Vitrox Corp. Bhd.MYX: VITROX

Quarterly Report For The Financial Period Ended 31 March 2026

Apr 23, 2026 at 9:25 AM UTC · Issued by Vitrox Corp. Bhd.

VITROX CORPORATION BERHAD

(Incorporated in Malaysia) Company No: 200401011463 (649966-K)

INTERIM FINANCIAL REPORT

FOR THE FIRST QUARTER ENDED 31 MARCH 2026

VITROX CORPORATION BERHAD

(Incorporated in Malaysia) Company No: 200401011463 (649966-K)

CONTENTS

Page Condensed Consolidated Statement of Comprehensive Income………………….. 1

Condensed Consolidated Statement of Financial Position……..………………….. 2

Condensed Consolidated Statement of Changes in Equity...……………………… 3-4

Condensed Consolidated Statement of Cash Flows…..……………………………. 5-6

Notes to the Interim Financial Report…………………………………………………. 7-13

(The figures have not been audited)

INDIVIDUAL QUARTER

CUMULATIVE QUARTER

Corresponding

		Current quarter	Corresponding preceding quarter	Current period-to-date	preceding period-to-date
		ended	ended	ended	ended
	Note	31-Mar-26 RM'000	31-Mar-25 RM'000	31-Mar-26 RM'000	31-Mar-25 RM'000
Revenue		267,051	141,118	267,051	141,118
Other operating income		6,846	7,949	6,846	7,949
Operating expenses		(212,241)	(120,269)	(212,241)	(120,269)
Finance costs		(1,020)	(611)	(1,020)	(611)
Share of associate's profit/(loss)		1,023	(774)	1,023	(774)
Profit before tax	B12	61,659	27,413	61,659	27,413
Tax expense	B5	(10,877)	(3,507)	(10,877)	(3,507)
Profit for the financial period		50,782	23,906	50,782	23,906
Other comprehensive income for the financial period:-

Item that may be reclassified subsequently to profit or loss:-

- Currency translation differences

for the foreign operations	155	(86)	155	(86)
Comprehensive income
for the financial period	50,937	23,820	50,937	23,820
Profit/(loss) for the financial period
attributable to:- - Owners of the Company	51,197	24,160	51,197	24,160
- Non-controlling interests	(415)	(254)	(415)	(254)
	50,782	23,906	50,782	23,906
Comprehensive income for the financial period attributable to:- - Owners of the Company	51,352	24,074	51,352	24,074
- Non-controlling interests	(415)	(254)	(415)	(254)
	50,937	23,820	50,937	23,820
Earnings per share attributable to owners of the Company (sen) B10 - Basic	2.70	1.28	2.70	1.28
- Diluted	2.70	1.27	2.70	1.27

The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying explanatory notes and audited financial statements for the financial year ended 31 December 2025.

	As at 31-Mar-26 RM'000 (Unaudited)	As at 31-Dec-25 RM'000 (Audited)
ASSETS
Non-current assets
Property, plant and equipment	258,646	246,115
Goodwill	3,257	3,257
Investment properties	61,400	61,400
Right-of-use assets	76,777	77,191
Development expenditure	5,110	5,458
Investment in associate	20,981	19,958
Investments in club memberships, at cost	91	91
Deferred tax assets	1,236	1,236
Receivables	784	752
	428,282	415,458
Current assets
Inventories	356,259	299,233
Receivables	422,570	374,544
Derivatives	0	802
Prepayments	47,389	43,280
Current tax assets	856	1,404
Cash and cash equivalents	411,658	409,193
	1,238,732	1,128,456
TOTAL ASSETS	1,667,014	1,543,914
EQUITY AND LIABILITIES
Equity
Share capital	68,481	68,481
Reserves	1,116,150	1,063,771
Equity attributable to owners of the Company	1,184,631	1,132,252
Non-controlling interests	(4,282)	(3,867)
Total equity	1,180,349	1,128,385
Non-current liabilities
Deferred tax liabilities	7,571	7,571
Loans and borrowings	65,505	71,104
Lease liabilities	282	342
Deferred income on government grants	4,131	4,647
Total non-current liabilities	77,489	83,664
Current liabilities
Derivatives	6,489	0
Payables	278,505	256,170
Dividend payable	0	11,927
Loans and borrowings	21,359	21,513
Lease liabilities	235	231
Contract liabilities	90,307	32,156
Current tax liabilities	12,281	9,868
Total current liabilities	409,176	331,865
Total liabilities	486,665	415,529

