PBS BERHAD — Interim / Quarterly Report 2026

May 19, 2026

Registration No.: 198001009827 (63611 - U)

PBS BERHAD
(Incorporated in Malaysia)

INTERIM FINANCIAL REPORT

31 MARCH 2026

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PBS BERHAD (Registration No.: 198001009827 (63611-U))

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Interim report for the financial period ended 31 March 2026

The figures have not been audited.

	Note	Individual Quarter 3 months ended		Cumulative Quarter Financial period ended
		31/3/2026 RM'000	31/3/2025 RM'000	31/3/2026 RM'000	31/3/2025 RM'000
Revenue		1,580	2,006	1,580	2,006
Other operating income		615	1,356	615	1,356
Expenses excluding finance costs and tax		(2,234)	(3,328)	(2,234)	(3,328)
Finance costs		(32)	(19)	(32)	(19)
Profit / (Loss) before tax		(71)	15	(71)	15
Tax expense	B1	(167)	75	(167)	75
Profit / (Loss) for the financial period		(238)	90	(238)	90
Other comprehensive (loss)/income:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations		(1,563)	(464)	(1,563)	(464)
Other comprehensive (loss)/income for the financial period, net of tax		(1,563)	(464)	(1,563)	(464)
Total comprehensive (loss)/income for the financial period		(1,801)	(374)	(1,801)	(374)
Total profit/(loss) attributable to:
Owners of the parent		(212)	92	(212)	92
Non-controlling interests		(26)	(2)	(26)	(2)
		(238)	90	(238)	90
Total comprehensive (loss)/income attributable to:
Owners of the parent		(1,838)	(417)	(1,838)	(417)
Non-controlling interests		37	43	37	43
		(1,801)	(374)	(1,801)	(374)
		sen	sen	sen	sen
Basic earnings per ordinary share attributable to equity holders of the parent	B9	(0.04)	0.02	(0.04)	0.02

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

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PBS BERHAD (Registration No.: 198001009827 (63611-U))
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Interim report for the financial period ended 31 March 2026
The figures have not been audited.

	Note	31/3/2026 RM'000	31/12/2025 RM'000
ASSETS
Non-current assets
Property, plant and equipment		4,092	4,117
Investment property		8,562	8,605
Investments in associates		1,362	1,362
Other financial assets		9,183	9,184
		23,199	23,268
Current assets
Inventories		3,431	3,931
Receivables, deposits and prepayments		12,393	14,957
Tax recoverable		284	284
Other financial assets		-	1,513
Deposits, cash and bank balances		86,578	88,003
		102,686	108,688
TOTAL ASSETS		125,885	131,956
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Share capital		187,869	187,869
Foreign currency translation reserves		(16,558)	(14,932)
Accumulated losses		(103,506)	(103,294)
Treasury shares, at cost		(5,150)	(5,150)
		62,655	64,493
Non-controlling interests		(1,444)	(1,481)
Total equity		61,211	63,012
Non-current liabilities
Payables		28,858	29,478
Lease liabilities		827	957
		29,685	30,435
Current liabilities
Payables		16,577	18,370
Borrowings	B2	702	2,218
Lease liabilities		492	493
Current tax liabilities		17,218	17,428
		34,989	38,509
Total liabilities		64,674	68,944
TOTAL EQUITY AND LIABILITIES		125,885	131,956
Net assets per share attributable to owners of the parent (RM)		0.10	0.11

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

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PBS BERHAD (Registration No.: 198001009827 (63611-U))

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Interim report for the financial period ended 31 March 2026

The figures have not been audited.

