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

| | 3-MONTHS ENDED
(4^{TH} QUARTER) | | 12-MONTHS ENDED | |
| --- | --- | --- | --- | --- |
| | 31.03.2026
RM'000 | 31.03.2025
RM'000 | 31.03.2026
RM'000 | 31.03.2025
RM'000 |
| Revenue | 132,180 | 114,478 | 430,479 | 445,489 |
| Cost of sales | (86,351) | (61,454) | (282,266) | (280,128) |
| Gross profit | 45,829 | 53,024 | 148,213 | 165,361 |
| Other operating income | 3,046 | 4,149 | 12,988 | 15,605 |
| Selling and marketing expenses | (4,657) | (5,229) | (16,001) | (14,757) |
| Administrative expenses | (20,196) | (18,890) | (73,379) | (66,988) |
| Finance costs | (4,806) | (3,917) | (19,068) | (14,670) |
| Profit before tax | 19,216 | 29,137 | 52,753 | 84,551 |
| Income tax expense | (13,541) | (10,828) | (23,150) | (28,464) |
| Profit for the period/year | 5,675 | 18,309 | 29,603 | 56,087 |
| Other comprehensive income | | | | |
| Items that may be classified subsequently to profit or loss: | | | | |
| - Exchange differences on translating foreign operation | 205 | (758) | (4,084) | (4,290) |
| - Fair value loss arising from hedging instruments during the year | (2,167) | - | (2,406) | - |
| - Loss arising from hedging instruments reclassified to profit or loss | 2,167 | - | 2,406 | - |
| Other comprehensive income/(loss) for the year, net of tax | 205 | (758) | (4,084) | (4,290) |
| Total other comprehensive income for the period/year | 5,880 | 17,551 | 25,519 | 51,797 |
| Profit attributable to: | | | | |
| - Owners of the Company | 5,834 | 18,321 | 29,998 | 56,154 |
| - Non-controlling interest | (159) | (12) | (395) | (67) |
| | 5,675 | 18,309 | 29,603 | 56,087 |

Page | 1

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026 (1) (CONT'D)

| | 3-MONTHS ENDED
(4^{TH} QUARTER) | | 12-MONTHS ENDED | |
| --- | --- | --- | --- | --- |
| | 31.03.2026
RM'000 | 31.03.2025
RM'000 | 31.03.2026
RM'000 | 31.03.2025
RM'000 |
| Total comprehensive income attributable to: | | | | |
| - Owners of the Company | 6,039 | 17,563 | 25,914 | 51,864 |
| - Non-controlling interest | (159) | (12) | (395) | (67) |
| | 5,880 | 17,551 | 25,519 | 51,797 |
| Earnings per share (Note B11): | | | | |
| Basic (sen) | 0.58 | 1.83 | 3.00 | 5.62 |
| Diluted (sen) | 0.49 | 1.54 | 2.53 | 4.73 |

Notes:

(1) The Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the audited financial statements for the financial year ended 31 March 2025 and the accompanying explanatory notes attached to this interim financial report.

Page | 2

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

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

| | 31.03.2026
RM'000 | Audited
31.03.2025
RM'000 |
| --- | --- | --- |
| ASSETS | | |
| Non-current Assets | | |
| Property, plant and equipment | 122,078 | 33,456 |
| Right-of-use assets | 1,308 | 612 |
| Investment properties | 72,000 | 71,000 |
| Intangible assets | 966 | 1,493 |
| Inventories – land held for property development | 829,335 | 498,087 |
| Goodwill | 1,227 | 1,227 |
| Deferred tax assets | 15,747 | 10,185 |
| Prepaid expenses | 1,255 | 1,958 |
| Derivative assets | 239 | - |
| Total Non-current Assets | 1,044,155 | 618,018 |
| Current Assets | | |
| Inventories – property development costs | 282,123 | 258,547 |
| Inventories – completed properties | 73,660 | 7,387 |
| Contract assets | 123,394 | 38,711 |
| Contract cost assets | 6,994 | 3,965 |
| Trade receivables | 79,006 | 147,796 |
| Other receivables, refundable deposits and prepaid expenses | 119,683 | 90,654 |
| Current tax assets | 5,511 | 16,326 |
| Cash and bank balances | 344,996 | 349,621 |
| Total Current Assets | 1,035,367 | 913,007 |
| TOTAL ASSETS | 2,079,522 | 1,531,025 |
| EQUITY AND LIABILITIES | | |
| Capital and Reserves | | |
| Share capital | 244,960 | 244,960 |
| Irredeemable convertible preference shares | 150,000 | 150,000 |
| Other reserves | (7,342) | (3,328) |
| Retained earnings | 510,177 | 488,384 |
| Equity Attributable to Owners of the Company | 897,795 | 880,016 |
| Non-controlling interests | 8,589 | (21) |
| Total Equity | 906,384 | 879,995 |
| Non-current Liabilities | | |
| Land cost payable | 121,263 | 6,750 |
| Lease liabilities | 481 | 342 |
| Bank borrowings | 289,529 | 188,856 |
| Deferred tax liabilities | 305 | 183 |
| Derivative liabilities | 2,398 | - |
| Total Non-current Liabilities | 413,976 | 196,131 |

