WAVEFRONT BERHAD — Interim / Quarterly Report 2026

May 27, 2026

WaveFront Berhad
Registration Number: 198901012846 (190155-M)
(Incorporated in Malaysia)
and its subsidiaries

Interim Financial Report
For the fourth quarter period ended
31 March 2026

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WaveFront Berhad
Registration Number: 198901012846 (190155-M)
(Incorporated in Malaysia)

Interim Financial Report
For the fourth quarter period ended 31 March 2026

Contents

Condensed consolidated statement of financial position - unaudited 1

Condensed consolidated statement of profit or loss and other comprehensive income - unaudited 2

Condensed consolidated statement of changes in equity – unaudited 3

Condensed consolidated statement of cash flows - unaudited 4-5

Part A
Selected explanatory notes pursuant to MFRS 134, Interim Financial Reporting in Malaysia and IAS 34, Interim Financial Reporting 6-8

Part B
Explanatory notes pursuant to Appendix 9B of the Listing Requirement of Bursa Malaysia 9-13

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WaveFront Berhad

Registration Number: 198901012846 (190155-M)

(Incorporated in Malaysia)

Condensed consolidated statement of financial position

As at 31 March 2026 - unaudited

| | Note | 31.03.2026
RM'000 | 31.03.2025
RM'000
Audited |
| --- | --- | --- | --- |
| Assets | | | |
| Property, plant and equipment | | 48,068 | 72,201 |
| Investment properties | | 67,629 | 69,181 |
| Investment in an associate | | 758 | 4,693 |
| Total non-current assets | | 116,455 | 146,075 |
| Inventories | | 51,633 | 48,347 |
| Trade and other receivables | | 106,394 | 143,888 |
| Current tax assets | | 1,775 | 29,851 |
| Other investments | | -- | 10,000 |
| Cash and cash equivalents | | 250,312 | 204,437 |
| Total current assets | | 410,114 | 436,523 |
| Total assets | | 526,569 | 582,598 |
| Equity | | | |
| Share capital | | 1,338,445 | 1,338,445 |
| Treasury Shares | | (1,897) | (1,897) |
| Reserves | | (1,104,594) | (1,104,534) |
| Retained earnings | | 138,003 | 142,250 |
| Equity attributable to owners of the Company | | 369,957 | 374,264 |
| Total equity | | 369,957 | 374,264 |
| Liabilities | | | |
| Loans and borrowings | 23 | 28,465 | 38,660 |
| Deferred tax liabilities | | 3,553 | 3,674 |
| Total non-current liabilities | | 32,018 | 42,334 |
| Loans and borrowings | 23 | 45,721 | 61,724 |
| Trade and other payables | | 78,812 | 104,252 |
| Contract liabilities | | 61 | 24 |
| Total current liabilities | | 124,594 | 166,000 |
| Total liabilities | | 156,612 | 208,334 |
| Total equity and liabilities | | 526,569 | 582,598 |
| Net assets per share attributable to the owners of the company | | 0.31 | 0.31 |

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WaveFront Berhad

Registration Number: 198901012846 (190155-M)

(Incorporated in Malaysia)

Condensed consolidated statement of profit or loss and other comprehensive income for the period ended 31 March 2026 - unaudited

