Financial Statement

(THE "COMPANY" AND TOGETHER WITH ITS SUBSIDIARIES, THE "GROUP")

(Incorporated in the Republic of Singapore under Registration Number 201506891C)

Condensed interim consolidated statement of profit or loss and other comprehensive income

Condensed interim statements of financial position 4-5

Condensed interim statements of changes in equity 6-7

Condensed interim consolidated statement of cash flows 8-9

Notes to the condensed interim consolidated financial statements 10-22

Other information required by Appendix 7C of the Catalist Rules 23-30

Condensed interim consolidated statement of profit or loss and other comprehensive income For the six months ended 30 November 2025

The Group Half Year Ended

Condensed interim consolidated statement of profit or loss and other comprehensive income (Continued) For the six months ended 30 November 2025

The Group Half Year Ended

30 Nov 2025 30 Nov 2024 Change Note $'000 $'000 %

N.M - Not Meaningful

The accompanying notes form an integral part of the condensed interim financial statements.

Condensed interim statements of financial position As at 30 November 2025

The Group The Company As at As at

30 Nov 2025 31 May 2025 30 Nov 2025 31 May 2025

Note $'000 $'000 $'000 $'000

(Unaudited) (Audited) (Unaudited) (Audited)

ASSETS

Non-current assets

Financial asset at fair value through profit

The accompanying notes form an integral part of the condensed interim financial statements.

Condensed interim statements of financial position (Continued) As at 30 November 2025

The Group The Company As at As at

The accompanying notes form an integral part of the condensed interim financial statements.

Condensed interim statement of changes in equity For the six months ended 30 November 2025

Attributable to equity holders of the Company

Non-

(Unaudited) The Group

Balance at 1.6.2025

Loss for the period Other comprehensive loss:

Currency translation differences arising

on consolidation Total comprehensive

Share Other Accumulated controlling Total capital reserves losses Total interests equity (Note 13)

$'000 $'000 $'000 $'000 $'000 $'000

The accompanying notes form an integral part of the condensed interim financial statements.

Condensed interim statement of changes in equity (Continued) For the six months ended 30 November 2025

The accompanying notes form an integral part of the condensed interim financial statements.

Condensed interim consolidated statement of cash flows For the six months ended 30 November 2025

The Group Half year ended

The accompanying notes form an integral part of the condensed interim financial statements.

Condensed interim consolidated statement of cash flows (Continued) For the six months ended 30 November 2025

The Group Half year ended

The accompanying notes form an integral part of the condensed interim financial statements.

Notes to the condensed interim consolidated financial statements For the six months ended 30 November 2025

1. Corporate information The Company

   TOTM Technologies Limited (the "Company" or "TOTM Technologies") (Co. Reg. No. 201506891C) is a limited liability company incorporated and domiciled in Singapore and is listed on the Catalist Board of the Singapore Exchange Securities Trading Limited ("SGX-ST").

   These condensed interim consolidated financial statements are as at and for the six months ended 30 November 2025 comprised the Company and subsidiaries (collectively, the "Group"). The principal activity of the Company is that of investment holding.

   The principal activities of the significant subsidiaries are:

   1. Providing information technology consulting, computer and computer facility management services.

   2. Providing information technology and computer services (development and sale of identity management technologies).

   3. Investment holding.

2. Basis of preparation

   The condensed interim financial statements for the six months ended 30 November 2025 have been prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)") 1-34 Interim Financial Reporting issued by the Accounting Standards Council Singapore. The condensed interim financial statements do not include all the information required for a complete set of consolidated financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance of the Group since the last annual financial statements for the year ended 31 May 2025.

   The accounting policies adopted are consistent with those of the previous financial year which were prepared in accordance with SFRS(I)s, except for the adoption of new and amended standards as set out in Note 2.1.

   The condensed interim financial statements are presented in Singapore dollar ("SGD" or "$"), which is the Company's

   functional currency. All financial information has been rounded to the nearest thousand, unless otherwise stated.

   1. New and amended standards adopted by the Group

      The condensed interim financial statements have been prepared based on accounting policies and method of computation consistent with those adopted in the most recent audited financial statements of the Group for the financial year ended 31 May 2025. The Group has adopted new and revised SFRS(I) and interpretations of SFRS(I) applicable to the Group which are effective for the financial year beginning 1 June 2025. These are not expected to have a material impact on the Group's condensed interim financial statements.