	Share Capital	Foreign currency translation reserves (non distributable)	Accumulated losses	Treasury shares, at cost	Equity attributable to owners of the parent	Non-controlling interests	Total equity
	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
At 1 January 2026	187,869	(14,932)	(103,294)	(5,150)	64,493	(1,481)	63,012
Profit/(Loss) for the financial period	-	-	(212)	-	(212)	(26)	(238)
Other comprehensive (loss)/income	-	(1,626)	-	-	(1,626)	63	(1,563)
Total comprehensive (loss)/income	-	(1,626)	(212)	-	(1,838)	37	(1,801)
Transaction with owners: Dividends	-	-	-	-	-	-	-
At 31 March 2026	187,869	(16,558)	(103,506)	(5,150)	62,655	(1,444)	61,211
At 1 January 2025	187,869	(18,356)	(101,812)	(5,150)	62,551	(1,292)	61,259
Profit/(Loss) for the financial period	-	-	92	-	92	(2)	90
Other comprehensive income	-	(509)	-	-	(509)	45	(464)
Total comprehensive income	-	(509)	92	-	(417)	43	(374)
Transaction with owners: Dividends	-	-	(2,413)	-	(2,413)	-	(2,413)
At 31 March 2025	187,869	(18,865)	(104,133)	(5,150)	59,721	(1,249)	58,472

The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the audited financial statements for the financial year ended 31 December 2025 and the accompanying explanatory notes attached to the interim financial statements.

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PBS BERHAD (Registration No.: 198001009827 (63611-U))

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Interim report for the financial period ended 31 March 2026

The figures have not been audited.

	Financial period ended
	31/3/2026 RM'000	31/3/2025 RM'000
Cash Flows From Operating Activities
Cash receipts from customers	3,413	6,637
Cash paid to suppliers and employees	(2,157)	(4,469)
	1,256	2,168
Interest received	272	295
Interest paid	(32)	(19)
Taxation paid	-	(85)
Net cash from operating activities	1,496	2,359
Cash Flows From Investing Activities
Purchase of property, plant and equipment	(13)	(69)
Net cash used in investing activities	(13)	(69)
Cash Flows From Financing Activities
Payments of lease liabilities	(32)	(126)
Dividends paid	-	(2,413)
Net cash used in financing activities	(32)	(2,539)
Net decrease in cash and cash equivalents during the financial period	1,451	(249)
Effects of exchange rate changes on cash and cash equivalents	(1,360)	2,352
Cash and cash equivalents at beginning of the financial period	85,785	93,237
Cash and cash equivalents at end of the financial period	85,876	95,340

The Condensed Consolidated Statement of Cash Flows should be read in conjunction with the audited financial statements for the financial year ended 31 December 2025 and the accompanying explanatory notes attached to the interim financial statements.

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Registration No.: 198001009827 (63611 - U)

PBS BERHAD

(Incorporated in Malaysia)

A. Notes to the Interim Financial Report
For the first quarter and financial period ended 31 March 2026

A1. Basis of Preparation

This interim financial report is based on the unaudited financial statements for the quarter ended 31 March 2026 and has been prepared in accordance with applicable disclosure provisions of paragraph 9.22 of the Listing Requirements of the Bursa Malaysia Securities Berhad and MFRS 134, Interim Financial Reporting in Malaysia. They do not include all the information required for full annual financial statements and should be read in conjunction with the audited financial statements of the Group as at end of the financial year ended 31 December 2025.

A2. Significant Accounting Policies

The accounting policies applied by the Group in this interim financial report are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2025.

A3. Report of the Auditors to the Members

The report of the auditors on the annual financial statements for the financial year ended 31 December 2025 was not subject to any qualification and did not include any adverse comments made under subsection (3) of Section 266 of the Companies Act 2016.

A4. Seasonality or Cyclicality of Interim Operations

The Group’s operations were not significantly affected by any seasonal or cyclical factors.

A5. Exceptional and/or Extraordinary Items Affecting Assets, Liabilities, Equity, Net Income or Cash Flows

There were no exceptional and/or extraordinary items affecting assets, liabilities, equity, net income or cash flows for the current quarter ended 31 December 2025.

A6. Material Changes in Estimates

There were no material changes in estimates of amounts reported in prior interim periods of the current financial period or prior financial years.

A7. Debt and Equity Securities

There were no issuances, cancellations, repurchases, resales and repayments of debt and equity securities during the current quarter ended 31 December 2025.

