GOVERNANCE Corporate Governance Overview Corporate Governance Statement Audit Committee Report Risk Management and Internal Control Statement FINANCIAL STATEMENTS Directors’ Report Statement by Directors Statutory Declaration Independent Auditors’ Report Statements of Financial Position Statements of Profit or Loss and Other Comprehensive Income Statements of Changes in Equity Statements of Cash Flows Notes to the Financial Statements ADDITIONAL INFORMATION Additional Compliance Information Directors’ Responsibility Statement Analysis of Shareholdings List of Properties ANNUAL GENERAL MEETING Notice of the Twenty-Fifth Annual General Meeting Proxy Form OVERVIEW About This Report Corporate Information Group Corporate Profile Group Corporate Structure Key Milestones 2025 Awards and Accolades PERFORMANCE Highlights of Financial Performance Statement of Value Added Distribution and Simplified Financial Statement Share Price Performance and Investor Relations Management Discussion and Analysis LEADERSHIP Board of Directors’ Profile Key Senior Management’s Profile OUR BUSINESS AND STRATEGY Our Business Model At Work Matters Impacting Value Creation Strategies to Sustain Value Creation Value Creation Model SUSTAINABILITY STATEMENT Overview FY2025 Sustainability Highlights and Achievements UNSDG Sustainability KPIs and Targets Sustainability Governance Stakeholder Engagement Materiality Matters IFRS S2 Climate Related Disclosures Bursa Malaysia Prescribed Table WHAT’S INSIDE 02 06 08 10 12 13 14 16 17 19 34 41 44 49 57 62 64 65 66 73 74 87 89 144 157 158 164 181 186 190 195 195 196 200 202 203 206 211 289 294 295 298 300
Zetrix AI Berhad (“Zetrix AI” or “the Company”), formerly known as MY E.G. Services Berhad, and its subsidiaries (the “Group”) presents its Integrated Annual Report (“IAR”) for the financial year (“FY”) ended 31 December 2025 (“FY2025”) (“IAR2025”). Contents for Zetrix AI’s IAR2025 have been developed in accordance with the principles-based framework of Integrated Reporting as well as other reporting frameworks as follows: • Main Market Listing Requirements (“MMLR”) of Bursa Securities Malaysia Berhad (“Bursa Securities”) • Malaysian Financial Reporting Standards (“MFRS”) • International Financial Reporting Standards (“IFRS”) • National Sustainability Reporting Framework (“NSRF”) • Bursa Malaysia Sustainability Reporting Guide, 3rd Edition (“SRG3”) • Task Force on Climate-Related Financial Disclosures (“TCFD”) • FTSE4Good Bursa Malaysia Index Disclosures (“FTSE Russell’s ESG Data Model”) • Malaysian Code on Corporate Governance (“MCCG”) • Companies Act 2016 (“Act”) • ISO 31000 Risk Management Standard implemented in 2013 The usage of the Integrated Reporting framework enables Zetrix AI’s transition into progressively adopting the NSRF, which includes IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Disclosure (“S1”) and IFRS S2 Climate Related Disclosures (“S2”). In essence, the focus of Zetrix AI is to present meaningful disclosures that meet the information needs of diverse stakeholders and providers of capital. ABOUT THIS REPORT 02
ABOUT THIS REPORT (cont’d) Sustainability information tailored to audience needs Investor-focused general-purpose financial reporting Other corporate reporting (multi-stakeholder focus) Financial statements Sustainability-related financial disclosures GAAP-agnostic integrated reporting Accounting Sustainability Through its integrated reporting approach, Zetrix AI intends to provide comprehensive disclosures on material information that extend beyond its financial performance, but to also present narratives on matters that erode, sustain and enhance value creation over the short, medium and long-term perspectives. Business strategies to sustain value creation ESG matters that impact enterprise value creation Stakeholders influence and impact Significant capital dependencies Risks and opportunities Integrated Annual Report 2025 Multi-Capital Lens 03 OVERVIEW
BASIS OF REPORT PREPARATION AND CONTENT DETERMINATION Zetrix AI has drawn from the following in determining content for inclusion in IAR2025: Disclosures Driven by Regulatory Requirements Material ESG Disclosures from an Impact Materiality Perspective Material ESG Disclosures from a Financial Materiality Perspective Information Explaining the Group’s Business Model Forward-Looking Information Other Useful Information Zetrix AI Considers the Following for IAR2025’s Content 1 2 3 4 5 6 Specifically, in reference to the flow of content, the sequencing and focus on Integrated Reporting Content Elements were driven by a strategic approach developed during a previous Integrated Reporting Strategy Workshop as well as material disclosure requirements based on the following IFRS Accounting Standards’ principle: Information is material if omitting, misstating or obscuring it could reasonably be expected to influence investor decisions. Progressively adopting a double materiality approach, IAR2025 looks to identify significant material topics that would impact financial value creation and the associated risks and opportunities for each topic. Disclosures on environmental, social and governance (“ESG”) material from an impact materiality perspective are also provided in the Sustainability Statement presented in IAR2025. These disclosures have set the foundation for Zetrix AI reporting thus far, as the Group embarks on embedding the NSRF into its reporting disclosures from FY2025 onwards, simultaneously promoting a gradual incorporation of IFRS S1 and IFRS S2 into how we report sustainability-related and climate-related risks and opportunities. IAR2025 has been reviewed and approved by the Management of Zetrix AI prior to publication. No assurance has been undertaken with regard to Integrated Reporting. Internal assurance shall be progressively adopted in subsequent years’ reporting. IAR2025 REPORTING SCOPE & BOUNDARY SCOPE IAR2025 provides disclosures pertaining to the business operations, activities, processes, employees and, where relevant, the supply chain of the Group. In addition, the following Global Reporting Initiative (“GRI”) reporting principles have also been applied in determining report content: stakeholder inclusiveness, sustainability context, completeness of information, balance, comparability, accuracy, timeliness, reliability and clarity. IAR2025 provides disclosures for the financial period of FY2025, which is the period commencing from 1 January 2025 to 31 December 2025. BOUNDARY An equity scope is applied whereby all operating entities of which Zetrix AI has a majority equity stake have been included in the report. In essence, the scope is applied to the listed entity and all subsidiaries in which Zetrix AI holds a majority ownership position of 51% or more. ABOUT THIS REPORT (cont’d) 04
