Message from the President

Our understanding of sustainability promotion
My name is Naoki Nakamura. I took office as President and CEO of The Pack Corporation on March 26, 2025. As Company representative, alongside all our employees, I try to strengthen the value of the Pack Corporation by drawing on my years of experience working with customers in the sales field to find solutions.Our world is changing at an unprecedented pace, a process accompanied by growing uncertainty. Our business environment is seeing the emergence of various risks, both domestic and international, including a global economic slowdown, fluctuations in raw material prices, increasingly severe climate change, and labor shortages. But I understand that even under such circumstances I bear the important responsibilities of properly identifying risks and guiding the organization toward growth.Since the announcement and launch of sustainability management in 2022 under former President Yamashita, we've formulated our corporate Purpose and materiality issues and a Medium-Term Management Plan based on them. Over the past three years, under the clear policies identified by management, awareness has taken firm root within the organization that sustainability initiatives are essential elements for growth. I will work to ensure our continuing growth by accelerating this movement and developing systems that fully incorporate sustainability into our main businesses. As a first step, I plan to incorporate measures to enhance sustainability into our management strategies and build systems to promote these measures. Over the long run, we will remain a company that provides new value to society and the markets as we work to realize our reason for being:our Mission to bolster social prosperity and create satisfaction through packaging.

Status of promoting sustainable management and future outlook
In 2024, we continued to promote various measures aiming to enhance sustainable management. This report details some particularly important initiatives chosen from among them, based on ESG (environmental, social, governance) perspectives. It also shares information on our future outlook.In the environmental field, we focused on promoting increased sales of eco-friendly products. Prominent examples include The Pack Forest^® products and products certified by the Forest Stewardship Council^®(FSC^®). The Pack Forest^® products are distinguished by the way customers who use them can contribute to afforestation by their choice of packages. A portion of sales of these products is allocated to conservation activities within our afforestation areas. We propose these products to customers who are highly environmentally aware, and in 2004, sales of these products grew by around 8% year on year. In 2025, we concluded contracts on 10 new afforestation areas in Wakayama Prefecture, where we work with customers and local communities to conserve and revive forests.FSC^®-certified packages are produced at plants accredited under international FSC^® standards using responsibly procured raw materials. These packages have drawn the support of numerous customers as reliable ways to fulfill their obligations to consider the environment and society.In 2024, as part of efforts to achieve the materiality KPI target for 2030 of achieving a ratio of sales of FSC^®-certified products to total sales of 50% or higher, we marketed FSC^®-certified products as ways to express environmental awareness. As a result, sales of these products grew by about 10% year on year. We will make steady progress toward the KPI target for 2030 by raising awareness of reliable FSC^®-certified materials, enhancing relationship with suppliers and building systems to ensure a stable supply.On the topic of social considerations, we see human resource management as a top priority. We've improved working environments and enhanced training and various systems. We recognize the importance of building environments in which employees can demonstrate their individual abilities to the fullest as they work to customize products to meet customer needs in line with our business model. Specifically, in addition to improving sales skills, we're focusing on building environments in which all employees—the administrative staff who support sales, creators who develop our products, manufacturing staff who realize effcient production while meeting high quality requirements, and corporate section staff, whose roles have grown more important in recent years—can grow together while enjoying similar levels of rewarding work. We’re confident that employees who demonstrate their abilities to the fullest will lay the foundations for our continuing growth.Regarding training, in addition to tiered educational programs, we’re continuing to hold specialized study meetings in sales and product development as well as training to promote digital transformation (DX). In 2025, this DX training reached its third term. While we recognize that we still have a way to go to achieve business reforms on a Companywide scale, we sense future potential in the fact that some sections have begun to generate results on business efficiency improvement using AI. In the future, we will aim to improve productivity across the organization through DX promotion powered by development of digital human resources to lead the way.We’re also promoting varied measures to improve working environments. In 2024, we revised the personnel evaluation system to implement improvements intended to evaluate the contributions of the steadily increasing numbers of employees who continue to work after retirement. We introduced new approaches to improvements, including training to strengthen awareness based on an analysis of engagement survey findings. We’re also focusing on measures to promote health management and to encourage men to take childcare leave. These are part of our efforts to develop environments in which employees can work through diverse work styles with peace of mind. We will continue making steady improvements to strengthen growth foundations for The Pack.Lastly, in the field of governance, we’ve focused on strengthening the risk management structure. To achieve continuing growth in an increasingly uncertain business environment, we must develop systems we can use to ascertain risks accurately and to make related decisions swiftly and flexibly. For this reason, in addition to regularly identifying and assessing risks and formulating and thoroughly implementing responses to them, we will further enhance the functions of the Board of Directors to build a system capable of appropriate decision-making. The management team underwent a generational change in March 2025, resulting in an organization that more strongly incorporates into management the perspectives of those in the field—in terms of their thoughts and feelings. We will continue to enhance the Board to enable appropriate management decision-making through highly constructive and effective deliberations.To strengthen stakeholder relationships, we will strive to effect clear and good-faith communication, granting top priority to transparent disclosure. Specifically, we will strive to deepen understanding of our philosophy and business activities by actively disclosing not just financial but nonfinancial information as well. Through these and other initiatives, we aim to be a company that earns even higher levels of trust and empathy from all our stakeholders.

Message to stakeholders
In 2024, the Company achieved record high financial results. These results, led by sales in target markets, represent the fruit of all employees continuing to work together to achieve our goals. Our people are our greatest strength, and such growth is the result of individual employees continuing to take on challenges.We will strive to apply the gains of these efforts not just to make capital and strategic investments and achieve continuing growth, but to provide returns to our stakeholders. Specically, we will pay stable dividends to shareholders and create new business opportunities through co-creation with business partners. We’re also striving to establish cycles of sustainable growth through wage increases for employees and to develop workplace environments in which they can do rewarding work.One important recent initiative is the project currently underway to rebuild the Osaka and Nara plants. This project represents a major turning point for the Company. In addition to enhancing our business foundations, this work will help fulfill our corporate responsibilities of improving production efficiency and reducing our environmental impact. To make the most of this manufacturing capital, we will focus aggressively on human resource development and on building systems intended to realize efficient management. Through these initiatives, we will enhance our competitive strengths and ensure long-term growth.Engagement with stakeholders is essential to our growth. We are committed to evolving into a company that delivers value to society and the markets by listening to what stakeholders have to say and accepting their opinions in good faith. It is my heartfelt wish that The Pack Corporation will continue to enjoy the support and guidance of our stakeholders.