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Registration No.: 198001009827 (63611 - U)

PBS BERHAD

(Incorporated in Malaysia)

A. Notes to the Interim Financial Report

For the first quarter and financial period ended 31 March 2026

A8. Dividends Paid

No dividend has been paid during the current quarter ended 31 March 2026.

A9. Segment Information

	Rest of the World RM'000	Asia RM'000	Elimination RM'000	Group RM'000
3 months ended 31 March 2026
External revenue	969	611	-	1,580
Intersegment revenue	-	-	-	-
	969	611	-	1,580
Segment result	(568)	529	-	(39)

Rest of the World

Rest of the World comprise sales from Greece, representing 61.3% of the Group's revenue. The inflation situation in European countries continued to restrain the purchasing power of households in the current quarter.

Asia

Asia which comprise 38.7% of the Group's revenue consist of sales generated from the companies in Asia. The decrease in sales as compared to the previous year corresponding quarter is due to the cessation of procurement services for former Pelikan subsidiaries on 31 May 2024.

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Registration No.: 198001009827 (63611 - U)

PBS BERHAD

(Incorporated in Malaysia)

A. Notes to the Interim Financial Report
For the first quarter and financial period ended 31 March 2026

A10. Valuation of Property, Plant and Equipment

There were no valuations of property, plant and equipment during the current quarter ended 31 March 2026.

A11. Changes in the Composition of the Group

There were no changes in the composition of the Group during the current quarter ended 31 March 2026.

A12. Events Subsequent to the End of the Reporting Period

There was no event subsequent to the financial period ended 31 March 2026.

A13. Contingent Liabilities

The Group has classified certain tax liabilities amounting to RM31.8 million as contingent liabilities following MFRS 137 Provisions, Contingent Liabilities and Contingent Assets as there are uncertainty in the outcome of tax rulings being challenged in the courts. The challenge has existed since 2010 for the earliest case and 2015 for a latter case involving the subsidiaries.

A14. Utilisation of Proceeds Raised From Corporate Proposals

The Company together with its subsidiary companies, namely Pelikan Holding AG and MOLKARI Vermietungsgesellschaft mbH & Co. Objekt Falkensee KG (collectively, the "Vendors"), had on 29 June 2023 entered into a conditional sale and purchase agreement ("CSPA") with Holdham SAS ("Holdham" or "Purchaser") in relation to the disposal of the entire equity interests in Pelikan Group GmbH, Pelikan PBS-Produktionsgesellschaft mbH & Co. Kg and Pelikan PBS-Produktion Verwaltungs GmbH ("Disposal").

On 13 December 2023, all CSPA have been fulfilled or waived and hence the CSPA become unconditional and completed on 14 December 2023.

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Registration No.: 198001009827 (63611 - U)

PBS BERHAD

(Incorporated in Malaysia)

A. Notes to the Interim Financial Report

For the first quarter and financial period ended 31 March 2026

A14. Utilisation of Proceeds Raised From Corporate Proposals (cont'd)

As at 31 January 2026, the status of utilisation of the proceeds from the Disposal was as follows:

Purpose	Proposed Utilisation* RM’000	Amount Transferred RM’000	Amount Utilised RM’000	Amount Unutilised RM’000
Proposed distribution	512,724	(48,257)^	(464,467)	-
Working capital and settlement of liabilities	139,712	48,257	(139,867)	48,102
Repayment of bank borrowings	40,000	-	(40,000)	-
Estimated expenses	3,000	-	(3,000)	-
Total	695,436	-	(647,334)	48,102

^ After considering the requirements of Section 131 of the Companies Act 2016 as at the date of the declaration of the proposed special dividend, the Board declared a special dividend of only 2 sen instead of 10 sen on 22 March 2024. The unutilised amount has been adjusted towards the allocation for the group's working capital.

• As per Circular to Shareholders dated 7 September 2023.

