A BRAND IN MOTIONLIVE THE GAME Since 1989, MST Golf has grown with the game, from a trusted retailer to a regional ecosystem for golfers. As golf evolves, so do we. From selling products to inspiring a lifestyle. From a brand golfers buy from, to one they belong to. INSIDE THIS REPORT ABOUT MST GOLF Who We Are 6 Highlights of 2025 8 Our Sustainability Pillars 12 Financial Highlights 14 Our Retail Presence 16 Corporate Information 17 Corporate Structure 18 Board of Directors' Profile 19 Key Senior Management's Profile 25 OUR STRATEGIC CONTEXT Chairman's Statement 28 CEO's Message 31 Management Discussion & Analysis 36 Sustainability Statement 41 • Sustainability Governance and Strategy • MST Golf's Sustainability Journey • Sustainability Risk Management and Climate-Related Risk • Sustainability Performance, Metrics, Targets and Roadmap • Caring & Responsible Employer • Accountable & Ethical Operations • Resilient Environmental Stewardship • Empowering Community Engagement • Sustainable Supply Chain • Metrics and Data • Bursa Malaysia Prescribed Table • GRI Content Index
OUR GOVERNANCE Corporate Governance 124 Overview Statement Directors’ Responsibility 137 Statement Audit Committee Report 138 Statement on Risk Management 141 and Internal Control Additional Compliance 152 Information FINANCIAL PERFORMANCE Financial Statements 157 OTHER INFORMATION List of Properties 250 Analysis of Shareholdings 251 Notice of 33rd Annual General 254 Meeting Statement Accompanying 259 Notice of Annual General Meeting Administrative Guide 260 Proxy Form OUR VISION To build the world’s most compelling golf ecosystem — combining retail, services, e-commerce, media, and innovation to serve golfers everywhere. PURPOSE To inspire and enrich people’s lives through golf. To deliver world-class experiences in everything golf. To build the best team and workplace, where collaboration, empowerment, and excellence thrive. To support and elevate the golf industry and foster a sustainable golf culture. OUR CORE VALUES Innovation Grow Together Own It Leading with Integrity Focus on Customers For more information, visit our corporate website at mstgolfgroup.com OUR MISSION iGOLF
Events Corporate Merchandise ACADEMY • FITTING CENTRE ABOUT MST GOLF 4 MST Golf’s Annual Report aims to provide insights on the Group's performance for the financial year ended 31 December 2025. BASIS OF THIS REPORT
5 ANNUAL REPORT 2025 MST GOLF GROUP BERHAD MST Golf Group Berhad (“MST Golf” or “the Group”) presents its Annual Report 2025 (“Report” or “AR 2025”) for the financial year ended 31 December 2025 (“FY2025”). This Report outlines our financial and operational performance, strategic execution, and Environmental, Social & Governance (“ESG”) commitments for FY2025. The aim of this Report is to transparently provide relevant and comprehensive insights into the Group’s achievements, challenges and performances, enabling stakeholders to assess both our short and long-term progress. It also outlines our forward-looking priorities and strategies, and how we continue to create sustainable value for customers, employees, suppliers, shareholders and communities. Scope and Boundary The Report covers our primary operations across retail, wholesale & distribution, loyalty, learning & fitting, indoor golf, corporate merchandise & events, and golf-related business segments across our geographical footprint. It presents financial highlights, operational progress, strategic developments, and sustainability efforts, reflecting our ongoing commitment to responsible and ethical business practices. Reporting Suite For a comprehensive understanding of MST Golf’s ESG performance, stakeholders are encouraged to refer to the accompanying Sustainability Statement on pages 41 to 96 of this Report. The statement expands on our sustainability framework, strategy, initiatives and impact across the Group. Applied Frameworks In preparing this Report, the Group adheres to the following reporting/governance frameworks and guidelines (applied in part or full) in the development of this Report: • Malaysian Code on Corporate Governance (“MCCG”) • Main Market Listing Requirements (“MMLR”) issued by Bursa Malaysia Securities • Companies Act 2016 (“CA 2016”) • International Financial Reporting Standards (“IFRS”) • IFRS Sustainability Disclosure Standards (IFRS S1 and S2) • Malaysian Financial Reporting Standards (“MFRS”) • Corporate Governance Guide – 4th Edition issued by Bursa Malaysia Securities Forward-Looking Statements This Report includes forward-looking statements relating to the Group’s outlook and business direction. Keywords or words such as “might”,“forecast”,“anticipate”,“project”,“may”,“believe”, “predict”,“expect”,“continue”,“will”,“estimate”,“target” and similar expressions are utilised. These statements are based on various assumptions and are subject to numerous risks, uncertainties and contingencies beyond MST Golf’s control. More importantly, they are not to be construed as a guarantee to our operating performance or financial outcomes. Unexpected events and actual results may significantly differ from current expectations, impacted by factors such as emerging business opportunities, changes in the Group priorities, global and national economic conditions, government policies and other considerations. Feedback We welcome feedback, enquiries or suggestions regarding this Report or any aspect of our business. Please reach out to us at investor.relations@mstgolf.com
ABOUT MST GOLF 6 WHO WE ARE About MST Golf Group Established in 1989, MST Golf has grown into Southeast Asia’s leading and most trusted golf retailer and service provider, offering an extensive portfolio of over 100 global golf brands and a fully integrated ecosystem comprising retail, wholesale, coaching, club fitting, indoor golf with F&B, corporate solutions and golf media. With more than three decades of experience, our growth has been shaped by deep industry partnerships and an unwavering commitment to elevating the golf experience across the region. In 2025, MST Golf embarked on a transformative rebranding journey that signified a new chapter for the Group — A Brand in Motion. This evolution reflects how MST Golf has progressed from a traditional retailer into a dynamic, future-focused golf ecosystem that inspires a lifestyle, fosters community and moves the game forward. At the heart of this refreshed identity is our brand belief, “Live the Game.” More than a tagline, it captures the discipline, passion and integrity of golf, and guides how we show up every day. Paired with our open invitation, “Let’s Golf,” the new brand direction amplifies our commitment to accessibility, innovation and meaningful engagement with golfers of all levels. As we continue expanding across the region, our purpose remains clear: to inspire and enrich people's lives through golf. Golf Retail & Wholesale Providing the latest and best in golf product selection, service and value We provide the latest golf products from more than 100 brands across Southeast Asia, spanning equipment, apparel, footwear, and accessories. Our retail formats — MST Golf Super Store, Pro Shop, and MST Golf Premium, offer unique, tailored experiences designed to elevate every golfer’s shopping journey. Membership Rewarding and connecting the region’s largest golf community MST Golf offers free, easy-to-join membership that makes golf more accessible. Members earn points on purchases in-store, online, and at Arena, redeem rewards, and enjoy exclusive perks, events, and birthday benefits. As the largest golf community in Malaysia and Singapore, MST Golf delivers meaningful experiences through its enhanced digital platform. The launch of MST Golf at Puri Indah Mall strengthens our presence in the Indonesian retail market MST Golf held its first-ever Community Golf Day in April 2025
