Mega First Corp. Bhd. · MYX:MFCB
Mega First Corp. Bhd — Q1 2026 Earnings Presentation
56 slides from Mega First Corp. Bhd's earnings presentation, May 25, 2026
Slide 1: 1Q2026 Results Briefing
1Q2026 RESULTS BRIEFING Yeow See Yuen, 25 May 2026
Slide 2: Agenda
AGENDA 1. Financial Review For reference (updated) - 1Q2026 Earnings Review 3. Renewable Energy Division - Balance Sheet Review 4. Packaging Division - Cash Flow Review 5. Resources Division - Capital Deployed - Gearing Position 2. Prospects for the Remaining Quarters of 2026
Slide 3: 1Q2026 Earnings Review
1Q2026 EARNINGS REVIEW § Normalised revenue -5.5% YoY to RM302.8 million, mainly due to weaker RE (-3.9%) and Resources (-33.0%), partly offset by Packaging growth (+6.2%). § Reported revenue -10.2% YoY to RM305.0 million, impacted by RM17.0 million lower construction revenue as the 11.4 MWp Maldive
Slide 4: Normalised Profit After Tax and Non-Controlling Interests
NORMALISED PROFIT AFTER TAX AND NON-CONTROLLING INTERESTS § Normalised PATNCI -4.7% YoY to RM85.8 million (1Q2025: RM89.9 million). § The decline was mainly due to the new 5% corporate income tax on hydropower profits effective 1 January 2026. § Reported PATNCI was broadly stable, -0.7% YoY to RM62.
Slide 5: Renewable Energy Division
RENEWABLE ENERGY DIVISION
Slide 6: Earnings Review - Renewable Energy Division
EARNINGS REVIEW - RENEWABLE ENERGY DIVISION 1Q2026 vs 1Q2025 • Normalised revenue -3.9% YoY to RM126.7 million, mainly due to 10.9% unfavourable FX impact from USD/MYR depreciation. • Hydro performance improved, with generation up 6.4% to 514 GWh (from 483 GWh) and EAF rising to 73.2% (from 68.9%).
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 1Q2026 vs 1Q2025 • Revenue -33.0% YoY to RM37.5 million, mainly due to weaker demand for lime products (-33.7%) and adverse FX impact. • Non-lime revenue also fell 24.8% to RM3.1 million, as lower limestone sales outweighed higher calcium carbonate powder sales.
Slide 10: Packaging Division
PACKAGING DIVISION
Slide 11: Earnings Review - Packaging Division
EARNINGS REVIEW - PACKAGING DIVISION 1Q2026 vs 1Q2025 • Revenue +6.3% YoY to RM107.7 million, supported by expanded market reach, stronger marketing and new capacity. • Growth was achieved despite industry headwinds, including overcapacity, higher input costs, weak export currencies and supply chain
Slide 12: Balance Sheet Review
BALANCE SHEET REVIEW At 31.3.2026 At 31.12.2025 Changes Explanation Service concession assets 1,896.5 1,921.3 (24.8)|Mainly due to RM7.1 mil in translation losses and RM19.2 mil in amortisation charges, partly offset by RM1.5 mil in additions. PPE 978.1 980.1 (2.0)|Mainly due to RM13.7 mil in deprec
Slide 13: Cash Flow Review
CASH FLOW REVIEW § RM167.7 mil after-tax cash from operating activities, 22.3% lower than a year ago. § RM47.7 mil deployed for investments, including RM33.1 mil for the additional 12.5% equity stake in Stenta. § RM10.0 mil distributed to stakeholders. § RM124.2 mil retained in the Group.
