AGX GROUP BERHAD — Interim / Quarterly Report 2026

May 27, 2026

• Air
• Sea
• Land

AGX GROUP BERHAD

(Registration No. 201901042663 (1351993-K))

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT

FOR THE FIRST QUARTER ENDED 31 MARCH 2026

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE FIRST QUARTER ENDED 31 MARCH 2026(1)

	Note	Quarter and Year-To-Date Ended
		Unaudited
31.03.2026
RM'000	Unaudited
31.03.2025
RM'000
Revenue	A9	83,122	61,832
Cost of sales		(63,039)	(43,182)
Gross profit		20,083	18,650
Other income		204	331
Administrative expenses		(13,054)	(13,953)
Other expenses		(2,025)	(848)
Finance costs		(662)	(576)
Net impairment losses on financial assets		(525)	(1,240)
Share of results of associates		875	2,977
Profit before taxation		4,896	5,341
Income tax expenses	B5	(1,122)	(955)
Profit after taxation		3,774	4,386
Other comprehensive expenses
Items that will be reclassified subsequently to profit or loss:
- Foreign currency translation differences		(1,179)	(110)
Total comprehensive income		2,595	4,276
Profit after taxation attributable to:
Owners of the Company		3,709	4,532
Non-controlling interests		65	(146)
		3,774	4,386
Total comprehensive income attributable to:
Owners of the Company		2,518	4,483
Non-controlling interests		77	(207)
		2,595	4,276
Earnings per share ("EPS") (sen)
- Basic/Diluted	B12	0.86	1.05

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE FIRST QUARTER ENDED 31 MARCH 2026(1) (continued)

Note:

(1) The basis of preparation of the Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income is disclosed in Note A1 and should be read in conjunction with the Group's audited financial statements for the financial year ended ("FYE") 31 December 2025, as disclosed in the Annual Report of AGX Group Berhad ("AGX" or "Company") issued on 22 April 2026 ("Annual Report 2025"), and the accompanying explanatory notes attached to this interim financial report.

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026(1)

| | Unaudited
As at
31.03.2026
RM'000 | Audited
As at
31.12.2025
RM'000 |
| --- | --- | --- |
| NON-CURRENT ASSETS | | |
| Investments in associates | 21,821 | 22,383 |
| Equipment | 10,629 | 10,726 |
| Right-of-use assets | 18,707 | 21,011 |
| Intangible assets | 898 | 933 |
| Other investments | 149 | 149 |
| Deferred tax assets | 783 | 813 |
| | 52,987 | 56,015 |
| CURRENT ASSETS | | |
| Trade receivables | 84,227 | 74,528 |
| Other receivables, deposits and prepayments | 17,752 | 15,461 |
| Contract assets | 4,054 | 7,320 |
| Amount owing by associates | 1,763 | 1,101 |
| Current tax assets | 524 | 692 |
| Short-term investments | 4,738 | 4,702 |
| Fixed deposits with licensed banks | 1,169 | 1,206 |
| Cash and bank balances | 16,793 | 15,025 |
| | 131,020 | 120,035 |
| TOTAL ASSETS | 184,007 | 176,050 |
| EQUITY AND LIABILITIES | | |
| EQUITY | | |
| Share capital | 60,035 | 60,035 |
| Retained profits | 50,691 | 46,982 |
| Reserves | (7,120) | (5,929) |
| Equity attributable to owners of the Company | 103,606 | 101,088 |
| Non-controlling interests | 443 | 366 |
| TOTAL EQUITY | 104,049 | 101,454 |

[THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026(1) (continued)

| | Note | Unaudited
As at
31.03.2026
RM'000 | Audited
As at
31.12.2025
RM'000 |
| --- | --- | --- | --- |
| | | | |
| NON-CURRENT LIABILITIES | | | |
| Loans and borrowings | B8 | 14,655 | 16,887 |
| Retirement liability | | 2,457 | 2,437 |
| | | 17,112 | 19,324 |
| CURRENT LIABILITIES | | | |
| Trade payables | | 27,784 | 19,061 |
| Other payables and accruals | | 9,609 | 10,930 |
| Amount owing to associates | | 285 | 102 |
| Loans and borrowings | B8 | 24,527 | 24,640 |
| Current tax liabilities | | 641 | 539 |
| | | 62,846 | 55,272 |
| TOTAL LIABILITIES | | 79,958 | 74,596 |
| TOTAL EQUITY AND LIABILITIES | | 184,007 | 176,050 |
| Net assets per ordinary share attributable to owners of the Company (RM) (2) | | 0.24 | 0.23 |

Notes:

(1) The basis of preparation of the Unaudited Condensed Consolidated Statement of Financial Position is disclosed in Note A1 and should be read in conjunction with the Group's audited financial statements for the FYE 31 December 2025, as disclosed in the Annual Report 2025, and the accompanying explanatory notes attached to this interim financial report.

(2) Net assets per share is calculated based on the net assets divided by the Company's issued share capital of 432,866,125 ordinary shares ("Shares").

[THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FIRST QUARTER ENDED 31 MARCH 2026⁽¹⁾

	<--Non-distributable-->			Distributable
	Share Capital RM'000	Foreign Exchange Translation Reserve RM'000	Remeasurement of Retirement Liability RM'000	Retained Profits RM'000	Attributable to Owners of the Company RM'000	Non-Controlling Interests RM'000	Total Equity RM'000
Balance as at 1 January 2026	60,035	(5,259)	(670)	46,982	101,088	366	101,454
Profit after taxation for the financial period	-	-	-	3,709	3,709	65	3,774
Other comprehensive (expenses)/income for the financial period	-	(1,291)	100	-	(1,191)	12	(1,179)
- Foreign exchange translation differences
Total comprehensive (expenses)/income for the financial period	-	(1,291)	100	3,709	2,518	77	2,595
Balance as at 31 March 2026	60,035	(6,550)	(570)	50,691	103,606	443	104,049

Note:

(1) The basis of preparation of the Unaudited Condensed Consolidated Statement of Changes in Equity is disclosed in Note A1 and should be read in conjunction with the audited financial statements for the FYE 31 December 2025, as disclosed in the Annual Report 2025 and the accompanying explanatory notes attached to this interim financial report.

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE FIRST QUARTER ENDED 31 MARCH 2026(1)

	Quarter and Year-To-Date Ended
	31.03.2026
RM'000	31.03.2025
RM'000
CASH FLOWS FROM/(FOR) OPERATING ACTIVITIES
Profit before taxation	4,896	5,341
Adjustments for:
Amortisation of intangible asset	28	38
Depreciation of equipment	658	439
Depreciation of right-of-use assets	2,077	2,088
Impairment losses:
- trade receivables	582	1,056
- other receivables	2	190
Loss on disposal of an associate	453	-
Loss on modification of leases	-	3
Unrealised loss/(gain) on foreign exchange	434	(140)
Fair value gain on short-term investments	(35)	(36)
Gain on disposal of equipment	-	(11)
Share of net profits of equity accounted associates	(875)	(2,977)
Interest expenses	353	183
Interest expenses on lease liabilities	309	394
Interest income	(19)	(68)
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES	8,863	6,500
Increase in trade and other receivables	(12,572)	(6,026)
Decrease/(Increase) in contract assets	3,379	(3,089)
Increase in trade and other payables	7,400	2,774
Increase in amount owing by associates	(662)	(2,027)
Increase/(Decrease) in amount owing to associates	184	(196)
Cash from/(for) operations	6,592	(2,064)
Interest paid	(10)	(4)
Interest received	54	104
Income tax paid	(897)	(206)
Income tax refunded	30	-
NET CASH FROM/(FOR) OPERATING ACTIVITIES	5,769	(2,170)

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE FIRST QUARTER ENDED 31 MARCH 2026(1) (continued)

