TIME dotCom : Financial Statements

‌QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2025 I. CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

‌INDIVIDUAL QUARTER			‌CUMULATIVE QUARTER
	Current year quarter	Preceding year corresponding quarter	Audited twelve months to	Audited twelve months to
	31/12/2025	31/12/2024	31/12/2025	31/12/2024
	RM'000	RM'000	RM'000	RM'000
Operating revenue	464,793	430,590	1,792,820	1,690,195
Operating expenses
- depreciation and amortisation of property, plant and equipment and right-of-use assets	(54,825)	(48,506)	(204,258)	(194,076)
- other operating expenses *	(296,762)	(259,828)	(1,088,746)	(1,057,214)
Other operating income (net)	978	826	1,729	1,987
Profit from operations	114,184	123,082	501,545	440,892
Income from investments	4,874	10,128	20,595	43,816
Finance costs	(6,370)	(5,960)	(24,189)	(24,020)
Share of profit from associates and jointly controlled entity, net of tax	11,147	27,396	43,423	65,446
Profit before tax	123,835	154,646	541,374	526,134
Tax expense	(19,328)	(40,436)	(114,225)	(140,654)
Profit for the period/year	104,507	114,210	427,149	385,480
Profit/(Loss) attributable to:
Owners of the Company	104,387	114,403	428,159	382,828
Non-controlling interests	120	(193)	(1,010)	2,652
	104,507	114,210	427,149	385,480
Profit for the period/year	104,507	114,210	427,149	385,480
Other comprehensive (expense)/income, net of tax:
Items that may be reclassified subsequently to profit or loss
- Foreign currency translation differences for foreign operations	(11,277)	7,521	(31,042)	(13,083)
- Cash flow hedge - associate	52	-	52	-
	(11,225)	7,521	(30,990)	(13,083)
Items that will not be reclassified subsequently to profit or loss
- Net change in fair value of equity investments designated at fair value through other comprehensive income ("FVOCI")	(40)	1,478	(3,764)	(3,200)
	(40)	1,478	(3,764)	(3,200)

* Included in the other operating expenses for preceding year corresponding quarter is a net foreign exchange gain of RM37,497,000 and net foreign exchange losses for current year quarter, twelve months to 31 December 2025 and twelve months to 31 December 2024 of RM10,323,000, RM31,288,000 and RM33,549,000 respectively.

The Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the Annual Audited Financial Statements for the financial year ended 31 December 2024.

1. CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (CONTINUED)

   ‌INDIVIDUAL QUARTER			‌CUMULATIVE QUARTER
   	Current year quarter	Preceding year corresponding quarter	Audited twelve months to	Audited twelve months to
   	31/12/2025	31/12/2024	31/12/2025	31/12/2024
   	RM'000	RM'000	RM'000	RM'000
   Total other comprehensive (expense)/income for the period/year, net of tax	(11,265)	8,999	(34,754)	(16,283)
   Total comprehensive income for the period/year	93,242	123,209	392,395	369,197

   Total comprehensive income/(loss) attributable to:
   Owners of the Company	93,122	123,402	393,405	366,545
   Non-controlling interests	120	(193)	(1,010)	2,652
   Total comprehensive income for the period/year	93,242	123,209	392,395	369,197

   Earnings per share (based on weighted average number of ordinary shares)
   - Basic	5.65 sen	6.19 sen	23.16 sen	20.71 sen
   - Diluted	5.65 sen	6.19 sen	23.16 sen	20.71 sen

   The Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the Annual Audited Financial Statements for the financial year ended 31 December 2024.

2. CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

   	‌Audited		‌Audited
   	as at		as at
   	31/12/2025		31/12/2024
   	RM'000		RM'000
   Non-current assets
   Property, plant and equipment	1,830,691		1,718,739
   Investment property	1,343		1,377
   Right-of-use assets	82,686		88,137
   Intangible assets	145,010		145,310
   Investment in associates	498,686		527,854
   Investment in jointly controlled entity	787,344		717,349
   Other investments	41,646		49,830
   Deferred tax assets	35,702		39,908
   Trade and other receivables	123,330		87,226
   Contract assets	7,144		5,055
   	3,553,582		3,380,785
   Current assets
   Tax recoverable	12,767		5,589
   Trade and other receivables	307,972		383,425
   Contract assets	21,177		29,450
   Restricted cash	1,365		1,357
   Cash and bank balances	475,925		1,237,360
   	819,206		1,657,181
   Total assets	4,372,788		5,037,966
   EQUITY AND LIABILITIES
   Equity
   Share capital	1,473,403		1,473,403
   Reserves	1,738,094		2,425,776
   Equity attributable to owners of the Company	3,211,497		3,899,179
   Non-controlling interests	30,412		32,923
   Total equity	3,241,909		3,932,102
   Non-current liabilities
   Borrowings	-		2,874
   Lease liabilities	46,174		57,000
   Contract liabilities	383,533		393,105
   Deferred tax liabilities	156,036		145,730
   Redemption liability	-		26,356
   	585,743		625,065
   Current liabilities
   Borrowings	2,874		958
   Lease liabilities	15,061		11,904
   Trade and other payables	388,356		365,105
   Contract liabilities	100,997		89,746
   Redemption liability	32,003		-
   Provision for tax	5,845		13,086
   	545,136		480,799
   Total liabilities	1,130,879		1,105,864
   Total equity and liabilities	4,372,788		5,037,966
   Net assets per share attributable to ordinary owners of the Company	RM1.74		RM2.11

