Building Trust

Shaping Tomorrow

INTEGRATED REPORT 2025

Setia EcoHill, Semenyih, Selangor

Our Investment Case

Sales Achieved

RM5.11 billion

(FY2024: RM5.02 billion)

Revenue

RM4.22 billion

(FY2024: RM5.29 billion)

Profit Before Tax

RM969 million

(FY2024: RM1.12 billion)

Borrowings

RM8.0 billion

(FY2024: RM8.6 billion)

Net Gearing

0.33x

(FY2024: 0.35x)

Dividend per Share:

2.55 sen

(FY2024: 2.88 sen)

Ongoing projects

42

(FY2024: 42)

Total portfolio GDV

RM106.13 billion

(FY2024: RM128.59 billion)

Remaining Landbank

4,302 acres

(FY2024: 5,451 acres)

FY2025 Launches (GDV)

RM5.14 billion

(FY2024: RM5.13 billion)

Unbilled Sales

RM4.50 billion

(FY2024: RM4.09 billion)

41% of Group sales came from current-year launches with green features, generating ~RM2 billion in green-enabled sales

The Group launched its Sustainability Financing Framework and received a ‘Good’ rating from Sustainable Fitch

Reduced energy consumption, contributing to lower overall Scope 2 emissions

A total of 9,667 trees were planted

A Biodiversity Policy was formalised and uploaded to KMSOP, and 11% of trees planted were listed on the IUCN Red List of Threatened Species

64% of active contractors were certified to ISO 14001 / ISO 45001

Zero high-risk Lost Time Injuries (LTI) were recorded

Zero labour-rights non-compliance cases were recorded

Women representation in senior management reached 38%, within the 38%–40% target range

The Group recorded zero environmental fines, achieved 100% anti-corruption training participation, and received zero customer data privacy complaints

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Leadership

Y. A. M. Tan Sri Dato’ Seri Syed Anwar Jamalullail
Non-Independent Non-Executive Chairman
Datuk Zaini bin Yusoff
President and Chief Executive Officer
Datuk Ir Khairil Anwar bin Ahmad
Senior Independent Non-Executive Director
Dato’ Merina binti Abu Tahir
Independent Non-Executive Director
Dato’ Tengku Marina binti Tunku Annuar
Independent Non-Executive Director
Datin Wan Daneena Liza binti Wan Abdul Rahman
Independent Non-Executive Director
Lim Fu Yen
Non-Independent Non-Executive Director
Datin Grace Yeoh Cheng Geok
Independent Non-Executive Director
Mohamad Abdul Halim bin Ahmad
Independent Non-Executive Director
Aida Hazrina binti Mohd Tazaai
Non-Independent Non-Executive Director
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Tan Hwa Min
Deputy Chief Executive Officer
("Deputy CEO")
Datuk Yuslina Mohd Yunus
Chief Operating Officer
("COO")
Annuar Marzuki Abdul Aziz
Chief Financial Office
("CFO")
Datuk Stanley Saw Kim Suan
Executive Vice President
(“EVP”)
Razly Mohammad Rus
Executive Vice President
(“EVP”)
Liang Kok Kit
Executive Vice President
(“EVP”)
Lindayani Tajudin
Chief Strategy Officer
(“CSO”)
Nuranisah Mohd Anis
Chief Risk, Integrity & Governance Officer
(“CRIGO”)
Azlina Baharom
Chief Legal & Compliance Officer
(“CLO”)
Siau Swee Furn
Chief Human Capital Officer
(“CHCO”)
Alex Chi Chong Lim
Chief Information Digital Officer
(“CIDO”)
Nathrah Mohamed Kalam
Chief Internal Auditor
(“CIA”)
Chan Ching Hiong
Divisional General Manager
(“Div GM”)
Tan Siow Chung
Divisional General Manager
(“Div GM”)
Saniman Amat Yusof
Divisional General Manager
(“Div GM”)
Koh Sooi Meng
Divisional General Manager
(“Div GM”)
Lee Chee Wai
Divisional General Manager
(“Div GM”)
Dato’ Muhamad Zaili Muhammad Yusof
Divisional General Manager
(“Div GM”)
Neo Keng Hoe
Divisional General Manager
(“Div GM”)
Irfan Hashim
Divisional General Manager
(“Div GM”)
Chow Yin See
Group Financial Controller
(“GFC”)
Joyce Teh Peck Im
Divisional General Manager
(“Div GM”)
Treasury & Corporate Finance
Lee Wai Kim
Group Company Secretary
(“GCS”)
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Message from Our Chairman

