17 INTEGRATED ANNUAL REPORT 2026 never taken lightly and ultimately do protect the longterm viability of the organisation. Given these challenging trading conditions, added to the Middle East conflict driving up local fuel prices, the Board has seen fit to initiate an independent in-depth look at the Co-operative’s own internal efficiencies and our value chain; from member and own farms right through to vessel loading and our various markets through an external consultancy. The outbreak of conflict in the Middle East, and ensuing oil crisis deepens the challenges faced by South African timber farmers, making the assessment of our own operations even more crucial, and the outcomes stand us in good stead as the Co-operative adjusts its strategic planning to ensure long-term sustainability of our members and our organisation. However, the Board is particularly encouraged by the progress made in positioning NCT for a more regulated and sustainability focused future. Advances in certification uptake, supply chain visibility and digital systems represent meaningful investments in the Cooperative’s long-term relevance and competitiveness. While these changes require adjustment, they also create opportunity, providing clarity, transparency and resilience in an increasingly complex operating landscape. Strong governance and fairness remain central to the Co-operative’s ethos. Throughout the year, the Board and management remained committed to principled decision making, transparent engagement with members, and safeguarding the integrity of the organisation. These foundations enable NCT to navigate change with confidence and to balance immediate pressures with long-term value creation. As we look ahead, the Co-operative enters the new financial year stronger, more capable and better prepared. While uncertainties remain, particularly in global markets, the direction is clear. NCT is well positioned to build on its strengths, continue supporting its members, and pursue sustainable growth in a changing industry. During the period under review, there were changes to the Board, with Andy Mason taking on the reins as Vice Chairman, and Heiner Hinze accepting a nomination onto the Board. On behalf of the Board, I extend my sincere appreciation to our members, employees and management team for their commitment and resilience. The year reinforces our belief that, by working collectively and with purpose, NCT can continue to thrive and deliver enduring value for present and future generations. AV SCHEFERMANN | CHAIRMAN
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