Mega First Corp. Bhd. · MYX:MFCB
Mega First Corp. Bhd — Q4 2025 Earnings Presentation
62 slides from Mega First Corp. Bhd's earnings presentation, Mar 3, 2026
Slide 1: 4Q2025 Results Briefing
4Q2025 RESULTS BRIEFING Yeow See Yuen 3 March 2026
Slide 2: Agenda
AGENDA 1. Financial Review For reference (updated) - 4Q2025 Earnings Review 3. Renewable Energy Division - Balance Sheet Review 4. Packaging Division - Cash Flow Review 5. Resources Division - Capital Deployed 6. Sustainability Update - Gearing Position 2. Prospects for the Year 2026
Slide 3: 4Q2025 Earnings Review
4Q2025 EARNINGS REVIEW § Normalised revenue +2.6% YoY to RM349.9 mil: Strong growth in Packaging (+16.4%) and Resources (+8.1%), outweighed revenue decline in RE (-5.1%). § Reported revenue -50.8% YoY to RM356.3 mil: Lower construction revenue compared to 4Q2024. § Normalised PBT -13.5% YoY to RM119
Slide 4: Normalised Profit After Tax and Non-Controlling Interest (PATNCI)
NORMALISED PROFIT AFTER TAX AND NON-CONTROLLING INTEREST (PATNCI) § Normalised PATNCI -15.0% YoY to RM111.6 million, while reported PATNCI -16.4% to RM118.5 million, with the difference reflecting non-recurring and other items behind the modest earnings contraction.
Slide 5: Renewable Energy Division
RENEWABLE ENERGY DIVISION =
Slide 6: Earnings Review - Renewable Energy Division
EARNINGS REVIEW - RENEWABLE ENERGY DIVISION 4Q2025 vs 4Q2024 • Don Sahong’s average EAF: 89.0% vs 85.7% last year. • Normalised revenue -5.1% to RM162.6 mil, as gains in hydro and solar were offset by 5.7% currency losses and 3.6% lower weighted average hydro tariffs at 6 US cents under the new SPPA
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 RESOURCES DIVISION
Slide 9: Earnings Review - Resources Division
EARNINGS REVIEW - RESOURCES DIVISION 4Q2025 vs 4Q2024 • Revenue +7.9% to RM46.3 mil, driven by a 17.9% increase in lime product sales, which offset weaker export currency values. The growth was also partially supported by a low base effect from 4Q2024 sales cut-off adjustments, while non-lime produc
Slide 10: Packaging Division
PACKAGING DIVISION
Slide 11: Earnings Review - Packaging Division
EARNINGS REVIEW - PACKAGING DIVISION 4Q2025 vs 4Q2024 • Despite market challenges like industry-wide overcapacity, stiff price competition and weaker export currencies, Packaging grew its footprint through aggressive marketing after a capacity expansion. • PBT +24.4% to RM5.1 mil on a stronger sales
Slide 12: Balance Sheet Review
BALANCE SHEET REVIEW Changes Explanation (RM million) (RM million) (RM million) Service concession asset 1,921.3 2,175.7 (254.4)|Mainly due to RM198.6 mil translation loss and RM83.0 mil amortisation charge, partly offset by RM27.2 mil addition. PPE 980.1 852.5 127.6 |Mainly due to RM191.5 mil Capex
Slide 13: Cash Flow Review
CASH FLOW REVIEW § RM763.1 mil after tax cash from operating activities, 59.2% more than a year ago. § RM317.7 mil deployed for investments. § RM170.8 mil distributed to stakeholders. § RM313.4 mil retained in the Group.
Slide 14: Expansionary Investment Capital Deployed
EXPANSIONARY INVESTMENT CAPITAL DEPLOYED 2024: RM824.0 mil 2025: RM317.7 mil
Slide 15: Gearing Position
1,000.0 900.0 800.0 700.0 600.0 500.0 400.0 300.0 200.0 100.0 0.0 GEARING POSITION 31.12.2021 31.12.2022 EEE Net Debt (RM mil) 31.12.2023 31.12.2024 Net Debt/Equity (%) 31.12.2025 30.0% 25.0% 20.0% 15.0% 10.0% 0.0% At 31.12.2021 At 31.12.2022 At 31.12.2023 At 31.12.2024 At 31.12.2025 (RM mil) (RM mi
Slide 16: Other Update
OTHER UPDATE Ø Declared final dividend of 5.0 sen (2024: 4.5 sen) for FY2025. Ø Total dividend declared in FY2025: 9.75 sen (2024: 9.0 sen).