| | Note | Individual
3 months ended
31-Mar | | Cumulative
12 months ended
31-Mar | |
| --- | --- | --- | --- | --- | --- |
| | | 2026
RM'000 | 2025
RM'000 | 2026
RM'000 | 2025
RM'000 |
| Revenue | | 78,339 | 84,650 | 337,403 | 273,035 |
| Cost of sales | | (77,387) | (64,180) | (338,374) | (283,552) |
| Gross profit/(loss) | | 952 | 20,470 | (971) | (10,517) |
| Other income/(other expenses) | | (842) | 8,977 | 8,194 | 19,653 |
| Distribution expenses | | (475) | (811) | (1,402) | (2,073) |
| Administrative expenses | | (1,567) | (2,841) | (10,564) | (13,169) |
| Result from operating activities | | (1,932) | 25,795 | (4,743) | (6,106) |
| Finance income | | 2,597 | 1,979 | 8,633 | 8,123 |
| Finance costs | | (769) | (1,256) | (3,838) | (4,941) |
| Net finance income | | 1,828 | 723 | 4,795 | 3,182 |
| Share of loss from equity accounted associate, net of tax | | (1,094) | (207) | (3,935) | (207) |
| (Loss)/Profit before tax | | (1,198) | 26,311 | (3,883) | (3,131) |
| Tax income/(expense) | | 1,302 | 504 | (364) | (1,274) |
| Profit/(Loss) for the period | | 104 | 26,815 | (4,247) | (4,405) |
| Foreign currency translation difference for foreign operations | | 8 | (221) - | (60) | (202) |
| Total comprehensive income/(expense) for the period | | 112 | 26,594 | (4,307) | (4,607) |
| Profit/(Loss) attributable to: | | | | | |
| Owners of the company | | 104 | 26,815 | (4,247) | (4,383) |
| Non-controlling interests | | -- | -- | -- | (22) |
| Profit/(Loss) for the period | | 104 | 26,815 | (4,247) | (4,405) |
| Total comprehensive income/(expense) attributable to: | | | | | |
| Owners of the company | | 112 | 26,594 | (4,307) | (4,585) |
| Non-controlling interests | | -- | -- | -- | (22) |
| Total comprehensive income/(expense) for the period | | 112 | 26,594 | (4,307) | (4,607) |
| Basic earnings per ordinary share (sen) | 24 | 0.01 | 2.23 | (0.35) | (0.36) |
| Diluted earnings per ordinary share (sen) | 25 | - | - | - | - |

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WaveFront Berhad

Registration Number: 198901012846 (190155-M)

(Incorporated in Malaysia)

Condensed consolidated statement of changes in equity for the period ended 31 March 2026-unaudited

	Note	Attributable to owners of the Company
		Non-distributable			Distributable			Non-controlling interest RM'000	Total equity RM'000
		Share capital RM'000	Treasury shares RM'000	Exchange fluctuation reserve RM'000	Reverse accounting reserve RM'000	Retained earnings RM'000	Total RM'000
At 1 April 2025		1,338,445	(1,897)	(98)	(1,104,436)	142,250	374,264	--	374,264
Foreign currency translation differences for foreign operation/		--	--	(60)	--	--	(60)	--	(60)
Loss for the year		--	--	--	--	(4,247)	(4,247)	--	(4,247)
Total comprehensive expense for the year		--	--	(60)	--	(4,247)	(4,307)	--	(4,307)
Contributions by and distributions to owners of the Company		--	--	--	--	--	--	--	--
Deconsolidation of subsidiaries		--	--	--	--	--	--	--	--
At 31 March 2026		1,338,445	(1,897)	(158)	(1,104,436)	138,003	369,957	--	369,957
At 1 April 2024		1,338,445	(1,897)	104	(1,104,436)	146,633	378,849	22	378,871
Foreign currency translation differences for foreign operation/		--	--	(202)	--	--	(202)	--	(202)
Loss for the year		--	--	--	--	(4,383)	(4,383)	--	(4,383)
Total comprehensive expense for the year		--	--	(202)	--	(4,383)	(4,585)	--	(4,585)
Contributions by and distributions to owners of the Company		--	--	--	--	--	--	--	--
Deconsolidation of subsidiaries		--	--	--	--	--	--	(22)	(22)
At 31 March 2025		1,338,445	(1,897)	(98)	(1,104,436)	142,250	374,264	--	374,264

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WaveFront Berhad

Registration Number: 198901012846 (190155-M)

(Incorporated in Malaysia)

Condensed consolidated statement of cash flows for the period ended 31 March 2026 – unaudited