   The Condensed Consolidated Statement of Financial Position should be read in conjunction with the Annual Audited Financial Statements for the financial year ended 31 December 2024.

3. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

   		‌Audited		‌Audited
   		twelve months to		twelve months to
   		31/12/2025		31/12/2024
   		RM'000		RM'000
   ‌Operating Activities
   Cash receipts from customers		1,978,447		1,841,231
   Transfer to restricted cash		(8)		(8)
   Cash payments to suppliers		(678,795)		(664,596)
   Cash payments to employees and for administrative expenses		(392,464)		(387,115)
   Cash generated from operations		907,180		789,512
   Tax paid		(115,966)		(162,018)
   Tax refunded		1,834		1,281
   Net cash generated from operating activities		793,048		628,775
   ‌Investing Activities
   Acquisition of property, plant and equipment		(362,697)		(291,203)
   Acquisition of subsidiaries (net of cash acquired)		-		(19,187)
   Increase in investment in jointly controlled entity		(53,884)		-
   Proceeds from disposal of property, plant and equipment		104		422
   Investment income received		29,947		65,417
   Placement of deposits maturing more than three (3) months		-		300,000
   Net cash (used in)/generated from investing activities		(386,530)		55,449
   ‌Financing Activities
   Proceeds from borrowings		5,000		3,832
   Repayment of borrowings		(5,958)		(10,930)
   Finance charges paid		(681)		(1,245)
   Payment of lease liabilities		(19,179)		(20,154)
   Proceeds from issuance of additional shares		-		4,217
   Purchase of shares held by Share Grant Plan ("SGP") trust		(16,937)		(22,342)
   Dividend paid to owners		(1,100,232)		(630,077)
   Dividend paid to non-controlling interest		(1,501)		(1,332)
   Net cash used in financing activities		(1,139,488)		(678,031)
   Net change in cash and cash equivalents		(732,970)		6,193
   ‌Effect of exchange rate fluctuations on cash held		(28,465)		(3,874)
   ‌Cash and cash equivalents as at beginning of financial year		1,237,360		1,235,041
   ‌Cash and cash equivalents	Note (a)	475,925		1,237,360

   Note (a):
   Cash and bank balances	208,827	395,198
   Deposit with licensed bank maturing less than three (3) months	267,098	842,162
   Cash and cash equivalents	475,925	1,237,360
   ‌Restricted cash	1,365	1,357
   ‌Cash and bank balances	477,290	1,238,717

   ‌The Condensed Consolidated Statement of Cash Flows should be read in conjunction with the Annual Audited Financial Statements for the financial year ended 31 December 2024.

4. ‌CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Attributable to the owners of the Company