7 ANNUAL REPORT 2025 MST GOLF GROUP BERHAD Corporate Merchandise & Event Management Advancing the game through corporate events and professional tournaments We deliver comprehensive, customised golf event management that elevates the game through impactful corporate and professional tournaments. By integrating tailored event solutions with premium branded merchandise, we help clients create memorable experiences that forge stronger, lasting connections with their stakeholders. Golf Learning & Club Fitting Refining the way golf is learned and played Our Golf Lab provides technology driven assessments using TPI body screening, Foresight launch monitors, Swing Catalyst ground force analysis, GEARS 3D motion capture, and Coach tracking. Golfers can book Baseline testing and specialised programs to analyse swing, equipment fit, and mobility for faster, measurable improvement. Indoor Golf Lowering the barrier to golf MST Golf Arena makes golf more accessible and convenient for golfers and non-golfers alike. Our modern, tech-driven indoor facility offers a one-stop destination to Shop, Play, Learn & Improve, Fit, Eat and Drink — all under one roof — encouraging more people to discover and enjoy the game. Golf Media Providing news and insights to everything golf Our digital media platform connects and inspires golf enthusiasts with the latest updates on gear, tournaments, golf professionals, and more. Through our industry connections and knowledge expertise, we aim to champion existing players and support beginners in their journey into the game. MST Golf provides customised event merchandise and accessories for clients MST Golf Arena offers comprehensive golf training supported by high‑precision simulation systems MST Golf Arena offered an immersive event experience through its advanced simulators Golf Matters provides comprehensive coverage of golf news, product developments, expert insights, and professional content
ABOUT MST GOLF 8 HIGHLIGHTS OF 2025 15, January Hosted the launch of TaylorMade Qi35 Lineup for Malaysia, Singapore and Indonesia market 13, March MST Golf Arena diverts over 2,100 kg of food waste through sustainable practices 12, August MST Golf’s ‘Drive Out Cancer’ raises over RM33,000 for cancer patients 20 - 23, February Golfest 2025, Malaysia’s largest golf exhibition was held at Kuala Lumpur Golf & Country Club, Malaysia 16, May Grand opening of MST Golf Super Store at Sedayu Indo Golf marks sixth store launch in Indonesia, featuring Premium Global Golf Brands 13, August MST Golf hosted Under Armour Golf Day 2025, gathering golf enthusiasts for an engaging 2-ball Texas Scramble tournament 30, October MST Golf was appointed as the Official Retailer and Tour Support at the Maybank Championship 2025 24, October MST Golf appointed as the exclusive distributor of SParms across Malaysia, Singapore, and Indonesia 17, October In conjunction with the MST Golf Annual Dinner 2025, the Group launched its strategic rebranding initiative
9 ANNUAL REPORT 2025 MST GOLF GROUP BERHAD 21, April MST Golf hosted the launch for ONOFF Lady Series 23, April Earth Day 2025: MST Golf’s reaffirms its commitment to advancing sustainability practices 27, November MST Golf Community Day was held in partnership with Denza, the premium automotive brand 5, December MST Golf Indonesia opened a New Super Store at Puri Indah Mall 23, April Golfers tee off for a greater cause at MST Golf’s first-ever Community Golf Day 23, August MST Golf united employees, partners, and customers in the Pantai Morib beach clean-up, raising awareness on responsible waste and plastic use 1, December MST Golf Indonesia launched its e-commerce platform for enhanced online shopping experience of the customers 11, December MST Golf Group Berhad was included in the FTSE4Good Bursa Malaysia Index, marking a significant milestone in the Group's sustainability journey 30, September MST Golf IOI City Mall relocation marks refreshed shopping experience for golfers
Dear customers, fellow golfers, and everyone who shares our passion, Thank you for walking this journey with us and inspiring everything we do. MST Golf has spent more than 35 years serving golfers across the region, and today our footprint spans over 50 stores throughout Malaysia, Singapore, and Indonesia. From world-class equipment and apparel to leading golf technology, we take pride in offering the widest range of trusted brands in Southeast Asia. As we look ahead, we’re excited to evolve alongside the golfers of today and tomorrow. Our promise remains the same: to deliver unmatched service, unrivalled selection, and unbeatable value to every golfer, every time. Together, let’s keep swinging for greatness. ABOUT MST GOLF 10 WHERE THE LOVE FOR THE GAME BRINGS US TOGETHER
ABOUT MST GOLF 12 OUR SUSTAINABILITY PILLARS We are more than just about the game. We are committed to driving sustainability to the fore. Driving Sustainability at MST Golf MST Golf remains committed to embedding sustainability across our operations, guided by the triple bottom line of people, planet, and profit. Sustainability is a core principle that shapes how we grow and how we contribute to the communities and environments we serve. Our sustainability framework, MST Golf C.A.R.E.S., focuses on five pillars: Caring and Responsible Employer, Accountable and Ethical Operations, Resilient Environmental Stewardship, Empowering Community Engagement, and Sustainable Supply Chain. Together, these pillars drive our transition toward a low‑carbon, socially responsible, and inclusive future. In late 2025, MST Golf Group Berhad was included in the FTSE4Good Bursa Malaysia Index, reflecting credible and consistent ESG practices and strengthening investor confidence. On 23 August, MST Golf’s Community Give Back Day rallied more than 80 employees, customers and partners for a beach clean-up at Selangor’s beach, Pantai Morib, Malaysia
13 ANNUAL REPORT 2025 MST GOLF GROUP BERHAD Caring and Responsible Employer At MST Golf, we take pride in building a motivated and dedicated workforce that thrives both professionally and personally. Related UNSDGs Accountable and Ethical Operations We are committed to fostering a culture of ethical behavior and operational excellence, we strive to uphold our reputation as a leader in the industry. Related UNSDGs Resilient Environmental Stewardship We believe in protecting and preserving the natural environment through sustainable practices and initiatives. Related UNSDGs Empowering Community Engagement We actively support and collaborate with local communities to foster growth, education, and well-being. Related UNSDGs Sustainable Supply Chain From eco-conscious product sourcing to resource-efficient facilities management, we strive to minimise our environmental impact while promoting the enjoyment and preservation of the game of golf. Related UNSDGs For more information on our Sustainability efforts, visit our website at mstgolfgroup. com/sustainability.