Page | 3

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT FINANCIAL YEAR ENDED 31 MARCH 2026 (1) (CONT'D)

| | 31.03.2026
RM'000 | 31.03.2025
RM'000 |
| --- | --- | --- |
| Current Liabilities | | |
| Trade payables | 147,956 | 144,922 |
| Other payables and accrued expenses | 49,890 | 44,829 |
| Contract liabilities | 41,609 | 139 |
| Land cost payable | 235,635 | 3,519 |
| Lease liabilities | 824 | 246 |
| Bank borrowings | 281,277 | 260,384 |
| Current tax liabilities | 1,963 | 860 |
| Derivative liabilities | 8 | - |
| Total Current Liabilities | 759,162 | 454,899 |
| Total Liabilities | 1,173,138 | 651,030 |
| Total Equity and Liabilities | 2,079,522 | 1,531,025 |
| Net assets per ordinary share (2) (RM) | 0.91 | 0.88 |

Notes:

(1) The Unaudited Condensed Consolidated Statement of Financial Position should be read in conjunction with the audited financial statements for the financial year ended 31 March 2025 and the accompanying explanatory notes attached to this interim financial report.

(2) Based on the number of ordinary shares issued as at end of the reporting year.

Page | 4

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

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

	Share capital RM’000	Irredeemable convertible preference shares RM’000	Distributable reserve - Retained earning RM’000	Non-distributable reserve		Attributable to owner of the company RM’000	Non-controlling interests RM’000	Total equity RM’000
				Translation reserve RM’000	Share-based payment reserve RM’000
As at 1 April 2025	244,960	150,000	488,384	(3,693)	365	880,016	(21)	879,995
Total comprehensive income for the year	-	-	29,998	(4,084)	-	25,914	(395)	25,519
Final single-tier dividend paid for financial year ended 31 March 2025	-	-	(6,000)	-	-	(6,000)	-	(6,000)
First interim single-tier dividend paid for financial year ending 31 March 2026	-	-	(2,200)	-	-	(2,200)	-	(2,200)
Issuance of shares in a subsidiary	-	-	-	-	-	-	9,000	9,000
Share option granted under Employees’ Share Option Scheme	-	-	-	-	70	70	-	70
Dilution of equity interests in a subsidiary	-	-	(5)	-	-	(5)	5	-
As at 31 March 2026	244,960	150,000	510,177	(7,777)	435	897,795	8,589	906,384

Page | 5

SKYWORLD DEVELOPMENT BERHAD

Registration No: 200601034211 (753970-X)

(Incorporated in Malaysia)

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026 (1) (CONT'D)

	Share capital RM'000	Irredeemable convertible preference shares RM'000	Distributable reserve - Retained earning RM'000	Non-distributable reserve
				Translation reserve RM'000	Share-based payment reserve RM'000	Attributable to owner of the company RM'000	Non-controlling interests RM'000	Total equity RM'000
As at 1 April 2024	244,960	150,000	450,547	597	-	846,104	(3,271)	842,833
Total comprehensive income for the year	-	-	56,154	(4,290)	-	51,864	(67)	51,797
Final single-tier dividend paid for financial year ended 31 March 2024	-	-	(10,000)	-	-	(10,000)	-	(10,000)
First interim single-tier dividend paid for financial year ending 31 March 2025	-	-	(5,000)	-	-	(5,000)	-	(5,000)
Share options granted under Employees' Share Option Scheme	-	-	-	-	365	365	-	365
Acquisition of remaining equity interest in subsidiary companies	-	-	(3,317)	-	-	(3,317)	3,317	-
As at 31 March 2025	244,960	150,000	488,384	(3,693)	365	880,016	(21)	879,995

Notes:

(1) The Unaudited Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the audited financial statements for the financial year ended 31 March 2025 and the accompanying explanatory notes attached to this interim financial report.