Non-distributable Distributable

‌Twelve months to 31 December 2025 (Audited)	Share Capital	FVOCI Reserve	Foreign Currency Translation Reserve	Share Grant/ Option Reserves	Hedging Reserve	Shares held by SGP trust	Retained Earnings	‌Equity attributable to owners of the Company	‌Non- controlling Interest	Total Equity
	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
Balance as at 1 January 2025	1,473,403	35,445	31,838	(4,794)	(52)	-	2,363,339	3,899,179	32,923	3,932,102
Profit for the year	-	-	-	-	-	-	428,159	428,159	(1,010)	427,149
Fair value loss on equity investments designated at FVOCI	-	(3,764)	-	-	-	-	-	(3,764)	-	(3,764)
Exchange differences recognised directly in equity	-	-	(31,042)	-	-	-	-	(31,042)	-	(31,042)
Cash flow hedging of an associate	-	-	-	-	52	-	-	52	-	52
Total other comprehensive (expense)/income for the year	-	(3,764)	(31,042)	-	52	-	-	(34,754)	-	(34,754)
Total comprehensive (expense)/income for the year	-	(3,764)	(31,042)	-	52	-	428,159	393,405	(1,010)	392,395
Contributions by and distributions to owners of the Company
Dividend to owners of the Company	-	-	-	-	-	-	(1,100,232)	(1,100,232)	-	(1,100,232)
Dividend to non-controlling interest	-	-	-	-	-	-	-	-	(1,501)	(1,501)
Purchase of shares held by SGP trust	-	-	-	-	-	(16,937)	-	(16,937)	-	(16,937)
Employee SGP/option scheme	-	-	-	19,791	-	16,937	-	36,728	-	36,728
Subscription of shares to acquire non-controlling interest	-	-	-	(646)	-	-	-	(646)	-	(646)
Total transactions with owners of the Company	-	-	-	19,145	-	-	(1,100,232)	(1,081,087)	(1,501)	(1,082,588)
Balance as at 31 December 2025	1,473,403	31,681	796	14,351	-	-	1,691,266	3,211,497	30,412	3,241,909

The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the Annual Audited Financial Statements for the financial year ended 31 December 2024.

1. ‌CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED) Attributable to the owners of the Company
   
   Non-distributable Distributable

   ‌Twelve months to 31 December 2024 (Audited)	Share Capital	FVOCI Reserve	Foreign Currency Translation Reserve	Share Grant/ Option Reserves	Hedging Reserve	Shares held by SGP trust	Retained Earnings	‌Equity attributable to owners of the Company	‌Non-controlling Interest	Total Equity
   	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
   Balance as at 1 January 2024	1,467,424	38,645	44,921	(21,829)	(52)	-	2,610,465	4,139,574	36,009	4,175,583
   Profit for the year	-	-	-	-	-	-	382,828	382,828	2,652	385,480
   Fair value loss on equity investments designated at FVOCI	-	(3,200)	-	-	-	-	-	(3,200)	-	(3,200)
   Exchange differences recognised directly in equity	-	-	(13,083)	-	-	-	-	(13,083)	-	(13,083)
   Total other comprehensive expense for the year	-	(3,200)	(13,083)	-	-	-	-	(16,283)	-	(16,283)
   Total comprehensive (expense)/income for the year	-	(3,200)	(13,083)	-	-	-	382,828	366,545	2,652	369,197
   Contributions by and distributions to owners of the Company
   Dividend paid to owners of the Company	-	-	-	-	-	-	(630,077)	(630,077)	-	(630,077)
   Dividend to non-controlling interest	-	-	-	-	-	-	-	-	(1,332)	(1,332)
   Employee SGP/option scheme	-	-	-	2,423	-	22,342	-	24,765	-	24,765
   Issuance of shares pursuant to the share option scheme	5,979	-	-	(1,762)	-	-	-	4,217	-	4,217
   Purchase of shares held by SGP trust	-	-	-	-	-	(22,342)	-	(22,342)	-	(22,342)
   Put option to acquire non-controlling interest shares	-	-	-	16,374	-	-	-	16,374	(6,301)	10,073
   Subscription of shares to acquire non-controlling interest	-	-	-	-	-	-	123	123	1,895	2,018
   Total transactions with owners of the Company	5,979	-	-	17,035	-	-	(629,954)	(606,940)	(5,738)	(612,678)
   Balance as at 31 December 2024	1,473,403	35,445	31,838	(4,794)	(52)	-	2,363,339	3,899,179	32,923	3,932,102

   The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the Annual Audited Financial Statements for the financial year ended 31 December 2024.

2. ‌NOTES TO THE CONDENSED FINANCIAL STATEMENTS
   1. Basis of Preparation

      The interim financial statements are prepared in accordance with MFRS 134, Interim Financial Reporting and paragraph 9.22 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad. The interim financial statements also comply with IAS 34, Interim Financial Reporting issued by the International Accounting Standards Board and requirements of the Companies Act 2016, where applicable.

      The interim financial statements should be read in conjunction with the Annual Audited Financial Statements for the financial year ended 31 December 2024. The explanatory notes attached to the interim financial statements provide an explanation of events and transactions that are significant to an understanding of changes in the financial position and performance of the Group since the financial year ended 31 December 2024.

   2. Significant accounting policies

      The accounting policies and presentation adopted for these interim financial statements are consistent with those adopted in the audited financial statements of the Group for the financial year ended 31 December 2024.

