Mega First Corp. Bhd. · MYX:MFCB
Mega First Corp. Bhd — Q2 2025 Earnings Presentation
89 slides from Mega First Corp. Bhd's earnings presentation, Aug 27, 2025
Slide 1: 2Q2025 Results Briefing
2Q2025 RESULTS BRIEFING 27 August 2025
Slide 2: Agenda
AGENDA 1. Financial Review For reference (updated) - 2Q2025 Earnings Review 3. Renewable Energy Division - Balance Sheet Review 4. Packaging Division - Cash Flow Review 5. Resources Division - Capital Deployed 6. Investment in Joint Venture - Gearing Position Edenor Technology - JV Edenor Technology
Slide 3: 2Q2025 Earnings Review
2Q2025 EARNINGS REVIEW 2Q2025 2Q2024 YoY Chg 1Q2025 QoQ Chg § Normalised revenue +1.2% YoY to RM336.0 mil. CSC (RM mil) (RM mil) (%) (RM mil) (%) Revenue contributions more than offset weaker Resources Renewable Energy 150.6 156.1 (3.6) 131.8 14.3 and Renewable Energy. Resources 48.2 56.7 (14.9) 56.
Slide 4: Normalised Profit After Tax and Non-Controlling Interest (PATNCI)
NORMALISED PROFIT AFTER TAX AND NON-CONTROLLING INTEREST (PATNCI) 2Q2025 2Q2024 YoY Chg 1Q2025 QoQ Chg (RM mil) (RM mil) (%) (RM mil) (%) Normalised PATNCI 101.4 114.5 (11.4) 89.9 12.7 Share of loss in JV and associates (16.4) (9.5) 71.5 (28.5) (42.7) Construction Profit on Service Concession 0.4 0.
Slide 5: Renewable Energy Division
RENEWABLE ENERGY DIVISION
Slide 6: Earnings Review - Renewable Energy Division
EARNINGS REVIEW - RENEWABLE ENERGY DIVISION 2Q2025 vs 2Q2024 • Hydro energy USD sales +5.4%: Energy volume +10.9% from 5th turbine, offset 5.4% tariff reduction (under new Supplemental PPA effective 1 January 2025). • Don Sahong’s average EAF 80.3% (on 325 MW) vs 89.7% (on 260 MW) last year. • In Ri
Slide 7: Renewable Energy Division - Don Sahong
RENEWABLE ENERGY DIVISION - DON SAHONG Don Sahong : Pakse Water Level and Capacity Factor/EAF
Slide 8: Resources Division
RESOURCES DIVISION
Slide 9: Earnings Review - Resources Division
EARNINGS REVIEW - RESOURCES DIVISION 2Q2025 vs 2Q2024 • Revenue -14.8% to RM48.2m: Weaker export demand for lime products amid rising competition. • PBT -34.6% to RM8.3m, with margins hit by higher freight and production costs.
Slide 10: Packaging Division
PACKAGING DIVISION
Slide 11: Earnings Review - Packaging Division
EARNINGS REVIEW - PACKAGING DIVISION 2Q2025 vs 2Q2024 • Revenue was flat, rising just 0.4% to RM104.6m, as the Division maintained its market share amid overcapacity and intense competition. • PBT -61.5% to RM3.5m, hit by price competition and a weaker US Dollar.
Slide 12: Balance Sheet Review
BALANCE SHEET REVIEW Chaneas Explanation (RM million) (RM million) (RM million) Service concession asset 2,022.3 2,175.7 (153.4)|Mainly due to RM126.9 mil translation loss and RM42.4 mil amortisation charge,| partly offset by RM15.9 mil addition. PRE 836.9 775.8 61.1 |Mainly due to RM93.8 mil Capex*
Slide 13: Cash Flow Review
CASH FLOW REVIEW § RM388.7 mil after tax cash from operating activities, 13.1% more than a year ago. § RM191.9 mil deployed for investments. § RM72.6 mil distributed to stakeholders. § RM155.9 mil retained in the Group.
