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
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