<?>

Female

75%

90%

22%

Male

35%

77%

78%

Female

98%

95%

Male

96%

91%

Data reported here is for permanent, non-unionised employees only.

268

TATIL LIFE

CODE Metric

2025

TATIL

ANSA McAL ANNUAL REPORT 2025

Material Topic: Diversity Equity and Inclusion Reporting Entity:

COLFIRE

TATIL

INSURANCE SECTOR

TATIL LIFE

2025

2024

No. of Employees

136

208

135

Female

68%

71%

70%

Male

32%

29%

30%

< 30 years

19%

17%

30%

30- 50 years

58%

61%

54%

> 50 years

23%

22%

16%

No. of Employees

135

211

130

Female

65%

74%

73%

Male

35%

26%

27%

< 30 years

31%

18%

30%

30- 50 years

49%

61%

52%

>50 years

20%

21%

18%

Not reported CODE Metric

2025

2024

405-1 Diversity of employees Percentage of employees per employee category in each of the following diversity categories: i. Gender and ii. Age Group

Female

11%

22%

Male

100%

89%

78%

< 30 years

30- 50 years

20%

33%

> 50 years

80%

67%

Female

38%

20%

Male

100%

62%

80%

< 30 years

30- 50 years

17%

13%

20%

>50 years

83%

87%

80%

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INSURANCE SECTOR

GRI Content Index Colonial Fire and General Insurance Company Limited (COLFIRE) Statement of Use

GRI 1 used

Trinidad and Tobago Insurance Limited (TATIL), and Tatil Life Assurance Limited (TATIL Life) have reported the information cited in this GRI content index for the period 1 January 2025-31 December 2025 with reference to the GRI Standards GRI 1: Foundation 2021

GRI Standard

Disclosure

Location

General Disclosures GRI 2: General Disclosures 2021

2-9 Governance Structure and Composition

Page 267

Material Topics

270

GRI 201: Economic Performance 2016

201-2 – Financial implications and other risks and opportunities due to climate change.

Page 262

GRI 404: Training and Education 2016

404-3 – Percentage of employees receiving regular performance and career development reviews

Page 268

GRI 405: Diversity and Equal Opportunity 2016

405-1 – Diversity of Governance Bodies and Employees

Page 269

ANSA McAL ANNUAL REPORT 2025

SNAPSHOTS

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271

OUR At ANSA McAL we value the positive impact we have on the communities in which we operate across the Caribbean. Social investments are made across the Group of Companies to members and organisations in the communities and countries in which we operate. Partnering with these community stakeholders allows us to drive social advancement beyond the influence of our operational sites. In recent years, we have started moving towards strategic social investments through partnerships. Our intention is to focus efforts and investments to fund effective initiatives and to enable significant and measured impact. We will continue to honour requests for support as we transition to placing more focus on collaborations and partnerships.

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REPORT

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ANSA McAL Group of Companies Category Arts and Culture Diversity and Inclusion

Value (TTD) $939,227 $5,484

Emergency Relief

$661,862

Health and Wellness

$84,372

Schools and Education Entertainment Social Well-being

$2,973,842 $441,298 $1,373,051

Sports

$983,641

Sustainability Initiatives

$126,671

Funding of ANSA McAL Foundation TOTAL

$5,000,000 $12,589,448

ANSA McAL Foundation Category

Value (TTD)

ANSA MCAL FOUNDATION DONATIONS DISTRIBUTED ACROSS FOUR MAIN CATEGORIES:

$1,360,000

• Diversity and Inclusion • Health and Medical Support • Schools and Education • Social Well-being Anthony N Sabga Awards, Caribbean Excellence TOTAL

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$75,000 $25,000 $330,000 $930,000 $2,000,000 $3,360,000

SCHOOLS AND EDUCATION The ANSA McAL Group has always invested in youth through donations and sponsorships for educational organisations and schools at all levels – pre-school, primary, secondary and tertiary – across the Caribbean.

In 2025, the Group invested in

schools and organisations across Trinidad and Tobago, Barbados, Guyana, Grenada, St. Kitts and Nevis and Jamaica.

EMPOWERING THE NEXT GENERATION For the third consecutive year, ANSA McAL partnered with the Heroes Foundation to help a group of students complete the Heroes Development Programme. The three-year curriculum, which covers psychosocial development, 21st-century skills development, sustainability education targeting equality and the elimination of violence, energy and environmental sustainability, and personal and career planning and development, has a significant impact on the personal development of each student. In 2025, ANSA McAL supported 45 students across three schools in Trinidad: Marabella South Secondary School, Chaguanas South Secondary School and St. Francis Boys’ College of Belmont.

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SCHOOLS AND EDUCATION INVESTING IN THE NEXT GENERATION OF SUSTAINABILITY LEADERS ANSA McAL was proud to be a Premier Sponsor of HARCON Consulting’s pilot initiative – the National Youth Sustainability and Environmental, Social and Governance (ESG) Programme (NYSESG) – at Queen’s Royal College and Trinity College Moka, and later, in October 2025, the launch of the NYSESG on a national scale in Trinidad and Tobago. Officially launched on October 9, 2025, at the Hyatt Regency Trinidad, the initiative represents a major step forward in sustainability education for Trinidad and Tobago. The NYSESG Programme introduces students to sustainability and ESG principles, which focus on environmental awareness, social responsibility and good governance through a structured, school-based framework that connects classroom learning with practical experiences. Participants explore topics such as community engagement and responsible leadership, helping them understand how sustainability can be applied in everyday life.

EQUIPPING YOUTH WITH FINANCIAL SKILLS In 2025, ANSA McAL sponsored 500 students each in Barbados, Guyana, Trinidad and Tobago and – for the first time – Jamaica, in WIZDOM CRM’s Cycle 9 of their Sustainable Stock Market Game. Students in Trinidad and Tobago and Barbados also benefitted from access to WIZDOM CRM’s AI Tutor platform to enhance their exam preparations. In 2025, ANSA Bank provided the top 150 students from Cycle 8 with their very own bank accounts—turning virtual lessons into real-world financial habits.

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SCHOOLS AND EDUCATION INVESTING IN A BRIGHT FUTURE In 2025 our Group CEO, Anthony N. Sabga III, met with award-winning Soca artist Voice (Aaron St. Louis) to discuss possibilities for collaboration. Soon afterwards, ANSA McAL joined forces with Voice’s Far From Finished Foundation to give 100 book bags to primary school students across Trinidad, including Longdenville Sathya Sai Primary School and San Juan Boys’ RC School. We look forward to furthering this partnership in 2026.

The ANSA McAL Construction Sector helped to make the transition back to school a little brighter for parents, students, and teachers. Through three impactful Back-toSchool initiatives, their teams showed what Caring with Purpose truly looks like: ANSA Coatings Limited (ACL) hosted their second annual Back-to-School Drive at La Horquetta Government Primary School, doubling their impact from the previous year — supporting 108 students with stationery and snack bags, plus eight fully sponsored booklist bags for children most in need. Penta Paints refreshed and beautified five schools across Trinidad — La Horquetta South Primary, Arima Presbyterian, St. Mary’s Children’s Home Anglican, Arima Girls’ Government, and Holy Cross College. By transforming classrooms and corridors with fresh colours, they created brighter, more inspiring spaces for both students and teachers to thrive. True to the spirit of community collaboration, the project was embraced by ACL volunteers and members of the schools’ parent teacher associations. Through this initiative, ANSA Coatings not only supported the beautification of our

nation’s schools but also encouraged shared responsibility and community pride. Berger Paints Barbados brought art and colour into the classroom, inspiring creativity and uplifting students as they prepared for the new school year. Each child also received a colouring book, adding an extra touch of fun and imagination to the experience. ANSA Motors Trinidad and Tobago initiated a Coat of Kindness painting project to beautify a school for children with autism. Paint colours were chosen with the children in mind to create a calm environment. Together, these efforts reflect our ongoing promise to invest in brighter futures!

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SCHOOLS AND EDUCATION Construction Sector HR Manager, Ms. Shnice Ramkhelawan, had the privilege of visiting the Faculty of Engineering at The University of Trinidad and Tobago (UTT), Point Lisas Campus, to deliver an insightful session on Resume Writing. Students gained valuable guidance on crafting compelling resumes,

showcasing their key skills and experience, and tailoring their applications for specific job opportunities. In today’s competitive job market, a strong resume is essential, and it was inspiring to see the students actively engaged and eager to learn.

We are proud to have supported UWI student Jade Lalla, helping her complete her Environmental Engineering internship in Mexico with The Science Exchange — a global conservation programme focused on protecting marine life and building climate resilience. The initiative aligns with ANSA McAL’s commitment to youth development and environmental stewardship, as Jade brings back valuable knowledge to support coastal and sea turtle preservation efforts right here in Trinidad and Tobago.

ANSA McAL Barbados showed their support for The University of the West Indies (UWI) Global Campus Endowment Fund, which supports academically outstanding students who are facing severe financial challenges. The Endowment Fund was established to help ensure that deserving students who

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have already overcome significant hardships are not denied the opportunity to achieve their educational dreams due to financial hardship. The fund was created to help remove a major barrier on their journey to success.

SCHOOLS AND EDUCATION TATIL & DATT (DIABETES ASSOCIATION OF TRINIDAD AND TOBAGO) 6TH FORM INTERNSHIP: A MODEL FOR YOUTH DEVELOPMENT In 2025, the TATIL & DATT 6th Form Internship Programme attracted nearly 800 applications, from which 38 exceptional students were selected. The seven-week programme provided the aspiring healthcare professionals with hands-on experience and a deeper understanding of diabetes through structured training and fieldwork. Interns were exposed to various facets of DATT’s operations and participated in a range of learning experiences, including laboratory training at The University of the West Indies (UWI) in blood collection, blood typing, urinalysis, and microscopy, as well as a community outreach trip to Tobago. The programme culminated in a graduation ceremony at which students presented their group project — a fundraising initiative in support of Kristopher Mohamed, a 19-yearold medical student and valedictorian of the 2022 internship cohort who was diagnosed with Stage 4 Hodgkin’s Lymphoma. Through this initiative, interns channelled their creativity and compassion to raise funds for Kristopher’s treatment.

We are especially proud that 14 interns from the 2025 cohort received the prestigious National Bursary Programme Award, and that one student was honoured with the 2024 President’s Medal based on the Caribbean Secondary Education Certificate (CSEC) examination results. In addition, three interns earned National Scholarships in their respective fields, reflecting the high standard of academic excellence fostered through the programme.

SMALTA SUPPORTING LITERACY CARIB St. Kitts and Nevis supported the Smart Sips Reading Programme with Primary Schools sponsored by Smalta. This initiative involved read-aloud action, picture storytelling, reading, listening and understanding, prediction reading, expressive reading and word bank (speed reading) from kindergarten to Grade 6.

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HEALTH AND MEDICAL DIABETES: A FAMILY CONCERN – ENCOURAGING HEALTHIER CHOICES, FOR A HEALTHIER NATION As of 2025, approximately 830,000,000 people worldwide were affected by diabetes, according to the World Health Organisation (WHO), a significant increase from 589,000,000 in 2024. Therefore, diabetes remains a pressing global health challenge, with nearly 15% of Trinbagonians living with the disease, highlighting the critical need for proactive measures in combating this epidemic. The theme for World Diabetes Day 2025, “Diabetes at the Workplace”, put the global focus on how diabetes affects people at work and the need for supportive, safe and non-discriminatory work environments for people living with diabetes. At TATIL and TATIL Life, their ongoing partnership with the Diabetes Association of Trinidad and Tobago (DATT) highlights the shared

commitment to raising awareness, expanding education, and supporting care, as we champion a healthier and more informed community.

TATIL RUN DATT 5K: #UNITEFORDIABETES The 2025 TATIL Run DATT 5K was held on November 22nd at the Paddock, Queen’s Park Savannah, attracting an impressive 3,125 registered participants — a 35.6% increase over the 2024 total of 2,304. Staff participation also grew significantly, with 200 employees registering across the Insurance Sector. Held under the theme #UniteForDiabetes, the event raised $242,778.79 in support of the Diabetes Association of Trinidad and Tobago (DATT), contributing to their ongoing work in diabetes education and care. We were pleased to have Minister of Health, the Honourable Dr. Lackram Bodoe, in

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attendance, underscoring national support for diabetes awareness, prevention and healthier lifestyles. The Race Village featured over 30 exhibitors offering free health screenings, wellness resources, product displays, interactive activities, and valuable information for participants and their families. As TATIL’s flagship diabetes awareness event, the Run DATT 5K continues to serve as a powerful platform to unite communities, promote healthier living, and reaffirm TATIL’s commitment to diabetes awareness and advocacy across Trinidad and Tobago.

HEALTH AND MEDICAL SPONSORING YOUTH ADVOCACY: PRIMARY AND SECONDARY SCHOOLS DIABETES DEBATE TATIL and TATIL Life proudly sponsored the 2025 National Primary School Diabetes Quiz and the 2025 Secondary Schools Diabetes Debate Competition, reinforcing their commitment to promoting healthy lifestyles from an early age. The Primary School Diabetes Quiz brings together Standard Three students from primary schools across the nation. In 2025, a total of 926 students from 127 primary schools participated in the preliminary round. The competition assessed students’ understanding of diabetes, including its signs, symptoms, complications, and prevention strategies. The finals were held on May 2, with Aarya Devi Kimraj of Dayanand Memorial Vedic School emerging as the first-place winner. The Secondary Schools Diabetes Debate Competition provides a platform for

students in Forms 3 and 4 to explore and discuss critical and trending diabetes-related topics. In 2025, 18 schools participated, with students demonstrating strong research, critical thinking, and public-speaking skills while presenting compelling arguments on diabetes prevention, management, and advocacy. The finals were held on November 28, with Holy Name Convent Couva emerging as the winning school.

DIABETES AWARENESS CAMPAIGNS As part of their commitment to raising awareness about diabetes and promoting healthier lifestyles, TATIL implemented several impactful campaigns throughout 2025, targeting key periods and leveraging various media platforms: •

the community to make healthier food choices while celebrating traditional festivals. •

Eat Right Social Media Campaign: During seasonal holidays, we focused on sensitising the public and reinforcing healthy eating habits. These campaigns were prominently featured during Carnival, Easter and Divali, encouraging

Diabetes Tips Radio Campaign: From October to December, we launched a radio campaign aimed at sharing practical diabetes-related tips with the public. These sponsored segments aired twice weekly, on six local stations in the pop and urban genres and a Tobago station.

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HEALTH AND MEDICAL WORLD DIABETES AWARENESS MONTH For the month of November, the TATIL Building and banisters were draped with blue fabric along with Blue Circles and TATIL’s diabetes message: “Diabetes, A family concern”. The TATIL Building was also lit in blue every evening throughout November, serving as a beacon of awareness and a reminder of their commitment to supporting healthier lifestyles in our community. In the week leading up to Diabetes Day (November 14), we arranged for the Trinidad and Tobago Eye Hospital to do screenings and the Diabetes Association to conduct blood sugar and blood pressure testing at the TATIL and TATIL Life Head Office and at Grand Bazaar Regional Centre, as well as at COLFIRE’s Head Office. On World Diabetes Day, we encouraged staff to dress in blue, the internationally

recognised colour for diabetes, and we distributed healthy fruit cups to staff at Head Office and branches, across TATIL, TATIL Life and COLFIRE, with a few customers who visited that day also receiving the treat. We arranged for members of the Direct Sales unit to host a booth at the Gulf City Mall atrium, to give out branded tokens and collect leads from mall patrons.

DIABETES UNDER CONTROL NEWSLETTER: SHARING KNOWLEDGE The TATIL Diabetes Under Control newsletter remained a vital educational tool in 2025, covering topics such as meal timing and its effect on blood sugar, easy office

exercises, books on immunity and health and sharing healthy eating tips for Divali. The newsletter continues to empower individuals and families with accessible, actionable

RETINAL CAMERA AND EYE-SCREENING CARAVANS The Retinal Camera, donated in 2021, has been pivotal in early detection and prevention of diabetes-related eye conditions. In 2025, 1,115 individuals benefited from this service through 29

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eye-screening caravans across Trinidad and Tobago. These screenings play a critical role in preserving vision and promoting overall health.

HEALTH AND MEDICAL LOOKING AHEAD The year 2025 was one of meaningful progress, and TATIL and TATIL Life remain firmly committed to public education on, and increasing awareness of, diabetes. Their strong collaboration with the Diabetes

Association of Trinidad and Tobago (DATT) will continue to anchor these initiatives as they work to expand their reach and encourage healthier living across our communities.

PINKTOBER SUPPORT Guyana Breweries was proud to support Lima Regional Hospital in their breast cancer awareness walk with a donation of Smalta and Pinktober T-shirts. Similar donations were made to the Regional Health Officer in Berbice, Burrowes School of Art, Guyana Sugar Corporation Inc., Blairmont Estate, and the Guyana Cancer Society. Representatives from Guyana Breweries also participated in a fundraising event hosted by the Guyana Cancer Society.

KEEPING IT CLEAN AND BRIGHT ANSA Chemicals (Trinidad) donated bleach products regularly to various organisations in Trinidad throughout the year, totalling approximately $40,000 in value. Recipients

included two shelters for displaced persons, two schools, two children’s homes, a home for the elderly and an animal shelter.

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SPORTS BRINGING VIBRANCY TO SPORT WITH PAINT ANSA Coatings Grenada became a proud partner of the Grenada Football Association (GFA) from 2025-2026. This collaboration involves the enhancement and repainting of GFA’s facilities using premium products

from ANSA Coatings Grenada, creating a more vibrant and inspiring environment for athletes, staff, and the wider football community.

SMALTA FUELLING CHAMPIONS CARIB Brewery Trinidad and Tobago, through their Smalta brand, partnered with the Rotary Club of Port of Spain for the 33rd Annual District Games in 2025. As the first Rotary Club established in Trinidad and Tobago, the Rotary Club of Port of Spain has a rich legacy of community service and nation-building, and the District Games are a powerful extension of that mission. Each year, the Games bring together student athletes and communities from all walks of life, celebrating not just athletic excellence, but unity, sportsmanship, and youth development. Antron Forte, Head of Brand Marketing at CARIB Brewery Trinidad and Tobago, summed it up beautifully: “Partnering with the Rotary Club of Port of Spain for the District Games is more than sponsorship, it’s a commitment to the future of our youth,

our communities, and our nation’s sporting legacy. Smalta is proud to fuel the next generation of champions.”

Smalta was also the brand sponsor of the Epic Martial Arts Championship in Guyana through the support of Guyana Breweries. The interclub championship, held at the Guyana National Sports Hall, showcased incredible talent, discipline and community spirit.

INVESTING IN YOUTH THROUGH SPORT BLEACHTECH’S branch in Petersburg, Virginia donated US$100,000 towards the development of the Petersburg Sports Training Centre. The purpose of the project is to provide a safe space for sporting activities, self-improvement programmes which consist of teaching courses on emotional intelligence, goal-

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setting, leadership, mindfulness and time management, as well as academic and mental health support. The aim is to help – using support services – reduce the involvement of teenagers in criminal activity by giving them a sense of purpose and belonging.

ARTS AND CULTURE PAINTING MUSIC HISTORY In a vibrant celebration of cultural legacy and creative expression, Berger Paints Jamaica, partnered with the Bob Marley Museum to honour the 79th birthday of reggae icon and cultural matriarch, Rita Marley, with a live painting experience held at the museum grounds. The centrepiece of the event was a live collaborative painting of Rita Marley, led by Jamaican visual artist Yanque Yip, who invited museum visitors, from children to elders, tourists to locals, to contribute to the canvas alongside him. The event, fuelled by Berger’s vibrant colour palette and creative tools, was not only a tribute to Rita Marley’s contributions to music and the arts, but also a continuation of the museum’s mission to engage the community through interactive cultural programming.

FOSTERING CARIBBEAN MUSICAL TALENT ANSA McAL Distribution (Guyana) was proud to once again sponsor the Parkside Steel Orchestra in the 2025 Panorama competition where they took home second place prize in the large band category. Parkside is well known not only for their victories at many Mashramani Panorama competitions but also for their impact on

community life with both adults and children participating enthusiastically. Young children have the opportunity to learn the pan with their junior band, The Pan Wave Academy. ANSA McAL Distribution (Guyana) also launched Pan on the Wall, a weekly cultural pan showcase, as part of the Mashramani celebrations.

A SPLASH OF COLOUR Lost Tribe Fete Yard was an unforgettable experience. Berger was proud to support a cultural space where talented individuals could showcase their creativity on the Berger Mural, all while celebrating the

energy of Trinidad’s Carnival. Berger was also present for the Crop Over festivities in Barbados, where they donated Berger Body Paint for Kiddies Kadooment.

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ARTS AND CULTURE CELEBRATING CULTURE Guyana Breweries supported the vibrant celebrations of Diwali in Guyana by donating trophies and sponsoring cash prizes to the Essequibo Praant Annual Diwali Motorcade. They were honoured to contribute to an occasion that celebrates joy, tradition and togetherness. Guyana Breweries also proudly donated trophies to the East Berbice Inter Secondary School Rangoli Competition. This beautiful initiative brought students together to showcase their artistry, teamwork, and cultural pride through stunning rangoli designs. Guyana Breweries was honoured to play a small part in recognising their talent and dedication. The trophies were presented to the winners in the presence of Guyana Breweries’ Pre-Sales Representative, Mr. Sandeep Deonarine, who joined in the celebration and shared in the festive spirit of the occasion.

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SOCIAL WELL-BEING COMPASSIONATE CARE ANSA McAL was pleased to donate to Promise House TT for the upgrade of their home for the aged, Promise Haven. The

tranquil location offers experienced and compassionate staff, personalised care plans and a warm and family-oriented community.

SAVING LIVES, ONE DONATION AT A TIME In support of national healthcare needs, TATIL and TATIL Life hosted three blood donation drives across various company locations in 2025. A total of over 50 persons registered, resulting in 31 pints of blood donated. These initiatives provide employees, members

of the ANSA McAL Group, neighbouring businesses and the wider public with the opportunity to contribute to this life-saving cause. ANSA Coatings also participated in a blood donation drive at their office in Arima, in partnership with the North Central Regional Health Authority, with 10 employees making blood donations.

GUARDIAN’S NEEDIEST CASES FUND The Guardian Neediest Cases Fund is a non-profit organisation (NPO) that receives donations from the general public along with ANSA McAL employees and The ANSA McAL Foundation. With the donations received, the fund assisted the following:

CHILDREN WITH SCHOOL

TEXTBOOKS

BAGS

FAMILIES WITH FOOD HAMPERS FOR SIX MONTHS

FAMILIES WITH FINANCIAL AND MEDICAL ASSISTANCE

FAMILIES WITH FOOD HAMPERS DONATED BY ANSA PACKAGING

CHILDREN SUPPORTED AT TWO CHILDREN’S HOMES

535

PERSONS BENEFITTED FROM THE CHRISTMAS GRANT 2025-2026

A TOTAL OF $303,553 WAS DISBURSED TO THE INDIVIDUALS AND FAMILIES LISTED ABOVE.

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SOCIAL WELL-BEING SUPPORTING INCLUSIVENESS In November 2025 Guyana Breweries announced their ongoing commitment to support the Empower Guyana: Centre for Equity, Opportunity and Innovation, Guyana’s first inclusive business centre for persons with disabilities. They offer a suite of skills- development and entrepreneurship courses geared to enable attendees to

achieve economic independence and societal inclusion. As part of this initiative, the company will donate cases of Smalta every month to the centre. The first batch of Smalta cases was officially handed over by their Procurement Officer, Ms. Samantha Subramani.

BRINGING END-OF-YEAR CHEER ANSA Motors Trinidad and Tobago sponsored the Gift of Giving Christmas party to bring joy and support to underprivileged children and community members during the Christmas season. Through donations, gifts and interactive activities, the initiative fostered a spirit of giving and community engagement. ANSA Chemicals donated Christmas gifts to all the children at the Claxton Bay Anglican Primary School. This annual initiative is led by the ANSA Chemicals HSSE Committee, whose commitment goes beyond workplace safety to making a meaningful impact in the communities where they operate. Their leadership and coordination ensure the programme continues to grow and make a meaningful impact each year.

ROAD SAFETY Trident Insurance, TATIL’s branch in Barbados, launched a community-driven road safety initiative aimed at enhancing the visibility of pedestrian crossings across high-traffic areas, in collaboration with the Ministry of Transport and Berger Paints. Recognising the importance of clearly marked roadways, especially at pedestrian crossings, Trident took proactive steps to

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repaint several zebra crossings that have significantly faded over time. The project began along the South Coast, a high-traffic zone where the need for improved visibility is most urgent. This initiative reinforces the company’s commitment to the communities it serves, reflecting its strong focus on road safety and community welfare.

SUSTAINABILITY INITIATIVES SUPPORTING ECO-TOURISM ANSA Coatings was proud to support Kalpoo’s Boat Tours by branding and coating their vessel with Berger’s marine-grade solutions. This project enhanced durability in challenging marine environments and

highlights the Construction Sector’s ongoing commitment to sustainability. The branded boat will traverse the Nariva Swamp, offering both locals and visitors a window to the rich biodiversity of Trinidad and Tobago.

EMERGENCY RELIEF STANDING WITH JAMAICA: RESTORING SAFE WATER, TOGETHER.

Through ANSA Chemicals Jamaica and ANSA Chemicals Trinidad, the ANSA McAL Group supported the Government of Jamaica to help restore safe and sustainable water supply to communities in need in the wake of the destruction caused by Hurricane Melissa. Our teams were on the ground delivering chlorine and bleach to support the sanitisation of homes, schools,

and hospitals, ensuring families and essential workers had access to clean, safe water. Additionally, Berger Paints Jamaica repurposed more than 12,750 new paint buckets to help supply 50,000 gallons of drinking water – the equivalent of nearly 400,000 bottles of water – to affected communities,.

ANSA McAL FOUNDATION The ANSA McAL Foundation continued its support for civil society in 2025 through a range of non-profits, community-based organisations, and educational institutions. Recipients of just over $1.3 million in funding included groups committed to protecting

women from intimate partner violence, organisations that promote literacy, two palliative care hospices, and a Servol Life Centre that prepares SEA under-performers for productive lives and careers.

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SUSTAINABILITY INITIATIVES ANTHONY N SABGA AWARDS, CARIBBEAN EXCELLENCE

The year 2025 marked the 20th anniversary of the Anthony N Sabga Awards, Caribbean Excellence, and we celebrated with a gala ceremony highlighting our history. The awards programme is the flagship initiative of the ANSA McAL Foundation. Since its establishment in 2005, it has recognised and rewarded 66 Caribbean professionals with over TT$32 million to support their work.

Our 2025 laureates (awardees) were: • Etienne Charles – jazz musician and composer (Arts & Letters, T&T) • Rachel Renie-Gonzales – e-commerce agri-entrepreneur (Entrepreneurship, T&T) • Dr Ayodele Dalgety-Dean – family therapist (Public & Civic Contributions, Guyana)

EACH LAUREATE RECEIVED THE EQUIVALENT OF TT$500,000.

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TOTAL

• Dr Simone Badal – cancer researcher (Science & Technology, Jamaica)

TT$2M

SNAPSHOTS

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INFORMATION

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293

BOARD OF

DIRECTORS A. NORMAN SABGA LLD (HON) UWI; (H.C.) UTT EXECUTIVE CHAIRMAN

ANTHONY N. SABGA III GROUP CHIEF EXECUTIVE OFFICER, EXECUTIVE DIRECTOR

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DAVID B. SABGA

ANDREW N. SABGA

DEPUTY CHAIRMAN NON-EXECUTIVE DIRECTOR

RAY A. SUMAIRSINGH

MARK J. MORGAN SC

NON-EXECUTIVE DIRECTOR

INDEPENDENT DIRECTOR

WINSTON SINGH

NORMAN CHRISTIE

INDEPENDENT DIRECTOR

VICKI-ANN ASSEVERO

DR. MARLENE ATTZS

INDEPENDENT DIRECTOR

KRYSTA BEHRENS DE LIMA INDEPENDENT DIRECTOR

JOEL M. C. PEMBERTON INDEPENDENT DIRECTOR

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BOARD OF

DIRECTORS A. Norman Sabga

David B. Sabga

MR. A. NORMAN SABGA, LLD (Hon.) UWI; (h.c.) UTT, is Executive Chairman of the ANSA McAL Group of Companies and Patron of the Anthony N. Sabga Awards, Caribbean Excellence.

MR. DAVID B. SABGA is the Deputy Chairman of the Board of ANSA McAL Limited.

LLD (Hon.) UWI; (h.c.) UTT Executive Chairman

Mr. Sabga attended Red Rice College in England and Fordham University in New York, and on his return to Trinidad and Tobago worked at Standard Distributors Limited until 1979. He has served as Chairman of several companies throughout the Group, including Caribbean Development Company Limited, Alstons Marketing Company Limited and ANSA McAL Enterprises Limited. Mr. Sabga was appointed as Director on the Board of ANSA McAL Limited in 1986 and as Deputy Chairman in 1992. In 1996, Mr. Sabga assumed the role of Group Chief Executive Officer and in 2000 was appointed Group Chairman when his father, the late Dr. Anthony N. Sabga, ORTT, Chairman Emeritus, retired. In recognition of his exceptional achievement in business, Mr. A. Norman Sabga was the recipient of a Doctor of Laws Degree, Honoris Causa, from The University of the West Indies (UWI), St. Augustine, in 2015. History was created at the UWI, St. Augustine as it was the first time that honorary doctorates were conferred on a father and son. He was also awarded an Honorary Doctor of Laws degree from the University of Trinidad and Tobago in 2019. Mr. Sabga was Chairman of the ANSA McAL Foundation from 2017 to 2020 and currently serves as the Chairman of ANSA Merchant Bank Limited.

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Deputy Chairman, Non-Executive Director

Mr. Sabga holds a BA (Economics) from Windsor University in Canada. He held several senior management positions and chairmanships at Standard Equipment, Crown Industries Limited and Farmhouse Industries Limited prior to joining the ANSA McAL Group in 1988. Mr. Sabga was appointed to the Board of ANSA McAL Limited in 1996. His career in the ANSA McAL Group began at McEnearney Business Machines (MBM) where he was Managing Director. After leaving MBM, Mr. Sabga joined the Automotive Sector where he worked for 25 years. Mr. Sabga also held several chairmanships throughout the Group including Chairman and Sector Head of the Automotive Division. In 2020, he retired from the Group and became a nonexecutive Director of ANSA McAL Limited.

BOARD OF

DIRECTORS ANDREW N. SABGA

ANTHONY N. SABGA III

MR. ANDREW N. SABGA is the Deputy Chairman of ANSA McAL Limited and Chairman of the ANSA McAL Foundation. He holds an MBA in Marketing from the University of Miami and a BSc in Business Administration, Marketing and Finance from Boston University.

MR. ANTHONY N. SABGA Ill has held the position of Group Chief Executive Officer (Group CEO) of ANSA McAL Limited since 2020 and Chairman of the Beverage Sector from 2016. In 2018, he was appointed Director on the Board of ANSA McAL Limited.

Mr. Sabga was Chief Executive Officer of the ANSA McAL Group of Companies from 2017 to 2019. He also held the position of Beverage Sector Head from 2007 to 2015.

Mr. Sabga holds a Bachelor of Science Degree in Economics from City University and a Masters in International Business Administration from Regents Business School in the United Kingdom.

Deputy Chairman

In 2010, he was appointed to the Board of ANSA McAL Limited. Mr. Sabga has over 25 years’ experience in the manufacturing industry. His career portfolio is diverse. He was Chief Executive Officer of Carib Brewery Limited, Caribbean Development Company Limited and Carib Glassworks Limited. Mr. Sabga has held directorships at Trinidad Match Limited and Alstons Marketing Company Limited. He was also the Chairman of Grenada Breweries Limited (now named Carib Brewery (Grenada) Limited), Carib Brewery (St. Kitts and Nevis) Limited and ANSA McAL (US) Inc. He was President of the Trinidad and Tobago Chamber of Industry and Commerce from 2011 to 2013. In 2020, Mr. Sabga retired from the Group and became a non-executive Director on the Board of ANSA McAL Limited.

Group CEO

In 2001, Mr. Sabga joined Trinidad Publishing Company (now known as Guardian Media Limited) as Promotions and Circulation Manager. In 2003, he was appointed as Executive at ANSA McAL’s Head Office focusing on Strategic Development of the Group’s IT Infrastructure and the development and implementation of the Group’s Balanced Score Card and Strategic Management Frameworks. Mr. Sabga’s career included such diverse portfolios as General Manager at Classic Motors and President of Carib Beer USA. As Group CEO, Mr. Sabga leads the Group’s Executive Team in shaping a long term strategic direction that strengthens the Group’s competitiveness and sustainability, while driving the expansion and diversification of its business portfolio and regional and global presence to ensure the agility needed to pursue emerging opportunities.

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297

BOARD OF

DIRECTORS RAY A. SUMAIRSINGH

MARK J. MORGAN SC

MR. RAY A. SUMAIRSINGH serves as the Deputy Chairman of ANSA Merchant Bank Limited and is currently the Chairman of TATIL, Tatil Life, Trident Insurance, Tatil Re and ANSA Re and the Executive Chairman of COLFIRE.