ABOUT MST GOLF 14 84.2 129.2 142.9 134.0 117.0 Gross Profit (RM Million) 2021 2025 2022 2023 2024 2021 2025 2022 2023 2024 206.5 300.9 325.4 327.8 298.3 Revenue (RM Million) Profit/(Loss) Before Tax (RM Million) 26.5 38.9 27.3 9.4 (8.6) 2021 2025 2022 2023 2024 Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA“) (RM Million) 39.2 57.8 59.2 45.1 34.4 2021 2025 2022 2023 2024 FINANCIAL HIGHLIGHTS
15 ANNUAL REPORT 2025 MST GOLF GROUP BERHAD Total Equity (RM Million) 44.7 95.6 255 .6 251.6 239.0 2021 2025 2022 2023 2024 Total Assets (RM Million) 177.4 258.7 412.7 397.4 340.5 2021 2025 2022 2023 2024 Gearing Ratio (Times) 0.82 0.64 0.23 0.18 0.11 2021 2025 2022 2023 2024 Net Assets Per Share (RM) 0.37 0.14 0.29 0.28 0.26 2021 2025 2022 2023 2024
Total Number of Stores: 51 STORES (as of March 2026) GEOGRAPHICAL PRESENCE 37 stores in 7 stores in 7 stores in Perak 1 store Johor 4 stores Melaka 1 store Negeri Sembilan 1 store Pahang 2 stores Kuala Lumpur 8 stores Selangor 12 stores Putrajaya 2 stores Penang 3 stores Singapore 7 stores Jakarta 7 stores Sarawak 2 stores Sabah 1 store ABOUT MST GOLF 16 OUR RETAIL PRESENCE
17 ANNUAL REPORT 2025 MST GOLF GROUP BERHAD CORPORATE INFORMATION Low Kok Poh Executive Chairman Ng Yap Sio Executive Director, Group Chief Executive Officer Ng Lian Chun Executive Director Poh Ying Loo Independent Non-Executive Director Datin Suryani Binti Ahmad Sarji Independent Non-Executive Director Alice Lee Chia Yee Independent Non-Executive Director BOARD OF DIRECTORS AUDIT COMMITTEE Chairperson Poh Ying Loo Members Datin Suryani Binti Ahmad Sarji Alice Lee Chia Yee GOVERNANCE, RISK AND SUSTAINABILITY COMMITTEE Chairperson Poh Ying Loo Members Datin Suryani Binti Ahmad Sarji Alice Lee Chia Yee Ng Lian Chun NOMINATION COMMITTEE Chairperson Datin Suryani Binti Ahmad Sarji Members Poh Ying Loo Alice Lee Chia Yee REMUNERATION COMMITTEE Chairperson Alice Lee Chia Yee Members Poh Ying Loo Datin Suryani Binti Ahmad Sarji COMPANY SECRETARIES Tai Yuen Ling (LS0008513) (SSM PC No. 202008001075) Queck Wai Fong (MAICSA 7023051) (SSM PC No. 202208000287) STOCK EXCHANGE LISTING Main Market of Bursa Malaysia Securities Berhad Stock Name : MSTGOLF Stock Code : 5316 Sector : Consumer Products & Services REGISTERED OFFICE 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor Darul Ehsan, Malaysia. Tel. No. : +603 - 7890 4800 Fax No. : +603 - 7890 4650 Email : boardroom-kl@boardroomlimited.com HEAD/ MANAGEMENT OFFICE MST Golf Plaza No.8, Jalan SS 13/5, 47500 Subang Jaya, Selangor Darul Ehsan, Malaysia. Tel. No. : +603 - 5566 8666 Website : mstgolfgroup.com Email : investor.relations@mstgolf.com AUDITORS Grant Thornton Malaysia PLT Level 11, Sheraton Imperial Court, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia. Tel. No. : +603 - 2692 4022 SHARE REGISTRAR Boardroom Share Registrars Sdn Bhd 11th Floor, Menara Symphony, No.5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor Darul Ehsan, Malaysia. Tel. No. : +603 - 7890 4700 Fax No. : +603 - 7890 4670 Email : bsr.helpdesk@boardroomlimited.com
ABOUT MST GOLF 18 CORPORATE STRUCTURE MST GOLF GROUP BERHAD MST GOLF (SINGAPORE) PTE LTD 100.0% MST GOLF ARENA SDN BHD 100.0% MST GOLF SDN BHD 100.0% MST GOLF MANAGEMENT SDN BHD 100.0% MST GOLF (THAILAND) CO LIMITED PT MST GOLF INDONESIA 51.0% 99.9% 99.9% PT MST GOLF DISTRIBUTION As of 31 March 2026 Malaysia Singapore Indonesia Thailand
19 ANNUAL REPORT 2025 MST GOLF GROUP BERHAD BOARD OF DIRECTORS’ PROFILE Mr. Low Kok Poh serves as our Non-Independent Executive Chairman, bringing over 36 years of experience in the golf industry. He obtained a degree in Bachelor of Science in Engineering (Mechanical Engineering) from The University of Iowa, USA in 1986. Mr. Low began his career as a Mechanical Engineer with a Japanese engineering company in Malaysia, serving from 1986 to 1989. His journey in the golf retail industry started in 1989 when he co-founded the company that is now known as MST Golf Sdn Bhd. As a co-founder, he was among the first shareholders and directors, establishing the company alongside Mr. Ng Yap Sio, the Group CEO of MST Golf. He was appointed to the Board of MST Golf on 26 May 1999 and in 2000, assumed the role of Managing Director, playing a pivotal role in shaping MST Golf’s retail business. Under his leadership, the Company built a strong foundation in customer service excellence and brand distributorships. On 1 October 2022, Mr. Low was appointed as Executive Chairman of the Group. In this capacity, he oversees the Group’s external relations, maintaining key business relationships with brands, golf clubs, landlords, dealers, corporate clients and industry stakeholders. Mr. Low is a director and shareholder of All Sportz Sdn Bhd, a major shareholder of the Company. He does not hold any directorship in other public companies and listed entities. Mr. Low has no family ties with any director or major shareholder of the Company, nor any conflict of interest or potential conflict of interest, including any interest in any competing business with the Company or its subsidiaries. He attended all the five (5) Board of Directors’ meetings held during the financial year ended 31 December 2025. LOW KOK POH Executive Chairman Age 64 Gender Male Nationality Malaysian Date of Appointment 26 May 1999