   2. Use of judgements and estimates

      In preparing the condensed interim financial statement, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expense. Actual results may differ from these estimates.

      Notes to the condensed interim consolidated financial statements For the six months ended 30 November 2025

      1. Use of judgements and estimates (Continued)

         The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to consolidated financial statements as at and for the year ended 31 May 2025.

         Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

         There is no critical judgement made in applying accounting policies that have the most significant effect on the amount recognised in the financial statement, or have a significant risk of resulting in a material adjustments to the carrying amounts of assets and liabilities within the next financial period, other than the key sources of estimation uncertainty below.

      2. Key sources of estimation uncertainty

      The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that has a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

      Impairment of property, plant and equipment and intangible assets with finite useful lives

      At the end of each reporting period, the Group and the Company assess whether there are any indications of impairment for all non-financial assets. If any such indication exists, the Group and the Company estimate the recoverable amount of that asset. An impairment loss exists when the carrying value of an asset exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use.

      Where value in use calculations are undertaken, management is required to estimate the expected future cash flows from the asset or cash-generating unit and a suitable discount rate in order to determine the present value of the cash flows.

      Allowance for expected credit losses of trade receivables and contract assets

      The Group applies the simplified approach by using a provision matrix to measure the lifetime expected credit loss allowance for trade receivables and contract assets. Trade receivables and contract assets that shared the same credit risk characteristics and days past due are grouped together in measuring the expected credit losses.

      The provision matrix is initially based on the Group's historical observed default rates. The Group will assess the historical credit loss experience by considering current and forecast economic conditions with consideration on how these conditions will affect the Group's expected credit losses ("ECL") assessment. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The Group's historical credit loss experience and forecast of economic conditions may also not be representative of customer's actual default in the future.

      Notes to the condensed interim consolidated financial statements For the six months ended 30 November 2025

   3. Key sources of estimation uncertainty (Continued)

      Impairment of investment in subsidiaries and associate

      At the end of each reporting period, the Company assesses whether there are any indications of impairment for investment in subsidiaries and associate. The Company also assesses whether there is any indication that an impairment loss recognised in prior periods for investment in subsidiaries and associate may no longer exist or may have decreased.

      If any such indication exists, the Company estimates the recoverable amount of that asset. An impairment loss exists when the carrying value of an asset exceeds its recoverable amount, which is the higher of its fair value less costs to sell and i ts value in use. An impairment loss recognised in prior periods shall be reversed if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised.

      Where value in use calculations are undertaken, management is required to estimate the expected future cash flows from the asset or cash-generating unit and a suitable discount rate in order to determine the present value of the cash flows. The value in use calculation involves significant judgement in the forecast projection of sales and operating cash flows for the next five years. Changes in the assumptions made and discount rate applied could affect the carrying values of these assets.

      Fair value measurement of financial instruments

      Where the fair values of financial instruments recorded in statements of financial position cannot be measured based on quoted prices in active markets, they are determined using a variety of valuation techniques that include the use of valuation models. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Changes in assumptions relating to these factors could affect the reported fair value of financial instruments. Details of the valuation and key assumptions applied in the financial assets at fair value through profit or loss are disclosed in Note 9.

3. Seasonal operations

   The Group's business are not affected significantly by seasonal or cyclical factors during the financial period.

4. Segment and revenue information

   The Digital Identity business is presented based on geographical segments, mainly Indonesia, India , Singapore and the United States of America ("USA"). As at 30 November 2025, the entity incorporated in the USA has yet to commence operation. Management monitors the operating results of its business units separately for making decisions about allocation of resources and assessment of performance of each segment. These operating segments are reported in a manner

   consistent with internal reporting provided to Group's chief operating decision maker for making decisions about allocating resources and assessing performance of the operating segments.

