MASTER-PACK
GROUP BERHAD 199401011341

QUARTERLY REPORT ON CONSOLIDATED RESULTS

FOR THE FIRST QUARTER ENDED 31 MARCH 2026

CONTENT	PAGE(S)
Condensed Consolidated Statement of Comprehensive Income	1
Condensed Consolidated Statement of Financial Position	2
Condensed Consolidated Statement of Changes in Equity	3 - 4
Condensed Consolidated Statement of Cash Flows	5 - 6
Explanatory Notes to the Interim Financial Statements as required by FRS 134	7 - 8
Additional information required
by the Listing Requirements of Bursa Malaysia Security Berhad	9 -13

MASTER-PACK GROUP BERHAD

Registration No: 199401011341 (297020-W)

For the 1st quarter ended 31 March 2026

(the figures have not been audited)

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Note	Current quarter ended 31.03.2026	Preceding year corresponding quarter ended 31.03.2025	Current year-to-date ended 31.03.2026	Preceding year corresponding year-to-date ended 31.03.2025
		RM '000	RM '000	RM '000	RM '000
Revenue	B1	21,847	31,401	21,847	31,401
Operating expenses		(21,997)	(29,391)	(21,997)	(29,391)
Other operating income		1,067	821	1,067	821
Profit from operations		917	2,831	917	2,831
Finance costs		(48)	(71)	(48)	(71)
Profit before taxation		869	2,760	869	2,760
Taxation	B4	(267)	(568)	(267)	(568)
Profit for the period		602	2,192	602	2,192
Other comprehensive income :-
Items that may be reclassified subsequently to profit or loss:-
- Currency translation of foreign operations		2	(724)	2	(724)
Other comprehensive income for the period		2	(724)	2	(724)
		604	1,468	604	1,468
Profit for the financial period attributable to:-
- Owners of the Company		602	2,192	602	2,192
		602	2,192	602	2,192
Total comprehensive income for the financial period attributable to:-
- Owners of the Company		604	1,468	604	1,468
		604	1,468	604	1,468
Earnings per share (sen) :
(i) Basic	B10	1.10	4.01	1.10	4.01
(ii) Fully diluted		N/A	N/A	N/A	N/A

(The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the Annual Financial Statements for the year ended 31 December 2025 and the accompanying explanatory notes attached to the interim financial statements)

MASTER-PACK GROUP BERHAD

Registration No: 199401011341 (297020-W)

For the 1st quarter ended 31 March 2026

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	Note	As at end of current quarter ended 31.03.2026	As at end of financial year ended 31.12.2025
		RM'000 (unaudited)	RM'000 (audited)
Non-Current Assets
Property, plant and equipment		48,194	49,620
Investment properties		18,314	18,314
Right-of-use assets		5,255	4,717
Goodwill on consolidation		196	196
Other investments		246	239
Deferred tax assets		2	5
		72,207	73,091
Current Assets
Inventories		9,289	10,114
Trade and other receivables		18,365	20,147
Prepayments		225	1,604
Current tax assets		1,842	1,773
Cash and bank balances	B11	88,790	87,520
		118,511	121,158
TOTAL ASSETS		190,718	194,249
Non-Current Liabilities
Lease Liabilities	B6	292	388
Deferred tax liabilities		5,688	5,842
		5,980	6,230
Current Liabilities
Trade and other payables		11,483	14,047
Loans and borrowings - secured	B5	1,629	3,261
Hire purchase payable	B7	171	255
Lease liabilities	B6	217	302
Current tax liabilities		507	27
Dividend Payable		2,185	0
		16,192	17,892
TOTAL LIABILITIES		22,172	24,122
Equity
Equity attributable to owners of the Company
Share capital		55,339	55,339
Other reserves		21,081	21,240
Retained Profits		92,126	93,548
TOTAL EQUITY		168,546	170,127
TOTAL LIABILITIES AND EQUITY		190,718	194,249
Net assets per share attributable to owners of the Company (RM)		3.09	3.11