Page | 6

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

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

| | 31.03.2026
RM'000 | 31.03.2025
RM'000 |
| --- | --- | --- |
| CASH FLOWS USED IN OPERATING ACTIVITIES | | |
| Profit before tax | 52,753 | 84,551 |
| Adjustments for: | | |
| Depreciation of: | | |
| Property, plant and equipment | 6,614 | 5,616 |
| Right-of-use assets | 766 | 579 |
| Intangible assets | 527 | 527 |
| Interest expense | 19,068 | 14,670 |
| Interest income | (6,819) | (7,079) |
| Gain on fair value adjustment on short-term funds | (3,789) | (4,287) |
| Gain on derecognition of right-of-use assets | - | (8) |
| Gain on fair value adjustment on investment properties | (786) | (1,515) |
| Provision for bumi quota penalty | - | 350 |
| Unrealised loss on foreign exchange | 5,055 | 3 |
| Reversal of provision for ex-gratia | (1,840) | (148) |
| Allowance for doubtful debt for trade receivables | - | 53 |
| Reversal of allowance for doubtful debts for: | | |
| Refundable deposit | (100) | (1,540) |
| Trade receivables | (3) | - |
| Bad debt written off | | |
| Other receivables | 709 | - |
| Trade receivables | 18 | - |
| Property, plant and equipment written off | 49 | - |
| Share options granted under Employees’ Share Option Scheme | 70 | 365 |
| Operating profit before working capital changes | 72,292 | 92,137 |
| Movement in working capital: | | |
| (Increase)/Decrease in: | | |
| Inventories – land held for property development | (55,546) | (38,108) |
| Inventories – property development costs | 54,514 | (9,811) |
| Inventories – completed properties | 1,577 | 11,150 |
| Contract assets | (84,684) | 57,353 |
| Contract cost assets | (3,029) | (958) |
| Trade receivables | 68,776 | (49,251) |
| Other receivables, refundable deposits and prepaid expenses | (98,293) | (75,111) |
| Increase/(Decrease) in: | | |
| Trade payables | 3,035 | (9,324) |
| Other payables and accrued expenses | 6,843 | 2,569 |
| Contract liabilities | 41,470 | (9,782) |
| Land cost payables | (1,543) | (46) |
| Cash generated from/(used in) operations | 5,412 | (29,182) |
| Interest paid | (28,221) | (26,361) |
| Income tax paid | (29,595) | (39,432) |
| Income tax refund | 12,921 | 3,309 |
| Net cash used in operating activities | (39,483) | (91,666) |

Page | 7

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026 (1) (CONT'D)

| | 31.03.2026
RM'000 | 31.03.2025
RM'000 |
| --- | --- | --- |
| CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES | | |
| Interest received | 10,607 | 11,366 |
| Acquisition of property, plant and equipment | (94,070) | (7,515) |
| Addition to investment properties | (214) | (1,176) |
| Withdrawal/(placement) of fixed deposits pledged | 8,730 | (651) |
| Net inflow from acquisition of additional equity interest in a subsidiary company | 9,000 | - |
| Net cash flow on acquisition of new subsidiaries | - | 10 |
| Net cash (used in)/from investing activities | (65,947) | 2,034 |
| CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES | | |
| Dividend paid | (8,200) | (15,000) |
| Repayment of bank borrowings | (154,119) | (171,457) |
| Proceeds from bank borrowings | 191,514 | 130,048 |
| Proceeds from issuance of Islamic Medium Term Note | 100,000 | - |
| Payment of lease liabilities | (744) | (581) |
| Interest paid | (75) | (40) |
| Net cash from/(used in) financing activities | 128,376 | (57,030) |
| NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 22,946 | (146,662) |
| EFFECT OF EXCHANGE RATE FLUCTUATIONS ON CASH HELD | (6,972) | (4,290) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR | 251,263 | 402,215 |
| CASH AND CASH EQUIVALENTS AT END OF THE YEAR | 267,237 | 251,263 |
| Cash and cash equivalents comprise the following: | | |
| Cash and bank balances | 344,996 | 349,621 |
| Fixed deposits placed with licensed banks | (69,628) | (78,358) |
| Bank overdraft | (8,131) | (20,000) |
| | 267,237 | 251,263 |

Notes:

(1) The Unaudited Condensed Consolidated Statement of Cash Flows should be read in conjunction with the audited financial statements for the financial year ended 31 March 2025 and the accompanying explanatory notes attached to this interim financial report.

Page | 8

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

A. NOTES TO THE INTERIM FINANCIAL REPORT

A1. Basis of Preparation

The interim financial report of SkyWorld Development Berhad (“the Group”) is unaudited and has been prepared in accordance with Malaysian Financial Reporting Standards (“MFRS”) 134, Interim Financial Reporting issued by the Malaysian Accounting Standards Board (“MASB”) and Paragraph 9.22 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Listing Requirements”).

The interim financial report should be read in conjunction with the audited financial statements for the financial year ended 31 March 2025 and the accompanying explanatory notes in this report.

A2. Significant Accounting Policies

The significant accounting policies adopted in this interim financial report are consistent with those adopted in preparation of the audited financial statements of the Group for the financial year ended 31 March 2025, except for the adoption of amendments to MFRSs which were adopted at the beginning of the current financial year.

Adoption of Amendments to MFRSs

The Group has adopted all Amendments to MFRSs issued by the MASB that are relevant and effective for annual periods beginning on or after 1 April 2025 as follows:

Amendments to MFRS 121	Lack of Exchangeability

The adoption of the above do not expect to have any significant impact on the financial statements of the Group and did not result in significant changes to the Group’s existing accounting policies.

Page | 9

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

A. NOTES TO THE INTERIM FINANCIAL REPORT (CONT'D)

A3. Seasonal or Cyclical Factors

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

A4. Material Unusual Items

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

A5. Material Changes in Estimates

There were no changes in estimates that have a material effect on the results for the current quarter and financial year under review.