	Quarter and Year-To-Date Ended
	31.03.2026
RM'000	31.03.2025
RM'000
CASH FLOWS FROM/(FOR) INVESTING ACTIVITIES
Changes in amount due from an associate	827	-
Proceeds from disposal of equipment	-	11
Purchase of equipment	(604)	(309)
NET CASH FROM/(FOR) INVESTING ACTIVITIES	223	(298)
CASH FLOW (FOR)/FROM FINANCING ACTIVITIES
Drawdown of trade financing	4,614	3,332
Interest paid	(652)	(573)
Repayment of trade financing	(4,004)	(288)
Repayment of lease liabilities	(1,942)	(1,742)
Repayment of hire purchase payables	(357)	(191)
Repayment of term loans	(143)	(12)
NET CASH (FOR)/FROM FINANCING ACTIVITIES	(2,484)	526
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	3,508	(1,942)
EFFECTS OF FOREIGN EXCHANGE TRANSLATION	(1,703)	(261)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL PERIOD	19,726	23,132
CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL PERIOD	21,531	20,929

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE FIRST QUARTER ENDED 31 MARCH 2026(1) (continued)

Notes:

(1) The basis of preparation of the Unaudited Condensed Consolidated Statement of Cash Flows is disclosed in Note A1 and should be read in conjunction with the Group's audited financial statements for the FYE 31 December 2025, as disclosed in the Annual Report 2025, and the accompanying explanatory notes attached to this interim financial report.

(2) Cash and cash equivalents at the end of the financial period consist of:

	Current Year-to-date 31.03.2026 RM'000	Preceding Year Corresponding Year-to-date 31.03.2025 RM'000
Fixed deposits with licensed banks	1,169	2,253
Cash and bank balances	16,793	16,260
Short-term investments	4,738	4,586
	22,700	23,099
Less: Fixed deposits pledged to licensed banks	(1,169)	(2,170)
	21,531	20,929

[THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

NOTES TO THE INTERIM FINANCIAL REPORT

A. EXPLANATORY NOTES PURSUANT TO MALAYSIAN FINANCIAL REPORTING STANDARDS 134: INTERIM FINANCIAL REPORTING

A1. Basis of Preparation

The interim financial statements of AGX Group Berhad ("AGX" or "Company") and its subsidiaries ("Group") are unaudited and have been prepared in accordance with the requirements of Malaysian Financial Reporting Standards ("MFRS") 134: Interim Financial Reporting issued by the Malaysian Accounting Standards Board ("MASB") and Rules 9.22 and Appendix 9B of the Listing Requirements.

The interim financial statements should be read in conjunction with the Group's audited financial statements for the FYE 31 December 2025, as disclosed in the Annual Report 2025 and the accompanying explanatory notes attached to this interim financial report.

A2. Significant Accounting Policies

The significant accounting policies adopted by the Group in this interim financial report are consistent with those adopted in the preparation of the Group's audited financial statements for the FYE 31 December 2025, except for the adoption of the following amendments to MFRSs during the financial period.

(a) MFRSs, Amendments to MFRSs and Interpretations adopted

MFRSs, Amendments to MFRSs and IC Interpretations
Amendments to MFRS 121: Lack of Exchangeability

The adoption of the abovementioned accounting standards and amendments is not expected to have any material impact on the financial statements of the Group.

[THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

A2. Significant Accounting Policies (continued)

(b) Amendments to MFRSs not adopted

As at the date of authorisation of the unaudited interim financial report, the following Standards were issued but not yet effective and have not been adopted by the Group:

MFRSs, Amendments to MFRSs and IC Interpretations	Effective for financial periods beginning on or
Amendments to MFRS 9 and MFRS 7: Amendments to the Classification and Measurement of Financial Instruments	1 January 2026
Amendments to MFRS 9 and MFRS 7: Contracts Referencing Nature-dependent Electricity	1 January 2026
Annual Improvements to MFRS Accounting Standards - Volume 11	1 January 2026
MFRS 18 Presentation and Disclosure in Financial Statements	1 January 2027
MFRS 19 Subsidiaries without Public Accountability: Disclosures	1 January 2027
Amendments to MFRS 19: Subsidiaries without Public Accountability: Disclosures	1 January 2027
Amendments to MFRS 121: Translation to a Hyperinflationary Presentation Currency	1 January 2027
Amendments to MFRS 10 and MFRS 128: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture	Deferred

The initial application of the above standards is not expected to have any material impact on the financial statements of the Group upon adoption.