DEAR SHAREHOLDERS,

In 2025, S P Setia continued to build from a position of strength. Guided by a disciplined strategy execution and powered by the dedication of Team Setia, we strengthened our fundamentals, propelled strategic expansion and reinforced our leadership in sustainable development.

Y. A. M. TAN SRI DATO’ SERI SYED ANWAR JAMALULLAIL
Chairman

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From the Desk of Our President and Chief Executive Officer

DEAR SHAREHOLDERS,

Despite a complex operating environment shaped by global volatility, trade uncertainties, domestic policy recalibration and shifting demand across property segments, our strong performance in 2025 underscores the resilience of our business and reinforces our foundations for continued growth. Having assumed the role of President and Chief Executive Officer in October 2025, I am proud to continue our mandate of creating spaces that shape better lives. Guided by disciplined execution and a clear strategic focus, we remain well-positioned to accelerate our transformation into an integrated real estate player, anchored by catalytic townships, green industrial parks and a growing international presence.

DATUK ZAINI YUSOFF
President and Chief Executive Officer

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2025 HIGHLIGHTS

Sales Performance
We achieved total sales of RM5.11 billion, exceeding our RM4.8 billion target by 6%, driven by disciplined project launches aligned with prevailing market demand.
Financial Position
De-gearing remained a priority, with borrowings reduced to RM8.0 billion (2024: RM8.6 billion) as part of our ongoing debt-reduction strategy.
Optimised Land Bank Strategy
Through targeted land monetisation and portfolio optimisation, we generated additional cash flow to support developments across strategic growth corridors.
Township Development Excellence
Consistent and quality delivery across our township development portfolio sustained our performance, with established developments maintaining momentum and catalytic townships reinforcing long-term value creation.
Industrial Expansion
We continued to unlock value from our industrial ecosystems, integrating ESG-aligned features to differentiate offerings and attract global investment, while sparking new collaborations to accelerate development activity in high-demand regions.
Regional Growth
Our international portfolio progressed steadily, supported by strong sales at ATLAS Melbourne and the groundbreaking of Setia Edenia at EcoXuan in Ho Chi Minh City.
Strategic Collaborations and Synergy
Targeted partnerships, including collaboration with Mitsui Fudosan at Setia EcoHill and Setia Federal Hill, strengthened our execution capabilities while capital commitments were carefully managed.
Sustainability and Digitalisation
Sustainability and digitalisation were embedded across our developments through certified green projects, lower-impact planning and the wider application of digital tools across construction, delivery and community engagement.