Slide 14: Expansionary Investment Capital Deployed
EXPANSIONARY INVESTMENT CAPITAL DEPLOYED 1Q2025: RM82.6 mil 1Q2026: RM47.7 mil
Slide 15: Gearing Position
1,000.0 900.0 200.0 700.0 600.0 500.0 400.0 300.0 200.0 GEARING POSITION 300% 25.0% 200% 10.0% | 5.0% 100 oo ous yu2202 asszan au220 3122005 nia2ms MEE Net Debt (RM mil) —===Net Debt/Equity (%) At 31.12.2022 | at 31.12.2023 | At 31.12.2024] At 31.12.2025 | at 31.3.2026 (RM mil) (RM mil) (RM mil) (RM
Slide 16: Other Updates
OTHER UPDATES Ø MFCB acquired an additional 12.5% stake in Stenta Films (Malaysia) Sendirian Berhad for RM33.1 million, increasing its effective interest to 87.5% and strengthening control over the business. Ø Edenor Technology Sdn Bhd (“Edenor”), a 50% joint venture company of MFCB has on 20 May 20
Slide 17: Prospects for the Remaining Quarters of 2026
PROSPECTS FOR THE REMAINING QUARTERS OF 2026 Ø Global macroeconomic conditions have worsened in 2026 due to heightened geopolitical tensions. Ø The US–Iran conflict (28 February 2026) and closure of the Strait of Hormuz have significantly disrupted global markets. Ø Energy, commodity, plastic resin
Slide 18: Capital Commitment as at 31 March 2026
PROSPECTS FOR THE REMAINING QUARTERS OF 2026 CAPITAL COMMITMENT AS AT 31 MARCH 2026
Slide 19: Prospects: Renewable Energy Division
PROSPECTS FOR THE REMAINING QUARTERS OF 2026 Renewable Energy Division Ø The Division is expected to achieve full-year 2026 revenue growth in US Dollar terms. Ø Two large-scale solar plants (62.4 MWp combined) will be commissioned in 2Q–3Q 2026, increasing total RE capacity from 359.8 MWp to 422.2 M
Slide 20: RE Portfolio Summary as at 31 March 2026
PROSPECTS FOR THE REMAINING QUARTERS OF 2026 RE PORTFOLIO SUMMARY AS AT 31 MARCH 2026
Slide 21: Prospects: Resources Division
PROSPECTS FOR THE REMAINING QUARTERS OF 2026 Resources Division Ø Operating conditions in the Resources Division have become significantly more challenging, even before the Middle East conflict, due to weak customer demand, a softer US Dollar, rising domestic costs and aggressive Chinese pricing. Ø
Slide 22: Prospects: Packaging Division
PROSPECTS FOR THE REMAINING QUARTERS OF 2026 Packaging Division Ø The Packaging Division faces a significantly more challenging cost environment in 2026, driven by higher resin and logistics costs due to Middle East conflict and Strait of Hormuz disruptions. Ø The Division continues to operate in a
Slide 23: Thank You Q&A
THANK YOU Q&A
Slide 24: Remaining Slides for Reference (Updated)
Remaining Slides for Reference (Updated)
Slide 25: Renewable Energy Don Sahong
RENEWABLE ENERGY DON SAHONG
Slide 26: Renewable Energy Division Don Sahong
RENEWABLE ENERGY DIVISION DON SAHONG
Slide 27: 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 28: Renewable Energy Division Don Sahong
RENEWABLE ENERGY DIVISION DON SAHONG
Slide 29: Renewable Energy Division Don Sahong
RENEWABLE ENERGY DIVISION DON SAHONG
Slide 30: Don Sahong: 2023-2025 Pakse Water Level and Capacity Factor/EAF
RENEWABLE ENERGY DIVISION DON SAHONG Don Sahong : 2023-2025 Pakse Water Level and Capacity Factor/EAF
Slide 31: Renewable Energy C&I Solar
RENEWABLE ENERGY C&I SOLAR
Slide 32: Renewable Energy Division C&I Solar
RENEWABLE ENERGY DIVISION C&I SOLAR
Slide 33: Renewable Energy Division Financial Highlights
RENEWABLE ENERGY DIVISION FINANCIAL HIGHLIGHTS
Slide 34: 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 35: 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 36: Packaging
PACKAGING
Slide 37: 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 38: 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 39: Packaging Division Bangi (Stenta)
PACKAGING DIVISION BANGI (STENTA)
Slide 40: Packaging Division Melaka (Hexachase)
PACKAGING DIVISION MELAKA (HEXACHASE)
Slide 41: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Fuji Kikai Printing Machine Fuji Kikai 14 colours Rotogravure Printing Machine
Slide 42: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Super Combi 5000 Super Combi 5000 Lamination Machine
Slide 43: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Flat Handle Paper Bag Machine Twisted Handle Paper Bag Machine
Slide 44: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY SOS Machine Flat & Satchel Bag Machine
Slide 45: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Reifenhauser LLDPE Line Vacuum Metallizer Slitter for Metallized Film
Slide 46: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Reifenhauser LLDPE Line Vacuum Metallizer
Slide 47: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Bruckner OPP Line High Capacity Roll Slitting and Winding Machine
Slide 48: Packaging Division Product Range
PACKAGING DIVISION PRODUCT RANGE
Slide 49: Packaging Division Product Range
PACKAGING DIVISION PRODUCT RANGE
Slide 50: Packaging Division Product Range
PACKAGING DIVISION PRODUCT RANGE
Slide 51: Packaging Division Financial Highlights
PACKAGING DIVISION FINANCIAL HIGHLIGHTS
Slide 52: Resources
RESOURCES
Slide 53: 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 54: 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 55: 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 Financial Highlights
Slide 56: Thank You!
THANK YOU!
Mega First Corporation Berhad — Q1 2026 Earnings Presentation on 6ix