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.
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