TOTAL EQUITY AND LIABILITIES	1,667,014	1,543,914
Net assets per ordinary share attributable to owners of the Company (sen)	62.57	59.81

The Condensed Consolidated Statement of Financial Position should be read in conjunction with the accompanying explanatory notes and audited financial statements for the financial year ended 31 December 2025.

(The figures have not been audited)

Non-distributable

Distributable

Equity

Share Share Currency attributable Non-

Share Revaluation Capital option grant translation Retained to owners of controlling Total capital reserve reserve* reserve reserve reserve profits the Company interests equity RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000

Year ended 31 March 2026

68,481	14,160	761	6,865	(1,697)	1,043,682	1,132,252	(3,867)	1,128,385
0	0	0	1,027	0	0	1,027	0	1,027
0	0	0	1,027	0	0	1,027	0	1,027
0	0	0	0	155	0	155	0	155
0	0	0	0	0	51,197	51,197	(415)	50,782
0	0	0	0	155	51,197	51,352	(415)	50,937
0	0	218	0	0	(218)	0	0	0
68,481	14,160	979	7,892	(1,542)	1,094,661	1,184,631	(4,282)	1,180,349

Balance at 1 January 2026

Share-based payments

Total transactions with owners

Currency translation differences for foreign operations (representing other comprehensive income for the financial period)

Profit/(loss) for the financial period Comprehensive income for the financial period

Transfer to capital reserve Balance at 31 March 2026

* This represents the cumulative amount transferred from the retained profits of a subsidiary under the statutory requirements of the People's Republic of China.

(The figures have not been audited)

Non-distributable

Distributable

Equity

Share Share Currency attributable Non-

Year ended 31 March 2025

63,587	14,160	761	7,593	(293)	935,677	1,021,485	(2,408)	1,019,077
0	0	0	984	0	0	984	0	984
0	0	0	984	0	0	984	0	984
0	0	0	0	(86)	0	(86)	0	(86)
0	0	0	0	0	24,160	24,160	(254)	23,906
0	0	0	0	(86)	24,160	24,074	(254)	23,820
63,587	14,160	761	8,577	(379)	959,837	1,046,543	(2,662)	1,043,881

Balance at 1 January 2025

Share-based payments

Total transactions with owners

Currency translation differences for foreign operations (representing other comprehensive income for the financial period)

Profit/(loss) for the financial period Comprehensive income for the financial period

Balance at 31 March 2025

* This represents the cumulative amount transferred from the retained profits of a subsidiary under the statutory requirements of the People's Republic of China.

The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying explanatory notes and audited financial statements for the financial year ended 31 December 2025.