A3. Auditors' Report of Preceding Annual Audited Financial Statements

There was no qualification on the audited financial statements of the Group for the FYE 31 December 2025.

A4. Seasonal or Cyclical Factors

The business operations of the Group were not affected by any seasonal or cyclical trends during the current financial quarter under review and year-to-date.

A5. Unusual Items Affecting Assets, Liabilities, Equity, Net Income or Cash Flows

There were no extraordinary and exceptional items of unusual nature affecting the assets, liabilities, equity, net income or cash flows of the Group during the current financial quarter under review and year-to-date.

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

A6. Material Changes in Estimates

There were no material changes in the estimates that had a material effect to the Group during the current financial quarter under review and year-to-date.

A7. Debt and Equity Securities

There were no issuances, cancellations, repurchases, resales or repayment of debts and equity securities during the current financial quarter under review. Furthermore, no Warrants(1) were exercised during the current quarter under review, accordingly, no new ordinary shares were issued arising from the exercise of Warrants.

Note:

(1) On 26 January 2026, the Company announced a bonus issue of up to 108,216,525 warrants ("Warrants") on the basis of one (1) warrant for every four (4) existing ordinary shares in the Company held by the shareholders as at 13 February 2026, being the entitlement date for the Warrants. The Warrants were listed on 27 February 2026.

A8. Dividends Paid

No dividend was paid during the current quarter under review.

[THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

A9. Segmental Information

The segmental information based on business segments and geographical locations is as follows:

(a) Analysis of revenue by business segments

	Quarter and Year-To-Date Ended
	31.03.2026	31.03.2025
	RM'000	RM'000
Sea freight forwarding	26,456	24,197
Air freight forwarding	21,778	13,791
Aerospace logistics	22,311	13,757
Warehousing and other 3PL services	3,369	2,815
Road freight transportation	9,208	7,272
Total	83,122	61,832

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

A9. Segmental Information (continued)

The segmental information based on the business segments and geographical locations is as follows: (continued)

(b) Analysis of revenue by geographical locations where our operating subsidiary companies are located.

	Quarter and Year-To-Date Ended
	31.03.2026	31.03.2025
	RM'000	RM'000
Malaysia	20,852	14,430
Singapore	6,938	3,105
Philippines	29,252	26,336
Myanmar	12,475	8,883
Korea	5,174	6,584
Vietnam	8,431	2,494
Total	83,122	61,832

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

A10. Valuation of Property, Plant and Equipment

There was no valuation of property, plant and equipment in the current financial quarter under review.

A11. Material Events Subsequent to the End of the Current Financial Quarter

On 30 April 2026, All-Link Air & Sea Pte. Ltd. ("All-Link Singapore"), an associate of AGX Logistics (S) Pte. Ltd. ("AGX Singapore"), which is a wholly-owned subsidiary of AGX Group Berhad ("AGX"), submitted its application of a corporate exercise to the Singapore Exchange Securities Trading Limited ("SGX-ST") ("Corporate Exercise"). Subject to the approvals from the SGX-ST, All-Link Singapore may undertake a Corporate Exercise that could involve a capital raising exercise via issuance of new ordinary shares in the company to investors.

The Corporate Exercise will constitute a deemed disposal by the AGX arising from the dilution of AGX's effective equity interest in All-Link Singapore from 30.00% to approximately 23.20%.

As an integral part of the Corporate Exercise undertaken by All-Link Singapore, AGX Express Phils. Inc. ("AGX Philippines"), a 99.99% owned subsidiary of AGX had, on 3 March 2026, disposed of its direct equity interest of 29.99% in All-Link Philippines to All-Link Singapore, for the consideration of the issuance of approximately 1,447 new ordinary shares in All-Link Singapore to AGX Singapore, pursuant to the corporate reorganisation undertaken in connection with the Corporate Exercise.

