CHAIRPERSON’S MESSAGE On behalf of the Board of Directors (“Board”) of Keyfield International Berhad (“Keyfield” or the “Company”) and its subsidiary companies (collectively known as “Keyfield Group” or the “Group”), I am pleased to present our Annual Report and Audited Financial Statements for the financial year ended 31 December 2025 (“FYE 2025”). DEAR VALUED SHAREHOLDERS, RESILIENCE IN A SOFTER MARKET Every business cycle brings both challenges and opportunities, and FYE 2025 was no exception for Keyfield. This financial year was characterised by subdued demand conditions in the local Offshore Support Vessel (“OSV”) market, following an exceptionally strong performance in the preceding financial year. Against that backdrop, the Board wishes to report that we remained profitable, cash-generative and financially resilient throughout FYE 2025. For FYE 2025, we achieved a revenue of RM430.5 million and profit after tax and minority interests (“PATAMI”) of RM142.9 million. While these results represent a step back from the exceptional performance recorded in financial year ended 31 December 2024 (“FYE 2024”) of RM687.2 million and RM226.9 million respectively, the decline was primarily attributable to a lower number of chartered days and softer average Daily Charter Rates ("DCR"). During FYE 2025, the utilisation of our own vessels declined to 63.1% from 80.4% in FYE 2024, primarily due to subdued demand conditions in the local OSV market arising from reduced offshore activities by PACs. We also experienced industry-wide moderation in DCR as market conditions became more competitive. These factors collectively weighed on our financial results, with basic earnings per share (“EPS”) declining from 31.8 sen in FYE 2024 to 17.7 sen in FYE 2025, and return on shareholders’ equity moderating from 45.4% in FYE 2024 to 19.1% in FYE 2025. 14 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M)
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