Slide 14: Expansionary Investment Capital Deployed
EXPANSIONARY INVESTMENT CAPITAL DEPLOYED 1H2024: RM189.5 mil 1H2025: RM191.9 mil
Slide 15: Gearing Position
GEARING POSITION 1,000.0 30.0% 900.0 25.0% 300.0 7000 200% 600.0 500.0 15.0% 4000 100% 3000 200.0 5.0% 100.0 i 00 0.0% 31.12.2021 31.12.2022 31.12.2023 31.12.2024 313.2025 mmm Net Debt (RMmil) ==Net Debt/Equity (%) At 31.12.2021 | At 31.12.2022 | At 31.12.2023 | At 31.12.2024] At 30.6.2025 (RM mil)
Slide 16: JV Edenor Technology
JV EDENOR TECHNOLOGY 2024 2025 1Q 2Q 3Q 4Q Total 1Q 2Q Total (RM mil) (RM mil) (RM mil) (RM mil) (RM mil) (RM mil) (RM mil) (RM mil) Revenue 197.9 178.1 217.9 211.2 805.1 207.4 166.5 373.9 Depreciation 9.5 9.1 8.9 9.0 36.5 9.0 9.7 18.7 and amortisation PBT (25.1) (21.5) (14.1) (75.1) (135.8) (61.9)
Slide 17: Prospects for the Remaining Quarters of 2025
PROSPECTS FOR THE REMAINING QUARTERS OF 2025 Ø Global economic conditions remain uncertain, with policy, trade, and supply chain challenges weighing on sentiment. Ø Management remains focused on navigating volatility and cost pressures. Ø RE earnings are expected to stay resilient for the rest of th
Slide 18: Capital Commitment as at 30 June 2025
PROSPECTS FOR THE REMAINING QUARTERS OF 2025 CAPITAL COMMITMENT AS AT 30 JUNE 2025
Slide 19: Prospects: Renewable Energy Division (Hydro and Solar)
PROSPECTS FOR THE REMAINING QUARTERS OF 2025 Renewable Energy Division (Hydro) Ø All five turbines operational since June. Ø Higher river flows and full capacity are expected to boost 2H2025 earnings sequentially. Ø Year-on-year profitability should remain steady, with gains from higher volumes, low
Slide 20: Prospects for the Remaining Quarters of 2025
PROSPECTS FOR THE REMAINING QUARTERS OF 2025
Slide 21: MF Solar Tronoh
PROSPECTS FOR THE REMAINING QUARTERS OF 2025 MF Solar Tronoh
Slide 22: Prospects for the Remaining Quarters of 2025
PROSPECTS FOR THE REMAINING QUARTERS OF 2025
Slide 23: MF Solar (Maldives)
PROSPECTS FOR THE REMAINING QUARTERS OF 2025 MF Solar (Maldives)
Slide 24: Prospects for the Remaining Quarters of 2025
PROSPECTS FOR THE REMAINING QUARTERS OF 2025
Slide 25: Portfolio Summary as at 30 June 2025
PROSPECTS FOR THE REMAINING QUARTERS OF 2025 PORTFOLIO SUMMARY AS AT 30 JUNE 2025
Slide 26: Prospects: Resources and Packaging Divisions
PROSPECTS FOR THE REMAINING QUARTERS OF 2025 Resources Division Ø Demand remains weak due to slower economic activity and strong competition from regional suppliers, especially China. Ø Management expects gradual stabilisation in market conditions through the rest of 2025. Ø Focus will be on improvi
Slide 27: Prospects: Edenor Technology
PROSPECTS FOR THE REMAINING QUARTERS OF 2025 Edenor Technology Ø With gas supply fully restored in early July and operations steadily ramping up since, the plant is now operating at stable levels. Ø Despite persistent challenges in the oleochemicals market, assuming operations remain stable, Edenor’
Slide 28: Thank You Q&A
THANK YOU Q&A
Slide 29: Remaining Slides for Reference (Updated)
Remaining Slides for Reference (Updated)
Slide 30: Renewable Energy - Don Sahong
RENEWABLE ENERGY DON SAHONG
Slide 31: Renewable Energy Division - Don Sahong
RENEWABLE ENERGY DIVISION DON SAHONG
Slide 32: Renewable Energy Division - Don Sahong
RENEWABLE ENERGY DIVISION DON SAHONG • 325 MW run-of-river hydropower project located on the mainstream of the Mekong River in Southern Laos. • High projected average Energy Availability Factor (EAF) of 81% compared to other large hydro of between 40-70%. • Projected average energy generation 2,300
Slide 33: Renewable Energy Division - Don Sahong
RENEWABLE ENERGY DIVISION DON SAHONG
Slide 34: Renewable Energy Division - Don Sahong
RENEWABLE ENERGY DIVISION DON SAHONG
Slide 35: Renewable Energy Division - Don Sahong
RENEWABLE ENERGY DIVISION DON SAHONG
