maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

ANNOUNCEMENT

The Board of Directors of Maxis Berhad ("Maxis" or "the Company") is pleased to announce the following condensed consolidated financial statements for the first quarter ended 31 March 2026 which should be read in conjunction with the audited consolidated financial statements for the financial year ended 31 December 2025 and the accompanying explanatory notes attached to the unaudited condensed consolidated financial statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
	Note	INDIVIDUAL QUARTER			CUMULATIVE QUARTER
		QUARTER ENDED 31/3/2026 RM'm	QUARTER ENDED 31/3/2025 RM'm	+ %	PERIOD ENDED 31/3/2026 RM'm	PERIOD ENDED 31/3/2025 RM'm	+ %
Revenue	3	2,731	2,608	4.7	2,731	2,608	4.7
Traffic, device, commissions and other direct costs		(1,069)	(1,012)		(1,069)	(1,012)
Spectrum licence fees		(66)	(62)		(66)	(62)
Network costs		(154)	(146)		(154)	(146)
Staff and resource costs		(185)	(199)		(185)	(199)
Operation and maintenance costs		(117)	(102)		(117)	(102)
Marketing costs		(43)	(42)		(43)	(42)
Impairment of receivables and deposits, net		(45)	(34)		(45)	(34)
Government grant and other income		81	68		81	68
Other operating expenses		(37)	(27)		(37)	(27)
Depreciation and amortisation		(433)	(441)		(433)	(441)
Finance income		6	11		6	11
Finance costs		(110)	(122)		(110)	(122)
Share of results of an investment		(*)	-		(*)	-
Profit before tax		559	500	11.8	559	500	11.8
Tax expenses	21	(142)	(129)		(142)	(129)
Profit for the period		417	371	12.4	417	371	12.4
Attributable to:
- equity holders of the Company		417	371	12.4	417	371	12.4
- non-controlling interests		-	(*)		-	(*)
		417	371		417	371
Earnings per share attributable to equity holders of the Company (sen):
- basic	29	5.3	4.7		5.3	4.7
- diluted	29	5.3	4.7		5.3	4.7

Note:
* Less than RM1 million.

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	INDIVIDUAL QUARTER		CUMULATIVE QUARTER
	QUARTER ENDED 31/3/2026	QUARTER ENDED + 31/3/2025	PERIOD ENDED 31/3/2026	PERIOD ENDED 31/3/2025
	RM'm	RM'm	RM'm	RM'm
Profit for the period	417	371	417	371
Other comprehensive income
Item that will be reclassified subsequently to profit or loss:
Net change in cash flow hedge	3	(4)	3	(4)
Total comprehensive income for the period	420	367	420	367
Attributable to:
- equity holders of the Company	420	367	420	367
- non-controlling interests	-	(*)	-	(*)
	420	367	420	367

Note:
* Less than RM1 million.

Page 2

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
		AS AT
31/3/2026	AS AT
31/12/2025
	Note	RM'm	RM'm
Non-current assets
Property, plant and equipment	9	4,892	5,022
Intangible assets(1)		10,899	10,945
Right-of-use assets ("ROU")		1,805	1,816
Financial assets at fair value through other comprehensive income ("FVTOCI")		4	4
Interests in an associate	28	350	350
Investment in joint venture		1	*
Receivables, deposits and prepayments	25	1,549	1,199
Deferred tax assets		1	5
		19,501	19,341
Current assets
Inventories		19	19
Receivables, deposits and prepayments	25	2,741	2,701
Amounts due from related parties		5	3
Derivative financial instruments		*	-
Deposits, cash and bank balances		346	458
		3,111	3,181
Total assets		22,612	22,522
Current liabilities
Provisions for liabilities and charges		156	215
Payables and accruals		4,437	4,324
Amounts due to related parties		74	67
Borrowings	23	2,032	1,886
Derivative financial instruments	24	1	4
Taxation		140	84
		6,840	6,580
Net current liabilities		(3,729)	(3,399)

Notes:
(1) Includes intangible assets arising from business combination comprising goodwill and telecommunications licenses of RM9,683 million (2025: RM9,683 million) and spectrum rights of RM831 million (2025: RM860 million).
* Less than RM1 million.