| Note | 12 months ended
31-Mar | |
| --- | --- | --- |
| | 31.03.2026
RM’000 | 31.03.2025
RM’000 |
| Loss before tax | (3,883) | (3,131) |
| Adjustments for: | | |
| Depreciation: | | |
| - Property, plant and equipment | 6,793 | 12,805 |
| - Investment properties | 1,664 | 1,993 |
| Finance income | (8,633) | (8,123) |
| Finance costs | 3,838 | 4,941 |
| (Reversal of impairment loss)/ | | |
| Impairment loss on: | | |
| - Trade receivables | (16) | 316 |
| - Other receivables | 213 | 203 |
| Property, plant and equipment: | | |
| - Gain on disposal | (8,173) | (5,441) |
| - Impairment loss | -- | 1,058 |
| - Written off | 192 | 239 |
| Gain on disposal of investment properties | (30) | -- |
| Asset classified as held for sale: | | |
| - Gain on disposal | -- | (7,070) |
| Provision for/(Reversal of): | | |
| - Restoration cost | 42 | 390 |
| - Onerous contract | 523 | (8,779) |
| Unrealised (gain)/loss on foreign exchange | (184) | 637 |
| Inventories: | | |
| - Allowance for/(Reversal of) slow moving | 1,711 | (21,932) |
| - Write-down to net realisable value | 84 | -- |
| - Written-off | 43 | -- |
| Gain on disposal of a subsidiary | -- | (129) |
| Gain arising from deconsolidation of subsidiaries | -- | (223) |
| Share of loss of equity | | |
| -accounted associate, net of tax | 3,935 | 207 |
| Operating loss before changes in working capital | (1,881) | (32,039) |
| Change in inventories | (5,124) | 24,422 |
| Change in trade and other receivables | 37,297 | (29,156) |
| Change in trade and other Payables | (24,081) | 7,468 |
| Change in contract liabilities | 37 | 24 |
| Cash generated from/(used in) operations | 6,248 | (29,281) |
| Tax refunded | 27,591 | 1,206 |
| Net cash from/(used-in) operating activities | 33,839 | (28,075) |

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WaveFront Berhad

Registration Number: 198901012846 (190155-M)

(Incorporated in Malaysia)

Condensed consolidated statement of cash flows for the period ended 31 March 2026 – unaudited

(continued)

| Note | 12 months ended
31-Mar | |
| --- | --- | --- |
| | 31.03.2026
RM'000 | 31.03.2025
RM'000 |
| Cash flows from investing activities | | |
| Acquisition of property, plant and equipment | (2,418) | (2,697) |
| Acquisition of investment properties | (112) | -- |
| Acquisition of investment in an associate | -- | (4,900) |
| Proceeds from/(Acquisition of) other investments | 10,000 | (10,000) |
| Proceeds from disposal of property, plant and equipment | 25,999 | 8,590 |
| Proceeds from disposal of investment properties | 30 | -- |
| Proceeds from disposal of assets classified as held for sale | -- | 14,104 |
| Interest received | 8,633 | 8,123 |
| Net proceeds from disposal of a subsidiary, net of cash and cash equivalents disposed of | -- | 90 |
| Effect of deconsolidation of subsidiaries | -- | (10) |
| Net cash from investing activities | 42,132 | 13,300 |
| Cash flows from financing activities | | |
| Repayment of term loans
(Repayment)/Proceeds of bankers’ acceptances | (4,885) | (4,757) |
| Repayment of hire purchase liabilities | (3,680) | 19,445 |
| Interest paid | (17,633) | (26,004) |
| | (3,838) | (4,941) |
| Net cash used in financing activities | (30,036) | (16,257) |
| Net increase/(decrease) in cash and cash equivalents | 45,935 | (31,032) |
| Effect of exchange rate fluctuation on cash held | (60) | 43 |
| Cash and cash equivalents at 1 April | 204,437 | 235,426 |
| Cash and cash equivalents at 31 March | 250,312 | 204,437 |
| Cash and cash equivalents comprise: | | |
| Cash and bank balances | 96,777 | 73,465 |
| Fixed deposits with licensed banks | 153,535 | 130,972 |
| Cash and cash equivalents in the statements of financial position | 250,312 | 204,437 |

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WaveFront Berhad

Registration Number: 198901012846 (190155-M)

(Incorporated in Malaysia)

Part A

Selected explanatory notes pursuant to MFRS 134

For the fourth quarter period ended 31 March 2026

1. Basis of preparation

Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with the applicable disclosure requirements of the Listing Requirements of Bursa Malaysia Securities Berhad, Malaysian Financial Reporting Standard (“MFRS”) 134 Interim Financial Reporting, and International Accounting Standard (“IAS”) 34 Interim Financial Reporting. They do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s consolidated financial statements for the financial year ended 31 March 2025.