ABOUT THIS REPORT (cont’d) REPORT DISTRIBUTION AND AVAILABILITY IAR2025 is available for download in PDF format in the corporate website via the following link: https://www.zetrix.com/investor-relations/reports-presentations/. IAR2025 is also available for download on Bursa Malaysia’s website. FORWARD-LOOKING STATEMENTS This report contains information on Zetrix AI’s strategic priorities, anticipated risks and opportunities, industry outlook and the Group’s prospects. All information herewith was collated based on reasonable assumptions using existing forecast models and present market conditions, which may change due to a wide range of factors that are beyond the Group’s control. As such, all forward-looking statements are not conclusive. Actual plans and results may differ from those expressed in this report. Forward-looking statements do not serve as guarantees of future operational or financial results or any other kind of outcome. Such have not been reviewed or audited by an external auditor. ASSURANCE Financial data disclosed have been audited by Messrs TGS TW PLT and, based on their findings, present a true and fair view of the Group’s fiscal position for FY2025. Non-financial information have been assessed and reviewed internally by the Group’s Senior Management and it is of their view that all narratives, disclosures and data presented have been internally verified by the respective data owners for accuracy and veracity. Furthermore, the assessment processes include verifying the data collection process, including verification of data sources, such as the point of origin of all collected data and information, the treatment of said data and information i.e. whether they were processed, aggregated, analysed, represented, or were presented in raw form for publication in IAR2025, and importantly if the data and information remained accurate as they were channelled across the dissemination process. It is of the Management’s view that the non-financial data and information presented in IAR2025 are to the best knowledge of the Management to be accurate and present a fair view of the Group. FEEDBACK Feedback on this report and the issues covered can be channelled to our Investor Relations unit at (Tel) +603-7664 8000 or via e-mail to investors@myeg.com.my. DIRECTORS’ STATEMENT OF RESPONSIBILITY The Board of Directors (“Board”) acknowledges that IAR2025 has been developed based on good governance practices and guided by the aforementioned reporting frameworks. The Board also provides assurance that the financial statements audited by Messrs TGS TW PLT were prepared in accordance with the relevant standards and frameworks, including the MFRS and IFRS. 05 OVERVIEW
CORPORATE INFORMATION 06
Dato' Sri Mohd Mokhtar Bin Mohd Shariff Chairman Dato' Othman Bin Semail Member Wong Kok Chau Member Mohaini Binti Mohd Yusof Chairman Datuk Mohd Jimmy Wong Bin Abdullah Member Dato' Sri Mohd Mokhtar Bin Mohd Shariff Member Wong Kok Chau Chairman Dato' Othman Bin Semail Member Mohaini Binti Mohd Yusof Member Wong Kok Chau Chairman Wong Thean Soon Member Risk Management Committee Dato' Othman Bin Semail Chairman Wong Kok Chau Member Datuk Mohd Jimmy Wong Bin Abdullah Member Company Secretary Chin Wai Yi (MAICSA 7069783) (SSM PC No. 202008004409) Corporate Head Office Level 43A, Zetrix Tower, Empire City No. 8, Jalan Damansara, PJU 8 47820 Petaling Jaya Selangor, Malaysia Tel : 03-7664 8000 Fax : 03-7664 8008 Email : investors@myeg.com.my Website : www.myeg.com.my Registered Office E-10-4, Megan Avenue 1 189, Jalan Tun Razak 50400 Kuala Lumpur W.P Kuala Lumpur Malaysia Tel : 03-2181 0516 Fax : 03-2181 0516 Email : office@gapadvisory.my TGS TW PLT (202106000004 (LLP0026851-LCA) & AF 002345) Unit E-16-2B, Level 16, ICON Tower (East) No 1, Jalan 1/68F, Jalan Tun Razak 50400 Kuala Lumpur W.P. Kuala Lumpur Tel : 03-9771 4326 Fax : 03-9771 4327 GAP Advisory Sdn Bhd E-10-4, Megan Avenue 1 Registration No. 202001042098 (1398419-T) 189, Jalan Tun Razak 50400 Kuala Lumpur W.P Kuala Lumpur Malaysia. Tel : 03-2181 0516 Fax : 03-2181 0516 Email : ir.shareregistry@gapadvisory.my AmBank (M) Berhad CIMB Bank Berhad HSBC Bank Malaysia Berhad Malayan Banking Berhad Public Bank Berhad RHB Bank Berhad Bank Kerjasama Rakyat Malaysia Berhad Main Market of Bursa Malaysia Securities Berhad Stock Name : ZETRIX Stock Code : 0138 Remuneration Committee Nomination Committee Audit Committee Employees' Share Option Scheme Committee Auditors Share Registrar Principal Bankers Stock Exchange Listing CORPORATE INFORMATION (cont’d) 07 OVERVIEW
GROUP CORPORATE PROFILE Zetrix AI, Malaysia’s premier digital services company, is leading the way in the deployment of blockchain technology and artificial intelligence (“AI”) in powering the public and private sectors across ASEAN. Headquartered in Malaysia, Zetrix AI started operations in 2000 as a pioneer in the provision of electronic government services (“e-Government services”) and complementary commercial offerings in its home country, spanning the online delivery of major government services to a variety of commercial offerings in the areas of immigration, automotive, healthcare and financial services, among others. Today, committed to leading the region’s digital revolution, Zetrix AI has advanced to the forefront of technology transformation in the broader region, leveraging its Layer-1 blockchain platform, Zetrix, and embracing the convergence of Web3, AI and robotics to enable optimally-efficient, intelligent and secure cross-border transactions, digital identity interoperability and automation solutions that seamlessly connect people, businesses and governments. Entrusted by regional governments to provide vital services of national and international importance, Zetrix AI is actively working today with the likes of the Road Transport Department (“JPJ”), the Immigration Department (“JIM”) and MIMOS Berhad in Malaysia, the National Bureau of Investigation (“NBI”) and the Bureau of Internal Revenue in the Philippines, as well as the General Administration of Customs of the People’s Republic of China (“GACC”), China Academy of Information and Communications Technology (“CAICT”) in China, among others. The Group is also endorsed by the International Finance Corporation (“IFC”) of the World Bank Group via an equity investment. In addition, the Group also provides a myriad of consumer / commercial-based