MSM INTERNATIONAL LIMITED ANNUAL

Letter to Shareholders

Letter to Shareholders (Cont’d) LookInG ahEad We expect the operating environment over the next twelve months to be challenging, amid ongoing competitive pressure, geopolitical tensions and macroeconomic uncertainties. Nevertheless, we remain cautiously optimistic. We are seeing an increasing integration of artificial intelligence, electrification and automation into industries and everyday life. We believe this trend will take time to fully unfold, much like the shift towards Industrial 3.0 did in the past, which introduced electronics and computers to automate the production floor. The early positioning of our presence across automation, the energy and EV value chain, and data centre-linked manufacturing, enables us to benefit from this transition as it matures, even if monetisation is gradual. In the near term, we expect our OEM contract manufacturing business to benefit from improving conditions in the automation and semiconductor industries, while our energy and EV-related activity are expected to continue growing. We will manage our F&B business segment in a disciplined manner through the current period of cost pressure and competition, while protecting the brand strength and customer relationships that we have built over the years. We also expect proceeds from the planned monetisation of our non-core property and investment assets to provide additional financial flexibility. As a Group, we will continue to explore opportunities to strengthen our position in all three business segments, both organically and through selective new investments. We will also remain disciplined in capital allocation, prudent in managing costs and working capital, and focused on strengthening the long-term sustainability of the Group. appREcIaTIon On behalf of the Board, we wish to thank our management team and our employees for their hard work and resilience during a demanding year. We also extend our appreciation to our customers, suppliers and business partners for their trust and collaboration. To my fellow Directors, I am grateful for your counsel and guidance. Finally, we thank our shareholders for your continued support and patience in MSM. As we navigate an evolving business landscape, we are committed to building on our engineering strengths and adaptability to create sustainable value for all our stakeholders. chan kee Sieng Executive Chairman AnnUAl RePORt 2026 05