📈 TJL Earnings Review 4Q FY26 – Emerging from a Challenging Cycle with Improving Cost Dynamics • PATMI rebounded to LKR 201.9mn in 4Q FY26 from a loss in 3Q FY26, though declined 78% YoY as revenue fell 17% YoY to LKR 14.4bn amid weaker volumes, softer ASPs, and an unfavourable product mix, partly offset by LKR depreciation. • 📉 Margins remained subdued (GP 12.3%, EBIT 1.4%) as lower capacity utilization (68% vs. 80% YoY) and elevated one-off administrative expenses linked to ongoing restructuring weighed on profitability. • ⚠ US forced labour tariff framework expected to weigh on competitiveness, with Sri Lanka and India facing ~12.5% tariffs versus ~10% in peer countries, potentially pressuring near-term sourcing. • 🔄 Orderbook expected to recover gradually, though near-term pressure may persist amid tariff differentials. • 💡Earnings expected to improve, supported by cost normalization, efficiency gains, and savings from the solar and biomass project, along with a partially supportive LKR depreciation aiding export revenues.