      At the date of this interim financial statements, the following standards and amendments have been issued but are not yet effective and have not been adopted by the Group:

      Description	Effective for annual periods beginning on or after
      Amendments to MFRS 9 and MFRS 7	Amendments to the Classification and Measurement of Financial Instruments	1 January 2026
      Annual Improvements	Annual Improvements to MFRS Accounting Standards for enhanced consistency	1 January 2026
      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	Consolidated Financial Statements and Investments in Associates and Joint Ventures - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture	Date yet to be confirmed by MASB

      The Group plans to apply the above-mentioned accounting standards and amendments where applicable, when they become effective in the respective financial year.

      The initial application of the above-mentioned standards and amendments, where applicable, are not expected to have any material financial impact to both the current year and prior year financial statements of the Group.

   3. Audit report in respect of the 2024 financial statements

      The audit report on the Group's Annual Audited Financial Statements for the financial year ended 31 December 2024 was not qualified.

   4. Seasonal or cyclical factors

      The Group's operations are not subject to any significant seasonal or cyclical factors.

   5. Unusual items due to their nature, size or incidence

      There were no items affecting assets, liabilities, equity, net income or cash flows that were unusual because of their nature, size or incidence in the current quarter and year to date ended 31 December 2025.

   6. Material changes in estimates used

      There were no changes in estimates of amounts reported in prior financial years that have material effects in the current quarter and year to date ended 31 December 2025.

   7. Debt and equity securities

      During the twelve-month period ended 31 December 2025, a total of 3,219,800 ordinary shares in the Company were purchased, via its share grant trustee, for the purpose of granting the shares to eligible employees in accordance with the Company's SGP. The shares were purchased at a weighted average price of RM5.25 per share and were subsequently transferred to the eligible employees upon vesting on 31 July 2025.

      Other than the above, the Group did not undertake any other issuance and/or repayment of debt and equity securities, share buy-backs, share cancellations and resale of treasury shares during the current twelve months period ended 31 December 2025.

   8. Dividends

      On 27 March 2025, the Company paid an ordinary interim tax exempt (single tier) dividend of 10.42 sen and a special interim tax exempt (single tier) dividend of 27.45 sen per ordinary share respectively for the financial year ended 31 December 2024.

      On 22 December 2025, the Company paid a special interim tax exempt (single tier) dividend of 21.64 sen per ordinary share for the financial year ended 31 December 2025.

      The Directors declared on 26 February 2026, an ordinary interim tax exempt (single tier) dividend of 17.32 sen and a special interim tax exempt (single tier) dividend of 9.73 sen per ordinary share for the financial year ended 31 December 2025, which will be paid on 25 March 2026.

   9. Segmental Reporting

Individual Quarter					Cumulative Quarter
	Current quarter		Preceding year corresponding quarter		Twelve months to		Twelve months to
Group	31/12/2025		31/12/2024		31/12/2025		31/12/2024
	RM'000		RM'000		RM'000		RM'000
Operating Revenue
Voice	11,165		11,185		43,864		47,012
Data	410,818		367,853		1,573,525		1,454,092
Cloud and other services	39,359		50,435		167,223		185,740
Others	3,451		1,117		8,208		3,351
	464,793		430,590		1,792,820		1,690,195
Operating Expenses:
Depreciation and amortisation of property, plant and equipment and right-of-use assets	(54,825)		(48,506)		(204,258)		(194,076)
Other operating expenses	(296,762)		(259,828)		(1,088,746)		(1,057,214)
Other operating income (net)	978		826		1,729		1,987
Profit from operations	114,184		123,082		501,545		440,892
Income from investments	4,874		10,128		20,595		43,816
Finance costs	(6,370)		(5,960)		(24,189)		(24,020)
Share of profit from associates and jointly controlled entity, net of tax	11,147		27,396		43,423		65,446
Profit before tax	123,835		154,646		541,374		526,134
Tax expense	(19,328)		(40,436)		(114,225)		(140,654)
Profit for the period/year	104,507		114,210		427,149		385,480

1. Segmental Reporting (continued)

   Individual Quarter					Cumulative Quarter
   	Current quarter		Preceding year corresponding quarter		Twelve months to		Twelve months to
   Group	31/12/2025		31/12/2024		31/12/2025		31/12/2024
   	RM'000		RM'000		RM'000		RM'000
   Geographical locations
   Operating Revenue
   Within Malaysia	447,025		412,121		1,720,676		1,614,587
   Outside Malaysia	17,768		18,469		72,144		75,608
   	464,793		430,590		1,792,820		1,690,195

   Timing of revenue recognition
   Over time	429,914		402,909		1,684,470		1,589,031
   At a point in time	34,879		27,681		108,350		101,164
   	464,793		430,590		1,792,820		1,690,195

2. Valuation of Property, Plant and Equipment

   There were no material changes to the valuation of property, plant and equipment since the financial year ended 31 December 2024.

