Message from the President

Deepening our commitment to social responsibility after a year in office
One year has passed since I took office as President and CEO of The Pack Corporation. During this time, I’ve heard a wide range of viewpoints from ongoing dialogue with numerous stakeholders, including shareholders and investors, customers, business partners, and employees across Japan. This has given me a stronger sense of the dramatic changes occurring in our business environment and reaffirmed my understanding of the high expectations The Pack Group inspires. Even more strongly than before, I feel that fulflling our social responsibilities in the best possible faith is the essence of our reason for being as a corporation.Today, amid ever-growing awareness of environmental, social, and governance (ESG) issues, strengthening sustainability across the supply chain is shifting from a corporate ideal into a pressing obligation. As a manufacturer of packages—products that play key roles in everyday lives—we are responsible for our environmental and social impacts across product life cycles.In addition, the level of sustainability demanded by our custom-ers, including global enterprises and major domestic customers, is steadily growing. We need to ensure transparency in procurement routes, consider human rights in the supply chain, and demonstrate practical and quantitative roadmaps to realize carbon neutrality by 2050. Rather than simply costs or burdens, I see these strict require-ments as seeds of evolution, raising our ability to be chosen by the market and boosting our competitive strength. I am condent that we provide value in how we identify solutions that surpass expectations instead of simply meeting demands.Recognizing clearly this social responsibility as a package manufacturer, we will fulll our duties by promoting sustainable management with an even deeper commitment.

Results of major initiatives in FY2025 and related issues
We launched full-scale sustainable management in FY2022 and set materiality KPIs as targets to achieve by FY2030. Under the previous Medium-Term Management Plan, which covered the period through 2025, we implemented a wide range of measures under the banner of achieving our corporate purpose through growth strategies, human capital strategies, and other efforts. I would like to report on the results of some of the major initiatives undertaken in FY2025.On the topic of the environment, our development measures have generated steady results. At the conclusion of a multiyear Presidentdevelopment process, we brought to market the eco-friendly Kaisonal^® oil-resistant coating process, which is made from seaweed materi-als and uses no perfluoroalkyl or polyfluoroalkyl substances (PFAS). It is anticipated that Kaisonal^® will revolutionize the coating process by enabling sufficient oil resistance possible even for paper containers that use no plastic film. In FY2025, we focused on raising awareness of this product, and going forward, we seek to expand its adoption and use in the marketplace.Under The Pack Forest^® Environment Fund, which symbolizes our environmental initiatives, we concluded a contract on the 10th tree-planting site in Wakayama Prefecture. In addition to contributing to forest conservation, these activities promote the cocreation of brand value with customers by increasing the number of supporter firms.In relation to societal issues, we have focused on making work more comfortable and improving wellbeing. We will maintain efforts to retain employees and diversify human resources in the workplace by improving remuneration and expanding various workplace programs. As of the end of FY2025, the percentage of managers accounted for by women had improved to 8.8% (up 22.2% from the previous year), 139.1% of eligible male employees took childcare leave (up 59.0% year on year), and the number of continuously employed employees was 104 (up 40.5% year on year). Step-by-step, we are steadily transforming into an organization made stronger through diversity.Lastly, on the topic of governance, we initiated efforts to promote supply chain risk management based on global standards, including establishing a framework for promoting these activities and formulat-ing a roadmap.At the same time, certain related issues also have become clear. Although we made steady progress on the ratio of sales of FSC^® -certi-ed products, which reached 21.5% as of FY2025, achieving the FY2030 target ratio of 50% will require accelerating efforts to promote the use of FSC^® -certied products in areas where the ratio remains relatively low—for example, corrugated boxes. Business expansion has slightly increased our total CO2 emissions. Despite the difficulty of undertaking large-scale upgrades to energy-saving equipment at this time given the looming reconstruction of the Osaka and Nara plants, we will consider measures in areas like energy conservation and use of renewable energy after the reconstruction is complete. We will promote practical improvement measures on this matter, which we consider a serious topic.

MessageA new Medium-Term Management Plan for the period through 2030
IThe new Medium-Term Management Plan announced in February 2026 sets a lofty target for the period through 2030: rapid growth, by an average of 3% or more per year, to 120 billion yen in consolidated net sales and 10 billion yen in operating prot. To achieve these targets, we must continue to strengthen our sustainable management measures.First, on the topic of environmental initiatives, we will provide high-value-added products to realize a circular society. One of our strengths is our status as a manufacturer selling directly to customers. We will leverage this strength to promote the advanced use of recycled materials and encourage a shift to monomaterial structures that make recycling easier, while maintaining existing efforts to move away from plastic materials. Through specialized human resource development and investment in R&D, we will enhance efforts to facilitate cocreation in tandem with our customers in areas ranging from materials development to product design.In social initiatives, we’re focusing in particular on addressing labor shortages. Through package designs that allow more efficient work and expanding use of our secondary packaging facilities across Japan, we will provide an environment that allows customers to concentrate on their core businesses even in the face of challenging work shortages that can lead customers to miss out on opportunities for growth.It’s a company’s people who provide its true support. We recognize improving employee engagement and employee wellbe-ing as essential to maximizing productivity. While revising evaluation programs to encourage taking on challenges and enhancing HR development programs, we plan to make more time available for creative work by harnessing digital transformation (DX) to improve business efficiency. We planning on 4 billion yen in human capital investment over five years to implement these measures. To make the efficacy and results of these measures visible, we have set the targets for FY2030 of a total engagement survey score of 70 points (vs. 57 points in FY2025), net sales per employee of 98 million yen (vs. 84 million yen in FY2025), and operating prot per employee of 8.1 million yen (vs. 5.9 million yen in FY2025).In the sphere of governance, enhancement of risk management serves as a pillar of the new Medium-Term Management Plan to ensure sustained growth. While maintaining the existing quality control system and approach to supply chain risk management, we will build even stronger management systems. Additionally, we will respond to geopolitical risk, enhance information security, and accelerate business continuity planning (BCP) initiatives to build an environment in which all stakeholders can engage with us with peace of mind.

Message to stakeholders
As a manager, I think constantly about how to link corporate value directly to our sustainability initiatives. Reducing our environmental impact will improve production efficiency and costs, while identifying and devising solutions to society’s challenges will create new markets and drive profits. Expanding awareness of the corporate purpose throughout the organization will bring together highly capable human resources who share in the organization’s goals. As a leader of this organization, I will continue to guide it forward to generate a virtuous cycle of sustainability and prot. In-depth engagement with stakeholders is key to accelerating these efforts; also essential are clearly identifying stakeholder expectations and building relationships of trust through dialogue. I consider dialogue with employees in particular to be the top priority. By broadening awareness and understanding of this vision throughout the organization, I plan to establish an environment in which all employees understand in their hearts how their work contributes to corporate value and our capacity to give back to society. I believe that a company in which employees can pursue challenges with a sense of pride is one that will deliver the greatest value to you.This Report provides a highly transparent disclosure of our current state and our aims. We will strive to achieve further evolution based on the candid opinions of our stakeholders. It is my heartfelt wish that The Pack Corporation will continue to enjoy the support of our stakeholders.