In FY2025, Masteel conducted a periodic review of the Material Sustainability Matters (“MSMs”) identified in FY2024 to reassess their relevance and significance in accordance with the materiality principles set out under IFRS S1. This review focused on identifying sustainability-related risks and opportunities that could reasonably be expected to affect Masteel’s enterprise value, including impacts on cash flows, access to capital, cost structures, and long-term business resilience. The review ensured that our sustainability priorities remain responsive to evolving stakeholder expectations, regulatory developments, and industry dynamics.

Masteel applies a structured materiality assessment process to identify, evaluate, and prioritise sustainability-related matters that are decision useful to investors. The review of MSMs was informed by a comprehensive analysis of stakeholder feedback, market trends, regulatory changes, and industry developments, with consideration given to their potential impacts on Masteel’s operational performance, financial position, and sustainability outcomes. As a result, the 15 key MSMs were still relevant as material to Masteel’s strategy, governance, risk management, and long-term value creation for FY2025.

The review process provided insights into emerging sustainability-related risks and opportunities, reinforcing the integration of sustainability considerations into corporate strategy and enterprise risk management. Greater emphasis was placed on material issues relating to climate action, resource efficiency, supply chain resilience, ethical governance, workforce well-being, and technological innovation, reflecting their increasing relevance to Masteel’s financial performance, risk profile, and transition readiness.

This report outlines the four key stages of Masteel’s materiality assessment process that includes identification, evaluation, prioritisation, and validation. It demonstrating a disciplined and repeatable approach consistent with IFRS S1 requirements. By continuously refining our materiality framework, Masteel enhances the quality, relevance, and comparability of our sustainability-related financial disclosures, strengthening its ability to manage risks, capture opportunities, and support long-term enterprise value creation