ABOUT MST GOLF 20 BOARD OF DIRECTORS’ PROFILE Mr. Ng Yap Sio serves as our Executive Director and Group Chief Executive Officer, bringing over 36 years of experience in the golf industry. He obtained a degree in Bachelor of Science in Engineering (Civil Engineering) in 1985 and a Master of Science (Civil and Environmental Engineering) in 1987, both from The University of Iowa, USA. Mr. Ng began his career in 1987 as a Civil Engineer in New York, USA, for five years before returning to Malaysia. In November 1989, Mr. Ng co-founded the company that is now known as MST Golf Sdn Bhd. While still based in the USA, Mr. Ng played an active role in identifying potential products and suppliers for MST Golf Sdn Bhd. In March 1991, he formally became a director and shareholder of MST Golf Sdn Bhd. Mr. Ng was appointed to the Board of MST Golf on 8 June 1993. In January 2000, he assumed the role of Chief Executive Officer and was later redesignated as Group Chief Executive Officer in January 2014, a position he holds to date. In 2011, Mr. Ng brought in Sports Direct, a multi-sports retail brand from the United Kingdom into Malaysia as a licensee, which subsequently formed a joint venture company with SportsDirect.com Retail Limited, a subsidiary of Frasers Group PLC. He assumed the role as its CEO, overseeing the growth of the sport retail business for six years in Malaysia before stepping down to focus entirely on MST Golf. He remained a Director of Sports Direct Malaysia until April 2022 and a shareholder until December 2024. As Group Chief Executive Officer, Mr. Ng is responsible for the overall performance, management, business strategies and growth of the Group. He leads the Group’s regional expansion and Sustainability Working Committee and plays a key role in business development, retail innovation, and brand partnerships. Mr. Ng is a director and significant shareholder of All Sportz Sdn Bhd, a major shareholder of the Company. He is the brother of Mr. Ng Lian Chun, the Executive Director of the Company. Mr. Ng does not hold any directorships in other public companies or listed entities. He has no conflict of interest or potential conflict of interest, including no any interest in any competing business with the Company or its subsidiaries. He attended all the five (5) Board of Directors’ meetings held during the financial year ended 31 December 2025. NG YAP SIO Executive Director / Group Chief Executive Officer Age 64 Gender Male Nationality Malaysian Date of Appointment 8 June 1993
21 ANNUAL REPORT 2025 MST GOLF GROUP BERHAD Mr. Ng Lian Chun serves as our Executive Director, bringing over 46 years of experience in management and finance across diverse industries including auditing, property, manufacturing, private education and retail, with the last 12 years dedicated to MST Golf Group. He is a member of the Governance, Risk and Sustainability Committee. Mr. Ng obtained a degree in Bachelor of Commerce from the University of Otago, New Zealand in 1980, and has been a member of the Malaysian Institute of Accountants (MIA) since 1984. He started his career with an audit firm in 1980. He then held various senior finance roles from 1984 to 1994 in several public listed and private companies including the post of Chief Internal Auditor with a public listed textile manufacturing company based in Nigeria, West Africa. Upon his return to Malaysia from Nigeria in 1994, he served as Head of Finance at Taylor’s Education Group for a period of 20 years until December 2013. While working at Taylor’s Education Group, he also served as a member of the Boards of Governors of Garden International School, Kuala Lumpur and Australian International School Malaysia as well as a member of the University Council of Taylor’s University and the College Council of Taylor’s College, Malaysia. He was appointed as a non-executive director of MST Golf Sdn Bhd in 1996, transitioning to an executive director in January 2014. In his current capacity, Mr. Ng oversees the group human resources, general administration, projects and corporate finance functions. He also provides mentorship to managers and subordinate line management, especially those who are new to the Group. Mr. Ng is a director and also a shareholder of All Sportz Sdn Bhd, a major shareholder of the Company. He is the brother of Mr. Ng Yap Sio, the Executive Director and the Group Chief Executive Officer of the Company. Mr. Ng does not hold any directorships in any other public companies or listed entities. Mr. Ng has no any conflict of interest or potential conflict of interest, including any interest in any competing business with the Company or its subsidiaries. He attended all the five (5) Board of Directors’ meetings held during the financial year ended 31 December 2025. NG LIAN CHUN Executive Director Age 69 Gender Male Nationality Malaysian Date of Appointment 1 October 2022
ABOUT MST GOLF 22 BOARD OF DIRECTORS’ PROFILE Poh Ying Loo serves as our Independent Non-Executive Director, bringing over 40 years of experience in various industries including auditing, manufacturing, trading, and the retail industry. He is the Chairman of both the Governance, Risk and Sustainability Committee and Audit Committee, as well as a member of the Nomination Committee and Remuneration Committee. Mr. Poh holds a Global MBA in Digital Business from Zigurat Innovation & Technology Business School, Barcelona, Spain, and a University Extension Diploma in Global MBA in Digital Business from the University of Barcelona. He is a Fellow Chartered Management Accountant (FCMA) and a Chartered Global Management Accountant (CGMA) with the Chartered Institute of Management Accountants (CIMA), a member of the Malaysian Institute of Accountants (MIA), and a Fellow of the Institute of Corporate Directors Malaysia (ICDM). Additionally, he is a Qualified Risk Director and a member with the Institute of Enterprise Risk Practitioners (IERP), a Certified Expert in ESG and Impact Investing (Frankfurt School of Finance and Management, March 2023), and a Sustainability Risk Manager (IERP, January 2024). In May 2024, he obtained his professional Sustainability and Climate Risk Certificate from