MR. MARK J. MORGAN, Senior Counsel, was appointed an Independent Director on the Board of ANSA McAL Limited in 2014. He was a partner at Fitzwilliam, Stone, Furness-Smith & Morgan (Attorneys-at-Law) in the Litigation and Commercial Departments from 1987 to 2023 and was for many years Head of the firm’s Litigation Department and Lead in the Tax and Energy Departments. Mr. Morgan continues to maintain a thriving litigation practice as an advocate and appears before all the local courts. He has also acted as an arbitrator in commercial disputes.

Non-Executive Director

In 2000, he joined the ANSA McAL Group in the Financial Services Sector as the Managing Director of ANSA Merchant Bank Limited, and he currently holds several directorships in the Group. In 2001, he was appointed Director on the Board of ANSA McAL Limited. Mr. Sumairsingh became a Chartered Banker (ACIB) in 1975, after completing studies in London. In 1982, he achieved his MBA in Finance while working in New York. Mr. Sumairsingh is a former President of the Insurance Association of the Caribbean (IAC) and the Association of Trinidad and Tobago Insurance Companies (ATTIC). He has been a Director of the Trinidad and Tobago Stock Exchange since 2003. He served as Stock Exchange Chairman for five years. In 2020, Mr. Sumairsingh became a non-executive Director of ANSA McAL Limited

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Independent Director

His practice focuses on aspects of business law relating to the establishment and operation of large commercial and industrial undertakings in Trinidad and Tobago, ranging from Government negotiations, fiscal incentives, oil and gas transactions to alternative dispute resolution, litigation and taxation. Mr. Morgan has contributed to various legal publications. He was the consultant to the Trinidad and Tobago section of “Chambers: Energy Oil & Gas”, Silkenat & Van Gerven’s “Attorney-Client Privilege in the Americas” and “Carter-Ruck on Libel & Slander” Fourth Edition and has authored and co-authored articles on Trinidad and Tobago law for various other publications.

BOARD OF

DIRECTORS WINSTON SINGH

NORMAN CHRISTIE

MR. WINSTON SINGH is a Global Senior Director, Customer Acquisitions, for LinkedIn Marketing Solutions, a business of LinkedIn Corporation (a wholly owned subsidiary of Microsoft), based in Sunnyvale, California in the United States. He leads a global organisation responsible for customer acquisition and advertising across North America, EMEA, and APAC.

MR. NORMAN CHRISTIE had an extraordinary career at BP for over 34 years, with his final assignment being that of Regional President, Mauritania and Senegal, from January 2020 to December 2020. He was the Regional President of BPTT from January 2011 to March 2018, as well as the joint Head of the Group Chief Executive’s Office from April 2018 to December 2019, based in London.

Independent Director

Before LinkedIn, Mr. Singh spent approximately 12 years at Google Inc. as a Director of Sales Strategy and Operations. He led global teams focused on sales execution, operational planning, and revenue growth through digital marketing. Before joining Google, he held technology and engineering roles at ADP Inc., a Fortune 250 company, and several startups, combining a technical foundation in computer science with senior leadership experience in commercial growth and go-tomarket strategy. Mr. Singh holds an MBA in Strategic Marketing from the Indian School of Business in Hyderabad, an MSc in Information Systems from Stevens Institute of Technology in New Jersey, and a BSc in Computer Science from The University of the West Indies, St. Augustine. In August 2017, he was appointed to the Board of Directors of Guardian Media Limited, a subsidiary of the ANSA McAL Group and a publicly listed company on the Trinidad and Tobago Stock Exchange. Mr. Singh resigned from the Guardian Media Limited Board effective June 1, 2020, and was appointed an Independent Director on the Board of ANSA McAL Limited.

Independent Director

Jamaica-born, Mr. Christie has held several leadership roles, including the positions of Chief Financial Officer and Vice President Commercial & Markets, all at BP Trinidad and Tobago. He joined Amoco in 1986 and after holding several finance positions at their headquarters in Chicago, worked for the company in commercial leadership roles for three years in Egypt. The end of his tenure in Egypt in 1999 coincided with the merger of BP and Amoco. Mr. Christie subsequently moved to BP’s headquarters in London to work with Mr. Tony Hayward, Group Vice President for Finance. His formal educational training is in Finance, Strategy, Accounting and General Management. Mr. Christie is a Certified Public Accountant (Illinois) and holds an MBA from the University of Chicago. In 2021, Mr. Christie was appointed as an Independent Director on the Board of ANSA McAL Limited.

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299

BOARD OF

DIRECTORS KRYSTA BEHRENS DE LIMA

VICKI-ANN ASSEVERO

MS. KRYSTA BEHRENS DE LIMA has been a practising transactional lawyer for over 30 years. She currently serves as an officer of a New York Stock Exchange-listed technology company.

MS. VICKI-ANN ASSEVERO is an international lawyer and social entrepreneur with longstanding expertise in sustainable development. As a former partner at Holland Knight, she represented multinational energy companies, international organisations and many developing countries in their relations with IFIs and private investors. Early in her career she worked at U.S. Commerce Department and represented the US at the OECD and the Council of Europe on issues related to information technology policy and privacy in electronic record-keeping.

Independent Director

Ms. De Lima also previously served as the General Counsel and Corporate Secretary of NextDecade Corporation, a Nasdaq-listed corporation, for six years, and of Mexico Pacific LNG, a private-equity led venture, for two years. Before NextDecade, Ms. De Lima was Senior Counsel with Bechtel’s Oil, Gas and Chemicals business unit in Houston. She was previously with the BG Group for twelve years, where she served as Vice President, Legal, advising on matters affecting the Group’s investment in Atlantic LNG, as well as the company’s major assets in Trinidad and Tobago. Ms. De Lima was later appointed Chief of Staff of the Trinidad and Tobago asset with BG Group where she advised on upstream, midstream and downstream projects, operations and investments. Prior to BG Group, Ms. De Lima worked in private practice at Arthur Anderson LLP. She holds a Bachelor of Laws degree from King’s College, London, a Maitrise (Master’s degree) in French Law and a DESS (Master’s degree) in European Law, both from the Université Paris I (Pantheon Sorbonne). A native of Trinidad and Tobago, Ms. De Lima is an active member of the Law Society of England and Wales and the state bars of New York and Nevada. She is also qualified to practice law, but holds inactive status, at the bars of Trinidad and Tobago, the British Virgin Islands and Hauts-de-Seine (Versailles Court of Appeal) in France. In 2021, Ms. De Lima was appointed as an Independent Director on the Board of ANSA McAL Limited.

Independent Director

She was the inaugural Senior Fellow for the Caribbean Initiative at the Atlantic Council, where she developed strategies and tested policy options by convening diplomats, policy-makers and experts in the US and the Caribbean to bring heightened awareness to the geopolitical interactions in the region and their importance for security and prosperity. She played a leading role in synthesising a robust intellectual framework to guide coordinated advocacy and action on the critical issues facing the region in the broader hemispheric context. She particularly emphasizes creating communities of practice. In 2012, she founded The Green Market at Santa Cruz in Trinidad & Tobago as a practical experiment in community based sustainable development, concentrating on SDG 12: changing patterns of consumption and production. The Green Market was recognised in 2016 by the UNEP as an example of integrated sustainable development in practice. She is a Fellow of Berkeley College at Yale University, her alma mater, and serves as a member of the Leadership Council at the Yale School of the Environment. She was recently appointed to the Board of the Temple of Understanding. She received her J.D. from Harvard Law School and an L.L.M. in sustainable development diplomacy from The Fletcher School of Law and Diplomacy at Tufts University. In 2021, Ms. Assevero was appointed as an Independent Director on the Board of ANSA McAL Limited.

300

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BOARD OF

DIRECTORS DR. MARLENE ATTZS

JOEL M. C. PEMBERTON

DR. MARLENE ATTZS is a tenured Lecturer in Economics at The University of the West Indies (UWI), St. Augustine, where she has served since 1998. Over her nearly three decade career, she has held several senior academic leadership roles, including Head of the Department of Economics (2014–2015), Deputy Dean of the Faculty of Social Sciences (2012–2014), and Coordinator of the Sustainable Economic Development Unit (2010–2015).

MR. JOEL M. C. PEMBERTON is a seasoned energy sector executive and entrepreneur with more than 30 years of international leadership experience. His career began in 1993 at Ernst & Young Trinidad & Tobago, where he advanced from Junior Accountant to Manager before moving to Ernst & Young London in 2001, gaining extensive global audit and advisory experience across the energy, chemicals, and utilities sectors.

Independent Director

From July 2016 to July 2022, Dr. Attzs worked as Advisor to the UWI St. Augustine Campus Principal on Strategy and Institutional Effectiveness, supporting alignment of campus operations with strategic objectives and advancing metrics driven management practices. A development economist with more than 25 years of experience, she specialises in sustainable development challenges in Caribbean small island developing states, including climate change, disaster risk management, and socio economic resilience. Since 2005, she has undertaken consultancy assignments with major regional and international institutions such as the Inter-American Development Bank (IDB), Caribbean Development Bank (CDB), UNDP, UNECLAC, the World Bank, and regional government agencies. She brings to her Board and policy roles a combination of economic strategy, public-policy insight, and enterprise risk-management expertise, grounded in both academic research and real-world institutional experience. Her academic background includes a PhD in Economics (2004), MSc Economics (1999) and BSc Economics (1994) from the UWI, St. Augustine, alongside professional training such as the International Certificate in Enterprise Risk Management (2022) and specialised climate related fiscal management training from the IDB in 2023. Dr. Attzs has also contributed significantly to national and regional policy dialogues. In 2019, she was appointed Civil Society Advisory Governor for the Commonwealth Foundation with responsibility for the Caribbean region. She continues to serve on several private sector and NGO boards and is recognised as a thought leader whose insights help shape discourse on economic, social, and environmental issues across the Caribbean. In recognition of her expertise and national contribution, Dr. Attzs was appointed an Independent Senator on May 23, 2025, at the start of the 13th Republican Parliament of Trinidad and Tobago. In November 2025, Dr. Attzs was appointed as an Independent Director on the Board of ANSA McAL Limited.

Independent Director

In 2004, he joined RBTT Merchant Bank as Assistant Vice President for the Energy Sector, where he helped shape the Group’s energy finance strategy. Mr. Pemberton later spent a decade at Trinity Exploration & Production Plc. (2005–2015), serving first as Chief Financial Officer and then as Chief Executive Officer, leading the company to become the first Trinidadian firm listed on the London Stock Exchange and overseeing major mergers, capital raises, and operational expansion. In 2016, he founded DeNovo Energy Limited and served as Chief Executive Officer until 2020, securing US$300 million in financing, acquiring key offshore gas assets, and establishing DeNovo as the first locally owned offshore natural gas producer in Trinidad & Tobago. Since 2021, Mr. Pemberton has been Chairman and Founder of Resverba Energy Limited, focused on decarbonising energy operations through integrated technology operating platforms. In 2022, he also cofounded BLEWSTREAM ecosystem, where he currently serves as Executive Chairman, leading the ecosystem's rapid expansion in the North American market. Mr. Pemberton has also served on several prominent boards, including First Citizens Group companies, the Trinidad & Tobago Chamber of Industry and Commerce, The Energy Chamber, The Heroes Foundation, and Kenesjay Green Limited. He is an ACCA qualified professional and respected leader in corporate governance, strategic growth, and sustainable energy development. In November 2025, Mr. Pemberton was appointed as an Independent Director on the Board of ANSA McAL Limited.

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EXECUTIVE TEAM A. NORMAN SABGA LLD (Hon) UWI; (H.C.) UTT EXECUTIVE CHAIRMAN

FRANCES BAIN-CUMBERBATCH CHIEF LEGAL AND EXTERNAL AFFAIRS OFFICER

NICHOLAS SABGA AUTOMOTIVE, SECTOR HEAD (DESIGNATE)

302

ANTHONY N. SABGA III

ADAM N. SABGA

NICHOLAS JACKMAN

GROUP CHIEF EXECUTIVE OFFICER (GCEO)

GROUP CHIEF OPERATING OFFICER

ANDRE JEFFERS

FAHEEM MOHAMMED

GROUP CHIEF STRATEGY OFFICER

CHIEF SHARED SERVICES OFFICER

AUTOMOTIVE, SECTOR HEAD

STEPHEN GRELL

SAVON PERSAD

M. MUSA IBRAHIM

MANAGING DIRECTOR ANSA MERCHANT BANK

ANSA McAL ANNUAL REPORT 2025

MANAGING DIRECTOR – ANSA BANK LIMITED

GROUP CHIEF FINANCIAL OFFICER

JEAN-MARC MOUTTET

MANAGING DIRECTOR – TATIL & TATIL LIFE

PETER HALL BEVERAGE, SECTOR HEAD

GERHARD PETTIER

CHRISTIAN LLANOS CONSTRUCTION, SECTOR HEAD

DAVID HADEED

MANAGING DIRECTOR GUARDIAN MEDIA LIMITED

PACKAGING, SECTOR HEAD

ANDY MAHADEO

AMY LAZZARI

UTILITIES, SECTOR HEAD

CHIEF PEOPLE AND CULTURE OFFICER

FAZAL ARMAN

ABDEL ALI

DISTRIBUTION, SECTOR HEAD

DISTRIBUTION, SECTOR HEAD (DESIGNATE)

JOSEPH RAHAEL

JULIAN BADA

REAL ESTATE, SECTOR HEAD

MANAGING DIRECTOR, SERVICES SECTOR

KIRK HENRY

SIMEON MOHAMMED

GROUP CHIEF INFORMATION OFFICER

HEAD OF GROUP INTERNAL AUDIT

ANSA McAL ANNUAL REPORT 2025

303

CORPORATE INFORMATION Board of Directors A. Norman Sabga, LLD (Hon.) UWI; (h.c.) UTT (Executive Chairman) David B. Sabga (Deputy Chairman) Andrew N. Sabga (Deputy Chairman) Anthony N. Sabga III (Group Chief Executive Officer) Ray A. Sumairsingh Mark J. Morgan Winston Singh Krysta Behrens De Lima Norman Christie Vicki-Ann Assevero Dr. Marlene Attzs Joel M. C. Pemberton Corporate Secretary Frances Bain-Cumberbatch Registered Office 11th Floor, TATIL Building, 11 Maraval Road, Port of Spain. Registrar and Transfer Office The Trinidad and Tobago Central Depository Limited 10th Floor, Nicholas Tower, 63-65 Independence Square, Port of Spain. Auditors Ernst & Young 5-7 Sweet Briar Road, Port of Spain.

304

ANSA McAL ANNUAL REPORT 2025

Attorneys-at-Law J. D. Sellier & Co. 129-132 Abercromby Street, Port of Spain. M. Hamel-Smith & Co. Eleven Albion Corner Dere and Albion Streets, Port of Spain. Principal Bankers Republic Bank Limited 59 Independence Square, Port of Spain. First Citizens Bank Limited 50 St. Vincent Street, Port of Spain. Scotiabank Trinidad and Tobago Limited Scotia Centre 56-58 Richmond Street, Port of Spain. RBC Royal Bank (Trinidad and Tobago) Limited 55 Independence Square, Port of Spain. Audit and Risk Committee Norman Christie (Chairman) Mark J. Morgan Ray A. Sumairsingh Governance, Nominating and Remuneration Committee Mark J. Morgan (Chairman) Krysta Behrens De Lima Vicki-Ann Assevero

REPORT OF THE DIRECTORS The Directors have pleasure in presenting their Report to the Members together with the Financial Statements for the year ended December 31, 2025. RESULTS FOR THE YEAR 2025 Income Attributable to Shareholders of the Parent Company Deduct: Dividends Paid

565,170

10 0 0

Preference – 6% Ordinary (2025 Interim) – NIL Ordinary (2024 Final) – NIL

(10) 565,160 7,755,499 (25,884) 8,294,775

Retained Income for the Year Retained Earnings (b/f as previously reported) Other Movements in Revenue Reserves Balance as at December 31, 2025

DIVIDENDS On March 20, 2025, the Board of Directors of ANSA McAL Limited decided to temporarily pause dividend payments to shareholders for a period of three (3) years to support the company’s 2X strategy to double its size and scale by 2027. In 2024, a total distribution of $1.80 per share was paid. DIRECTORS In accordance with the By-Law No.1, Paragraph 4.04, Mr. Andrew N. Sabga (Deputy Chairman), Mr. Anthony N. Sabga III (Group Chief Executive Officer), Mr. Mark J. Morgan, Mr. Norman Christie, Ms. Krysta Behrens De Lima and Ms. Vicki-Ann Assevero retire from the Board and being eligible, offer themselves for re-election. It is being proposed that Dr. Marlene Attzs, Lecturer in Economics at The University of the West Indies (UWI), St. Augustine and an Independent Senator, be elected at the Annual Meeting of Shareholders to be held on May 22, 2026. AUDITORS Ernst & Young have expressed their willingness to continue in office. BY ORDER OF THE BOARD

Frances Bain-Cumberbatch Frances Bain-Cumberbatch Corporate Secretary March 31, 2026

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305

DIRECTORS’ AND SENIOR OFFICERS’ INTERESTS Directors and Senior Officers

31st December, 2025 Notes

31st March, 2026

Beneficial

Non-Beneficial

Beneficial

Non-Beneficial

A. Norman Sabga

(a)

1,619,453

David B. Sabga

(b)

544,213

Andrew N. Sabga

(c)

524,487

Anthony N. Sabga III

(d)

88,024

74,758

Ray A. Sumairsingh

51,000

Mark J. Morgan

1,000

Winston Singh

Krysta De Lima

Norman Christie

Vicki-Ann Assevero

Dr. Marlene Attzs

Joel M. C. Pemberton

Frances Bain-Cumberbatch

(e)

Nicholas Jackman

(f)

2,002

Adam N. Sabga

(g)

62,114

Faheem Mohammed Tisha Teelucksingh

(h)

Simeon Mohammed

NOTES: (a) Mr. A. Norman Sabga has a beneficial interest in ANSA Investments Limited, the major shareholder of ANSA McAL Limited. (b) Mr. David B. Sabga has a beneficial interest in ANSA Investments Limited, the major shareholder of ANSA McAL Limited. (c) Mr. Andrew N. Sabga has a beneficial interest in ANSA Investments Limited, the major shareholder of ANSA McAL Limited. (d) Mr. Anthony N. Sabga III, Group Chief Executive Officer of ANSA McAL Limited, has a beneficial interest in 223,002 shares in the Employee Share Ownership Plan (“ESOP”). (e) Mrs. Frances Bain-Cumberbatch, Corporate Secretary of ANSA McAL Limited, has a beneficial interest in 23,897 shares in the ESOP. (f) Mr. Nicholas Jackman, Chief Financial Officer of ANSA McAL Limited, has a beneficial interest in 13,542 shares in the ESOP. (g) Mr. Adam N. Sabga, Chief Operating Officer of ANSA McAL Limited, has a beneficial interest in 83,448 shares in the ESOP. (h) Ms. Tisha Teelucksingh, Head of Treasury of ANSA McAL Limited, has a beneficial interest in 3,670 shares in the ESOP. (i) There are no restricted stock or options held by any of the Directors of ANSA McAL Limited.

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ANSA McAL ANNUAL REPORT 2025

DIRECTORS’, SENIOR OFFICERS’ AND CONNECTED PERSONS’ INTERESTS Shareholding as at December 31, 2025

Shareholding of Connected Persons as at December 31, 2025

A. Norman Sabga

1,619,453

109,159,896

David B. Sabga

544,213

108,089,755

Andrew N. Sabga

524,487

104,009,488

Anthony N. Sabga III

88,024

Ray A. Sumairsingh

51,000

Mark J. Morgan

1,000

Winston Singh

Krysta De Lima

Norman Christie

Vicki-Ann Assevero

Dr. Marlene Attzs

Joel M. C. Pemberton

Frances Bain-Cumberbatch

Nicholas Jackman

2,002

Adam N. Sabga

62,114

Faheem Mohammed

Tisha Teelucksingh

Simeon Mohammed

Name

ANSA McAL ANNUAL REPORT 2025

307

SUBSTANTIAL INTERESTS – TOP 10 SHAREHOLDERS OF ANSA McAL LIMITED Name

308

Shares held as at December 31, 2025

ANSA Investments Limited

85,385,394

MASA Investments Limited

10,763,563

Republic Bank Limited – 1162 01

9,037,960

Norman Finance Developments Limited

7,232,280

Empire Investments Limited

4,127,315

Alstons Limited

3,760,000

T&T Unit Trust Corporation - FUS

3,641,122

Trintrust Limited A/C 1088

3,144,623

Guardian Life of the Caribbean Limited

2,843,426

ANSA Merchant Bank Limited - Trustee of ESOP

2,624,188

ANSA McAL ANNUAL REPORT 2025

ANSA RELATIONSHIP The ANSA Group collectively is the majority shareholder of ANSA McAL Limited. In 1986, the ANSA Group injected $30 million into McEnearney Alstons Limited (now called ANSA McAL Limited) and in 1990 it invested another $10 million to acquire a further 10 million shares. The ANSA Group’s investment represented fresh capital rather than the purchase of existing shares. The ANSA Group includes the following companies: • ANSA Investments Limited • Anthony N. Sabga Limited • Bayside Towers Limited • Norman Finance Developments Limited • MASA Investments Limited

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NOTICE OF ANNUAL MEETING OF SHAREHOLDERS ANSA McAL Limited (“the Company”) wishes to advise its shareholders that the Ninety-Seventh Annual Meeting of the Company will be held at the Hyatt Regency Trinidad, #1 Wrightson Road, Port of Spain on Friday May 22, 2026, at 11:30 a.m. for the following purposes: ORDINARY BUSINESS 1.

To receive and consider the Company’s audited Financial Statements for the year ended December 31, 2025 and the report of the Directors and Auditors thereon.

To re-elect Directors.

To elect Directors.

To re-appoint Auditors and to authorise the Directors to fix their remuneration in respect of the period ending at the conclusion of the next Annual Meeting.

The text of the proposed resolution in relation to Items 2 and 3 above is contained in the Schedule annexed hereto. BY ORDER OF THE BOARD

Frances Bain-Cumberbatch Frances Bain-Cumberbatch Corporate Secretary 11th Floor, TATIL Building, 11 Maraval Road, Port of Spain, Trinidad, W.I. April 17, 2026

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NOTICE OF ANNUAL MEETING OF SHAREHOLDERS NOTES: 1. A member entitled to attend and vote may appoint one or more proxies to attend and vote instead of him/her. A proxy need not also be a member. Please visit the website www.ansamcal.com to download a copy of the Form of Proxy and Management Proxy Circular as well as instructions on how to appoint a proxy. 2. No service contracts were entered into between the Company and any of its Directors. 3. A shareholder which is a body corporate may, in lieu of appointing a proxy, authorise an individual by resolution of its directors or its governing body to represent it at the Annual Meeting. 4. The Directors of the Company have not fixed a record date for the determination of shareholders who are entitled to receive notice of the Annual Meeting. In accordance with Section 111(a)(i) of the Companies Act, Chap. 81:01, the statutory record date applies. Only shareholders of record at the close of business on Wednesday April 16, 2026, the date immediately preceding the date on which the Notice is given, are entitled to receive Notice of the Annual Meeting. SCHEDULE Text of the Proposed Resolution regarding the re-election and election of Directors to be considered at the Annual Meeting of Shareholders of the Company to be held on Friday May 22, 2026. Ordinary Resolution Be it Resolved:1. That in accordance with By-Law No. 1, Paragraph 4.04, Mr. Andrew N. Sabga (Deputy Chairman), Mr. Anthony N. Sabga III (Group Chief Executive Officer), Mr. Mark J. Morgan, Mr. Norman Christie, Ms. Krysta Behrens De Lima and Ms. Vicki-Ann Assevero each be and each of them is hereby reelected a Director of the Company to hold office for a term expiring not later than the close of the third Annual Meeting of the Shareholders of the Company following this election. 2. That in accordance with By-Law No. 1, Paragraph 4.04, Dr. Marlene Attzs be and is hereby elected a Director of the Company to hold office for a term expiring not later than the close of the third Annual Meeting of the Shareholders of the Company following this election.

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311

MANAGEMENT PROXY CIRCULAR REPUBLIC OF TRINIDAD AND TOBAGO THE COMPANIES ACT, CHAP. 81:01 [SECTION 144] 1.

Name of Company: ANSA McAL Limited

Particulars of Meeting:

Company No.: A6936(95)A

Ninety-Seventh Annual Meeting of ANSA McAL Limited (the “Company”) to be held at the Hyatt Regency Trinidad, #1 Wrightson Road, Port of Spain on Friday May 22, 2026, at 11:30 a.m. 3.

Solicitation: It is intended to vote the Proxy solicited hereby (unless the Shareholder directs otherwise) in favour of all resolutions specified in the Form of Proxy sent to the Shareholders with this Management Proxy Circular and, in the absence of a specific direction, in the discretion of the Proxy holder in respect of any other resolution.

Any Director’s statement submitted pursuant to Section 76(2) of the Companies Act, Chap. 81:01: No statement has been received from any Director of the Company pursuant to Section 76(2) of the Companies Act.

Any Auditor’s statement submitted pursuant to Section 171(1) of the Companies Act, Chap. 81:01: No statement has been received from the Auditors of the Company pursuant to Section 171(1) of the Companies Act.

Any shareholder’s proposal and/or statement submitted pursuant to Sections 116(a) and 117(2) of the Companies Act, Chap. 81:01: No proposal has been received from any Shareholder pursuant to Sections 116(a) and 117(2) of the Companies Act.

Frances Bain-Cumberbatch

312

April 17, 2026

Corporate Secretary

Frances Bain-Cumberbatch

DATE

NAME AND TITLE

SIGNATURE

ANSA McAL ANNUAL REPORT 2025

FORM OF PROXY

REPUBLIC OF TRINIDAD AND TOBAGO THE COMPANIES ACT, CHAP. 81:01 [SECTION 143(1)] 1.

Name of Company: ANSA McAL Limited Company No.: A6936(95)A

Particulars of Meeting: Ninety-Seventh Annual Meeting of ANSA McAL Limited (the “Company”) to be held at the Hyatt Regency Trinidad, #1 Wrightson Road, Port of Spain on Friday May 22, 2026, at 11:30 a.m.

I/We _________________________________ being a member/members of the Company hereby appoint Mr. A. Norman Sabga of Port of Spain, or failing him Mr. David B. Sabga of Port of Spain, or failing him _________________________ of ______________________ as my/our proxy to vote for me/us on my/our behalf at the Annual Meeting of the Company to be held on Friday May 22, 2026 and at any adjournment thereof.

Dated this ______ day of ____________ 2026.

Signed: _______________________________

ANSA McAL ANNUAL REPORT 2025

313

Please indicate with an “X” in the spaces below how you wish your votes to be cast. RESOLUTION Ordinary Resolution

FOR

AGAINST

1. That the audited Financial Statements for the Company for the financial year ended December 31, 2025 and the reports of the Directors and of the Auditors thereon having been considered be adopted. 2. That in accordance with By-Law No. 1, Paragraph 4.04, each of the following persons who retires and being eligible be and is hereby re-elected a Director of the Company to hold office for a term expiring not later than the close of the third Annual Meeting of the Shareholders of the Company following this election: Mr. Andrew N. Sabga (Deputy Chairman) Mr. Anthony N. Sabga III (Group Chief Executive Officer) Mr. Mark J. Morgan Mr. Norman Christie Ms. Krysta Behrens De Lima Ms. Vicki-Ann Assevero 3. That in accordance with By-Law No. 1, Paragraph 4.04, Dr. Marlene Attzs be and is hereby elected a Director of the Company to hold office for a term expiring not later than the close of the third Annual Meeting of the Shareholders of the Company following this election. 4. That Messrs. Ernst & Young be appointed as Auditors of the Company and that the Directors be and hereby are authorised to fix their remuneration in respect of the period ending at the conclusion of the next Annual Meeting of the Company.

Notes:

314

A shareholder may appoint a proxy of his/her own choice. If such an appointment is made, delete the words “Mr. A. Norman Sabga of Port of Spain, or failing him Mr. David B. Sabga of Port of Spain, or failing him” from the Form of Proxy above and insert the name and address of the person appointed as proxy in the space provided and initial the alteration.

To be effective, this Form of Proxy or other authority (if any) must be deposited at the Registered Office of the Company, 11th Floor TATIL Building, 11 Maraval Road, Port of Spain not later than forty-eight hours before the time appointed for holding the Annual Meeting.

Any alteration made to this Form of Proxy should be initialled.

If the appointer is a Corporation, this Form of Proxy must be under its Common Seal, or under the hand of an officer or attorney duly authorised in writing.

In the case of joint holders, the signature of any holder is sufficient, but the names of all joint holders should be stated.