   Notes to the condensed interim consolidated financial statements For the six months ended 30 November 2025

   1. Reportable segment

      The segment information provided to management for the reportable segments are as follows:

      	Singapore	Indonesia	India	USA	Adjustments and eliminations	The Group
      From 1 June 2025 to 30 November 2025	$'000	$'000	$'000	$'000	$'000	$'000
      Total segment revenue	485	2,587	284	-	(284)	3,072
      Intersegment revenue	-	-	(284)	-	284	-
      Total revenue from external parties	485	2,587	-	-	-	3,072
      Operating (loss)/profit	(1,629)	753	14	-	(2,168)	(3,030)
      Interest income	-	19	-	-	(13)	6
      Finance costs	(81)	(14)	(3)	-	60	(38)
      (Loss)/profit before tax	(1,710)	758	11	-	(2,121)	(3,062)
      Share of losses from equity- accounted for associate						(279)
      Income tax credit						429
      Loss for the period						(2,912)
      Other significant
      non-cash items
      Depreciation and amortisation expenses	474	235	24	-	2,130	2,863

      Assets
      Segment assets	33,958	9,171	323	8	(14,300)	29,160
      Segment assets include
      additions to non-current assets	3	5	2	-	-	10
      Liabilities
      Segment liabilities	9,177	806	120	46	(6,973)	3,176

      Notes to the condensed interim consolidated financial statements For the six months ended 30 November 2025

      1. Reportable segment (Continued)

         The segment information provided to management for the reportable segments are as follows:

         	Singapore	Indonesia	India	USA	Adjustments and eliminations	The Group
         From 1 June 2024 to 30 November 2024	$'000	$'000	$'000	$'000	$'000	$'000
         Total segment revenue	-	5,666	599	-	(599)	5,666
         Intersegment revenue	-	-	(599)	-	599	-
         Total revenue from external parties	-	5,666	-	-	-	5,666
         Operating (loss)/profit	(3,168)	1,841	48	-	(2,011)	(3,290)
         Interest income	3	6	-	-	-	9
         Finance costs	(52)	(4)	(1)	-	-	(57)
         (Loss)/profit before tax	(3,217)	1,843	47	-	(2,011)	(3,338)
         Share of profit from equity- accounted for associate						696
         Income tax credit						302
         Loss for the period						(2,340)
         Other significant
         non-cash items
         Depreciation and amortisation expenses	655	239	25	-	2,128	3,047

         Assets
         Segment assets	114,304	9,780	274	13	(63,172)	61,199
         Segment assets include
         additions to non-current assets	-	10	-	-	-	10
         Liabilities
         Segment liabilities	8,273	609	47	51	(3,605)	5,375

         Notes to the condensed interim consolidated financial statements For the six months ended 30 November 2025

      2. Disaggregation of revenue

      The Group

      Primary geographical market	6 months ended 30 Nov 2025 $'000	6 months ended 30 Nov 2024 $'000
      Singapore	485	-
      Indonesia	2,587	5,666
      	3,072	5,666
      Major service lines Technical support services for identity management	2,230	2,817
      Sales of licences and other related services	357	2,849
      Installation and integration services	485	-
      	3,072	5,666
      Timing of revenue recognition Over time	2,394	2,817
      At a point in time	678	2,849
      	3,072	5,666

5. Financial assets and financial liabilities

   Set out below is an overview of the financial assets and financial liabilities of the Group and the Company as at 30 November 2025 and 31 May 2025:

   The Group The Company

   	30 Nov 2025 $'000	31 May 2025 $'000	30 Nov 2025 $'000	31 May 2025 $'000
   Financial assets Financial assets at fair value through profit or loss	1,396	1,388	1,396	1,388
   Financial assets at amortised cost	3,658	1,359	1,761	207
   	5,054	2,747	3,157	1,595

   Financial liabilities

   Financial liabilities at amortised cost 1,814 2,283 3,370 3,865

   Notes to the condensed interim consolidated financial statements For the six months ended 30 November 2025

6. Loss before tax

   1. Significant items

      The Group

      Income includes:	6 months ended 30 Nov 2025 $'000	6 months ended 30 Nov 2024 $'000
      Government grants	1	20
      Interest income	6	9
      Foreign exchange gain, net	87	-
      Others	2	143
      Expenses includes: Amortisation of intangible assets (Note 11)	2,450	2,445
      Depreciation of property, plant and equipment	413	602
      Foreign exchange loss, net	-	72