A6. Debts and Equity Securities

There were no other issuance and repayment of debt and equity securities, share buybacks, share cancellations, share held as treasury shares and resale of treasury shares during the current quarter and financial year under review, except for the following:

a) Issuance of Islamic Medium Term Note ("IMTN") and Islamic Commercial Paper ("ICP") under Islamic Medium Term Notes and Islamic Commercial Paper programme with RM300.0 million nominal value established by SkyWorld Capital Berhad as follows:

Issuance Type	Tranche	Issuance Date	Amount (RM Million)	Tenure	Maturity Date
IMTN	1	25 Apr 2025	100.0	3 years	25 Apr 2028
ICP	6	31 Jul 2025	50.0	6 months	28 Jan 2026
ICP	7	28 Jan 2026	50.0	6 months	28 Jul 2026

A7. Dividends Paid

On 15 July 2025, the Company paid a final single-tier dividend of RM6.0 million or 0.60 sen per ordinary shares for the financial year ended 31 March 2025.

On 15 January 2026, the Company paid a first interim single-tier dividend of RM2.2 million or 0.22 sen per ordinary shares for the financial year ended 31 March 2026.

Page | 10

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

A. NOTES TO THE INTERIM FINANCIAL REPORT (CONT'D)

A8. Segmental Reporting

Operation Segment

12-months ended 31 March 2026

	Property development RM'000	Property management and management services RM'000	Property investment RM'000	Others RM'000	Elimination RM'000	Consolidated RM'000
Revenue
External revenue	421,686	1	7,237	1,555	-	430,479
Inter-segment revenue	47,603	57,581	45	-	(105,229)	-
Total revenue	469,289	57,582	7,282	1,555	(105,229)	430,479
Cost of Sales
External cost of sales	(276,552)	-	(4,884)	(830)	-	(282,266)
Inter-segment cost of sales	(32,119)	-	(1,361)	-	33,480	-
Total cost of sales	(308,671)	-	(6,245)	(830)	33,480	(282,266)
Gross profit/(Gross loss)	160,618	57,582	1,037	725	(71,749)	148,213
Other operating income						12,988
Selling and marketing expenses						(16,001)
Administrative expenses						(73,379)
Finance cost						(19,068)
Profit before tax						52,753
Income tax expense						(23,150)
Profit for the year						29,603

Page | 11

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

A. NOTES TO THE INTERIM FINANCIAL REPORT (CONT'D)

A8. Segmental Reporting (cont'd)

Operation Segment (cont'd)

12-months ended 31 March 2025

	Property development RM'000	Property management and management services RM'000	Property investment RM'000	Others RM'000	Elimination RM'000	Consolidated RM'000
Revenue
External revenue	439,126	3	5,386	974	-	445,489
Inter-segment revenue	(277)	55,695	-	-	(55,418)	-
Total revenue	438,849	55,698	5,386	974	(55,418)	445,489
Cost of Sales
External cost of sales	(274,693)	-	(4,985)	(450)	-	(280,128)
Inter-segment cost of sales	(10,294)	-	(819)	-	11,113	-
Total cost of sales	(284,987)	-	(5,804)	(450)	11,113	(280,128)
Gross profit/(Gross loss)	153,862	55,698	(418)	524	(44,305)	165,361
Other operating income						15,605
Selling and marketing expenses						(14,757)
Administrative expenses						(66,988)
Finance cost						(14,670)
Profit before tax						84,551
Income tax expense						(28,464)
Profit for the year						56,087

Page | 12

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

A. NOTES TO THE INTERIM FINANCIAL REPORT (CONT'D)

A8. Segmental Reporting (cont'd)

Geographical Segment

No geographical information is presented as the business of the Group is carried out predominantly in Malaysia.

A9. Material Events Subsequent to the End of Financial Year

There were no material events subsequent to the end of the current financial year under review that have not been reflected in this condensed consolidated interim financial report except for the following:

a) On 12 May 2026, a total of 7,624,273 new ordinary shares of the Company was issued pursuant to the conversion of 7,624,273 irredeemable convertible preference shares (“ICPS”) by way of conversion of one (1) ICPS for one (1) new ordinary share.

b) On 22 May 2026, a total of 16,360,000 new ordinary shares of the Company was issued pursuant to the conversion of 16,360,000 ICPS by way of conversion of one (1) ICPS for one (1) new ordinary share.

A10. Changes in the Composition of the Group

There were no changes in the composition of the Group during the current financial year under review.