ANSA McAL ANNUAL REPORT 2025

ANSA MCAL GROUP COMPANIES, BUSINESSES AND PRODUCTS AUTOMOTIVE ANSA MOTORS LIMITED 100% Ford, Honda, Mitsubishi, Jaguar & Landrover Motor Vehicles; Industrial & Agricultural Equipment; Used Vehicles; Long Term Leasing of Motor Vehicles, Industrial & Agricultural Equipment, Short Term Rentals & Chauffeur Services (Europcar) ANSA MOTORS (BARBADOS) LTD. 100% Mazda, Kia, Ford, Proton, Iveco (Truck & Bus) Motor Vehicles; Short Term Rentals; Long Term Leasing & 24hr Chauffeur Services ANSA MOTORS GUYANA INC. 100% Suzuki, Proton & Changan Motor Vehicles; Fuso Trucks & Hyundai Construction Equipment

BEVERAGE CARIBBEAN DEVELOPMENT COMPANY LIMITED 80% Lager Beers: Carib, Carib Blue, Carib Pilsner Light, Stag, Heineken, Heineken Light, Coors Light & Shandy Carib; Ales: Hurricane Reef, & Blue Moon; Stouts: Guiness, Mackeson & Royal Extra; Caribé Hard Ciders, Smirnoff Ice; NonAlcoholic: Carib Malta & Smalta CARIB BREWERY LIMITED 80% Lager Beers: Carib, Carib Blue, Carib Pilsner Light, Stag, Heineken, Heineken Light, Coors Light & Shandy Carib; Ales: Hurricane Reef, & Blue Moon; Stouts: Guiness, Mackeson & Royal Extra; Caribé Hard Ciders; Smirnoff Ice; NonAlcoholic: Carib Malta & Smalta

CARIB BREWERY (GRENADA) LIMITED 55.54% Lager Beers: Carib, Carib Pilsner Light, Stag, Heineken & Shandy Carib; Ale: Hurricane Reef; Stouts: Guiness & Mackeson; Caribé Hard Ciders; Smirnoff Ice; Non-Alcoholic: Ginseng Up, Pink Ting, Ting, Star Malt & Vitamalt CARIB BREWERY (ST. KITTS & NEVIS) LIMITED 51.18% Lager Beers: Carib, Carib Pilsner Light, Stag, Heineken, Skol & Shandy Carib; Stouts: Guiness, Mackeson & Royal Extra; Caribé Hard Ciders, Smirnoff Ice; Non-Alcoholic: Ginseng Up, Peardrella, Pink Ting, Ting, Giant Malt, Vitamalt & Smalta BAHAMIAN BREWERY & BEVERAGE CO. 25% Produces 9 different brands: Sands, Sands Light, Sands Pink Grapefruit Radler, Sands Passion/Guava Radler, High Rock Lager, Strong Back Stout, Sixty Six Steps Ale, Bush Crack Malt Beer, and Triple B Malt non-alcoholic GLOBUS ANSA PRIVATE LIMITED (India) 50% Manufacturing and distribution of alcoholic beverages across the Indian subcontinent GUYANA BREWERIES INC. 80% Distributor of Lager Beers: Carib, Stag, 592 & Shandy Carib; Stouts: Mackeson & Royal Extra Stout; Caribe Hard Ciders; Non-Alcoholic: Carib Malta, Smalta & Ginseng Up INDIAN RIVER BEVERAGE CORPORATION doing business as CARIB BREWERY USA 100% Carib, Caribé Hard Ciders, Hurricane Reef, Swamp Ape, Key West, Sunshine State, Giant Leap, Mackeson and Shandy Carib

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ANSA MCAL GROUP COMPANIES, BUSINESSES AND PRODUCTS CONSTRUCTION

DISTRIBUTION

ABEL BUILDING SOLUTIONS (ABS) 100% Clay Products, Steel, Aluminium, PVC, Building Products, Air Conditioning Solutions

ALSTONS MARKETING COMPANY LIMITED 100% Pharmaceuticals, Food & Consumer Products, Wines & Spirits, Household Products

ANSA BUILDING SOLUTIONS GUYANA INC. 100% Construction Products and Services

ANSA McAL DISTRIBUTION INC. (Guyana) 100% Food and Consumer Goods, Beverage (Alcoholic and Non-alcoholic), and Health and Wellness Products

ANSA McAL ENTERPRISES LIMITED 100% Construction Products and Services ANSA COATINGS LIMITED 100% Automotive, Industrial, Marine & Decorative Paints (Penta & Sissons, Glidden, Nexa, Devoe, International & Aquabase Brands) ANSA COATINGS GRENADA LIMITED 100% Decorative Paints BERGER PAINTS BARBADOS LIMITED 100% Decorative Paints, Industrial Paints & Furniture Finishes BERGER PAINTS JAMAICA LIMITED 54.12% Decorative Paints, Industrial Paints & Furniture Finishes BESTCRETE AGGREGATES LIMITED 100% Concrete Products BRICKFOURCE LIMITED 100% Construction Services CARIBBEAN ROOF TILE COMPANY LIMITED 100% Roof Tiles

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ANSA TRADING (BARBADOS) LTD. 100% Health and Wellness Distribution Company, specialising in marketing and supplying of generic drugs, Wholesaler of Food, Consumer and Beverage Products BRYDEN STOKES LIMITED (Barbados) 100% Food and Consumer Goods, Beverage, Wines, Spirits, Tobacco, Health and Wellness Products TOBAGO MARKETING COMPANY LIMITED 100% Pharmaceuticals, Food & Consumer Products, Brewery, Wines & Spirits and Household Products

ANSA MCAL GROUP COMPANIES, BUSINESSES AND PRODUCTS FINANCIAL SERVICES ANSA MERCHANT BANK LIMITED 82.48% Investment & Merchant Bank ANSA MERCHANT BANK BARBADOS LIMITED (Barbados) 82.48% Loans, Fixed Deposits, Corporate & Investment Banking, Asset Financing & Business Banking, Treasury & Foreign Exchange ANSA BANK LIMITED 82.48% Personal and Commercial Banking; Treasury and Foreign Exchange; Wealth Management; Risk Management; and Merchant Banking ANSA RE LIMITED (St. Lucia) 100% Reinsurance Services ANSA WEALTH MANAGEMENT LIMITED (formerly ANSA SECURITIES LIMITED) 82.48% Personalised, Comprehensive Wealth Management Services COLONIAL FIRE AND GENERAL INSURANCE COMPANY LIMITED 82.48% Car Insurance, Home Insurance, Personal Insurance, Commercial Insurance, Emergency Roadside Assistance and Defensive Driving Course

TRINIDAD AND TOBAGO INSURANCE LIMITED 82.48% Motor, Property, Accident & Health, Marine and Group Health Insurance TATIL RE LIMITED (St. Lucia) 82.48% Reinsurance Services TRIDENT INSURANCE (Barbados) 100% Motor, Home, Health, Marine & Commercial Insurance

MEDIA GUARDIAN MEDIA LIMITED 51.03% Newspaper Publishers, Cable Television Programming: CNC3TM; Radio Broadcasting: TBC RADIO NETWORKTM, 95.1FM Remix, Sangeet 106.1FM, Sky 99.5FM, Slam 100.5FM, Vibe CT 105FM, Mix 90.1FM & Freedom 106.5FM; Digital Billboards: THE BIG BOARD COMPANY TM; GMLABS TT IRADIO INC. (Guyana) 100% Radio Broadcasting: Mix 90.1FM

TATIL LIFE ASSURANCE LIMITED 82.48% Life Insurance, Pensions, Mortgages, Critical Illness

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ANSA MCAL GROUP COMPANIES, BUSINESSES AND PRODUCTS PACKAGING

SERVICES

ANSA POLYMER 100% Plastic Packaging, Bottles, Bags, Buckets & Construction Film

ALSTONS SHIPPING LIMITED 100% Air Cargo, Ocean Cargo, Brokerage Services, Logistics Providers, Procurement & Haulage: Warehousing

ANSA PACKAGING 100% Glass and Plastic Packaging Products CARIB GLASSWORKS LIMITED 100% Glass Bottles

UTILITIES ANSA McAL CHEMICALS LIMITED 100% Chlorine Gas, Caustic Soda, Water Treatment: Specialty & Commodity Chemicals, Bleach & Disinfectant Spray ANSA CHEMICALS JAMAICA LIMITED 100% Distribution Hub for Liquid Chlorine, Caustic Soda, Hydrochloric Acid, Bleach and other Products BLEACHTECH LLC (USA) 100% Water Treatment and Sanitation Products: Sodium Hypochlorite & Hydrochloric Acid (bleach), Sodium Hydroxide (caustic soda) & Hydrogen ELECTRONIC J.R.C., S.C.L. (Dominican Republic) 36% Monte Plata Solar Park (Renewable Energy) TILAWIND S.A. (Costa Rica) 50% Wind Farm (Renewable Energy)

318

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ANSA McAL TRADING INC. (USA) 100% Procurement, Logistics/Brokerage Services & Procurement ANSA McAL (US) INC. (USA) 100% Procurement, Logistics/Brokerage Services & Procurement

INTERMEDIATE HOLDING COMPANIES ALSTONS LIMITED 100% AMCL HOLDINGS LIMITED (Barbados) 100% ANSA CHEMICALS HOLDINGS LIMITED 100% ANSA CHEMICALS US LLC (Delaware) 100% ANSA COATINGS INTERNATIONAL LIMITED (St. Lucia) 100%

ANSA MCAL GROUP COMPANIES, BUSINESSES AND PRODUCTS INTERMEDIATE HOLDING COMPANIES

FIRST-CLASS SERVICES LIMITED 82.48% Property Holding Company

ANSA FINANCIAL HOLDINGS (BARBADOS) LIMITED 82.48%

FONTANA LIMITED 100%

ANSA McAL (BARBADOS) LIMITED 100%

GRAND BAZAAR LIMITED 40% Owner & Operator of Shopping Malls

ANSA McAL BEVERAGES (BARBADOS) LIMITED (St. Lucia) 100%

LDJ PETERSBURG LLC (Virginia) 100%

CCEF ANSA RENEWABLE ENERGIES HOLDINGS LIMITED (Barbados) 50% McAL TRADING LIMITED (Barbados) 100% THE CARIBBEAN DEVELOPMENT COMPANY (ST. KITTS) LIMITED 100%

REAL ESTATE ANSA McAL TRADING LIMITED (Guyana) 100% BAYSIDE WEST LIMITED 100% Residential Development

LDJ PERU LLC (Illinois) 100% LDJ SEVILLE LTD (Ohio) 100% O’MEARA HOLDINGS LIMITED 100% PROMENADE DEVELOPMENT LIMITED 100% SWEET BRIAR PROPERTIES HOLDINGS LIMITED 100% TRINIDAD LANDS LIMITED 40% VANALTA LIMITED 100%

B.E.H. HOLDINGS LIMITED 100% Commercial Property Rentals CONCRETION LIMITED 100% DAVID MORRIN & SONS LIMITED 100%

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ANSA MCAL GROUP COMPANIES’ CONTACT INFORMATION AUTOMOTIVE ANSA MOTORS LIMITED 25 Richmond Street, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 285-2277 Fax: (868) 623-6882 E-mail: info@ansamotorstt.com Website: www.ansamotors.com Sector Head - Automotive: Jean-Marc Mouttet ANSA MOTORS (BARBADOS) LTD. Wildey, St. Michael, Barbados, W.I. Phone: (246) 467-2400 Fax: (246) 427-0764 E-mail: reachus@ansamotorsbb.com Website: www.ansamotorsbb.com Sector Head - Automotive: Jean-Marc Mouttet ANSA MOTORS GUYANA INC. 64 Beterverwagting Industrial Site, East Coast Demerara, Guyana. Phone: +592 220-0930 E-mail: admin@ansamotorsguyana.com Website: www.ansamotorsguyana.com General Manager: Sudesh Mahase

BEVERAGE CARIBBEAN DEVELOPMENT COMPANY LIMITED Eastern Main Road, Champs Fleurs, Trinidad and Tobago, W.I. Phone: (868) 645-2337, 290-2273 Fax 662-2231 to 2237 Website: www.caribbrewery.com Sector Head - Beverage: Peter Hall CARIB BREWERY LIMITED Eastern Main Road, Champs Fleurs, Trinidad and Tobago, W.I. Phone: (868) 645-2337, 290-2273 Fax 662-2231 to 2237 Website: www.caribbrewery.com Sector Head - Beverage: Peter Hall

320

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CARIB BREWERY (GRENADA) LIMITED Grand Anse, St. George’s, Grenada, W.I. Phone: (473) 444-4248 Fax: (473) 444-4842 Website: www.caribbrewery.com Managing Director: Ron Antoine CARIB BREWERY (ST. KITTS & NEVIS) LIMITED Buckley’s Site, P.O. Box 1113, Basseterre, St. Kitts and Nevis, W.I. Phone: (869) 465-2309/2903 Fax: (869) 465-0902 Website: www.caribbrewery.com Managing Director: Mark Wilkin BAHAMIAN BREWERY & BEVERAGE CO. Head Office: Airport Industrial Park, Windsor Field Road, Nassau. New Providence, The Bahamas Phone: (242) 603-2337 E-mail: j.sands@bahamianbrewery.com Website: bahamianbrewery.com CEO/President: James Sands GLOBUS ANSA PRIVATE LIMITED Ground Floor, Mira Corporates Suites, Plot-12, Main Mathura Road, Sant Nagar (South Delhi), New Delhi, Delhi, 110065 India E-mail: sthakur@globusgroup.in Managing Director: Shekhar Swarup GUYANA BREWERIES INC. 60 Beterverwagting Industrial Site, East Coast Demerara, Guyana. Phone: +592 220-0200 Fax: +592 220-0455 Website: www.caribbrewery.com Country Manager – Kelvin Singh INDIAN RIVER BEVERAGE CORPORATION doing business as CARIB BREWERY USA 200 Imperial Blvd, Cape Canaveral, Florida 32920, U.S.A. Phone: (321) 728-4114 Website: www.caribbreweryusa.com Sector Head - Beverage: Peter Hall

ANSA MCAL GROUP COMPANIES’ CONTACT INFORMATION CONSTRUCTION ABEL BUILDING SOLUTIONS (ABS) ANSA Centre, 1st Floor Guardian Media Ltd Building, Uriah Butler Highway & Endeavour Road, Chaguanas, Trinidad and Tobago, W.I. Phone: (868) 28-BUILD (282-8453) Fax: (868) 672-4309 E-mail: shashi.mahase@ansamcal.com Website: https://buildwithabs.com Managing Director: Shashi Mahase ANSA BUILDING SOLUTIONS GUYANA INC. 60-64 Industrial Site, Beterverwagting, East Coast Demerara, Guyana. Phone: +592 670-4227 / +592 683-4227 E-mail: shashi.mahase@ansamcal.com Website: https://buildwithabs.com/guyana/ Managing Director: Shashi Mahase ANSA McAL ENTERPRISES LIMITED ANSA Centre, 1st Floor Guardian Media Ltd Building, Uriah Butler Highway & Endeavour Road, Chaguanas, Trinidad and Tobago, W.I. Phone: (868) 28-BUILD (282-8453) Fax: (868) 672-4309 E-mail: christian.llanos@ansamcal.com Website: https://buildwithabs.com/ Sector Head - Construction: Christian Llanos ANSA COATINGS LIMITED ANSA McAL Industrial Park, 51-59 Tumpuna Road South, Arima, Trinidad and Tobago, W.I. Phone: (868) 27-PAINT General Manager: Rhea Singh Managing Director Coatings: Nicholas Mac Lean

BERGER PAINTS BARBADOS LIMITED Exmouth Gap, Brandons, St. Michael, Bridgetown, Barbados, W.I. BB12069 Phone: (246) 41-PAINT General Manager: Rhea Singh BERGER PAINTS JAMAICA LIMITED 256 Spanish Town Road, Kingston 11, Jamaica, W.I. Phone: (876) 618-1096 General Manager: Dwaine Williams BESTCRETE AGGREGATES LIMITED ANSA Centre, 1st Floor Guardian Media Ltd Building, Uriah Butler Highway & Endeavour Road, Chaguanas, Trinidad and Tobago, W.I. Phone: (868) 28-BUILD (282-8453) Fax: (868) 672-4309 E-mail: christian.llanos@ansamcal.com Website: https://buildwithabs.com/ Sector Head - Construction: Christian Llanos BRICKFOURCE LIMITED LP# 4, Depot Road, Longdenville, Chaguanas, Trinidad and Tobago, W.I. Phone: (868) 282-8453 E-mail: christian.llanos@ansamcal.com Sector Head - Construction: Christian Llanos CARIBBEAN ROOF TILE COMPANY LIMITED C/o ABS, ANSA Centre, 1st Floor Guardian Media Ltd Building, Uriah Butler Highway & Endeavour Road, Chaguanas, Trinidad and Tobago, W.I. Phone: (868) 282-8453 E-mail: christian.llanos@ansamcal.com Sector Head - Construction: Christian Llanos

ANSA COATINGS GRENADA LIMITED Frequente Industrial Park, Grand Anse, St. George’s, Grenada, W.I. Phone: (473) 43-PAINT General Manager: Jarmarie Hypolite

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ANSA MCAL GROUP COMPANIES’ CONTACT INFORMATION DISTRIBUTION

FINANCIAL SERVICES

ALSTONS MARKETING COMPANY LIMITED Uriah Butler Highway & Endeavour Road, Chaguanas, Trinidad and Tobago, W.I. Phone: (868) 671-2713/2720 Fax: (868) 671-2857 Website: www.amcott.info Sector Head – Distribution: Fazal Arman

ANSA MERCHANT BANK LIMITED ANSA Centre, 11 Maraval Road, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 285-9009 / 623-8672 E-mail: amblcare@ansamcal.com Website: www.tt.ansamerchantbank.com Managing Director: Stephen Grell

ANSA McAL DISTRIBUTION INC. 60 Beterverwagting, East Coast Demerara, Guyana. Phone: +592-220-0268, +592-220-0455 E-mail: ansamcaldistributioninc@ansamcal.com Website: www.ansamcalguyana.com Managing Director: Troy Cadogan

ANSA MERCHANT BANK BARBADOS LIMITED Hasting Main Road, Christ Church, Barbados, W.I. Phone: (246) 467-2350 E-mail: ambb.info@ansamcal.com Website: www.bb.ansamerchantbank.com Managing Director: Corey Knight

ANSA TRADING (BARBADOS) LTD. Meadow Road, Wildey, Bridgetown, Barbados, W.I. Phone: (246) 436-2825 Sector Head – Distribution: Fazal Arman

ANSA BANK LIMITED ANSA Centre, Ground Floor East, 11 Maraval Road, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 866-ANSA (2672 E-mail: customer.service@ansabank.com Website: www.ansabank.com Managing Director: Savon Persad

BRYDEN STOKES LIMITED Meadow Road, Wildey, St. Michael, Barbados, W.I. BB11104 Phone: (246) 467-2233 / (246) 467-2265 Website: www.brydenstokes.com Managing Director: David Sealy TOBAGO MARKETING COMPANY LIMITED “Highmoor”, Plymouth Road, Scarborough, Tobago, W.I. Phone: (868) 639-2170/2160 Fax: (868) 639-2887 E-mail: david.lumkong@ansamcal.com General Manager: David Lum Kong

322

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ANSA RE LIMITED Meridian Place, Choc Estate, Castries, St. Lucia. W.I. Phone: (758) 450-7777 Fax: (758) 451-3079 E-mail: pkf@andw.lc Director: M. Musa Ibrahim ANSA WEALTH MANAGEMENT LIMITED (formerly ANSA SECURITIES LIMITED) ANSA Centre, 11 Maraval Road, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 235-5828 E-mail: information@ansawealth.com Website: https://ansawealth.com Managing Director: Natalie Mansoor

ANSA MCAL GROUP COMPANIES’ CONTACT INFORMATION FINANCIAL SERVICES

MEDIA

COLONIAL FIRE AND GENERAL INSURANCE COMPANY LIMITED Head Office: Corner Duke and Abercromby Streets, Port of Spain, Trinidad and Tobago, W.I. Phone: 800-CARE (2273) / 800-4ERA (4372) E-mail: ashraff.ali@colfire.com Website: www.colfire.com Director/Chief Operating Officer: Ashraff Ali

GUARDIAN MEDIA LIMITED Port of Spain Office: 22-24 St. Vincent Street, Port of Spain, Trinidad and Tobago, W.I. Chaguanas Office: Guardian Building, 4-10 Rodney Road, Endeavour, Chaguanas, Trinidad and Tobago, W.I. Phone: (868) 225-4465 / 235-5668 E-mail: newsroom@guardian.co.tt Website: www.guardian.co.tt Managing Director: Gerhard Pettier

TATIL LIFE ASSURANCE LIMITED 11 Maraval Road, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 628-2845 Fax: (868) 628-0035/6545 E-mail: life@tatil.co.tt Website: www.tatil.co.tt Managing Director: M. Musa Ibrahim

IRADIO INC. 28 Garnett & Delph Streets, Campbellville, Georgetown, Guyana. Phone: (592) 227-2826/2847 Website: www.mix901fm.com Station Manager: Shameer Ali Director: Gerhard Pettier

TRINIDAD AND TOBAGO INSURANCE LIMITED 11 Maraval Road, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 628-2845 Fax: (868) 628-0035/6545 E-mail: info@tatil.co.tt Website: www.tatil.co.tt Managing Director: M. Musa Ibrahim TATIL RE LIMITED Meridian Place, Choc Estate, Castries, St. Lucia, W.I. Phone: (758) 450-7777 Fax: (758) 451-3079 E-mail: pkf@andw.lc Director: M. Musa Ibrahim TRIDENT INSURANCE Trident Insurance Financial Centre, Highway 7, Hastings, Christ Church, Barbados, W.I. BB15154 Phone: (246) 431-2347 E-mail: trident@tridentins.com Website: www.tridentins.com General Manager: Alex Knaggs

PACKAGING ANSA POLYMER 51-59 Tumpuna Road, South Guanapo, Arima, Trinidad & Tobago, W.I. Phone: (868) 643-1419 E-mail: david.hadeed@ansamcal.com Website: www.ansapackaging.com Sector Head – Packaging: David Hadeed ANSA PACKAGING Eastern Main Road, Champs Fleurs, Trinidad and Tobago, W.I. Phone: (868) 397-5959 E-mail: david.hadeed@ansamcal.com Website: www.ansapackaging.com Sector Head – Packaging: David Hadeed CARIB GLASSWORKS LIMITED Eastern Main Road, Champs Fleurs, Trinidad and Tobago, W.I. Phone: (868) 397-5959 E-mail: david.hadeed@ansamcal.com Website: www.ansapackaging.com Sector Head – Packaging: David Hadeed

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ANSA MCAL GROUP COMPANIES’ CONTACT INFORMATION UTILITIES

SERVICES

ANSA McAL CHEMICALS LIMITED North Sea Drive, Point Lisas Industrial Estate, Savonetta, Trinidad and Tobago, W.I. Phone: (868) 235-5560 E-mail: craig.lacroix@ansamcal.com Website: https://ansamcalchemicals.com Managing Director: Craig La Croix

ALSTONS SHIPPING LIMITED ANSA Centre, 4-10 Rodney Road, Endeavour, Chaguanas, Trinidad and Tobago, W.I. Phone: (868) 235-5643 E-mail: info@alstonsshippingtt.com Website: www.alstonsshippingtt.com Managing Director - Services: Julian Bada

ANSA CHEMICALS JAMAICA LIMITED 256 Spanish Town Road, Kingston 11 Jamaica, W.I. Phone: (876) 649-0146 E-mail: salesjm@ansamcal.com Website: https://ansamcalchemicals.com Country Manager: Stephen Summers BLEACHTECH LLC 320 Ryan Rd Seville, OH 44273-9109, U.S.A. Phone: (330) 769-5000 E-mail: bleachtech@ansamcal.com Website: https://bleachtech.com Sector Head - Chemicals: Andy Mahadeo ELECTRONIC J.R.C., S.C.L. El Vergel No.27, Local 202 Santo Domingo, Dominican Republic. E-mail: andy.mahadeo@ansamcal.com Sector Head - Chemicals: Andy Mahadeo TILAWIND S.A. Guanacaste, Tilarán, Santa Rosa El Pueblo Los Ángeles, Costa Rica E-mail: nicholas.jackman@ansamcal.com Director: Nicholas Jackman

324

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ANSA McAL TRADING INC. 11403 NW 39th Street, Miami, FL 33178, U.S.A. Phone: (305) 599-8766 / 599-8917 E-mail: customerservice@ansamcalus.com Website: www.ansamcalus.com Senior Manager Operations: Mike Basanta ANSA McAL (US) INC. 11403 NW 39th Street, Miami, FL 33178, U.S.A. Phone: (305) 599-8766 / 599-8917 E-mail: customerservice@ansamcalus.com Website: www.ansamcalus.com Senior Manager Operations: Mike Basanta

ANSA MCAL GROUP COMPANIES’ CONTACT INFORMATION INTERMEDIATE HOLDING COMPANIES ALSTONS LIMITED 11th Floor, TATIL Building, 11 Maraval Road, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 868-235-5679 Director: A. Norman Sabga, LLD (Hon.) UWI; (h.c.) UTT AMCL HOLDINGS LIMITED McEnearney Quality Complex, Wildey, St. Michael, BB 14007, Barbados, W.I. Phone: (246) 434-2900 E-mail: headoffice@mcalbds.com Director: A. Norman Sabga, LLD (Hon.) UWI; (h.c.) UTT ANSA CHEMICALS HOLDINGS LIMITED North Sea Drive, Point Lisas Industrial Estate, Point Lisas, Trinidad and Tobago, W.I. Phone: (868) 235-5560 E-mail: andy.mahadeo@ansamcal.com Sector Head - Chemicals: Andy Mahadeo ANSA CHEMICALS US LLC 2500 Little Falls Drive, Wilmington, New Castle 19808, Delaware, U.S.A. E-mail: andy.mahadeo@ansamcal.com Sector Head - Chemicals: Andy Mahadeo ANSA COATINGS INTERNATIONAL LIMITED Meridian Place, Choc Estate, Castries, St. Lucia, W.I. Phone: (758) 450-7777 Fax: (758) 451-3079 E-mail: pkf@andw.lc Chairman: Christian Llanos ANSA FINANCIAL HOLDINGS (BARBADOS) LIMITED ANSA Motors (Barbados) Complex, Wildey, St. Michael, BB 14007, Barbados, W.I. Phone: (246) 434–2909 E-mail: headoffice@mcalbds.com Director: A. Norman Sabga, LLD (Hon.) UWI; (h.c.) UTT

ANSA McAL (BARBADOS) LIMITED ANSA Motors (Barbados) Complex, Wildey, St. Michael, BB 14007, Barbados, W.I. Phone: (246) 434-2909 E-mail: headoffice@mcalbds.com Chairman: Anthony N. Sabga III ANSA McAL BEVERAGES (BARBADOS) LIMITED Meridian Place, Choc Estate, Castries, St. Lucia, W.I. Phone: (758) 450-7777 Fax: (758) 451-3079 E-mail: pkf@candw.lc Director: Anthony N. Sabga III CCEF ANSA RENEWABLE ENERGIES HOLDINGS LIMITED Suite 1, Ground Floor, The Financial Services Centre, Bishop’s Court Hill, St. Michael, Barbados, W.I. BB 14004. Phone: (246) 621-0760 E-mail: nicholas.jackman@ansamcal.com Director: Nicholas Jackman McAL TRADING LIMITED ANSA Motors (Barbados) Complex, Wildey, St. Michael, BB 14007, Barbados, W.I. Phone: (246) 434-2909 E-mail: headoffice@mcalbds.com Director: Fazal Arman THE CARIBBEAN DEVELOPMENT COMPANY (ST. KITTS) LIMITED Buckley’s Site, P.O. Box 1113, Basseterre, St. Kitts, W.I. Phone: (869) 465-2309 Fax: (869) 465-0902 E-mail: markwilkin@caribbrewery.com Managing Director: Mark Wilkin

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ANSA MCAL GROUP COMPANIES’ CONTACT INFORMATION REAL ESTATE ANSA McAL TRADING LIMITED 60-63 Beterverwagting, East Coast Demerara, Guyana Phone: +592-220-0455/220-0796 E-mail: joseph.rahael@ansamcal.com Sector Head - Real Estate: Joseph Rahael BAYSIDE WEST LIMITED 9th Floor, TATIL Building, 11 Maraval Road, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 225-4933 E-mail: joseph.rahael@ansamcal.com Sector Head - Real Estate: Joseph Rahael B.E.H. HOLDINGS LIMITED 11 Maraval Road, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 225-4933 E-mail: joseph.rahael@ansamcal.com Sector Head - Real Estate: Joseph Rahael CONCRETION LIMITED 11th Floor, TATIL Building, 11 Maraval Road, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 225-4933 E-mail: joseph.rahael@ansamcal.com Sector Head - Real Estate: Joseph Rahael DAVID MORRIN & SONS LIMITED 69 Independence Square, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 225-4933 E-mail: joseph.rahael@ansamcal.com Sector Head - Real Estate: Joseph Rahael FIRST CLASS SERVICES LIMITED Tatil Building, 11A Maraval Road, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 628-2845 Fax: (868) 628-0035/6545 E-mail: anthony.shaw@tatil.co.tt Director: Mr. Anthony Shaw

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FONTANA LIMITED 11th Floor, TATIL Building, 11 Maraval Road, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 225-4933 E-mail: joseph.rahael@ansamcal.com Sector Head - Real Estate: Joseph Rahael GRAND BAZAAR LIMITED The City of Gand Bazaar, Churchill Roosevelt & Uriah Butler Highways, Valsayn, Trinidad and Tobago, W.I. Phone: (868) 235-5683 E-mail: grandbazaarltd@ansamcal.com Website: www.grandbazaartt.com General Manager: Ronald Annandsingh LDJ PETERSBURG LLC 2211 Landerhaven Ct, Cleveland, OH 44124, U.S.A. E-mail: andy.mahadeo@ansamcal.com Sector Head - Chemicals: Andy Mahadeo LDJ PERU LLC 2211 Landerhaven Ct, Cleveland, OH 44124, U.S.A. E-mail: andy.mahadeo@ansamcal.com Sector Head - Chemicals: Andy Mahadeo LDJ SEVILLE LTD 320 Ryan Rd Seville, OH 44273-9109, U.S.A. E-mail: andy.mahadeo@ansamcal.com Sector Head - Chemicals: Andy Mahadeo O’MEARA HOLDINGS LIMITED 11th Floor, TATIL Building, 11 Maraval Road, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 225-4933 E-mail: joseph.rahael@ansamcal.com Sector Head - Real Estate: Joseph Rahael PROMENADE DEVELOPMENT LIMITED 9th Floor, TAIL Building, 11 Maraval Road, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 225-4933 E-mail: joseph.rahael@ansamcal.com Sector Head - Real Estate: Joseph Rahael

ANSA MCAL GROUP COMPANIES’ CONTACT INFORMATION REAL ESTATE SWEET BRIAR PROPERTIES HOLDINGS LIMITED 11th Floor, TATIL Building, 11 Maraval Road, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 225-4933 E-mail: joseph.rahael@ansamcal.com Sector Head - Real Estate: Joseph Rahael

VANALTA LIMITED 11th Floor, TATIL Building, 11 Maraval Road, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 225-4933 E-mail: joseph.rahael@ansamcal.com Sector Head - Real Estate: Joseph Rahael

TRINIDAD LANDS LIMITED 9th Floor, TATIL Building, 11 Maraval Road, Port of Spain, Trinidad and Tobago, W.I. Phone: (868) 225-4933 E-mail: joseph.rahael@ansamcal.com Sector Head - Real Estate: Joseph Rahael

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OUR

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HIGHLIGHTS

2021 2025

2024

*Sales to third parties *Profit before taxation

2025 Restated** 2023 2022 7,788,368 7,121,024 7,046,400 6,391,837 1,014,204 922,769 841,849 448,102

2021 5,969,663 935,260

*Income attributable to shareholders 565,170 571,325 516,614 209,405 594,774 *Share units in issue weighted average-net of treasury shares 172,107 172,301 172,414 172,328 172,252 Earnings per stock unit $3.28 $3.32 $3.00 $1.22 $3.45 Dividends: *Amount 0 310,361 310,343 310,079 310,063 Per Unit: Interim $0.00 $0.30 $0.30 $0.30 $0.30 Final $0.00 $0.00 $1.50 $1.50 $1.50 Total $0.00 $0.30 $1.80 $1.80 $1.80 Times Covered 1.84 1.66 0.68 1.92 Shareholders’ equity per stock unit $50.81 $47.81 $47.43 $46.65 $47.95 *Shareholders’ equity 8,745,508 8,237,352 8,177,447 8,039,405 8,260,214 *Expressed in Thousands in Trinidad and Tobago Dollars, and 2022 figures have been restated for the impact of IFRS17. ** 2024 figures have been restated for the finalisation or the Purchase accounting of BleachTech as well as to remove the Discontinued operations.

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FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES STATEMENT OF MANAGEMENT'S RESPONSIBILITIES Management is responsible for the following: ●

Preparing and fairly presenting the accompanying consolidated financial statements of ANSA McAL Limited and its subsidiaries (“the Group”) which comprise the consolidated statement of financial position as at 31 December 2025, the consolidated statements of income, comprehensive income, changes in equity and cash flows for the year then ended, and notes to the consolidated financial statements including material accounting policy information.

●

Ensuring that the Group keeps proper accounting records;

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Selecting appropriate accounting policies and applying them in a consistent manner;

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Implementing, monitoring and evaluating the system of internal control that assures security of the Group’s assets, detection/prevention of fraud, and the achievement of Group operational efficiencies;

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Ensuring that the system of internal control operated effectively during the reporting period;

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Producing reliable financial reporting that comply with laws and regulations, including the Companies Act; and

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Using reasonable and prudent judgement in the determination of estimates.

In preparing these audited consolidated financial statements, management utilised the IFRS Accounting Standards as issued by the International Accounting Standards Board and adopted by the Institute of Chartered Accountants of Trinidad and Tobago. Where IFRS Accounting Standards presented alternative accounting treatments, management chose those considered most appropriate in the circumstances. Nothing has come to the attention of management to indicate that the Group will not remain a going concern for the next twelve months from the reporting date; or up to the date the accompanying separate and consolidated financial statements have been authorised for issue, if later. Management affirms that it has carried out its responsibilities as outlined above.

Anthony N. Sabga III Group Chief Executive Officer 19 March 2026

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Nicholas Jackman Group Chief Financial Officer 19 March 2026

Ernst & Young Services Limited Tel: +1 868 628 1105 P.O. Box 158 Fax: +1 868 622 1153 5/7 Sweet Briar Road www.ey.com REPORT 2025 St. Clair,FINANCIAL Port of Spain Trinidad Ernst & Young Services Limited P.O. Box 158 5/7 Sweet Briar Road St. Clair, Port of Spain Trinidad

Tel: +1 868 628 1105 Fax: +1 868 622 1153 www.ey.com

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF ANSA McAL LIMITED Report on the Audit ofREPORT the Consolidated Financial Statements INDEPENDENT AUDITOR’S TO THEOpinion SHAREHOLDERS OF ANSA McAL LIMITED Wethe have audited consolidatedFinancial financial Statements statements of ANSA McAL Limited and its subsidiaries (“the Report on Audit of thethe Consolidated Group”), which comprise the consolidated statement of financial position as at 31 December 2025, and the Opinionconsolidated statement of income, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated including material accounting We havefinancial audited statements, the consolidated financial statements of policy ANSAinformation. McAL Limited and its subsidiaries (“the Group”), which comprise the consolidated statement of financial position as at 31 December 2025, and the In our opinion,ofthe accompanying consolidated statementsincome, present consolidated fairly, in all material the consolidated statement income, consolidated statementfinancial of comprehensive statementrespects, of consolidated financial position of the Group as at 31 December 2025 and its consolidated financial performance changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated its consolidated cash flows accounting for the yearpolicy then ended in accordance with IFRS Accounting Standards. financialand statements, including material information. Basis for In our opinion, theOpinion accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at 31 December 2025 and its consolidated financial performance We conducted auditforinthe accordance International Standards on Auditing (“ISAs”). Our responsibilities and its consolidated cashour flows year thenwith ended in accordance with IFRS Accounting Standards. under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Basis forFinancial OpinionStatements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence (“IESBAStandards Code”), on as Auditing applicable(“ISAs”). to auditsOur ofresponsibilities consolidated financial We conducted our audit in accordanceStandards) with International statements of public interest entities, together with the ethical requirements that are relevant to audits of the under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated consolidated financial statements of public interest entities in Trinidad and Tobago. We have also fulfilled our Financial Statements section of our report. We are independent of the Group in accordance with the International other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including we have obtained is sufficientStandards) and appropriate to provide a basis for our opinion. International Independence (“IESBA Code”), as applicable to audits of consolidated financial statements of public interest entities, together with the ethical requirements that are relevant to audits of the Key financial Audit Matters consolidated statements of public interest entities in Trinidad and Tobago. We have also fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have audit matters are those matters that,a in ourfor professional judgement, were of most significance in our audit obtainedKey is sufficient and appropriate to provide basis our opinion. of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not Key Audit Matters provide a separate opinion on these matters. For each matter below, our description of how our audit addressed thematters matterare is provided in thatthat, context. Key audit those matters in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our have fulfilled the responsibilities in intheforming Auditor’s Responsibilities for we thedoAudit audit of We the consolidated financial statements as adescribed whole, and our opinion thereon, and not of the Consolidated Financial Statements section of our report, including in relation to these matters. Accordingly, our provide a separate opinion on these matters. For each matter below, our description of how our audit addressed audit included the performance of procedures designed to respond to our assessment of the risks of material the matter is provided in that context. misstatement of the consolidated financial statements. The results of our audit procedures, including the to address the matters in below, theResponsibilities basis for our auditforopinion on theof accompanying We haveprocedures fulfilled performed the responsibilities described the provide Auditor’s the Audit the consolidated financial statements. Consolidated Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements. 3

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Ernst & Young Services Limited Tel: +1 868 628 1105 P.O. Box 158 Fax: +1 868 622 1153 5/7 Sweet Briar Road www.ey.com FINANCIAL St. Clair, Port of Spain REPORT 2025 Trinidad

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF ANSA McAL LIMITED INDEPENDENT ReportAUDITOR’S on the AuditREPORT of the Consolidated Financial Statements TO THE SHAREHOLDERS OF ANSA McAL LIMITED Opinion Report on We the Audit of the Consolidated Financial Statements have audited the consolidated financial statements of ANSA McAL Limited and its subsidiaries (“the (Continued)Group”), which comprise the consolidated statement of financial position as at 31 December 2025, and the consolidated statement of income, consolidated statement of comprehensive income, consolidated statement of Key Audit changes Mattersin equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated (Continued)financial statements, including material accounting policy information.

