37 ANNUAL REPORT 2025 MST GOLF GROUP BERHAD Retail Revenue RM267.6 million 89.7% of Total Group Revenue Number of Retail Outlets 51 Outlets Brand Footprint > 100 Brands Building on this regional momentum, the Group achieved a significant milestone with its strategic entry into Thailand through the incorporation of a new subsidiary in October 2025. This expansion marks a key step in our mission to establish a dominant Southeast Asia footprint, tapping into one of the region's most established golf markets. We are currently progressing with the renovation and fit-out of our inaugural retail outlet in Thailand, which is expected to officially commence operations in mid 2026. This upcoming launch is anticipated to further diversify our revenue streams and strengthen our competitive positioning within the Southeast Asian golf market. Business Segment Performance Revenue by Segment 89.7% 5.8% 2.7% 1.8% Wholesales RM17.4 million Golf Services RM8.1 million Indoor Golf RM5.2 million Retail RM267.6 million Retail The Group’s e commerce platform continues to enhance digital engagement, expand market reach, and support omnichannel retail growth Retail remained the Group’s largest revenue contributor, generating RM267.6 million in FY2025 and accounting for approximately 89.7% of total Group revenue. While retail revenue declined slightly compared with RM277.7 million in FY2024, the segment demonstrated resilience despite softer consumer demand across the region. The moderation in sales was largely due to weaker demand for golf equipment following the post-pandemic replacement cycle experienced in earlier years.
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