services. In doing so, Zetrix AI enables easy and seamless access to various government and commercial services affordably and provides a complete digital solution. Please refer to our Business Model section for specific information on how Zetrix AI delivers e-Government and commercial services and the specific values (outputs and outcomes generated) through the business model. WHO WE ARE WHAT WE DO Builder and provider of a leading technological ecosystem that enables more intelligent, secure and efficient e-Government and complementary commercial services within and across borders. BUSINESS MODEL Harness innovations in Web3, AI and Robotics to create in-demand solutions that bring services and offerings closer to customers and meet present and evolving market needs. FINANCIAL AND STAKEHOLDER VALUES CREATED Competitive propositions that deliver convenience, ease of access, protection assurance, development of technology, innovation, affordability and ultimately customer satisfaction. WHOM WE SERVE Federal, state and municipal governments, regulatory bodies and agencies, economic and industrial sectors, commercial businesses and the general public. OUR SERVICES IN MALAYSIA • Payment of compound / summons / assessment • Assessment and payment of zakat • Auto financing • Auto insurance • Blockchain Identity, Verifiable Credentials and Blockchain-based Agreement Signing • Competent Driving Licenses (“CDL”) renewal • CRIF Bizinsight Services • Driver’s theory test • Foreign worker insurance • Foreign worker recruitment and placement • Insolvency search • Renewal of driver’s licence • MyAssist 24/7 roadside assistance • MYDATA-SSM Services • MyStay foreign worker accommodation services • One-stop portal for managing workforce • Online media • Payment solution services • Payroll management • Personal and business financing • Remittance • Renewal of foreign worker’s permit • Renewal of road tax • Renew Now, Pay Later (“BNPL”) scheme for road tax and motor insurance • Vehicle ownership transfer • Zetrix Layer-1 blockchain • ZTradeFi supply chain financing solution • MYEG Drive Testing System • ZTrade - China customs clearance processing • ZeFi - Zetrix staking • ZCert and ZID Verificable Credentials • Zetrix DAO: Miss Universe Global Blockchain Voting App • Zetrix Multi-Chain Wallet • Digital ID Integrated Superapp • Credit Bureau Malaysia MySCoRE Report • BNPL scheme for automotive services • e-Bank Guarantee • Waqf Online Payment System • Malaysia Blockchain Infrastructure • NurAI – Shariah-aligned Large Language Model (“LLM”) • Stablecoin issuance platform • Yooride • Blockchain-based Digital Public Infrastructure (“DPI”) services 08
GROUP CORPORATE PROFILE (cont’d) Our Offices and Service Centres in Malaysia BUSINESS MODEL Harnessing inherent and external technological capabilities to create in-demand solutions that bring services and offerings closer to customers and meet present and evolving market needs. WHOM WE SERVE Federal, state and municipal governments, regulatory bodies and agencies, economic and industrial sectors, commercial businesses and the general public. FINANCIAL AND STAKEHOLDER VALUES CREATED Competitive propositions that deliver convenience, ease of access, protection assurance, development of technology, innovation, affordability and ultimately customer satisfaction. WHAT WE DO Provider of digital e-Government and commercial services as well as various other technologically enabled products and solutions. CHINA PHILIPPINES MALAYSIA INDIA SRI LANKA SINGAPORE Bay of Bengal MYANMAR LAOS THAILAND CAMBODIA EAST TIMOR ARABIAN SEA BRUNEI VIETNAM Penang Malacca Terengganu Kedah Sarawak Sabah Selangor Kuala Lumpur Negeri Sembilan Johor Pahang Kelantan Perlis Perak GOING BEYOND MALAYSIA Zetrix AI’s successful business model has been rolled out across Asia, with the Group having expanded its presence regionally, particularly to the Philippines, Hong Kong and China. The elevation of the Group’s Zetrix blockchain to having the status of being the first international supernode of China’s Xinghuo Blockchain Infrastructure and Facility (“Xinghuo BIF”) network, as part of a broader Web3 collaboration with the CAICT, a scientific research institute under China’s Ministry of Industry and Information Technology, has paved the way for Zetrix AI to play a pioneering role in introducing game-changing decentralised applications that aim to revolutionise crossborder trade and credentials verification, and catalyse the AI and blockchain space as a whole in the region. capabilities to create in-demand solutions that bring services and offerings closer to customers and meet present and evolving market needs. regulatory bodi agencies, econ and industrial s commercial bus and the general Competitive propositions that deliver convenience, ease of access, protection assurance, development of technology, innovation, affordability and ultimately customer satisfaction. commercial services as well as various other technologically enabled products and solutions. CHINA PHILIPPINES MALAYSIA INDIA SRI LANKA SINGAPORE Bay of Bengal MYANMAR LAOS THAILAND CAMBODIA EAST TIMOR ARABIAN SEA BRUNEI VIETNAM Penang Malacca Terengganu Kedah Sarawak Sabah Selangor Kuala Lumpur Negeri Sembilan Johor Pahang Kelantan Perlis Perak OUR SERVICES IN INTERNATIONAL MARKETS • Electronic business permits and licences for local government units • MYEG insurance portal • MYEG-Landbank Linkbiz e-Payments • NBI clearance renewal and delivery • Civil Service Commission Regional Office online payment • National Home Mortgage Finance Corporation (“NHMFC”) online payment • NurAI - Shariah-aligned LLM • Online payment of fees to the Philippine Economic Zone Authority (“PEZA”) • Online payment of income taxes to the Bureau of Internal Revenue (“BIR”) • Online payments for HealthMetro Manila Center for Health Development (“DOH-MMCHD”) • PhilHealth Voluntary Members Payment • Securities and Exchange Commission registration and fee payment • Social Security System online payment • Subic Bay Metropolitan Authority (“SBMA”) Electronic Billing and Payment System (“eBPS”) • Tourism Infrastructure and Enterprise Zone Authority (“TIEZA”) Online Travel Tax Services System (“OTTSS”) • ZCert and ZID Verifiable Credentials • Zetrix Layer-1 blockchain • Zetrix Multi-Chain Wallet • Zidentity - E-signing service • ZTrade - China customs clearance processing • ZTradeFi - Supply Chain Financing • Zetrix DAO: Miss Universe Global Blockchain Voting App 09 OVERVIEW