(The figures have not been audited)
	Current	Corresponding preceding
	period-to-date ended 31-Mar-26 RM'000	period-to-date ended 31-Mar-25 RM'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax Adjustments for:- Amortisation of deferred income	61,659 (516)	27,413 (241)
Amortisation of development expenditure	348	0
Depreciation	3,783	3,801
Fair value losses/(gains) on financial instruments	6,304	(573)
Impairment (gains)/losses on financial assets	(53)	71
Interest expense	1,020	611
Interest income	(3,325)	(2,893)
Inventories written down	28,950	26,419
Gain on disposal of property, plant and equipment	(1)	0
Property, plant and equipment written-off	0	16
Reversal of inventories written down	(27,876)	(25,418)
Share of associate's (profit)/loss	(1,023)	774
Share-based payments	1,027	984
Unrealised loss/(gain) on foreign exchange	648	400
Operating profit before working capital changes Changes in:- Inventories	70,945 (58,100)	31,364 (8,706)
Receivables	(50,680)	4,135
Derivatives	802	(2,212)
Prepayments	(4,109)	(821)
Payables	23,000	2,595
Contract liabilities	58,151	2,656
Cash generated from operations	40,009	29,011
Interest and fund distributions received	3,510	3,073
Tax paid	(7,915)	(2,458)
Tax refunded	0	5
Net cash from operating activities	35,604	29,631
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment	(15,902)	(4,526)
Grant received	0	5,763
Proceeds from disposal of property, plant and equipment	1	0
Net cash (used in)/from investing activities	(15,901)	1,237
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(11,927)	(9,459)
Drawdown of term loans	0	0
Interest paid	(1,092)	(639)
Issue of shares	0	0
Payment of lease liabilities	(57)	(67)
Repayment of term loans	(5,747)	(3,141)
Net cash used in financing activities	(18,823)	(13,306)

(The figures have not been audited)
	Current	Corresponding preceding
	period-to-date	period-to-date
	ended 31-Mar-26 RM'000	ended 31-Mar-25 RM'000
Currency translation differences	1,585	(496)
Net increase in cash and cash equivalents	2,465	17,066
Cash and cash equivalents at beginning of the year	409,193	340,134
Cash and cash equivalents at end of the year	411,658	357,200
Cash and cash equivalents consist of:-Highly liquid investments	524	19,167
Term deposits	243,725	186,539
Cash and bank balances	167,409	151,494
	411,658	357,200

The Condensed Consolidated Statement of Cash Flows should be read in conjunction with the accompanying explanatory notes and audited financial statements for the financial year ended 31 December 2025.

A1 Basis of preparation of Interim Financial Report

The interim financial report is unaudited and has been prepared in compliance with Malaysian Financial Reporting Standards ("MFRS") 134, Interim Financial Reporting issued by the Malaysian Accounting Standards Board, Paragraph 9.22 and Appendix 9B of the Listing Requirements of Bursa Malaysia Securities Berhad.

The interim financial report should be read in conjunction with the audited financial statements of the Group for the financial year ended 31 December 2025 and the accompanying explanatory notes attached to this interim financial report.

The significant accounting policies and method of computation adopted in the interim financial report are consistent with those adopted in the annual financial statements for the financial year ended 31 December 2025 except for the adoption of the following MFRSs:-

MFRS

Effective for annual periods beginning on or after

Amendments to MFRS 9 and MFRS 7 Amendments to the Classification and Measurement of Financial Instruments

Amendments to MFRS 9 and MFRS 7 Contracts Referencing Nature-dependent Electricity

1 January 2026

Annual Improvements to MFRS Accounting Standards - Volume 11 1 January 2026

The initial application of the above MFRSs did not have any significant impacts on the financial statements.

The Group has not applied the following MFRSs which have been issued as at the end of reporting period but are not yet effective:-

MFRS (issued as at the end of the reporting period)

Effective for annual periods beginning on or after

MFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027 MFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027

Amendments to MFRS 10 and MFRS 128 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

Deferred

Amendments to MFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027

Amendments to MFRS 121 Translation to a Hyperinflationary Presentation Currency

1 January 2027

Management foresees that the initial application of the above MFRSs will not have any significant impacts on the financial statements.

A2 Seasonal or cyclical of operations

The Group's operation is dependent on the cyclical trend of the semiconductors and electronics industries.

A3 Unusual items affecting assets, liabilities, equity, net income or cash flows

There were no unusual items affecting assets, liabilities, equity, net income or cash flows during the current interim period.

A4 Material changes in estimates

There were no changes in estimates of amounts reported in prior interim period of the current financial year or changes in estimate of amounts reported in prior financial year.

A5 Debts and equity securities

There were no other issuances, cancellations, repurchases, resale or repayments of debts and equity securities during the current quarter under review.

