55 slides from Mega First Corp. Bhd's earnings presentation, Aug 20, 2026
Slide 1: 2Q2026 Results Briefing
2Q2026 Results Briefing Yeow See Yuen | 20 August 2026 Financial Resilience • Sharper Portfolio Focus • Renewable-Led Growth
Slide 2: Agenda
Agenda 1 Group Earnings Review For Reference 2 Divisional Earnings Review 7 Renewable Energy Division 3 Financial Position and Cash Flow 8 Packaging Division 4 Capital Allocation and Gearing 9 Resources Division 5 Other Updates 6 Outlook 02
Slide 3: Core Earnings Held Steady; Edenor Losses Weighed On Reported Profit
Group Earnings Review Core Earnings Held Steady; Edenor (Operation-Now-Ceased) Losses Weighed On Reported Profit in Current Quarter RM328.1m RM107.9m RM73.2m RM59.4m Normalised revenue | –2.3% Reported PATNCI | –29.9% Normalised PBT | flat YoY Reported PBT | –19.8% YoY YoY YoY RM million 2Q2026 2Q20
Slide 4: Normalised PBT: Lower Core Earnings Offset By Higher Investment Holding & Others
Group Earnings Review Normalised PBT: Lower Core Earnings Offset By Higher Investment Holding & Others Revenue Performance RM million 2Q2026 2Q2025 YoY 1Q2026 QoQ Renewable Energy 135.5 150.6 –10.0% 126.7 +7.0% Resources 43.1 48.2 –10.7% 37.5 +14.9% Packaging 120.0 104.6 +14.7% 107.7 +11.5% Core div
Slide 5: PATNCI: New Hydropower Tax And Associate Losses Widened The Gap
Group Earnings Review PATNCI: New Hydropower Tax And Associate Losses Widened The PATNCI Gap 120 108.7 100 101.4 95.8 –5.6% 89.8 84.8 Normalised PATNCI YoY 80 59.4 60 –29.9% 40 Reported PATNCI YoY 20 5.9 4.8 2.4 4.8 2Q2026 vs 2Q2025 0 • Normalised PATNCI declined due to 5% Renewable Energy Resources
Slide 6: Renewable Energy: Overhaul And FX Translation Weighed On 2Q
Divisional Earnings Review Renewable Energy: Overhaul And FX Translation Weighed On 2Q RM135.5m RM96.9m 77.2% Normalised revenue | – Normalised PBT | – Energy availability factor | 10.0% YoY 14.1% YoY 2Q2025: 80.3% • Hydro generation eased 3.9% to 547.6 GWh as one turbine remained offline for schedu
Slide 7: Renewable Energy: Don Sahong Hydropower Project
Divisional Earnings Review Renewable Energy: Don Sahong Hydropower Project Pakse Water Level — 1 January To 30 June 7.0 m 2020–2024 Range 2025 2026 7.0 m 6.0 m 6.0 m 5.0 m 5.0 m 4.0 m 4.0 m 3.0 m 3.0 m 2.0 m 2.0 m 1.0 m 1.0 m 0.0m 0.0 m JanJan 0101Jan 0808Jan Jan 1515Jan Jan 22 22Jan Jan 29 29Jan Ja
Slide 8: Renewable Energy: Don Sahong Hydropower Project
Divisional Earnings Review Renewable Energy: Don Sahong Hydropower Project Capacity Factor — 1 January To 30 June 2025 2026 2026 Comparable 4-Unit 2020–2024 Range 110% 110% 100% 100% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% JanJan 0101Jan 0808Jan Jan 1515Jan Jan 2222Jan Jan 29 29Jan Jan 05 Feb Feb 05
Slide 9: Resources: Demand Appears To Be Finding A Floor
Divisional Earnings Review Resources: Demand Appears To Be Finding A Floor • Lower domestic demand—particularly from steel customers—reduced lime sales volumes. • Average selling prices were broadly stable. • Lower throughput and higher freight costs compressed earnings and margin. RM43.1m RM6.6m Re
Slide 10: Packaging: Quarterly Earnings More Than Doubled
Divisional Earnings Review Packaging: Quarterly Earnings More Than Doubled • Higher volumes and resin-linked selling price adjustments lifted revenue. • Precautionary stocking supported demand, though this effect may not persist. • US paper-bag sales remained soft amid competition and customer inven