Slide 36: Don Sahong: 2022-2024 Pakse Water Level and Capacity Factor/EAF
RENEWABLE ENERGY DIVISION DON SAHONG Don Sahong : 2022-2024 Pakse Water Level and Capacity Factor/EAF
Slide 37: Renewable Energy - C&I Solar
RENEWABLE ENERGY C&I SOLAR
Slide 38: Renewable Energy Division - C&I Solar
RENEWABLE ENERGY DIVISION C&I SOLAR
Slide 39: Renewable Energy Division Financial Highlights
RENEWABLE ENERGY DIVISION FINANCIAL HIGHLIGHTS
Slide 40: Renewable Energy Division Strategy & Strength
RENEWABLE ENERGY DIVISION STRATEGY & STRENGTH Strategy • Leveraging current strong and stable cashflow of approx. RM500 mil per annum from existing RE portfolio to pursue selective RE opportunities in the region. Strength • Strong project management/execution track record → Don Sahong completed sign
Slide 41: Renewable Energy Division Investment Approach
RENEWABLE ENERGY DIVISION INVESTMENT APPROACH • New investments must fulfil the following criteria: 1) Attractive project IRR (varies between markets) 2) Project manageability 3) Project bankability 4) Project risk acceptability • Avoid herd instinct. • Strict investment discipline.
Slide 42: Packaging
PACKAGING
Slide 43: Packaging Division
PACKAGING DIVISION Mission statement “To become a leading provider of innovative, environmentally sustainable, safe and competitive packaging solutions” The division currently manufactures and sells paper bags, flexible packaging products, and stickers and labels. Global trends • Consumers and our c
Slide 44: Packaging Division Differentiating Strategy
PACKAGING DIVISION DIFFERENTIATING STRATEGY • We develop packaging solutions that promote the use of ONLY fully recyclable materials (e.g. paper and mono-family plastic materials). • Malaysia’s first and only manufacturer that only uses 100% toluene-free print ink and solvent-free lamination process
Slide 45: Packaging Division Bangi (Stenta)
PACKAGING DIVISION BANGI (STENTA)
Slide 46: Packaging Division Melaka (Hexachase)
PACKAGING DIVISION MELAKA (HEXACHASE)
Slide 47: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Fuji Kikai Printing Machine Fuji Kikai 14 colours Rotogravure Printing Machine
Slide 48: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Super Combi 5000 Super Combi 5000 Lamination Machine
Slide 49: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Flat Handle Paper Bag Machine Twisted Handle Paper Bag Machine
Slide 50: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY SOS Machine Flat & Satchel Bag Machine
Slide 51: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Reifenhauser LLDPE Line Vacuum Metallizer Slitter for Metallized Film
Slide 52: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Reifenhauser LLDPE Line Vacuum Metallizer
Slide 53: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Bruckner OPP Line High Capacity Roll Slitting and Winding Machine
Slide 54: Packaging Division Product Range
PACKAGING DIVISION PRODUCT RANGE
Slide 55: Packaging Division Product Range
PACKAGING DIVISION PRODUCT RANGE
Slide 56: Packaging Division Product Range
PACKAGING DIVISION PRODUCT RANGE
Slide 57: Packaging Division Financial Highlights
PACKAGING DIVISION FINANCIAL HIGHLIGHTS
Slide 58: Resources
RESOURCES
Slide 59: Resources Division Profile
RESOURCES DIVISION PROFILE • Largest quicklime producer in Malaysia with 1,960 tonne per day installed kiln capacity. • Owned one of the largest limestone reserves, sufficient for more than 100 years supply. • Wide industrial applications: steel, mining, pulp and paper, agriculture, construction mat
Slide 60: Resources Division Success Factors
RESOURCES DIVISION SUCCESS FACTORS • Fully integrated facilities • Own high purity limestone reserves, on-site and at vicinity • High and consistent lime quality • Cost leadership • Diversified customer base
Slide 61: Resources Division Mission & Financial Highlights