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Registration No.: 198001009827 (63611 - U)

PBS BERHAD

(Incorporated in Malaysia)

B. Additional Information Required by the Bursa Malaysia Securities Berhad's Listing Requirements

B1. Tax Expense

	3 months ended		Financial period ended
	31/03/26 RM'000	31/03/25 RM'000	31/03/26 RM'000	31/03/25 RM'000
Tax expense charged in respect of current financial period
- income tax	-	-	-	-
- deferred tax	(167)	75	(167)	75
Total tax expense	(167)	75	(167)	75

B2. Borrowings

Details of the Group's borrowings as at 31 March 2026 are as set out below:

Currency	Short Term		Total
	Secured RM'000	Unsecured RM'000	RM'000
Euro	702	-	702
Total	702	-	702

B3. Capital Commitments

There was no capital commitments not provided for in the financial statements as at 31 March 2026.

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Registration No.: 198001009827 (63611 - U)

PBS BERHAD

(Incorporated in Malaysia)

B. Additional Information Required by the Bursa Malaysia Securities Berhad's Listing Requirements

B4. Review of Performance

The Group's generated sales of RM1.5 million in the current quarter as compared to RM2.0 million in the previous year's corresponding quarter, mainly due to the cessation of procurement services for the former Pelikan subsidiaries on 31 May 2024.

B5. Variation of Results Against Preceding Quarter

	Current Quarter 31/03/26 RM'000	Immediate Preceding Quarter 31/12/25 RM'000	Changes %
Revenue	1,580	2,449	-35.5
Profit /(loss) before interest and tax	(39)	27,377	->100.0
Profit / (loss) before tax	(71)	12,469	->100.0
(Loss) for the financial period	(238)	(5,228)	-95.4

The Group's revenue decreased to RM1.5 million in the current quarter as compared to RM2.4 million in the preceding quarter.

In the preceding quarter, the Group has recognised the tax and interest amounts as under-provision of tax expense and finance costs in profit or loss, amount of RM32 million. In May 2026, the Group made a settlement of RM23 million.

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Registration No.: 198001009827 (63611 - U)

PBS BERHAD

(Incorporated in Malaysia)

B. Additional Information Required by the Bursa Malaysia Securities Berhad's Listing Requirements

B6. Prospects

Following the completion of the Disposal, the Company has been classified as an affected listed issuer under paragraph 8.03(A) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities"). The Company has until 13 December 2025 to submit a regularisation plan to the relevant authorities for approval to address the Company's affected listed issuer status. Bursa Securities has via its letter dated 16 December 2025, granted the Company an extension of time of six (6) months up to 13 June 2026 to submit its regularisation plan to the regulatory authorities. The Company is still in the midst of formulating a regularisation plan to address the Company's affected listed issuer status.

B7. Dividend

The Board of Directors does not recommend any dividend for the current quarter.

B8. Variance on Profit Forecast/Shortfall in Profit Guarantee

Not applicable.

B9. Earnings Per Ordinary Share

Basic earnings per ordinary share:	3 months ended		Financial period ended
	31/03/26	31/03/25	31/03/26	31/03/25
Profit attributable to owners of the parent (RM'000)	(212)	92	(212)	92
Weighted average number of ordinary shares in issue ('000)	603,205	603,205	603,205	603,205
Basic earnings per ordinary share (sen)	(0.04)	0.02	(0.04)	0.02

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Registration No.: 198001009827 (63611 - U)

PBS BERHAD

(Incorporated in Malaysia)

B. Additional Information Required by the Bursa Malaysia Securities Berhad's Listing Requirements

B10. Additional Notes to the Statement of Comprehensive Income

	3 months ended		Financial period ended
	31/03/26 RM'000	31/03/25 RM'000	31/03/26 RM'000	31/03/25 RM'000
Profit for the financial period is arrived at after charging/(crediting):
Interest income	(272)	(295)	(272)	(295)
Interest expense	32	19	32	19
Depreciation, amortisation and impairment	216	149	216	149
Foreign exchange (gain) / loss	934	(670)	934	(670)