NOTES TO THE FINANCIAL STATEMENTS For the Financial Year Ended 31 December 2025 (cont’d) 48. Capital management The Group manages its capital to ensure that entities within the Group will be able to maintain an optimal capital structure so as to support their businesses and maximise shareholders’ value. To achieve this objective, the Group may make adjustments to the capital structure in view of changes in economic conditions, such as adjusting the amount of dividend payment, returning of capital to shareholders or issuing new shares. The Group manages its capital based on debt-to-equity ratio that complies with debt covenants and regulatory, if any. The debt-to-equity ratio is calculated as net debt divided by total equity. The Group includes within net debt, loans and borrowings from financial institutions less cash and cash equivalents. Capital includes equity attributable to the owners of the parent and non-controlling interest. The debt-to-equity ratio of the Group at the end of the reporting period was as follows: Group 2025 2024 RM’000 RM’000 Loans and borrowings 1,681,157 1,264,904 Lease liabilities 18,767 25,797 1,699,924 1,290,701 Less: Deposits with licensed banks (22,320) (24,643) Less: Cash and cash equivalents (510,743) (349,551) Net debt 1,166,861 916,507 Total equity 3,727,161 2,841,200 Gearing ratio (times) 0.31 0.32 49. Date of authorisation for issue The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the Directors on 29 April 2026. 288
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