MYEG (BD) Ltd. Engaging in the business of technology services and e-government services in Bangladesh. MY EG (Bangladesh) Sdn. Bhd. Investment holding. 40% 100% GROUP CORPORATE STRUCTURE MY E.G. Digital ID Sdn. Bhd. Development and implementation of distributed ledger technology and solutions for digital identification services. ZETRIX AI BERHAD (formerly known as MY E.G. SERVICES BERHAD) Development and implementation of the electronic Government services project, provision of other related services for the electronic Government services project, provision of information technology solutions and services, and investment holding. Gale Vector Sdn. Bhd. Provision of software solutions and maintenance services and other ancillary services. MY E.G. Commerce Sdn. Bhd. Principally engaged in the business of providing auto insurance intermediary services and other related ancillary services. MY EG Management Services Sdn. Bhd. Provide management and consultancy services. JMYR Sdn. Bhd. Investment holding. MYEG Philippines, Inc. Development and Implementation of e-Government services projects and provision of other related services including payment services in the Republic of the Philippines. Zetrix Technology Sdn. Bhd. Development, management, and commercialization of intellectual property related to distributed ledger and artificial intelligence technologies, including licensing and royalty activities under Zetrix related initiatives. MY E.G. Integrated Networks Sdn. Bhd. Provision of software and hardware solutions and related services. MY EG Sdn. Bhd. Principally engaged in the business of development and implementation of the electronic Government services project and the provision of other related services. MYEG Trade Sdn. Bhd. Trading of motor vehicles, rental of motor vehicles, and provision of ancillary services. NFT Capital (Labuan) Co., Ltd. Investment holding. MYEG Auto Assist Sdn. Bhd. Provision of motor vehicles inspection, maintenance and repair of motor vehicles, motor vehicles breakdown assistance with towing services, sale of removable motor vehicle spare parts, and provision of membership in relation thereto. Ridenow Sdn. Bhd. Online dealer to dealer (BWB) and customer to dealer (C2B) bidding platform, vehicle ownership transfer (VOT) integration, mobile inspection and realtime pricing (RTP), extended warranty and roadside assistance services etc. NFT Capital Sdn. Bhd. Activities of holding companies. MY EG Lodging Sdn. Bhd. Build, own and operate hostels for foreign workers. NFT Creative Sdn. Bhd. To carry on the business of providing solutions and technical services and support related to applications and software development. MYEG TwoCar Sdn. Bhd. Provision of undertaking the registration and transfer of motor vehicle ownership business segment, providing complementary services arising from new and used car dealers and ancillary services. MYEG FWA (Tanjong Langsat) Sdn. Bhd. Property investments and provision of workers accommodation services. MY EG Lodging (NC) Sdn. Bhd. Property investments and provision of workers accommodation services. MY EG Lodging (Muar) Sdn. Bhd. Property investments and provision of workers accommodation services. MY EG Lodging (SB) Sdn. Bhd. Property investments and provision of workers accommodation services. MY EG International Sdn. Bhd. Undertaking investments and joint ventures in foreign countries. MY EG (Indonesia) Sdn. Bhd. Investment holding. PT MYEG Services Indonesia Build, own and operate a digital platform for commercial services. Zetrix Foundation To act as a holding company for all of its intellectual property and investment holding. 100% 100% 100% 100% 50% 100% 49% 40% 100% 100% 100% 100% 100% 60% 100% 65% 100% 100% 100% 100% 100% 80% 100% 100% Zetrix SG Pte. Ltd. Investment holdings. W3 Connect Sdn. Bhd. Management consultancy services. Zetrix Ltd. Investment holding. 100% 50% 100% 100% 10
MYEG Travel Services Sdn. Bhd. Travel agent activities including domestic & international tourism management business and travel agency business. GROUP CORPORATE STRUCTURE (cont’d) Zetrix Fintech Sdn. Bhd. Provision of digital solutions and ancillary services as well as investment holding company. MY EG (Philippines) Sdn. Bhd. Investment holding. MY EG (Thailand) Sdn. Bhd. Investment holding. Zetrix Tech Development (Shanghai) Co., Ltd. Provision of all kinds of technology services, development, consulting, technology transfer, trading of computer hardware and software and other related activities. 70% 49% 100% 100% 100% MY E.G. Capital Sdn. Bhd. Investment holding. Agensi Pekerjaan MY EG Jobs Sdn. Bhd. To carry on business as private employment agency to recruit and place a worker to another employer. PayMe Sdn. Bhd. Provision of human resource management and payroll solutions. 100% 100% MY E.G. Alternative Payment Services Sdn. Bhd. Providing and operating an electronic payment and remittance platforms for the issuance, transfer, clearance and settlement of electronic money and all ancillary products and services related to it. 100% MY EG Finance Technologies Sdn. Bhd. Provision of financing, leasing or hire purchase services, credit granting activities and money lending services. 100% MY EG E-Settlement Sdn. Bhd. Providing of software solutions and maintenance services. 100% MY EG Ad Networks Sdn. Bhd. Providing of advertisement and marketing services. 100% 100% MY EG Islamic Finance Sdn. Bhd. Provision of Islamic financing, leasing and other Islamic credit granting activities. 100% Beli Mart Sdn. Bhd. To build, develop, own, and operate e-commerce platform. 100% Mydigitalcoin Sdn. Bhd. Provision of payment solutions and related services. Zetrix Sdn. Bhd. Development and provision of distributed ledger technology and solutions related products and services. My Blockchain Infrastructure Sdn. Bhd. Design, develop, market, operate, and where necessary, vary and upgrade the Malaysia Blockchain Infrstructure and its related application (MBI) and the applications to be built and run on MBI. MYEG Pharma Sdn. Bhd. Manufacturing, trading, export and import, and distribution of medical devices and equipment and related ancillary services. 