Key Audit Matters (continued) How our audit addressed the key audit matter In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the Estimatesconsolidated used in the calculation of Insurance financial position of the Group as at 31 December 2025 and its consolidated financial performance Contract and Liabilities its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards. Basis for Opinionin Notes 3, 20 and 24 and We involved our EY actuarial specialists to assist us Refer to related disclosures accounting policy Note 2 (xviii). in performing our audit procedures, which included We conducted our audit in accordance with International Standards on Auditing (“ISAs”). Our responsibilities amongst others: under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated The Group has significant insurance contract Financial Statements section of our report. We are independent of the Grouppositions in accordance with the International liabilities amounting to $2.2 billion representing 21% • Review of management’s relating to key Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including of the Group’s total consolidated liabilities as at 31 judgements and assumptions. International Independence Standards) (“IESBA Code”), as applicable to audits of consolidated financial December 2025. • Performed an assessment of the internal controls statements of public interest entities, together with the ethical requirements of thatthe arepolicyholder relevant to audits of the regarding the maintenance consolidated financial statements of public interest entities in Trinidad and Tobago. We have also fulfilled our Considering the significance of the insurance contract databases and the integrity of data used, and tested other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have liabilities and the judgment, complexity and estimates the completeness and accuracy of data extracted. obtained is sufficient and appropriate to provide a basis for our opinion. involved in the actuarial valuations in accordance with • Review of management’s calculations regarding

IFRS 17: “Insurance Contracts”, we determined this the liabilities for remaining coverage including the Key Audit Matters to be a key audit matter in our audit of the consolidated CSM and loss component, and the liabilities for financial statements. incurred claims. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit • Performed an assessment of the relevance, of the consolidated financial statements of the current period. These matters were addressed in the context of our Key assumptions are being used to estimate the life appropriateness and calculation of the risk audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not and annuity insurance contract liabilities, including: adjustment, including the scope of non-financial provide a separate opinion on these matters. For each matter below, our description of how our audit addressed risks. the matter is provided in that context. • Fulfilment cash flows, which represent estimates of • Considered the validity of the Group’s experience the present value of future cash flows that are studies and performed an assessment of the key We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the expected to arise as the Group fulfills the contracts assumptions applied. Consolidated Financial Statements section of our report, including in relation to these matters. Accordingly, our and an explicit risk adjustment for non-financial audit included the performance of procedures designed to respond to our assessment of the risks of material risk, and We considered whether the Group’s presentation and misstatement of the consolidated financial statements. The results of our audit procedures, including the disclosures in the consolidated financial statements procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying • The contractual service margin (CSM), which in relation to insurance contract liabilities were consolidated financial statements. represents the unearned profits on a group of compliant with IFRS Accounting Standards. contracts.

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Ernst & Young Services Limited Tel: +1 868 628 1105 P.O. Box 158 Fax: +1 868 622 1153 5/7 Sweet Briar Road www.ey.com St. Clair, Port of Spain REPORT 2025 FINANCIAL Trinidad

Group”), which comprise the consolidated statement of financial position as at 31 December 2025, and the Key Audit Matters consolidated statement of income, consolidated statement of comprehensive income, consolidated statement of (Continued) changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information. Key Audit Matters (continued) How our audit addressed the key audit matter EstimatesInused in the calculation of Insurance our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the Contract consolidated Liabilities (continued) financial position of the Group as at 31 December 2025 and its consolidated financial performance

and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards. When valuing these liabilities, the Group estimates the expected number and timing of deaths, Basis for Opinion persistency, future expenses, discount rates for the We our audit accordance discounting ofconducted expected future cashinflows and the with International Standards on Auditing (“ISAs”). Our responsibilities under for those standards are risk adjustment non-financial risk.further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the International Standards Board for Accountants’ The GroupEthics was eligible to measure certain insuranceInternational Code of Ethics for Professional Accountants (including International Independence Standards) (“IESBA Code”), as applicable to audits of consolidated financial contracts by applying the premium allocation statements of simplifies public interest entities, together with the ethical requirements that are relevant to audits of the approach (PAA), which the measurement consolidated statements ofgeneral public interest entities in Trinidad and Tobago. We have also fulfilled our of insurance contracts infinancial comparison with the other17. ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have model in IFRS For the contracts measured by obtained is sufficient andincurred appropriate to provide a basis for our opinion. applying the PAA, the liability for claims, is mainly determined on estimates based upon actual Key Audit Matters claims experience. This includes an adjustment for the time value of money (where settlement is Key those that,and in our professional judgement, were of most significance in our audit expected to be audit more matters than oneare year aftermatters incurred) theadjustment consolidated statements an explicitofrisk forfinancial non-financial risk. of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.

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Ernst & Young Services Limited Tel: +1 868 628 1105 P.O. Box 158 Fax: +1 868 622 1153 5/7 Sweet Briar Road www.ey.com FINANCIAL St. Clair, Port of Spain REPORT 2025 Trinidad

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF ANSA McAL LIMITED INDEPENDENT AUDITOR’S REPORT Report on the Audit of the Consolidated Financial Statements TO THE SHAREHOLDERS OF ANSA McAL LIMITED Opinion Report on We the Audit of the Consolidated Financial Statements have audited the consolidated financial statements of ANSA McAL Limited and its subsidiaries (“the (Continued)Group”), which comprise the consolidated statement of financial position as at 31 December 2025, and the consolidated statement of income, consolidated statement of comprehensive income, consolidated statement of Key Auditchanges Mattersin equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated (Continued)financial statements, including material accounting policy information. Key Audit (continued) How our audit addressed the fairly, key audit InMatters our opinion, the accompanying consolidated financial statements present in allmatter material respects, the Allowance for Expected Credit Losses (ECLs) consolidated financial position of the Group as at 31 December 2025 and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards. Refer to related disclosures in Notes 3, 9, 10 and 33 We understood and critically assessed the Basis policy for Opinion methodology and assumptions used by the Group in and accounting Notes 2 (viii) and 2 (xvi). its ECL models while evaluating its compliance Wesecurities conducted categorized our audit in accordance with International on Auditing (“ISAs”). Our responsibilities with IFRS 9Standards requirements. Investment as Fair Value under Comprehensive those standards are further described through Other Income (FVOCI) or in the Auditor’s Responsibilities for the Audit of the Consolidated Financialcost, Statements of ouradvances report. We We are independent of the Group inand accordance the International tested the completeness accuracywith of the held at amortized togethersection with loans, Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants and other assets represent 33% of the total inputs used within the models, including the (including International Independence Standards) (“IESBA Code”), of as Default applicable to audits of consolidated financial Probabilities (PDs), recoveries and the consolidated assets of the Group amounting to $6.9 of public with the ethical that are relevantand to audits of the Loss requirements Given Defaults (LGDs) billion as statements at 31 December 2025.interest entities, togetherassociated consolidated financial statements of public interest entities Trinidad and Tobago. have also fulfilled our Exposures at in Default (EADs). We alsoWe considered other ethical responsibilities in the accordance the IESBA Code. risks We believe that theinaudit evidence we have whether all relevant were reflected the ECL IFRS 9: “Financial Instruments” requires Group towith obtained is sufficient and appropriate to provide a basis for our opinion. calculation, and where this was not, whether record an allowance for Expected Credit Losses (ECLs) for all loans and other debt financial assets not overlays appropriately reflected those risks. Key Value Audit Matters held at Fair through Statement of Income The aging of the portfolios and other qualitative (FVSI), together with investment in leased assets. Key audit matters are those matters that, in our professional judgement, were of most significance factors were assessed to determine the staging and in our audit The appropriateness of ECLs is a highly subjective of the consolidated financial statements of the current period. These matters were addressedinin the context of our thus indication of a significant deterioration credit area due audit to theoflevel of judgement appliedstatements by the risk the consolidated financial as ainwhole, and inwith forming accordance IFRSour 9. opinion thereon, and we do not Group, involving and matters. factors, For each matter below, our description of how our audit addressed provide avarious separateassumptions opinion on these such as the the likelihood of default and Independent testing on PD and LGD inputs was theestimate matter isofprovided in that context. the potential loss given default. The Group also performed through validation to international applied adjustments, or overlays, they believe We have fulfilled the where responsibilities described in credit the Auditor’s Responsibilities for were the Audit of the external rating agencies, where these the data driven parameters and calculations were not Consolidated Financial Statements section of our report, including in relation to these matters.loss Accordingly, our used, as well as typical collateral, historical appropriate, either due tothe emerging trendsoforprocedures models trends audit included performance designed to respond to our assessment of the risks of material and other borrower characteristics. not capturing the risks portfolios.financial These statements. The results of our audit procedures, including the misstatement of in the the consolidated overlays required the performed use of significant judgement. procedures to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.

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Ernst & Young Services Limited Tel: +1 868 628 1105 P.O. Box 158 Fax: +1 868 622 1153 5/7 Sweet Briar RoadREPORT www.ey.com FINANCIAL 2025 St. Clair, Port of Spain Trinidad

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS INDEPENDENT AUDITOR’S REPORT OF ANSA McAL LIMITED Report on the Audit of theMcAL Consolidated Financial Statements TO THE SHAREHOLDERS OF ANSA LIMITED

Report on theOpinion Audit of the Consolidated Financial Statements (Continued) We have audited the consolidated financial statements of ANSA McAL Limited and its subsidiaries (“the Group”), which comprise the consolidated statement of financial position as at 31 December 2025, and the Key Audit Matters (Continued) consolidated statement of income, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial(continued) statements, including material accounting policy Key Audit Matters How our auditinformation. addressed the key audit matter

Allowance for Expected Credit Losses (ECLs) In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the (continued) consolidated financial position of the Group as at 31 December 2025 and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards. Other significant areas of judgement included: In determining the reasonableness of the ECL overlay applied on the net investment in leased Basis for Opinion  the interpretation of the requirements to determine assets, we reviewed management's assessment. impairment the application 9, which Weunder conducted our auditofinIFRS accordance with International Standards on Auditing (“ISAs”). Our responsibilities ECLs calculated on an individual basis, of wethe Consolidated is reflected in the Group's ECL models; under those standards are further describedFor in the Auditor’s Responsibilities for the Audit tested the factors underlying the impairment Financial section our report.  the application of Statements assumptions whereofthere was We are independent of the Group in accordance with the International identification and of quantification including forecasts Ethics Standards Board for Accountants’ International Code Ethics for Professional Accountants (including limited or incomplete data; of the amount and timing of future cash flows, International Independence Code”), as applicable to audits of consolidated financial  the identification of exposures with aStandards) significant(“IESBA valuation of assigned collateral and estimates of to audits of the statements of public interest entities, together with the ethical requirements that are relevant deterioration in credit quality; on default. consolidated financial statements of public recovery interest entities in Trinidad and Tobago. We have also fulfilled our  assumptions used in the ECL model such as the other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have financial condition the counterparty or valuation We utilised ourour EYopinion. valuation specialists to assess obtained isofsufficient and appropriate to provide a basis for of security; the appropriateness of the key assumptions used in  the need Key to apply Auditoverlays, Mattersthe quantification of the models and valuations included within collateral which can be highly subjective, to reflect current or reports. Key audit matters matters that, in our professional judgement, were of most significance in our audit future external factors that are arethose not appropriately Finally, weperiod. focused on the adequacy the Group’s of the consolidated financial statements of the current These matters were of addressed in the context of our captured by ECL model; and consolidated financial statement disclosures as to and we do not audit of the consolidated financial statements as a whole, and in forming our opinion thereon,  additional credit risk that could stem from macroappropriately reflected the requirements separate opinionofonthe these matters.whether For eachit matter below, our description of how our audit addressed economicprovide factors,a on the ability Group's of the IFRS Accounting Standards. the matter is provided in that context. customers/investors to meet their financial commitments. We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Consolidated Statements section Given the combination of Financial inherent subjectivity in the of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material valuation, and the material nature of the balance, we misstatement of the consolidated financial statements. The results of our audit procedures, including the considered the measurement of ECLs to be a key audit procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying matter in our audit of the consolidated financial consolidated financial statements. statements.

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Ernst & Young Services Limited Tel: +1 868 628 1105 P.O. Box 158 Fax: +1 868 622 1153 5/7 Sweet Briar Road www.ey.com St. Clair, Port of Spain TrinidadFINANCIAL REPORT 2025

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF ANSA McAL LIMITED Report on the Audit of the Consolidated Financial Statements INDEPENDENT AUDITOR’S REPORT Opinion TO THE SHAREHOLDERS OF ANSA McAL LIMITED We audited consolidated financialStatements statements of ANSA McAL Limited and its subsidiaries (“the Report on thehave Audit of thethe Consolidated Financial Group”), which comprise the consolidated statement of financial position as at 31 December 2025, and the (Continued) consolidated statement of income, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated Key Audit Matters financial statements, including material accounting policy information. (Continued) In our opinion, the accompanying consolidatedHow financial statements present fairly, in all matter material respects, the Key Audit Matters (continued) our audit addressed the key audit consolidated financial position of the Group as at 31 December 2025 and its consolidated financial performance Fair value measurement of investment securities and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards. and related disclosures Basis for Opinion Refer to the related disclosures in Notes 3, 9 and 32 We independently tested the pricing on quoted and accounting policy Note 2 (xvii). securities, Standards and utilized valuation specialists to We conducted our audit in accordance with International on EY Auditing (“ISAs”). Our responsibilities assess the appropriateness of pricing models used by under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated The Group investsStatements in various investment securities, of are theindependent Group. Thisofincluded: Financial section of our report. We the Group in accordance with the International which $2.6 billion is carried at fair value in the Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including consolidated statementIndependence of financial position as at(“IESBA 31 • An assessment of tothe pricing model financial International Standards) Code”), as applicable audits of consolidated December 2024. Additionally, the fair values are methodologies and assumptions against industry statements of public interest entities, together with the ethical requirements that are relevant to audits of the disclosedconsolidated in Note 32 (vi) for $2.4 billion ofof investment valuation guidelines. financial statements public interestpractice entities and in Trinidad and Tobago. We have also fulfilled our securities carried at amortised cost in the consolidated other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have statement of financial position. these assets, $1.4 •a basis Testing inputs used, including cash flows obtained is sufficient andOfappropriate to provide for of ourthe opinion. billion is related to investments for which no and other market based data. published prices in Matters active markets are available and Key Audit have been classified as Level 2 and Level 3 assets • Assessing the reasonableness of the Group’s within the Accounting Standards yield curves. KeyIFRS audit matters are those mattersfair that,value in our professional judgement, were of most significance in our audit hierarchy. of the consolidated financial statements of the current period. These matters were addressed in the context of our • aAn evaluation of the reasonableness of other audit of the consolidated financial statements as whole, and in forming our opinion thereon, and we do not assumptions applied such as credit spreads Valuation techniques for these investment securities provide a separate opinion on these matters. For each matter below, our description of how our and audit addressed the volatility in the market. can be the subjective nature inand matter is in provided that involve context. various assumptions regarding pricing factors, particularly in • The of valuation calculations a potentially distressed macroeconomic environment. We have fulfilled the responsibilities described in re-performance the Auditor’s Responsibilities for the on Audit of the a sample basis ofininternally that Associated risk management complex Consolidated Financialdisclosure Statementsissection of our report, including relation topriced these securities matters. Accordingly, our were classified as to higher risk and estimation. and dependent on high quality data. A specific area of designed audit included the performance of procedures to respond our assessment of the risks of material audit focus includes theofdetermination of fairfinancial value of statements. The results of our audit procedures, including the misstatement the consolidated • An assessment impairment Level 2 and Level 3 assets where valuation techniques procedures performed to address the matters below, provide the basisof formanagement's our audit opinion on the accompanying are applied in which unobservable inputs are used. analysis, including underlying indicators. consolidated financial statements.

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Ernst & Young Services Limited P.O. Box 158 5/7 Sweet Briar Road St. Clair, Port of Spain Trinidad

Tel: +1 868 628 1105 Fax: +1 868 622 1153 www.ey.com

FINANCIAL REPORT 2025

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF ANSA McAL LIMITED

Report on the Audit of the Consolidated Financial Statements INDEPENDENT AUDITOR’S REPORT Opinion TO THE SHAREHOLDERS OF ANSA McAL LIMITED We have audited the consolidated financial statements of ANSA McAL Limited and its subsidiaries (“the Group”), which comprise the Financial consolidated statement of financial position as at 31 December 2025, and the Report on the Audit of the Consolidated Statements consolidated statement of income, consolidated statement of comprehensive income, consolidated statement of (Continued) changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information. Key Audit Matters (Continued) In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Group How as at 31 2025 andthe itskey consolidated financial performance Key Audit consolidated Matters (continued) ourDecember audit addressed audit matter and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards. Fair value measurement of investment securities and related disclosures (continued) Basis for Opinion For Level 2 assets, these techniques include the use of Finally, we assessed whether the consolidated conducted our auditreference in accordance with financial Internationalstatement Standards ondisclosures, Auditing (“ISAs”). Our responsibilities including recent arm’sWelength transactions, to other under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated instruments that are substantially the same and sensitivity to key inputs and the IFRS Accounting Financial sectionmaximum of our report. are independent ofhierarchy, the Group appropriately in accordancereflect with the International Standards fair value discounted cash flow Statements analyses, making use We Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including of market inputs, such as the market risk free yield the Group’s exposure to financial instrument International Independence Standards) (“IESBA Code”), as applicable to audits of consolidated financial valuation risk. curve. statements of public interest entities, together with the ethical requirements that are relevant to audits of the consolidatedoffinancial public interest entities in Trinidad and Tobago. We have also fulfilled our As the determination the fairstatements value for ofcertain other ethical responsibilities in accordance investment securities is a key source of estimation with the IESBA Code. We believe that the audit evidence we have is sufficient and appropriate to provide a basis for our opinion. uncertainty,obtained is subject to differing underlying assumptions and represents a material balance and Keydeemed Audit this Matters disclosure, we to be a key audit matter in our audit of the consolidated financial statements. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.

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Ernst & Young Services Limited Tel: +1 868 628 1105 P.O. Box 158 Fax: +1 868 622 1153 5/7 Sweet Briar Road www.ey.com FINANCIAL St. Clair, Port of Spain REPORT 2025 Trinidad

Key AuditIn Matters (continued) How our audit addressed the key audit matter our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the Estimationconsolidated uncertaintyfinancial involved in impairment position of the Group as at 31 December 2025 and its consolidated financial performance testing of and goodwill and other its consolidated cashintangibles flows for thewith year then ended in accordance with IFRS Accounting Standards. indefinite lives Basis for Opinion Refer to related disclosures in Notes 3 and 6, and We evaluated and assessed the Group's process for conducted accordance with International on Auditing (“ISAs”).testing Our responsibilities goodwill andStandards other intangibles impairment accountingWe policy Notes 2our (vii)audit and in 2 (ix). under those standards are further described in Responsibilities for impairment the Audit oftest the Consolidated asthe wellAuditor’s as whether the value in use Financial Statements section of ourtests report. are independent theGroup Groupmet in accordance with the International utilized byofthe the requirements As described in these notes, impairment are Wemodel Standards Boardand for Accountants’ performed Ethics annually on goodwill indefinite lifeInternational of IAS 36. Code of Ethics for Professional Accountants (including International Independence Standards) (“IESBA Code”), as applicable to audits of consolidated financial intangibles which arose mainly from past business Wewithreviewed assessedthat management's statements of public interest together the ethical and requirements are relevant to audits of the combinations and which amount to entities, $1.6 billion judgments utilised in the impairment test,We including consolidated financial statements of public interest entities in Trinidad and Tobago. have also fulfilled our contained across multiple separate Cash Generating the cash-flow discount rate.audit evidence we have other responsibilities the IESBAprojections Code. Weand believe that the Units (CGUs) as ethical at 31 December 2025. in accordance with obtained is sufficient and appropriate to provide a basis for our opinion. As required by IAS 36: “Impairment of Assets”, the We also evaluated the CGU determination and Key Audit Group performed theMatters requisite annual impairment assessed the reasonableness of the key assumptions tests which involve the estimation of the recoverable utilised, by comparing to historical performance of matters are those matters that, in our of mostand significance the professional CGU, localjudgement, economic were conditions other in our audit amounts ofKey theaudit separate CGUs, inherent in which of the consolidated statements of thealternative current period. These matters wereof addressed in the context of our independent sources information, there is significant estimationfinancial uncertainty and the of the consolidated financial as a available. whole, and in forming our opinion thereon, and we do not applicationaudit of a high level of judgment relativestatements to key where provide opinion on theserate matters. assumptions such asa separate the applicable discount and For each matter below, our description of how our audit addressed the matter is provided in that context. forecast future cash-flows. We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.

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Ernst & Young Services Limited Tel: +1 868 628 1105 P.O. Box 158 Fax: +1 868 622 1153 5/7 Sweet Briar Road www.ey.com St. Clair, Port of Spain REPORT 2025 FINANCIAL Trinidad

Key AuditInMatters (continued) How our audit addressed the key audit matter our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the Estimationconsolidated uncertainty involved in impairment financial position of the Group as at 31 December 2025 and its consolidated financial performance testing ofand goodwill and other its consolidated cashintangibles flows for thewith year then ended in accordance with IFRS Accounting Standards. indefinite lives (continued) Basis for Opinion In determining recoverable amounts, the Group uses We involved our EY valuation specialist to assist Weand conducted ourrelative audit intoaccordance with International Standards on Auditing (“ISAs”).ofOur with our audit of the appropriateness theresponsibilities assumptions estimates future market standards are expected further described the Auditor’s for the the Audit the Consolidated testResponsibilities model, including future of cash conditions,under futurethose economic growth, market inimpairment Financial section of our report. are independent the Group in accordance with the International projections,ofdiscount rate, long term growth share, discount ratesStatements and terminal growth rates. TheWeflows Standardstesting Board isfor Accountants’ of Ethics for Professional (including rates and Code the evaluation of the sensitivityAccountants of test outcome ofEthics the impairment sensitive to theseInternational International Independence Standards) (“IESBA Code”), as applicable to audits of consolidated financial results to assumptions and estimates, such that changes in these a variation of these assumptions. statements of may public result interest in entities, together with the ethical requirements that are relevant to audits of the assumptions/estimates different financial statements of public interest entities in Trinidad and Tobago. We have also impairmentconsolidated test conclusions. We also assessed the adequacy of the disclosures in fulfilled our other ethical responsibilities in accordance with IESBA We believe that the audit evidence we have the the notes to theCode. consolidated financial statements, is sufficient and appropriate to provide for our opinion. Given the obtained high level of judgment and estimation witha basis reference to that prescribed by IFRS uncertainty involved in the selection of appropriate Accounting Standards. Key Matters assumptions andAudit the relative complexities inherent in the impairment testing process, we considered this to Keymatter audit matters are those matters that, in our professional judgement, were of most significance in our audit be a key audit in our audit. of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.

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Ernst & Young Services Limited Tel: +1 868 628 1105 P.O. Box 158 Fax: +1 868 622 1153 5/7 Sweet Briar Road www.ey.com FINANCIAL REPORT 2025 St. Clair, Port of Spain Trinidad

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF ANSA McAL LIMITED INDEPENDENT AUDITOR’S REPORT Report on the Audit of the Consolidated Financial Statements TO THE SHAREHOLDERS OF ANSA McAL LIMITED Opinion Report on the Audit of the Consolidated Financial Statements We have audited the consolidated financial statements of ANSA McAL Limited and its subsidiaries (“the (Continued) Group”), which comprise the consolidated statement of financial position as at 31 December 2025, and the consolidatedincluded statement consolidated statement Other information inof theincome, Group’s 2025 Annual Reportof comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, material accounting information. Other information consists ofincluding the information included inpolicy the Group’s 2025 Annual Report, other than the consolidated financial statements and our auditor’s report thereon. Management is responsible for the other In our accompanying consolidated statements fairly, allofmaterial respects, the information. Theopinion, Group’sthe 2025 Annual Report is expectedfinancial to be made availablepresent to us after the in date this auditor’s consolidated financial position of the Group as at 31 December 2025 and its consolidated financial performance report. and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards. Our opinion on the consolidated financial statements does not cover the other information and we will not express for Opinion any formBasis of assurance conclusion thereon. We conducted our audit in accordance with International Standards on Auditing (“ISAs”). Our responsibilities In connection with our audit of the consolidated financial statements, our responsibility is to read the other under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated information identified above when it becomes available and, in doing so, consider whether the other information Financial Statements section of our report. We are independent of the Group in accordance with the International is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including otherwise appears to be materially misstated. International Independence Standards) (“IESBA Code”), as applicable to audits of consolidated financial statementsofofManagement public interestand entities, together with the Committee ethical requirements are relevantFinancial to audits of the Responsibilities the Audit and Risk for the that Consolidated consolidated financial statements of public interest entities in Trinidad and Tobago. We have also fulfilled our Statements other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficientforand provide a basis for our Management is responsible theappropriate preparationtoand fair presentation of opinion. the consolidated financial statements in accordance with IFRS Accounting Standards and for such internal control as management determines is necessary Key Audit Matters to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the of management the current period. These matters were addressed in the context In preparing theconsolidated consolidatedfinancial financialstatements statements, is responsible for assessing the Group’s ability to of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we continue as a going concern, disclosing, as applicable, matters related to going concern and using the going do not separate opinion these matters. Forintends each matter below,the ourGroup description of howoperations, our audit addressed concern provide basis of aaccounting unless on management either to liquidate or to cease or the matter is provided in that context. has no realistic alternative but to do so.

We theisresponsibilities described the in the Auditor’s Responsibilities for the Audit of the The Audit andhave Risk fulfilled Committee responsible for overseeing Group’s financial reporting process. Consolidated Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance designedFinancial to respond to our assessment of the risks of material Auditor’s Responsibilities for the Auditofofprocedures the Consolidated Statements misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures to address the matters below, provide the basis for our audit opinion on the Our objectives are toperformed obtain reasonable assurance about whether the consolidated financial statements as aaccompanying whole consolidated statements. are free from materialfinancial misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. 3

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Ernst & Young Services Limited Tel: +1 868 628 1105 P.O. Box 158 Fax: +1 868 622 1153 5/7 Sweet Briar Road www.ey.com FINANCIAL REPORT 2025 St. Clair, Port of Spain Trinidad



Key Audit Conclude on Matters the appropriateness of management’s use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that Key audit matters are those matters that, in our professional judgement, were of most significance in our audit may cast significant financial doubt onstatements the Group’s to continue as a going concern. If we conclude that a of our of the consolidated of ability the current period. These matters were addressed in the context material uncertainty exists, we are required to draw attention in our auditor’s report to the related audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not disclosures in the consolidated financial statements or, matter if suchbelow, disclosures are inadequate, to our modify provide a separate opinion on these matters. For each our description of how auditour addressed opinion. Ourisconclusions on the audit evidence obtained up to the date of our auditor’s report. the matter provided in are thatbased context. However, future events or conditions may cause the Group to cease to continue as a going concern. We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements sectionand of our report, including in relation to these matters. including Accordingly, our Evaluate the overall presentation, structure content of the consolidated financial statements, audit included the performance of procedures designed to respond to our assessment of the risks of material the disclosures, and whether the consolidated financial statements represent the underlying transactions misstatement of the consolidated financial statements. The results of our audit procedures, including the and events in a manner that achieves fair presentation. procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements. Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the group audit. We remain solely responsible for our audit opinion. 3

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FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars)

Assets Non-current assets Property, plant and equipment Investment properties Intangible assets Right-of-use assets Investment in associates and joint venture interests Investment securities Loans, advances and other assets Reinsurance contract assets Deferred tax assets Employee benefits asset

Current assets Inventories Trade, other receivables and contract assets Investment securities Loans, advances and other assets Reinsurance contract assets Cash and short term deposits TOTAL ASSETS

Notes

2025

2024 Restated

4 5 6 7 8 9 10 20 11 12

3,137,992 213,866 2,746,365 107,141 257,574 3,270,888 2,388,894 49,414 283,205 1,000,246

2,967,085 269,331 2,819,815 83,950 254,692 3,046,591 2,319,811 43,548 266,661 989,396

13,455,585

13,060,880

1,295,266 1,413,715 1,755,494 481,539 315,412 1,901,303 7,162,729

1,280,088 1,156,588 1,668,335 484,466 285,319 2,239,746 7,114,542

20,618,314

20,175,422

14 15 9 10 20 16

The accompanying notes form an integral part of these consolidated financial statements.

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FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) Notes 2025

2024 Restated

175,566 305,666 (30,499) 8,294,775

175,566 331,508 (25,221) 7,755,499

Equity attributable to equity holders of the Parent Non-controlling interests

8,745,508 1,122,272

8,237,352 1,108,473

Total equity

9,867,780

9,345,825

760,755 128,979 625,098 70,588 2,047,851 1,600,980 17,310

679,173 123,077 401,452 58,779 2,346,620 1,556,333 17,798

5,251,561

5,183,232

18 7

2,951,065 43,557

3,128,887 30,204

19 20 21

309,214 611,956 1,526,018 57,163 5,498,973

304,889 596,871 1,545,819 39,695 5,646,365

Total liabilities

10,750,534

10,829,597

TOTAL EQUITY AND LIABILITIES

20,618,314

20,175,422

EQUITY AND LIABILITIES Equity Stated capital Other reserves Treasury shares Retained earnings

Non-current liabilities Deferred tax liabilities Employee benefits liability Customers' deposits and other funding instruments Lease liabilities Medium and long term notes and other borrowings Insurance contract liabilities Other non-current liabilities Current liabilities Customers' deposits and other funding instruments Current portion of lease liabilities Current portion of medium and long term notes and other borrowings Insurance contract liabilities Trade and other payables Taxation payable

17 17 17

11 12 18 7 19 20 21

The accompanying notes form an integral part of these consolidated financial statements. These consolidated financial statements were authorized for issue by the Board of Directors on 19 March 2026 and signed on their behalf by: ___________________________Director

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_________________________Director 16

ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars)

Continuing operations Revenue from contracts with customers Other revenue

Notes 22 24

Year ended 31 December 2025 2024 Restated 6,452,071 5,892,826 1,336,297 1,228,198

Total revenue

23, 24

7,788,368

7,121,024

Operating profit

1,182,652

961,626

Finance costs

(191,240)

(67,909)

Share of results of associates and joint venture interests

22,792

29,052

1,014,204

922,769

(318,123)

(243,932)

696,081

678,837

(26,762) 669,319

(3,291) 675,546

565,170 104,149

571,325 104,221

669,319

675,546

Profit before taxation from continuing operations Taxation expense

Profit for the year from continuing operations Discontinued operations Loss for the year from discontinued operations Profit for the year

Attributable to: Equity holders of the Parent Non-controlling interests

Earnings per share: Basic (expressed in $ per share) Diluted (expressed in $ per share)

28 28

$3.28 $3.28

$3.32 $3.32

Earnings per share for continuing operations: Basic (expressed in $ per share) Diluted (expressed in $ per share)

28 28

$3.44 $3.44

$3.34 $3.34

The accompanying notes form an integral part of these consolidated financial statements.

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FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars)

Notes Profit for the year Other comprehensive income/(loss) Items that may be reclassified subsequently to profit or loss: Exchange differences on translating foreign operations Mark to market gain/(loss) on investments at fair value through other comprehensive income Income tax impact

Year ended 31 December 2025 2024 Restated 669,319 675,546

8,315

5,509

25,772 (2,938)

(10,570) 700

Net other comprehensive gain/(loss) to be reclassified to profit or loss in subsequent periods

31,149

(4,361)

Items that will not be reclassified subsequently to profit or loss: Mark to market loss on investments at fair value through other comprehensive income Income tax impact

(48,417) 4,397

(84,281) 19,670

Re-measurement loss on defined benefit plans Income tax impact

12 11

(44,840) 10,846

(118,007) 34,364

Net other comprehensive loss not be reclassified to profit or loss subsequent periods

(78,014)

(148,254)

Other comprehensive loss for the year, net of tax

(46,865)

(152,615)

Total comprehensive income for the year, net of tax

622,454

522,931

528,817 93,637

437,589 85,342

622,454

522,931

Attributable to: Equity holders of the Parent Non-controlling interests

The accompanying notes form an integral part of these consolidated financial statements.