GARP (“Global Association of Risk Professionals”), the world’s leading professional association of risk managers. His career began as an auditor at Ong Boon Bah & Co in 1986, followed by roles at Dreamland Holdings Berhad (1988) and CPC/AJI (M) Sdn Bhd (1988–1996), where he rose to the position of Senior Accountant. From July 1996 to June 2020, he served AEON Co. (M) Bhd in various finance roles, including Senior General Manager of Corporate Finance and Investor Relations, and was an Executive Director from May 2011 to June 2020. Since June 2021, Mr. Poh has been an Independent Non-Executive Director of Sports Toto Berhad, listed on Bursa Malaysia’s Main Market. He also served on the board of the Malaysian Investor Relations Association Berhad from October 2021 to February 2023, and UEM Sunrise Berhad from November 2020 to June 2024. Mr. Poh is also a Chair/CEO Coach with Vistage, a CEO peer advisory group, since October 2025. Mr. Poh is also an HRD Corp Accredited Trainer. Effective from 13 April 2026, Mr. Poh has been appointed as Independent Non-Executive Director of Poh Kong Holdings Berhad. Mr. Poh has no family ties with any director or major shareholder of the Company, nor any conflict of interest or potential conflict of interest, including any interests in any competing business with the Company or its subsidiaries. He attended all the five (5) Board of Directors’ meetings held during the financial year ended 31 December 2025. POH YING LOO Independent Non-Executive Director Age 64 Gender Male Nationality Malaysian Date of Appointment 1 October 2022
23 ANNUAL REPORT 2025 MST GOLF GROUP BERHAD Datin Suryani Binti Ahmad Sarji serves as our Independent Non-Executive Director, bringing over 31 years of experience in accounting, finance, and management. She is the Chairperson of the Nomination Committee and a member of the Remuneration Committee, Governance, Risk and Sustainability Committee and Audit Committee. Datin Suryani obtained a degree in Bachelor of Science (Honours) in Accounting from the University of Hull, UK, and is a Fellow member of the Institute of Corporate Directors Malaysia. She commenced her career in finance Finance with Petronas Carigali Sdn Bhd, and later joined Seacorp-Schroder Capital Management Berhad (now MIDF Amanah Asset Management Berhad) as an Investment Analyst. Thereafter, she founded and led Digiray (M) Sdn Bhd, a retail partner of Caltex as Managing Director, overseeing operations, sales, branding and financial management. She further ventured into luxury retail with Chopard (Malaysia) Sdn Bhd, later specialising in Customer Relationship Management. Over the years, Datin Suryani had served as a director of several boards namely Unilever Holdings (Malaysia) Sdn Bhd, Malaysia Airports (Niaga) Sdn Bhd (ERAMAN) and as an Independent Non-Executive Director of Globetronics Technology Berhad. Currently, she sits on the Board of Projek Lintasan Kota Holdings Sdn Bhd and several of its subsidiaries and is an Independent Non-Executive Director of DKSH Holdings (Malaysia) Berhad. Datin Suryani has no family ties with any director or major shareholder of the Company, nor any conflict of interest or potential conflict of interest, including any interest in any competing business with the Company or its subsidiaries. She attended all the five (5) Board of Directors’ meetings held during the financial year ended 31 December 2025. DATIN SURYANI BINTI AHMAD SARJI Independent Non-Executive Director Age 58 Gender Female Nationality Malaysian Date of Appointment 1 October 2022
ABOUT MST GOLF 24 BOARD OF DIRECTORS’ PROFILE Ms. Alice Lee Chia Yee serves as our Independent Non-Executive Director, with over 32 years of experience in the legal profession. She is the Chairperson of the Remuneration Committee and a member of the Nomination Committee, Governance, Risk and Sustainability Committee and Audit Committee. Ms. Lee holds a degree in Bachelor of Laws (Honours) from the University of Malaya and was admitted to the Malaysian Bar as an Advocate and Solicitor in 1994. Ms. Lee commenced her legal career in February 1994 as a Legal Assistant with Heng & Mogan, progressing to Junior Partner in January 2001. Following the dissolution of the partnership in June 2002, she co-founded Heng & Co. in July 2002 and continues to serve as a Partner. Throughout her career, she has been involved in various areas of legal practice, including conveyancing (housing project developments, real estate, conventional, Islamic and corporate financing), as well as tenancies, leases and succession matters. She was appointed as a Notary Public by the Attorney General’s Chambers of Malaysia since 7 September 2022. She has also been appointed by the Federal Court of Malaysia as a Commissioner for Oaths, with her term commencing from 7 April 2025 to 31 December 2027. Ms. Lee is also an affiliate member of the Institute of Corporate Directors Malaysia since 2022. Ms. Lee does not hold any directorship in other public companies and listed entities. Ms. Lee has no family ties with any director or major shareholder of the Company, nor any conflict of interest or potential conflict of interest, including any interest in any competing business with the Company and its subsidiaries. She attended all the five (5) Board of Directors’ meetings held during the financial year ended 31 December 2025. ALICE LEE CHIA YEE Independent Non-Executive Director Age 56 Gender Female Nationality Malaysian Date of Appointment 1 October 2022 Note: Conviction for Offences None of the Directors has any conviction for offences within the past 5 years other than traffic offences (if any) nor public sanctions or penalty imposed by the relevant regulatory bodies during the financial year.