Our Value Creating Business Model

Financial Capital
  • Total assets: RM27.1 billion
  • Total equity: RM16.1 billion
  • Cash balance: RM2.1 billion
  • Net gearing ratio: 0.33x
Manufactured Capital
  • Total Gross Remaining Land Bank: 4,302 acres
  • Gross Remaining GDV: RM106.13 billion
  • Number of ongoing developments: 42 projects
Human Capital
  • A competent, diverse and agile workforce of 1,436 employees (as at Dec 2025)
  • A robust framework of learning and development programmes to optimise human capital growth
Intellectual Capital
  • Expansive digital brand presence
  • Large database of customer data
  • Advanced processes and systems
  • Cutting-edge innovation capabilities driven via AI, green IT and strategic partnerships
  • Stringent cybersecurity
  • Robust customer relationships
  • An experienced and dedicated leadership team
Social & Relationship Capital
  • Robust and trusting relationships with key stakeholders
  • Community investment: RM1,346,513.17
Natural Capital
  • Comprehensive environmental management systems that ensure strict compliance with regulations
  • An ingrained culture of responsibility and sustainability across our operations
Taman Pelangi Indah, Johor
Property Development
Setia EcoHill Mall, Semenyih, Selangor
Property Investment
Setia Alaman Industrial Park,
Shah Alam, Selangor
Eco-Indusrial Developments
Financial Capital
  • Revenue: RM4.22 billion
  • Sales: RM5.11 billion
  • Unbilled sales: RM4.49 billion
  • Profit before tax: RM969 million
  • Profit after tax and non-controlling interest: RM603 million
Manufactured Capital
  • Total GDV launched: RM5.14 billion
  • Total number of units launched: 1,502
Human Capital
  • Workforce demographics composition:
    • Gender: Male: 53%, Female: 47%
    • Ethnicity: Bumiputera: 62%, Chinese: 27%, Indian: 6%, Others 5%
  • Average training hours per employee: 25 hours
Intellectual Capital
  • Reduction in printing costs and paper usage due to digital workplace initiatives, e.g. e-Printing and e-Sign
  • Relaunch Setia GO App to expanding community services
Social & Relationship Capital
  • Contribution under Setia Foundation: RM1,346,513.17
  • Number of beneficiaries: 5,442
  • Corporate volunteers involved: 377
  • Total corporate volunteers hours logged: 3,613
Natural Capital
  • Total energy consumption: 146,133,682 MJ
  • Total water consumption: 74.54 ML
  • Total trees planted: 9,667
Financial Capital
  • Maximised profitability and financial health
  • Enhanced overall financial performance and competitiveness
  • Consistent and sustainable dividend growth
Manufactured Capital
  • Higher operational and cost efficiencies
  • Enhanced manufacturing processes backed by innovative technologies
  • Substantive progress in creating sustainable developments and communities
Human Capital
  • A diverse and inclusive workplace
  • Increased employee satisfaction & motivation
  • Enhanced overall quality of employees’ professional and personal lives
  • Comprehensive succession plans to identify key talents
Intellectual Capital
  • A cultivated culture of innovation and branding of S P Setia as an industry leader in intellectual property and innovative solutions
Social & Relationship Capital
  • High levels of customer satisfaction
  • Positive contributions to local communities
  • Strong and collaborative relationships
  • A heightened sense of community and philanthropy among our employees
Natural Capital
  • Reduced ecological and carbon footprint
  • Significant contributions to climate change mitigation
  • Environmentally responsible sourcing and production throughout our supply chain
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5-Year Group Financial Highlights

REVENUE

  • Malaysia
  • Singapore
  • Australia
  • Vietnam
  • Japan
2,993 620 39 111 3,763 2021 2,961 584 903 4,454 2022 6 3,259 1,108 4,374 2023 7 4,783 406 105 5,294 2024 4,097 76 44 4,218 2025

PROFIT ATTRIBUTABLE TO SHAREHOLDERS

  • Contribution from Business in Malaysia
  • Contribution from Business outside Malaysia
  • Non-Operational Items
  • Finance Cost Expensed to Income Statement
2021 9 482 284 (13) (194) 2022 38 145 385 (260) 308 2023 (21) 74 595 (349) 299 2024 (384) (116) 1,005 71 576 2025 (343) (167) 977 43 510

TOTAL ASSETS

  • Cash
  • Other Assets
  • Land Held for Development
2021 482 31,184 3,071 15,579 12,534 2022 29,819 2,633 14,663 12,523 2023 29,006 2,496 14,153 12,357 2024 27,604 3,141 12,184 12,279 2025 27,083 2,572 12,815 11,696
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Sustainability @ Setia

As a leading Malaysian property developer, our contribution to society begins with a clear commitment to creating developments and townships that support sustainable communities. Guided by our ‘LiveLearnWorkPlay’ development philosophy, we adopt responsible development practices across our residential, commercial and industrial offerings, ensuring our business drives positive outcomes for people and planet as we simultaneously generate value for our business and stakeholders.

51st

Annual General Meeting of
S P Setia Berhad

Venue at
Function Room 1, Setia City Convention Centre, No. 1, Jalan Setia Dagang AG U13/AG, Setia Alam, Seksyen U13, 40170 Shah Alam, Selangor Darul Ehsan

Virtual Meeting via
https://srmy.vistra.com

Thursday, 23 April 2026 at 10.00 a.m.

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