2. Changes in material accounting policy

The following are accounting standards, interpretations and amendments of the MFRS Accounting Standards that have been issued by the Malaysian Accounting Standards Board (“MASB”) but have not been adopted by the Group:

MFRS Accounting Standards, interpretations and amendments effective for annual periods beginning on or after 1 January 2026

• Amendments to MFRS 9, Financial Instruments and MFRS 7, Financial Instruments: Disclosures – Classification and Measurement of Financial Instruments
• Amendments that are part of Annual Improvements — Volume 11:
• Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards
• Amendments to MFRS 7, Financial Instruments: Disclosures
• Amendments to MFRS 9, Financial Instruments
• Amendments to MFRS 10, Consolidated Financial Statements
• Amendments to MFRS 107, Statement of Cash Flows
• Amendments to MFRS 9, Financial Instruments and MFRS 7, Financial Instruments: Disclosures – Contracts Referencing Nature-dependent Electricity

MFRS Accounting Standards, interpretations and amendments effective for annual periods beginning on or after 1 January 2027

• MFRS 18, Presentation and Disclosure in Financial Statements
• MFRS 19, Subsidiaries without Public Accountability: Disclosures
• Amendments to MFRS 121, The Effects of Changes in Foreign Exchange Rates – Translation to a Hyperinflationary Presentation Currency

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WaveFront Berhad

Registration Number: 198901012846 (190155-M)

(Incorporated in Malaysia)

Part A

Selected explanatory notes pursuant to MFRS 134

For the fourth quarter period ended 31 March 2026

2. Changes in material accounting policy (continued)

MFRS Accounting Standards, interpretations and amendments effective for annual periods beginning on or after a date yet to be confirmed

• Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in Associates and Joint Ventures – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

3. Auditors’ Report on Preceding Annual Financial Statements

The Auditors’ Report on the Audited Financial Statements for the year ended 31 March 2025 was not qualified.

4. Unusual items affecting the assets, liabilities, equity, net income, or cash flows

There are no unusual items affecting the assets, liabilities, equity, net income, or cash flows of the Group for the current quarter and financial year-to-date.

5. Material changes in estimates

There are no material changes in estimates for the current quarter and financial year-to-date.

6. Dividends paid

No dividend was declared or paid for the current quarter.

7. Segment information

The principal activities of the Group comprise the manufacturing and sale of precision plastic injection moulded parts, secondary processes, sub-assembly and full assembly, and the supply of finished products to the electronics manufacturing industry, with operations predominantly based in Malaysia. Segmental information is not disclosed as the food trading segment is considered not material to the Group.

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WaveFront Berhad
Registration Number: 198901012846 (190155-M)
(Incorporated in Malaysia)

Part A

Selected explanatory notes pursuant to MFRS 134

For the fourth quarter period ended 31 March 2026

8. Material events subsequent to period end

No material events have arisen subsequent to the end of the reporting period that require disclosure or adjustment to these condensed consolidated interim financial statements.

9. Changes in the composition of the Group

There were no significant changes in the composition of the Group during the current financial quarter.

10. Seasonal or cyclical factors

The Group’s performance is influenced by seasonal demand fluctuations in the consumer electronics industry.

11. Contingent liabilities and contingent assets

There have been no contingent liabilities or contingent assets of the Group since the last annual balance sheet date.

12. Capital commitments

31 Mar 2026
RM'000
Property, plant and equipment
309
Contracted but not provided for

13. Related party transactions

Significant related party transactions of the Group are as follows: -

| | 12 months ended
31-March | |
| --- | --- | --- |
| | 2026 | 2025 |
| | RM'000 | RM'000 |
| Sales | 2,444 | 5,582 |
| Purchases | 61,080 | 53,114 |

14. Debt and Equity Securities

There were no issuances or repayments of debt and equity securities, share cancellations, share buy-backs, or resales of treasury shares during the quarter.

