GRI 2-1, 2-2, 2-3, 2-4, 2-5

We are pleased to present the MAS Holdings (MAS) Annual Impact Report for 2024, offering a comprehensive overview of our ongoing commitment to responsible and impactful operations.

As we approach the culmination of our MAS Plan for Change targets in 2025, the year’s report details our sustainability performance in the penultimate year of our strategy cycle.

The report marks successes, notes challenges, and describes our efforts to revisit goals and enhance our sustainability performance to align with changing global imperatives, industry priorities, and evolving needs of our business. As in previous years, the report shares our progress in numbers, but also includes case studies, examples of impact, and stories from our employees, partners, and beneficiaries; showcasing real change and the positive outcome of our collective effort.

In 2024, we have discussed our approach to addressing major sustainability topics in extended detail. We invite you to explore the strategies, policies, processes, and initiatives employed by MAS; as we strive to integrate sustainability with our core business and deliver on our promise to be a positive force for change. As part of efforts to improve the standard and effectiveness of our reporting, we encourage you to share your feedback, suggestions, and critiques.

For feedback and clarifications, please contact:

Amanthi Perera
Head - Social Sustainability
MAS Holdings (Private) Limited
No: 199, Kaduwela Road,
Battaramulla, Sri Lanka.
@Amanthi

Our Public Reporting Suite

The Annual Impact Report is the Group’s primary sustainability report published by MAS Holdings (Private) Limited (MAS), which is held by a trust and is a Private Limited Company. The Report is published annually. The 2024 report covers the period from 1 January 2024 to 31 December 2024, which aligns with the Organisation’s financial reporting cycle.

Since 2020, the Impact Report also functions as our Communication on Progress against the Ten Principles of the United Nations Global Compact (UNGC). Apart from statutory reporting carried out by MAS and subsidiaries across our countries of operation; we also present a report to the International Finance Corporation (IFC), outlining our compliance with IFC guidelines.

Reflecting our continued commitment to transparent sustainability reporting, this Impact Report 2024, published in June 2025, is the second consecutive report prepared in accordance with the Global Reporting Initiative (GRI) standards; maintaining consistency with our sustainability reporting practices.

Ensuring the Veracity of our Disclosures

Changes to MAS operational boundaries and reporting scope, which came into effect in 2024, have guided restatement of previous years’ data in the current report.

In order to enhance the accuracy and comparability of our environmental performance metrics, we have restated greenhouse gas (GHG) emissions and baseline data for previous reporting periods. Similarly, our energy consumption disclosure for the previous year (2023) has also been restated.

Restatements reflect continuous improvement in our data collection methodologies and our efforts to align historical figures with current reporting standards.

While significant efforts have been made to apply new boundaries retrospectively, certain data points for previous years have not been fully restated; either due to unavailability of historical data or practical limitations related to non-comparability in scope and boundary.

While setting ambitious targets for change, we also work to ensure the accuracy and transparency of our disclosures. Wherever possible, we have endeavoured to use standardised metrics and objectively verifiable indicators as evidence of our progress against ambitious goals outlined in the MAS Plan for Change.

Group-level Centres of Expertise (COEs) and Global Reporting functions support the collation and narration of work and progress to meet reporting requirements. Our senior leadership team reviews sustainability disclosures presented in the report, with CEOs personally reviewing the Plan for Change report.

Our internal audit function plays an ongoing and vital role in reviewing and vetting information presented in the report. In addition, we have continued the best practice of pursuing a rigorous process of external assurance for our sustainability disclosures in 2024. Assurance is obtained on GRI standards. For this purpose, we have renewed our contract with Ernst and Young, a reputable and seasoned assurance provider known for their expertise and commitment to the highest standards, who have provided independent verification of our sustainability efforts. Their full assurance statement is included on page 161.

Reporting Scope and Boundary

For consistency and comparability, our Impact Report utilises a reporting boundary that as a baseline, considers the sustainability performance of our wholly-owned subsidiaries. Given the close interdependencies of the apparel ecosystem, we recognise that our impact is not confined to our internal operations; which is why we aim for transparency by defining reporting boundaries that provide a holistic perspective of our influence.

Entities	Relationship to MAS Holdings
MAS Capital (Private) Limited	Wholly owned directly by MHOLD
MAS Active (Private) Limited	Wholly owned indirectly by MHOLD
Bodyline (Private) Limited	Joint Venture
Linea Aqua (Private) Limited	Joint Venture
Noyon Lanka (Private) Limited	Wholly owned indirectly by MHOLD
Silueta (Private) Limited	Wholly owned indirectly by MHOLD
MAS Legato (Private) Limited	Wholly owned indirectly by MHOLD
MAS Fabrics (Private) Limited	Wholly owned indirectly by MHOLD
MAS Fabric Park (Private) Limited	Wholly owned indirectly by MHOLD
MAS Unichela (Private) Limited	Wholly owned indirectly by MHOLD