      Operating lease expense - short-term leases 84 110

   2. Related party transactions

      There are no material related party transactions apart from those disclosed elsewhere in the interim financial statements. Compensation of key management personnel are:

      The Group 6 months ended 6 months ended

      30 Nov 2025 30 Nov 2024

      $'000 $'000

      1. Associate company

         Royalty fee 22 -

         Technical Service fee 60 1,061

      2. Directors and key management personnel

         Salaries and remuneration	381	294
         Employer's contribution to defined contribution plans	8	7
         Fees to directors of the Company	74	142
         Fees and other benefits	14	168
         Shared-based payment	-	396
         	477	1,007
         Comprise amounts paid to: Director of the Company	196	935
         Other key management personnel	281	72
         	477	1,007

         Notes to the condensed interim consolidated financial statements For the six months ended 30 November 2025

         1. Loss before tax (Continued)

            1. Related party transactions (Continued)

      3. Director

The Group 6 months ended 6 months ended

30 Nov 2025 30 Nov 2024

$'000 $'000

Interest paid by the Company 3 -

Loan to the company - 500

1. 1. Loss Per Share

      Basic loss per share is calculated based on the Group's loss for the period attributable to equity holders of the Company

      divided by the weighted average number of ordinary shares outstanding.

      6 months ended	6 months ended
      30 Nov 2025	30 Nov 2024
      $'000	$'000
      (2,920)	(2,357)
      1,436,548	1,354,237
      (0.20)	(0.17)

      The Group

      Loss for the period attributable to equity

      holders of the Company ($'000)

      Weighted average number of ordinary shares outstanding for basic and diluted loss per share ('000)

      Basic and diluted loss per share (cents per share)

2. Taxation

   The Group calculates the period income tax credit using the tax rate that would be applicable to the expected total annual earnings. The major components of income tax credit in the condensed interim consolidated statement of profit or loss are:

   The Group 6 months ended 6 months ended

   30 Nov 2025 30 Nov 2024

   $'000 $'000

   Current tax:

   • current year - 127

     Deferred tax:

   • current year (429) (429)

   (429) (302)

   Notes to the condensed interim consolidated financial statements For the six months ended 30 November 2025

3. Net asset value

   Net assets ($'000)

   Number of ordinary shares used in calculating net asset value per ordinary share ('000)

   The Group The Company

   30 Nov 2025		31 May 2025		30 Nov 2025		31 May 2025
   25,900		25,967		29,038		27,177
   1,499,991		1,340,991		1,499,991		1,340,991

   As at As at

   Net asset value per ordinary share attributable to owners of the Company

   (cents) 1.73 1.90 1.94 1.99

4. Financial assets at fair value through profit or loss ("FVTPL")

On 10 May 2021, the Group has entered into a convertible loan arrangement with PT Pattra Aksa Jaya ("PAJ") whereby the Group agreed to subscribe for a convertible loan with principal amount of $370,000 at 2.75% interest rate. The convertible loan has a maturity date of 3 months from the agreement date. In accordance with the convertible loan arrangement, the Group may elect to require PAJ to automatically issue 261 ordinary shares to the Group on the maturity date by giving PAJ at least 7 days prior notice in writing of such election. The Company has exercised its conversion right on 5 August 2021 to convert the total principal amount of the convertible loan to 261 shares in PAJ, representing approximately 8% of the enlarged issued shares capital of PAJ. The PAJ shares have been allotted and issued to the Company and the conversion was completed on 19 August 2021.

Notes to the condensed interim consolidated financial statements For the six months ended 30 November 2025

1. Financial assets at fair value through profit or loss ("FVTPL") (Continued)

   Unquoted investment in Indonesia (Continued)

   The Group has classified the investment as financial assets at fair value through profit or loss at initial recognition and a t the end of the reporting period. The Group has determined the fair value of the investment based on the valuation performed by an external professional valuer using the cost approach. The key inputs to the cost approach accounted for changes in economic conditions between investment date and valuation date, and mainly due to lack of information and PAJ's going-concern uncertainty. Management considered the appropriateness of the valuation technique and assumptions applied by the external valuer. The fair value measurement is categorised in Level 3 of the fair value hierarchy. During the current financial period ended 30 November 2025, fair value loss of $Nil (31 May 2025: $328,000) was recognised to condensed interim consolidated statement of profit or loss and other comprehensive income.