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WaveFront Berhad

Registration Number: 198901012846 (190155-M)

(Incorporated in Malaysia)

Part B

Explanatory notes pursuant to Appendix 9B of the Listing Requirement of Bursa Malaysia

For the fourth quarter period ended 31 March 2026

15. Review of performance for current quarter vs. previous year same quarter comparison

| | Individual
3 months ended
31-Mar | | Cumulative
12 months ended
31-Mar | |
| --- | --- | --- | --- | --- |
| | 2026
RM’000 | 2025
RM’000 | 2026
RM’000 | 2025
RM’000 |
| Revenue | 78,339 | 84,650 | 337,403 | 273,035 |
| (Loss)/Profit before taxation | (1,198) | 26,311 | (3,883) | (3,131) |
| Profit/(Loss) after taxation | 104 | 26,815 | (4,247) | (4,405) |

For the current quarter ended 31 March 2026, the Group recorded revenue of RM78.34 million, a decrease of 7.5% compared to RM84.65 million in the corresponding quarter of the preceding year.

The Group recorded a loss before taxation of RM1.20 million, compared with a profit before taxation of RM26.31 million in the corresponding quarter of the preceding year. The decline was mainly attributable to the one-off reversal of onerous contract provision recognised in the preceding year's corresponding quarter, lower reversal of allowance for slow-moving inventories, and a higher share of loss from an equity-accounted associate.

For the financial year-to-date ended 31 March 2026, revenue increased by 23.6% to RM337.40 million from RM273.04 million previously.

The Group recorded a loss before taxation of RM3.88 million compared to RM3.13 million previously. The loss was mainly due to the one-off credits recorded in the preceding year, namely reversal of allowance for slow-moving inventories, gain on disposal of asset classified as held for sale and reversal of onerous contract provision, coupled with a higher share of loss from an equity-accounted associate in the current year.

The rest of this page is intentionally left blank.

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WaveFront Berhad

Registration Number: 198901012846 (190155-M)

(Incorporated in Malaysia)

Part B

Explanatory notes pursuant to Appendix 9B of the Listing Requirement of Bursa Malaysia

For the fourth quarter period ended 31 March 2026

16. Variation of results against the immediate preceding quarter

	Individual
	31-Mar
RM'000	31-Dec
RM'000
Revenue	78,339	79,847
Profit/(Loss) before taxation	(1,198)	(3,453)
Profit/(Loss) after taxation	104	(4,304)

For the current quarter ended 31 March 2026, the Group recorded revenue of RM78.34 million, representing a slight decrease of RM1.51 million or 1.9% as compared to RM79.85 million in the immediate preceding quarter.

The Group’s loss before taxation reduced to RM1.20 million from RM3.45 million in the immediate preceding quarter. The improvement was mainly attributable to the reversal of allowance for slow-moving inventories in the current quarter, as compared to an allowance recorded in the immediate preceding quarter.

17. Current year prospects

The Group remains optimistic about its outlook for the current financial year. Strategic initiatives are focused on expanding the customer base, strengthening relationships with key customers, and enhancing competitiveness through cost management, production optimisation, and continuous process improvements. Barring any unforeseen circumstances, the Board anticipates that these measures will support a resilient performance for the remaining quarters of the financial year.

18. Profit forecast

Not applicable.

The rest of this page is intentionally left blank.

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WaveFront Berhad

Registration Number: 198901012846 (190155-M)

(Incorporated in Malaysia)

Part B

Explanatory notes pursuant to Appendix 9B of the Listing Requirement of Bursa Malaysia

For the fourth quarter period ended 31 March 2026

19. Tax expense

| | Individual
3 months ended
31-Mar | | Cumulative
12 months ended
31-Mar | |
| --- | --- | --- | --- | --- |
| | 2026
RM’000 | 2025
RM’000 | 2026
RM’000 | 2025
RM’000 |
| Malaysian - current | | | | |
| Tax expense | 469 | 374 | 1,727 | 1,679 |
| Deferred tax | (121) | (595) | (121) | (122) |
| Malaysian - prior years | | | | |
| Tax expense | (1,732) | (283) | (1,242) | (283) |
| Deferred tax | 82 | -- | -- | - |
| | (1,302) | (504) | 364 | 1,274 |

The Group recorded a net tax credit for the current quarter, mainly arising from accounting adjustments made upon receipt of tax refunds in respect of prior years.