Page 3

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)
		AS AT
31/3/2026	AS AT
31/12/2025
	Note	RM'm	RM'm
Non-current liabilities
Provisions for liabilities and charges		435	428
Payables and accruals		449	409
Deferred income		1,342	1,362
Borrowings	23	6,930	7,094
Deferred tax liabilities		472	502
		9,628	9,795
Net assets		6,144	6,147
Equity
Share capital		2,603	2,603
Reserves		3,541	3,544
Total equity		6,144	6,147
Net assets per share attributable to equity holders of
the company (RM)		0.78	0.78

Page 4

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

Period ended 31/3/2026	Note	Share Capital	Merger relief (2)	Reserve arising from reverse acquisition	Other reserves	Retained earnings	Total equity
		RM'm	RM'm	RM'm	RM'm	RM'm	RM'm
At 1/1/2026		2,603	22,729	(22,729)	80	3,464	6,147
Profit for the period		-	-	-	-	417	417
Other comprehensive income for the period		-	-	-	3	-	3
Total comprehensive income for the period		-	-	-	3	417	420
Dividends provided for or paid	7	-	-	-	-	(431)	(431)
Long-term Incentive Plan ("LTIP") and Incentive arrangement
- shares-based payment expense		-	-	-	8	-	8
At 31/3/2026		2,603	22,729	(22,729)	91	3,450	6,144

Notes:
(2) Pursuant to Section 60(4)(a) of the Companies Act, 1965, the premium on the shares issued by the Company as consideration for the acquisition of subsidiaries during the financial year ended 31 December 2009 is not recorded as share premium. The difference between the issue price and the nominal value of shares issued is classified as merger relief.
* Less than RM1 million.

Page 5

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)
Period ended 31/3/2025	Note	Attributable to equity holders of the Company
		Share Capital	Merger relief (2)	Reserve arising from reverse acquisition	Other reserves	Retained earnings	Total	Non-controlling interest	Total equity
At 1/1/2025		RM'm	RM'm	RM'm	RM'm	RM'm	RM'm	RM'm	RM'm
		2,597	22,729	(22,729)	73	3,235	5,905	1	5,906
Profit for the period		-	-	-	-	371	371	(*)	371
Other comprehensive income for the period		-	-	-	(4)	-	(4)	-	(4)
Total comprehensive income for the period		-	-	-	(4)	371	367	(*)	367
Dividends provided for or paid		-	-	-	-	(392)	(392)	-	(392)
Long-term Incentive Plan ("LTIP") and Incentive arrangement
- shares-based payment expense		-	-	-	4	-	4	-	4
At 31/3/2025		2,597	22,729	(22,729)	73	3,214	5,884	1	5,885

Page 6

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

| | PERIOD ENDED
31/3/2026 | PERIOD ENDED
31/3/2025 |
| --- | --- | --- |
| | RM'm | RM'm |
| CASH FLOWS FROM OPERATING ACTIVITIES | | |
| Profit for the period | 417 | 371 |
| Adjustments for: | | |
| - non-cash items | 562 | 537 |
| - finance costs | 110 | 122 |
| - finance income | (6) | (11) |
| - tax expenses | 142 | 129 |
| Government grant relating to costs | 23 | 19 |
| Payments for provision for liabilities and charges | (108) | (124) |
| Operating cash flows before working capital changes | 1,140 | 1,043 |
| Changes in working capital | (52) | (57) |
| Cash flows from operations | 1,088 | 986 |
| Interest received | 6 | 12 |
| Tax paid | (111) | (115) |
| Tax refund | - | * |
| Net cash flows from operating activities | 983 | 883 |
| CASH FLOWS FROM INVESTING ACTIVITIES | | |
| Purchase of property, plant and equipment and intangible assets | (174) | (136) |
| Government grant relating to the purchase of assets | 30 | 149 |
| Proceeds from disposal of property, plant and equipment | 1 | * |
| Payment for shares acquisition / shareholder advances | (328) | - |
| Net cash flows (used in) / from investing activities | (471) | 13 |
| CASH FLOWS FROM FINANCING ACTIVITIES | | |
| Drawdown of borrowings | - | 450 |
| Repayment of lease liabilities | (78) | (71) |
| Payments of finance costs | (115) | (116) |
| Ordinary share dividends paid | (431) | (392) |
| Net cash flows used in financing activities | (624) | (129) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (112) | 767 |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL PERIOD | 448 | 453 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL PERIOD (3) | 336 | 1,220 |

Notes:
(3) The difference between the cash and cash equivalents and deposits, cash and bank balances represents deposits with financial institutions that carry maturity periods of more than three months.
* Less than RM1 million.

Page 7

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART A – EXPLANATORY NOTES PURSUANT TO MALAYSIAN FINANCIAL REPORTING STANDARD 134

BASIS OF PREPARATION

The quarterly report is unaudited and has been prepared in accordance with the reporting requirements as set out in Malaysian Financial Reporting Standard ("MFRS") 134 "Interim Financial Reporting" and Paragraph 9.22 of the Bursa Malaysia Securities Berhad Main Market Listing Requirements and should be read in conjunction with the Group's audited financial statements for the financial year ended 31 December 2025 ("FY2025").

The significant accounting policies and methods of computation adopted for the quarterly report are consistent with those adopted for the audited financial statements for FY2025.