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18 ANSA McAL ANNUAL REPORT 2025

175,566

Balance at 31 December 2025 305,666

331,508 – (10,223) (30,260) 14,641 – – – (30,499) 8,294,775

8,745,508

(25,221) 7,755,499 8,237,352 – 565,170 565,170 – (26,130) (36,353) – 42,582 12,322 – (42,336) (27,695) (5,278) – (5,278) – (10) (10) – – –

The accompanying notes form an integral part of these consolidated financial statements.

175,566 – – – – – – –

Balance at 1 January 2025 Profit for the year Other comprehensive loss for the year Discontinued operations Transfers and other movements Net movement in unallocated ESOP shares Dividends (Note 29) Dividends of subsidiaries

Year ended 31 December 2025

Attributable to equity holders of the parent Stated Other Treasury capital reserves shares Retained (Note 17) (Note 17) (Note 17) earnings Total

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars)

ANSA McAL LIMITED AND ITS SUBSIDIARIES

Total equity

1,122,272

9,867,780

1,108,473 9,345,825 104,149 669,319 (10,512) (46,865) (9,702) 2,620 (5,460) (33,155) – (5,278) – (10) (64,676) (64,676)

Noncontrolling interests

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ANSA McAL ANNUAL REPORT 2025

175,566

Balance at 31 December 2024 331,508

354,986 – (57,281) 33,803 – – – (25,221) 7,755,499

8,237,352

(8,760) 7,655,655 8,177,447 – 571,325 571,325 – (76,455) (133,736) – (84,665) (50,862) (16,461) – (16,461) – (310,361) (310,361) – – –

The accompanying notes form an integral part of these consolidated financial statements.

175,566 – – – – – –

Balance at 1 January 2024 Profit for the year Other comprehensive loss for the year Transfers and other movements Net movement in unallocated ESOP shares Dividends (Note 29) Dividends of subsidiaries

Year ended 31 December 2024

Attributable to equity holders of the parent Stated Other Treasury capital reserves shares Retained (Note 17) (Note 17) (Note 17) earnings Total

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued)

ANSA McAL LIMITED AND ITS SUBSIDIARIES

Total equity

1,108,473

9,345,825

1,079,433 9,256,880 104,221 675,546 (18,879) (152,615) (5,146) (56,008) – (16,461) – (310,361) (51,156) (51,156)

Noncontrolling interests

FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) 2025

2024 Restated

1,014,204 (23,967) 990,237

922,769 (16,951) 905,818

550,230 76,530

494,874 35,582

(87,245) (7,239) 81 (17,755) (22,792) (19,474) (261,225) 191,240

(99,594) 13,365 (1,884) (29,052) (18,147) (226,778) 68,504

Operating profit before working capital changes (Increase)/decrease in inventories (Increase)/decrease in trade, other receivables and contract assets Increase in insurance and reinsurance contract assets Increase/(decrease) in trade and other payables Increase/(decrease) in customers' deposits and other funding instruments (Decrease)/increase in other non current liabilities (Increase)/decrease in loans, advances and other assets Increase in insurance and reinsurance contract liabilities Decrease in Central Bank reserve

1,392,588 (15,178) (253,520) (35,959) (19,800)

1,142,688 35,100 52,025 (96,286) (4,814)

45,825 (488) (66,155) 59,733 13,608

(440,951) 8,033 492,377 128,741 62,878

Cash generated from operations Finance costs paid Contributions paid Interest received Taxation paid

1,120,654 (188,135) (30,316) 260,221 (249,427)

1,379,791 (50,106) (29,785) 227,685 (268,335)

912,997

1,259,250

Notes Cash flows from operating activities Profit before taxation from continuing operations Loss before tax from discontinued operations 27 Profit before taxation Adjustments to reconcile net profit to net cash from operating activities: Depreciation 4, 5 ,7 Amortization of intangible assets 6 Net realized and unrealized gain on disposal of property, plant and equipment, investment securities 24 Gain on disposal of subsidiaries 27 Impairment on goodwill and brands 6 Lease modifications and other movements (net) 7 Share of results of associates and joint venture interests 8 Employee benefit net gains Interest and investment income 24 Finance costs 25

Net cash inflow from operating activities

The accompanying notes form an integral part of these consolidated financial statements.

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FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2025

2024 Restated

– (6,730) (16,775)

(2,224,527) – (47,949)

25,612

34,816

(608,811) 15,192 28,647

(539,448) 20,915 –

5,128,977 (5,303,873)

4,894,854 (4,505,346)

(737,761)

(2,366,685)

4,464

2,090,006

19 7 13

(316,684) (22,738) (57,140) –

(128,686) (36,616) (58,481) 38,689

(64,686) –

(51,166) (310,351)

Net cash (outflow)/inflow from financing activities

(456,784)

1,543,395

Net (decrease)/increase in cash and cash equivalents

(281,548)

435,960

1,676

1,748

1,896,786

1,459,078

1,616,914

1,896,786

Notes Cash flows from investing activities Acquisition of subsidiaries, net of cash acquired Acquisition of investment in associates and joint venture interests Acquisition of intangible assets Proceeds from sale of property, plant and equipment and investment properties Purchase of property, plant, equipment and investment properties Dividends received from associates Proceeds from disposal of subsidiaries, net of cash disposed Proceeds from sale, maturity, or placement of investment securities/fixed deposits Purchase of investment securities and fixed deposits

39 8 6

4, 5 8

Net cash outflow from investing activities Cash flows from financing activities Proceeds from medium and long term notes and other borrowings Repayment of medium and long term notes and other borrowings Purchases of treasury shares - net Payment of principal portion of lease liabilities Proceeds from restricted cash Dividends paid to non-controlling interests and preference shareholders Dividends paid to ordinary shareholders

Net foreign exchange differences Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year

The accompanying notes form an integral part of these consolidated financial statements.

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ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) 1. INCORPORATION AND BUSINESS ACTIVITIES ANSA McAL Limited (the “Company” or the “parent company”), incorporated and domiciled in the Republic of Trinidad and Tobago, is the ultimate parent company of a diversified group of companies engaged in trading and distribution, construction, manufacturing, packaging and brewing, banking and insurance and the media, retail and service industries. ANSA McAL Limited and its consolidated subsidiaries (“the Group”) operate in Trinidad and Tobago, the wider Caribbean region and the United States of America. A listing of the Group’s subsidiaries and associates/joint venture interests is detailed in Notes 35 and 8. The Company is a limited liability company with its registered office located at 11 Maraval Road, Port of Spain, Trinidad, West Indies and has a primary listing on the Trinidad and Tobago Stock Exchange. 2. ACCOUNTING POLICIES The material accounting policies applied in the preparation of these consolidated financial statements are set out below: i.

Basis of preparation These consolidated financial statements are expressed in thousands of Trinidad and Tobago dollars (except when otherwise indicated) and have been prepared on a historical cost basis except for the measurement at fair value of certain financial assets measured at fair value. Statement of compliance The consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards. Presentation of consolidated financial statements Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. Income and expenses are not offset in the consolidated statement of income unless required or permitted by any accounting standard or interpretation, and as specifically disclosed in the accounting policies of the Group. Discontinued operations are excluded from the results of continuing operations and are presented in the consolidated statement of income as a single amount as "loss for the year from discontinued operations".

ii.

Basis of consolidation The consolidated financial statements comprise the financial statements of ANSA McAL Limited and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

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Basis of consolidation (continued) Specifically, the Group controls an investee if and only if the Group has: • • •

Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); Exposure, or rights, to variable returns from its involvement with the investee; and The ability to use its power over the investee to affect its returns.

Generally, there is a presumption that a majority of voting rights results in control. When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • • •

The contractual arrangement with the other vote holders of the investee; Rights arising from other contractual arrangements; and The Group’s voting rights and potential voting rights.

The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: • • • • • • •

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Derecognises the assets (including goodwill) and liabilities of the subsidiary; Derecognises the carrying amount of any non-controlling interests; Derecognises the cumulative translation differences recorded in equity; Recognises the fair value of the consideration received; Recognises the fair value of any investment retained; Recognises any surplus or deficit in profit or loss; and Reclassifies the parent’s share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities.

ANSA McAL ANNUAL REPORT 2025

Basis of consolidation (continued) Non-controlling interests includes the interests not held by the Group in the ANSA Merchant Bank Limited, Colonial Fire and General Insurance Limited, Tatil Life, Trinidad and Tobago Insurance Limited, Guardian Media Limited, Caribbean Development Company Limited, Carib Brewery Limited, Carib Brewery (St Kitts & Nevis) Limited, Carib Brewery (Grenada) Limited and Berger Paints Jamaica Limited, a subsidiary of ANSA Coatings International Limited.

iii.

Changes in accounting policies and disclosures The accounting policies adopted in the preparation of these consolidated financial statements are consistent with those followed in the preparation of the Group’s annual financial statements for the year ended 31 December 2024 except for the adoption of new standards and interpretations noted below. New and amended standards and interpretations Lack of exchangeability - Amendments to IAS 21 For annual reporting periods beginning on or after 1 January 2025, Lack of Exchangeability Amendments to IAS 21 The effects of Changes in Foreign Exchange Rates specifies how an entity should assesses whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity's financial performance, financial position and cash flows. This amendment had no impact on the Group’s consolidated financial statements.

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Changes in accounting policies and disclosures (continued) New and amended standards and interpretations (continued) Standards issued but not yet effective The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group's consolidated financial statements are: •

Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments – effective 1 January 2026

•

Amendments to IFRS 9 and IFRS 7: Power Purchase Agreements – effective 1 January 2026

• •

IFRS 18: Presentation and Disclosure in Financial Statements: Replaces IAS 1 Presentation of Financial Statements – effective 1 January 2027

•

IFRS 19: Subsidiaries without Public Accountability: Disclosures – effective 1 January 2027 Amendment to IAS 21: Transaction to a hyperinflationary presentation currency - effective 1 January 2027

•

Improvements to International Financial Reporting Standards The annual improvements process of the International Accounting Standards Board deals with non-urgent but necessary clarifications and amendments to IFRS. The following amendments are applicable to annual periods beginning on or after 1 January 2026:

• •

IFRS 1 – First-time Adoption of International Financial Reporting Standards - Hedge accounting by a first-time adopter IFRS 7 Financial Instruments: Disclosures - Gain or loss on derecognition IFRS 9 Financial Instruments - Derecognition of lease liabilities and Transaction price

• •

IFRS 10 Consolidated Financial Statements - Determination of a ‘de facto agent IAS 7 Statement of Cash Flows - Cost method

•

The Group has not early adopted these new and amended standards and interpretations but will continue to assess and does not anticipate that these new standards and interpretations will have a material impact on the Group's consolidated financial statements when they become effective, except as described below. IFR18: presentation and disclosure in financial statements becomes applicable for the Group from the financial reporting period ended 31 December 2027. The Group is currently assessing the impact of this new standard which is expected to result in new presentation and disclosure requirements on the primary financial statements and the notes, when adopted.

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Current versus non-current distinction The Group presents assets and liabilities in the consolidated statement of financial position based on current/non-current classification. An asset is current when it is: • • • •

Expected to be realised or intended to be sold or consumed in a normal operating cycle; Held primarily for the purpose of trading; Expected to be realised within twelve months after the reporting period; or Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current. A liability is current when: • • • •

It is expected to be settled in the normal operating cycle; It is held primarily for the purpose of trading; It is due to be settled within twelve months after the reporting period; or There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. v.

Investment in associates and joint arrangements An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Group’s investments in its associate and joint venture interests are accounted for using the equity method. Under the equity method, the investment in an associate or a joint venture is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group’s share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is neither amortised nor individually tested for impairment separately.

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Investment in associates and joint arrangements (continued) The consolidated statement of income reflects the Group’s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group's OCI. Unrealised gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The aggregate of the Group’s share of profit or loss of an associate and a joint venture is shown on the face of the consolidated statement of income outside operating profit and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate or joint venture. The financial statements of the joint venture and some associates are prepared for the same reporting period as that of the Group. For other associates with different reporting dates, these dates were established when those companies were incorporated and have not been changed. Where the reporting dates are within three months of the Group’s year end, the associates’ audited financial statements are utilised. Where the reporting dates differ from the Group’s year end by more than three months or the audited financial statements are not yet available, management accounts are utilised. Further, the financial statements of these associates are adjusted for the effects of significant transactions or events that occurred between that date and the Group’s year end. When necessary, adjustments are also made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss within ‘Share of profit of an associate and a joint venture’ in the consolidated statement of income. Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognised in the consolidated statement of income.

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Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition-date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the acquirer measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs incurred are expensed and included in administrative expenses. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. If the business combination is achieved in stages, the fair value of the acquirer’s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date through profit or loss. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the Scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognised in the statement of profit and loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognised in the consolidated statement of income.

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Business combinations and goodwill (continued) Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the re-assessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in the consolidated statement of income. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed in this circumstance is measured based on the relative values of the operation disposed and the portion of the cash-generating unit retained.

vii.

Impairment of non-financial assets Intangible assets that have an indefinite useful life or intangible assets not ready for use are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). Prior impairments of nonfinancial assets (other than goodwill) are reviewed for possible reversal at each reporting date.

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Impairment of non-financial assets (continued) In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year. Impairment losses of continuing operations are recognised in the consolidated statement of income in expense categories consistent with the function of the impaired asset, except for properties previously revalued with the revaluation taken to OCI. For such properties, the impairment is recognised in OCI up to the amount of any previous revaluation. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the consolidated statement of income unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase. Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.

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Impairment of financial assets Further disclosures relating to impairment of financial assets are also provided in the following notes: •

Disclosures for significant assumptions (Note 3)

•

Debt instruments at fair value through statement of income and OCI (Note 33)

•

Trade receivables, including contract assets (Note 33)

The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted where applicable for forward-looking factors specific to the debtors and the economic environment. The Group considers a financial asset in default when contractual payments are 90-180 days past due depending on the nature of the financial asset. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

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Intangible assets Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the Group’s interest in the fair value of the net identifiable assets, liabilities and contingent liabilities of the acquiree and the fair value of the noncontrolling interest in the acquiree. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (CGUs), or groups of CGUs, that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the CGU level. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed. Brands, licenses and contracts Separately acquired brands, licenses and contracts are measured on initial recognition at cost. Following initial recognition, these intangible assets are carried at cost less any accumulated amortisation or impairment. Brands, licenses and contracts acquired in a business combination are recognised at fair value at the acquisition date. In respect of the Group’s brands and licenses which have been assessed to have an indefinite useful life, impairment tests are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. Those which are assessed to have a finite life are amortised on a straight line basis over the expected economic life and assessed for impairments, whenever there is an indication that the intangible assets maybe impaired. The amortisation method and period for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period.

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Intangible assets (continued) Computer software Costs associated with maintaining computer software programs are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the following criteria are met: •

It is technically feasible to complete the software product so that it will be available for use or sale;

•

Management intends to complete the software product and intend to use or sell it;

•

There is an ability to use or sell the software product;

•

It can be demonstrated how the software product will generate probable future economic benefits;

•

Adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and

•

The expenditure attributable to the software product during its development can be reliably measured.

Following initial recognition, the development cost asset is carried at cost less any accumulated amortization and impairment losses. Amortisation of the asset commences when development is complete and the asset is available for use. Directly attributable costs capitalised as part of the software product include the software development employee costs and an appropriate portion of relevant overheads. Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Computer software development costs recognised as assets are amortised on a straight line basis over their estimated useful lives, which do not exceed ten (10) years.

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Cash and short term deposits Cash and short term deposits in the consolidated statement of financial position comprise cash at banks and on hand and short term deposits with an original maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short term deposits as defined above, net of fixed deposits and the Central Bank reserve (Note 16).

xi.

Foreign currency translation The Group’s consolidated financial statements are presented in Trinidad and Tobago dollars (expressed in thousands), which is also the parent company’s functional currency. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. Transactions and balances Transactions in foreign currencies are initially recorded in the functional currency at the rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Trinidad and Tobago dollars at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities are translated using exchange rates that existed at the dates of the initial transactions. Exchange differences arising on settlement or translation of monitory items are recognised in the consolidated statement of income. Foreign entities On consolidation, assets and liabilities of foreign entities are translated into Trinidad and Tobago dollars at the rate of exchange ruling at the reporting date and their statements of income are translated at the exchange rates prevailing at the date of the transactions. The exchange differences arising on re-translation are recognised in other comprehensive income and accumulated in equity. On disposal of a foreign operation, the deferred cumulative amount recognised in other comprehensive income relating to that particular foreign operation is recognised in the consolidated statement of income. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are translated at the rate of exchange prevailing at the end of the reporting period. Exchange differences arising are recognised in other comprehensive income.

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Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds.

xiii.

Property, plant and equipment Capital work in progress is stated at cost, net of accumulated impairment losses, if any. Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such parts as individual assets with specific useful lives and depreciates them accordingly. All other repairs and maintenance costs are charged to the consolidated statement of income when incurred. The freehold buildings of non-manufacturing companies are depreciated on the straight line basis at 2% per annum. Depreciation on the freehold buildings of the major manufacturing subsidiaries is charged on the straight line basis at rates varying between 2% and 5%. Land and capital work in progress are not depreciated. Depreciation is provided on plant and other assets, either on the straight line or reducing balance basis, at rates varying between 5% and 33 1/3% which are considered sufficient to write off the assets over their estimated useful lives. The residual values, estimated useful lives and methods of depreciation of property, plant and equipment are reviewed annually and adjusted prospectively if appropriate. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset is included in the consolidated statement of income.

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Investment properties Investment properties principally comprise office buildings and land not occupied by the Group, which are held for long term rental yields and capital appreciation. Investment properties are classified as non-current assets and carried at cost less accumulated depreciation and accumulated impairment losses. Buildings are depreciated on a straight line basis at a rate of 2% per annum. Land is not depreciated. Investment properties are derecognised either when they have been disposed of (i.e., at the date the recipient obtains control) or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in the period of derecognition. The amount of consideration to be included in the gain or loss arising from the derecognition of investment property is determined in accordance with the requirements for determining the transaction price in IFRS 15: Revenue from contracts with customers. Transfers are made to or from investment property only when there is a change in use. If owner occupied property becomes investment property, the Group accounts for such property in accordance with the policy under property, plant and equipment up to the date of change in use.

xv.

Financial instruments – initial recognition Measurement categories of financial assets and liabilities The Group classifies all of its financial assets based on the business model for managing the assets and the asset’s contractual terms, measured at either: • • •

Amortised cost, as explained in Note 2 (xvi) below. FVOCI, as explained in Note 2 (xvi) below. FVSI

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Financial assets and liabilities Financial assets

Initial recognition and subsequent measurement All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace. All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets. Amortised cost and effective interest method Debt instruments that meet the following conditions are subsequently measured at amortised cost less impairment loss (except for debt instruments that are designated as at fair value through the statement of income on initial recognition):  the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and  the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest ("SPPI") on the principal amount outstanding ("the SPPI test"). The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Income is recognised on an effective interest basis for debt instruments measured subsequently at amortised cost. Interest income is recognised in the consolidated statement of comprehensive income and is further disclosed in Note 24.

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Financial assets and liabilities (continued) Financial assets (continued)

Initial recognition and subsequent measurement (continued) Financial assets at fair value through other comprehensive income (FVOCI) Equity instruments at fair value through other comprehensive income (FVOCI) On initial recognition, the Group can make an irrevocable election (on an instrument-byinstrument basis) to designate investments in equity instruments as at FVOCI. Designation at FVOCI is not permitted if the equity investment is held for trading. A financial asset is held for trading if:  it has been acquired principally for the purpose of selling it in the near term; or  on initial recognition it is part of a portfolio of identified financial instruments that the Group manages together and has evidence of a recent actual pattern of short-term profittaking; or  it is a derivative that is not designated and effective as a hedging instrument or a financial guarantee. Investments in equity instruments at FVOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and accumulated in other reserves. The cumulative gain or loss will not be reclassified to the statement of income on disposal of the investments. Debt instruments at fair value through other comprehensive income (FVOCI) The Group applied the FVOCI category under IFRS 9, for debt instruments measured at fair value through other comprehensive income when both of the following conditions are met:  the instrument is held within a business model, the objective of which is achieved by both collecting contractual cash flows and selling financial assets, and  the contractual cash flows of an asset give rise to payments on specified dates that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding (“the SPPI test”).

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Financial assets and liabilities (continued) Financial assets (continued)

Initial recognition and subsequent measurement (continued) Financial assets at fair value through other comprehensive income (FVOCI) (continued) Debt instruments at fair value through other comprehensive income (FVOCI) (continued) FVOCI debt instruments are subsequently measured at fair value with gains and losses arising due to changes in fair value recognised in other comprehensive income. Interest income is recognised in profit or loss in the same manner as for financial assets measured at amortised cost. Financial assets at fair value through statement of income (FVSI) Investments in equity instruments are classified as FVSI, unless the Group designates an investment that is not held for trading as FVOCI on initial recognition. The Group has designated all investments in equity instruments that are held for trading as FVSI on initial application of IFRS 9. Debt instruments that do not meet the amortised cost criteria are measured as FVSI. In addition, debt instruments that meet the amortised cost criteria but are designated as FVSI are measured at FVSI. A debt instrument may be designated as FVSI upon initial recognition if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would arise from measuring assets or liabilities or recognising the gains and losses on them on different bases. Debt instruments are reclassified from amortised cost to FVSI when the business model is changed such that the amortised cost criteria are no longer met. Reclassification of debt instruments that are designated as FVSI on initial recognition is not allowed. The Group has not designated any debt instrument as FVSI. Financial assets at FVSI are measured at fair value at the end of each reporting period, with any gains or losses arising on remeasurement recognised in the statement of income. The net gain or loss recognised in the consolidated statement of income is further presented in Note 24. Fair value is determined in the manner described in Note 32. Interest income on debt instruments designated at FVSI is included in the net gain or loss described above.

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2. ACCOUNTING POLICIES (continued) xvi.

Financial assets and liabilities (continued) Financial assets (continued)

Initial recognition and subsequent measurement (continued) Financial assets at fair value through statement of income (FVSI) (continued) Dividend income on investments in equity instruments at FVSI is recognised in the statement of income when the Group’s right to receive the dividends is established in accordance with IFRS 15: Revenue from contracts with customers and is included in the net gain or loss described above. Foreign exchange gains and losses The fair value of financial assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. The foreign exchange component forms part of its fair value gain or loss. Therefore:  for financial assets that are classified as FVSI, the foreign exchange component is recognised in the consolidated statement of income;  for equity instruments that are designated as FVOCI, any foreign exchange component is recognised in other comprehensive income;  for debt instruments that are designated as FVOCI, any foreign exchange component is recognised in the consolidated statement of income; and  for foreign currency denominated debt instruments measured at amortised cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortised cost of the financial assets and are recognised in the ‘investment income’ line item in the consolidated statement of income.

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2. ACCOUNTING POLICIES (continued) xvi.

Financial assets and liabilities (continued) Financial assets (continued)

Impairment of financial assets Overview of the ECL principles The Group uses the general probability of default approach when calculating ECLs. The ECL allowance is based on the credit losses expected to arise over the life of the asset (the lifetime expected credit loss or LTECL), unless there has been no significant increase in credit risk since origination, in which case, the allowance is based on the 12 months’ expected credit loss (12mECL) as outlined in the sub-section below "The Calculation of ECLs". The Group’s policies for determining if there has been a significant increase in credit risk are set out in Note 33. The 12mECL is the portion of LTECLs that represent the ECLs that result from default events on a financial instrument that are possible within the 12 months after the reporting date. Both LTECLs and 12mECLs are calculated on either an individual basis or a collective basis, depending on the nature of the underlying portfolio of financial instruments. The Group has established a policy to perform an assessment, at the end of each reporting period, of whether a financial instrument’s credit risk has increased significantly since initial recognition, by considering the change in the risk of default occurring over the remaining life of the financial instrument. This is further explained in Note 33.

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2. ACCOUNTING POLICIES (continued) xvi.

Financial assets and liabilities (continued) Financial assets (continued)

Impairment of financial assets (continued) Overview of the ECL principles (continued) The calculation of ECLs The mechanics of the ECL method are summarised below: •

Stage 1

The 12mECL is calculated as the portion of LTECLs that represent the ECLs that result from default events on a financial instrument that are possible within the 12 months after the reporting date. The Group calculates the 12mECL allowance based on the expectation of a default occurring in the 12 months following the reporting date. The expected 12-month default probability is applied to a forecast EAD and multiplied by the expected LGD and discounted by an approximation to the original EIR.

•

Stage 2

When a financial instrument has shown a significant increase in credit risk since origination, the Group records an allowance for the LTECLs. The mechanics are similar to those explained above, but Possibility of Defaults (PDs) and Loss Given Defaults (LGDs) are estimated over the lifetime of the instrument. The expected cash shortfalls are discounted by an approximation to the original EIR.

•

Stage 3

For financial instruments considered credit-impaired (as defined in Note 33), the Group recognises the lifetime expected credit losses. The method is similar to that for Stage 2 assets, with the PD set at 100%.

•

Purchase or originated creditimpaired (POCI)

POCI assets are financial assets that are credit-impaired on initial recognition. POCI assets are recorded at fair value at original recognition and interest income is subsequently recognised based on credit-adjusted EIR. ECLs are only recognised or released to the extent that there is a subsequent change in the ECLs.

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2. ACCOUNTING POLICIES (continued) xvi.

Financial assets and liabilities (continued) Financial assets (continued)

Impairment of financial assets (continued) Forward looking information In its ECL models, the Group relies on a broad range of forward looking information as economic inputs, such as oil prices, unemployment rates and money supply. In most instances, LGDs are determined on an individual loan or investment basis, including discounting the expected cash flows at the original EIR. In limited circumstances within the Group, where portfolios were small and the products homogenous with minimal history of defaults, a simplified ECL approach was applied using historical loss rates. These portfolios included premium receivables, policy loans and reinsurance receivables. Collateral valuation To mitigate its credit risks on financial assets, the Group seeks to use collateral, where possible. The collateral comes in various forms, such as cash, securities, letters of credit/guarantees, real estate, receivables, inventories and other non-financial assets such as vehicles and equipment, in the case of the Group's asset financing portfolios. Collateral, unless repossessed, is not recorded on the Group’s consolidated statement of financial position. However, the fair value of collateral affects the calculation of ECLs. It is generally assessed on a periodic basis. To the extent possible, the Group uses active market data for valuing financial assets held as collateral. Other financial assets which do not have readily determinable market values are valued using models. Non-financial collateral, such as real estate, is valued based on independent valuation data provided by third parties such as mortgage brokers or independent valuators.

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2. ACCOUNTING POLICIES (continued) xvi.

Financial assets and liabilities (continued) Financial assets (continued)

Impairment of financial assets (continued) Collateral repossessed The Group’s policy is to determine whether a repossessed asset can be best used for its internal operations or should be sold. Assets determined to be useful for the internal operations are transferred to their relevant asset category at the valuation cost of the asset. In its normal course of business, the Group does not physically repossess properties or other assets in its retail portfolio, but it sometimes engages external agents to recover the asset, to settle outstanding. Any surplus funds are returned to the customers/obligors. Repossessed stock is valued at the lower of the carrying amount and fair value less estimated cost to sell. Write-offs Financial assets are written off either partially or in their entirety only when the Group has stopped pursuing the recovery. If the amount to be written off is greater than the accumulated loss allowance, the difference is first treated as an addition to the allowance that is then applied against the gross carrying amount. Any subsequent recoveries are credited to credit loss expense.

Derecognition of financial assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

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2. ACCOUNTING POLICIES (continued) xvi.

Financial assets and liabilities (continued) Financial assets (continued)

Derecognition of financial assets (continued) On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognised in the statement of income. On derecognition of an equity instrument that is classified as FVOCI, the cumulative gain or loss previously accumulated in the investment revaluation reserve is not reclassified to the statement of other comprehensive income, but is reclassified to retained earnings. On derecognition of debt instruments at FVOCI, cumulative gains or losses previously recognised in other comprehensive income are reclassified from other comprehensive income to profit and loss. Financial liabilities

Initial recognition and subsequent measurement Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through the statement of income, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge as appropriate. The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value. The Group’s financial liabilities include other payables, bank overdrafts, deposit liabilities and debt securities in issue. The Group has not designated any financial liabilities upon initial recognition as at fair value through statement of income.

Derecognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged, cancelled or has expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognising of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in the consolidated statement of income.

xvii. Fair value measurement The Group measures certain financial instruments at fair value at each reporting date. Also, fair values of financial instruments measured at amortised cost are disclosed in Note 32. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

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FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2. ACCOUNTING POLICIES (continued) xvii. Fair value measurement (continued) The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • •

In the principal market for the asset or liability, or In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • • • •

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities; Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; and Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. POCI - Credit impaired on initial recognition, therefore fair value at original recognition with interest income being subsequently recognised on a credit-adjusted EIR.

For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Group has determined classes of assets on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

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2. ACCOUNTING POLICIES (continued) xviii. Insurance and reinsurance contracts Any insurance contract not considered to be transferring significant risk is, under IFRS, classified as investment contracts. Deposits collected and benefit payments under investment contracts are not accounted for through the consolidated statement of income, but are accounted for directly through the consolidated statement of financial position as a movement in the investment contract liability. Changes in the fair value of financial assets backing investment contracts are recognised in the consolidated statement of income as investment income. The Group issues insurance contracts in the normal course of business, under which it accepts significant insurance risk from its policyholders. As a general guideline, the Group determines whether it has significant insurance risk, by comparing benefits payable after an insured event with benefits payable if the insured event did not occur. Insurance contracts can also transfer financial risk. The Group issues general insurance, health, individual life, group life, and annuity contracts. The Group also holds reinsurance contracts in the normal course of business to transfer insurance risk to other entities. The Group does not issue any contracts meeting the definition of insurance contracts with direct participating features under IFRS 17. Separating components from insurance and reinsurance contracts Some life contracts issued by the Group include the following features which have been assessed to meet the definition of a non-distinct investment component in IFRS 17 since a minimum amount is repaid in all circumstances: • • •

Minimum guaranteed cash surrender values (after surrender charges) Minimum guaranteed payments on annuity policies Universal life account (after surrender charges)

IFRS 17 defines investment components as the amounts that an insurance contract requires an insurer to repay to a policyholder in all circumstances, regardless of whether an insured event has occurred. Investment components which are highly interrelated with the insurance contract of which they form a part are considered non-distinct and are not separately accounted for. However, receipts and payments of the investment components are excluded from insurance revenue and insurance expenses.

376

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FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2. ACCOUNTING POLICIES (continued) xviii. Insurance and reinsurance contracts (continued) Level of aggregation IFRS 17 requires a Group to determine the level of aggregation for applying its requirements. The level of aggregation for the Group is determined firstly by dividing the business written into portfolios. Portfolios comprise groups of contracts with similar risks which are managed together. Portfolios are further divided based on expected profitability at inception into three categories: onerous contracts, contracts with no significant risk of becoming onerous, and the remainder. This means that, for determining the level of aggregation, the Group identifies a contract as the smallest ‘unit’, i.e., the lowest common denominator. However, the Group makes an evaluation of whether a series of contracts need to be treated together as one unit based on reasonable and supportable information, or whether a single contract contains components that need to be separated and treated as if they were stand-alone contracts. As such, what is treated as a contract for accounting purposes may differ from what is considered as a contract for other purposes (i.e., legal or management). IFRS 17 also requires that no group for level of aggregation purposes may contain contracts issued more than one year apart. The Group has defined portfolios of insurance and reinsurance contracts issued based on its product lines, namely immediate and defined annuities and term life contracts due to the fact that the products are subject to similar risks and managed together. The expected profitability of these portfolios at inception is determined based on the actuarial valuation models which take into consideration existing and new business. In determining groups of contracts, the Group has elected to include in the same group contracts where its ability to set prices or levels of benefits for policyholders with different characteristics is constrained by regulation. The groups of contracts for which the fair value approach has been adopted on transition include contracts issued more than one year apart. Portfolios of insurance contracts issued are divided into: • • •

A group of contracts that are onerous at initial recognition A group of contracts that at initial recognition have no significant possibility of becoming onerous subsequently A group of the remaining contracts in the portfolio

The reinsurance contracts held portfolios are divided into: • • •

A group of contracts on which there is a net gain on initial recognition A group of contracts that have no significant possibility of a net gain arising subsequent to initial recognition A group of the remaining contracts in the portfolio

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FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2. ACCOUNTING POLICIES (continued) xviii. Insurance and reinsurance contracts (continued) Recognition The Group recognises groups of insurance contracts it issues from the earliest of the following: •

The beginning of the coverage period of the group of contracts

•

The date when the first payment from a policyholder in the group is due or when the first payment is received if there is no due date

•

For a group of onerous contracts, if facts and circumstances indicate that the group is onerous

The Group recognises a group of reinsurance contracts held it has entered into from the earlier of the following: •

The beginning of the coverage period of the group of reinsurance contracts held. However, the Group delays the recognition of a group of reinsurance contracts held that provide proportionate coverage until the date any underlying insurance contract is initially recognised, if that date is later than the beginning of the coverage period of the group of reinsurance contracts held.