Slide 11: Equity Growth And Lower Net Debt Strengthened The Financial Position
Financial Position and Cash Flow Equity Growth And Lower Net Debt Strengthened The Financial Position Key Balance Sheet Movements RM million Jun-26 Dec-25 Change Key driver RM million Jun-26 Dec-25 Change Key driver Service concession Amortisation, partly offset by Joint ventures and 1,891.5 1,921.3
Slide 12: Strong Operating Cash Generation Funded Investment And Deleveraging
Financial Position and Cash Flow Strong Operating Cash Generation Funded Investment And Deleveraging 450 388.7 350 RM153.8m 255.4 Net cash retained | +5.3% YoY 250 146.1 153.8 150 50 21.9 20.9 RM151.1m Reduction in net debt in 1H2026 -50 -56.1 -72.6 -66.4 -150 • Robust operating cash flow. -191.9 •
Slide 13: Capital Deployed Fell As Major Projects Neared Completion
Capital Allocation and Gearing Capital Deployed Fell As Major Projects Neared Completion 100 87.6 81.4 RM56.1m 80 1H2026 capital deployed 60 37.2 –70.8% 40 Reduction versus 1H2025 20 10.7 12.2 • Packaging includes RM33.1m for the 6.2 7.6 additional 12.5% interest in Stenta Films. 4.2 0 0.9 0 Renewab
Slide 14: Net Gearing Declined To 11.3%
Capital Allocation and Gearing Net Gearing Declined To 11.3% Net Debt (RM Million) Net Debt / Equity (%) 1000 30 878.1 25 24.8 800 20 19 600 564.7 520.2 15.9 15 413.6 392.7 400 12.2 11.3 10 220.6 6.9 200 5 0 0 2021 2022 2023 2024 2025 Jun-26 2021 2022 2023 2024 2025 Jun-26 16
Slide 15: Dividend Declaration And Edenor Judicial Management Update
Other Updates Dividend Declaration And Edenor Judicial Management Update Dividend Edenor — Judicial Management 5.00 sen 2026 interim dividend per share • 20 May: Edenor Technology Sdn Bhd voluntarily applied for a Judicial Management Order to restructure obligations and preserve business and asset v
Slide 16: 2H2026 Priorities: Cash, Renewables And Portfolio Discipline
Outlook 2H2026 Priorities: Cash, Renewables And Portfolio Discipline Macro & FX Renewable Energy Manufacturing Input-cost and supply-chain pressures have Resources earnings expected to stabilise; Hydro remains the earnings anchor; wet- stabilised somewhat but remain elevated. A Packaging earnings ex
Slide 17: Capital Commitments Remain Modest At RM20.6m
Outlook Capital Commitments Remain Modest At RM20.6m RM20.6m Food Security, 0.5 Total commitments at 30 June 2026 Renewable Energy, Renewable Energy Others, 8.2 8.9 Packaging • Renewable Energy and Other Others commitments account for 83% of the Food Security total, with Other mainly relating to the
Slide 18: Renewable Energy Outlook
Outlook Renewable Energy Outlook 422.2 MW 325.0 MW 97.2 MW 5% Don Sahong income tax rate in Completed renewable portfolio Hydropower capacity Solar capacity 2026 • Both turbine overhauls are complete; stronger availability is expected. • The 51 MWp CGPP plant targets COD in 3Q2026. • The 11.4 MWp Ma
Slide 19: Renewable Energy Portfolio Summary
Outlook Renewable Energy Portfolio Summary Featured Operating And Near-Term Assets 422.2 MW / MWp completed renewable portfolio* Don Sahong Hydropower Project CGPP Solar Farm Maldives Solar 325 MW Laos 51 MWp Peninsular Malaysia 11.4 MWp Island Network Concession to 2049 3Q2026 COD 4Q2026 COD * Capa
Slide 20: Manufacturing: Resources Stabilise; Packaging Recovery Continues