RESOURCES DIVISION MISSION & FINANCIAL HIGHLIGHTS Mission • To be the leading lime producer in the region • 2015-2018: Completed massive expansion plan. +160% increase in kiln capacity 760 tonnes 1,960 tonnes per day • Current plant utilisation rate approx. 70% Financial Highlights
Slide 62: Investment in Joint Venture Edenor Technology
INVESTMENT IN JOINT VENTURE EDENOR TECHNOLOGY
Slide 63: Investment in Joint Venture Edenor Technology
INVESTMENT IN JOINT VENTURE EDENOR TECHNOLOGY • A 50:50 JV between MFCB and 9M Technology Sdn Bhd (RM40 million paid up capital). • Set up to acquire Emery’s Asia Pacific oleochemical business from Sime Darby Plantation Berhad and PTT GC International Limited (“Acquisition”). • The Acquisition was c
Slide 64: Emery's Asia Pacific Business
INVESTMENT IN JOINT VENTURE EDENOR TECHNOLOGY Emery’s Asia Pacific business • Integrated 300,000-tonne per annum capacity oleochemical complex on a 34-acre site at Telok Panglima Garang. • Original plant cost: > RM1.1 billion • Plant book value @ 31 Oct 2021: approx. RM430 million • Plant Acquisitio
Slide 65: Edenor Technology Plant Site
EDENOR TECHNOLOGY PLANT SITE
Slide 66: Edenor Technology Plant Layout
EDENOR TECHNOLOGY PLANT LAYOUT
Slide 67: Edenor Technology TPG Plant
EDENOR TECHNOLOGY TPG PLANT
Slide 68: Investment in Joint Venture Turnaround Strategy
INVESTMENT IN JOINT VENTURE TURNAROUND STRATEGY • Full set of new management team in place. • Major cultural and operational transformation underway. Key turnaround strategies • Simplify management processes: leaner, and more responsive and effective. • Revamp purchasing, lower cost of goods/service
Slide 69: Food Security
FOOD SECURITY
Slide 70: Food Security Division
FOOD SECURITY DIVISION “RESPECT NATURE, WORK WITH NATURE” • Water and irrigation key to sustainable cultivation: 1) Protect and improve O’plai River catchment areas to collect and store rainwater; 2) Development wetland pockets, creation of mini lakes along extensive riparian corridors. • Developmen
Slide 71: Food Security Division
FOOD SECURITY DIVISION • MFCB obtained approval from the Royal Government of Cambodia for the concession of a plot of land measuring 6,428 hectares situated in Mondulkiri Province, Kingdom of Cambodia for agricultural development. • The term of the concession is 50 years, commencing from 29 April 20
Slide 72: Food Security Division Cambodia
FOOD SECURITY DIVISION CAMBODIA
Slide 73: Food Security Division Cambodia
FOOD SECURITY DIVISION CAMBODIA
Slide 74: Food Security Division Cambodia
FOOD SECURITY DIVISION CAMBODIA
Slide 75: Food Security Division Cambodia / Malaysia
FOODFOOD SECURITY SECURITY DIVISION CAMBODIA MALAYSIA
Slide 76: Food Security Division Malaysia
FOOD SECURITY DIVISION MALAYSIA
Slide 77: Food Security Division Malaysia
FOOD SECURITY DIVISION MALAYSIA
Slide 78: Food Security Division Malaysia
FOOD SECURITY DIVISION MALAYSIA
Slide 79: Food Security Division Malaysia
FOOD SECURITY DIVISION MALAYSIA
Slide 80: Sustainability Update
SUSTAINABILITY UPDATE
Slide 81: Sustainability Strategy
SUSTAINABILITY UPDATE SUSTAINABILITY STRATEGY
Slide 82: Key Sustainability Highlights 2Q2025
SUSTAINABILITY UPDATE KEY SUSTAINABILITY HIGHLIGHTS 2Q2025
Slide 83: Environmental Performance 2Q2025
SUSTAINABILITY UPDATE ENVIRONMENTAL PERFORMANCE 2Q2025
Slide 84: Environmental Performance 2Q2025
SUSTAINABILITY UPDATE ENVIRONMENTAL PERFORMANCE 2Q2025
Slide 85: Environmental Performance 2Q2025
SUSTAINABILITY UPDATE ENVIRONMENTAL PERFORMANCE 2Q2025
Slide 86: Social Performance 2Q2025
SUSTAINABILITY UPDATE SOCIAL PERFORMANCE 2Q2025
Slide 87: Governance Performance 2Q2025
SUSTAINABILITY UPDATE GOVERNANCE PERFORMANCE 2Q2025
Slide 88: Governance Performance 2Q2025
SUSTAINABILITY UPDATE GOVERNANCE PERFORMANCE 2Q2025
Slide 89: Thank You!
THANK YOU!
Mega First Corporation Berhad — Q2 2025 Earnings Presentation on 6ix