02 / LEADERSHIP STATEMENT 01 03 04 05 06 07 08 09 19 Group Treasury delivered a strong performance in 2025, achieving a profit before tax of RM14.1 million, up from RM3.7 million in the prior year. This growth was driven by disciplined execution across fixed income securities, interest rate management and foreign exchange, with trading and investment in fixed income contributing significantly. The improved results reflect a robust interest rate environment, active management of market volatility, and BNM’s accommodative stance and stable Overnight Policy Rate (“OPR”). Looking ahead, Group Treasury will continue to refine its strategies, focusing on sustainable and consistent income generation while managing risk effectively. Moving forward, the division remains committed to delivering client-focused solutions, deepening strategic partnerships and supporting growth across its businesses, ensuring continued resilience and long-term value creation. The Group’s Asset and Wealth Management (“GAWM”) arm comprises Kenanga Investors Group (“KIG”), which includes KIB, KIIB, Eq8 Capital Sdn Bhd (“Eq8”), and Kenanga Trustees Berhad (“KTB”). Complementing KIG is the KIBB Digital Investment Management arm which collectively form the GAWM division. In 2025, GAWM reported a profit before tax of RM46.1 million, compared to RM47.0 million in the previous year. The results reflect its focused investments in human capital, operational processes, research and development, and continued digitalisation initiatives, all aimed at achieving sustainable long-term growth and positioning the firm for stronger performance ahead. Presently, GAWM’s comprehensive suite of offerings encompass conventional collective investment schemes, robo-advisory services, portfolio management and a spectrum of alternative investments. Through these capabilities, the firm continues to maintain and grow its presence within its diversified client base which includes mass-retail, middle-high-income, and ultra-high-net-worth investors locally and regionally. Building on this foundation, KIG has prioritised innovation, introducing new investment solutions to meet evolving investor needs, as well as initiated efforts to drive financial transformation in Malaysia. As part of these efforts, KIG also contributed to the Group’s digital asset agenda, including its role in the Project Juara white paper and the tokenisation of its money market funds through the Myrra platform. Complementing these initiatives, under the established Kenanga Alternative Series of funds, which aims to seize emerging opportunities within dynamic markets, the Kenanga Alternative Series: Global Real Assets Fund was launched to offer investors exposure to global real estate, precious metals and commodities through carefully selected exchange-traded funds (“ETF”). KIG’s distribution network grew to over 5,900 licensed unit trust and private retirement scheme consultants, making it the second largest in the industry, and its branches are strategically located in major cities to serve investors nationwide. KIG received multiple accolades for its performance in 2025. The 2026 LSEG Lipper Fund Awards recognised four (4) funds under its Malaysia Provident Fund Awards category. The Kenanga Growth Fund won Equity Malaysia (5‑Years), while the Kenanga Growth Fund Series 2 MYR Class received the award for Equity Malaysia Diversified (3‑Years). The Kenanga Malaysian Inc Fund was named the winner for Equity Malaysia Diversified (10‑Years), and the Kenanga Managed Growth Fund clinched the Mixed Asset MYR Balanced – Malaysia (10‑Years) award. The Hong Kong-based Asia Asset Management’s (“AAM”) 2026 Best of the Best Awards awarded KIG a total of seven (7) awards including: Best Impact Investing Manager in ASEAN, Malaysia Best Impact Investing Manager, Malaysia Best Equity Manager, Malaysia Best Alternatives Manager, Malaysia Best ESG Engagement Initiative, Malaysia CEO of the Year and Malaysia CIO of the Year. Simultaneously, the AAM ETF Awards 2026 also recognised the Kenanga KLCI Daily 1x Inverse with the title Malaysia Leverage and Inverse ETF of the Year. The IFN Investor Awards 2025 also honoured the Kenanga Islamic Balanced Fund with multiple accolades; the IFN Investor Best Balanced Mixed Assets Fund in Malaysia – MYR, the IFN Investor Best Balanced Mixed Assets Fund in Asia Pacific and the IFN Investor Best Global Balanced Mixed Assets Fund, illustrating the fund’s strong performance. GROUP MANAGING DIRECTOR’S MANAGEMENT DISCUSSION AND ANALYSIS Asset and Wealth Management
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