The Group has adopted following amendments to MFRS that came into effect on 1 January 2026 which did not have any significant impact on the unaudited quarterly report upon their application.

Annual Improvements to MFRS Accounting Standards for enhanced consistency
Amendments to MFRS 9 and MFRS 7 "Contracts Referencing Nature-dependent Electricity"
MFRS 19 "Subsidiaries without Public Accountability: Disclosures"
SEASONAL / CYCLICAL FACTORS

The operations of the Group were not significantly affected by seasonality and cyclical factors.

Page 8

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART A – EXPLANATORY NOTES PURSUANT TO MALAYSIAN FINANCIAL REPORTING STANDARD 134 (CONTINUED)

REVENUE

	INDIVIDUAL QUARTER		CUMULATIVE QUARTER
	QUARTER ENDED 31/3/2026	QUARTER ENDED 31/3/2025	PERIOD ENDED 31/3/2026	PERIOD ENDED 31/3/2025
	RM'm	RM'm	RM'm	RM'm
Telecommunications services, solutions and others	2,180	2,112	2,180	2,112
Sale of devices	489	437	489	437
Revenue from contracts with customers	2,669	2,549	2,669	2,549
Interest revenue (a)	49	46	49	46
Lease income (b)	13	13	13	13
Total	2,731	2,608	2,731	2,608

Less than RM1 million.

(a) The interest revenue represents the significant financing component of device-bundled plans that allow customers to pay for the devices over a period of up to 36 months.

(b) Lease income is recognised on a straight-line basis over the lease term.

The timing of revenue recognition for respective major products and service lines are as follows:

Telecommunication services and solutions were recognised over time
Sale of devices was recognised at a point in time
UNUSUAL ITEMS

There were no significant unusual items affecting the assets, liabilities, equity, net income or cash flows for the financial period ended 31 March 2026.

MATERIAL CHANGES IN ESTIMATES

There were no material changes in estimates of amounts reported in the prior financial year that have a material effect in the financial period ended 31 March 2026.

DEBT AND EQUITY SECURITIES

There were no other issuance, repurchase and repayment of debt or equity securities during the period ended 31 March 2026.

Page 9

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART A – EXPLANATORY NOTES PURSUANT TO MALAYSIAN FINANCIAL REPORTING STANDARD 134 (CONTINUED)

DIVIDENDS PAID

On 24 March 2026, the Company paid a fourth and one-time interim single-tier tax exempt dividend of 4.0 sen and 1.5 sen respectively per ordinary share totaling to RM431 million in respect of the financial year ended 31 December 2025.

SEGMENT REPORTING

Segment reporting is not presented as the Group is primarily engaged in providing converged telecommunications services and solutions in Malaysia, whereby the measurement of profit or loss including EBIT (i.e. profit before finance income, finance costs and tax expenses) that is used by the chief operating decision-makers is on a Group basis.

VALUATIONS OF PROPERTY, PLANT AND EQUIPMENT

There were no revaluations of property, plant and equipment during the financial period ended 31 March 2026. As at 31 March 2026, all property, plant and equipment were stated at cost less accumulated depreciation and impairment losses.

MATERIAL EVENTS SUBSEQUENT TO THE END OF THE FINANCIAL PERIOD

On 29 April 2026, the Group provided additional shareholder advance of RM202 million to Digital Nasional Berhad ("Additional Shareholder Advance"). The Additional Shareholder Advance will not bear any interest, is not repayable on demand and carries the same voting rights accorded to an ordinary shareholder in Digital Nasional Berhad, i.e. each Ringgit Malaysia of Additional Shareholder Advance is entitled to one vote. The Additional Shareholder Advance is to facilitate DNB's 5G operation, including the acquisition of additional spectrum.

Other than the above, there were no material events subsequent to the end of the financial period up to the date of this report.

CHANGES IN THE COMPOSITION OF THE GROUP

There were no changes in the composition of the Group during the financial period ended 31 March 2026.

CONTINGENT LIABILITIES AND CONTINGENT ASSETS

In the normal course of business, there are contingent liabilities arising from legal recourse sought by the Group's customers or vendors and indemnities given to financial institutions on bank guarantees. There were no material losses anticipated as a result of these transactions.

CAPITAL COMMITMENTS

Capital expenditure contracted for at the end of reporting date but not recognised as liabilities is as follows:

RM'm

Property, plant and equipment

334

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART A – EXPLANATORY NOTES PURSUANT TO MALAYSIAN FINANCIAL REPORTING STANDARD 134 (CONTINUED)

SIGNIFICANT RELATED PARTY DISCLOSURES

The significant related party transactions, balances and commitments described below were carried out in the ordinary course of business and on agreed commercial terms with the related parties.