A11. Contingent Liabilities and Contingent Assets

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

A12. Material Capital Commitments

| | 31.03.2026
RM'000 | 31.03.2025
RM'000 |
| --- | --- | --- |
| Approved and contracted for: | | |
| Capital expenditure for new build-to-rent developments | 34 | 652 |
| Acquisition of lands for property development | 116,270 | 287,161 |
| Property, plant and equipment | 3,060 | 3,823 |

Page | 13

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

A. NOTES TO THE INTERIM FINANCIAL REPORT (CONT'D)

A13. Significant Related Party Transactions

| | 3-MONTHS
ENDED
(4^{TH} QUARTER)
31.03.2026
RM'000 | 12-MONTHS
ENDED
31.03.2026
RM'000 |
| --- | --- | --- |
| Related parties: | | |
| Rental of office building | 164 | 649 |
| Rental of office equipment | 16 | 66 |
| Insurance brokerage and related services | 50 | 178 |
| Purchase of office equipment | - | 1 |
| Sale of development property | - | 847 |

(The remaining of this page is intentionally left blank)

Page | 14

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS

B1. Review of Performance

| | 3-MONTHS ENDED
(4^{TH} QUARTER) | | 12-MONTHS ENDED | |
| --- | --- | --- | --- | --- |
| | 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 |
| | RM'000 | RM'000 | RM'000 | RM'000 |
| Revenue | 132,180 | 114,478 | 430,479 | 445,489 |
| Gross profit | 45,829 | 53,024 | 148,213 | 165,361 |
| Profit before tax (“PBT”) | 19,216 | 29,137 | 52,753 | 84,551 |

The Group’s revenue for current quarter and financial year ended 31 March 2026 is mainly attributed from property development segment, which were mainly derived from the progressive revenue recognition from the on-going projects, namely, Vesta Residences, SkyAwan 1 Residences, SkyAwani PR1MA Residences, SkyAwani 6 Residences and SkyAwani Pearlmont Residences Phase 1. During the financial year, Curvo Residences has completed and delivered to our customers.

(a) Performance of current quarter (Q4 FY2026) vs corresponding quarter in the preceding year (Q4 FY2025)

In the Q4 FY2026, the Group’s revenue was RM132.2 million, a 15.5% increase from Q4 FY2025. The higher revenue was primarily attributable to higher progressive revenue recognition from Curvo Residences, following the completion of development in the current quarter, as well as on-going projects, Vesta Residences, SkyAwan 1 Residences, SkyAwani PR1MA Residences, SkyAwani 6 Residences and SkyAwani Pearlmont Residences Phase 1, which collectively contributed RM129.0 million in Q4 FY2026.

Despite the higher revenue, the Group’s gross profit for the current quarter declined by RM7.2 million or 13.6% as compared to Q4 FY2025, primarily attributable to a change in revenue mix weighted towards projects with lower margins and an upward revision in the budgeted development cost for Vesta Residences.

The Group’s PBT decreased by RM9.9 million or 34.0% to RM19.2 million in Q4 FY2026, compared to RM29.1 million recorded in Q4 FY2025. Besides the lower gross profit, the decrease in PBT was mainly attributable to the recognition of bad debt written off amounting to RM0.8 million and increase in finance costs by RM0.9 million.

(b) Performance of the current year to date (12-months ended FY2026) vs the corresponding period in the preceding year (12-months ended FY2025)

The Group’s revenue for the 12-months ended FY2026 decreased by RM15.0 million or 3.4% to RM430.5 million as compared to RM445.5 million recorded in the corresponding in the preceding year. Lower revenue was mainly due to the completion of Edgewood Residences and SkyVogue Residences in previous financial year, which collectively contributed RM208.1 million in 12-months ended FY2025. Nevertheless, the impact was partially mitigated by the increase in revenue from on-going projects and the newly launched projects.

Page | 15

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B1. Review of Performance (cont'd)

(b) Performance of the current year to date (12-months ended FY2026) vs the corresponding period in the preceding year (12-months ended FY2025) (cont'd)

Corresponding with the lower revenue, the Group’s gross profit for the 12-months ended FY2026 was decreased by RM17.1 million or 10.4%. PBT declined by RM31.8 million or 37.6% mainly attributable to the lower gross profit, the recognition of unrealised foreign exchanges losses amounting to RM5.1 million, as well as higher finance costs of RM4.4 million compared to previous financial year.

B2. Comparison with Immediate Preceding Quarter

	3-MONTHS ENDED
	CURRENT 31.03.2026 RM'000	PRECEDING 31.12.2025 RM'000	VARIANCE RM'000	%
Revenue	132,180	137,019	(4,839)	-3.5%
Gross profit	45,829	44,499	1,330	3.0%
Profit before tax (“PBT”)	19,216	18,316	900	4.9%

The Group’s revenue for the current quarter decreased by RM4.8 million or 3.5% to RM132.2 million as compared to RM137.0 million recorded in the preceding quarter primarily due to lower progressive revenue recognised from Curvo Residences, which was completed in the current quarter. However, it was mitigated by higher progressive revenue recognised from Vesta Residences.

Despite lower revenue, the Group’s gross profit increased by RM1.3 million or 3.0% to RM45.8 million as compared to RM44.5 million recorded in the preceding quarter, driven by an improvement in gross profit margin of 34.7% from 32.5% in the preceding quarter. The lower margin in preceding quarter mainly due to adjustment for cost of sales resulted from upward revision in the budgeted development cost for Vesta Residences.