25 ANNUAL REPORT 2025 MST GOLF GROUP BERHAD KEY SENIOR MANAGEMENT’S PROFILE Ms. Chong Wai Foon serves as the Chief Financial Officer, bringing with her over 23 years of extensive experience in auditing, taxation, finance, and accounting across diverse industries, including manufacturing, services, property development, hospitality, trading, and information technology. She is a Chartered Accountant, a Fellow Member of the Association of Chartered Certified Accountants (ACCA), and a member of the Malaysian Institute of Accountants (MIA). Ms. Chong began her career in an audit and tax firm in 2002 before transitioning to the commercial corporate sector in 2007. Prior to joining the Company, she served as Chief Financial Officer of a public listed company. Her extensive professional experience includes the review and enhancement of accounting systems, implementation of computerised financial systems, financial and treasury management, budgeting, risk management, financial analysis, strategic planning, and other related corporate finance functions. She joined the Company on 19 January 2026 as Chief Financial Officer and is currently responsible for overseeing the Group’s financial management, accounting operations, regulatory compliance, operational finance, risk and control, legal, corporate services, and investor relations functions. CHONG WAI FOON Chief Financial Officer Age Gender Nationality 44 Female Malaysian Date of Appointment 19 January 2026 Ms. Yong Wai Chien serves as our Chief Operating Officer, bringing over 31 years of experience in the golf retail industry. She obtained a degree in Bachelor of Science (Honours) in Biochemistry from Universiti Kebangsaan Malaysia in 1991, and a Diploma in Business Administration from the Association of Business Executives (UK) in 1993. Ms. Yong began her career in retail before joining Pan West Sdn Bhd, a golf retailer, where she held key operational roles. She later joined MST Golf Sdn Bhd in 2001 as International Operations Manager, managing overseas outlets in Singapore and exploring regional expansion opportunities. In 2003, she took on additional responsibilities as Head of the Control Division, overseeing central operations. In 2004, she joined Nike (Thailand) Ltd as Golf Sales & Marketing Director for Southeast Asia before returning to MST Golf Sdn Bhd in 2006. In 2022, she was appointed Chief Operating Officer, a role she holds to date. Ms. Yong oversees the Group’s business operations across Malaysia, including retail operations, inventory management, logistics, warehousing, buying, merchandising, e-commerce, wholesale, and corporate sales. YONG WAI CHIEN Chief Operating Officer Age Gender Nationality 58 Female Malaysian Date of Appointment 1 July 2022
ABOUT MST GOLF 26 KEY SENIOR MANAGEMENT’S PROFILE Mr. Tan Chia Loon serves as our Country Manager for Indonesia, bringing over 24 years of experience in the golf industry. He obtained a Diploma in Hotel & Catering Management from Kolej Damansara Utama in 1997. Mr. Tan began his career in 1997 at Hotel Armada Petaling Jaya, where he held roles overseeing front desk operations and income audits. In 2001, he joined Pulai Springs Resort Berhad as Assistant Golf Manager, focusing on golf management and business development. He joined MST Golf Sdn Bhd in 2002 as Sales Executive and progressed through various leadership roles, including Golf Consultant, Shop Manager, and Area Manager, where he was responsible for outlet staff management and business development. He has also obtained various certifications in club fitting and training. In 2022, he was appointed Senior Manager of Marketing, overseeing brand marketing, golf media, loyalty programme, customer service, and design and creative. As Country Manager of the Group’s operations in Indonesia, Mr. Tan is responsible for day-to-day operations, sales performance, retail management, business development, finance and administration, logistics, and warehousing. Mr. Tang Poh Lu serves as our Country Manager for Singapore, bringing over 15 years of experience in retail and financial management. He obtained an honors degree in Bachelor of Accountancy in 2010 from Nanyang Technological University, Singapore. Poh Lu began his career in auditing and financial analysis, with roles at Ernst & Young and Micron Semiconductor. He later joined Decathlon, where he held senior leadership roles in both finance and retail operations, including CFO and Director of Decathlon Singapore, City Leader in Nanjing, China, and Digital Commercial & Marketing Leader in Singapore. During his tenure, he was instrumental in driving market expansion, omnichannel strategies, and business transformation. Currently, Poh Lu serves as an independent non-executive director of Fitness Champs Holdings Limited, a Singapore-based company listed at Nasdaq, New York. As Country Manager of the Group’s operations in Singapore, Poh Lu oversees the day-to-day business operations, including sales, retail management, business development, finance, administration, human resources, logistics, warehousing, wholesales and corporate sales. TAN CHIA LOON Country Manager, PT MST Golf Indonesia Age Gender Nationality 51 Male Malaysian Date of Appointment 9 October 2023 TANG POH LU Country Manager, MST Golf (Singapore) Pte Ltd Age Gender Nationality 40 Male Singaporean Date of Appointment 2 September 2024
