This year’s narrative is one of redefinition, a conscious decision to move beyond history and into a future designed for enduring relevance. In this section, you’ll find the reasoning behind the choices we made, even where the financial results reflect a year of recalibration.

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Through the Chairman’s Address, corporate review, and management discussion, we lay bare the thinking that drives our evolution amidst shifting market realities, supporting our thesis that realignment today is the price of more durable value tomorrow.