The year 2025 could best be described as a year of agility and resilience for the Group. As Tropicana transitions into 2026, it is strategically positioned to accelerate growth, supported by ongoing and upcoming developments with a combined GDV exceeding RM7.5 billion. Backed by strategic campaigns featuring signature developments at key property hotspots across Malaysia, Tropicana continued to make homeownership more accessible while sustaining strong market interest. In line with its vision, “OneTropicana: Connecting Communities, Forging Futures,” and its mission to deliver lasting value through innovation, ESG excellence and the OneTropicana spirit, the Group prioritised strengthening its core property segment through an asset-light model, leveraging its development expertise, distinctive development DNAs and strong ESG commitments. During the year, Tropicana achieved a significant improvement in its Environmental, Social and Governance (“ESG”) rating, which doubled to 4 stars. This milestone reflects the Group’s robust sustainability strategy with a strong emphasis on corporate governance and the integration of sustainability risks and opportunities. In tandem with this achievement, Tropicana was included in the FTSE4Good Bursa Malaysia (“F4GBM”) Index Series, recognising public listed companies demonstrating strong ESG practices based on the FTSE Russell Delivering Lasting Value rating system. This inclusion followed the December 2025 semi-annual review conducted by FTSE Russell and Bursa Malaysia, acknowledging Tropicana’s meaningful progress in advancing its ESG initiatives. For the financial year ended 31 December 2025, the Group recorded revenue of RM1.5 billion, representing an increase of RM93.4 million or 6.6% compared with the previous financial year. The higher revenue was primarily driven by increased progress billings across key projects in the Klang Valley, Southern and Northern regions. The Group recorded a significantly lower loss before tax (“LBT”) of RM12.9 million, compared with RM117.1 million in the previous financial year. The higher losses previously were largely attributable to a one-off loss arising from an asset disposal. The improved performance in FY2025 was mainly driven by operational factors, while finance costs also declined in line with the Group’s ongoing strategy to reduce overall debt levels through asset monetisation initiatives. In October 2025, the Group fulfilled payment obligations of RM139 million, representing the Tranche 4 payment under its RM1.5 billion Islamic Medium-Term Notes (“IMTN”) Sukuk Wakalah Programme introduced in 2020, bringing AR 2025 | MANAGEMENT DISCUSSION & ANALYSIS 46
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