	Transactions for the financial period ended 31/3/2026 RM'm	Balances due from/(to) as at 31/3/2026 RM'm	Commitments as at 31/3/2026 RM'm	Total balances due from/(to) and commitments as at 31/3/2026 RM'm
(a) Sales of goods and services to:
- MEASAT Broadcast Network Systems Sdn. Bhd.(1) (mobile and internet, business solutions, connectivity services to co-market and distribute content products)	10	4	-	4
- TGV Cinemas Sdn. Bhd.(2) (mobile and internet, business solutions and other connectivity services)	1	1	-	1
- Digital Nasional Berhad (mobile and internet, business solutions and other connectivity services)	2	5	-	5

(b) Purchases of goods and services from:

MEASAT Broadcast Network Systems Sdn. Bhd.(1) (customer acquisition and installation charges) 3 - - - -
Tanjong City Centre Property Management Sdn. Bhd.(2) (rental, service charge, property service and other utility charges) 10 - (46) (46)
UTSB Management Sdn. Bhd.(2) (corporate management services and secondment fee) 2 (3) (14) (17)
Saudi Telecom Company(3) (roaming and international calls) 1 (2) - (2)
Kuwait Telecommunications Company (stc)(4) (roaming and international calls) 1 () - ()

Page 11

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART A – EXPLANATORY NOTES PURSUANT TO MALAYSIAN FINANCIAL REPORTING STANDARD 134 (CONTINUED)

14. SIGNIFICANT RELATED PARTY DISCLOSURES (CONTINUED)

| | Transactions
for the
financial
period ended
31/3/2026
RM’m | Balances due
from/(to)
as at
31/3/2026
RM’m | Commitments
as at
31/3/2026
RM’m | Total balances due
from/(to) and
commitments
as at
31/3/2026
RM’m |
| --- | --- | --- | --- | --- |
| (b) Purchases of goods and services
from: (continued) | | | | |
| - MEASAT Global Berhad Group(5)
(transponder and teleport lease rental) | 3 | (1) | (26) | (27) |
| - SRG Asia Pacific Sdn. Bhd.(6)
(call handling and telemarketing services) | 5 | (6) | - | (6) |
| - Digital Nasional Berhad
(5G products and services) | 40 | (36) | - | (36) |

Less than RM1 million.

Notes:

The Group has entered into the above related party transactions with parties whose relationships are set out below.

Usaha Tegas Sdn. Bhd. ("UTSB"), Saudi Telecom Company ("STC") and Harapan Nusantara Sdn. Bhd. are parties related to the Company, by virtue of having joint control over Binariang GSM Sdn. Bhd. ("BGSM"), pursuant to a shareholders' agreement in relation to BGSM. BGSM is the ultimate holding company of the Company.

The ultimate holding company of UTSB is PanOcean Management Limited ("PanOcean"). PanOcean is the trustee of a discretionary trust, the beneficiaries of which are members of the family of the late Ananda Krishnan Tatparanandam ("TAK") and foundations including those for charitable purposes. Although PanOcean is deemed to have an interest in all of the shares of the Company in which UTSB has an interest, PanOcean does not have any economic or beneficial interest in the shares of the Company, as such interest is held subject to the terms of the discretionary trust.

(1) Subsidiary of a company which is an associate of UTSB
(2) Subsidiary of UTSB
(3) A major shareholder of BGSM, as described above
(4) Subsidiary of STC
(5) Indirect subsidiaries of a company in which the estate of TAK has a 100% direct equity interest
(6) Subsidiary of a company whereby the estate of TAK and/or a person connected to TAK has a deemed equity interest

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART A – EXPLANATORY NOTES PURSUANT TO MALAYSIAN FINANCIAL REPORTING STANDARD 134 (CONTINUED)

FAIR VALUE MEASUREMENTS

Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

(a) Financial instruments carried at amortised cost

The carrying amounts of financial assets and liabilities of the Group approximated their fair values as at 31 March 2026 except as set out below, measured using Level 3 valuation technique:

	CARRYING AMOUNT	FAIR VALUE
	RM'm	RM'm
Financial liability:
Borrowings
- Islamic Medium Term Notes	5,354	5,393
- Hire Purchase	2	2

(b) Financial instruments carried at fair value

The following table represents the assets/liabilities measured at fair value, using the respective valuation techniques, as at 31 March 2026:

	Level 2	Level 3
	RM'm	RM'm
Assets
Financial assets at FVOCI	-	4
Derivative financial instruments (forward foreign exchange contracts)	*	-
Liabilities
Derivative financial instruments (forward foreign exchange contracts)	1	-

Less than RM1 million.

