Mega First Corp. Bhd. · MYX:MFCB
Mega First Corp. Bhd — Q3 2025 Earnings Presentation
86 slides from Mega First Corp. Bhd's earnings presentation, Nov 26, 2025
Slide 1: 3Q2025 Results Briefing
3Q2025 RESULTS BRIEFING Yeow See Yuen 26 November 2025
Slide 2: Agenda
AGENDA 1. Financial Review For reference (updated) - 3Q2025 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: 3Q2025 Earnings Review
3Q2025 EARNINGS REVIEW § Normalised revenue +0.6% YoY to RM374.4 mil: Strong growth in Packaging (+24.6%) outweighed revenue declines in RE and Resources. § Normalised PBT +12.8% YoY to RM144.5 mil: Improved performance in RE and Packaging and a swing to forex gains (3Q2025: RM0.6 mil gain; 3Q2024:
Slide 4: Normalised Profit After Tax and Non-Controlling Interest (PATNCI)
NORMALISED PROFIT AFTER TAX AND NON-CONTROLLING INTEREST (PATNCI) 3Q2025 vs 3Q2024 • Normalised PATNCI +11.2% to RM134.2 mil, while reported PATNCI +3.7% to RM120.9 mil. • Both normalised and reported PATNCI rose in tandem with PBT, with stronger growth on a normalised basis PATNCI mainly due to the
Slide 5: Renewable Energy Division
RENEWABLE ENERGY DIVISION =
Slide 6: Earnings Review - Renewable Energy Division
EARNINGS REVIEW - RENEWABLE ENERGY DIVISION 3Q2025 vs 3Q2024 • Plant availability remained strong, supporting a 1.4% increase in hydro energy generation volume to 673.4 GWh along with continued growth in solar output. • Don Sahong’s average EAF: 93.8% vs 92.5% last year. • Revenue -4.6% to RM175.3 m
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 3Q2025 vs 3Q2024 • Revenue -21.2% to RM47.5 mil: Both lime and non-lime product sales declining due to softer demand, lower prices from currency effects, heightened competition and plant maintenance by a major customer. • PBT -58.8% to RM5.6 mil: Lower revenue, h
Slide 10: Packaging Division
PACKAGING DIVISION
Slide 11: Earnings Review - Packaging Division
EARNINGS REVIEW - PACKAGING DIVISION 3Q2025 vs 3Q2024 • Revenue +24.5% to RM122.4 mil: Competitive pricing and efficient use of production capacity despite industry challenges (overcapacity, intense competition and adverse currency movements). • PBT +10.7% to RM8.3 mil: Higher sales, partly offset b
Slide 12: Balance Sheet Review
BALANCE SHEET REVIEW Explanation (166.3)|Mainly due to RM128 mil translation loss and RM62.9 mil amortisation charge, partly offset by RM24.6 mil addition. PPE 900.3 775.8 124.5 |Mainly due to RM157.4 mil Capex*, partly offset by RM35.9 mil depreciation charge and RMB8.2 mil translation loss. Servic
Slide 13: Cash Flow Review
CASH FLOW REVIEW § RM565.9 mil after tax cash from operating activities, 23.3% more than a year ago. § RM282 mil deployed for investments. § RM85.3 mil distributed to stakeholders. § RM237.9 mil retained in the Group.