   Convertible bond investment in Indonesia

   On 13 December 2021, the Group has entered into a convertible loan arrangement with PT. Cakrawala Data Integrasi ("CDI") whereby the Group agreed to subscribe for a convertible loan with principal amount of US$3,750,000 (equivalent to approximately $5,122,000) at 7.0% interest rate. The convertible loan has a maturity date of 2.5 years from the agreement date of disbursement.

   As the convertible loan with CDI had matured on 15 June 2024, and the management had on 17 January 2025, entered into an amendment agreement with CDI to extend the principal amount of the loan of US$3,750,000 (equivalent to $5,122,000) and accrued interest of US$808,885 (equivalent to $1,105,000) at 9.5% interest rate, for 2.5 years until 15 December 2026.

   The Group has classified the investment as financial assets at fair value through profit or loss at initial recognition and a t the end of the reporting period. The Group has determined the fair value of the investment based on the valuation performed by an external professional valuer by using Option Pricing model. Management considered the appropriateness of the valuation technique and assumptions applied by the external valuer. The fair value measurement is categorised in Level 3 of the fair value hierarchy. During the current financial period ended 30 November 2025, fair value loss of $Nil (31 May 2025: $3,486,000) was recognised to condensed interim consolidated statement of profit or loss and other comprehensive income.

   1. Fair value measurement

      The Group classifies financial assets measured at fair value using a fair value hierarchy which reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the input for assets which are not based on observable market data (unobservable inputs) (Level 3).

      The following table presented the assets measured at fair value:

      The Group The Company

      	30 Nov 2025	31 May 2025	30 Nov 2025	31 May 2025
      Financial assets	$'000	$'000	$'000	$'000
      Level 3	1,396	1,388	1,396	1,388

2. Property, plant and equipment

   During the six months ended 30 November 2025, the Group acquired assets amounting to $10,000 (30 Nov 2024: $8,000) and disposed assets amounting to $ Nil (30 Nov 2024: $Nil).

   Notes to the condensed interim consolidated financial statements For the six months ended 30 November 2025

3. Intangible assets

   Customer

   	Goodwill	Software	Technology	relationships	Trademark	Total
   	$'000	$'000	$'000	$'000	$'000	$'000
   The Group
   Cost At 1 June 2025		- 259	17,085	9,936	3	27,283
   Additions		- -	-	-	-	-
   At 30 Nov 2025		- 259	17,085	9,936	3	27,283
   Accumulated amortisation At 1 June 2025		- 129	14,500	5,342	1	19,972
   Amortisation charge		- 28	1,781	641	-	2,450
   At 30 Nov 2025		- 157	16,281	5,983	1	22,422
   Net carrying value At 30 Nov 2025		- 102	804	3,953	2	4,861

   Notes to the condensed interim consolidated financial statements For the six months ended 30 November 2025

   11	Intangible assets (Continued)
   		Goodwill	Software	Technology	Customer relationships	Trademark	Total
   		$'000	$'000	$'000	$'000	$'000	$'000
   	The Group 2025 Cost At 1 June 2024	20,651	231	17,085	9,936	3	47,906
   	Additions	-	28	-	-	-	28
   	Impairment losses	(20,651)	-	-	-	-	(20,651)
   	At 31 May 2025	-	259	17,085	9,936	3	27,283
   	Accumulated amortisation At 1 June 2024	-	82	10,939	4,060	-	15,081
   	Amortisation charge	-	47	3,561	1,282	1	4,891
   	At 31 May 2025	-	129	14,500	5,342	1	19,972
   	Net carrying value At 31 May 2025	-	130	2,585	4,594	2	7,311

   Composition of intangible assets

   1. Goodwill arising on the acquisition of InterBIO group and GenesisPro Pte Ltd.;

   2. Software refers to the Windows applications relating to identity management and other finance related software purchased by InterBIO group;

   3. Technology refers to in-house developed software technology that has been copyrighted and know-how (i.e. experience in building and maintaining the Indonesia National ID Database) in relation to Biometrics business; and

   4. Customer relationships refer to the economic benefits that are expected to be derived from non-contractual existing and recurring relationships of InterBIO group and their existing customers.