A6 Dividend paid

During the financial period, the Company paid an interim tax exempt dividend of 0.63 sen per share amounting to RM11,927,401 for the financial year ended 31 December 2025, paid on 16 January 2026.

A7 Segment reporting

No segment reporting has been prepared as the Group is principally engaged in development and production of vision inspection system and printed circuit board assemblies for microprocessor applications.

A8 Material events subsequent to the end of the quarter

There were no material events subsequent to the end of the current reporting period that have not been reflected in the interim financial report.

A9 Changes in the composition of the Group

There were no material changes in the composition of the Group during the current quarter under review.

The Company had on 1 April 2026 incorporated a wholly-owned subsidiary namely, ViTrox Technical Academy Sdn. Bhd. ("VTA") by way of subscribing 10 ordinary shares in VTA for a total cash consideration of RM10. Its intended principal activity is providing Technical and Vocational Education and Training (TVET) dedicated to establishing industrial mastery centers that deliver specialised training, competency-based assessments, and industry-recognised certifications in high-tech manufacturing and digital skills.

A10 Contingencies

There were no contingent assets or liabilities for the Group since 31 December 2025 up to 31 March 2026.

A11 Contractual commitments

31-Mar-26 31-Mar-25

RM'000 RM'000

Acquisition of property, plant and equipment 40,846 48,526

A12 Significant related party transactions

There were no significant related party transactions during the current quarter under review.

A13 Financial instruments

Derivatives
As at 31 March 2026, the Group's outstanding derivatives are as follows:-
Forward exchange contracts - at fair value
RM'000
- Current liabilities 6,489
Derivatives consist of forward exchange contracts which are used to hedge the exposure to currency risk. The Group does not apply hedge accounting. As at 31 March 2026, the Group had contracts with financial institutions due within 1 year to buy RM201,434,000 and sell USD51,500,000 at contractual forward rates.
The fair values of forward exchange contracts were quoted by the financial institutions, which normally measured the fair values using present value technique by discounting the differences between contractual forward prices and observable current market forward prices using risk-free interest rate (i.e. Level 2).
Gains/(Losses) arising from fair value changes of financial liabilities
There were no gains/(losses) arising from fair value changes of financial liabilities for the current quarter and period ended 31 March 2026.
Fair value
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
The inputs to valuation techniques used to measure fair value are categorised into the following levels of fair value hierarchy:-
1. Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.
2. Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
3. Level 3 - unobservable inputs for the asset or liability.

As at end of the current quarter under review, the carrying amounts of receivables, cash and cash equivalents and payables which are short-term in nature or repayable on demand are reasonable approximations of fair values.

The fair value of long term loans are measured using present value technique by discounting the expected future cash flows using observable current market interest rates for similar liabilities (i.e. Level 2). The fair values measured are considered to be reasonably close to the carrying amount reported as the observable current market interest rates also approximate to the effective interest rates of term loans.

The fair value of forward exchange contracts were quoted by the financial institutions, which normally measured the fair values using present value technique by discounting the differences between contractual forward prices and observable current market forward prices using risk-free interest rate (i.e. Level 2).

There were no transfers between levels of fair value hierarchy during the current quarter under review.

B1 Review of performance

INDIVIDUAL/CUMULATIVE QUARTER

Corresponding

Current quarter/ Cumulative period

preceding quarter/period

ended ended

31-Mar-26 31-Mar-25 Changes Changes RM'000 RM'000 RM'000 %

Revenue	267,051	141,118	125,933	89.2%
Profit before tax	61,659	27,413	34,246	124.9%
Profit for the financial period	50,782	23,906	26,876	112.4%
Profit attributable to owners of
the Company	51,197	24,160	27,037	111.9%

The Group achieved a significant milestone in the current quarter with revenue surged RM125.9 million or 89.2%, rising from RM141.1 million to RM267.1 million compared to the corresponding preceding quarter. This robust growth was primarily driven by heightened demand for Automated Board Inspection ("ABI") and Machine Vision System ("MVS") as the global semiconductor industry recovered. The expansion reflects our successful penetration into high-growth sectors, restoring volumes far above the previous year's low base.

