CEO's Business Review

CEO'S MESSAGE

Dear Valued Shareholders,

FY2025 was a year of execution, resilience and transition for Uni-Asia Group Limited. Amid a challenging operating environment, we continued to advance our Business Transformation (“BT”) journey, with a clear focus on strengthening the quality and sustainability of earnings, enhancing portfolio resilience, and positioning the Group for long-term value creation.

Performance in a Year of Transition

Despite operational headwinds, including the collision incident involving MV Glengyle in April 2025 and the transitional impact of our fleet renewal programme, the Group returned to profitability. For FY2025, Uni-Asia recorded a net profit after tax of US$0.8 million, compared to a net loss of US$28.2 million in FY2024. This reflected disciplined execution across both Shipping and Japan Property, as well as the stabilisation of earnings following significant noncash fair value losses recognised in the prior year.

The Group achieved investment returns of US$5.9 million, primarily from realised gains in ship joint investment projects and the disposal of investment properties and small residential assets in Japan. Operating profit improved to US$5.6 million, compared to an operating loss in FY2024, demonstrating improved operating leverage and the effectiveness of our asset management and capital recycling approach.

Charter income declined due to fewer operating days arising from fleet renewal activities, drydockings and extended off-hire following the MV Glengyle incident. Except for the MV Glengyle incident, most of these impacts were anticipated as part of our broader portfolio transition and managed alongside continued focus on cost discipline and operational efficiency.

Shipping: Resetting the Platform

FY2025 marked a pivotal transition for our shipping business. We completed our exit from the older 29,000 DWT Handysize segment, disposing of MV Uni Challenge and MV Clearwater Bay, following the earlier sale of MV Victoria Harbour. At the same time, we reinvested capital into larger and younger vessels, acquiring MV Kellett Island, MV Uni Sunshine, MV Uni Horizon and MV Trident Star, with deliveries staggered throughout the year.

While this renewal resulted in fewer revenuegenerating days in the short term, it represents a deliberate reset of our shipping platform towards vessels that are more fuel-efficient, operationally flexible and better aligned with evolving regulatory and charterer requirements.

The collision involving MV Glengyle was a significant operational challenge. The vessel has been safely transported to a repair yard in Zhoushan, PRC, with repairs expected to be completed by April 2026. Her return to service is expected to support the normalisation of earnings and fleet utilisation going forward.

Japan Property: Building Depth and Recurrence

Our Japan property business continued to evolve in FY2025, with a focus on diversification and disciplined growth. Through Uni-Asia Capital (Japan) Ltd. (“UACJ”), we expanded beyond residential assets into areas that provide longer-dated and more predictable income streams.

In addition to the ALERO residential portfolio, we progressed the development of our Private Finance Initiative (“PFI”) platform, securing two new projects during the year, increasing our PFI portfolio to five projects. These projects complement our existing asset base and support the Group’s objective of increasing recurring income through asset management and fee-based activities.

We also expanded selectively into hospitality with an investment in the Ebisu-Higashi Inbound Hotel in Osaka, providing exposure to inbound tourism demand while maintaining a prudent approach to capital deployment and risk management.

Operational Resilience and Risk Management

FY2025 underscored the importance of operational resilience. Following a cyber security incident during the year, the Group undertook a review of its systems with the support of external advisers. We are in the process of evaluating and implementing appropriate enhancements to IT controls, operational resilience and business continuity, alongside broader efforts to improve productivity through digital tools.

Across the Group, we remain focused on strengthening internal processes, enhancing risk awareness and maintaining financial discipline as we navigate an uncertain external environment.

Looking Ahead

Looking forward, our strategy remains guided by our “Goal Pyramids” for business transformation. While near-term market conditions remain uncertain, we are focused on enhancing shareholder value through:

• 1) strengthening recurring income streams across shipping and Japan property;
• 2) optimising our asset base following fleet renewal and the return of MV Glengyle to service;
• 3) leveraging cross-selling opportunities across our Shipping and Property platforms; and
• 4) investing in people, systems and risk management capabilities to support scalable growth.

We believe these priorities will position the Group to deliver more stable and sustainable performance over time.

Appreciation

FY2025 was a demanding year, and our progress would not have been possible without the resilience and commitment of our people. I would like to thank the Board for its guidance and support, our colleagues across Hong Kong, Japan and Singapore for their professionalism and dedication, and our shareholders and clients for their continued trust. We remain fully focused on executing our strategy with discipline and care as we work towards long-term value creation.