(The Condensed Consolidated Statement of Financial Position should be read in conjunction with the Annual Financial Statements for the year ended 31 December 2025 and the accompanying explanatory notes attached to the interim financial statements)

MASTER-PACK GROUP BERHAD

Registration No: 199401011341 (297020-W)

For the 1st quarter ended 31 March 2026

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

	Attributable to Owners of the Company
	Share Capital RM'000	Legal Reserves RM'000	Revaluation Surplus RM'000	Currency Translation Reserve RM'000	Total Other Reserves RM'00	Retained Profits RM'000	TOTAL EQUITY RM'000
3 months ended 31 March 2025
Balance as at 1 January 2025	55,339	9,144	19,414	-1,857	26,701	92,653	174,693
Reclassification adjustments on :-
Changes in currency translation	-	-	-	(724)	(724)	-	(724)
Profit for the financial period	-	-	-	-	-	2,192	2,192
Total comprehensive income for the period	-	-	-	(724)	(724)	2,192	1,468
Dividend
Owners of the Company	-	-	-	-	-	(4,370)	(4,370)
Total transactions with owners	-	-	-	-	-	(4,370)	(4,370)
Transfer of legal reserves	-	155	-	-	155	(155)	-
Transfer of revaluation surplus	-	-	(195)	-	(195)	195	-
Balance as at 31 March 2025	55,339	9,299	19,219	-2,581	25,937	90,515	171,791

MASTER-PACK GROUP BERHAD

Registration No: 199401011341 (297020-W)

For the 1st quarter ended 31 March 2026

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONT'D)

(the figures have not been audited)

	<---Attributable to Owners of the Company--->
	Share Capital RM'000	Legal Reserves RM'000	Revaluation Surplus RM'000	Currency Translation Reserve RM'000	Total Other Reserves RM'000	Retained Profits RM'000	TOTAL EQUITY RM'000
3 months ended 31 March 2026
Balance as at 1 January 2026	55,339	9,464	18,631	(6,855)	21,240	93,548	170,127
Reclassification adjustments on :-
Changes in currency translation	-	-	-	2	2	-	2
Profit for the period	-	-	-	-	-	602	602
Total comprehensive income for the period	-	-	-	2	2	602	604
Dividend	-	-	-	-	-
Owners of the Company	-	-	-	-	-	(2,185)	(2,185)
Total transactions with owners	-	-	-	-	-	(2,185)	(2,185)
Transfer of legal reserves	-	10	-	-	10	(10)	-
Transfer of revaluation surplus	-	-	(171)	-	(171)	171	-
Balance as at 31 March 2026	55,339	9,474	18,460	(6,853)	21,081	92,126	168,546

(The Condensed Consolidated Statements of Changes in Equity should be read in conjunction with the Annual Financial Statements for the year ended 31 December 2025 and the accompanying explanatory notes attached to the interim financial statements)

MASTER-PACK GROUP BERHAD

Registration No: 199401011341 (297020-W)

For the 1st quarter ended 31 March 2026

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

| | Note | Current
period ended
31.03.2026 | Preceding
financial year ended
31.12.2025 |
| --- | --- | --- | --- |
| | | RM'000
(unaudited) | RM'000
(audited) |
| OPERATING ACTIVITIES | | | |
| Profit before taxation | | 869 | 6,361 |
| Adjustments for non-cash flow items:- | | | |
| Depreciation | | 1,157 | 4,944 |
| Dividend income | | (7) | (15) |
| Fair value gains on financial instruments | | (7) | (592) |
| Loss on disposal of property, plant and equipment | | - | 2 |
| Impairment loss on financial assets | | 6 | (15) |
| Interest expense | | 48 | 267 |
| Interest income | | (646) | (1,860) |
| Property, plant and equipment written off | | - | 3 |
| Unrealised loss on foreign exchange | | - | 1,145 |
| Operating profit before working capital changes | | 1,420 | 10,240 |
| Changes in :- | | | |
| Inventories | | 825 | 4,662 |
| Receivables | | 1,776 | 8,490 |
| Prepayments | | 1,379 | (777) |
| Payables | | (2,564) | (4,234) |
| Cash generated from operations | | 2,836 | 18,381 |
| Dividend Received | | 7 | 15 |
| Interest and fund distributions received | | 646 | 2,445 |
| Tax paid | | (588) | (3,669) |
| Tax refunded | | 580 | 488 |
| Net cash generated from operating activities | | 3,481 | 17,660 |
| Cash flows from investing activities | | | |
| Acquisition of investment properties | | - | (3,674) |
| Acquisition of property, plant and equipment | | (380) | (2,378) |
| Proceeds from disposal of property, plant and equipment | | - | 524 |
| Net cash used in investing activities | | (380) | (5,528) |