   Notes to the condensed interim consolidated financial statements For the six months ended 30 November 2025

4. Investment in an associate

   On 22 October 2021, the Company has completed the US$8.0 million (approximate $10.8 million) investment by way of subscription of new shares in the capital of TECH5 as well as exercise its rights to convert the US$2.5 million (approximate

   $3.8 million) convertible loan into new shares in TECH5. With the completion of these transactions, the Company's Executive Chairman, Mr Pierre Prunier, has been appointed as a director on the board of TECH5 and the Group holds 16.27% of TECH5 as at the date of this report. The management assessed that the Company demonstrated significant influence based on requirement of SFRS(I) 1-28 Investments in Associates and Joint Ventures ("SFRS(I) 1-28").

5. Share Capital

The Group and the Company Number of shares

All issued shares are fully paid ordinary shares with no par value.

On 26 August 2025, the Company issued and allotted 135,000,000 new ordinary shares in the capital of the Company pursuant to a placement exercise, raised gross proceeds of approximately $3.23 million.

On 20 August 2024, the Company issued and allotted 24,000,000 new ordinary shares in the capital of the Company to selected Directors under the TOTM Technologies Performance Share Plan 2021 adopted by the shareholders of the Company on 30 September 2021.

The newly issued shares rank pari passu in all respects with the previously issued shares.

The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share without restriction.

The Company did not hold any treasury shares or convertibles as at 30 November 2025, 31 May 2025 and 30 November 2024.

The Company's subsidiaries do not hold any shares in the Company as at 30 November 2025, 31 May 2025 and 30 November 2024.

1. Review

   The condensed interim statement of financial position of TOTM Technologies Limited and its subsidiaries as at 30 November 2025 and the related condensed interim consolidated statement of comprehensive income, condensed interim statement of changes in equity and consolidated statement of cash flows for the six months then ended and the not es have not been audited or reviewed.

   1a Where the latest financial statements are subject to an adverse opinion, qualified opinion or disclaimer of opinion: -

   1. Updates on the efforts taken to resolve each outstanding audit issue.

   2. Confirmation from the Board that the impact of all outstanding audit issues on the financial statements have been adequately disclosed.

      This is not required for any audit issue that is a material uncertainty relating to going concern.

      Not applicable.

2. A review of the performance of the Group

Review of the Group's Consolidated Statement of Profit or Loss and Other Comprehensive Income

Revenue

The Group's revenue decreased by 45.8% from $5.7 million for the half-year ended 30 November 2024 ("1H2025") to $3.1 million for the half-year ended 30 November 2025 ("1H2026"), mainly due to decrease in sales of licences and other related services.

For both 1H2026 and 1H2025, the revenue from the Digital Identity Business derived from Indonesia, mainly from:

1. Technical support services for identity management with the Indonesia's government of $2.2 million in 1H2026 as compared to 1H2025: $2.8 million; and

2. Sales of licences and other related services of $0.4 million in 1H2026 as compared to 1H2025: $2.8 million.

The revenue derived from Singapore mainly from installation of integration services of $0.5 million in 1H2026 as compared to $Nil in 1H2025.

Subcontractor costs and direct costs

The subcontractor costs and direct costs include mainly technical services fee, back-end support fees and cost of purchase of licences and equipment. These costs decreased by 52.0% from $1.1 million in 1H2025 to $0.5 million in 1H2026, mainly due to reduced order of licences for which in-line with the decrease in revenue.

Employee benefits expenses - Project / Administrative

These represent the total staff costs incurred during the period. Employee benefit expenses for project staff and administrative staff were decreased by approximately 22.1% and 21.1% respectively to $0.5 million and $1.4 million in 1H2026, as a result of cost cutting measures.

Share-based payment expense

The share-based payment expense of $0.6 million in 1H2025 represents the fair value of the employee services received in exchange for the grant of options and is recognized as an expense in profit or loss with a corresponding increase in share option reserve over the vesting period. The total amount to be recognized over the vesting period is determined by reference to the fair value of the options granted on the date of the grant.

