PROPEL GLOBAL BERHAD — Earnings Release 2026

May 28, 2026

Press Release

For Immediate Distribution

PROPEL GLOBAL

Propel Global Recorded Revenue of RM18.6 Million in Q3 FY2026

O&G segment remains profitable while data centre and energy initiatives support diversification agenda

KUALA LUMPUR, 29 MAY 2026 – PROPEL GLOBAL BERHAD ("Propel Global" or the "Group"), a provider of oil and gas ("O&G") services, today announced its financial results for the third quarter ended 31 March 2026 ("Q3 FY2026"), recording revenue of RM18.6 million, compared to RM23.6 million in Q3 FY2025, while loss before tax ("LBT") for the quarter stood at RM6.8 million, compared to LBT of RM0.9 million in Q3 FY2025.

The lower revenue was mainly attributable to lower contribution from the Technical Services ("TS") segment, primarily due to lower progress billings from construction projects which had reached final stage of completion during the quarter. This was partially mitigated by higher contribution from the O&G segment, supported by the consolidation of full three-month financial results from Min Soon Transport Company Sdn. Bhd. ("MSTSB") following the completion of its acquisition in December 2025.

The O&G segment recorded revenue of RM16.2 million and Profit Before Tax ("PBT") of RM1.1 million in Q3 FY2026, compared to revenue of RM18.8 million and PBT of RM2.4 million in Q3 FY2025. The lower year-on-year revenue was mainly attributable to lower progress billings from oil and gas-related Engineering, Procurement, Construction and Commissioning ("EPCC") projects, as well as reduced revenue contribution following the disposal of Propel Maxflo Sdn. Bhd. ("PMAX") during the quarter. Nevertheless, the segment continued to report PBT, supported by the recognition of a RM5.4 million gain on disposal of PMAX, while the consolidation of MSTSB's results partially mitigated the impact of lower contribution.

The TS segment recorded revenue of RM0.8 million with LBT of RM5.7 million in Q3 FY2026, compared to revenue of RM3.2 million and PBT of RM0.3 million in Q3 FY2025. The lower performance was mainly due to lower contribution from ongoing construction projects which had reached final stage of completion, the early-stage execution of newly secured contracts, as well as lower Mechanical and Electrical ("M&E") works undertaken during the current quarter. The segment's performance was further impacted by the recognition of an impairment loss on trade receivables amounting to RM5.4 million.

Meanwhile, the Information and Communications Technology ("ICT") segment posted revenue of RM1.2 million and LBT of RM0.2 million in Q3 FY2026, compared to revenue of RM1.5 million and PBT of RM0.1 million in Q3 FY2025. The variance was primarily due to lower one-off service revenue recognised during the quarter.

The Others segment recorded LBT of RM2.0 million in Q3 FY2026, compared to LBT of RM3.8 million in Q3 FY2025, mainly comprising corporate administrative expenses, professional fees, performance-related

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incentives and share-based expenses. The lower LBT was primarily attributable to the recognition of fair value gain of quoted investments amounting to RM3.7 million.

For the nine months ended 31 March 2026 ("9M FY2026"), the Group recorded revenue of RM57.0 million, compared to RM86.3 million in the preceding year corresponding period, while LBT stood at RM16.8 million compared to LBT of RM6.4 million in 9M FY2025. The softer performance was mainly attributable to lower EPCC progress billings, lower contribution from construction projects, reduced one-off ICT service revenue and impairment loss on trade receivables recognised during the period.

Angeline Lee
Executive Director/
Group Chief
Executive Officer
(Link)

Ms. Angeline Lee, Executive Director / Group Chief Executive Officer of Propel Global commented, "The Group's Q3 FY2026 performance reflects the continued impact of project timing, lower progress billings and non-recurring items from the previous year. While the operating environment remains challenging, we continue to manage the business with discipline, focusing on project execution, cost control and selective participation in opportunities that are aligned with our technical capabilities."

She added, "The O&G segment continued to report PBT during the quarter, while the consolidation of MSTSB has begun contributing to the Group's operating portfolio. We are also focused on strengthening our participation in higher-value infrastructure opportunities, particularly within data centre-related works, digital infrastructure and energy-related projects."

Propel Global continued to build its presence in data centre infrastructure and energy-related opportunities. Through Propel CMT Sdn. Bhd. ("PCMT"), the Group had in October 2025 secured an approximately RM70 million LOA for civil and structural works for a data centre development in Johor Bahru, with provisions for subsequent phases that could potentially increase the total project value to approximately RM325 million. This was followed by an additional work order worth up to RM59.04 million in March 2026 for the same development, involving the construction of a Consumer Landing Station and ancillary infrastructure works. In parallel, the Group's MoU with Sabah Energy Corporation Sdn. Bhd. and Reservoir Link Energy Bhd to explore modular gas power plants in Sabah reflects its ongoing efforts to broaden its exposure to energy infrastructure opportunities, particularly in cost-efficient and lower-emission power solutions.

Propel Global remains focused on disciplined execution, strengthening its cost structure and improving project visibility. Supported by its exposure across O&G services, technical services, data centre infrastructure, ICT and emerging energy opportunities, the Group is taking measured steps to strengthen its operating platform and support a more sustainable recovery trajectory.

ABOUT PROPEL GLOBAL BERHAD

Propel Global Berhad ("Propel Global" or the "Group") is a provider of oil and gas (O&G), pipe recovery, and well intervention services. The Group's building technical services business provides design, engineering, construction, project management

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and maintenance & management of commercial and industrial buildings and facilities on a single-source platform to a wide range of industrial clients. Propel Global has mid-to-long-term plans to venture into sustainable development and digital technology as part of the Group's transition to a zero-carbon business focus that includes renewable energy and electrification.

Issued By: Swan Consultancy Sdn. Bhd. on behalf of Propel Global Berhad

For more information, please contact:
Jazzmin Wan
Tel: +60 17-289 4110
Email: j.wan@swanconsultancy.biz

Xinyi Ching
Tel: +60 19-337 9099
Email: x.ching@swanconsultancy.biz

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