Slide 14: Expansionary Investment Capital Deployed
EXPANSIONARY INVESTMENT CAPITAL DEPLOYED 9M2024: RM297.2 mil 9M2025: RM282.0 mil
Slide 15: Gearing Position
1,000.0 900.0 800.0 700.0 600.0 500.0 400.0 300.0 200.9 100.0 00 GEARING POSITION 31.12.2021 3112.2022 31.12.2023 31.12.2024 ME Net Debt (RM mil) —=—=Net Debt/Equity (%) 300% 25.0% 200% 100% 0.0% 309.2025 At 31.12.2021 | At 31.12.2022 | At 31.12.2023 | At 31.12.2024] At 30.9.2025 (RM mil) (RM mil) (
Slide 16: JV Edenor Technology
JV EDENOR TECHNOLOGY 2024 2025 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q Total {RM mil) {RM mil) {RM mil) {RM mil) {RM mil) (RM mil) (RM mil) (RM mil) (RM mil) Revenue 197.9 178.1 217.9 211.2 805.1 207.4 166.5 289.6 663.5 Depreciation 9.5 9.1 8.9 9.0 36.5 9.0 9.7 9.9 28.6 and amortisation PBT (25.1) (21.5) (14.1)
Slide 17: Prospects for the Remaining Quarter of 2025
PROSPECTS FOR THE REMAINING QUARTER OF 2025 Ø The external business environment remains uncertain and continues to affect global trade. Ø A stronger Ringgit and higher domestic costs (due to subsidy removals, tariff restructuring, wage hikes, SST expansion and tighter transport regulations) are putt
Slide 18: Capital Commitment as at 30 September 2025
PROSPECTS FOR THE REMAINING QUARTER OF 2025 CAPITAL COMMITMENT AS AT 30 SEPTEMBER 2025
Slide 19: Prospects for the Remaining Quarter of 2025
PROSPECTS FOR THE REMAINING QUARTER OF 2025 Renewable Energy Division (Hydro) Ø Profitability for 4Q and full year 2025 should stay roughly unchanged, as energy volume gains and lower costs (royalty charges and net financing costs) balance out tariff and currency pressures. Ø Earnings will ease YoY
Slide 20: Prospects for the Remaining Quarter of 2025
PROSPECTS FOR THE REMAINING QUARTER OF 2025
Slide 21: Prospects: MF Solar Tronoh Project
PROSPECTS FOR THE REMAINING QUARTER OF 2025 MF SolarProject Tronoh Tronoh
Slide 22: Prospects: MF Solar Maldives Project
PROSPECTS FOR THE REMAINING QUARTER OF 2025 MF Solar (Maldives) Maldives Project
Slide 23: Portfolio Summary as at 30 September 2025
PROSPECTS FOR THE REMAINING QUARTER OF 2025 PORTFOLIO SUMMARY AS AT 30 SEPTEMBER 2025
Slide 24: Prospects for the Remaining Quarter of 2025
PROSPECTS FOR THE REMAINING QUARTER OF 2025 Resources Division Ø The market remains tough due to weak demand and price pressure from regional suppliers, especially China. Ø Management will focus on cost efficiency and expanding customers, with sales orders expected to stay steady in the final quarte
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: 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 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: Investment in Joint Venture Edenor Technology
INVESTMENT IN JOINT VENTURE EDENOR TECHNOLOGY
Slide 60: 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 61: 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 62: Edenor Technology Plant Site
EDENOR TECHNOLOGY PLANT SITE
Slide 63: Edenor Technology Plant Layout
EDENOR TECHNOLOGY PLANT LAYOUT
Slide 64: Edenor Technology TPG Plant
EDENOR TECHNOLOGY TPG PLANT
Slide 65: 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 66: Food Security
FOOD SECURITY
Slide 67: 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 68: 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 69: Food Security Division Cambodia
FOOD SECURITY DIVISION CAMBODIA
Slide 70: Food Security Division Cambodia
FOOD SECURITY DIVISION CAMBODIA
Slide 71: Food Security Division Cambodia
FOOD SECURITY DIVISION CAMBODIA
Slide 72: Food Security Division Cambodia Malaysia
FOODFOOD SECURITY SECURITY DIVISION CAMBODIA MALAYSIA
Slide 73: Food Security Division Malaysia
FOOD SECURITY DIVISION MALAYSIA
Slide 74: Food Security Division Malaysia
FOOD SECURITY DIVISION MALAYSIA
Slide 75: Food Security Division Malaysia
FOOD SECURITY DIVISION MALAYSIA
Slide 76: Food Security Division Malaysia
FOOD SECURITY DIVISION MALAYSIA
Slide 77: Sustainability Update
SUSTAINABILITY UPDATE
Slide 78: Sustainability Strategy
SUSTAINABILITY UPDATE SUSTAINABILITY STRATEGY
Slide 79: Key Sustainability Highlights 3Q2025
SUSTAINABILITY UPDATE KEY SUSTAINABILITY HIGHLIGHTS 3Q2025
Slide 80: Environmental Performance 3Q2025
SUSTAINABILITY UPDATE ENVIRONMENTAL PERFORMANCE 3Q2025
Slide 81: Environmental Performance 3Q2025
SUSTAINABILITY UPDATE ENVIRONMENTAL PERFORMANCE 3Q2025
Slide 82: Environmental Performance 3Q2025
SUSTAINABILITY UPDATE ENVIRONMENTAL PERFORMANCE 3Q2025
Slide 83: Social Performance 3Q2025
SUSTAINABILITY UPDATE SOCIAL PERFORMANCE 3Q2025
Slide 84: Governance Performance 3Q2025
SUSTAINABILITY UPDATE GOVERNANCE PERFORMANCE 3Q2025
Slide 85: Sustainability Plans for 2025
SUSTAINABILITY UPDATE SUSTAINABILITY PLANS FOR 2025
Slide 86: Thank You!
THANK YOU!
Mega First Corporation Berhad — Q3 2025 Earnings Presentation on 6ix