To The Moon

The following content is compiled from the Q&A session of $One and one Green(YDDL)$ ’s 2025 annual results conference call.

MATTHEW: I am new to the One and One story. Can you walk us through the regulatory framework for your hazardous waste import license—how difficult is it to obtain and maintain, and how does that shape the competitive dynamics you face in the Philippines?

CHUN KIT WONG: The license we hold operates under the Basel Convention, which governs the transboundary movement of hazardous waste worldwide. In practice, that means a company operating in our space needs authorization from the Environmental Management Bureau of the Philippines, a full Permit to Operate, a valid Discharge Permit, and specific Import and Export Permits issued through the Bureau of Customs — and each of those has to be maintained in good standing on an ongoing basis. These are not routinely granted permits to new entrants. Our emissions system is reviewed and approved annually by the EMB. The practical effect is that the competitive field in our space is structurally limited, and we intend to continue operating at the highest compliance standard to protect that position. We view this regulatory footprint as one of the most durable assets the Company holds.

MATTHEW: On April 6, the White House expanded Section 232 tariffs on copper, aluminum, and steel to apply to the full customs value of imported articles — 50 percent on primary metals and 25 percent on derivatives, with copper scrap exempted. How does a reshuffling of global metals flows of this magnitude affect One and One's competitive position?

CHUN KIT WONG: Our direct exposure is limited — we sell primarily into Asia-Pacific, not the United States, and our raw material inflows are governed by Philippine customs, not U.S. trade policy. The indirect picture is more interesting. When the U.S. applies a 50 percent tariff on copper articles, it reshapes global metal flows, and some of that supply is now seeking alternative demand in the Asia-Pacific markets we already serve. Our access to certain categories of waste electronic and metal scrap materials is supported by a bilateral regulatory approval process between the exporting jurisdiction and the Philippines. Once approved, specific quantities of materials are authorized and designated for delivery to us, which provides supply visibility and helps mitigate raw material cost volatility.The contrast with Western recyclers operating in a very different cost environment is something we expect to become more visible to institutional investors over the course of 2026.

MATTHEW: Recent analyst reports argue that AI is creating a dual shock — compressing margins in software while turning the U.S. hyperscalers into the largest capital spenders in history. Roughly 1.5 trillion dollars of hyperscaler capex through 2026, over 650 billion in 2026 alone — a buildout that consumes enormous volumes of copper, aluminum, and specialized alloys. How do you see that affecting demand in your space?

CHUN KIT WONG: A single modern hyperscale data center can require thousands of tons of copper for power distribution and cooling, as well as substantial amounts of aluminum and specialized alloys for power infrastructure. Multiply that across the global buildout, layer it on top of the independent copper and aluminum demand from the EV transition, and you have two structural demand drivers operating in parallel — each among the largest demand events in the history of these categories. I want to be precise about what this means for us. We are not a direct supplier to any hyperscaler. Our customers are manufacturers across the Asia-Pacific. But when global metals demand tightens across the categories we process, that is a condition that favors licensed operators with permitted, capacity-rich positions. That is the position we have built.