Page 13

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART B – EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE

BURSA SECURITIES LISTING REQUIREMENTS

ANALYSIS OF PERFORMANCE

Financial indicators (RM'm unless otherwise indicated)	1st Quarter 2026	4th Quarter 2025	1st Quarter 2025	Variance Q1'26 vs Q4'25		Variance Q1'26 vs Q1'25
				RM'm	%	RM'm	%
Revenue	2,731	2,876	2,608	(145)	(5.0)	123	4.7
Service revenue(2)	2,242	2,296	2,171	(54)	(2.4)	71	3.3
- Consumer business	1,823	1,854	1,773	(31)	(1.7)	50	2.8
- Enterprise business	419	442	398	(23)	(5.2)	21	5.3
EBITDA(1)	1,099	1,078	1,055	21	1.9	44	4.2
EBITDA margin on service revenue (%)	49.0%	47.0%	48.6%	NA	2.0	NA	0.4
EBIT(3)	663	590	611	73	12.4	52	8.5
EBIT margin on service revenue (%)	29.6%	25.7%	28.1%	NA	3.9	NA	1.5
Profit before tax	559	486	500	73	15.0	59	11.8
Profit after tax	417	380	371	37	9.7	46	12.4
Capital expenditure ("Capex")	142	511	86	(369)	(72.2)	56	65.1
Operating free cash flow ("OFCF")	983	659	883	324	49.2	100	11.3

(1) For reference purposes, the EBITDA is derived as below:

Profit before tax	559	486	500	73	15.0	59	11.8
Add / (less):
- Finance costs	110	112	122	(2)	(1.8)	(12)	(9.8)
- Finance income	(6)	(8)	(11)	2	(25.0)	5	(45.5)
- Share of result	*	*	-	*	NA	*	NA
- Depreciation and amortisation	433	477	441	(44)	(9.2)	(8)	(1.8)
- Gain on disposal of non-current assets	(1)	(1)	(*)	-	NA	(1)	NA
- Impairment and assets written off	4	12	3	(8)	(66.7)	1	33.3
EBITDA	1,099	1,078	1,055	21	1.9	44	4.2

Notes:
(2) Service revenue is defined as Revenue excluding sale of devices.
(3) Defined as profit before finance income, finance costs and tax expenses.
* Less than RM1 million.

Page 14

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MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART B – EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE

BURSA SECURITIES LISTING REQUIREMENTS (CONTINUED)

ANALYSIS OF PERFORMANCE (CONTINUED)

Connectivity related operational indicators	1st Quarter 2026	4th Quarter 2025	1st Quarter 2025	Variance Q1'26 vs Q4'25		Variance Q1'26 vs Q1'25
				RM'm	%	RM'm	%
Consumer Business Revenue	1,823	1,854	1,773	(31)	(1.7)	50	2.8
Postpaid Revenue	963	976	924	(13)	(1.3)	39	4.2
- Subscriptions ('000)	4,209	4,152	3,982	57	1.4	227	5.7
- ARPU (RM)	70.3	71.7	71.8	(1.4)	(2.0)	(1.5)	(2.1)
Prepaid Revenue	609	624	595	(15)	(2.4)	14	2.4
- Subscriptions ('000)	5,721	5,826	5,791	(105)	(1.8)	(70)	(1.2)
- ARPU (RM)	35.1	36.0	34.3	(0.9)	(2.5)	0.8	2.3
Home Revenue	251	254	254	(3)	(1.2)	(3)	(1.2)
- Connections ('000)	807	799	787	8	1.0	20	2.5
- Home blended ARPU (RM)*	108.5	108.5	110.1	-	-	(1.6)	(1.5)
Enterprise Business Revenue	419	442	398	(23)	(5.2)	21	5.3

Inclusive of fibre and Wireless Broadband ("WBB")

Page 15

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MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART B – EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE

BURSA SECURITIES LISTING REQUIREMENTS (CONTINUED)

ANALYSIS OF PERFORMANCE (CONTINUED)

(A) Performance of the current quarter against the preceding quarter (Q1'26 vs Q4'25)

In Q1'26, Maxis reported a total revenue of RM2,731 million, representing a decrease of 5% compared to RM2,876 million in the preceding quarter. The decline was in line with the usual trend in device revenue from the launch of a flagship smartphone recorded last quarter. Service revenue reduced slightly by 2.4% to RM2,242 million.

Consumer business revenue decreased by 1.7% to RM1,823 million. Despite growth in postpaid subscriptions by 1.4% to 4.2 million customers, postpaid revenue declined by 1.3% impacted by lower roaming revenue following the year-end travel season. Prepaid revenue was 2.4% lower in Q126 due to lesser days as compared to previous quarter.

Enterprise business revenue saw a 5.2% decline to RM419 million, primarily due to higher non-recurring revenue in Q4'25 for project completions.