Further details of the abovesaid were disclosed in AGX's announcements dated 4 May 2026 and 6 May 2026.

A12. Changes in the Composition of the Group

Save for the Corporate Reorganisation Exercise as disclosed in A11 above, there were no other changes in the composition of the Group during the current financial quarter under review.

A13. Contingent Liabilities or Contingent Assets

There were no contingent liabilities or contingent assets in the Group as at date of this interim financial report.

A14. Capital Commitments

There were no other material capital commitments of the Group as at 31 March 2026.

A15. Related Party Transactions

Save as disclosed below, there were no other significant related party transactions during the current financial quarter and year-to-date under review:

Quarter and Year-To-Date Ended
31.03.2026	31.03.2025
RM'000	RM'000
469	1,466
425	199

Transactions with Associates

Rendering of services

Purchase of services

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

B. ADDITIONAL INFORMATION REQUIRED BY THE ACE MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD

B1. Review of Performance

	Quarter and Year-To-Date Ended
	31.03.2026	31.03.2025
	RM'000	RM'000
Revenue	83,122	61,832
Gross profit ("GP")	20,083	18,650
Profit before taxation	4,896	5,341
Profit after taxation	3,774	4,386

The revenue for this quarter increased by RM21.29 million, or 34.43%, to RM83.12 million, compared to RM61.83 million in the preceding quarter. The increase in revenue was primarily attributable to higher volumes handled across all business segments.

The Group's revenue was mainly derived from the sea freight forwarding, aerospace logistics and air freight forwarding segments, which contributed approximately 31.83%, 26.84% and 26.20% respectively to the total revenue for the current financial quarter and year-to-date ended 31 March 2026.

The Group's cost of sales mainly comprised freight charges for the transportation of customers' goods by cargo ships and planes, amounting to RM29.59 million or 46.94% of the total cost of sales of RM63.04 million for the current financial quarter under review.

Accordingly, the Group recorded a GP of RM20.08 million (GP margin of 24.16%) for the current financial quarter ended 31 March 2026.

The Group recorded a profit before taxation of RM4.90 million for the financial quarter ended 31 March 2026. The decrease was mainly attributable to a lower share of results from associates, foreign exchange losses and loss on disposal of an associate. These impacts were partially mitigated by higher gross profit.

[THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

B2. Comparison with Immediate Preceding Quarter's Results

| | Current Year Quarter
31.03.2026
RM'000 | Preceding Quarter
31.12.2025
RM'000 |
| --- | --- | --- |
| Revenue | 83,122 | 86,135 |
| Gross profit | 20,083 | 15,430 |
| Profit before taxation | 4,896 | 1,802 |

The Group reported revenue of RM83.12 million for the current financial quarter, compared to RM86.14 million in the immediate preceding quarter. Notably, gross profit improved to RM20.08 million from RM15.43 million in the immediate preceding quarter, primarily driven by stronger performance in the sea and air freight forwarding, road freight transportation, and warehousing and other 3PL services segments.

Profit before taxation increased to RM4.90 million from RM1.80 million in the immediate preceding quarter, mainly due to higher gross profit and lower foreign exchange losses.

B3. Prospects of the Group

Global economic growth is projected at 3.1% in 2026 and 3.2% in 2027, reflecting a slight downward revision from earlier January 2026 estimates amid renewed geopolitical tensions, particularly the Middle East conflict and associated energy price shocks that have tightened global financial conditions and added to inflationary pressures, according to the International Monetary Fund (IMF) World Economic Outlook Update, April 2026. Despite these headwinds, growth continues to be supported by AI-related investment, fiscal support in major economies, accommodative financial conditions, and resilient private-sector activity. However, downside risks have increased, including prolonged geopolitical fragmentation, potential energy supply disruptions, and a possible reassessment of technology-driven productivity expectations. Global inflation is expected to edge higher in 2026 before easing in 2027, driven mainly by elevated energy and food prices in the near term, before gradually returning to its disinflation path as supply conditions stabilise, also in line with the IMF's latest assessment.