3. Material events subsequent to the end of the current financial quarter

   On 12 February 2026, the Company completed the acquisition of 359,893 ordinary shares in the share capital of AVM Cloud Sdn Bhd ("AVM") from all remaining minority shareholders of AVM ("the Vendors"), for a purchase consideration of RM32,002,785 in accordance to a Sale and Purchase Agreement entered into between the Company and the Vendors dated 5 December 2025 (the "SPA"). The SPA was entered into pursuant to an option eligible for exercise by the Vendors in Quarter 1 2026 to sell their shares in AVM to the Company, as provided for in the Shareholders Agreement between AVM and its then shareholders dated 7 January 2021. Consequently, the Company's equity interest in AVM has increased from 67% to 100%, thereby rendering AVM a wholly-owned subsidiary of the Company.

   There were no other items, transactions or events of a material and unusual nature from 31 December 2025 to 19 February 2026 (being the latest practicable date) that would have a substantial effect on the financial results of the Group.

4. Changes in the composition of the Group during the financial year ended 31 December 2025

   1. On 21 February 2025, the Company's indirect fully owned subsidiary TIME Global Connect International Pte Ltd incorporated a fully owned subsidiary, TIME Global Connect (Thailand) Limited, which is primarily engaged in the provision of voice, data, video and image telecommunication services through its domestic and international network.

   2. On 4 April 2025, the Company participated in a capital call by its jointly controlled company AIMS Data Centre Holding Sdn Bhd ("AIMS"), by subscribing to 12,240 new ordinary shares in the share capital of AIMS for RM20,945,700. The subscription resulted in the Company maintaining its shareholding in AIMS at 51% of the issued ordinary shares and its effective interest at 30%.

      On 24 April 2025, the Irredeemable Convertible Preference Shares ("ICPS") in AIMS held by DB Arrow Pte Limited ("DBAPL") were converted into ordinary shares in accordance with the conditional share sale and purchase agreement with DBAPL ("SPA 1") on 21 November 2022. As a result, the Company's shareholding in the issued ordinary shares of AIMS diluted from 51% to 30%. The Company's effective interest in AIMS remains unchanged at 30%.

      On 25 June 2025 and 25 November 2025, the Company further participated in the second and third tranches of capital calls by subscribing to 7,008 and 12,240 new ordinary shares in the share capital of AIMS for cash consideration of RM11,992,440 and RM20,945,700, respectively. Following these subscriptions, the Company's equity interest in AIMS remained unchanged at 30% of the issued ordinary shares.

      1. Changes in the composition of the Group during the financial year ended 31 December 2025 (continued)

   3. On 9 May 2025, the Company completed the subscription of 312,500 new redeemable convertible preference shares ("RCPS") for RM2,500,000 in its subsidiary Charge N Go Sdn Bhd ("CNG"), following the fulfilment of performance conditions as set out in the Subscription Agreement dated 14 December 2023 between the Company, Thiruchandran A/L Thiruchelvam and CNG ("Subscription Agreement") and the Subscription Letter dated 24 April 2025 entered into between the Company and CNG.

On 28 July 2025, the Company completed the subscription of a further and final tranche of 312,500 new RCPS in CNG for RM2,500,000 subsequent to the fulfilment of performance conditions as outlined in the Subscription Agreement and the Subscription Letters dated 24 April 2025 and 22 July 2025 entered into between the Company and CNG. Following the completion of both tranches, the Company's effective equity interest in CNG remains unchanged at 51%.

There were no other changes in the composition of the Group during the financial year ended 31 December 2025.

1. Contingent liabilities/assets

   There were no changes in the contingent liabilities or contingent assets since the financial year ended 31 December 2024.

2. Capital commitments

   	As at 31/12/2025
   	RM'000
   Property, plant and equipment
   Contracted but not provided for	312,798

3. Fair value information

   The carrying amounts of cash and cash equivalents, receivables and payables reasonably approximate fair values due to the relatively short-term nature of these financial instruments. Accordingly, the fair values and level of the fair value hierarchy have not been presented for these financial instruments.

   Fair values are categorised into different levels in a fair value hierarchy based on the input used in the valuation technique as follows:

   • Level 1 - Quoted prices (unadjusted) in active markets for identical financial assets or liabilities that the Group can access at the measurement date.

   • Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the financial assets or liabilities, either directly or indirectly.

   • Level 3 - Unobservable inputs for the asset or liability.

