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
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