Message from our Chairman of the Board

Dear reader,

‘When I look back on 2025, I see a year that asked a great deal of our organisation. Economic uncertainty and shifting market conditions required focus, discipline, and sound judgement. In response, the Management Board have remained clear about our priorities: protecting the long-term strength of Royal A-ware and continuing to build sustainable value.

We have deliberately chosen a steady course. Rather than being distracted by short-term fluctuations, we have concentrated on strengthening our core activities, maintaining a solid financial position, and investing carefully in areas that support future growth. I believe this measured approach serves Royal A-ware — and its stakeholders — best.

I attach great importance to good governance. Effective 1 January 2026, the company implemented a change in its governance structure within the Management Board. Antonio assumed the role of CEO and I serve as Chairman of the Management Board. In this role, my responsibilities include setting and overseeing the strategic orientation of the company and maintaining relationships with our principal stakeholders. This change is driven by the company’s current growth phase and increasing organisational complexity and the intention to create more time for the long-term strategy and positioning of the company.

The Management Board has maintained an open and constructive dialogue throughout the year, with careful oversight of strategy, risk, and performance. Transparency and accountability are not formalities; they are essential to earning and keeping trust. We are very conscious of our responsibilities — to our employees, whose commitment drives our success; to our dairy farmers, whose trust is key and to our customers, who rely on our products and services. Long-term success depends on maintaining that balance.

Despite the challenges, Royal A-ware delivered a solid performance in 2025. We made progress on our strategic priorities and preserved our financial resilience. This is a reflection of prudent management and, above all, the dedication of our people.

On behalf of our families, Supervisory Board and the entire Management Board, I would like to express my sincere thanks to all our stakeholders for their continued support and cooperation, and especially to our employees for their professionalism and hard work throughout the year.

Looking ahead, we remain realistic about the uncertainties around us, yet confident in our direction and in the strength of our organisation.’