     The table below analyses financial instruments carried at fair value and financial instruments not carried at fair value for which fair value and carrying value are as disclosed.

     ------------------------Total fair value					Carrying value
     31 December 2025	Level 1 RM'000	Level 2 RM'000	Level 3 RM'000	Total RM'000	Total RM'000
     Financial instruments carried at fair value:
     Financial assets
     Other investments	-	-	41,646	41,646	41,646

4. Tax expense

   The income tax expense for the Group for the current quarter and financial year ended 31 December 2025 were made up as follows:

   Individual Quarter				Cumulative Quarter
   	Current quarter		Preceding year corresponding quarter		Twelve months to		Twelve months to
   Group	31/12/2025		31/12/2024		31/12/2025		31/12/2024
   	RM'000		RM'000		RM'000		RM'000
   Tax expense:
   - Current year	9,160		13,946		121,496		120,592
   - (Over)/under provision in prior years	(959)		6,877		(21,783)		4,196
   	8,201		20,823		99,713		124,788
   Deferred tax expense: - Origination of temporary differences	17,514		11,305		20,899		7,614
   - (Over)/under provision in prior years	(6,387)		8,308		(6,387)		8,252
   	11,127		19,613		14,512		15,866
   Total tax expense	19,328		40,436		114,225		140,654

   The effective tax rate of the Group for the current quarter and twelve months to 31 December 2025 is lower than the statutory tax rate of 24% mainly due to deductibility of expenses.

5. Status of corporate proposals not completed as at the latest practicable date

   There were no corporate proposals which have been announced but not completed as at 19 February 2026, being the latest practicable date.

6. Borrowings

   The Group's borrowings as at 31 December 2025 and 31 December 2024 are as follows:

   	Amount repayable in one year or on demand	Amount repayable after one year	Total
   31 December 2025	RM'000	RM'000	RM'000
   Borrowings
   Secured:
   - Denominated in RM	2,874	-	2,874
   As at 31 December 2025	2,874	-	2,874
   31 December 2024
   Borrowings	RM'000	RM'000	RM'000
   Secured:
   - Denominated in RM	958	2,874	3,832
   As at 31 December 2024	958	2,874	3,832

   The Group's borrowings were primarily utilised to finance its working capital requirements. The borrowings comprise a floating rate facility, which bears interest at approximately 5.30% per annum.

7. Off-balance sheet financial instruments

   The cash and cash equivalents of the Group as at 31 December 2025 did not include bank balances amounting to RM9,081,000 (31 December 2024: RM10,041,000) held in trust by the Group for consortium members of the Asia Pacific Gateway submarine cable project. These balances are maintained for the purpose of settling payments to suppliers in accordance with the terms of the related supply contract.

   Other than as stated above, the Group does not have any off-balance sheet financial instruments as at the latest practicable date of this report.

8. Material litigation

   The Company and its subsidiaries have no outstanding material litigation as at 19 February 2026, being the latest practicable date.

9. Discontinued Operations

   On 20 April 2023, the Company announced the completion of the transactions below in relation to the strategic partnership for the AIMS Data Centre business via the partial divestment by the Company of shares in AIMS and AIMS Data Centre (Thailand) Limited ("AIMS TH") to DBAPL, a portfolio company managed by DigitalBridge Group, Inc. ("DigitalBridge"):

   1. SPA 1 for the divestment of 49% of the issued ordinary shares ("OS") and 100% of the ICPS of AIMS with the provisional purchase price 1 fixed at RM2,025.79 million ("Transaction 1"). The proceeds have been received from DBAPL (which includes security deposit) on even date;

   2. a conditional share sale and purchase agreement with DBAPL (as the purchaser) and Symphony Communication Public Company Limited ("SYMC") (being an associate of the Company, and the other seller) ("SPA 2"), for the divestment of the Company's 21% of the issued shares of AIMS TH for the provisional purchase price 2 fixed at THB27.30 million (equivalent to RM3.49 million) ("Transaction 2"). The proceeds have been received from DBAPL on even date,

   collectively referred to as the "Transactions".

   On 19 October 2023, an additional consideration of RM10.34 million was received. Thus, total final consideration received for the Transactions amounted to RM2,039.62 million.

   The proceeds raised from the Transactions have been fully utilised as of 30 June 2025. Relevant details regarding the utilisation have been disclosed in the quarterly report for the year ended 30 June 2025.

   Accordingly, pursuant to the disposal and reference to Note 12 (ii), the Company's shareholding in the issued ordinary shares of AIMS and its effective interest in AIMS remains unchanged at 30%.

