Integrated Annual Report 2024 SECTION 5 • DELIVERING SUSTAINABLE VALUE FOR OUR STAKEHOLDERS 103 UPHOLDING GOOD GOVERNANCE AND ECONOMIC RESILIENCE Economic performance goes beyond financial outcomes, serving as a measure of resilience, adaptability and sustainability in an evolving global landscape. During the year under review, shifts in production, trade policies and market dynamics reshaped the aluminium industry, influencing broader economic conditions and investment decisions. Malaysia’s economy expanded by 5.1% in 20241, driven by strong export growth, rising domestic demand, and increased investment. Global primary aluminium demand rose by 3% year-on-year to 72.758 million tonnes in 20242. Demand in China grew by 8.2% in the first half of the year3, supported by the power and automotive sectors, while demand across North America rose by 5.2% in the first half of 2024, and 4.6% through the third quarter of 20244,5. Aluminium prices remained volatile, influenced by investors’ trading activities and supply uncertainties. Understanding these interdependencies is critical in an increasingly complex global economy. Local spending patterns, inflationary trends and sectoral shifts continue to intersect with climate risks and evolving regulations, shaping long-term business strategies. By aligning priorities with robust risk management, the Group can reinforce economic stability while strengthening the ability to navigate external uncertainties. 1 Bank Negara Malaysia (2025). Economic and Financial Developments in Malaysia in the Fourth Quarter of 2024. https://www.thestar.com.my/business/business-news/2025/02/14/malaysia039s-economy-expanded-5-in-4q-51-in-2024 2 AL Circle (2025). World’s primary aluminium production grows 3% YoY: key contributing countries revealed. https://www.alcircle.com/news/worlds-primary-aluminium-production-grows-3-y-o-y-key-contributing-countries-revealed-113123?srsltid=AfmBOorXCP1c9t z1G4c1uvS6m4PyrWQtiBkp4DNIyhim-V9ZPta7x61A 3 Mining.com (2024). Elevated alumina prices to feed on China aluminum producer profits. https://www.mining.com/web/elevated-alumina-prices-to-feed-on-china-aluminum-producer-profits/ 4 The Aluminum Association (2024). Domestic Aluminum Demand Up 5.2% Through First Half of 2024. https://www.aluminum.org/news/domestic-aluminum-demand-52-through-first-half-2024 5 The Aluminum Association (2024). Report Shows Domestic Aluminum Demand Up 4.6% Through Q3 2024. https://www.aluminum.org/news/report-shows-domestic-aluminum-demand-46-through-q3-2024 WHY IT MATTERS ? Our approach to economic performance is built on financial strength, sustainability and responsible growth. By closely monitoring market dynamics, supply and demand trends, pricing movements and technological advancements, we adapt effectively to external influences while pursuing long-term success. We see prudent financial management as a way to strengthen our position and maintain a robust balance sheet and strong cash flow, providing stability in an evolving economic landscape and supporting continued investment in sustainable growth opportunities. Efficiency across operations is essential to maintain competitiveness. Optimising manufacturing processes, strengthening supply chain management and applying disciplined financial decision-making enhance productivity while keeping costs under control. This integrated approach enables us to navigate market shifts while reinforcing our position in the industry. We understand that strong governance is critical in achieving these objectives. The Board provides oversight through quarterly reviews of economic performance, assessing alignment with strategic priorities and financial objectives. These reviews provide valuable insights along with informed decision-making on business plans and policies, taking into consideration market conditions, economic trends and emerging opportunities. OUR APPROACH ECONOMIC AND FINANCIAL RESILIENCE GRI 3-3, GRI 201-1, GRI 201-2, GRI 201-4, GRI 207-1, GRI 207-2 Capitals SDGs F M1
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