Slide 17: Prospects for the Year 2026
PROSPECTS FOR THE YEAR 2026 Ø The macroeconomic outlook remains volatile, driven by changing policies, weak consumer sentiment and ongoing geopolitical tensions affecting global trade. Ø A strengthening Ringgit may weigh on manufacturing exports and USD-denominated RE income, while domestic cost pre
Slide 18: Capital Commitment as at 31 December 2025
PROSPECTS FOR THE YEAR 2026 CAPITAL COMMITMENT AS AT 31 DECEMBER 2025
Slide 19: Prospects for the Year 2026 - Renewable Energy Division
PROSPECTS FOR THE YEAR 2026 Renewable Energy Division • Two turbine overhauls are planned for 2026 (vs. one in 2025), likely causing a mild dip in hydro energy generation. • Normalised USD revenue is expected to grow year-on-year, supported by two new large-scale solar plants totalling 62.4 MWp to b
Slide 20: Don Sahong Hydropower Project
PROSPECTS FOR 2026 Don Sahong Hydropower Project
Slide 21: Tronoh Project
PROSPECTS FOR 2026 Tronoh Project
Slide 22: MF Solar (Maldives)
PROSPECTS FOR 2026 MF Solar (Maldives) Maldives Project
Slide 23: Portfolio Summary as at 31 December 2025
PROSPECTS FOR THE YEAR 2026 PORTFOLIO SUMMARY AS AT 31 DECEMBER 2025
Slide 24: Prospects for 2026 - Resources and Packaging Divisions
PROSPECTS FOR THE YEAR 2026 Resources Division Ø The Resources Division continues to face a challenging operating environment due to subdued activity, a weaker dollar, rising domestic costs and intense price competition from regional and Chinese suppliers. Ø Management is focusing on improving produ
Slide 25: Thank You Q&A
THANK YOU Q&A
Slide 26: Remaining Slides for Reference (Updated)
Remaining Slides for Reference (Updated)
Slide 27: Renewable Energy - Don Sahong
RENEWABLE ENERGY DON SAHONG
Slide 28: Renewable Energy Division - Don Sahong
RENEWABLE ENERGY DIVISION DON SAHONG
Slide 29: 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 30: Renewable Energy Division - Don Sahong
RENEWABLE ENERGY DIVISION 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
Slide 33: 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 34: Renewable Energy - C&I Solar
RENEWABLE ENERGY C&I SOLAR
Slide 35: Renewable Energy Division - C&I Solar
RENEWABLE ENERGY DIVISION C&I SOLAR
Slide 36: Renewable Energy Division Financial Highlights
RENEWABLE ENERGY DIVISION FINANCIAL HIGHLIGHTS
Slide 37: 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 38: 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 39: Packaging
PACKAGING
Slide 40: 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 41: 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 42: Packaging Division Bangi (Stenta)
PACKAGING DIVISION BANGI (STENTA)
Slide 43: Packaging Division Melaka (Hexachase)
PACKAGING DIVISION MELAKA (HEXACHASE)
Slide 44: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Fuji Kikai Printing Machine Fuji Kikai 14 colours Rotogravure Printing Machine
Slide 45: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Super Combi 5000 Super Combi 5000 Lamination Machine
Slide 46: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Flat Handle Paper Bag Machine Twisted Handle Paper Bag Machine
Slide 47: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY SOS Machine Flat & Satchel Bag Machine
Slide 48: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Reifenhauser LLDPE Line Vacuum Metallizer Slitter for Metallized Film
Slide 49: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Reifenhauser LLDPE Line Vacuum Metallizer
Slide 50: Packaging Division State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Bruckner OPP Line High Capacity Roll Slitting and Winding Machine
Slide 51: Packaging Division Product Range
PACKAGING DIVISION PRODUCT RANGE
Slide 52: Packaging Division Product Range
PACKAGING DIVISION PRODUCT RANGE
Slide 53: Packaging Division Product Range
PACKAGING DIVISION PRODUCT RANGE
Slide 54: Packaging Division Financial Highlights
PACKAGING DIVISION FINANCIAL HIGHLIGHTS
Slide 55: Resources
RESOURCES
Slide 56: 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 57: 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 58: 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 59: Sustainability Update
SUSTAINABILITY UPDATE
Slide 60: Sustainability Update Sustainability Strategy
SUSTAINABILITY UPDATE SUSTAINABILITY STRATEGY
Slide 61: Key Sustainability Highlights 2025
SUSTAINABILITY UPDATE KEY SUSTAINABILITY HIGHLIGHTS 2025
Slide 62: Thank You!
THANK YOU!
Mega First Corporation Berhad — Q4 2025 Earnings Presentation on 6ix