2 A review of the performance of the Group (Continued)

Depreciation and amortisation expenses

The depreciation and amortisation expenses are relatively consistent as there was no major capital expenditure incurred during the period.

Legal and professional fees expenses

Legal and professional fees decreased by approximately 54.8% to $0.4 million in 1H2026 from $0.9 million in 1H2025. The decrease was mainly due to cessation of various external technical consultants previously engaged by the Group.

Other expenses

Other expenses decreased by 52.6% to approximately $0.6 million for 1H2026 from $1.2 million in 1H2025. This was mainly due to the decrease in marketing expenses, traveling and accommodation expenses, entertainment and office expenses due to cost-cutting measures.

Finance costs

Finance costs comprise mainly of the interest component on the adoption of SFRS(I) 16 Leases throughout the Group and loan interest paid to a director.

Taxation

Income tax credit comprised mainly the deferred taxation reversal/credit of $0.4 million for the 1H2026.

Review of the Group's Statement of Consolidated Financial Position

Non-current assets

The decrease in non-current assets by approximately 12.9% to $21.1 million as at 30 November 2025 from $24.2 million as at 31 May 2025 was mainly due to the amortisation and depreciation charges, and share of losses from investment in associate.

Current assets

Current assets increased by approximately 39.3% to $8.3 million as at 30 November 2025 from $5.8 million as at 31 May 2025. These increases were due to increases in receivables and cash and bank balances as a result from the proceed from placement in August 2025.

Non-current liabilities

Non-current liabilities decreased by approximately 24.0% to $1.9 million as at 30 November 2025 from $2.5 million as at 31 May 2025, mainly due to decrease in deferred tax liabilities.

Current liabilities

Current liabilities decreased by approximately 13.3% to $1.3 million as at 30 November 2025 from $1.5 million as at 31 May 2025, mainly due to repayment of loan due to director.

1. A review of the performance of the Group (Continued)

   Equity attributable to owners of the Company

   Decrease in total equity was mainly due to increase in accumulated losses and other reserves recognised during 1H2026.

   Review of the Group's Consolidated Statement of Cash Flows

   In 1H2026, net cash flows used in operating activities amounted to approximately $0.6 million. This included operating cash outflows before changes in working capital of $0.3 million, a decrease in contract asset of $0.5 million, partially offset by an increase in trade and other receivables of $0.7 million and income tax paid of $0.1 million.

   Net cash flows used in investing activities of $10,000 pertained to purchase of property, plant and equipment.

   Net cash flows from financing activities amounted to approximately $2.6 million, mainly comprising net proceeds from placement of $3.0 million, partially offset by repayment of loan due to a director, repayment of lease liabilities and interest paid.

   As a result of the above, there was a net increase of approximately $1.9 million in cash and cash equivalents during the period. As at 30 November 2025, the Group's cash and cash equivalents amounted to approximately $2.7 million.

2. Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results.

   Not applicable. No forecast or prospect statement has been previously disclosed to shareholders.

3. A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the Group operates and any known factors or events that may affect the Group in the next reporting period and the next 12 months.

   The accelerating wave of digital transformation continues to reshape industries globally. As disclosed in the press release dated 2 January 2026, the Group strengthened its presence in Indonesia's national digital infrastructure and maritime sectors through the renewal of its existing Annual Technical Support ("ATS") contract for the maintenance of Indonesia's National ID system and secured a new Maritime Cloud Platform ("MCP") subscription for 12 (twelve) months contract. These developments affirm the effectiveness of the Group's strategic refocus on its core competencies in digital identity, secure systems integration, automation and real-time monitoring system, and mission-critical platforms.

   Looking ahead, the Group remains firmly committed to deepening its role in Indonesia's digital identity ecosystem, while selectively expanding into the emerging yet high-potential Web3 landscape. Our strategic initiatives include decentralised identity solutions, tokenisation frameworks for digital asset management, and the integration of blockchain-enabled solutions into enterprise and public-sector use cases.

   Regulatory developments globally in 2025 have provided greater clarity around digital assets and blockchain-related activities, establishing a stronger foundation for responsible and sustainable adoption and driving increased institutional participation, particularly in capital-markets-related and enterprise applications. With Group's established expertise in digital identity together with ongoing building of in-house blockchain capabilities expertise, this position us favourably to capitalise on these structural trends.

