Source: ANSA McAL Annual Report 2025 · Substantial Interests — Top 10 Shareholders, page 308 · percentages calculated against 176,197,617 issued ordinary shares (Note 17, page 456)

Corporate Secretary: Frances Bain-Cumberbatch. Audit & Risk Committee: Norman Christie (Chair), Mark J. Morgan, Ray A. Sumairsingh. Governance, Nominating & Remuneration Committee: Mark J. Morgan (Chair), Krysta Behrens De Lima, Vicki-Ann Assevero.

Source: ANSA McAL Annual Report 2025 · Corporate Information page 304 · Report of the Directors page 305 · Directors’ and Senior Officers’ Interests page 306

On 20 March 2025, the Board announced a three-year pause on ordinary dividend payments to support the Group’s 2X strategy targeting a doubling of size and scale by 2027.

Source: ANSA McAL Annual Report 2025 · Our Financial Highlights 2021-2025 pages 328-329 · Note 29 Dividends page 499 · Report of the Directors page 305

This analysis follows the same 13-section structure every time. It opens with the single most important number from the company’s most recent results (Section 1) and an introduction that sets the macro and company context (Section 2). It then provides a company snapshot (Section 3) covering ticker, sector, market cap and operations, and an ownership and governance section (Section 4) covering top shareholders, the board, the auditor, insider holdings, dividend history, and shares issued.

The data deep-dive starts at Section 6 (market context) and continues through Section 7 (six general metrics: Net Profit, EPS, ROE, Dividend per Share, P/E Ratio, and a debt metric), Section 8 (six sector-specific metrics), Section 9 (the three-year revenue and profit chart), and Section 10 (geographic and business segment breakdown). Section 11 is a glossary, Section 12 is three sourced watch items, and Section 13 closes with a plain-English summary plus the standard financial-education disclaimer.

Each metric card shows a value, a direction badge (Lime = improved, Light Grey = unchanged, Amber = decreased), and a plain-English explanation. Each toggle can be expanded for additional detail. Every statistic carries its primary source — usually the company’s annual report — with page references where applicable.

Sector-specific note: Section 8 in this analysis uses conglomerate-specific metrics (segment revenue mix, segment operating margin, group ROA, geographic concentration, FX exposure, group operating margin) rather than the banking defaults. Section 11 toggles have been customised to match.

A reportable segment is the operational grouping that a company’s most senior decision-maker uses to allocate resources and measure performance, as defined under IFRS 8. ANSA McAL organises its operations into four reportable segments: Construction, Manufacturing, Packaging and Brewing; Automotive, Trading and Distribution; Banking and Insurance; and Media, Retail, Services and Parent Company. Segment revenue figures include sales between segments — inter-segment revenue — which are removed to arrive at third-party revenue.

When one part of a conglomerate sells goods or services to another part of the same conglomerate, that revenue is recorded by both the selling segment and the buying segment. To avoid double-counting at the group level, the duplicate amount is removed in consolidation. For ANSA McAL in 2025, total gross segment revenue was TT$9.21 billion. After removing TT$1.42 billion in inter-segment transactions, third-party revenue was TT$7.79 billion.

The gearing ratio measures how much of a company’s funding comes from borrowings versus shareholders’ equity. ANSA McAL disclosed a gearing ratio of 23.9% at year-end 2025, down from 28.4% at year-end 2024. The Group reported TT$502 million in total debt repayments during 2025 and a further TT$80 million in principal repayment during Q1 2026, when gearing was reported at 23.0%.

EBITDA — earnings before interest, taxes, depreciation and amortisation — measures operating profitability before financing and non-cash items. ANSA McAL reports an Adjusted EBITDA that further excludes certain one-off items. In FY2025, Adjusted EBITDA was TT$1.76 billion, a 21% increase from TT$1.47 billion in 2024 restated. The Group cites Adjusted EBITDA alongside profit before tax as a primary performance indicator.

A bank earns money by charging borrowers more interest than it pays depositors.

If the bank pays you 2% on your savings account but charges a mortgage customer 7%, that 5% gap multiplied across billions of dollars in loans is net interest income.

It is a bank’s primary source of revenue.

The price-to-earnings ratio compares a company’s share price to its annual earnings per share. If RFHL’s share price is TT$109 and EPS is TT$14.21, the P/E is 7.7×, meaning investors are paying TT$7.70 for every TT$1 of annual earnings.

Lower P/E values are often associated with mature companies; higher P/E values with companies investors expect to grow earnings significantly.

Return on equity measures how much profit a company generates from the money shareholders have invested in it. If shareholders have put TT$100 into the company and the company earns TT$14.80 in annual profit, the ROE is 14.8%.

It is one of the most common measures of how efficiently a company uses shareholder capital. A bank’s ROE is typically compared to other banks, not to companies in different sectors.

Earnings per share is the total annual profit of a company divided by the number of shares outstanding. If a company earns TT$1.82 billion in profit and has 128 million shares, the EPS is TT$14.21.

EPS shows what each individual share represents in profit terms. It is the building block for other ratios — most importantly the P/E ratio, which divides the share price by EPS.

The debt-to-equity ratio compares how much a company has borrowed against how much shareholders have invested. A ratio of 1.4× means the company owes TT$1.40 for every TT$1 of shareholder equity.

Different industries operate at different debt levels — banks typically run higher debt ratios than retailers because lending money is part of their business model. The ratio is most useful when compared to companies in the same sector.