24 WASCO BERHAD SECTION 2 KEY MESSAGES Share Price Movement and Volume Traded (2 January 2025 - 31 March 2026)2 Analyst Coverage (As at 25th and 26th February 2026)3 Coverage Summary Total Research Houses Outperform/Buy Neutral Consensus Target Price 6 5 1 RM1.41 Analyst views are independent assessments based on their respective methodologies and assumptions. ORDER BOOK AND MARKET POSITION The Group closed FY2025 with an order book of RM2.8 billion, comprising RM2.6 billion from the Energy Services Segment and RM241.3 million from the Bioenergy Services Segment. Approximately 51% of the order book related to Energy Transition and Green Energy projects. This evolving mix reflects deliberate repositioning towards energy transition infrastructure while maintaining a conventional energy base, supporting near-term margin resilience and positioning the Group for longer-term decarbonisation investment. This is supported by Wasco’s integrated engineering, procurement, fabrication and pipe coating capabilities, which enable execution across both conventional and energy transition projects. SHAREHOLDER RETURNS AND MARKET POSITION For FY2025, the Board declared single-tier dividends totalling 7 sen per share, amounting to approximately RM54.1 million, representing a 33.7% payout ratio and a dividend yield of 7.3%1. The distribution was supported by strong operating cash flow and reflects the Group’s disciplined capital allocation approach that balances shareholder returns with the preservation of financial flexibility. The Group’s market capitalisation and trading activity during the year reflected improved earnings resilience and strengthened financial position, with liquidity consistent with small-cap industrial norms on Bursa Malaysia. 1.40 1.20 1.00 0.80 0.60 0.40 0.20 - 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - Price (RM) January-25 January-26 February-25 February-26 March-25 March-26 April-25 May-25 June-25 July-25 August-25 September-25 October-25 November-25 December-25 Volume (m) Volume (‘000) Close (RM) CHIEF FINANCIAL OFFICER’S REVIEW
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