27 ANNUAL REPORT 2025 MST GOLF GROUP BERHAD Mr. Thanomchai Kangsirikul serves as our Country Manager for Thailand, bringing more than 30 years of experience with leading global FMCG companies, primarily in the luxury and sporting brand segments. He has held full country P&L responsibilities and led regional sales operations teams. He holds a Bachelor of Business Administration from Assumption Business Administration College and a Master of Business Administration from Assumption University, Thailand. Mr. Thanomchai began his career with Nestlé (Thailand) Limited and Procter & Gamble (Thailand) Limited, where he held various sales and district management roles. He subsequently held senior positions at British American Tobacco (Thailand) and Acushnet Golf (Thailand) Limited, including General Manager – Thailand and Manager, FootJoy Brand – ASEAN, where he was responsible for strategic planning, budgetary and financial management. He later served as Sales Director – Southeast Asia Region for Nike (Thailand) Ltd., Golf Division, and as Sales Operations Director at Diageo Moet Hennessy (Thailand) Limited, overseeing strategic sales planning and salesforce effectiveness. Prior to joining the Group, he was the Business Strategy Director / General Manager of Easy Golf Company Limited, leading organisational transformation and managing the company’s overall financial management. As Country Manager of the Group’s operations in Thailand, Mr. Thanomchai oversees the day-to-day business operations, including sales, retail management, business development, finance, administration, human resources, logistics, and warehousing. MR. THANOMCHAI KANGSIRIKUL Country Manager, MST Golf (Thailand) Co Ltd Age Gender Nationality 60 Male Thai Date of Appointment 16 February 2026 Notes: Family Relationship with Director and / or Major Shareholder None of the Key Senior Management has any family relationship with any director and/ or major shareholder of MST Golf Group. Conflict of Interests None of the Key Senior Management has any conflict of interest or potential conflict of interest, including any interest in any competing business with the Company or its subsidiaries. Conviction for Offences None of the Key Senior Management has any conviction for offences (other than traffic offences, if any) within the past 5 years nor public sanctions or penalties imposed by the regulatory bodies during the financial year. Directorship in Public Companies and Listed Issuers Save as disclosed for Tang Poh Lu, none of the Key Senior Management has any directorship in public companies and listed issuers.
OUR STRATEGIC CONTEXT 28 Dear Valued Shareholders, Strengthening Our Foundation For The Future The year 2025 marked an important year of consolidation and strategic focus for MST Golf Group Berhad (“MST Golf” or “the Group”). Following the celebration of our 35th anniversary in 2024, the Group entered this year with a clear objective — to strengthen our operational foundation while positioning MST Golf for the next phase of sustainable regional growth. Operating conditions across the retail landscape remained varied during the year, with consumer sentiment in certain markets continuing to be influenced by broader economic factors. Despite these challenges, the Group demonstrated resilience, supported by the strength of our diversified business model. Today, MST Golf’s ecosystem spans retail, indoor golf centres, golf academies, event management, corporate merchandise, wholesale distribution, brand partnerships and golf media, allowing us to serve the golf community through multiple touchpoints. As the Group continues to expand across Southeast Asia, with operations in Malaysia, Singapore and Indonesia and the establishment of our presence in Thailand, our focus has increasingly shifted towards strengthening operational integration, governance and long-term value creation. CHAIRMAN’S STATEMENT LOW KOK POH Executive Chairman
29 ANNUAL REPORT 2025 MST GOLF GROUP BERHAD In July 2025, MST Golf Super Store in Subang Jaya, Malaysia has officially reopened following a major renovation, featuring an improved layout and enhanced shopping experience Advancing Digital Capabilities A key milestone during the year was the continued implementation of the Group’s Enterprise Resource Planning (“ERP”) system across our regional operations. This initiative represents a significant step forward in strengthening the Group’s digital infrastructure and operational capabilities. The ERP platform enables greater visibility and coordination across markets, enhances the quality and timeliness of financial reporting, and strengthens the Group’s internal control environment. By harmonising operational processes across our regional network, the system also supports more efficient inventory management and improved decision-making. Beyond system implementation, the Group continues to advance its broader digitalisation efforts. These initiatives are designed to strengthen our data capabilities, enhance customer engagement, and support the development of a more agile and integrated organisation as we grow across the region. Sustaining Growth With Financial Discipline While regional expansion remains an important component of our long-term strategy, the Group has placed increasing emphasis on strengthening profitability, improving operational efficiency, and ensuring disciplined capital management. During the year, management continued to focus on enhancing store productivity, optimising the retail portfolio, and improving working capital management. These efforts reflect the Board’s commitment to ensuring that growth remains sustainable and value accretive. As we continue to build our regional platform, maintaining a balanced approach between expansion and financial discipline will remain essential in safeguarding long-term shareholder value. Despite the earnings pressure experienced during the year, the Group maintained a sound financial position. Further details on the Group’s operational performance and financial results are discussed in the Management Discussion and Analysis on pages 36 to 40 of this Annual Report.