100% 100% 56% 100% 49% Hurr TV Sdn. Bhd. Build, own and operate an online TV channel and e-commerce platform. Picasso Media Sdn. Bhd. Provision of diversified media solutions and related professional services. CardBiz Holding Sdn. Bhd. Investment holding. POSPay Sdn. Bhd. (f.k.a. Buy Now Asia Sdn. Bhd.) Provision and distribution of customised Point-of-Sale (POS) and payment system solutions, including development and integration with banks and third-party systems, and offering end-to-end solutions for seamless payment processing. CardBiz Solutions Sdn. Bhd. Engaged in the business as an information and communication technologies software solution provider that provide software and system customisation for the clients. Providing turnkey solution including supplying of networking, tele-communication, computer software and hardware related products. CardBiz Technologies Sdn. Bhd. Trading of computer hardware, software, printer, accessories, peripherals, equipment and electronic products. CardBiz Payment Services Sdn. Bhd. Information technology, credit card terminal rental and other related activities. CardBiz eServices Sdn. Bhd. Engaged in the business of providing infrastructure for hosting, data processing services and related activities. Dinamik Koridor Sdn. Bhd. Activities of holding companies. 33% 60% 60% NFT Pangolin Technologies Sdn. Bhd. Development and provision of computer services, other information technology services and investment holding. 51% Essential Reviews Sdn. Bhd. Provision of digital platform for reviews and news on restaurants and food and beverage businesses, with advertising or marketing possibilities of related brands. 67% 55% 100% 100% 100% 100% 100% MY AdMarket Sdn. Bhd. Activities of holding companies. 40% Car X Services Sdn. Bhd. Principally engaged in the business of operating and managing automotive classified web portals; other value added services for automotive classified web portals. 55% MY EG (Thailand) Co., Ltd. Engage in diverse business activities, including but not limited to property management, financial services, construction, transportation, hospitality, healthcare, entertainment, retail, consulting, trading of various goods and commodities, provision of services, technology development and governmental/e-governmental system services. 100% MYEG Vac Sdn. Bhd. To market medical products and services. 11 OVERVIEW
KEY MILESTONES 2025 January i. Partnered with MyDigital ID Solutions Sdn Bhd to develop the MyDigital ID Superapp, a blockchain-powered national digital identity ecosystem. ii. Partnered with CycleX to launch a USD1.5 mil CycleX Zetrix Tokenised Fund ($CZTF), which offers investors a diversified portfolio of Real-World Assets (“RWA”) and crypto assets. March i. Partnered with Pusat Pungutan Zakat Majlis Agama Islam Wilayah Persekutuan (“PPZ-MAIWP”) to launch a new Waqf Online Payment System through the MYEG portal to reduce fraud risk and enhance accessibility for waqf contributions. April i. Announced establishment of flagship ASEAN China AI Lab. ii. Jointly announced with MIMOS Berhad the operationalisation of the Malaysia Blockchain Infrastructure. May i. Forged partnership with Singapore Trade Data Exchange Services Pte. Ltd. (“SGTraDex”) to enhance MalaysiaSingapore digital trade connectivity. June i. MY E.G. SERVICES BERHAD changed its company name to “ZETRIX AI BERHAD” pursuant to the shareholders’ voting results at the Twenty-Fourth Annual General Meeting held on 23 June 2025. August i. Launched NurAI, world’s first shariahaligned LLM. ii. Announced expansion of ASEAN China AI Lab to Indonesia. September i. Signed a Letter of Intent (“LOI”) with the Government of Malaysia, through the Prime Minister’s Department (Religious Affairs), to collaborate on establishing the foremost global framework for Shariah compliance, certification and governance in AI. ii. Partners with Miss Universe Organization (“MUO”) to launch the Miss Universe Global Blockchain Voting App. November i. PayMe Sdn. Bhd. a sub-subsidiary of Zetrix AI, entered into a Subscription Agreement and Shareholders’ with MIMOS Holdings Sdn. Bhd. and My Blockchain Infrastructure Sdn. Bhd. to facilitate the cooperation of the Parties in the implementation of the Malaysia Blockchain Infrastructure. ii. Zetrix AI and the Federation of Malaysian Freight Forwarders (“FMFF”) reaffirmed their commitment to jointly drive the full adoption of digital cross-border trade processing — beginning with the implementation of digital Certificates of Origin for trade between Malaysia and China. December i. The Regent of Johor launched Ringgitbacked stablecoin and Digital Asset Treasury on Zetrix. 12
AWARDS AND ACCOLADES December 2025 FTSE4Good – Continued inclusion as a constituent of FTSE4Good Index Series. FTSE ESG score of 3.8 January 2026 Won the Silver award in the e-commerce category at the Putra Aria Brand Awards 2025. 13 OVERVIEW
Revenue Shareholders’ Equity (RM’000) Net Earnings Per Share (Sen) Total Assets (RM’000) Net Profit Attributable to Owners of the Company (RM’000) Net Tangible Assets Per Share (Sen) 5-year CAGR(1) 26.5% 5-year CAGR(1) 20.3% 5-year CAGR(1) 26.6% 5-year CAGR(1) 31.4% (RM’000) FY2025 FY2025 3,732,649 FY2025 5,555,925 FY2025 11.3 FY2025 10.9 1,335,272 FY2024 1,016,900 FY2021 FY2022 FY2020 FY2023 774,261 651,107 530,463 721,877 FY2021 FY2022 FY2020 FY2023 FY2024 2,843,892 2,204,088 1,875,977 1,149,222 1,547,063 FY2021 FY2022 FY2020 FY2023 FY2024 9.4 6.6 5.4 3.8(2) 4.3 FY2021 FY2022 FY2020 FY2023 FY2024 707,690 FY2025 870,663 487,648 398,662 268,656 315,940 FY2021 FY2022 FY2020 FY2023 FY2024 4,246,645 3,217,778 2,539,677 1,416,735 1,883,604 FY2021 FY2022 FY2020 FY2023 FY2024 13.1 13.1 16.6 13.8(2) 16.2 Notes:- (1) CAGR = Compounded Annual Growth Rate. (2) The comparative figures for net tangible assets per share and net earnings per share have been restated to reflect the adjustment arising from the bonus issue completed during FY2021. HIGHLIGHTS OF FINANCIAL PERFORMANCE 14
PERFORMANCE HIGHLIGHTS OF FINANCIAL PERFORMANCE (cont’d) Group Income Statements As at 31 Dec (RM’000) FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Revenue 530,463 721,877 651,107 774,261 1,016,900 1,335,272 EBITDA (1) 312,593 377,890 475,636 592,700 842,672 1,035,604 Profit Before Tax (“PBT”) 268,958 320,683 404,367 489,405 719,234 868,576 Net Profit 267,194 316,705 400,402 486,839 708,050 869,227 Net Profit Attributable to Owners of the Company 268,656 315,940 398,662 487,648 707,690 870,663 Total Comprehensive Income 267,176 316,704 400,416 479,802 722,956 859,521 Group Balance Sheets As at 31 Dec (RM’000) FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Total Non-Current Assets 866,174 1,234,237 1,690,098 2,069,768 2,868,825 3,799,036 Total Current Assets 550,561 649,367 849,579 1,148,010 1,377,820 1,756,889 TOTAL ASSETS 1,416,735 1,883,604 2,539,677 3,217,778 4,246,645 5,555,925 Financed By: Share Capital 634,262 854,895 904,077 962,017 1,024,711 1,304,784 Treasury Shares (61,652) (12,364) (36,642) (81,258) (81,643) (50,725) Other Reserves 6,421 6,420 6,434 (671) 14,235 4,529 Retained Profits 570,191 698,112 1,002,108 