And • The date the Group recognises an onerous group of underlying insurance contracts if the Group entered into the related reinsurance contract held in the group of reinsurance contracts held at or before that date. The Group adds new contracts to the group in the reporting period in which that contract meets one of the criteria set out above. Onerous groups of contracts The Group issues some contracts before the coverage period starts and the first premium becomes due. Therefore, the Group has determined whether any contracts issued form a group of onerous contracts before the earlier of the beginning of the coverage period and the date when the first payment from a policyholder in the group is due. The Group looks at facts and circumstances to identify if a group of contracts are onerous at initial recognition and during the coverage period of the group based on: • Pricing information • Results of similar contracts it has recognised • Environmental factors, e.g., a change in market experience or regulations

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FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2. ACCOUNTING POLICIES (continued) xviii. Insurance and reinsurance contracts (continued) Contract Boundary The Group includes in the measurement of a group of insurance contracts all the future cash flows within the boundary of each contract in the group. Cash flows are within the boundary of an insurance contract if they arise from substantive rights and obligations that exist during the reporting period in which the Group can compel the policyholder to pay the premiums, or in which the Group has a substantive obligation to provide the policyholder with insurance contract services. A substantive obligation to provide insurance contract services ends when: •

•

The Group has the practical ability to reassess the risks of the particular policyholder and, as a result, can set a price or level of benefits that fully reflects those risks Or Both of the following criteria are satisfied: The Group has the practical ability to reassess the risks of the portfolio of insurance • contracts that contain the contract and, as a result, can set a price or level of benefits that fully reflects the risk of that portfolio The pricing of the premiums up to the date when the risks are reassessed does not • take into account the risks that relate to periods after the reassessment date

A liability or asset relating to expected premiums or claims outside the boundary of the insurance contract is not recognised. Such amounts relate to future insurance contracts. For life contracts with renewal periods or conversion options, the Group assesses whether premiums and related cash flows that arise from the renewed contract or conversion are within the contract boundary. The Group reassesses contract boundary of each group at the end of each reporting period. Measurement - Premium Allocation Approach (PAA) Component

Adopted approach

PAA eligibility

Coverage period for group life policies and single year losses occurring reinsurance contracts held is one year or less and so qualifies automatically for PAA. For all insurance products with a coverage period of one year or less, acquisition cash flows are expensed as incurred.

Insurance acquisition cash flows

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2. ACCOUNTING POLICIES (continued) xviii. Insurance and reinsurance contracts (continued) Measurement - Premium Allocation Approach (continued) Component

Adopted approach

Liability/asset for remaining coverage (LFRC/AFRC)

For general, health and group life insurance business, including related insurance contracts held, no allowance is made for accretion of interest on the LFRC/AFRC as premiums are received/paid within one year of the coverage period.

Liability/asset for Incurred Claims, (LFIC/AFIC)

No adjustment is made for the time value of money where incurred claims are expected to be paid out or recovered from the reinsurer in less than one year.

Insurance finance income and expense

For all insurance business, the change in LFIC/AFIC as a result of changes in discount rates will be captured within profit or loss.

Insurance contracts – initial measurement – Premium Allocation Approach (PAA) The Group applies the PAA to group's general, health, and group life insurance contracts that it issues and some reinsurance contracts that it holds as the coverage period of each contract in the groups are one year or less. •

The coverage period of each contract in the group is one year or less, including insurance contract services arising from all premiums within the contract boundary.

•

For contracts longer than one year, the Group has modelled possible future scenarios and reasonably expects that the measurement of the liability for remaining coverage for the group containing those contracts under the PAA does not differ materially from the measurement that would be produced applying the general model. In assessing materiality, the Group has also considered qualitative factors such as the nature of the risk and types of its lines of business.

For a group of contracts that is not onerous at initial recognition, the Group measures the liability for remaining coverage as: • •

380

The premiums, if any, received at initial recognition plus, any other asset or liability previously recognised for cash flows related to the group of contracts that the Group pays or receives before the group of insurance contracts is recognised.

ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2. ACCOUNTING POLICIES (continued) xviii. Insurance and reinsurance contracts (continued) Insurance contracts – initial measurement – Premium Allocation Approach (PAA) (continued) Where facts and circumstances indicate that contracts are onerous at initial recognition, the Group performs additional analysis to determine if a net outflow is expected from the contract. Such onerous contracts are separately grouped from other contracts and the Group recognises a loss in profit or loss for the net outflow, resulting in the carrying amount of the liability for the group being equal to the fulfilment cash flows. A loss component is established by the Group for the liability for remaining coverage for such onerous group depicting the losses recognised. Insurance contracts – initial measurement – General Model The general model measures a group of insurance contracts as the total of: • •

Fulfilment cash flows, and A contractual service margin (CSM) representing the unearned profit the Group will recognise as it provides insurance contract services

Fulfilment cash flows comprise unbiased and probability-weighted estimates of future cash flows, discounted to present value to reflect the time value of money and financial risks, plus a risk adjustment for non-financial risk. The Group’s objective in estimating future cash flows is to determine the expected value, or the probability weighted mean, of the full range of possible outcomes, considering all reasonable and supportable information available at the reporting date without undue cost or effort. The Group estimates future cash flows considering a range of scenarios which have commercial substance and give a good representation of possible outcomes. The cash flows from each scenario are probability-weighted and discounted using current assumptions. When estimating future cash flows, the Group includes all cash flows that are within the contract boundary including: • •

• •

Premiums and related cash flows Claims and benefits, including reported claims not yet paid, incurred claims not yet reported and expected future claims Payments to policyholders resulting from embedded surrender value options • An allocation of insurance acquisition cash flows attributable to the portfolio to • which the contract belongs Claims handling costs Policy administration and maintenance costs, including recurring commissions that are expected to be paid to intermediaries

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2. ACCOUNTING POLICIES (continued) xviii. Insurance and reinsurance contracts (continued) Insurance contracts – initial measurement – General Model (continued) • •

An allocation of fixed and variable overheads directly attributable to fulfilling insurance contracts Transaction-based taxes

The Group incorporates, in an unbiased way, all reasonable and supportable information available without undue cost or effort about the amount, timing and uncertainty of those future cash flows. The Group estimates the probabilities and amounts of future payments under existing contracts based on information obtained, including: •

Information about claims already reported by policyholders

• •

Other information about the known or estimated characteristics of the insurance contracts Historical data about the Group’s own experience, supplemented when necessary with data from other sources. Historical data is adjusted to reflect current conditions

•

Current pricing information, when available

The measurement of fulfilment cash flows includes insurance acquisition cash flows which are allocated as a portion of premium to profit or loss (through insurance revenue) over the period of the contract in a systematic and rational way on the basis of the passage of time. The Group does not elect to accrete interest on insurance acquisition cash flows to be allocated to profit or loss. Reinsurance contracts - initial measurement The measurement of reinsurance contracts held follows the same principles as those for insurance contracts issued, with the exception of the following:

382

•

Measurement of the cash flows include an allowance on a probability-weighted basis for the effect of any non-performance by the reinsurers, including the effects of collateral and losses from disputes

•

The Group determines the risk adjustment for non-financial risk so that it represents the amount of risk being transferred to the reinsurer

•

The Group recognises both day 1 gains and day 1 losses at initial recognition in the statement of financial position as a CSM and releases this to profit or loss as the reinsurer renders services, except for any portion of a day 1 loss that relates to events before initial recognition

ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2. ACCOUNTING POLICIES (continued) xviii. Insurance and reinsurance contracts (continued) Reinsurance contracts - initial measurement (continued) Where the Group recognises a loss on initial recognition of an onerous group of underlying insurance contracts or when further onerous underlying insurance contracts are added to a group, it establishes a loss recovery component of the asset for remaining coverage for a group of reinsurance contracts held depicting the recovery of losses. The Group calculates the loss-recovery component by multiplying the loss recognised on the underlying insurance contracts and the percentage of claims on the underlying insurance contracts the Group expects to recover from the group of reinsurance contracts held. Where only some contracts in the onerous underlying group are covered by the group of reinsurance contracts held, the Group uses a systematic and rational method to determine the portion of losses recognised on the underlying group of insurance contracts to insurance contracts covered by the group of reinsurance contracts held. The loss-recovery component adjusts the carrying amount of the asset for remaining coverage. Where the Group enters into reinsurance contracts held which provide coverage relating to events that occurred before the purchase of the reinsurance, such cost of reinsurance is recognised in profit or loss on initial recognition. Insurance contracts – subsequent measurement – general model The CSM at the end of the reporting period represents the profit in the group of insurance contracts that has not yet been recognised in profit or loss, because it relates to future service to be provided. For a group of insurance contracts the carrying amount of the CSM of the group at the end of the reporting period equals the carrying amount at the beginning of the reporting period adjusted, as follows: • • •

The effect of any new contracts added to the group Interest accreted on the carrying amount of the CSM during the reporting period, measured at the discount rates at initial recognition The changes in fulfilment cash flows relating to future service, except to the extent that: Such increases in the fulfilment cash flows exceed the carrying amount of the CSM, • giving rise to a loss Or Such decreases in the fulfilment cash flows are allocated to the loss component of • the liability for remaining coverage

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FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2. ACCOUNTING POLICIES (continued) xviii. Insurance and reinsurance contracts (continued) Insurance contracts – subsequent measurement – general model (continued) • •

The effect of any currency exchange differences on the CSM The amount recognised as insurance revenue because of the transfer of insurance contract services in the period, determined by the allocation of the CSM remaining at the end of the reporting period (before any allocation) over the current and remaining coverage period.

The locked-in discount rate is the weighted average of the rates applicable at the date of initial recognition of contracts that joined a group over a 12-month period. The discount rate used for accretion of interest on the CSM is determined using the top-down approach inception. The changes in fulfilment cash flows relating to future service that adjust the CSM comprise of: • Experience adjustments that arise from the difference between the premium receipts (and any related cash flows such as insurance acquisition cash flows and insurance premium taxes) and the estimate, at the beginning of the period, of the amounts expected. Differences related to premiums received (or due) related to current or past services are recognised immediately in profit or loss while differences related to premiums received (or due) for future services are adjusted against the CSM • Changes in estimates of the present value of future cash flows in the liability for remaining coverage, except those relating to the time value of money and changes in financial risk (recognised in the consolidated statement of profit or loss and other comprehensive income rather than adjusting the CSM)

384

•

Differences between any investment component expected to become payable in the period and the actual investment component that becomes payable in the period. Those differences are determined by comparing (i) the actual investment component that becomes payable in the period with (ii) the payment in the period that was expected at the start of the period plus any insurance finance income or expenses related to that expected payment before it becomes payable. The same applies to a policyholder loan that becomes repayable.

•

Changes in the risk adjustment for non-financial risk that relate to future service.

ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2. ACCOUNTING POLICIES (continued) xviii. Insurance and reinsurance contracts (continued) Insurance contracts – subsequent measurement – general model (continued) Except for changes in the risk adjustment, adjustments to the CSM noted above are measured at discount rates that reflect the characteristics of the cash flows of the group of insurance contracts at initial recognition. Where, during the coverage period, a group of insurance contracts becomes onerous, the Group recognises a loss in profit or loss for the net outflow, resulting in the carrying amount of the liability for the group being equal to the fulfilment cash flows. A loss component is established by the Group for the liability for remaining coverage for such onerous group depicting the losses recognised. For additional disclosures on the loss component, refer to Note 20. The Group measures the carrying amount of a group of insurance contracts at the end of each reporting period as the sum of: (i) the liability for remaining coverage comprising fulfilment cash flows related to future service allocated to the group at that date and the CSM of the group at that date; and (ii) the liability for incurred claims for the Group comprising the fulfilment cash flows related to past service allocated to the group at that date. Insurance contracts – subsequent measurement – PAA The Group measures the carrying amount of the liability for remaining coverage at the end of each reporting period as the liability for remaining coverage at the beginning of the period: • •

Plus premiums received in the period Minus the amount recognised as insurance revenue for the services provided in the period

The Group estimates the liability for incurred claims as the fulfilment cash flows related to incurred claims. The fulfilment cash flows incorporate, in an unbiased way, all reasonable and supportable information available without undue cost or effort about the amount, timing and uncertainty of those future cash flows, they reflect current estimates from the perspective of the Group, and include an explicit adjustment for non-financial risk (the risk adjustment). The Group does not adjust the future cash flows for the time value of money and the effect of financial risk for the measurement of liability for incurred claims that are expected to be paid within one year of being incurred. Where, during the coverage period, facts and circumstances indicate that a group of insurance contracts is onerous, the Group recognises a loss in profit or loss for the net outflow, resulting in the carrying amount of the liability for the group being equal to the fulfilment cash flows. A loss component is established by the Group for the liability for remaining coverage for such onerous group depicting the losses recognised.

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2. ACCOUNTING POLICIES (continued) xviii. Insurance and reinsurance contracts (continued) Reinsurance contracts held – subsequent measurement The measurement of reinsurance contracts held follows the same principles as those for insurance contracts issued, with the exception of the following: •

Changes in the fulfilment cash flows are recognised in profit or loss if the related changes arising from the underlying ceded contracts have been recognised in profit or loss. Alternatively, changes in the fulfilment cash flows adjust the CSM.

•

Changes in the fulfilment cash flows that result from changes in the risk of nonperformance by the issuer of a reinsurance contract held do not adjust the contractual service margin as they do not relate to future service.

Any change in the fulfilment cash flows of a retroactive reinsurance contract held due to the changes of the liability for incurred claims of the underlying contracts is taken to profit and loss and not the contractual service margin of the reinsurance contract held. Where a loss component has been set up subsequent to initial recognition of a group of underlying insurance contracts, the portion of income that has been recognised from related reinsurance contracts held is disclosed as a loss-recovery component. Where the Group has established a loss-recovery component, the Group adjusts the lossrecovery component to reflect changes in the loss component of an onerous group of underlying insurance contracts. A loss-recovery component reverses consistent with reversal of the loss component of underlying groups of contracts issued, even when a reversal of the loss-recovery component is not a change in the fulfilment cash flows of the group of reinsurance contracts held. Reversals of the loss-recovery component that are not changes in the fulfilment cashflows of the group of reinsurance contracts held adjust the CSM. Where the Group has established a loss-recovery component, the Group subsequently reduces the loss recovery component to zero in line with reductions in the onerous group of underlying insurance contracts in order to reflect that the loss-recovery component shall not exceed the portion of the carrying amount of the loss component of the onerous group of underlying insurance contracts that the entity expects to recover from the group of reinsurance contracts held.

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FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2. ACCOUNTING POLICIES (continued) xviii. Insurance and reinsurance contracts (continued) Insurance acquisition cash flows Insurance acquisition cash flows arise from the costs of selling, underwriting and starting a group of insurance contracts (issued or expected to be issued) that are directly attributable to the portfolio of insurance contracts to which the group belongs. Where insurance acquisition cash flows have been paid or incurred before the related group of insurance contracts is recognised in the statement of financial position, a separate asset for insurance acquisition cash flows is recognised for each related group. The asset for insurance acquisition cash flow is derecognised from the consolidated statement of financial position when the insurance acquisition cash flows are included in the initial measurement of the CSM of the related group of insurance contracts. The Group expects to derecognise all assets for insurance acquisition cash flows within one year. For insurance acquisition cash flows relating to contracts with a coverage period exceeding one year, the Group uses a systematic and rational method to allocate: (a) Insurance acquisition cash flows that are directly attributable to a group of insurance contracts: to that group; and (i) (ii) to groups that include insurance contracts that are expected to arise from the renewals of the insurance contracts in that group. (b) Insurance acquisition cash flows directly attributable to a portfolio of insurance contracts that are not directly attributable to a group of contracts, to groups in the portfolio. For insurance acquisition cash flows relating to contracts with a coverage period exceeding one year, where insurance acquisition cash flows have been paid or incurred before the related group of insurance contracts is recognised in the consolidated statement of financial position, a separate asset for insurance acquisition cash flows is recognised for each related group. The asset for insurance acquisition cash flow is derecognised from the consolidated statement of financial position when the insurance acquisition cash flows are included in the initial measurement of the CSM/LRC of the related group of insurance contracts. The time bands when the Group expects to derecognise the above asset for insurance acquisition cash flows will be disclosed. At the end of each reporting period, the Group revises amounts of insurance acquisition cash flows allocated to groups of insurance contracts not yet recognised, to reflect changes in assumptions related to the method of allocation used.

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FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2. ACCOUNTING POLICIES (continued) xviii. Insurance and reinsurance contracts (continued) Insurance acquisition cash flows (continued) After any re-allocation, the Group assesses the recoverability of the asset for insurance acquisition cash flows, if facts and circumstances indicate the asset may be impaired. When assessing the recoverability, the Group applies: • •

An impairment test at the level of an existing or future group of insurance contracts; and An additional impairment test specifically covering the insurance acquisition cash flows allocated to expected future contract renewals.

Derecognition and modification The Group derecognises insurance contracts when: • The rights and obligations relating to the contract are extinguished (i.e., discharged, cancelled or expired) or • The contract is modified such that the modification results in a change in the measurement model or the applicable standard for measuring a component of the contract, substantially changes the contract boundary, or requires the modified contract to be included in a different group. In such cases, the Group derecognises the initial contract and recognises the modified contract as a new contract When a modification is not treated as a derecognition, the Group recognises amounts paid or received for the modification with the contract as an adjustment to the relevant liability for remaining coverage. Presentation The Group has presented separately, in the consolidated statement of financial position, the carrying amount of portfolios of insurance contracts issued that are assets, portfolios of insurance contracts issued that are liabilities, portfolios of reinsurance contracts held that are assets and portfolios of reinsurance contracts held that are liabilities. Any assets for insurance acquisition cash flows recognised before the corresponding insurance contracts are included in the carrying amount of the related groups of insurance contracts are allocated to the carrying amount of the portfolios of insurance contracts that they relate to. The Group presents in Note 24 insurance service result, comprising insurance revenue and insurance service expense, and insurance finance income or expenses.

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2. ACCOUNTING POLICIES (continued) xviii. Insurance and reinsurance contracts (continued) Presentation (continued) The Group does not disaggregate the change in risk adjustment for non-financial risk between a financial and non-financial portion and includes the entire change as part of the insurance service result. The Group separately presents income or expenses from reinsurance contracts held from the expenses or income from insurance contracts issued. Insurance revenue The Group’s insurance revenue depicts the provision of services arising from a group of insurance contracts at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services. Insurance revenue from a group of insurance contracts is therefore the relevant portion for the period of the total consideration for the contracts, (i.e., the amount of premiums paid to the Group adjusted for financing effect (the time value of money) and excluding any investment components). The total consideration for a group of contracts covers amounts related to the provision of services and is comprised of: •

• • •

Insurance service expenses, excluding any amounts relating to the risk adjustment for nonfinancial risk and any amounts allocated to the loss component of the liability for remaining coverage The risk adjustment for non-financial risk, excluding any amounts allocated to the loss component of the liability for remaining coverage The CSM release Amounts related to insurance acquisition cash flows

For contracts measured under the PAA, insurance revenue for the period is the amount of expected premium receipts (excluding any investment component) allocated to the period. The Group allocates the expected premium receipts to each period of insurance contract services on the basis of the passage of time. But if the expected pattern of release of risk during the coverage period differs significantly from the passage of time, then the allocation is made on the basis of the expected timing of incurred insurance service expenses. The Group changes the basis of allocation between the two methods above as necessary, if facts and circumstances change. The change is accounted for prospectively as a change in accounting estimate. For the periods presented, all revenue has been recognised on the basis of the passage of time.

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FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2. ACCOUNTING POLICIES (continued) xviii. Insurance and reinsurance contracts (continued) Loss components The Group has grouped contracts that are onerous at initial recognition separately from contracts in the same portfolio that are not onerous at initial recognition. Groups that were not onerous at initial recognition can also subsequently become onerous if assumptions and experience changes. The Group has established a loss component of the liability for remaining coverage for any onerous group depicting the future losses recognised. A loss component represents a notional record of the losses attributable to each group of onerous insurance contracts (or contracts profitable at inception that have become onerous). The loss component is released based on a systematic allocation of the subsequent changes relating to future service in the fulfilment cash flows to: (i) the loss component; and (ii) the liability for remaining coverage excluding the loss component. The loss component is also updated for subsequent changes relating to future service in estimates of the fulfilment cash flows and the risk adjustment for non-financial risk. The systematic allocation of subsequent changes to the loss component results in the total amounts allocated to the loss component being equal to zero by the end of the coverage period of a group of contracts (since the loss component will have been materialised in the form of incurred claims). The Group uses the proportion on initial recognition to determine the systematic allocation of subsequent changes in future cash flows between the loss component and the liability for remaining coverage excluding the loss component. For contracts measured under the PAA, the Group assumes that no contracts are onerous at initial recognition unless facts and circumstances indicate otherwise. Where this is not the case, and if at any time during the coverage period, the facts and circumstances indicate that a group of insurance contracts is onerous, the Group establishes a loss component as the excess of the fulfilment cash flows that relate to the remaining coverage of the group over the carrying amount of the liability for remaining coverage of the group. Accordingly, by the end of the coverage period of the group of contracts the loss component will be zero. Loss-recovery components When the Group recognises a loss on initial recognition of an onerous group of underlying insurance contracts or when further onerous underlying insurance contracts are added to a group, the Group establishes a loss-recovery component of the asset for remaining coverage for a group of reinsurance contracts held depicting the recovery of losses. Where a loss component has been set up subsequent to initial recognition of a group of underlying insurance contracts, the portion of income that has been recognised from related reinsurance contracts held is disclosed as a loss-recovery component.

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2. ACCOUNTING POLICIES (continued) xviii. Insurance and reinsurance contracts (continued) Loss-recovery components (continued) Where a loss-recovery component has been set up at initial recognition or subsequently, the Group adjusts the loss-recovery component to reflect changes in the loss component of an onerous group of underlying insurance contracts. The carrying amount of the loss-recovery component must not exceed the portion of the carrying amount of the loss component of the onerous group of underlying insurance contracts that the Group expects to recover from the group of reinsurance contracts held. On this basis, the loss-recovery component recognised at initial recognition is reduced to zero in line with reductions in the onerous group of underlying insurance contracts and is nil when loss component of the onerous group of underlying insurance contracts is nil. Insurance finance income and expense Insurance finance income or expenses comprise the change in the carrying amount of the group of insurance contracts arising from: •

The effect of the time value of money and changes in the time value of money

•

The effect of financial risk and changes in financial risk

The Group does not disaggregate insurance finance income or expenses on insurance contracts issued and reinsurance contracts held between profit or loss and OCI. Net income or expense from reinsurance contracts held The Group treats reinsurance cash flows that are contingent on claims on the underlying contracts as part of the claims that are expected to be reimbursed under the reinsurance contract held, and excludes investment components and commissions from an allocation of reinsurance premiums. Amounts relating to the recovery of losses relating to reinsurance of onerous direct contracts are included as amounts recoverable from the reinsurer.

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2. ACCOUNTING POLICIES (continued) xix.

Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of the initial lease liabilities recognised, initial direct costs incurred, and lease payments made on or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: -

392

Land and building Plant and machinery Motor vehicles and other equipment

ANSA McAL ANNUAL REPORT 2025

2 to 36 years 3 to 5 years 2 to 5 years

2. ACCOUNTING POLICIES (continued) xix.

Leases (continued) Group as a lessee (continued) i) Right-of-use assets (continued) If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to the accounting policies in Note 2 (vii). ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

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2. ACCOUNTING POLICIES (continued) xix.

Leases (continued) Group as a lessee (continued) iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of $20,152 (2024: $16,963) (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of $1,424 (2024: $1,593) that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. Group as a lessor Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.

xx.

Inventories Inventories and work in progress are valued at the lower of cost and net realisable value. Cost is arrived at on the first-in first-out or at the average method, including, in the case of manufacturing subsidiaries, a proportion of manufacturing overheads based on the normal operating capacity. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.

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2. ACCOUNTING POLICIES (continued) xxi.

Income taxes Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Deferred income tax Deferred income tax is provided using the liability method on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax assets and liabilities are measured at the tax rate that is expected to apply to the period when the asset is realised or the liability is settled based on the enacted tax rate at the reporting date. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax to be recovered. Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity.

xxii. Employee benefits The Group operates multiple pension plans with defined contribution, defined benefit or hybrid schemes for all eligible full time employees of the Group. The pension plans are governed by the relevant trustee rules and are generally funded by payments from employees and by the relevant Group companies, taking account of the rules of the pension plans and recommendations of independent qualified actuaries.

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2. ACCOUNTING POLICIES (continued) xxii. Employee benefits (continued) Defined contribution plans A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Defined benefit plans A defined benefit plan is a pension plan that is not a defined contribution plan. The pension accounting costs for the plans are assessed using the projected unit credit method. Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding net interest and the return on plan assets (excluding net interest), are recognised immediately in the consolidated statement of financial position with a corresponding debit or credit to retained earnings through other comprehensive income in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods. The maximum economic benefits available, as limited by the asset ceiling will crystallise in the form of reductions in future contributions. Past service costs are recognised in profit or loss on the earlier of: • •

The date of the plan amendment or curtailment, and The date that the Group recognises restructuring-related costs.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognises the following changes in the net defined benefit obligation within administrative and distribution costs (Note 24): • •

Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and Net interest expense or income.

Other post-employment benefit plans The Group also provides other post-employment benefits to their retirees. These benefits are unfunded. The entitlement to these benefits is based on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment, using an accounting methodology similar to that for the defined benefit plans.

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2. ACCOUNTING POLICIES (continued) xxiii. Share based payment transactions The Group operates an equity settled share based compensation plan whereby senior executives of the Group render services as consideration for stock options of the parent company. The cost of equity settled transactions is measured by reference to the fair value of the options at the date on which they were granted. The fair value is determined by an independent external valuer using the binomial model. The cost of equity settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant executive becomes fully entitled to the award (the vesting date). The cumulative expense recognised at each reporting date reflects the extent of which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit recognised in the consolidated statement of income for the period represents the movement in cumulative expense recognised as at the beginning and end of that period. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether or not the market condition is satisfied, provided that all other performance and/or service conditions are satisfied. The dilutive effect of outstanding options is reflected as an additional share dilution in the computation of earnings per share (Note 28). xxiv. Employee share ownership plan (“ESOP”) As stated in Note 17, the Group operates an ESOP, whereby employees of the Group have the option to receive a percentage of their profit share bonuses in the form of ordinary shares of the parent company. The Group recognises an expense within staff costs when bonuses are awarded. Shares acquired by the ESOP are funded by parent company contributions and the cost of the unallocated ESOP shares is presented as a separate component within equity (treasury shares).

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2. ACCOUNTING POLICIES (continued) xxv.

Equity movements Stated capital Ordinary stated capital is classified within equity and is recognised at the fair value of the consideration received by the Group. Incremental costs directly attributable to the issue of new shares or options are shown as a reduction in equity, net of tax. As equity is repurchased, the amount of consideration paid is recognised as a charge to equity and reported in the consolidated statement of financial position as treasury shares. Dividends Dividends on ordinary shares are recognised as a liability and deducted from equity when they are approved by the Board of Directors of the parent company. Dividends for the year that are approved after the reporting date are dealt with as an event after the end of reporting date. Treasury shares Own equity instruments which are re-acquired (“treasury shares”) are recognised at cost and deducted from equity. No gain or loss is recognised in the consolidated statement of income on the purchase, sale, issue or cancellation of the Group’s own equity instruments.

xxvi. Trade and other payables Liabilities for trade and other amounts payable, which are normally settled on 30-90 day terms, are carried at cost, which is the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the Group.

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FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2. ACCOUNTING POLICIES (continued) xxvii. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the consolidated statement of income, net of reimbursements. When the Group can reliably measure the outflow of economic benefits in relation to a specific matter and considers such outflows to be probable, the Group records a provision against the matter. Given the subjectivity and uncertainty of determining the probability of losses, the Group takes into account a number of factors including legal advice, the stage of the matter and historical evidence from similar incidents. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. xxviii. Revenue from contracts with customers Revenue from contracts with customers is recognised when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements, except for the agency services below, because it typically controls the goods or services before transferring them to the customer. The disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided in Note 3.

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399

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2. ACCOUNTING POLICIES (continued) xxviii. Revenue from contracts with customers (continued) Sale of products to third parties Revenue from the sale of products to third parties is recognised at the point in time when control of the asset is transferred to the customer, generally on delivery of the product to the designated customer location. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g. providing servicing, warranties, loyalty points). In determining the transaction price for sales, the Group considers the effects of variable consideration, the existence of significant financing components, non-cash consideration, and consideration payable to the customer (if any). •

Variable consideration If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Some contracts provide customers with a right of return and volume rebates. The rights of return and volume rebates give rise to variable consideration. Rights of return Certain contracts provide a customer with a right to return the goods within a specified period. The Group uses the expected value method to estimate the goods that will not be returned because this method best predicts the amount of variable consideration to which the Group will be entitled. The requirements in IFRS 15 Revenue from Contracts with Customers on constraining estimates of variable consideration are also applied in order to determine the amount of variable consideration that can be included in the transaction price. For goods that are expected to be returned, instead of revenue, the Group recognises a refund liability. A right of return asset (and corresponding adjustment to cost of sales) is also recognised for the right to recover products from a customer.

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2. ACCOUNTING POLICIES (continued) xxviii. Revenue from contracts with customers (continued) Sale of products to third parties (continued) •

Variable consideration (continued) Volume rebates The Group provides retrospective volume rebates to certain customers once the quantity of products purchased during the period exceeds a threshold specified in the contract. Rebates are offset against amounts payable by the customer. To estimate the variable consideration for the expected future rebates, the Group applies the most likely amount method for contracts with a single-volume threshold and the expected value method for contracts with more than one volume threshold. The selected method that best predicts the amount of variable consideration is primarily driven by the number of volume thresholds contained in the contract. The Group then applies the requirements on constraining estimates of variable consideration and recognises a refund liability for the expected future rebates.

Warranty obligations Some companies in the Group provide warranties for general repairs of defects that existed at the time of sale. These assurance-type warranties are accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The Group may also provide a warranty beyond fixing defects that existed at the time of sale. This service-type warranty is sold bundled together with the sale of the related items. Contracts for bundled sales of goods or services and a service-type warranty comprise two or more performance obligations because the promises to transfer the other goods or services and to provide the service-type warranty are capable of being distinct. Using the relative stand-alone selling price method, a portion of the transaction price is allocated to the service-type warranty and recognised as a contract liability. Revenue is recognised over the period in which the service-type warranty is provided based on the time elapsed.

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401

2. ACCOUNTING POLICIES (continued) xxviii. Revenue from contracts with customers (continued) Loyalty points programme Companies in the Group operates a loyalty points programme. Under IFRS 15, the loyalty points give rise to a separate performance obligation because they provide a material right to the customer and a portion of the transaction price was allocated to the loyalty points awarded to customers. Rendering of services The Group provides services that are either sold separately or bundled with the sale of goods and/or other services. Bundled sales may comprise two or more performance obligations where the items being sold are capable of being distinct and separately identifiable. Accordingly, the Group allocates the transaction price based on the relative stand-alone selling prices. The Group recognises revenue from certain services over time, using an input method to measure progress towards complete satisfaction of the service where the customer simultaneously receives and consumes the benefits provided by the Group. Group as principal and agent When another party is involved in providing goods or services to its customer, the Group determines whether it is a principal or an agent in these transactions by evaluating the nature of its promise to the customer. The Group is a principal and records revenue on a gross basis if it controls the promised goods or services before transferring them to the customer. However, if the Group’s role is only to arrange for another entity to provide the goods or services, then the Group is an agent and will need to record revenue at the net amount that it retains for its agency services. The Group has contracts with customers to acquire, on their behalf, shipping and procurement services provided by shipping companies and other suppliers. The Group is acting as an agent in these arrangements.

402

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FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2. ACCOUNTING POLICIES (continued) xxviii. Revenue from contracts with customers (continued) Contract balances Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. Once the condition is fulfilled and accepted by the customer, the amount recognised as contract assets is reclassified to trade receivables. Trade receivables A receivable represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in Note 2 (xv) Financial instruments – initial recognition and subsequent measurement. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract. Assets and liabilities arising from rights to return Right of return assets Right of return asset represents the Group’s right to recover the goods expected to be returned by customers. The asset is measured at the former carrying amount of the inventory, less any expected costs to recover the goods, including any potential decreases in the value of the returned goods. The Group updates the measurement of the asset recorded for any revisions to its expected level of returns, as well as any additional decreases in the value of the returned products. Refund liabilities A refund liability is the obligation to refund some or all of the consideration received (or receivable) from the customer and is measured at the amount the Group ultimately expects it will have to return to the customer. The Group updates its estimates of refund liabilities (and the corresponding change in the transaction price) at the end of each reporting period. Refer to above accounting policy on variable consideration.