OUR STRATEGIC CONTEXT 30 CHAIRMAN’S STATEMENT Our People and Culture At the heart of MST Golf’s continued growth is our people. As the Group expands across diverse markets and cultures, we remain committed to fostering an inclusive and supportive workplace that values collaboration, integrity and merit. Diversity, Equity and Inclusion (“DEI”) continues to be an important focus within the organisation. Much like the handicap system in golf that creates fairness within the game, we strive to ensure that every employee is provided with equal opportunities to contribute and succeed. Our regional presence has also strengthened our appreciation of cultural diversity, allowing us to build stronger connections across our teams in Malaysia, Singapore and Indonesia. By nurturing a culture of respect and inclusion, we believe MST Golf will continue to attract, develop and retain talented individuals who will drive the Group forward. During the year, the Group formalised its long-term strategic direction through the introduction of a clearly defined Purpose, a 10-year Vision, and refreshed Mission Statements and Core Values. These serve as a guiding framework for the Group’s strategic priorities, organisational culture and decision-making processes across all markets. The Board views these foundations as critical in ensuring that the Group’s growth trajectory remains aligned with its core principles, while delivering sustainable and long-term value to shareholders. Future Prospects The golf industry in Southeast Asia continues to demonstrate encouraging long-term fundamentals, supported by rising participation, increasing lifestyle interest in golf, and the growth of golf-related leisure formats. Supported by our expanding regional presence, stronger digital capabilities, and the dedication of our people, we remain confident in MST Golf’s ability to capture opportunities within the growing golf industry across Southeast Asia. As the Group moves into FY2026, the Group remains focused on strengthening operational integration across markets while restoring profitability and enhancing capital efficiency. Continued improvements in inventory management, cost discipline, and digital capabilities will remain key priorities as we position the Group for sustainable growth. On 25 August 2025, MST Golf Headquarters held a Merdeka celebration uniting over 100 employees from diverse teams in the spirit of unity and inclusion Acknowledgements On behalf of the Board of Directors, I would like to extend my sincere appreciation to our shareholders for your continued confidence and support. I would also like to thank our management team and employees across the Group for their dedication and commitment throughout the year. Your collective efforts continue to drive the progress of MST Golf. Finally, I wish to express my gratitude to our customers, brand partners and stakeholders for your continued trust and partnership. As we build upon more than three decades of growth, we remain committed to strengthening MST Golf’s position as a trusted leader in the regional golf industry while creating sustainable value for all stakeholders.
31 ANNUAL REPORT 2025 MST GOLF GROUP BERHAD CEO’S MESSAGE On behalf of the Board of Directors, I am pleased to present the Annual Report of MST Golf Group Berhad for the financial year ended 31 December 2025 (“FY2025”). FY2025 was a year that tested the resilience of the Group as we navigated softer retail conditions across Southeast Asia while continuing to strengthen the foundations of our regional business. While consumer spending across our key markets remained cautious, we remained focused on strengthening operational discipline, enhancing our regional platform and positioning the Group for long-term growth. As of March 2026, the Group operated a total of 51 stores across Malaysia, Singapore and Indonesia. In Malaysia, selected key stores were upgraded with our latest design concept and enhanced layouts, aimed at improving operational efficiency, optimising product offerings, and elevating the overall customer experience. During the year, the Group undertook proactive network optimisation initiatives, including the non-renewal of selected tenancies in Malaysia and Singapore upon lease expiry, in line with our focus on portfolio quality and operational efficiency. The Group continued to strengthen its presence in Indonesia with the opening of two new stores, bringing the total number of stores in the country to seven. In furtherance of our regional expansion strategy, the Group incorporated MST Golf (Thailand) Co Limited in October 2025, marking our formal entry into Thailand. The first store is targeted to commence operations in mid 2026. These initiatives reflect the Group’s disciplined and strategic approach to regional growth. NG YAP SIO Executive Director / Group Chief Executive Officer
OUR STRATEGIC CONTEXT 32 CEO’S MESSAGE FY 2025 Key Highlights E-commerce revenue grew 41.6% Borrowing reduced by 42.1% Scored 4.0 out of 5.0 in FTSE4Good Indonesia revenue grew 21.2% year-on-year Gearing ratio improved to 0.11 times Achieved 4-star rating in Bursa Malaysia Corporate Governance Incorporated entity in Thailand ilovegolf membership grew 5.1% Stock reduced by RM34.0 millions Market Conditions The operating environment across Southeast Asia remained challenging during the year. Inflationary pressures, currency fluctuations and rising living costs continued to influence consumer spending patterns, particularly within discretionary retail categories. Within the golf industry, demand for golf equipment moderated following the strong post-pandemic surge experienced in earlier years. As golfers typically replace equipment on a multi-year cycle, the market experienced a period of normalization in 2025. Across our markets, Singapore remained the most challenging due to softer retail demand and structural changes within the local golfing landscape. Malaysia continued to demonstrate relative stability, while Indonesia showed encouraging momentum as a growth market supported by a large population base and increasing interest in golf. Despite these headwinds, the long-term fundamentals of the golf industry remain positive, supported by rising participation, growing lifestyle interest in the sport and the increasing popularity of modern golf entertainment formats.
33 ANNUAL REPORT 2025 MST GOLF GROUP BERHAD Key Initiatives During the year, the Group implemented several initiatives aimed at strengthening operational efficiency and improving long-term competitiveness. One of the key initiatives was the continued implementation of the Group’s Enterprise Resource Planning (“ERP”) system, which enhances operational visibility, financial reporting and inventory management across our regional operations. This initiative represents an important step in strengthening the Group’s digital capabilities and enabling more data-driven decision-making. In addition, the Group continued to focus on cost optimisation and working capital management, allowing us to strengthen our financial position while maintaining operational flexibility in a challenging environment. We also continued to strengthen customer engagement through our ilovegolf loyalty program and omni-channel retail strategy, which integrates our physical retail stores with our digital commerce platforms to provide golfers with a seamless shopping experience. The new slogan "Let’s Golf" is MST’s Golf open invitation to every golfer, from first-timers to lifelong players, to belong, to grow and to live the game together Following our 35th anniversary in 2024, the Group has entered a new phase of transformation, laying the foundation for sustainable growth over the next decade. Central to this transformation is the introduction of our 10-year Vision and, for the first time, a clearly articulated Group Purpose, supported by refreshed Mission Statements and Core Values. Together, these define our strategic direction and reinforce a unified identity across the organisation. In conjunction with this, the Group undertook a comprehensive rebranding exercise, reflecting our evolution in a rapidly changing industry landscape. This included the unveiling of a new corporate logo and tagline that resonate with today’s consumers while positioning the Group for future growth.
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