Profit before tax ("PBT") soared by RM34.2 million or 124.9% to RM61.7 million from RM27.4. Profit after tax ("PAT") for the financial period grew by RM26.9 million or 112.4%, rising from RM23.9 million to RM50.8 million. This strong bottom-line performance underscores our operational efficiency and a more favourable product mix compared to the prior year.

B2 Variation of results against immediate preceding quarter

Current quarter ended		Immediate preceding quarter ended
31-Mar-26		31-Dec-25	Changes	Changes
RM'000		RM'000	RM'000	%
Revenue	267,051	290,411	(23,360)	-8.0%
Profit before tax	61,659	60,865	794	1.3%
Profit for the financial period	50,782	45,701	5,081	11.1%
Profit attributable to owners of the Company	51,197	46,175	5,022	10.9%

The Group's revenue for the current quarter contracted by RM23.4 million or 8.0%, declining from RM290.4 million in the immediate preceding quarter to RM267.1 million. This decline is largely attributed to typical seasonal fluctuations in customer procurement cycles following the year-end peak. Despite the slight dip, the ABI and MVS segments remained the primary contributors, demonstrating resilience amid the post-peak transition.

On the other hand, PBT edged up by RM0.8 million or 1.3%, to RM61.7 million from RM60.9 million, demonstrating our ability to maintain margins through product innovation and cost optimisation despite lower turnover. PAT saw a double-digit increase of RM5.1 million or 11.1%, rising from RM45.7 million to RM50.8 million. This growth was primarily driven by the income tax exemption effective last quarter received by our subsidiary, ViTrox Technologies Sdn. Bhd. ("VTSB").

B3 Prospect

The Group anticipates a sustained growth trajectory throughout 2026, as the global semiconductor industry enters a robust expansion phase. This momentum is primarily driven by escalating demand for Artificial Intelligence ("AI"), the expansion of data center infrastructure, and drastic price surge in the memory sector, where revenues are projected to increase significantly. According to Gartner's latest forecast, the global semiconductor market is expected to grow by 64% in 2026, exceeding US$1.3 trillion. AI-related semiconductors are poised to become a central pillar of this growth, accounting for approximately 30% of total semiconductor revenue. Furthermore, hyperscaler investments in AI infrastructure remain aggressive, with spending projected to rise by over 50%, further stimulating demand for GPUs, and specialized non-GPU accelerators.

In response to these market dynamics, the Group is strategically focused on advanced packaging applications, which increasingly require high-accuracy and high-resolution vision inspection solutions. We are humbly introducing new products, such as the QX1 Series, to address growing demand for ultra-high-resolution 3D X-ray inspection of miniature and complex components in advanced packaging and electronics assembly applications.

While we remain cautiously optimistic on the outlook, we continue to implement proactive cost management measures and operational frameworks to safeguard margins against potential headwinds arising from currency volatility and geopolitical uncertainties. This balanced approach positions the Group to remain resilient while capturing opportunities arising from the industry's continued expansion.

B4 Profit forecast, profit guarantee and internal targets

The Group did not provide any profit forecast, profit guarantee and internal targets in any public document or any announcements made.

B5 Tax expense

INDIVIDUAL QUARTER CUMULATIVE QUARTER

Current quarter ended	Corresponding preceding quarter ended	Current period-to-date ended	preceding period-to-date ended
31-Mar-26	31-Mar-25	31-Mar-26	31-Mar-25
RM'000	RM'000	RM'000	RM'000
10,877	3,507	10,877	3,507

Corresponding

Current tax

The effective tax rate of the Group for the current financial period is lower than the statutory tax rate of 24%. This was mainly due to income tax exemption enjoyed by its wholly-owned subsidiary, VTSB.