Asia and the Pacific region is projected to experience moderating growth, with regional expansion expected to ease to around 4.9% in 2026 and 4.8% in 2027, down from stronger growth in 2025, reflecting weaker external demand, higher energy-related costs, and continued trade policy uncertainty amid elevated geopolitical tensions, according to the International Monetary Fund (IMF) World Economic Outlook Update / Regional Economic Outlook: Asia and Pacific, April 2026. The IMF highlights that the region continues to demonstrate resilience, supported by relatively strong domestic demand and ongoing structural shifts in global supply chains, although the outlook is increasingly affected by external headwinds and heightened downside risks from global fragmentation and energy market volatility.

[THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

B3. Prospects of the Group (continued)

Malaysia's economy has remained resilient into 2026, with growth projected at around 4.6%–4.7% in 2026, slightly lower than earlier expectations due to external headwinds such as weaker global trade and tariff-related uncertainties, according to the International Monetary Fund (IMF) Article IV Consultation and World Economic Outlook updates (2026). Nevertheless, growth continues to be underpinned by strong domestic demand, sustained investment activity, and a gradual recovery in exports. Monetary policy remains broadly supportive, with Bank Negara Malaysia (BNM) maintaining a stable policy stance as inflation remains contained within the target range. Recent official data indicate that growth in Q1 2026 remains steady at around the 5% level, while inflation has stayed close to 2%, reflecting continued macroeconomic stability despite external volatility, in line with BNM macroeconomic assessments and IMF country surveillance reports (2026).

Given the highly interconnected nature of the freight forwarding industry with global economic activities and international trade flows, the Group remains vigilant and responsive to macroeconomic trends. Freight volumes and demand patterns are directly influenced by global supply chain dynamics, trade policies, and regional production shifts, linking industry performance closely with both regional and global economic developments.

For the current financial year, our strategic focus encompasses:

• Strengthening Revenue Streams: Diversifying our customer base and expanding into emerging markets to mitigate risks associated with economic slowdowns in specific regions.
• Optimising Operational Efficiencies: Implementing advanced logistics technologies and process improvements to enhance service delivery and cost-effectiveness.
• Exploring Strategic Partnerships: Collaborating with industry stakeholders to broaden our service offerings and reinforce our market position.

Despite near-term challenges such as geopolitical uncertainties and logistics cost fluctuations, the Group remains confident in its long-term growth potential and optimistic of achieving satisfactory financial performance for the financial year ending 31 December 2026. We believe that our agile business model, expanding regional footprint, and commitment to operational excellence will position us well to capitalise on emerging opportunities in the global logistics landscape.

B4. Variance of Actual Profits from Forecast Profits

The Group did not issue any profit forecast or profit guarantee in the current financial quarter under review and year-to-date.

[THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

B5. Tax Expense

	Quarter and Year-To-Date Ended
	31.03.2026
RM'000	31.03.2025
RM'000
Current tax expense	1,122	955
Effective tax rate (%)	(1)22.92	(1)17.88
Statutory tax rate (%)	24.00	24.00

Note:

(1) For the current financial quarter ended 31 March 2026 and the preceding quarter ended 31 March 2025, the Group's effective tax rates were lower than the statutory income tax rate of 24%. This was mainly attributable to the non-taxable share of results from associates.

B6. Status of Corporate Proposals

There was no corporate proposal announced but not completed as at the date of this interim financial report.

[THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

B7. Utilisation of Proceeds

The utilisation of proceeds as disclosed below should be read in conjunction with the Prospectus of the Company dated 16 January 2024. The gross proceeds of approximately RM33.78 million raised from the Listing and the status of utilisation is disclosed in the following manner:

Details of use of proceeds	Estimated timeframe for utilisation from the date of listing^{(1)}	Proposed utilisation RM'000	Actual utilisation RM'000	Balance to be utilised RM'000
Business expansion	Within 24 months^{(2)}	8,700	6,755	1,945
Repayment of bank borrowings	Within 3 months	4,953	4,953	-
Working capital	Within 24 months	15,622	15,622	-
Estimated listing expenses	Within 3 months	4,500	4,500	-
Total		33,775	31,830	1,945

Notes:

(1) From the date of listing of the Company on the ACE Market of Bursa Securities.