1,324,000 1,886,589 2,474,061 Shareholders’ Equity 1,149,222 1,547,063 1,875,977 2,204,088 2,843,892 3,732,649 Minority Interests (6,399) (5,614) (3,874) (3,802) (2,692) (5,488) Total Equity 1,142,823 1,541,449 1,872,103 2,200,286 2,841,200 3,727,161 Total Non-Current Liabilities 125,124 101,397 331,017 731,028 1,166,085 1,251,390 Total Current Liabilities 148,788 240,758 336,467 286,464 239,360 577,374 TOTAL EQUITY AND LIABILITIES 1,416,735 1,883,604 2,539,677 3,217,778 4,246,645 5,555,925 Financial Analysis FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Revenue Growth (10.6%) 36.1% (9.8%) 18.9% 31.3% 31.3% PBT Growth (12.4%) 19.2% 26.1% 21.0% 47.0% 20.8% Net Profit Growth (11.6%) 18.5% 26.4% 21.6% 45.4% 22.8% EBITDA Margin 59.0% 52.3% 73.1% 76.6% 82.9% 77.6% PBT Margin 50.7% 44.4% 62.1% 63.2% 70.7% 65.0% Net Profit Margin 50.6% 43.9% 61.5% 62.9% 69.6% 65.1% Return on Average Equity 29.0% 23.5% 23.4% 23.9% 28.1% 26.5% Return on Average Total Assets 22.0% 19.1% 18.0% 16.9% 19.0% 17.8% Net Tangible Assets Per Share (Sen) 13.8 (2) 16.2 16.6 13.1 13.1 10.9 Net Earnings Per Share (Sen) 3.8 (2) 4.3 5.4 6.6 9.4 11.3 Notes:- (1) EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization. (2) The comparative figures for net tangible assets per share and net earnings per share have been restated to reflect the adjustment arising from the bonus issue completed during FY2021. PEORFVOERVMIAEWNCE 15
STATEMENT OF VALUE ADDED DISTRIBUTION AND SIMPLIFIED FINANCIAL STATEMENT The Statement of Value Added Distribution and Simpli ed Financial Statement in IAR2025 provides readers a concise but comprehensive view of the Group’s nancial performance beyond revenues and earnings, where Zetrix AI also generates indirect economic values which bene t stakeholders: Simplified Statement of Total Assets FY2025 Total Liabilities and Shareholders' Equity FY2025 Statement of Value Added Distribution FY2025 (RM million) 1,200.00 1,400.00 1,335.27 385.31 Revenue Operating Expenses 1,000.00 800.00 600.00 400.00 200.00 0.00 Trade Receivables RM323.71 million Property and Equipment RM332.51 million Cash and Cash Equivalents RM533.06 million Financing Receivables RM166.14 million Share Capital RM1.30 billion Borrowings RM1.68 billion Retained Pro ts RM2.47 billion Trade Payables RM24.61 million 16
PERFORMANCE 0 0.2 0.4 0.6 0.8 1 1.2 Close - 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 300,000,000 350,000,000 400,000,000 Volume SHARE PRICE PERFORMANCE AND INVESTOR RELATIONS Share Price Performance l High (19 Feb 2025): RM1.060 l Low (6 Feb 2026): RM0.635 l Closing Price as at 1 April 2026: RM0.755 l Closing Price as at 31 December 2025: RM0.810 l Market Capitalisation as at 1 April 2026: RM5,992 million l Market Capitalisation as at 31 December 2025: RM6,319 million PEORFVOERVMIAEWNCE 17
SHARE PRICE PERFORMANCE AND INVESTOR RELATIONS (cont’d) Multiple Investor Briefings AGM held on 23 June 2025 Q&A Session with Shareholders Meaningful engagement with investors and other stakeholders remains a pivotal priority for the Group, with a heightened emphasis on investor relations (“IR”) for many years. This focus is reflected in the continued communication and engagement activities undertaken throughout FY2025, aimed at fostering transparency, trust, as well as enhancing market confidence in the Group’s long-term growth trajectory. The Group’s IR activities encompass both mandatory disclosures and proactive communication. On the compliance front, this includes timely announcements of material developments to regulators and ensuring that all stakeholders enjoy equal and fair access to information. These disclosures cover significant events, such as the renewal of concession contracts, the award or acquisition of new projects, expansion into new markets, and changes to the Board or Senior Management. In addition, quarterly financial results and the IAR are consistently published in accordance with Bursa Securities’ requirements. All announcements and reports, including those from previous years, are made readily accessible on both Bursa Malaysia’s platform and the Investor Relations section of the Group’s corporate website. Beyond statutory obligations, the Group recognises that effective IR involves active two-way engagement. During FY2025, this included quarterly results briefings, analyst briefings, meetings with research houses, media engagements, participation in investor roadshows and industry conferences. The purpose of these engagements is: • To enable the Group to deliver key operational updates, including its financial performance and strategic outlook; • To provide clarity to stakeholders on the Group’s operations, performance, risks, and opportunities; • To allow the management team to gather valuable feedback and investor sentiment, which can serve as important input in refining long-term strategies; • To share a well-rounded perspective on the Group’s short-, medium-, and long-term prospects, reinforcing its position as a resilient, innovative player in the blockchain and AI ecosystem. A key highlight of the investment calendar is the Group’s Annual General Meeting (“AGM”). With pandemic-related risks no longer deemed material, 2025 saw the Group returning to hold the AGM physically, thus enabling meaningful and lively engagement with all shareholders who attended. In the 2025 AGM, shareholders were encouraged to actively seek clarification on all matters, with the Board of Directors and Senior Management present to address queries comprehensively. Supporting materials such as the meeting agenda, proposed resolutions and financial disclosures were provided in advance to ensure shareholders were fully equipped to engage in informed discussions. Minutes of the proceedings of the AGM as well as a transcript of the Q&A session were subsequently published on the corporate website. The Group maintains a dedicated e-mail for investors and shareholders to request for pertinent information about company affairs. Queries that were sent through this channel were addressed in a timely manner, while at the same time giving due consideration to the Group’s responsibility as a listed corporation to ensure no material information is disclosed on a selective basis. INVESTOR RELATIONS CONTACT Feedback or queries can be channelled to our Investor Relations unit at (Tel) +603-7664 8000 or via e-mail to investors@myeg.com.my. 18