Outlook Manufacturing: Resources Stabilise; Packaging Recovery Continues Resources Packaging • Competitive intensity remains high and FMCG • Operating conditions have stopped deteriorating and flexible-packaging demand is still soft. appear to be finding a floor. • Customer diversification and deepe
Slide 21: Investor Takeaways
Investor Takeaways Core resilience Balance-sheet progress 1 2 Normalised PBT held flat despite divisional headwinds. Net debt fell RM151.1m in 1H; gearing declined to 11.3%. Renewable catalyst Packaging recovery 3 4 Completed overhauls, wet season and 62.4 MWp of solar Pricing, volume and utilisatio
Slide 22: Thank You
MEGA FIRST CORPORATION BERHAD Thank You Questions & Answers Investor Relations | ir@mega-first.com
Slide 23: Remaining Slides for Reference (Updated)
Remaining Slides for Reference (Updated)
Slide 24: Renewable Energy: Don Sahong
RENEWABLE ENERGY DON SAHONG
Slide 25: Renewable Energy Division: Don Sahong
RENEWABLE ENERGY DIVISION DON SAHONG
Slide 26: 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 27: Renewable Energy Division: Don Sahong
RENEWABLE ENERGY DIVISION DON SAHONG
Slide 28: Renewable Energy Division: Don Sahong
RENEWABLE ENERGY DIVISION DON SAHONG
Slide 29: 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 30: Renewable Energy: C&I Solar
RENEWABLE ENERGY C&I SOLAR
Slide 31: Renewable Energy Division: C&I Solar
RENEWABLE ENERGY DIVISION C&I SOLAR
Slide 32: Renewable Energy Division: Financial Highlights
RENEWABLE ENERGY DIVISION FINANCIAL HIGHLIGHTS
Slide 33: 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 34: 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 35: Packaging
PACKAGING
Slide 36: 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 37: 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 38: Packaging Division: Bangi (Stenta)
PACKAGING DIVISION BANGI (STENTA)
Slide 39: Packaging Division: Melaka (Hexachase)
PACKAGING DIVISION MELAKA (HEXACHASE)
Slide 40: Packaging Division: State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Fuji Kikai Printing Machine Fuji Kikai 14 colours Rotogravure Printing Machine
Slide 41: Packaging Division: State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Super Combi 5000 Super Combi 5000 Lamination Machine
Slide 42: Packaging Division: State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Flat Handle Paper Bag Machine Twisted Handle Paper Bag Machine
Slide 43: Packaging Division: State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY SOS Machine Flat & Satchel Bag Machine
Slide 44: Packaging Division: State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Reifenhauser LLDPE Line Vacuum Metallizer Slitter for Metallized Film
Slide 45: Packaging Division: State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Reifenhauser LLDPE Line Vacuum Metallizer
Slide 46: Packaging Division: State-of-Art Machinery
PACKAGING DIVISION STATE-OF-ART MACHINERY Bruckner OPP Line High Capacity Roll Slitting and Winding Machine
Slide 47: Packaging Division: Product Range
PACKAGING DIVISION PRODUCT RANGE
Slide 48: Packaging Division: Product Range
PACKAGING DIVISION PRODUCT RANGE
Slide 49: Packaging Division: Product Range
PACKAGING DIVISION PRODUCT RANGE
Slide 50: Packaging Division: Financial Highlights
PACKAGING DIVISION FINANCIAL HIGHLIGHTS
Slide 51: Resources
RESOURCES
Slide 52: 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 53: 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 54: 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 55: Thank You!
THANK YOU!