Despite the decrease in revenues, EBITDA for the current quarter increased by RM21 million (1.9%) to RM1,099 million compared to RM1,078 million in Q4 2025. The improvement in EBITDA was contributed by lower device costs, in line with device revenue trends.

Following the increase in EBITDA, profit before tax increased by 15% to RM 559 million, while recorded a profit after tax of RM 417 million.

Capital expenditure was RM142 million, with investments focusing on essential upgrades for network performance enhancement. Operating free cash flow ("OFCF") for Q1'26 increased to RM983 million from RM659 million in Q4'25 attributed to strong working capital management and lower regulatory payment.

(B) Performance of the current quarter against the preceding year corresponding quarter (Q1'26 vs Q1'25)

Q1'26 total revenue grew 4.7%, recording RM2,731 million compared to RM2,608 million in Q1'25. This growth was primarily driven by an increase in service revenue, which rose by RM71 million (3.3%) to RM2,242 million.

Within service revenue, the Consumer business segment saw a 2.8% growth at RM1,823 million. Consumer mobile business was driven by a segmented acquisition approach, which led to an increase of 5.7% in the postpaid subscriber base, currently standing at 4.2 million subscribers.

The Enterprise business segment recorded a 5.3% revenue growth to RM419 million mainly due to higher wholesale services and higher project deliveries for fixed and solutions.

Page 16

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART B – EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE

BURSA SECURITIES LISTING REQUIREMENTS (CONTINUED)

16. ANALYSIS OF PERFORMANCE (CONTINUED)

(B) Performance of the current quarter against the preceding year corresponding quarter (Q1'26 vs Q1'25) (continued)

EBITDA for Q1'26 improved by 4.2% to RM1,099 million mainly driven by higher service revenue. EBIT rose to RM663 million, up 8.5% and profit after tax grew by 12.4% to RM417 million reflecting the increase in EBITDA.

Capital expenditure was RM142 million, with investments focusing on essential upgrades for network performance enhancement. Operating free cash flow (OFCF) for Q1'26 increased to RM983 million from RM883 million in Q1'25 due to strong working capital management.

(C) STATEMENT OF FINANCIAL POSITION

| Financial indicators
(RM’m unless otherwise indicated) | AS AT
31/3/2026 | AS AT
31/12/2025 |
| --- | --- | --- |
| Total assets | 22,612 | 22,522 |
| Equity attributable to equity owners of the Company | 6,144 | 6,147 |
| Debt | 8,962 | 8,980 |
| Deposits, cash and bank balances | (346) | (458) |
| Net debt | 8,616 | 8,522 |
| Net debt-to-EBITDA | 1.97 | 1.97 |

Net debt-to-EBITDA as at 31 December 2025 and 31 March 2026 remained at 1.97x.

Page 17

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART B – EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE

BURSA SECURITIES LISTING REQUIREMENTS (CONTINUED)

PROSPECTS FOR THE FINANCIAL YEAR ENDING 31 DECEMBER 2026 ("FY2026")

FY2026 financial outlook

Amidst a highly competitive telecommunications landscape, Maxis drives long-term sustainable growth by streamlining operational efficiencies while simultaneously elevating customer experiences through service innovation and highly reliable network performance.

Our priorities for 2026 remain unchanged. The five key areas are to:

(a) strengthen our customer base through strategic bundling to improve retention and customer lifetime value,
(b) expand our enterprise business by extending core capabilities beyond connectivity,
(c) grow our network infrastructure and wholesale business to meet future demands,
(d) leverage digitalisation and artificial intelligence ("AI") to enhance customer experience and drive efficiency; and
(e) develop a high-performance culture that focuses on accountability, execution and results.

Our guidance for the financial year ending 31 December 2026 is as follows:

a low single digit increase in service revenue;
a low single digit growth in EBITDA; and
capex intensity between 10% to 12%.

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maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART B – EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE

BURSA SECURITIES LISTING REQUIREMENTS (CONTINUED)

PROFIT FORECAST OR PROFIT GUARANTEE

Not applicable as the Group did not publish any profit forecast.

QUALIFICATION OF PRECEDING AUDITED FINANCIAL STATEMENTS

There was no qualification to the preceding audited financial statements for the financial year ended 31 December 2025.