20. Status of Corporate Proposals

There were no outstanding corporate proposals that have been announced but not completed as at the date of this quarterly report.

21. Changes in material litigation

(a) United Max Construction Sdn Bhd ("United Max")

For details of the case and claims by United Max, please refer to the announcements made by the WaveFront Berhad ("WaveFront" or "the Company") on 31 May 2022, 3 June 2022, 7 June 2022, 28 June 2022, 15 July 2022, 9 December 2022 and 18 January 2023, and the updates made in the quarterly announcements for the Group's interim financial statements.

The trial is still ongoing at the Johor Bahru High Court.

22. Dividends payable

No dividend has been recommended for the current quarter.

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WaveFront Berhad

Registration Number: 198901012846 (190155-M)

(Incorporated in Malaysia)

Part B

Explanatory notes pursuant to Appendix 9B of the Listing Requirement of

Bursa Malaysia

For the fourth quarter period ended 31 March 2026

23. Group borrowings

	31-Mar-2026 RM’000	31-Mar-2025 RM’000
Secured
Non-Current
Hire purchase liabilities	--	5,629
Term loans	28,465	33,031
	28,465	38,660
Current
Bankers’ acceptance	35,536	39,216
Hire purchase liabilities	5,629	17,633
Term loans	4,556	4,875
	45,721	61,724
Total	74,186	100,384

24. Basic earnings per share

| | Individual
3 months ended
31-Mar | | | Cumulative
12 months ended
31-Mar | |
| --- | --- | --- | --- | --- | --- |
| | 2026
RM’000 | 2025
RM’000 | | 2026
RM’000 | 2025
RM’000 |
| Profit/(Loss) attributable to owners
of the company (RM'000) | 104 | 26,815 | | (4,247) | (4,383) |
| Weighted average number of
ordinary shares in issue ('000) | 1,202,864 | 1,202,864 | | 1,202,864 | 1,202,864 |
| Basic earnings per share (sen per share) | 0.01 | 2.23 | | (0.35) | (0.36) |

25. Diluted earnings per share

The diluted earnings/(loss) per ordinary share for the current quarter has not been presented as the Company does not have any outstanding share options or other potentially dilutive financial instruments in issue as at the end of the reporting period.

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WaveFront Berhad

Registration Number: 198901012846 (190155-M)

(Incorporated in Malaysia)

Part B

Explanatory notes pursuant to Appendix 9B of the Listing Requirement of Bursa Malaysia

For the fourth quarter period ended 31 March 2026

26. Profit/(Loss) for the period

Profit/(Loss) for the period is arrived at after charging/(crediting):

| | 12 months ended
31-Mar | |
| --- | --- | --- |
| | 2026
RM’000 | 2025
RM’000 |
| Depreciation: | | |
| -Property, plant and equipment | 6,793 | 12,805 |
| -Investment properties | 1,664 | 1,993 |
| Finance income | (8,633) | (8,123) |
| Finance costs | 3,838 | 4,941 |
| (Reversal of impairment loss)/Impairment loss on: | | |
| -Trade receivables | (16) | 316 |
| -Other receivables | 213 | 203 |
| Property, plant and equipment: | | |
| - Gain on disposal | (8,173) | (5,441) |
| - Impairment loss | -- | 1,058 |
| -Written off | 192 | 239 |
| Asset classified as held for sale: | | |
| - Gain on disposal | -- | (7,070) |
| Gain on disposal of investment properties | (30) | -- |
| Provision for/(Reversal of) | | |
| -restoration cost | 42 | 390 |
| -onerous contract | 523 | (8,779) |
| Net gain on foreign exchange | 523 | 3,552 |
| Inventories: | | |
| - Allowance for/ (Reversal of) slow moving | 1,711 | (21,932) |
| -Written-down to net realisable value | 84 | -- |
| -Written-off | 43 | -- |
| Gain on disposal of subsidiary | -- | (129) |
| Gain arising from deconsolidation of subsidiaries | -- | 223) |
| Share of loss of equity | | |
| -accounted associate, net of tax | 3,935 | 207 |

27. Authorise for issue

These Interim Financial Statements were authorised for issue by the Board of Directors in accordance with a resolution passed on 28 May 2026.