   As the Company no longer control AIMS and AIMS TH respectively pursuant to the disposal, the asset and liabilities of AIMS and AIMS TH have been deconsolidated from that date. The Company therefore presents and discloses the financial results of AIMS up to 20 April 2023 as discontinued operations and thereafter as a share of profit from jointly controlled entity.

10. Comparison between the current quarter ("Q4 2025") and the immediately preceding quarter ("Q3 2025")

    	Q4 2025		Q3 2025		Increase/(Decrease)
    	RM'000		RM'000		RM'000		%
    Revenue by product:
    Voice	11,165		10,799		366		3.4
    Data	410,818		396,276		14,542		3.7
    Cloud and other services	39,359		44,587		(5,228)		(11.7)
    Others	3,451		2,102		1,349		64.2
    Revenue	464,793		453,764		11,029		2.4
    Profit before tax	123,835		127,720		(3,885)		(3.0)

    The Group reported consolidated revenue of RM464.8 million in Q4 2025, which is RM11.0 million or 2.4% higher compared to RM453.8 million recorded in Q3 2025. The increase in consolidated revenue was mainly driven by growth in data and voice revenue.

    The Group's consolidated profit before tax in Q4 2025 amounted to RM123.8 million, which is RM3.9 million lower than the consolidated profit before tax of RM127.7 million in Q3 2025. The consolidated profit before tax decreased mainly due to:

    1. higher net foreign exchange loss by RM5.6 million (Q4 2025: RM10.3 million, Q3 2025: RM4.7 million);

    2. impairment of investment in associate of RM32.9 million; and

    3. lower share of profit from associates and jointly controlled entity by RM1.8 million.

    partially offset with higher overall revenue, interest income and lower impairment of submarine cable of RM22.6 million in Q3 2025.

11. Review of performance for the current quarter and year-to-date

1. Comparison between the current quarter ("Q4 2025") versus three months period ended 31 December 2024 ("Q4 2024")

   	Q4 2025		Q4 2024		Increase/(Decrease)
   	RM'000		RM'000		RM'000		%
   Revenue by product:
   Voice	11,165		11,185		(20)		(0.2)
   Data	410,818		367,853		42,965		11.7
   Cloud and other services	39,359		50,435		(11,076)		(22.0)
   Others	3,451		1,117		2,334		>100
   Revenue	464,793		430,590		34,203		7.9
   Profit before tax	123,835		154,646		(30,811)		(19.9)

   The Group reported consolidated revenue of RM464.8 million in Q4 2025, which is RM34.2 million or 7.9% higher compared to RM430.6 million recorded in Q4 2024. The increase in consolidated revenue was mainly contributed by higher revenue from data.

   The Group recorded consolidated profit before tax of RM123.8 million for the current quarter, which is RM30.8 million lower than the consolidated profit before tax of RM154.6 million recorded in Q4 2024. The decrease in the Group's Q4 2025 profit before tax was mainly due to the following:

   1. higher net foreign exchange loss of RM10.3 million as compared to a net foreign exchange gain of RM37.5 million in Q4 2024;

   2. lower interest income by RM5.2 million;

   3. lower share of profit from associates and jointly controlled entity by RM16.3 million; and

   4. impairment of investment in associate of RM32.9 million.

   partially offset with higher overall revenue and impairment of submarine cable of RM45.5 million in Q4 2024.

   1. Review of performance for the current quarter and year-to-date (continued)
2. Comparison between the twelve months period ended 31 December 2025 ("12M 2025") versus twelve months period ended 31 December 2024 ("12M 2024")

	12M 2025		12M 2024		Increase/(Decrease)
	RM'000		RM'000		RM'000		%
Revenue by product:
Voice	43,864		47,012		(3,148)		(6.7)
Data	1,573,525		1,454,092		119,433		8.2
Cloud and other services	167,223		185,740		(18,517)		(10.0)
Others	8,208		3,351		4,857		>100
Revenue	1,792,820		1,690,195		102,625		6.1
Profit before tax	541,374		526,134		15,240		2.9

The Group reported consolidated revenue of RM1,792.8 million in 12M 2025, which is RM102.6 million or 6.1% higher compared to RM1,690.2 million recorded in 12M 2024. Revenue growth was mainly driven by higher data revenue, partially offset by declines in cloud and other services, and voice.