PROFIT OR LOSS ITEMS

The following items have been charged/(credited) in arriving at the profit before tax:

	INDIVIDUAL QUARTER		CUMULATIVE QUARTER
	QUARTER ENDED 31/3/2026	QUARTER ENDED 31/3/2025	PERIOD ENDED 31/3/2026	PERIOD ENDED 31/3/2025
	RM'm	RM'm	RM'm	RM'm
Fair value loss/(gain) on forward foreign exchange contracts	6	(2)	6	(2)
Gain on foreign exchange (net)	(1)	(1)	(1)	(1)
Property, plant and equipment, intangible assets and right-of-use assets:
- Gain on disposal/termination	(1)	(*)	(1)	(*)
- impairment/(reversal of impairment)	2	(1)	2	(1)
- write-offs	2	4	2	4

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART B – EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE

BURSA SECURITIES LISTING REQUIREMENTS (CONTINUED)

TAX EXPENSES

	INDIVIDUAL QUARTER		CUMULATIVE QUARTER
	QUARTER ENDED 31/3/2026	QUARTER ENDED 31/3/2025	PERIOD ENDED 31/3/2026	PERIOD ENDED 31/3/2025
	RM'm	RM'm	RM'm	RM'm
Income tax
- current tax	168	145	168	145
Deferred tax:
- origination and reversal of temporary differences	(26)	(16)	(26)	(16)
Total	142	129	142	129

The Group's effective tax rate for the current quarter was 25.4% which are above the statutory tax rate of 24% due to non-deductible expenses for tax purposes.

STATUS OF CORPORATE PROPOSALS ANNOUNCED

There were no corporate proposals announced but not completed as at the date of this report.

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maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART B – EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE

BURSA SECURITIES LISTING REQUIREMENTS (CONTINUED)

BORROWINGS

RM denominated	AS AT 31 MARCH 2026			AS AT 31 DECEMBER 2025
	CURRENT LIABILITIES RM'm	NON-CURRENT LIABILITIES RM'm	TOTAL RM'm	CURRENT LIABILITIES RM'm	NON-CURRENT LIABILITIES RM'm	TOTAL RM'm
Lease liabilities	301	1,663	1,964	294	1,679	1,973
Secured
Hire purchase	*	2	2	*	1	1
Unsecured
Term loans	201	940	1,141	201	939	1,140
Islamic Medium
Term Notes	1,404	3,950	5,354	1,265	4,100	5,365
Business Financing-i	126	375	501	126	375	501
	2,032	6,930	8,962	1,886	7,094	8,980
Excluding lease liabilities and hire purchase:
- weighted average interest rate (p.a.)			3.93%			3.93%
- proportion between fixed and floating interest rates			76% : 24%			76% : 24%

Less than RM1 million.

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maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART B – EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE

BURSA SECURITIES LISTING REQUIREMENTS (CONTINUED)

24. DERIVATIVE FINANCIAL INSTRUMENTS

(a) Details of derivative financial instruments outstanding as at 31 March 2026 are set out below:

TYPE OF DERIVATIVE	CONTRACT/	FAIR VALUE
	NOTIONAL VALUE	RM'm
Current assets
Forward foreign exchange contracts:
- designated in hedging relationship (cash flow hedge)	30	*
Current liabilities
Forward foreign exchange contracts:
- designated in hedging relationship (cash flow hedge)	24	(*)
- not designated in hedging relationship	35	(1)
	59	(1)
	89	(1)

Less than RM1 million.

There have been no material change since the end of the previous financial year ended 31 December 2025 in respect of the following:

(i) the market and credit risks associated with the derivatives;
(ii) the policies in place for mitigating or controlling the risks associated with the derivatives; and
(iii) the related accounting policies.

(b) Gains/losses arising from fair value changes of financial liabilities

The Group determines the fair values of the forward foreign exchange contracts using the forward exchange rates from recognised financial information sources as at each reporting date.

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maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART B – EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE

BURSA SECURITIES LISTING REQUIREMENTS (CONTINUED)

RECEIVABLES, DEPOSITS AND PREPAYMENTS

	Notes	AS AT 31/3/2026	AS AT 31/12/2025
		RM'm	RM'm
Non-current assets
At net of impairment:
- Trade receivables	(i)	522	490
- Finance lease receivables		*	*
- Contract assets		117	103
Deposits		150	151
Prepayments	(ii)	660	353
Contract cost assets, net of amortisation		100	102
		1,549	1,199
Current assets
At net of impairment:
- Trade receivables	(i)	1,468	1,433
- Other receivables and deposit		627	683
- Finance lease receivables		*	*
- Contract assets		302	288
Prepayments		193	147
Contract cost assets, net of amortisation		151	150
		2,741	2,701
		4,290	3,900

Less than RM1 million.

Notes

(i) The Group's credit policy provides trade receivables with credit periods of up to 120 days. In addition, selected eligible customers are allowed to purchase devices under bundled contracts on monthly installment schemes of up to 36 months.

