Report to Shareholders

DEAR SHAREHOLDERS,

I am pleased to present the Annual Report for Chasen Holdings Limited (“Chasen” or “the Group”) for the financial year ended 31 March 2026 (“FY2026”).

The global economic environment remained challenging over the past year, shaped by persistent geopolitical tensions, elevated energy prices, and ongoing trade and supply chain uncertainty. These conditions weighed on business sentiment and capital expenditure, creating a more difficult business climate. Against this backdrop, the Group reached an important milestone: after two years of structural transformation, Chasen returned to profitability in FY2026.

FINANCIAL REVIEW

The Group reported revenue from continuing operations of S$118.3 million for FY2026, representing a 2% increase from S$116.3 million in FY2025. This growth was supported by a strong second half (“2HFY2026”), during which revenue rose to S$67.8 million, 20% higher than the corresponding period in the previous year.

Gross profit grew by 10% year-on-year to S$23.3 million. Group gross profit margin also improved by 1.5 percentage points to 19.7% (FY2025: 18.2%), reflecting a more favourable service mix across core operations.

Other operating income declined to S$3.1 million from S$7.2 million in FY2025, primarily due to the absence of the S$3.5 million gain recognised from the disposal of Suzhou Promax Communication Technology Co., Ltd (“PMXC”) in the prior year. Finance expenses fell by 42% to S$2.3 million, supported by lower borrowing costs. A fair value gain of S$6.8 million from the revaluation of investment properties at the Chasen Logistics Hub contributed to profitability. As a result, profit before tax from continuing operations improved to S$7.8 million, compared with a loss before tax of S$12.7 million in FY2025. This improvement reflected stronger underlying performance and the absence of prior-year one-off non-cash charges, including a S$10.5 million goodwill impairment and S$4.0 million in bad debt provisions.

The Group recorded a net profit attributable to shareholders of S$7.2 million for FY2026, marked recovery from the net loss of S$11.8 million in FY2025. Basic and diluted earnings per share improved to 1.88 Singapore cents. Net asset value per ordinary share increased to 29.9 Singapore cents as at 31 March 2026, up from 21.7 Singapore cents a year earlier, reflecting both the return to profitability and the S$25.9 million revaluation surplus on the Group’s leasehold land and buildings recognised during the year.

SEGMENT PERFORMANCE AND OUTLOOK

Specialist Relocation

Our core Specialist Relocation segment remained the main driver of the Group’s growth, with revenue rising 9% to S$86.3 million. Performance was led by our operations in the United States, which expanded in the second half of the financial year. This momentum was supported by continued execution of a multi-million-dollar specialist relocation and asset installation mandate for a Tier-1 electric vehicle (“EV”) lithium-ion battery manufacturer. Following the completion of a maiden project in 2024, Chasen have made further inroads into India with two significant orders servicing our new customers in the high technology and solar PV manufacturing industry. In parallel, our teams in Singapore and the People’s Republic of China (“PRC”) maintained steady execution across the semiconductor and TFT-LCD/OLED sectors, respectively.

Third Party Logistics (“3PL”)

Following the divestment of the City Zone Group in FY2025, the streamlined 3PL business generated S$12.2 million in revenue, up 20% from S$10.2 million in the previous year. The improvement was driven by stronger secured project services.

Technical & Engineering (“T&E”)

Revenue in the Technical & Engineering segment declined 26% to S$19.8 million. This was mainly due to the strategic divestment of PMXC in the prior year, the revenue of which is no longer consolidated within the Group’s continuing operations. The segment is now focusing on commercial renewable energy infrastructure project execution in Singapore, in line with the country’s updated solar deployment targets under the Singapore Green Plan 2030.

INFRASTRUCTURE OPTIMISATION & STRATEGIC FOCUS

A key milestone in our turnaround was the completion and commencement of operations at the new integrated Chasen Logistics Hub (“CLH”) at 18 Jalan Besut, Singapore. This modern, five-storey ramp-up facility has consolidated our local capabilities and now serves as a strategic operational base for the Group.

In addition to improving internal efficiency, the Group secured third party tenancies for two warehouse units, which have been reclassified as investment properties. An independent revaluation at year-end resulted in a fair value gain of S$6.8 million, further strengthening profitability and expanding the asset base. CLH was also constructed to meet the building criteria for BCA Green Mark certification, reflecting our commitment to sustainable operations and quality in the built environment.

POSITIONED FOR GROWTH AND REVENUE VISIBILITY

As we enter FY2027, Chasen has clear revenue visibility, supported by a secured project pipeline of approximately S$45.0 million for delivery in the new financial year. We continue to deepen our market presence in line with major global manufacturing trends:

• United States: Supported by accelerating automotive electrification, our specialist relocation team with millwright capability secured an additional US$18.0 million (approximately S$23.0 million) contract to support the second-wing facility expansion of a Tier-1 Japanese EV battery customer in Kansas.
• India: India is fast emerging as a high technology manufacturing economy. In relation to this development, Chasen secured two significant mandates with an aggregate contract value of INR461 million (approximately S$6.1 million). These orders comprise relocation and rigging services for an electronics manufacturing services provider in Uttar Pradesh, and high-precision installation support for a major conglomerate developing an integrated solar manufacturing complex in Gujarat.
• People’s Republic of China: Capitalising on technology upgrade cycles in the consumer display sector, our Chuzhou-based subsidiary secured a RMB25.0 million (approximately S$4.7 million) move-in project for an 8th-generation OLED manufacturing plant.
• Singapore: Our domestic business units continued to perform steadily, securing S$8.2 million in new and recurring project contracts. These include specialist relocation work for data centre and semiconductor customers, as well as multi-year solar PV panel installation projects for commercial and government buildings that are aligned to the Singapore Green Building Masterplan (SGBMP).

CORPORATE SOCIAL RESPONSIBILITY

In the final quarter of FY2026, Chasen strengthened its commitment to corporate social responsibility (“CSR”) through the launch of the “Chasen Cares for the Community” initiative. Led by the Group Sustainability Officer and CSR team, the programme was delivered in collaboration with SBF VolunteerInc, the Singapore Business Federation’s corporate volunteering platform, which supports organisations in developing and sustaining meaningful, community-aligned volunteering efforts.

Key activities included a visit to a day care centre for latchkey children, where employees took part in the “Ketchup If You Can” gaming session facilitated by FaithActs. In addition, Chasen employees also supported persons with disabilities through a “Go Digital” workshop, and engaged elderly residents in a “Chiak Si-Mi” bingo session at an elderly day care centre. These latter initiatives were organised by Touch Community Services.

Through these efforts, Chasen employees deepened community engagement while extending support to children from disadvantaged backgrounds, individuals with disabilities, and elderly residents. Looking ahead, the Group plans to expand its outreach through initiatives such as “Meals on Wheels” and visits to aged care homes, further reinforcing its commitment to social inclusion and community upliftment.

APPRECIATION

On behalf of the Board of Directors, I would like to thank our shareholders, clients, banking partners, and business associates for their continued support throughout our structural transition. I also wish to recognise our senior management team and regional leadership and their respective workforce for their discipline, execution and adaptability.

With a more optimised asset base, an operational logistics hub, and a resilient order book across advanced technology sectors, Chasen is well-positioned to drive sustainable earnings growth and create long-term shareholder value.

LOW WENG FATT

Managing Director & Chief Executive Officer