The Group recorded a consolidated profit before tax of RM541.4 million, which is RM15.2 million or 2.9% higher than RM526.1 million in 12M 2024. The increase in the Group's 12M 2025 profit before tax was mainly due to the following:

1. higher overall revenue in 12M 2025;

2. lower impairment of submarine cable in 12M 2025 by RM22.3 million; and

3. lower net foreign exchange loss by RM2.2 million (12M 2025: RM31.3 million, 12M 2024: RM33.5 million)

partially offset by lower interest income, lower share of profit from associates and jointly controlled entity, higher depreciation and amortisation of property, plant and equipment and right-of-use assets, and impairment of investment in associate of RM32.9 million.

1. Profit for the period/year

   Individual Quarter			Cumulative Quarter
   	Current quarter	Preceding year corresponding quarter	Twelve months to	Twelve months to
   Group	31/12/2025	31/12/2024	31/12/2025	31/12/2024
   	RM'000	RM'000	RM'000	RM'000
   Profit for the period/year is arrived at after (charging)/crediting:
   Depreciation and amortisation of property, plant and equipment and right-of-use assets	(54,825)	(48,506)	(204,258)	(194,076)
   Amortisation of borrowing costs	-	-	-	(17)
   Interest expense
   - Interest on borrowings	(30)	(85)	(177)	(276)
   - Other interest expense	(5,515)	(4,941)	(20,516)	(19,211)
   - Interest on lease liabilities	(825)	(934)	(3,496)	(4,516)
   Interest income	4,874	10,128	20,595	43,816
   Net bad debt written off	(5,042)	(9,078)	(5,716)	(8,530)
   Net writeback/(allowance) for doubtful debt	9,084	(3,104)	(3,792)	(17,652)
   Net (loss)/gain on foreign currency exchange	(10,323)	37,497	(31,288)	(33,549)
   Net (loss)/gain on disposal of property, plant and equipment	(26)	49	86	135
   Inventories written off	(139)	(172)	(1,023)	(1,234)
   Property, plant and equipment written off	(1,745)	(252)	(2,331)	(1,851)
   Net impairment for construction deposit	(1,979)	(4,094)	(8,360)	(4,094)
   Impairment of property, plant and equipment	(652)	(46,121)	(23,298)	(46,121)
   Impairment of investment in associate	(32,949)	-	(32,949)	-

2. Prospects

   The Group remains committed to the long-term expansion of its connectivity business through disciplined investments in network coverage expansion and enhancement of its go-to-market capabilities to deliver innovative and customer-focused products, solutions, and services.

   At the same time, the Group is focused on optimizing its balance sheet to strengthen financial discipline and focus on returns whilst delivering sustainable returns to shareholders.

   The Group also continues to embed sustainability across its operations and advancing its renewable energy initiatives in line with evolving market dynamics and expectations.

3. Profit forecast and profit guarantee

   The Group has not provided any profit forecast or profit guarantee in any public document.

4. Earnings per share ("EPS")

   ‌Individual Quarter			‌Cumulative Quarter
   	Current quarter	Preceding year corresponding quarter	Twelve months to	Twelve months to
   	31/12/2025	31/12/2024	31/12/2025	31/12/2024
   Basic EPS:
   Weighted average number of shares in issue ('000)	1,848,818	1,848,818	1,848,818	1,848,802
   Profit for the period/year attributable to owners of the Company (RM'000)	104,387	114,403	428,159	382,828
   Basic EPS	5.65 sen	6.19 sen	23.16 sen	20.71 sen

   Diluted EPS:
   Weighted average number of shares in issue ('000) (Diluted)	1,848,818	1,848,818	1,848,818	1,848,802
   Profit for the period/year attributable to owners of the Company (RM'000)	104,387	114,403	428,159	382,828
   Diluted EPS	5.65 sen	6.19 sen	23.16 sen	20.71 sen

5. Related party transactions

The significant related party transactions of the Group are as shown below:

Cumulative Quarter
	Twelve months to	Twelve months to
	31/12/2025	31/12/2024
	RM'000	RM'000
With related parties
Revenue from data, voice and other services	87,246	81,925
Sales of IT related services	29,360	44,965
Interconnect revenue	633	610
Fee for wayleave and right of use of telecommunications facilities	(10,149)	(10,149)
Interconnect charges	(233)	(385)
Leased line and infrastructure costs	(95,941)	(90,441)
Network maintenance costs	(1,600)	(3,781)
Training expenses	(104)	(348)
Rental of office and utility charges	(200)	(118)
Professional fees	(335)	(182)

The Directors of the Group are of the opinion that the transactions entered into above were in the ordinary course of business and upon normal negotiated commercial terms.

By Order of the Board

CHEW ANN NEE

(MAICSA 7030413) (SSM PC No.: 201908001413)

Company Secretary

Selangor Darul Ehsan

26 February 2026

-