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403

2. ACCOUNTING POLICIES (continued) xxix. Recognition of interest income The effective interest rate method Interest income is recorded using the effective interest rate (EIR) method for all financial instruments measured at amortised cost. The EIR is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying amount of the financial asset. The EIR (and therefore, the amortised cost of the asset) is calculated by taking into account any discount or premium on acquisition, fees and costs that are an integral part of the EIR. The Group recognises interest income using a rate of return that represents the best estimate of a constant rate of return over the expected life of the loan. Hence, it recognises the effect of potentially different interest rates charged at various stages, and other characteristics of the product life cycle (including prepayments, penalty interest and charges). Interest income is accrued until the investment contractually becomes three months in arrears, at which time, the interest is suspended and then accounted for on a cash basis until the investment is brought up to date. Interest and similar income The Group calculates interest income by applying the EIR to the gross carrying amount of financial assets other than credit-impaired assets. When a financial asset becomes credit-impaired and is, therefore, regarded as ‘Stage 3’, the Group calculates interest income by applying the effective interest rate to the net amortised cost of the financial asset. If the financial assets cures (as outlined in Note 33) and is no longer credit-impaired, the Group reverts to calculating interest income on a gross basis.

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FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2. ACCOUNTING POLICIES (continued) xxix. Recognition of interest income (continued) Interest and similar income (continued) Income from loans, including origination fees, is recognised on an ongoing basis. Interest is accounted for on the accruals basis except where a loan contractually becomes three months in arrears, at which point, the accrued interest is suspended and subsequently accounted for on a cash basis until the arrears are cleared. Interest income on all trading assets and financial assets mandatorily required to be measured at FVPL is recognised using the contractual interest rate in net trading income and Net gains/(losses) on financial assets at fair value through profit or loss, respectively. xxx.

Other revenue Fees and commissions Unless included in the EIR calculation, fees are recognised on an accrual basis as the service is provided. Fees and commissions not integral to the effective interest arising from negotiating or participating in the negotiation of a transaction from a third party are recognised on completion of the underlying transaction. Portfolio and other management advisory and service fees are recognised based on the applicable service contract. Rental income Rental income arising on investment properties under operating lease is recognised in the consolidated statement of income on a straight-line basis over the lease term. Dividend income Dividend income is recognised when the Group’s right to receive the payment is established.

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FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2. ACCOUNTING POLICIES (continued) xxxi. Deposit insurance contribution The Central Bank of Trinidad and Tobago and the Financial Institutions (Non-Banking) (Amendment) Act 1986 of Trinidad and Tobago together with the Barbados Deposit Insurance Corporation, have established a Deposit Insurance Fund for the protection of depositors of certain subsidiaries within the Group which are Financial Institutions. An annual premium of 0.05% to 0.3% is levied on the average deposit liability outstanding at the end of each quarter of the preceding year. xxxii. Statutory deposits with Central Bank Pursuant to the provisions of the Central Bank Act 1964 and the Financial Institutions Act 2008, a financial services subsidiary within the Group is required to maintain with the Central Bank of Trinidad and Tobago statutory balances in relation to deposit liabilities and certain funding instruments of the institutions. Additionally, a financial services subsidiary in Barbados is also required to maintain with the Central Bank of Barbados, statutory deposit balances in relation to deposit liabilities. These funds are not available to finance the subsidiary's day-to-day operations. xxxiii. Earnings per share Basic earnings per share (EPS) is calculated by dividing the profit for the year attributable to ordinary shareholder of the parent by the weighted average number of ordinary shares in issue during the year net of treasury shares. Diluted EPS is computed by adjusting the weighted average number of ordinary shares in issue (net of treasury shares) for the assumed conversion of potential dilutive ordinary shares into ordinary shares. xxxiv. Segment information For management purposes, the Group is organised into business units which are aggregated into four (4) reportable segments based on their nature of production processes, products and services, method of distribution, nature of regulatory environment and type or class of customer for their products and services, as follows: • • • •

406

The construction, manufacturing, packaging and brewing segment; The automotive, trading and distribution segment; The banking and insurance segment; and The media, retail, services and parent company segment.

ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 2. ACCOUNTING POLICIES (continued) xxxv. Comparative information The consolidated financial statements includes the restatement of prior year amounts (2024) relating to finalization of the purchase price allocation of various assets related to the acquisition of BleachTech LLC which were provisionally accounted for in 2024. This is further explained in note 39. There are also other restatements in prior year amounts (2024) in the Consolidated Statement of Income and Consolidated Statement of Cash Flows related to the presentation of comparative information of operations discontinued in 2025. This is further explained in note 27. The above restatements did not result in any changes to the previously reported 2024 net assets, profit for the year or earnings per share for the Group. 3. MATERIAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities, the accompanying disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Judgements In the process of applying the Group’s accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognised in the consolidated financial statements: Impairment of financial instruments The measurement of impairment losses under IFRS 9 across all categories of financial instruments requires judgement, in particular, the estimation of the amount and timing of future cash flows and collateral values when determining impairment losses and the assessment of a significant increase in credit risk. These estimates are driven by a number of factors, changes in which can result in different levels of allowances. The Group's ECL calculations are outputs of complex models with a number of underlying assumptions regarding the choice of variable inputs and their interdependencies. Elements of the ECL models that are considered accounting judgements and estimates include:  

The Group’s internal credit grading model, which assigns PDs to the individual grades; The Group’s criteria for assessing if there has been a significant increase in credit risk and if so, allowances for financial instruments should be measured on a LTECL basis and the qualitative assessment;

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3. MATERIAL (continued)

ACCOUNTING

ESTIMATES,

ASSUMPTIONS

AND

JUDGEMENTS

Judgements (continued)    

The segmentation of financial instruments when their ECL is assessed on a collective basis; Development of ECL models, including the various formulas and the choice of inputs; Determination of associations between macroeconomic scenarios and economic inputs, such as unemployment levels and collateral values, and the effect on PDs, EADs and LGDs; and Selection of forward-looking macroeconomic scenarios and their probability weightings, to derive the economic inputs into the ECL models.

Property, plant and equipment Management exercises judgement in determining whether costs incurred can accrue sufficient future economic benefits to the Group to enable the value to be treated as a capital expense. Further judgement is used upon annual review of the residual values and useful lives of all capital items to determine any necessary adjustments to carrying value. The accounting policy related to property, plant and equipment is disclosed in Note 2 (xiii). Revenue from contracts with customers The Group applied the following judgements that significantly affect the determination of the amount and timing of revenue from contracts with customers: •

Identifying performance obligations in a bundled sale of equipment and installation services The Group provides installation services that are either sold separately or bundled together with the sale of items to a customer. The installation services are a promise to transfer services in the future and are part of the negotiated exchange between the Group and the customer.

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3. MATERIAL (continued)

ACCOUNTING

ESTIMATES,

ASSUMPTIONS

AND

JUDGEMENTS

Judgements (continued) Revenue from contracts with customers (continued) The Group applied the following judgements that significantly affect the determination of the amount and timing of revenue from contracts with customers: (continued) •

Identifying performance obligations in a bundled sale of equipment and installation services (continued) The Group determined that both the equipment items and installation are capable of being distinct. The fact that the Group regularly sells both equipment and installation on a standalone basis indicates that the customer can benefit from both products on their own. The Group also determined that the promises to transfer the items and to provide installation are distinct within the context of the contract. The equipment and installation are not inputs to a combined item in the contract. The Group is not providing a significant integration service because the presence of the equipment and installation together in this contract do not result in any additional or combined functionality and neither the equipment nor the installation significantly modify or customise the other. In addition, the equipment and installation are not highly interdependent or highly interrelated, because the Group would be able to transfer the equipment even if the customer declined installation and would be able to provide installation in relation to products sold by other distributors. Consequently, the Group allocated a portion of the transaction price to the equipment and the installation services based on relative standalone selling prices.

•

Determining the timing of satisfaction of installation services The Group concluded that revenue for some installation services is to be recognised over time because the customer simultaneously receives and consumes the benefits provided by the Group. The fact that another entity would not need to re-perform the installation that the Group has provided to date demonstrates that the customer simultaneously receives and consumes the benefits of the Group’s performance as it performs.

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3. MATERIAL (continued)

ACCOUNTING

ESTIMATES,

ASSUMPTIONS

AND

JUDGEMENTS

Judgements (continued) Revenue from contracts with customers (continued) •

Determining the timing of satisfaction of installation services (continued) The Group applies either the input or output method of measuring progress of the installation services depending on how management measures progress towards completion for project management purposes. Where input methods are applied, the Group recognises revenue on the basis of the cost incurred relative to the total expected cost to complete the service. Where output methods are applied, the Group recognises revenue based on the progress towards completing pre-established milestones, given the revenue allocated to those milestones, relative to total revenue.

•

Principal versus agent considerations The Group enters into contracts with its customers to perform ship handling and processing duties on behalf of principals. The following factors indicate that the Group is acting in the capacity as an agent in these contracts: •

The Group is not primarily responsible for fulfilling the promise to provide the shipping services.

•

The Group has no discretion in establishing the price for the shipping services. The Group’s consideration in these contracts is only based on commissions that are a fixed fee or a percentage of the cost of shipping services.

In addition, the Group concluded that it transfers control over its services (i.e., arranging for the shipping services), at a point in time, upon completion of the shipping services, because this is when the customer benefits from the Group’s agency service. •

Determining method to estimate variable consideration and assessing the constraint Certain contracts for the sale of goods include a right of return and volume rebates that give rise to variable consideration. In estimating the variable consideration, the Group is required to use either the expected value method or the most likely amount method based on which method better predicts the amount of consideration to which it will be entitled.

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3. MATERIAL (continued)

ACCOUNTING

ESTIMATES,

ASSUMPTIONS

AND

JUDGEMENTS

Judgements (continued) Revenue from contracts with customers (continued) •

Determining method to estimate variable consideration and assessing the constraint (continued) The Group determined that the expected value method is the appropriate method to use in estimating the variable consideration for the sale of products with rights of return, given the large number of customer contracts that have similar characteristics. In estimating the variable consideration for the sale of products with volume rebates, the Group determined that using a combination of the most likely amount method and expected value method is appropriate. The selected method that better predicts the amount of variable consideration was primarily driven by the number of volume thresholds contained in the contract. The most likely amount method is used for those contracts with a single volume threshold, while the expected value method is used for contracts with more than one volume threshold. Before including any amount of variable consideration in the transaction price, the Group considers whether the amount of variable consideration is constrained. The Group determined that the estimates of variable consideration are not constrained based on its historical experience, business forecast and the current economic conditions. In addition, the uncertainty on the variable consideration will be resolved within a short time frame.

Determining whether the loyalty points provide material rights to customers The Group operates a loyalty points programme which allows customers to accumulate points when they purchase certain Group products. The points can be redeemed for a discount, subject to a minimum number of points obtained. The Group assessed whether the loyalty points provide a material right to the customer that needs to be accounted for as a separate performance obligation. The Group determined that the loyalty points provide a material right that the customer would not receive without entering into the contract. The discount the customer would receive by exercising the loyalty points do not reflect the stand-alone selling price that a customer without an existing relationship with the Group would pay for those products. The customers’ right also accumulates as they purchase additional products.

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411

3. MATERIAL (continued)

ACCOUNTING

ESTIMATES,

ASSUMPTIONS

AND

JUDGEMENTS

Judgements (continued) Leases -

Determining the lease term of contracts with renewal and termination options – Group as lessee The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customisation to the leased asset). The Group included the renewal period as part of the lease term for leases of land and buildings and plant and machinery with shorter non-cancellable period. The Group typically exercises its option to renew for these leases because there will be a significant negative effect on production if a replacement asset is not readily available. The renewal periods for leases of land and buildings and plant and machinery with longer non-cancellable periods are not included as part of the lease term as these are not reasonably certain to be exercised. Furthermore, the periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised.

Estimating the incremental borrowing rate If the Group cannot readily determine the interest rate implicit in the lease, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group ‘would have to pay', which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions) or when they need to be adjusted to reflect the terms and conditions of the lease (for example, when leases are not in the subsidiary’s functional currency).

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Estimating the incremental borrowing rate (continued) The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary’s stand-alone credit rating).

Operating lease commitments – Group as lessor The Group has entered into vehicle, equipment and property leases. The Group has determined, based on an evaluation of the terms and conditions of the arrangements, such as the lease term not constituting a substantial portion of the economic life of the commercial assets, that it retains all the significant risks and rewards of ownership of these assets and accounts for the contracts as operating leases.

Finance lease commitments – Group as lessor Leases are classified as finance leases when the terms of the lease transfer substantially all of the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur.

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413

Useful life of property, plant and equipment When reviewing the residual values and expected useful lives of assets, the Group considers climate-related matters, such as climate-related legislation and regulations that may restrict the use of assets or require significant capital expenditures.

•

Impairment of non-financial assets The value-in-use may be impacted in several different ways by transition risk in particular, such as climate-related legislation and regulations and changes in demand for the Group's products. Even through the Group has concluded that no single climate-related assumption is a key assumption for the 2024 test of goodwill, the Group considered expectations for increased costs of emissions, increased demand for goods sold by the Group and cost increases due to stricter recycling requirements in the cash-flow forecasts in assessing value-in-use amounts.

Impairment of goodwill and other intangibles The Group determines whether goodwill or other indefinite life intangibles are impaired at least on an annual basis. This requires an estimation of the ‘value in use’ or ‘fair value less costs of disposal’ of the cash-generating units to which the goodwill or other intangibles are allocated. Estimating a value in use amount requires management to make an estimate of the expected future cash flows from the cash-generating units and also to choose a suitable discount rate in order to calculate the present value of those cash flows. Further details are provided in Note 6 and accounting policy Note 2 (ix).

414

ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 3. MATERIAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS (continued) Estimates and assumptions (continued) Provision for impairment of trade receivables Management exercises judgement in determining the adequacy of provisions for trade accounts receivable balances for which collections are considered doubtful. Judgement is used in the assessment of the extent of the recoverability of long outstanding balances. Actual outcomes may be materially different from the provision established by management. The accounting policies related to impairment of trade receivables is disclosed in Note 2 (viii). Valuation of investments Fair values are based on quoted market prices for the specific instrument, comparisons with other similar financial instruments, or the use of valuation models. Establishing valuations where there are no quoted market prices inherently involves the use of estimates and applying judgment in establishing reserves against indicated valuations for aged positions, deteriorating economic conditions (including country specific risks), concentrations in specific industries, types of instruments or currencies, market liquidity, model risk itself and other factors. Further details are provided in Note 32 and accounting policy Note 2 (xvii). Taxes Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Given the existence of international business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The Group establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective Group company’s domicile. Deferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgment is required to determine the amount of deferred tax assets that can be recognised, based upon the timing and the level of future taxable profits together with future tax planning strategies. Further details are provided in accounting policy Note 2 (xxi). Pension and other post-employment benefits The cost of defined benefit pension plans and other post-employment medical benefits and the present value of the pension obligation are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, expected rates of return on assets, future salary increases, mortality rates and future pension increases. Due to the long term nature of these plans, such estimates are subject to significant uncertainty. All assumptions are reviewed at each reporting date. Further details are provided in Note 12 and accounting policy Note 2 (xxii).

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415

3. MATERIAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS (continued) Estimates and assumptions (continued) Insurance and reinsurance contracts For general, health and group life insurance contracts, the Group applies the PAA to simplify the measurement of insurance contracts. When measuring liabilities for remaining coverage, the PAA is broadly similar to the Group's previous accounting treatment under IFRS 4. However, when measuring liabilities for incurred claims, the Group now discounts cash flows that are expected to occur more than one year after the date on which the claims are incurred and includes an explicit risk adjustment for non-financial risk. Liability for remaining coverage In the general and health insurance product line, the Group is eligible and chooses to recognise insurance acquisition cash flows as an expense immediately as incurred. This is because all insurance contracts issued within that product line have a coverage period of one year or less. The effect of electing to recognise insurance acquisition cash flows as an expense when incurred for a group of insurance contracts is to increase the liability for remaining coverage and reduce the likelihood of any subsequent onerous contract loss. There would be an increased charge to profit or loss on incurring the expense, offset by an increase in profit released over the coverage period. Onerous Groups For groups of contracts that are onerous, the liability for remaining coverage is determined by the fulfilment cash flows. Any loss-recovery component is determined with reference to the loss component recognised on underlying contracts and the recovery expected on such claims from reinsurance contracts held. Liability for incurred claims The ultimate cost of outstanding claims is estimated by using a range of standard actuarial claims projection techniques, such as Mack Chain Ladder.

416

ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 3. MATERIAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS (continued) Estimates and assumptions (continued) Insurance and reinsurance contracts (continued) Liability for incurred claims (continued) The main assumption underlying these techniques is that the Group’s past claim development experience can be used to project future claims development and hence ultimate claims costs. These methods extrapolate the development of paid and incurred losses, average costs per claim (including claims handling costs), and claim numbers based on the observed development of earlier years and expected loss ratios. Historical claims development is mainly analysed by accident years, but can also be further analysed by geographical area, as well as by significant business lines and claim types. Large claims are usually separately addressed, either by being reserved at the face value of loss adjuster estimates or separately projected in order to reflect their future development. In most cases, no explicit assumptions are made regarding future rates of claims inflation or loss ratios. Instead, the assumptions used are those implicit in the historical claims development data on which the projections are based. Additional qualitative judgement is used to assess the extent to which past trends may not apply in future, (e.g., to reflect one-off occurrences, changes in external or market factors such as public attitudes to claiming, economic conditions, levels of claims inflation, judicial decisions and legislation, as well as internal factors such as portfolio mix, policy features and claims handling procedures) in order to arrive at the estimated ultimate cost of claims that present the probability weighted expected value outcome from the range of possible outcomes, taking account of all the uncertainties involved. Some of the insurance contracts permit the Group to sell property acquired in settling a claim. The Group also has the right to pursue third parties for payment of some or all costs. Estimates of salvage recoveries and subrogation reimbursements are considered as an allowance in the measurement of ultimate claims costs. Other key circumstances affecting the reliability of assumptions include variation in interest rates, delays in settlement and changes in foreign currency exchange rates. Insurance contract liabilities (Note 20) The following assumptions were used when estimating future cash flows: •

Mortality and morbidity rates (life insurance business) Assumptions are based on standard industry tables, according to the type of contract written. They reflect recent historical experience and are adjusted when appropriate to reflect the Group’s own experiences. An appropriate, but not excessive, allowance is made for expected future improvements. Assumptions are differentiated by policyholder gender, underwriting class and contract type.

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Longevity (annuity business) Assumptions are based on standard industry tables, adjusted when appropriate to reflect the Group’s own risk experience. An appropriate, but not excessive, allowance is made for expected future improvements. Assumptions are differentiated by a number of factors including (but not limited to) policyholder gender, underwriting class and contract type. An increase in expected longevity rates will lead to an increase in expected cost of immediate annuity payments which will reduce future expected profits of the Group.

•

Expenses Operating expenses assumptions reflect the projected costs of maintaining and servicing in–force policies and associated overhead expenses. The current level of expenses is taken as an appropriate expense base, adjusted for expected expense inflation if appropriate. An increase in the expected level of expenses will reduce future expected profits of the Group. The cash flows within the contract boundary include an allocation of fixed and variable overheads directly attributable to fulfilling insurance contracts. Such overheads are allocated to groups of contracts using methods that are systematic and rational, and are consistently applied to all costs that have similar characteristics.

•

Lapse and surrender rates Lapses relate to the termination of policies due to non–payment of premiums. Surrenders relate to the voluntary termination of policies by policyholders. Policy termination assumptions are determined using statistical measures based on the Group’s experience and vary by product type, policy duration and sales trends. An increase in lapse rates early in the life of the policy would tend to reduce profits of the Group, but later increases are broadly neutral in effect. Discount rates Insurance contract liabilities are calculated by discounting expected future cash flows at a risk free rate, plus an illiquidity premium where applicable. Risk free rates are determined by reference to the yields of highly liquid sovereign securities in the currency of the insurance contract liabilities. The illiquidity premium is determined by reference to observable market rates.

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ANSA McAL ANNUAL REPORT 2025

55 yrs 5.5% 5.5%

Life Insurance Contracts 1 year 5 yrs 10 yrs 15 yrs 2025 4.5% 5.1% 5.8% 6.7% 2024 3.8% 4.8% 5.5% 6.3%

55 yrs 5.5% 5.5%

30 yrs 6.2% 6.0%

Risk adjustment for non-financial risk The risk adjustment for non-financial risk is the compensation that the Group requires for bearing the uncertainty about the amount and timing of the cash flows of groups of insurance contracts. The risk adjustment reflects an amount that an insurer would rationally pay to remove the uncertainty that future cash flows will exceed the expected value amount. The Group has estimated the risk adjustment using a confidence level (probability of sufficiency) approach at the percentile see below. That is, the Group has assessed its indifference to uncertainty for all product lines (as an indication of the compensation that it requires for bearing non-financial risk) as being equivalent to the percentile (see below) confidence level less the mean of an estimated probability distribution of the future cash flows. The Group has estimated the probability distribution of the future cash flows, and the additional amount above the expected present value of future cash flows required to meet the target percentiles. Company

Percentile

TATIL COLFIRE TATIL Life

75th 75th 80th

91 ANSA McAL ANNUAL REPORT 2025

419

420

ANSA McAL ANNUAL REPORT 2025

Land & building leasehold 223,975 18,831 – 3,122 (51,530) 194,398 113,951 9,999 3,523 – (24,360) 103,113 91,285

Land & building freehold 1,358,377 7,844 57,281 32,761 1,390 1,457,653 404,727 33,380 9 4,340 (23,711) 418,745 1,038,908

1,071,859

1,836,860 176,665 14 – (59,779) 1,953,760

2,923,492 75,459 – 91,547 (64,879) 3,025,619

Plant

737,373

717,539 266,150 3,219 – (233,961) 752,947

1,441,689 146,053 – 154,570 (251,992) 1,490,320

Other assets

3,137,992

3,073,077 486,194 6,765 4,340 (341,811) 3,228,565

– – – – – – 198,567

6,040,162 608,807 57,281 – (339,693) 6,366,557

Total 92,629 360,620 – (282,000) 27,318 198,567

Capital W.I.P

Other assets include furniture and fittings, motor vehicles, computer equipment and other tangible fixed assets. Borrowing costs capitalized included in property, plant and equipment amounted to $1,854 (2024: Nil) at 31 December 2025.

Net carrying amounts, 31 December 2025

Accumulated depreciation, 1 January 2025 (restated) Depreciation (continuing operations) Depreciation (discontinued operations) Transfers from investment properties (Note 5) Disposals, write downs and other movements Accumulated depreciation, 31 December 2025

Gross carrying amounts, 1 January 2025 (restated) Additions Transfers from investment properties (Note 5) Transfers from work in progress Disposals, write downs and other movements Gross carrying amounts, 31 December 2025

Year ended 31 December 2025

PROPERTY, PLANT AND EQUIPMENT

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued)

ANSA McAL LIMITED AND ITS SUBSIDIARIES

FINANCIAL REPORT 2025

ANSA McAL ANNUAL REPORT 2025

421

422

4. Land & building leasehold 211,076 11,672 – (4,400) 8,130 (2,503) 223,975 103,765 9,879 1,739 – 931 (2,363) 113,951 110,024

1,213,514 Gross carrying amounts, 1 January 2024 2,679 Additions 72,930 Acquired in business combinations (restated*) (27,929) Transfers to investment properties (Note 5) 108,713 Transfers from work in progress (11,530) Disposals, write downs and other movements Gross carrying amounts, 31 December 2024 (restated) 1,358,377 347,074 28,569 55 26,060 1,692 1,277 404,727 953,650

Accumulated depreciation, 1 January 2024 Depreciation (continuing operations) Depreciation (discontinued operations) Acquired in business combinations Transfers from investment properties (Note 5) Disposals, write downs and other movements Accumulated depreciation, 31 December 2024

Net carrying amounts, 31 December 2024 (restated)

ANSA McAL ANNUAL REPORT 2025

1,086,632

1,727,406 149,815 13 – – (40,374) 1,836,860

2,560,015 58,395 145,182 – 201,504 (41,604) 2,923,492

Plant

724,150

691,711 245,817 1,478 1,233 – (222,700) 717,539

1,271,635 156,276 114,843 – 161,516 (262,581) 1,441,689

Other assets

2,967,085

2,869,956 434,080 3,285 27,293 2,623 (264,160) 3,073,077

– – – – – – – 92,629

5,516,722 539,448 332,955 (32,329) – (316,634) 6,040,162

Total 260,482 310,426 – – (479,863) 1,584 92,629

Capital W.I.P

* The amount of property and plant is restated and does not correspond to the figures in 2024 financial statements since adjustments to the final valuation of acquisition of BleachTech were made as detailed in Note 39. In 2025, the valuation was completed and the acquisition date fair value of the Property was $13,803 and Property and equipment was $178,501, a decrease of $28,233 for Real property and an increase of $19,598 for Property and equipment versus the provisional value. The change in depreciation charge on the buildings from the acquisition date to 31 December 2024 was not material.

Other assets include furniture and fittings, motor vehicles, computer equipment and other tangible fixed assets.

Year ended 31 December 2024

Land & building freehold

PROPERTY, PLANT AND EQUIPMENT (continued)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued)

ANSA McAL LIMITED AND ITS SUBSIDIARIES

FINANCIAL REPORT 2025

5. INVESTMENT PROPERTIES

2025

2024

Balance 1 January Transfers (to)/from property, plant and equipment (net) (Note 4) Additions Foreign exchange differences and other movements Depreciation for the year

269,331

237,223

(52,941) 4 177 (2,705)

34,952 – 190 (3,034)

Balance 31 December

213,866

269,331

Investment properties at cost Accumulated depreciation

240,193 (26,327)

297,281 (27,950)

Net carrying amount

213,866

269,331

The Group has no restrictions on the realisability of its investment properties and no contractual obligations at year end to purchase, construct or develop investment properties or for repairs, maintenance and enhancements. The property rental income earned by the Group from third parties during the year from its investment properties, amounted to $33,115 (2024: $30,106). Direct operating expenses arising on the investment properties amounted to $22,700 (2024: $21,191). The fair value of Investment Property is estimated to be in excess of the carrying value as at year end.

ANSA McAL ANNUAL REPORT 2025

423

Gross carrying amounts, 1 January 2025

Goodwill 1,423,150

Brands, licenses, contracts and other 1,215,959

Computer software 467,343

Total 3,106,452

Computer software purchased Foreign exchange differences Disposals and other movements Gross carrying amounts, 31 December 2025

– 3,447 (31,526) 1,395,071

– 3,550 – 1,219,509

16,775 104 (42,039) 442,183

16,775 7,101 (73,565) 3,056,763

(61,514) – – – 45,111

(37,302) (48,448) – (81) 199

(187,821) (25,492) (2,590) – 7,540

(286,637) (73,940) (2,590) (81) 52,850

(16,403) 1,378,668

(85,632) 1,133,877

(208,363) 233,820

(310,398) 2,746,365

491,416

269,466

439,713

1,200,595

931,374

–

931,374

– – 360 –

946,054 – 439 –

– 47,949 172 (20,491)

946,054 47,949 971 (20,491)

1,423,150

1,215,959

467,343

3,106,452

(48,078) – – (13,365)

(23,776) (13,518) – –

(174,389) (21,421) (643) –

(246,243) (34,939) (643) (13,365)

(71)

(8)

8,632

8,553

(61,514)

(37,302)

(187,821)

(286,637)

1,361,636

1,178,657

279,522

2,819,815

Accumulated impairment and amortisation, 1 January 2025 Amortisation (continuing operations) Amortisation (discontinued operations) Impairment Disposals and other movements Accumulated impairment and amortisation, 31 December 2025 Net carrying amounts, 31 December 2025 Gross carrying amounts, 1 January 2024 Goodwill on acquisition (restated) (Note 39) Other intangibles acquired on acquisition (restated) (Note 39) Computer software purchased Foreign exchange differences Disposals and other movements Gross carrying amounts, 31 December 2024 (restated) Accumulated impairment and amortisation, 1 January 2024 Amortisation (continuing operations) Amortisation (discontinued operations) Impairment (discontinued operations) Disposals and other movements Accumulated impairment and amortisation, 31 December 2024 Net carrying amounts, 31 December 2024 (restated)*

* The amount of Goodwill and Intangible assets is restated and does not correspond to the figures in 2024 financial statements since adjustments to the final valuation of acquisition of BleachTech were made as detailed in Note 39.

424

96 ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 6. INTANGIBLE ASSETS (continued) Goodwill In accordance with IFRS 3, ‘Business Combinations’, goodwill acquired through business combinations has been allocated to the Group’s cash-generating units that are expected to benefit from the synergies of the combination. Impairment is determined by assessing the recoverable amount of the cash-generating units to which goodwill relates. During the 2024 the Group recognized an impairment charge amounting to $13.3 million in relation to the goodwill assigned to Standard Distributors Limited which was fully impaired. The following table highlights the goodwill and impairment testing information (where applicable) for each cash-generating unit, as well as the assumptions to which the impairment testing were most sensitive:

Subsidiary Grenada Breweries Limited Bryden Stokes Limited Sissons Paints Limited Alstons Marketing Company Limited Indian River Beverage Corporation Easi Industrial Supplies Limited ANSA Coatings International Limited Trinidad Aggregate Products Limited (TAP) Trident Insurance Company Limited ANSA Bank Limited Colonial Fire & General Insurance Limited BleachTech LLC

Cash generating unit Manufacturing, packaging & brewing Automotive, trading & distribution Manufacturing, packaging & brewing Automotive, trading & distribution Manufacturing, packaging & brewing Manufacturing, packaging & brewing Manufacturing, packaging & brewing

Carrying amount of goodwill

Pre-tax Growth rate Discount (extrapolation rate period)

Year of acquisition

1,134

13.30%

1.00%

2002

21,055

13.60%

2.00%

2004

6,167

19.30%

1.80%

2008

11,795

11.30%

1.80%

2013

39,847

11.60%

2.10%

2016

60,233

16.10%

1.80%

2016

24,601

19.30%

1.80%

2017

57,885

12.10%

1.80%

2019

Banking

15,515 43,855

12.40% 9.50%

2.00% 2.17%

2019 2021

Insurance

162,029

12.60%

1.80%

2023

Manufacturing, packaging & brewing

934,552

10.00%

2.10%

2024

Manufacturing Media, retail, services & parent company

1,378,668

ANSA McAL ANNUAL REPORT 2025

425

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 6. INTANGIBLE ASSETS (continued) Brands, licenses, contracts and other intangibles Intangible assets also include the brands, licenses and contracts arising from the acquisition of Sissons Paints Limited, ANSA Coatings International Limited, Indian River Beverage Corporation, the Mackeson brand, various broadcast licenses and rights, banking license and customer contracts which were recognised at fair value at the acquisition dates. During 2024, the Group recognised other definite useful life intangible assets relating to trade names, technology and know-how, restrictive covenants, customer contracts and relationships as disclosed in Note 39. Subsequent to initial recognition, brands and licenses were carried at cost and are expected to have an indefinite life due to the overall strength and longevity of the brands. Impairment tests were performed on the indefinite life brands and radio licenses at year end and there were no impairment arising. The Mackeson brand has been granted for a term of twenty-five (25) years with the option to renew at little or no cost to the Group, and is therefore treated as an indefinite life brand. Previous radio licenses acquired have been renewed and have allowed the Group to determine that this asset has an indefinite useful life. The banking license is tied directly to the operations of the Bank as the Bank cannot legally operate without. It is expected that the Bank would continue into the foreseeable future with no anticipated cessation date and as such the bank license would have an indefinite useful life. The following table highlights the impairment testing information for each indefinite useful life brand, license and contract as well as the assumptions to which the impairment testing were most sensitive: Carrying amount of brands and licenses

Growth rate Discount (extrapolation rate period)

Brands and licenses

Cash generating unit

Berger brand

Manufacturing, packaging & brewing

46,251

19.30%

1.80%

Indian River Beverage Corporation brands

Manufacturing, packaging & brewing

24,092

11.60%

2.10%

Mackeson brand

Manufacturing, packaging & brewing

36,884

13.40%

1.80%

Broadcast licenses

Media, retail, services & parent company

11,223

13.50%

1.80%

Sissons brand

Manufacturing, packaging & brewing

13,984

19.30%

1.80%

Banking License

Banking

62,455

9.50%

2.17%

Intangible assets subject to impairment testing

194,889 98

426

ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 6. INTANGIBLE ASSETS (continued) Brands, licenses, contracts and other intangibles (continued) For all impairment tests for goodwill, brands and licenses, the recoverable amount of the relevant business units was determined based on value in use calculations using pre-tax cash flow projections over a five-year term. These projections are based on financial budgets approved by the Board of Directors of the respective companies. In assessing value in use, some budgets were adjusted to deliver an appropriate balance between historic performance and likely future outcomes. Growth rates are based on published industry research where available or on the historic average of real gross domestic product (GDP) for the local economy. 2025 Intangible assets subject to impairment testing as above

194,889 Useful Life (years)

Intangible assets with a definite useful life

Customer contracts Banking Contract manufacturing Manufacturing, packaging & agreements brewing

5,753

4,339

Policy renewal rights Distribution relationship

16,990

11,817

58,044

82,847

Insurance

Insurance Manufacturing, packaging & brewing Trade names Technology and know- Manufacturing, packaging & brewing how Manufacturing, packaging & Restrictive covenants brewing Customer contracts and Manufacturing, packaging & relationships brewing

7,834

751,364

Total Brands, licenses, contracts and other intangibles

1,133,877

Computer software Intangible assets also include the internal development cost arising from various Enterprise Resource Planning (ERP) Projects which were recognised at fair value at the capitalisation date. Subsequent to initial recognition, computer software was carried at cost, less amortisation and impairment losses where necessary, and is expected to have a finite life not exceeding fifteen (15) years.