(2) On 30 January 2026, the Board of AGX had resolved to extend the timeframe for the utilisation of the proceeds raised from the initial public offering allocated for business expansion, for an additional 12 months, up to 6 February 2027.

[THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

B8. Loans and Borrowings

The Group’s loans and borrowings were as follows:

| | Unaudited
As at 31.03.2026 | | | |
| --- | --- | --- | --- | --- |
| | Current
RM Denomination
RM'000 | Foreign
Denomination
RM'000 | Non-current
RM Denomination
RM'000 | Foreign
Denomination
RM'000 |
| Secured and guaranteed
Denominated in RM | | | | |
| Lease liabilities | 1,050 | - | 2,182 | - |
| Trade financing | 5,017 | - | - | - |
| Denominated in PHP | | | | |
| Lease liabilities | - | 370 | - | 400 |
| Term loans | - | 565 | - | 188 |
| Trade financing | - | 10,556 | - | - |
| Unsecured and unguaranteed
Denominated in RM | | | | |
| Lease liabilities | 1,927 | - | 4,989 | - |
| Denominated in PHP | | | | |
| Lease liabilities | - | 2,967 | - | 5,762 |
| Denominated in SGD | | | | |
| Lease liabilities | - | 1,941 | - | 955 |
| Denominated in KRW | | | | |
| Lease liabilities | - | 42 | - | 141 |
| Denominated in VND | | | | |
| Lease liabilities | - | 92 | - | 38 |
| Total | 7,994 | 16,533 | 7,171 | 7,484 |
| Grand Total | 24,527 | | 14,655 | |

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

B9. Derivative Financial Instruments

The Group did not enter into any derivatives during the current financial quarter under review and year-to-date.

B10. Material Litigation

As of the date of this report, the Group is not involved in any material litigation or arbitrations either as a defendant or plaintiff, and the Board is not aware of any proceedings pending or of any fact likely to give rise to any proceedings.

B11. Dividend Proposed

No dividend has been proposed or declared for payment by the Board of the Company during the current financial quarter year-to-date under review.

B12. Earnings Per Share

The basic and diluted earnings per share for the current financial quarter and financial period are calculated as follows:

	Quarter and Year-To-Date Ended
	31.03.2026	31.03.2025
Profit attributable to owners of the Company (RM'000)	3,709	4,532
Number of ordinary shares ('000)	432,866	432,866
Basic earnings per share (sen)(1)	0.86	1.05
Diluted earnings per share (sen)(2)	0.86	1.05

Notes:

(1) Basic EPS is calculated based on the profits attributable to the owners of the Company divided by the Company's issued share capital of 432,866,125 Shares.

(2) For the current financial quarter and financial period, there was no potential conversion of the outstanding Warrants of the Company into ordinary shares and this has an anti-dilutive effect on the basic earnings per ordinary share. As such, the diluted earnings per ordinary share is equivalent to the basic earnings per ordinary share which is in accordance to MFRS 133 Earnings per Share.

---

AGX GROUP BERHAD

Registration No: 201901042663 (1351993-K)

(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

B13. Notes to the Statement of Profit or Loss and Other Comprehensive Income

Profit for the period was derived after taking into consideration of the following:

	Quarter and Year-To-Date Ended
	31.03.2026 RM'000	31.03.2025 RM'000
After charging/(crediting):
Finance costs	662	576
Amortisation of intangible asset and depreciation of equipment and right-of-use assets	2,763	2,565
Net foreign exchange loss/(gain)	653	(32)
Net impairment losses on financial assets	525	1,240
Interest income	(19)	(68)
Rental income	(21)	(32)
Management fee income	-	(35)

Other disclosure items as required under Appendix 9B of the Listing Requirements are not applicable.

[THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

BY ORDER OF THE BOARD OF AGX GROUP BERHAD

28 MAY 2026