MASTER-PACK GROUP BERHAD

Registration No: 199401011341 (297020-W)

For the 1st quarter ended 31 March 2026

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

| | Note | Current
period ended
31.03.2026 | Preceding
financial year ended
31.12.2025 |
| --- | --- | --- | --- |
| | | RM'000
(unaudited) | RM'000
(audited) |
| Cash flows from financing activities | | | |
| Dividend paid | | - | (6,555) |
| Interest paid | | (48) | (267) |
| Net increase in short-term loans and borrowings | | (1,632) | 618 |
| Payment of lease liabilities | | (66) | (429) |
| Placement of term deposits pledged as security | | (16) | (75) |
| Repayment of hire purchase obligations | | (84) | (325) |
| Net cash used in financing activities | | (1,846) | (7,033) |
| Currency translation differences | | (1) | (6,104) |
| Net change in cash and cash equivalents | | 1,254 | (1,005) |
| Cash and cash equivalents brought forward | | 84,321 | 85,326 |
| Cash and cash equivalents carried forward | B11 | 85,575 | 84,321 |

(The Condensed Consolidated Statement of Cash Flow should be read in conjunction with the Annual Financial Statements for the year ended 31 December 2025 and the accompanying explanatory notes attached to the interim financial statements)

MASTER-PACK GROUP BERHAD

Registration No: 199401011341 (297020-W)

For the 1st quarter ended 31 March 2026

Notes to the Interim Financial Statements:-

A. Explanatory Notes to the Interim Financial Statements as required by MFRS134

A1. Basis of preparation

The interim financial statements of the Group for the period ended 31 March 2026 are unaudited and have been prepared in accordance with the requirements of MFRS134: Interim Financial Reporting and paragraph 9.22 of Bursa Listing Requirements.

The interim financial statements should be read in conjunction with the audited financial statements of Master-Pack Group Berhad ("the Group") for the year ended 31 December 2025. These explanatory notes attached to the interim financial statements provide an explanation of events and transactions so as to give a true and fair view of the state of affairs of the Group as of 31 March 2026 and of its results and cash flows for the period ended on that date.

A2. Annual Audit Report

The auditors' report on the financial statements for the year ended 31 December 2025 was not qualified.

A3. Changes in Accounting Policies and Method of Computation

The significant accounting policies and methods of computation adopted by the Group in the interim financial statements are consistent with those of the audited financial statements for the year ended 31 December 2025 except for the adoption of the following MFRSs :-

MFRS	Effective for annual periods beginning on or after
Amendments to MFRS 9 and MFRS 7 Amendments to the Classification and Measurement of Financial Statements	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

The initial application of the above MFRSs is either not relevant or will not have any significant impacts on the financial statements.

The Group has not applied the followings MFRSs which have been issued as at the end of reporting period but are not yet effective:-

MFRS	Effective for annual periods beginning on or after
MFRS 18 Presentation and Disclosure in Financial Statements	1 January 2027
MFRS 19 Subsidiaries without Public Accountability Disclosures	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
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

MASTER-PACK GROUP BERHAD

Registration No: 199401011341 (297020-W)

For the 1st quarter ended 31 March 2026

Management foresees that the initial application of the above MFRSs will not have any significant impacts on the financial statements.

A4. Seasonality or cyclicality of operations

The Group’s performance is not significantly affected by any seasonal or cyclical factor for the financial period under review.