In line with the higher gross profit, the Group’s PBT increased by RM0.9 million or 4.9% to RM19.2 million, compared to RM18.3 million recorded in the preceding quarter.

Page | 16

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B3. Prospects of the Group

During the financial year (“FY”) 2026, the Group successfully launched projects in Kuala Lumpur and Penang with a combined Gross Development Value (“GDV”) of RM1.6 billion. The Group achieved total project sales of RM1.0 billion for the FY2026, driven mainly by newly launched and ongoing projects.

As at 31 March 2026, the Group unbilled sales more than doubled to RM1.1 billion, up from RM0.5 billion at the end of FY2025. This provides greater visibility of future earnings, underpinned by the progressive delivery of newly launched and ongoing projects. The Group’s performance will continue to be supported by progressive revenue from its ongoing and newly launched projects, as well as sales of completed units.

Looking ahead to FY2027, the Group plans to launch new projects with a combined estimated GDV exceeding RM2.0 billion across Malaysia and Vietnam, subject to prevailing market conditions.

Since its listing, the Group remains firmly committed to its cumulative GDV launch of at least RM4.6 billion through to year 2026. To date, the Group has launched projects with a cumulative GDV of RM2.8 billion.

As of 31 March 2026, the Group’s financial position remains sound and healthy given that our gross gearing at 0.63 times and net gearing at 0.25 times, supported by a cash balance exceeding RM300.0 million. This provides greater financing capacity for the Group to support our growth momentum.

The Board remains cognizant of the prevailing macroeconomic headwinds and heightened global economic uncertainty and expects that market will continue to pose challenges, driven by escalating operational costs. The Group is actively monitoring evolving market dynamics and has adopted a disciplined and prudent financial strategy, implementing necessary measures to safeguard operational resilience. Nevertheless, the Board remains cautiously optimistic that the Group will deliver satisfactory financial and operation performances in FY2027.

B4. Profit guarantee or profit forecast

The Group did not issue profit forecast or profit guarantee in any announcement or public document during current quarter and financial year under review.

Page | 17

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B5. Taxation

| | 3-MONTHS ENDED
(4^{TH} QUARTER) | | 12-MONTHS ENDED | |
| --- | --- | --- | --- | --- |
| | 31.03.2026
RM'000 | 31.03.2025
RM'000 | 31.03.2026
RM'000 | 31.03.2025
RM'000 |
| Estimated tax payable: | | | | |
| - Current financial period/year | 11,856 | 8,570 | 28,552 | 23,480 |
| - (Over)/Under provision in prior years | (159) | - | 38 | 4,618 |
| | 11,697 | 8,570 | 28,590 | 28,098 |
| Deferred tax: | | | | |
| - Current financial period/year | 1,286 | 452 | (4,254) | 1,062 |
| - Under/(Over) provision in prior years | 558 | 1,806 | (1,186) | (696) |
| | 1,844 | 2,258 | (5,440) | 366 |
| Total tax expense | 13,541 | 10,828 | 23,150 | 28,464 |
| Effective tax rate (%) | 70 | 37 | 44 | 34 |
| Statutory tax rate (%) | 24 | 24 | 24 | 24 |

The Group’s effective tax rate for the current quarter and financial year ended 31 March 2026 was higher than the statutory rate of 24%, primarily attributable to non-deductible expenses and deferred tax not recognised on tax losses.

B6. Status of Corporate Proposals

Save as disclosed below, there were no other corporate proposals announced by the Company but not completed as at the date of this interim financial report.

a) On 7 September 2023, the wholly-owned subsidiaries of the Company, SkyWorld Development (Vietnam) Company Limited (“SDVCL”), entered into a conditional shares sale and purchase agreement (“SPA”) with Mr. Nguyen Son Hai Long; Ms. Nguyen Thuy Thoai Phuong; and Ms. Nguyen Thuy Diem Phuong (“the Vendors”) and Thuan Thanh Trading Production and Real Estate Trading Joint Stock Company (“Project Company”) for the acquisition of the entire fully paid-up 1,700,000 ordinary shares of VND100,000 each in the share capital of the Project Company for a total cash consideration of VND350.0 billion (equivalent to approximately RM67.9 million) only subject to the terms and conditions stated in the SPA (the “Proposed Acquisition”).

Page | 18

SKYWORLD DEVELOPMENT BERHAD

Registration No: 200601034211 (753970-X)

(Incorporated in Malaysia)

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B6. Status of Corporate Proposals (cont'd)

a) (cont'd)

The Project Company is the sole and lawful user of a parcel of land located at Ward 16, District 8, Ho Chi Minh City, Vietnam and simultaneously, the Vendors are in the midst of procuring the transfer of land use rights for another 2 adjourning lands owned by several individuals to the Project Company, collectively referred to as the Project Land.

On 30 May 2025, SDVCL had entered into an amendment of the conditional shares sale and purchase agreement (“Amended SPA”) with the Vendors and Project Company to vary and modify the terms in the SPA in relation to the Proposed Acquisition.