   During 1H2026, the Group entered into several non-binding memorandum of understanding ("MoUs") with Quranium, Immerso, and Agentis. These MoUs reflect a shared intent to explore collaboration across areas such as Web3 infrastructure, immersive digital experiences, and AI-driven platforms as well enabled the parties to advance proof-of-concept discussions and identify potential pilot and deployment opportunities. The Group is currently in various stages of technical evaluation, commercial discussions, and solution scoping with these strategic partners. The Group will make further announcements as appropriate when there are material developments and when any subsequent definitive agreements are executed.

   In parallel, the Group continues to build its sales pipeline and forge strategic alliances to accelerate innovation and support sustainable, long-term growth. Throughout this period of transition, rigorous cost discipline has remained a cornerstone of the Group's management philosophy. Despite lower revenue in 1H2026, the Group has significantly reduced its expenses and improved its cashflow efficiency, reflecting the disciplined cost management.

   The Board remains confident that the Group's disciplined execution, strengthened partnerships, and strategic positioning in digital identity and next-generation technologies will support value creation for shareholders over the medium to long term.

4. Dividend

   1. Current Financial Period Reported on:

      Any dividend declared for the current financial period reported on?

      No dividend was declared or recommended.

   2. Corresponding Period of the Immediately Preceding Financial Year:

      Any dividend declared for the corresponding period of the immediately preceding financial year?

      No dividend was declared or recommended in the previous corresponding period.

   3. Whether the dividend is before tax, net of tax or tax exempt. If before tax or net of tax, state the tax rate and the country where the dividend is derived. (If the dividend is not taxable in the hands of shareholders, this must be stated).

      Not applicable.

   4. Date payable

      Not applicable.

   5. Books closure date.

      Not applicable.

5. If no dividend has been declared (recommended), a statement to that effect and the reason(s) for the decision.

   No dividend was declared or recommended in respect of 1H2026 due to the Group's loss-making position.

6. If the Group has obtained a general mandate from shareholders for IPTs, the aggregate value of such transactions as required under Rule 920(1)(a)(ii). If no IPT mandate has been obtained, a statement to that effect.

   The Group does not have a general mandate for interested person transactions ("IPT"). The Company had in FY2025, entered into a loan agreement with Mr Pierre Prunier, the Executive Chairman and substantial shareholder of the Company for a loan of up to $500,000 to the Company ("Working Capital Loan"). The Company made interest payment of approximately

   $3,500 and full repayment of the Working Capital Loan in 1H2026. There were no other discloseable IPTs in 1H2026.

7. Negative confirmation pursuant to Rule 705(5)

   The Board of Directors hereby confirms that, to the best of their knowledge, nothing has come to their attention which may render the unaudited financial statements for the half year ended 30 November 2025 to be false or misleading in any material aspect.

8. Confirmation that the issuer has procured undertakings from all its directors and executive officers (in the format set out in Appendix 7H under Rule 720(1))

   The Company hereby confirms that it has procured undertakings from all its Directors and the relevant executive officers in the format as set out in Appendix 7H in accordance with Rule 720(1) of the Catalist Rules.

9. Disclosures pursuant to Rule 706A of the Catalist Rules

   There were no acquisition or sale of shares in any of the Group's subsidiary or associated company nor incorporation or winding up or striking off of any subsidiary or associated company by the Company or any of the Group's entities during 1H2026.

10. Update on use of proceeds

The Company raised net proceeds of S$3,026,500 from the placement of 135,000,000 new ordinary shares completed on 26 August 2025 (the "Placement Exercise"). As at the date of this announcement, the Company had utilised the net proceeds as follows:

A breakdown of the net proceeds that were utilised for working capital is as follows:

The use of the net proceeds from the Placement Exercise is in accordance with the intended use as disclosed in the Company's announcements. The Company will continue to make periodic announcements on the utilisation of the net proceeds from the Placement Exercise as and when funds are materially disbursed and will also provide a status report in the Company's interim and full year financial statements as well as its annual report .

BY ORDER OF THE BOARD

Mr. Pierre Prunier Executive Chairman

Singapore

13 January 2026