A5. Unusual items due to their nature, size or incidence

There were no unusual items affecting assets, liabilities, equity, net income or cash flows because of their nature, size, or incidence for the financial period under review.

A6. Changes in estimates

There were no material changes in the estimates for the financial period under review.

A7. Issues, repurchases, and repayment of debt and equity securities

There were no issuance and repayment of debts and equity securities.

A8. Dividend

There was no dividend paid in the quarter under review.

A9. Segmental Information

The Group has two operating segments as follows:-

a) Packaging Division

Designing and manufacturing corrugated paper cartons, wooden packaging as well as providing one-stop packaging solutions.

b) Other Divisions

Rental of properties and investment holding.

In view that contribution from the other divisions is not significant, operating results from the other divisions is not segregated.

A10. Events after reporting period

There was no material event subsequent to the reporting period that has not been reflected in these financial statements.

A11. Changes in the composition of the Group

There was no business combinations, long term investment and restructuring or discontinuing operations during the financial period.

A12. Changes in contingent liabilities or contingent assets

There was no liability that the Group is contingently liable to since the last annual reporting date.

MASTER-PACK GROUP BERHAD

Registration No: 199401011341 (297020-W)

For the 1st quarter ended 31 March 2026

B. Additional information required by the listing requirements of Bursa Malaysia Securities Berhad

B1 Performance Review of the Group

Current Quarter 2026 vs Corresponding Quarter 2025

	Current quarter ended 31.03.2026 RM'000	Preceding year corresponding quarter ended 31.03.2025 RM'000	Changes
			RM'000	%
Revenue	21,847	31,401	(9,554)	-30.4%
Profit before taxation	869	2,760	(1,891)	-68.5%

Revenue for the quarter ended 31 March 2026 was RM21.8 million, representing a decline of RM9.6 million compared with the same quarter ended 31 March 2025. This decrease was mainly due to customers who export to the United States being affected by tariffs imposed by the US government that was announced in April 2025. As a result, these customers reduced their exports to the United States from the second quarter of 2025 onwards, which led to a lower demand for packaging materials. Consequently, profit before tax declined to RM869 thousand for the quarter ended 31 March 2026, compared to RM2.76 million for the quarter ended 31 March 2025.

Current Quarter 2026 vs Preceding Quarter

	Current quarter ended 31.03.2026 RM'000	Preceding quarter ended 31.12.2025 RM'000	Changes
			RM'000	%
Revenue	21,847	22,545	(698)	-3.1%
Profit before taxation	869	587	282	48.0%

Revenue for the current quarter ended 31 March 2026 is lower than that of the preceding quarter by less than a million or 3%. Revenue from the solar energy sector has dropped significantly. Profit before tax registered a small improvement of RM282 thousand as compared to the preceding quarter with tighter control over expenses.

B2. Prospect

Demand for packaging materials from key customers in the solar energy sector is expected to contract further. In the past year, contribution from the solar sector accounted for more than 50% of the group's total revenue. The companies affected by the tariffs have scaled back their operations in the region. Despite the decline in revenue, we stay committed in expanding our customer base and delivering exceptional quality and timely service to all our customers.

MASTER-PACK GROUP BERHAD
Registration No: 199401011341 (297020-W)
For the 1st quarter ended 31 March 2026

B3. Variance of actual profit from forecast profit and shortfall in the profit guarantee
Not applicable.

B4. Taxation
The taxation of the Group comprises:

	Current quarter ended 31.03.2026 RM'000	Current year-to-date ended 31.03.2026 RM'000
Taxation
- current year	(419)	(419)
Deferred tax
- current year	154	154
- prior year	(2)	(2)
	(267)	(267)

B5. Group borrowings as at 31.03.2026

	RM'000
Loans and borrowings	1,629

The effective interest rates of loans and borrowings as at 31.03.2026 ranged from 4.38% to 4.65% per annum.

B6. Lease Liabilities as at 31.03.2026

Short term lease liabilities - Secured

	RM'000
Lease liabilities due within one year	217

Long-term lease liabilities - Secured

	Due Within 1 to 2 years	Due Within 2 to 5 years	Total
	RM'000	RM'000	RM'000
Lease liabilities	235	57	292

The effective interest rates of lease liabilities as at 31.03.2025 ranged from 5.0% to 10.2% per annum.