The completion of the Proposed Acquisition is pending the fulfilment of the condition precedent of the Amended SPAs.

b) On 9 September 2025, SDVCL entered into a Memorandum of Understanding (“MoU”) with Mr. Le Van Phong (“Mr. Le”) and MTV Vina An Thuan Phat Company Limited (“ATP”) (Mr. Le and ATP shall collectively referred to as the “Parties”) to secure an exclusive negotiation period with the Parties prior to the signing of the definitive transaction agreements (“Definitive Agreements”) to develop the “Sai Gon – Thuan An central commercial apartment complex (Sai Gon – Thuan An Central)” project (“Project”) on a parcel of land measuring approximately 9,443.5 meter square located at Lai Thieu Ward, Ho Chi Minh City, Vietnam (“Land Lot”) via the acquisition of ATP.

ATP is the sole legal investor of the Project. ATP had on 8 October 2004, being granted land use right certificate issued by the People’s Committee of Binh Duong Province on the Land Lot for the implementation of the Project.

The Project aims at constructing a high-rise apartment building combined with commercial and service facilities which consists of approximately 1,241 units of apartments with maximum height of 40 floors and 3 basements.

On 27 November 2025, SDVCL entered into a conditional capital contribution purchase agreement with Mr. Le for the acquisition of the sale capital contribution, representing the entire charter capital of ATP free from all encumbrances and together with all rights and advantages attached to the Project, the Land Lot and other assets of ATP for a total cash consideration of VND850.0 billion (equivalent to approximately RM133.5 million) (“Proposed Acquisition”).

The completion of the Proposed Acquisition is pending the fulfilment of the condition precedent of the acquisition.

Page | 19

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B7. Utilisation of Proceeds from the Public Issue

The gross proceeds of approximately RM166.4 million to be raised from the Public Issue is intended to be utilised in the following manner:

Details of utilisation	Proposed utilisation RM’000	Actual utilisation RM’000	Re-allocation RM’000	Balance unutilised RM’000	Estimated timeframe for utilisation upon Listing
Acquisition of land for development	100,000	(70,835)	-	29,165	Within 36 months
Working capital for project development	35,192	(37,011)	1,819	-	Within 24 months
Repayment of bank borrowings	20,000	(20,000)	-	-	Within 12 months
Estimated listing expenses	11,208	(9,389)	(1,819)	-	Immediate
	166,400	(137,235)	-	29,165

The utilisation of the proceeds as disclosed above should be read in conjunction with the Prospectus.

The Board has approved for reallocation of unutilised proceeds which were earlier earmarked for listing expenses amounted to RM1.819 million as working capital for project development.

Page | 20

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B8. Borrowings and Lease Liabilities

The Group’s borrowings and lease liabilities as at 31 March 2026 are as follows:

| | 31.03.2026
RM'000 | 31.03.2025
RM'000 |
| --- | --- | --- |
| Current | | |
| Secured and guaranteed: | | |
| Term loans | 223,146 | 174,972 |
| Bridging loans | - | 15,412 |
| Bank overdraft | 8,131 | 20,000 |
| Islamic Commercial Paper | 50,000 | 50,000 |
| | 281,277 | 260,384 |
| Unsecured and unguaranteed: | | |
| Lease liabilities | 824 | 246 |
| | 824 | 246 |
| Total short-term borrowings and lease liabilities | 282,101 | 260,630 |
| Non-current | | |
| Secured and guaranteed: | | |
| Term loans | 188,858 | 188,856 |
| Bridging loans | 671 | - |
| Islamic Medium Term Note | 100,000 | - |
| | 289,529 | 188,856 |
| Unsecured and unguaranteed: | | |
| Lease liabilities | 481 | 342 |
| | 481 | 342 |
| Total long-term borrowings and lease liabilities | 290,010 | 189,198 |
| Total borrowings and lease liabilities | 572,111 | 449,828 |

B9. Material Litigation

As at the date of this interim financial report, there was no material litigation or arbitration, and the Directors are not aware of any pending proceedings or any fact likely to give rise to any proceedings, which may materially and adversely affect the financial position or performance of the Group.

Page | 21

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B10. Dividends

The Board of Directors had on 26 May 2026, proposes to declare a final single-tier dividend of 0.38 sen per ordinary share in respect of financial year ended 31 March 2026, to be paid on 15 July 2026.