VTSB has been granted an income tax exemption by the Malaysian Investment Development Authority ("MIDA") for a period of five years, for activities related to the development and production of 4D Advanced Industrial Automation Systems, Machines, Equipment, and related modules integrated with self-healing capabilities for semiconductor advanced packaging and AI Smart Factories. The exemption commenced from 3 September 2025 to 2 September 2030 (extendable for further 5 years). The current provision of income tax is in respect of certain non-business income and non-tax exempted income generated from non-pioneer products and services.

B6 Status of corporate proposals announced

There was no corporate proposal announced and not completed as at the date of this report.

B7	Group borrowings	As at	As at	As at	As at
		31-Mar-26 RM'000	31-Mar-26 USD'000	31-Mar-25 RM'000	31-Mar-25 USD'000
	Term loans - secured Short-term borrowings	21,359	5,290	12,856	2,900
	Long-term borrowings	65,505	16,224	31,422	7,088
		86,864	21,514	44,278	9,988
	Exchange rate		4.04		4.43

Higher term loans as at current period end as compared to preceding period end were due to additional term loan in the previous quarters to finance the construction of Campus 3.0 in Batu Kawan.

The effective interest rates for the current period ended ranged from 4.63% to 4.73% as compared to 5.31% to 5.36% for the corresponding preceding period.

B8 Material litigation

As of the date of this announcement, the Group is not engaged in any material litigation and the Board of Directors do not have any knowledge of any proceedings pending or threatened against the Group.

B9 Dividend

On 9 April 2026, the Company proposed a final tax exempt dividend of 1.18 sen per share for the financial year ended 31 December 2025, subject to the members' approval at the forthcoming Annual General Meeting.

B10 Earnings per share

INDIVIDUAL QUARTER CUMULATIVE QUARTER

Corresponding

	Current quarter ended	Corresponding preceding quarter ended	Current period-to-date ended	preceding period-to-date ended
	31-Mar-26	31-Mar-25	31-Mar-26	31-Mar-25
Profit attributable to owners of the Company (RM'000)	51,197	24,160	51,197	24,160
Weighted average number of shares for computing basis earnings per share ('000)	1,893,238	1,891,835	1,893,238	1,891,835
Basic earnings per share (sen)	2.70	1.28	2.70	1.28
Weighted average number of shares for computing diluted earnings per share ('000)	1,896,265	1,895,609	1,896,265	1,895,609
Diluted earnings per share (sen)	2.70	1.27	2.70	1.27

B11 Auditors' report on preceding annual financial statements

The auditors' report on the financial statements for the year ended 31 December 2025 was not subject to any qualification.

B12 Profit before tax

INDIVIDUAL QUARTER CUMULATIVE QUARTER

Corresponding Corresponding Current preceding

Current quarter preceding period-to-date period-to-date

	ended 31-Mar-26 RM'000	quarter ended 31-Mar-25 RM'000	ended 31-Mar-26 RM'000	ended 31-Mar-25 RM'000
Profit before tax is arrived at after charging/(crediting):-
Amortisation and depreciation	4,131	3,801	4,131	3,801
Fair value (gain)/losses on financial instruments mandatorily measured at fair value through profit or loss:- - realised	(324)	(724)	(324)	(724)
- unrealised	6,489	(385)	6,489	(385)
Loss on foreign exchange:-
- realised	1,732	2,030	1,732	2,030
- unrealised	648	400	648	400
Impairment (gain)/loss on financial assets	(53)	71	(53)	71
Interest expense	1,020	611	1,020	611
Inventories written down	28,950	26,419	28,950	26,419
Property, plant and equipment written off	0	16	0	16
(Gain)/Loss on disposal of property, plant and equipment	(1)	0	(1)	0
Amortisation of deferred income	(516)	(241)	(516)	(241)
Interest income	(3,325)	(2,893)	(3,325)	(2,893)

Reversal of inventories written down (27,876) (25,418) (27,876) (25,418)

Save as disclosed above, the other items as required under Appendix 9B, Part A (16) of the Bursa Securities Main Market Listing Requirements are not applicable.

B13 Authorisation for issue

The interim financial statements are authorised for issue by the Board of Directors on 23 April 2026.

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