B7. Hire Purchase Payable

Short term hire purchase payable - Secured

	RM'000
Hire purchase payable due within one year	171

MASTER-PACK GROUP BERHAD
Registration No: 199401011341 (297020-W)
For the 1st quarter ended 31 March 2026

B8. Litigation

There is no material litigation at the date of this report.

B9. Dividend Declared

The Board of Directors has declared a single tier interim dividend of 4 sen amounting to RM2,184,806 on 31 March 2026 for the financial year ending 31 December 2026 to be paid on 18 June 2026.

B10. Earnings per Share

Basic

Basic earnings per share is calculated by dividing profit attributable to owners of the parent entity by the weighted average number of ordinary shares in issue during the period.

	Current quarter ended 31.03.2026	Current year-to-date ended 31.03.2026
Profit attributable to owners of the parent (RM'000)	602	602
Number of ordinary shares outstanding	54,620,150	54,620,150
Basic earning per share (sen)	1.10	1.10
Diluted	N/A	N/A

B11. Cash and cash equivalents

	As at 31.03.2026 RM'000	As at 31.12.2025 RM'000
High liquid investments in money market funds	17,204	16,622
Term deposits	31,661	31,227
Cash and bank balances	39,925	39,671
	88,790	87,520
Term deposits pledged as security	(3,215)	(3,199)
	85,575	84,321

MASTER-PACK GROUP BERHAD

Registration No: 199401011341 (297020-W)

For the 1st quarter ended 31 March 2026

B12. Profit Before Tax Items

	Current quarter ended 31.03.2026 RM'000	Current year-to-date ended 31.03.2026 RM'000
Depreciation	1,157	1,157
Foreign exchange loss	164	164
Fair value gains on financial instruments	(7)	(7)
Impairment loss on financial assets	6	6
Interest expense	48	48
Interest income	(646)	(646)

Items which are not disclosed as per Listing Requirement Notes 16 Appendix 9B are not applicable to the group for the current period.

B13. Disclosure of realised and unrealised profits and losses

	Current quarter ended 31.03.2026 RM'000	Preceding year ended 31.12.2025 RM'000
Master-Pack Group Berhad and its subsidiaries :
- Realised	65,840	65,811
- Unrealised	3,217	3,151
	69,057	68,962
Less : Consolidation adjustments	23,069	24,586
Total Group retained profit	92,126	93,548

By order of the Board

Lee Peng Loon

P'ng Chiew Keem

Secretaries

Penang

Date: 22 May 2026

AI assistant

MASTER-PACK GROUP BERHAD Interim / Quarterly Report 2026

71025_rns_2026-05-21_36331ed3-69ec-4223-bfef-7815a2ef08eb.pdf

QUARTERLY REPORT ON CONSOLIDATED RESULTS

FOR THE FIRST QUARTER ENDED 31 MARCH 2026

CONTENTS

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONT'D)

A. Explanatory Notes to the Interim Financial Statements as required by MFRS134

A1. Basis of preparation

A2. Annual Audit Report

A3. Changes in Accounting Policies and Method of Computation

B8. Litigation

B9. Dividend Declared

B10. Earnings per Share

Basic

B11. Cash and cash equivalents

AI assistant

MASTER-PACK GROUP BERHAD — Interim / Quarterly Report 2026

71025_rns_2026-05-21_36331ed3-69ec-4223-bfef-7815a2ef08eb.pdf

QUARTERLY REPORT ON CONSOLIDATED RESULTS

FOR THE FIRST QUARTER ENDED 31 MARCH 2026

CONTENTS

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONT'D)

A. Explanatory Notes to the Interim Financial Statements as required by MFRS134

A1. Basis of preparation

A2. Annual Audit Report

A3. Changes in Accounting Policies and Method of Computation

B8. Litigation

B9. Dividend Declared

B10. Earnings per Share

Basic

B11. Cash and cash equivalents

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