B11. Earnings Per Share

a) Basic earnings per share

The basic EPS for the current quarter and financial year under review is computed as follows.

| | 3-MONTHS ENDED
(4^{TH} QUARTER) | | 12-MONTHS ENDED | |
| --- | --- | --- | --- | --- |
| | 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 |
| Profit attributable to: | | | | |
| - Owners of the Company (RM’000) | 5,834 | 18,321 | 29,998 | 56,154 |
| Weighted average number of ordinary shares in issue (’000) | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Basic EPS (sen) | 0.58 | 1.83 | 3.00 | 5.62 |

Page | 22

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B11. Earnings Per Share (cont'd)

b) Diluted earnings per share

The diluted EPS for the current quarter and financial year under review is computed as follows.

| | 3-MONTHS ENDED
(4^{TH} QUARTER) | | 12-MONTHS ENDED | |
| --- | --- | --- | --- | --- |
| | 31.03.2026 | 31.12.2025 | 31.03.2026 | 31.03.2025 |
| Profit attributable to: | | | | |
| - Owners of the Company (RM’000) | 5,834 | 18,321 | 29,998 | 56,154 |
| Weighted average number of ordinary shares in issue (’000) | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Effect of conversion of Irredeemable convertible preference shares (“ICPS”) (’000) | 187,500 | 187,500 | 187,500 | 187,500 |
| Diluted number of ordinary shares (’000) | 1,187,500 | 1,187,500 | 1,187,500 | 1,187,500 |
| Diluted EPS (sen) | 0.49 | 1.54 | 2.53 | 4.73 |

Page | 23

SKYWORLD DEVELOPMENT BERHAD
Registration No: 200601034211 (753970-X)
(Incorporated in Malaysia)

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B12. Auditors' Report on Preceding Annual Financial Statements

There was no qualification on the audited financial statements of the Group for the financial year ended 31 March 2025.

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

| | 3-MONTHS
ENDED
(4^{TH} QUARTER)
31.03.2026
RM’000 | 12-MONTHS
ENDED
31.03.2026
RM’000 |
| --- | --- | --- |
| Depreciation of: | | |
| - property, plant and equipment | 1,667 | 6,614 |
| - right-of-use assets | 208 | 766 |
| - intangible assets | 131 | 527 |
| Interest expense | 4,806 | 19,068 |
| Interest income | (1,962) | (6,819) |
| Gain on fair value adjustment on short-term funds | (431) | (3,789) |
| Gain on fair value adjustment on investment properties | (786) | (786) |
| Unrealised loss on foreign exchange | 221 | 5,055 |
| Reversal of provision for ex-gratia | (1,840) | (1,840) |
| Reversal of allowance for doubtful debt for: | | |
| - Refundable deposit | - | (100) |
| - Trade receivables | - | (3) |
| Bad debt written off | | |
| - Other receivables | 709 | 709 |
| - Trade receivables | 18 | 18 |
| Property, plant and equipment written off | 49 | 49 |
| Share-based payment | 57 | 70 |

Save as disclosed above, the other required disclosure items pursuant to Note 16 of Appendix 9B of the Listing Requirements are not applicable.

B14. Authorisation for Issue

The interim financial report for the financial year ended 31 March 2026 was authorised for issuance by the Board of Directors on 26 May 2026.

Page | 24

AI assistant

SKYWORLD DEVELOPMENT BERHAD — Interim / Quarterly Report 2026

71504_rns_2026-05-25_179c1e09-487b-497b-8c7e-b3f78863f790.pdf

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

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026 (1) (CONT'D)

Notes:

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

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT FINANCIAL YEAR ENDED 31 MARCH 2026 (1) (CONT'D)

Notes:

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

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026 (1) (CONT'D)

Notes:

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

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026 (1) (CONT'D)

Notes:

A. NOTES TO THE INTERIM FINANCIAL REPORT

A1. Basis of Preparation

A2. Significant Accounting Policies

Adoption of Amendments to MFRSs

A. NOTES TO THE INTERIM FINANCIAL REPORT (CONT'D)

A8. Segmental Reporting (cont'd)

Geographical Segment

A9. Material Events Subsequent to the End of Financial Year

A10. Changes in the Composition of the Group

A11. Contingent Liabilities and Contingent Assets

A12. Material Capital Commitments

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS

B1. Review of Performance

(a) Performance of current quarter (Q4 FY2026) vs corresponding quarter in the preceding year (Q4 FY2025)

(b) Performance of the current year to date (12-months ended FY2026) vs the corresponding period in the preceding year (12-months ended FY2025)

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B1. Review of Performance (cont'd)

(b) Performance of the current year to date (12-months ended FY2026) vs the corresponding period in the preceding year (12-months ended FY2025) (cont'd)

B2. Comparison with Immediate Preceding Quarter

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B3. Prospects of the Group

B4. Profit guarantee or profit forecast

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B5. Taxation

B6. Status of Corporate Proposals

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B6. Status of Corporate Proposals (cont'd)

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B7. Utilisation of Proceeds from the Public Issue

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B8. Borrowings and Lease Liabilities

B9. Material Litigation

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B10. Dividends

B11. Earnings Per Share

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B11. Earnings Per Share (cont'd)

B. ADDITIONAL INFORMATION REQUIRED BY THE LISTING REQUIREMENTS (CONT'D)

B12. Auditors' Report on Preceding Annual Financial Statements

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

B14. Authorisation for Issue

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SKYWORLD DEVELOPMENT BERHAD Interim / Quarterly Report 2026