The ageing analysis of the Group's gross trade receivables as at 31 March 2026 is as follows:

	RM'm
Current	2,006
1 to 90 days past due	160
More than 90 days past due	161
	2,327

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART B – EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE

BURSA SECURITIES LISTING REQUIREMENTS (CONTINUED)

RECEIVABLES, DEPOSITS AND PREPAYMENTS (CONTINUED)

(ii) The amount includes consideration paid to Minister of Finance Incorporated ("MoF Inc") of RM327.9 million, for the acquisition of the agreed proportion of MoF Inc's ordinary shares, remaining MoF loan together with interest accrued and the additional shareholder advance in Digital Nasional Berhad.

MATERIAL LITIGATION

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

DIVIDENDS

The Board of Directors has declared a first interim single-tier tax-exempt dividend of 4 sen per ordinary share in respect of the financial year ending 31 December 2026, to be paid on 23 June 2026. The entitlement date for the dividend payment is 4 June 2026.

A depositor shall qualify for entitlement to the dividend only in respect of:

(i) shares transferred to the depositor's securities account before 4.30 pm on 4 June 2026 in respect of transfers; and
(ii) shares bought on Bursa Malaysia Securities Berhad on a cum entitlement basis according to the Rules of Bursa Malaysia Securities Berhad.

The total dividends declared for the financial year ending 31 December 2026 is 4 sen per ordinary share (corresponding period in 2025: 4 sen).

Page 24

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART B – EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE

BURSA SECURITIES LISTING REQUIREMENTS (CONTINUED)

28. INTERESTS IN DIGITAL NASIONAL BERHAD ("DNB")

| | AS AT
31/3/2026
RM'm | AS AT
31/12/2025
RM'm |
| --- | --- | --- |
| Carrying value: | | |
| Unquoted shares | - | - |
| Advances to Digital Nasional Berhad | 350 | 350 |
| | 350 | 350 |

On 6 March 2026, Maxis paid RM327.9 million to Minister of Finance, Incorporated ("MoF Inc") following the issuance of MoF Inc put option notice on 1 December 2025. This payment was for Maxis's agreed proportion of MoF Inc's ordinary shares, remaining loan, and additional shareholder advance in DNB. The completion of this put option is subject to certain terms stipulated in the shareholders agreement.

Page 25

maxis

MAXIS BERHAD

Company No. (200901024473 (867573-A))

(INCORPORATED IN MALAYSIA)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

PART B – EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE

BURSA SECURITIES LISTING REQUIREMENTS (CONTINUED)

EARNINGS PER SHARE

	INDIVIDUAL QUARTER		CUMULATIVE QUARTER
		QUARTER ENDED 31/3/2026	QUARTER ENDED 31/3/2025	PERIOD ENDED 31/3/2026	PERIOD ENDED 31/3/2025
(a) Basic earnings per share
Profit attributable to the equity holders of the Company	(RM'm)	417	371	417	371
Weighted average number of issued ordinary shares	('m)	7,835	7,833	7,835	7,833
Basic earnings per share	(sen)	5.3	4.7	5.3	4.7
(b) Diluted earnings per share
Profit attributable to the equity holders of the Company	(RM'm)	417	371	417	371
Weighted average number of issued ordinary shares	('m)	7,835	7,833	7,835	7,833
Adjusted for LTIP	('m)	7	2	7	2
Adjusted weighted average number of ordinary shares	('m)	7,842	7,835	7,842	7,835
Diluted earnings per share	(sen)	5.3	4.7	5.3	4.7

By order of the Board

Dipak Kaur

SSM PC No. 201908002620

(LS 5204)

Company Secretary

15 May 2026

Kuala Lumpur

Page 26

AI assistant

MAXIS BERHAD Interim / Quarterly Report 2026

71030_rns_2026-05-14_cbe3ec79-45d3-4f1d-af8b-33cb79925580.pdf

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

ANNOUNCEMENT

MAXIS BERHAD

MAXIS BERHAD

MAXIS BERHAD

14. SIGNIFICANT RELATED PARTY DISCLOSURES (CONTINUED)

Notes:

16. ANALYSIS OF PERFORMANCE (CONTINUED)

(C) STATEMENT OF FINANCIAL POSITION

24. DERIVATIVE FINANCIAL INSTRUMENTS

28. INTERESTS IN DIGITAL NASIONAL BERHAD ("DNB")

AI assistant

MAXIS BERHAD — Interim / Quarterly Report 2026

71030_rns_2026-05-14_cbe3ec79-45d3-4f1d-af8b-33cb79925580.pdf

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2026

ANNOUNCEMENT

MAXIS BERHAD

MAXIS BERHAD

MAXIS BERHAD

14. SIGNIFICANT RELATED PARTY DISCLOSURES (CONTINUED)

Notes:

16. ANALYSIS OF PERFORMANCE (CONTINUED)

(C) STATEMENT OF FINANCIAL POSITION

24. DERIVATIVE FINANCIAL INSTRUMENTS

28. INTERESTS IN DIGITAL NASIONAL BERHAD ("DNB")

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