b'ACTIVE INVESTMENTS2025 sales$60,025,248 total assets $25,399,752Panther IndustriesThis fiscal year has been one of the most challenging and transformative inactive constructionthe team stayed resilient and collaborative. At the same Active InvestmentsPanther Industries history. Through adversity and change, our valuesWe vs. Me,time, City Lumber expanded its sales team to capture new market share and Developing People, and Opportunity Focusguided our decisions, strengthenedposition itself as a sales-driven powerhouse.our teams, and kept us moving forward. Opportunity FocusLiving We vs. Me Global challenges added pressure throughout the year. The tariff war created a The defining moment of the year was the devastating Davidson fire that destroyedflood of Chinese material into Canada, at times undercutting domestic pricing one of our lumber processing buildings and the equipment inside. In that crisis,by $125 per short ton (USD). Combined with an inconsistent energy market, our priority was operating the very next day. Ill never forget standing with ourevery sale had to be earned. Our Procurement and Sales teams responded team as the building burned, forming a plan while sirens lit up the office windows. with creativityfinding new customers, retaining existing ones, and adjusting strategies to stay competitive.Thanks to Panther Edmonton and City Lumber, we continued supplying DavidsonThese challenges reinforced that opportunity often emerges from disruption. By Pallets without a single disruption. Davidson produces over 25,000 board feetstaying agile and customer-focused, we turned headwinds into momentum.of pallets daily, and our Edmonton teams stepped upcutting, notching, and resawing lumberso production never faltered. It was the ultimate demonstrationLooking Forwardof We vs. Me: multiple divisions working as one to protect customers, employees,This year was tough, trying, disastrous, and beautifultruly a roller coaster. Yet and our reputation. automation, multi-location support, and our values carried us. We stayed close Developing People to last years sales despite enormous obstacles, proving the resilience of our Our commitment to people development showed up across the organization.business model and our people.A standout example was hiring our new HSSE Manager. Instead of focusing on years of experience, we prioritized values and potential. We brought on a young leader with no HSSE background but a strong desire to learn. As he completes certification modules, he implements improvements in real time, helping the entire organization grow.City Lumber also demonstrated teamwork and adaptability. While undergoingCLAYTON SCHNEIDERmajor renovationsmoving office staff into ATCO trailers and working around Fun Facts: City Lumber - If we stacked up all the crane mats we produced in the last 20 years,wed surpass the height of the worlds tallest building, the Burj Khalifa (2716 ft) by over 1100 ft.11'