PERFORMANCE MANAGEMENT DISCUSSION AND ANALYSIS REVIEWING THE MACRO-OPERATING ENVIRONMENT The year 2025 was marked by an uncertain global landscape, with businesses navigating escalating trade tensions and policy uncertainties, especially those stemming from the United States of America (“U.S.”) trade tariffs. Continued inflationary pressures in certain international markets, shifts in political leadership and protracted geopolitical conflicts worldwide also impacted many economies. Nonetheless, Malaysia navigated these headwinds strategically and responsibly. The FY2025 saw Malaysia’s economy demonstrating robust performance to record GDP growth of 5.2%, driven by firm domestic demand and resilient export activity. The labour market remained tight, with an unemployment rate of around 2.9%, while headline inflation stayed moderate within the central bank’s target range, supported by stable commodity prices and policy measures to bolster growth while maintaining price stability. External demand continued to contribute to expansion, with stronger technology and services exports helping sustain output momentum. ZETRIX AI IN FY2025 Malaysia’s positive economic trajectory in FY2025 provided a supportive environment for companies advancing digital transformation, with Zetrix AI standing at the forefront of this evolution. The year was particularly pivotal as the Group embarked on a new chapter under its Zetrix AI identity, a rebranding formalised and announced in June 2025 that symbolises its strategic shift from mainly a conventional e-government services provider to a global technology entity anchored in today’s most advanced innovations in blockchain and AI. Therefore, amidst macroeconomic uncertainties, Zetrix AI remained undeterred in its growth trajectory, posting another set of record financial results in terms of its top and bottom lines. This was powered by the deployment of new applications and solutions within the Web3 + AI space as mainstream adoption of these transformative emerging technologies continued to accelerate. While the long-running e-government services remained a steady contributor to the Group given the nature of such services being essential to the daily lives of individuals and businesses, it was the Web3 + AI ecosystem that was the primary driver of growth during the year, underpinned by the variety of existing and new services launched. These services range from digital identity issuance and verification solutions, to the ZTrade customs clearance processing and NurAI, which is the world’s first Shariah-aligned large language model (“LLM”), blockchain-based voting application for the globally-renowned Miss Universe pageant, and even to the introduction of RMJDT, since renamed JMYR, the first ringgit-pegged stablecoin on the Zetrix blockchain. Building upon the foundations laid in earlier years, FY2025 marked a phase where Zetrix AI’s innovations began to scale commercially. Key services such as ZTrade (Malaysia–China cross-border trade facilitation) and Digital ID offerings continued to gain traction, bolstered by deeper integration with China’s national ecosystem. The roll-out of several real-world decentralised applications in FY2025, many of which being the first of their kind on a domestic and global scale and exclusive to the Zetrix Layer-1 public blockchain platform developed by Zetrix AI, continued to dovetail with strategically-forged partnerships with other leading entities, enabling all parties to combine their respective expertise to jointly create transformative innovations that bring unique value propositions to the marketplace. Noteworthy collaborative endeavours sealed during the year ranged from strategic partnerships with household Chinese technology names to establish the ASEAN China AI Lab initiative, to the formalisation of a joint venture entity with the commercial arm of MIMOS Berhad, Malaysia’s national Applied Research and Development Centre, to implement the Malaysia Blockchain Infrastructure (“MBI”), to a partnership with Singapore Trade Data Exchange Services Pte. Ltd. (“SGTraDex”), Singapore’s digital infrastructure for trade data exchange, to explore the technical integration of their respective platforms to enable a secure and interoperable channel for the exchange of trade-related data, and to a collaboration with the Government of Malaysia, through Jabatan Kemajuan Islam Malaysia (“JAKIM”), to establish a global framework for Shariah compliance and governance in AI, just to name a few. PEORFVOERVMIAEWNCE 19
At the heart of Malaysia’s push for a unified blockchain framework has been the escalating adoption of the MBI and related applications, which became fully operational in 2025. MBI is designed to address ecosystem fragmentation, enabling interoperability across public and private chains, and anchoring applications such as digital identity, supply chain verification, and asset tokenisation. Zetrix AI expects to reap the benefits of these implementations significantly in the coming years as nationwide and region-wide deployment of AI and blockchain services drive recurring and ancillary revenue streams. In fact, the recently-established My Blockchain Infrastructure Sdn. Bhd., which is involved in the design, development, marketing, operations and relevant upgrading of MBI, is intended to play a pivotal role in the country’s digital transformation and the streamlining of a wide range of digital assets, including MyDigital ID verifiable credentials. Complementing the MBI, which uses Zetrix as its core chain, collaboration on the establishment of a Superapp as a robust digital ID ecosystem represents a key step in battling online fraud and cybercrime. These successful developments prove Zetrix AI’s excellence in leveraging its first-mover advantage and unique ecosystem-building capabilities honed through the years, translating into steadily improving financial performance. Remaining attuned to future-focused technological advancements has been instrumental for the Group, with a clear emphasis on harnessing the transformative potential of the intersection of Web3 and AI. Zetrix AI therefore remains well-positioned to maintain its competitive edge and continue driving the future of technological transformation in the region. While the Web3 business retained strong traction in FY2025, Zetrix AI’s long-running Malaysian digital government services also remained a resilient performer, continuing to contribute consistently to overall Group revenue. The Group’s success in evolving its business model, while combining its proven expertise towards harnessing Web3 technologies to deliver innovative solutions for governments, businesses, and individuals alike, continues to firmly position Zetrix AI as a pioneer and leader in shaping the future of digital