ANSA McAL ANNUAL REPORT 2025

427

FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 7. LEASES Group as a lessee The Group has lease contracts for various items of land, building, plant and machinery, motor vehicles and other assets used in its operations. Leases of land and building generally have lease terms between 2 and 36 years, while plant and machinery generally have lease terms between 3 and 5 years and motor vehicles and other equipment generally have lease terms between 2 and 5 years. There are several lease contracts that include extension and termination options and variable lease payments, which are further discussed below. The Group also has certain leases of equipment and machinery with lease terms of 12 months or less and leases of plant and machinery with low value. The Group applies the ‘short-term lease’ and ‘lease of lowvalue assets’ recognition exemptions for these leases. The Group recognised rent expense from short-term leases of $20,152 (2024: $16,693) and from low-value assets of $1,424 (2024: $1,593) for the year ended 31 December 2025. The Group also recognised rent expense relating to variable lease payments of $693 (2024: $11,004) for the year ended 31 December 2025. Set out below are the carrying amounts of right-of-use assets recognised and the movements during the year: Land and Plant and building machinery

428

Motor Vehicles

Other equipment

Total

As at 1 January 2025 Additions Depreciation (continuing operations) Depreciation (discontinued operations) Other movements As at 31 December 2025

83,442 95,005 (42,899) (10,112) (22,243) 103,193

33 4,995 (1,282) 3,746

138 (64) 74

337 (108) (101) – 128

83,950 100,000 (44,353) (10,213) (22,243) 107,141

As at 1 January 2024 Additions Depreciation (continuing operations) Depreciation (discontinued operations) Other movements As at 31 December 2024

92,985 49,810 (37,302) (16,675) (5,376) 83,442

308 – (275) 33

105 89 (56) 138

108 397 (103) (65) 337

93,506 50,296 (37,736) (16,740) (5,376) 83,950

100 ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 7. LEASES (continued) Group as a lessee (continued) Set out below are the carrying amounts of lease liabilities and the movements during the year: 2025 As at 1 January Additions Principal payments Interest payments Accretion of interest (Note 25) Modifications and other movements Foreign exchange

88,983 100,000 (57,140) (5,952) 5,952 (17,755) 57

2024 Restated 99,002 50,296 (58,481) (3,401) 3,401 (1,884) 50

As at 31 December

114,145

88,983

Current Non-current

43,557 70,588

30,204 58,779

The maturity analysis of lease liabilities are disclosed in Note 33. The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased asset portfolio and align with the Group’s business needs. Management exercises significant judgement in determining whether these extension and termination options are reasonably certain to be exercised. Group as lessor - Operating lease commitments The Group is involved in leases on motor vehicles, computer equipment and investment properties. These non-cancellable leases have remaining terms of up to 6 years. All leases include a clause to enable upward revision of the rental charge on an annual basis according to prevailing market conditions. Future minimum rentals receivable under non-cancellable operating leases as at 31 December are as follows: 2025 2024 Within one year After one year but not more than five years After five years

5,866 12,828 2,880

3,819 11,389 4,800

21,574

20,008

101

ANSA McAL ANNUAL REPORT 2025

429

FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 8. INVESTMENT IN ASSOCIATES AND JOINT VENTURE INTERESTS Carrying value: Associates Joint venture interests Share of results: Associates Joint venture interests Associates Significant associates interests at 31 December are as follows: Country of incorporation/ Company/Entity principal place of

2025

2024

191,420 66,154 257,574

191,046 63,646 254,692

24,837 (2,045) 22,792

33,389 (4,337) 29,052

% Interest 2025

% Interest 2024

Trinidad Lands Limited Bahamian Brewery & Beverage Company Limited

Republic of Trinidad and Tobago The Bahamas

40 25

Various interests held by ANSA McAL (Barbados) Limited

Various Caribbean islands and Barbados

23.5-49.5

The following table illustrates the summarised financial information of the Group’s investment in associates: 2025 2024 Assets: Non-current assets 449,192 434,650 356,415 345,388 Current assets 805,607 780,038 Liabilities: Non-current liabilities 28,352 25,184 194,271 170,769 Current liabilities 222,623 195,953 582,984 584,085 Net assets 191,420 191,046 Carrying amount of the investment

430

102 ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES

2025

2024

Revenue Cost of sales Administrative expenses

814,969 (612,403) (129,239)

986,618 (772,206) (114,019)

Profit before taxation Taxation

73,327 (12,098)

100,393 (12,882)

Total comprehensive income

61,229

87,511

Group’s share of total comprehensive income

24,837

33,389

Dividends received for the year

15,192

20,915

The associates had no contingent liabilities or capital commitments as at 31 December 2025 (2024: nil). Depreciation included in administrative expenses and cost of sales is $17,735 (2024: $21,038). Joint venture interests On 4 April 2025, the Group signed an agreement with Globus Spirits Limited to establish a Joint venture company, Globus ANSA Private Limited, a company incorporated in India . The transaction was completed with an initial investment of $816. Further investment was made later in 2025 to bring the total investment in the joint venture entity to $6.7 million. The Group also has an investment in a joint venture arrangement with MPC Caribbean Clean Energy Fund for a 50% interest in a joint venture company, CCEF ANSA Renewable Energies Holdings Limited (CARE), a company incorporated in Barbados. CARE is the 100% owner of a 21MW wind farm, Tilawind S.A. which is located in Costa Rica. This joint venture represents the Group's entry into the renewable energy power sector. In 2025 and 2024, the Group did not invest additional amounts in CCEF ANSA Renewable Energies Holdings Limited (CARE). In 2021, the joint venture signed an agreement to acquire 72.8% of the shares in Monte Plata Solar Park in the Dominican Republic, with a capacity of 33.4MW. The transaction was completed on 9 May 2022.

103

ANSA McAL ANNUAL REPORT 2025

431

FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 8. INVESTMENT IN ASSOCIATES AND JOINT VENTURE INTERESTS (continued) Joint venture interests (continued) The Group’s joint venture interest is accounted for using the equity method in the consolidated financial statements. Summarised financial information of the joint venture, based on the IFRS financial statements, and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below: 2025

2024

735,574 97,395

755,264 74,301

832,969

829,565

460,183 175,197

496,726 139,526

635,380

636,252

Net assets

197,589

193,313

Carrying amount of the investment

66,154

63,646

2025

2024

134,930 (3,074) (137,175)

96,858 – (105,455)

Loss before tax Taxation

(5,319) (3)

(8,597) (120)

Total comprehensive loss for the year

(5,322)

(8,717)

Group’s share of loss for the year

(2,045)

(4,337)

Assets: Non-current assets Current assets Liabilities: Non-current liabilities Current liabilities

Summarised statement of comprehensive loss for the joint venture interests:

Revenue Cost of sales Administrative expenses

432

104 ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 8. INVESTMENT IN ASSOCIATES AND JOINT VENTURE INTERESTS (continued) Joint venture interests (continued) No dividends were received from joint venture interests during 2025 or 2024. Depreciation included in administrative expenses is $28,222 (2024: $27,877). The joint venture entities had no contingent liabilities or capital commitments as at 31 December 2025 and 2024 and cannot distribute its profits until it obtains the consent from the joint venture partners. 9. INVESTMENT SECURITIES

2025

2024

Investment securities designated as fair value through statement of income Investment securities measured at amortised cost Investment securities measured at fair value through other comprehensive income

1,000,713 2,393,573

707,998 2,564,956

1,632,096

1,441,972

Total investment securities

5,026,382

4,714,926

Represented by: Non-current portion Investments at amortised cost maturing in more than one year Investments at fair value through statement of income Investments at fair value through other comprehensive income

2,034,944 110,535 1,125,409

2,032,380 111,430 902,781

3,270,888

3,046,591

358,628 890,179 506,687

532,576 596,568 539,191

1,755,494

1,668,335

Current portion Investments at amortised cost maturing in less than one year Investments at fair value through statement of income Investments at fair value through other comprehensive income

105

ANSA McAL ANNUAL REPORT 2025

433

FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 9. INVESTMENT SECURITIES (continued) Investment securities designated as at fair value through statement of income Equities Managed funds Government bonds State-owned company securities Corporate bonds

2025

2024

121,889 771,962 1,958

70,257 524,596 7,642

14,475 90,429

15,068 90,435

1,000,713

707,998

865,547 362,721 1,165,305

935,096 371,713 1,258,147

2,393,573

2,564,956

324,453 152,634 28,689 1,126,320

377,773 143,852 19,632 900,715

1,632,096

1,441,972

5,026,382

4,714,926

Investment securities measured at amortised cost Government bonds State-owned company securities Corporate bonds

Investment securities measured at fair value through other comprehensive income Equities Government bonds State-owned company securities Corporate bonds

Total investment securities

434

ANSA McAL ANNUAL REPORT 2025

106

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 9. INVESTMENT SECURITIES (continued) The table below shows the staging of investment securities and the related ECL's based on the Group's criteria as explained in Note 2 xvi (b): Investments at amortised cost

Stage 1

Stage 2

Stage 3

POCI

Total

Gross carrying amount at 31 December 2025 ECL allowance

2,348,946

–

634

59,894

2,409,474

(10,324)

–

(634)

(4,943)

(15,901)

Net exposure at 31 December 2025

2,338,622

–

54,951

2,393,573

2,514,417 (10,192) 2,504,225

– -–

63,649 (2,918)

–

632 (632) –

60,731

2,578,698 (13,742) 2,564,956

– –

(632) (2)

(2,918) (5)

(13,742) (7)

–

(239)

(2,212)

(6,362)

– –

239 –

– 192

1,762 2,448

–

(634)

(4,943)

(15,901)

(104) –

(2,717) (2)

(9,448) (14)

(28,459) (16)

–

(239)

(2,086)

(7,906)

– 104

239 2,087

– 8,630

2,021 20,618

(10,192)

–

(632)

(2,918)

(13,742)

Gross carrying amount at 31 December 2025 ECL allowance

1,632,225 (129)

– –

1,632,225 (129)

Net exposure at 31 December 2025

1,632,096

–

1,632,096

Investments at amortised cost Gross carrying amount at 31 December 2024 ECL allowance Net exposure at 31 December 2024

Impairment on investments at amortised cost (10,192) ECL allowance as at 1 January 2025 Translation adjustments ECL on new instruments and other adjustments (3,911) Other credit loss movements, repayments etc. 1,523 Charge-offs and write-offs 2,256 ECL allowance at 31 December 2025

(10,324)

Impairment on investments at amortised cost (16,190) ECL allowance as at 1 January 2024 Translation adjustments – ECL on new instruments and other adjustments (5,581) Other credit loss movements, repayments etc. 1,782 Charge-offs and write-offs 9,797 ECL allowance at 31 December 2024 Investments at fair value through other comprehensive income

107

ANSA McAL ANNUAL REPORT 2025

435

FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 9. INVESTMENT SECURITIES (continued) The table below shows the staging of investment securities and the related ECL's based on the Group's criteria as explained in Note 2 xvi (b) (continued): Stage 1

Stage 2

Stage 3

POCI

Total

Investments at fair value through other comprehensive income Gross carrying amount at 31 December 2024 ECL allowance

1,442,084 (112)

– –

1,442,084 (112)

Net exposure at 31 December 2024

1,441,972

–

1,441,972

ECL allowance as at 1 January 2025 ECL on new instruments and other adjustments

(112)

–

(112)

(17)

–

(17)

ECL allowance at 31 December 2025

(129)

–

(129)

ECL allowance as at 1 January 2024 ECL on new instruments and other adjustments

(130)

–

(130)

–

ECL allowance at 31 December 2024

(112)

–

(112)

Impairment on investments at fair value through other comprehensive income

Impairment at fair value through other comprehensive income

436

108 ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 10. LOANS, ADVANCES AND OTHER ASSETS Included herein are amounts receivable under hire purchase and finance lease agreements in the financial statements of various subsidiary companies in the financial services and retail sectors. Also included, are other interest bearing loans and advances of the Group which are stated at amortised cost. 2025

2024

Hire purchase and finance leases Mortgages, policy loans and other loans and advances

885,486 1,984,947

978,908 1,825,369

Total loans, advances and other assets Current portion

2,870,433 (481,539)

2,804,277 (484,466)

Non-current portion

2,388,894

2,319,811

941,335 78,104

1,059,008 94,738

1,019,439 (103,832)

1,153,746 (109,553)

Present value of minimum lease payments Less: Allowance for ECL

915,607 (30,121)

1,044,193 (65,285)

Net hire purchase and finance leases

885,486

978,908

Mortgages and policy loans Other loans and advances

320,542 1,726,549

291,564 1,584,012

Less: Allowance for ECL

2,047,091 (62,144)

1,875,576 (50,207)

Net mortgages, policy loans and other loans and advances

1,984,947

1,825,369

Hire purchase and finance leases is analysed as follows: Hire purchase Finance leases . Future minimum lease payments Less: Unearned finance charges

Mortgages, policy loans and other loans and advances is analysed as follows:

109

ANSA McAL ANNUAL REPORT 2025

437

FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 10. LOANS, ADVANCES AND OTHER ASSETS (continued) Future minimum lease payments of hire purchase and finance leases: Amounts due: Within one year After one year but less than five years More than five years

Present value of minimum lease payments of hire purchase and finance leases: Amounts due: Within one year After one year but less than five years More than five years Sectorial analysis of total loans, advances and other assets: Personal Commercial Professional and other services

2025

2024

241,780 328,039 449,620

261,092 530,902 361,752

1,019,439

1,153,746

239,669 305,162 370,776

249,464 478,407 316,322

915,607

1,044,193

1,113,784 1,645,040 111,609

1,152,815 1,562,481 88,981

2,870,433

2,804,277

As at 31 December 2025, the Group held repossessed vehicles with a fair value of $2.3 million (2024: $3.4 million). Repossessed vehicles are sold as soon as practical, with the proceeds used to reduce the outstanding indebtedness. The table below shows the staging of loans and advances and other assets based on the Group's criteria as explained in Note 2 xvi (b):

438

Stage 1

Stage 2

Stage 3

Total

Gross carrying amount at 31 December 2025 ECL allowance

2,532,713 (12,192)

194,391 (2,928)

235,594 (77,145)

2,962,698 (92,265)

Net exposure at 31 December 2025

2,520,521

191,463

158,449

2,870,433

ANSA McAL ANNUAL REPORT 2025

110

FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 10. LOANS, ADVANCES AND OTHER ASSETS (continued) The table below shows the staging of loans and advances and other assets based on the Group's criteria as explained in Note 2 xvi (b) (continued): Stage 1

Stage 2

Stage 3

Total

Gross carrying amount at 31 December 2024 ECL allowance

2,420,800 (17,649)

274,704 (21,780)

224,264 (76,062)

2,919,768 (115,491)

Net exposure at 31 December 2024

2,403,151

252,924

148,202

2,804,277

Stage 1

Stage 2

Stage 3

Total

ECL allowance as at 1 January 2025

(17,649)

(21,780)

(76,062)

(115,491)

ECL on new instruments issued during the year Other credit loss movements, repayments etc. Charge-offs and write-offs Recoveries

(1,793) 5,774 1,476 –

(1,919) 21,028 (257) –

(1,301) 2,071 (1,853) –

(5,013) 28,873 (634) –

ECL allowance at 31 December 2025

(12,192)

(2,928)

(77,145)

(92,265)

ECL allowance as at 1 January 2024 ECL on new instruments issued during the year Other credit loss movements, repayments etc. Charge-offs and write-offs Recoveries

(17,963) (6,366) 3,434 3,246 –

(19,536) (3,162) (176) 1,094 –

(55,568) (5,199) 6,236 (21,531) –

(93,067) (14,727) 9,494 (17,191) –

ECL allowance at 31 December 2024

(17,649)

(21,780)

(76,062)

(115,491)

ANSA McAL ANNUAL REPORT 2025

111

439

Deferred tax assets Unutilised tax losses Employee benefit liability Unrealised investment losses Finance leases and other Deferred tax liabilities Property, plant and equipment Employee benefit asset Life insurance reserves Unrealised investment gains Other

(Credit)/charge to Consolidated statement of 2024 income (Note 26)

Deferred tax liabilities Property, plant and equipment Employee benefit asset Life insurance reserves included in investment other Unrealised gains Other Net deferred tax income

OCI - will OCI not be may be reclassified reclassified

2025

(172,067) (36,405) (2,056) (56,133) (266,661)

(5,246) (785) (1,097) (12,193) (19,321)

9,872 7,499 (12,071) 1,981 7,281

– (639) (3,790) – (4,429)

– – (75) – (75)

(167,441) (30,330) (19,089) (66,345) (283,205)

314,716 282,945 36,254 18,634 26,624

30,583 15,281 2,323 11,534 13,431

3,019 (483) – 12,077 1,618

– (10,207) – (608) –

– – – 3,014 –

348,318 287,536 38,577 44,651 41,673

679,173

73,152

16,231

(10,815)

3,014

760,755

OCI - will OCI not be may be reclassified reclassified

2024

53,831

Net deferred tax expense

Deferred tax assets Unutilised tax losses Employee benefit liability Unrealised investment losses Finance leases and other

Other movements

(Credit)/charge to Consolidated Other statement of movements 2023 income (Note 26) (171,244) (19,282) (4,245) (41,837) (236,608)

(16,856) (8,356) 58 13,900 (11,254)

16,033 424 – (28,196) (11,739)

– (9,191) 2,157 – (7,034)

– – (26) – (26)

(172,067) (36,405) (2,056) (56,133) (266,661)

316,459 293,252 35,801 44,246 14,326 704,084

(8,906) 9,399 453 (6,189) 5,051 (192)

7,170 5,461 – 3,077 7,247 22,955

(7) (25,167) – (21,826) – (47,000)

– – – (674) – (674)

314,716 282,945 36,254 18,634 26,624 679,173

(11,446)

112

440

ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 11. DEFERRED TAXATION (continued) The Group has unutilised tax losses of $667,409 (2024: $691,965) available to be carried forward and applied against future taxable income of the Group. These losses have not yet been verified by the relevant Revenue authorities. Some subsidiaries have incurred tax losses either in the current or prior year, yet recognised deferred tax assets of $167,441 (2024: $172,067) on some or all of their total taxation losses. The recoverability of these deferred tax assets depends on these subsidiaries’ ability to generate future taxable profits. The Group believes that these deferred tax assets are recoverable because these losses are expected to shelter taxable profits in the foreseeable future. The Group has $71,963 (2024: $113,698) of tax losses, representing the sum of tax losses for several years carried forward and related to subsidiaries that have a history of losses. The losses for some of these subsidiaries expire after seven years and may not be used to offset taxable income elsewhere in the Group. The subsidiaries have no opportunities that could partly support the recognition of these losses as deferred tax assets. On this basis, the Group has determined that it cannot recognise deferred tax assets on these tax losses carried forward. Base Erosion and Profit Shifting (BEPS) Pillar Two rules The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) addresses the tax challenges arising from the digitalisation of the global economy. The Global Anti-Base Erosion Model Rules (Pillar Two model rules) apply to multinational enterprises (MNEs) with annual revenue in excess of EUR 750 million per their consolidated financial statements. The Pillar Two model rules introduce new taxing mechanisms under which MNEs would pay a minimum level of tax (the Minimum Tax): • • •

The Qualified Domestic Minimum Top-up Tax (QDMTT) The Income Inclusion Rule (IIR) The Under Taxed Payments/Profits Rule (UTPR)

In addition, the Subject to Tax Rule is a tax treaty-based rule that generally proposes a Minimum Tax on certain cross-border intercompany transactions that otherwise are not subject to a minimum level of tax.

113

ANSA McAL ANNUAL REPORT 2025

441

Base Erosion and Profit Shifting (BEPS) Pillar Two rules (continued) The new taxing mechanisms can impose a minimum tax on the income arising in each jurisdiction in which an MNE operates. The IIR, UTPR and QDMTT do so by imposing a top-up tax in a jurisdiction whenever the effective tax rate (ETR), determined on a jurisdictional basis under the Pillar Two rules, is below a 15% minimum rate. On 23 May 2023, the International Accounting Standards Board issued International Tax Reform-Pillar Two Model Rules - Amendments to IAS 12 (the Amendments). The Amendments clarify that IAS 12 applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the OECD, including tax law that implements a QDMTT. The Group has adopted these amendments, which introduce: •

A mandatory temporary exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and

•

Disclosure requirements for affected entities to help users of the financial statements better understand an entity's exposure to Pillar Two income taxes arising from that legislation

As of 31 December 2025, no jurisdiction in which the Group operates has enacted or substantively enacted the Income Inclusion Rule (IIR) or the Undertaxed Profits Rule (UTPR) under the Pillar Two Model Rules. Certain jurisdictions relevant to the Group have, however, enacted domestic minimum top-up tax regimes aligned with the OECD GloBE framework. Barbados has enacted a domestic top-up tax applicable to fiscal years commencing on or after 1 January 2024; based on the Group’s 2025 jurisdictional results, including net qualifying losses, no top-up tax arises for the year. The Bahamas has enacted a Domestic Minimum TopUp Tax (DMTT); however, based on the Group’s ownership structure and consolidation treatment, the Group does not have a registration or top-up tax obligation in respect of its Bahamas investment for 2025. Accordingly, no Pillar Two top-up tax is payable by the Group for the year ended 31 December 2025. The Group continues to follow Pillar Two legislative developments, as further countries adopt the Pillar Two model rules. This ongoing assessment will enable the Group to evaluate any potential future impacts on its consolidated results of operations, financial position, and cash flows.

114

442

ANSA McAL ANNUAL REPORT 2025

12. EMPLOYEE BENEFITS The Group has defined benefit, defined contribution and hybrid pension plan schemes in Trinidad & Tobago, Barbados, Jamaica and Guyana. The Group also provides certain post-retirement healthcare benefits to employees. These plans are governed by the deeds and rules of the specific plan and the employment laws relevant to the jurisdictions in which they operate. Contributions recognised in the consolidated statement of income with respect to defined contribution plans are as follows: Contribution expense – Trinidad & Tobago plans Contribution expense – Overseas plans

2025 11,916 1,723

2024 12,516 1,451

13,639

13,967

The level of pension benefits provided under the defined benefit plans depends on the member’s length of service and salary at retirement age. The defined benefit pension plans require contributions to be made to a separately administered fund. The fund has a separate legal form and is governed by the Board of Trustees. The Board of Trustees is responsible for the administration of the plan assets and for the definition of the investment strategy. The Board of Trustees periodically reviews the level of funding in the pension plan. Such a review includes the asset-liability matching strategy and investment risk management policy which considers the term of the pension obligation while simultaneously remaining compliant with the requirements of the Pension Act. The pension plans are exposed to inflation, interest rate risks and changes in the life expectancy for pensioners in the relevant jurisdictions. As the plan assets include significant investments in quoted equity shares, the Group is also exposed to equity market risk. 2025 2024 Employee benefits asset Trinidad & Tobago plans (See Note 12 (a)) 968,398 948,636 Overseas plans (See Note 12 (b)) 40,760 31,848 Employee benefits liability Trinidad & Tobago plans (See Note 12 (a)) Overseas plans (See Note 12 (b))

1,000,246

989,396

89,198 39,781

89,120 33,957

128,979

123,077

115

ANSA McAL ANNUAL REPORT 2025

443

FINANCIAL REPORT 2025

Trinidad and Tobago plans The amounts recognised in the consolidated statement of financial position are as follows: Defined benefit pension plans 2024

2025

Other post employment benefits 2025 2024

1,246,606 (2,278,940)

1,284,092 Present value of obligations (2,361,462) Fair value of plan assets

89,198 –

89,120 –

(1,032,334) 83,698

(1,077,370) Benefit (surplus)/deficit 108,972 Unrecognised portion

89,198 –

89,120 –

89,198

89,120

(948,636)

(968,398)

Based on the report of the Pension Plans’ actuary, the present value of any economic benefits available in the form of reductions in future contributions to the defined benefit plans has been limited in accordance with IAS 19, ‘Employee Benefits’. Return on plan assets 2024

2025

2024

16,698

112,356

–

Movements in the net (asset)/liability recognised in the consolidated statement of financial position are as follows: Defined benefit pension plans 2024 (986,348)

2025

Other post employment benefits 2025 2024 89,120

60,565

6,869

5,608

85,683 (20,937)

(948,636) Net (asset)/liability at 1 January Net (income)/expense recognised in (29,408) the consolidated statement of income Net expense/(income) recognised in the consolidated statement of 30,815 comprehensive income (21,169) Contributions/benefits paid

(505) (6,286)

29,131 (6,184)

(948,636)

(968,398)

89,198

89,120

(27,034)

116

444

ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 12. EMPLOYEE BENEFITS (continued) (a) Trinidad and Tobago plans (continued) Changes in the defined benefit obligation, fair value of plan assets and movements in other postemployment benefit plans: Defined benefit Fair value of Unrecognised obligation plan assets portion

Defined benefit Other postpension employment plans benefits

1,246,606

(2,278,940)

83,698

(948,636)

89,120

27,701 – – (1,244) 74,361

– – 1,578 – (131,804)

– – – – –

27,701 – 1,578 (1,244) (57,443)

2,599 – – (600) 4,870

100,818

(130,226)

–

(29,408)

6,869

Re-measurement (gains)/losses in OCI Experience (gains)/losses demographic Experience (gains)/losses - financial Remeasurement gains/(losses) demographic Change in asset ceiling

(24,307) –

– 19,448

– –

(24,307) 19,448

(505) –

10,400 –

– –

– 25,274

10,400 25,274

– –

Sub-total included in OCI

(13,907)

19,448

25,274

30,815

(505)

Other movements Contributions by employee Contributions by employer Benefits paid

18,960 – (68,385)

(18,960) (21,169) 68,385

– – –

– (21,169) –

– – (6,286)

Sub-total - other movements

(49,425)

28,256

–

(21,169)

(6,286)

Balance at 31 December 2025

1,284,092

(2,361,462)

108,972

(968,398)

89,198

Balance at 1 January 2025 Pension cost charged to profit or loss Current service cost Past service cost Administrative expenses Curtailment gain Net interest loss/(gain) Sub-total included in profit or loss

117

ANSA McAL ANNUAL REPORT 2025

445

FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 12. EMPLOYEE BENEFITS (continued) (a) Trinidad and Tobago plans (continued) Changes in the defined benefit obligation, fair value of plan assets and movements in other postemployment benefit plans: (continued) Defined benefit Fair value of Unrecognised obligation plan assets portion

Defined benefit Other postpension employment plans benefits

1,250,017

(2,300,257)

63,892

(986,348)

60,565

29,458 – – (534) 74,202

– – 2,958 – (133,118)

– – – – –

29,458 – 2,958 (534) (58,916)

2,507 – – – 3,101

103,126

(130,160)

–

(27,034)

5,608

Experience gains - demographic Experience losses - financial

(14,267) –

– 116,420

– –

(14,267) 116,420

(3,491) –

Remeasurement gains/(losses) financial

(36,276)

–

19,806

(16,470)

32,622

Sub-total included in OCI

(50,543)

116,420

19,806

85,683

29,131

Other movements Contributions by employee

18,237

(18,237)

–

Contributions by employer

–

(20,937)

–

(20,937)

–

Benefits paid

(74,231)

74,231

–

(6,184)

Sub-total - other movements

(55,994)

35,057

–

(20,937)

(6,184)

Balance at 31 December 2024

1,246,606

(2,278,940)

83,698

(948,636)

89,120

Balance at 1 January 2024 Pension cost charged to profit or loss Current service cost Past service cost Administrative expenses Curtailment gain Net interest loss/(gain) Sub-total included in profit or loss Re-measurement (gains)/losses in OCI

118

446

ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 12. EMPLOYEE BENEFITS (continued) (a) Trinidad and Tobago plans (continued) The major categories of plan assets as a percentage of total plan assets are as follows:

Local equities – quoted Local bonds Foreign investments Real estate/mortgages Short-term securities Deposit administration contract

2025

2024

20% 35% 34% 2% 3% 6%

23% 35% 32% 1% 2% 7%

6% 3% 3%

Principal actuarial assumptions at the reporting date: Discount rate at 31 December Future salary increases Future medical claims inflation

Shown below is a quantitative sensitivity analysis for the impact of significant assumptions on the defined benefit obligation: Future salary increases

Future medical claims inflation

Assumptions

Discount rate

Sensitivity level

+1%

-1%

+1%

-1%

+1%

-1%

At 31 December 2025

(122,258)

151,083

34,421

(30,863)

6,646

(5,343)

At 31 December 2024

(119,518)

147,459

36,244

(32,264)

6,599

(5,315)

The sensitivity analyses above have been determined based on a method that extrapolates the impact on net defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.

119

ANSA McAL ANNUAL REPORT 2025

447

FINANCIAL REPORT 2025

ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 12. EMPLOYEE BENEFITS (continued) (a) Trinidad and Tobago plans (continued) The pension plan is maintained at a significant surplus. The Group has chosen not to take any contribution holidays to ensure the continued health of the plan in changing economic circumstances. The Group’s contribution rate of 4% to 6% of pensionable salaries will continue into the foreseeable future. The Group is expected to contribute $21,864 to its defined benefit plans and $7,978 to its postemployment Trinidad and Tobago benefit plans in 2026. The weighted average duration of the defined benefit obligation at the end of the reporting period is 11 years (2024: 12 years) for the defined benefit pension plan and 8 years (2024: 8 years) for other post-employment benefit plans. (b) Overseas plans The amounts recognised in the consolidated statement of financial position are as follows: Defined benefit pension plans 2024 2025

Other post employment benefits 2025 2024

185,877 (250,158)

185,468 Present value of obligations (245,930) Fair value of plan assets

39,781 –

33,957 –

(64,281) 23,521

(60,462) Benefit (surplus)/deficit 28,614 Unrecognised portion

39,781 –

33,957 –

(40,760)

(31,848)

39,781

33,957

120

448

ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025

Overseas plans (continued) Based on the report of the Pension Plans’ actuary, the present value of any economic benefits available in the form of reductions in future contributions to the defined benefit plans has been limited in accordance with IAS 19, ‘Employee Benefits’. Return on plan assets: 2024

2025 8,490 Actual return on plan assets

14,570

2025

2024

–

Movements in the net (asset)/liability recognised in the consolidated statement of financial position are as follows: Defined benefit pension plans 2024 (42,212)

Other post employment benefits 2025 2024

2025

33,957

31,600

4,147

4,133

3,903 (1,598)

(40,760) Net (asset)/liability at 1 January Net (income)/expense recognised in the consolidated statement of (1,081) income Net (income)/expense recognised in the consolidated statement of 11,660 comprehensive income (1,667) Contributions/benefits paid

2,871 (1,194)

(710) (1,066)

(40,760)

(31,848)

39,781

33,957

(853)

121

ANSA McAL ANNUAL REPORT 2025

449

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 12. EMPLOYEE BENEFITS (continued) (b) Overseas plans (continued) Changes in the defined benefit obligation, fair value of plan assets and movements in other postemployment benefit plans: Fair Defined Defined value of benefit Other postbenefit plan Unrecognised pension employment obligation assets portion plans benefits Balance at 1 January 2025

185,877

(250,158)

23,521

(40,760)

33,957

1,259 – – – 14,670 (175)

– – 772 – (17,852) 366

– – – – – (121)

1,259 – 772 – (3,182) 70

2,694 – – (132) 2,184 (599)

15,754

(16,714)

(121)

(1,081)

4,147

(4,640) –

– 6,824

– –

(4,640) 6,824

1,797 –

1,248 3,014 –

– – –

– – 5,214

1,248 3,014 5,214

– 1,074 –

Sub-total included in OCI

(378)

6,824

5,214

11,660

2,871

Other movements Contributions by employee Contributions by employer Other movements Benefits paid

1,589 – – (17,374)

(1,589) (1,667) – 17,374

– – – –

– (1,667) – –

– – – (1,194)

Sub-total - other movements

(15,785)

14,118

–

(1,667)

(1,194)

Balance at 31 December 2025

185,468

(245,930)

28,614

(31,848)

39,781

Pension cost charged to profit or loss Current service cost Past service cost Administrative expenses Curtailment gain Net interest loss/(gain) Net exchange (gain)/loss Sub-total included in profit or loss Re-measurement (gain)/loss in OCI Experience (gains)/losses - demographic Experience losses - financial Re-measurement loss demographic Re-measurement loss - financial Changes in asset ceiling

122

450

ANSA McAL ANNUAL REPORT 2025

FINANCIAL REPORT 2025 ANSA McAL LIMITED AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Expressed in Thousands of Trinidad and Tobago dollars) (Continued) 12. EMPLOYEE BENEFITS (continued) (b) Overseas plans (continued) Changes in the defined benefit obligation, fair value of plan assets and movements in other postemployment benefit plans: (continued) Defined benefit obligation

Fair value of plan Unrecognised assets portion

Defined benefit pension plans

ANSA McAL 2025 Annual Performance and Sustainability Report