governance and transactions. It was also notable that Malaysia’s stable political environment during the year ensured continuity in the implementation of government policies, projects and programmes, including ongoing digitalisation initiatives. This provided a supportive operating environment for e-government service providers such as Zetrix AI, enabling continued collaboration with Government agencies and investment in innovation. While there were changes in certain Government concessions, including foreign worker permit renewal processes, the Group maintained and, in some areas, enhanced its role through the early rollout of innovative solutions, reinforcing its position as a key technology partner to the government, as observed through the deployment of the National Integrated Immigration System (“NIISe”) project. At the regional level, the deepening of economic and trade cooperation among ASEAN governments and with China, coupled with a greater push towards digitalisation to facilitate international trade, is lending ever greater relevance to Zetrix AI’s services in enabling secure and efficient cross-border transactions. In this regard, the potential of Zetrix AI’s technology to profoundly transform digital public infrastructure services not only in Malaysia, but across the ASEAN region and broader emerging markets, culminated with a resounding endorsement from the World Bank Group. The recent USD40 million investment by the World Bank Group’s private sector arm, the International Finance Corporation (“IFC”), underscores the scalability and development impact of Zetrix AI’s blockchain-powered applications, which are designed to improve verification of digital identities, digitalisation of trade processes and tokenisation of real-world assets within secure, and interoperable ecosystems. While still-evolving legal and regulatory landscape for AI and blockchain globally may present challenges for innovators due to uneven policy development and a lack of standardisation, Malaysia has made encouraging progress through initiatives such as the Digital Asset Innovation Hub. This is where Zetrix AI’s long-standing position as an innovation leader in Malaysia, supported by close and continuous engagement with government stakeholders, has enabled the Group to effectively navigate regulatory and operational uncertainties associated with the deployment of disruptive technologies. This is demonstrated by key milestones such as the launch of the JMYR stablecoin on the Zetrix platform and the Government’s consent for the Group to proceed with the implementation of digital bank guarantees, underscoring confidence in the Group’s technological capabilities and governance framework. Against this backdrop, Zetrix AI’s early-mover advantage and its portfolio of first-of-their-kind solutions favourably cement the Group as a leading Web3 + AI ecosystem in the region. MANAGEMENT DISCUSSION AND ANALYSIS (cont’d) 20
PERFORMANCE Zetrix AI’s proactive remediation, regulatory engagement and deep technical collaboration with stakeholders in the past financial year have also enabled the Group to overcome its obstacles and emerge stronger in governance and operational resilience, which is especially crucial as it scales its AI and blockchain growth trajectory. For example, while some uncertainties arose during the year pertaining to the status of concessions, quick action was taken by the Group to provide the requisite clarifications to stakeholders to allay concerns. Zetrix AI also continues to diligently engage authorities to ensure services deployed are fully in compliance with prevailing regulations. More details on Zetrix AI’s FY2025 business and operational highlights can be found in the Highlights and Achievements section of this Management Discussion and Analysis. FINANCIAL PERFORMANCE In FY2025, Zetrix AI recorded total revenue of RM1.34 billion compared with RM1.02 billion in the previous financial year, marking a new all-time high, while profit after tax (“PAT”) reached RM869.23 million, a 23% increase from the previous year (FY2024: RM708.05 million). This growth was largely attributable to contribution from service fees from Web3 applications on the Zetrix blockchain platforms, such as the MBI, ZTrade, ZCert, global voting applications and Digital ID registrations and transactions, along with proceeds from the sale of Zetrix tokens and Layer 1 nodes. As in the previous year, existing concession and commercial services also contributed to Revenue and PAT. Since the launch of the Zetrix blockchain platform in mid-2022, the business has grown from strength to strength with each passing year. FY2025 marked a continuation of this upward trend as existing applications gained momentum while a number of new services/applications were brought to market. With the mainstream adoption of blockchain and AI technologies gathering pace, transactions on the Zetrix platform remained on an upward trajectory in FY2025, with daily transaction counts on the blockchain even hitting several million transactions on some days. Overall, the blockchain + AI ecosystem was the key earnings growth driver for the Group in FY2025 and emerges as the single biggest vertical in terms of revenue contribution. This further cements its potential to drive the Group’s next phase of growth, with its solid momentum complementing the continued contributions from the Group’s established e-Government services, reinforcing a balanced and sustainable growth trajectory. SUKUK WAKALAH PROGRAMME The Sukuk Wakalah Programme provides flexibility for Zetrix AI to issue Sukuk Wakalah in compliance with, amongst others, Green/Social/Sustainability/Sustainable and Responsible Investment (“SRI”) Sukuk guidelines, frameworks, standards or principles issued by the SC, the ASEAN Capital Markets Forum and the International Capital Market Association. In July 2025, the Sukuk Wakalah Programme underwent an upsizing of up to RM1.0 billion in nominal value to RM2.0 billion in nominal value based on the Shariah principle of Wakalah Bi Al-Istithmar. Proceeds from the upsizing will be mainly used for the ongoing expansion of the Zetrix AI group of companies’ blockchain and AI initiatives. In FY2025, Zetrix AI raised an additional RM487.50 million, bringing the total raised through the Sukuk Wakalah programme to around RM1.49 billion. MARC Ratings has affirmed its long-term rating of AA-IS with a stable outlook for the Islamic Medium-Term Notes (“IMTN”) Programme. MANAGEMENT DISCUSSION AND ANALYSIS (cont’d) PEORFVOERVMIAEWNCE 21
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