QAF Limited held its Annual General Meeting on Apr, 24 2026 in Singapore, where shareholders adopted the fiscal-year 2025 Directors’ Statement and audited accounts and approved every one of the 13 resolutions tabled for voting.

The company reported earnings before interest, tax, depreciation and amortisation before exceptional items of 69.7 million Singapore dollars for the year ended Dec, 31 2025, a 17 percent increase from 59.6 million Singapore dollars in 2024. Consolidated profit before tax rose 7 percent to 47.8 million Singapore dollars.

Management attributed the EBITDA movement to three factors: • A 10 million Singapore dollar decline in Bakery segment EBITDA (excluding the Gardenia Bakeries KL joint venture) due to higher staff, lease, distribution and transportation costs. • A 10.6 million Singapore dollar improvement in the share of profits from Gardenia Bakeries KL, driven mainly by an 8.7 million Singapore dollar non-cash impairment reversal and stronger operating profit. • A positive 11.1 million Singapore dollar swing in foreign-exchange results, moving from a 9.1 million Singapore dollar loss in 2024 to a 2.0 million Singapore dollar gain in 2025.

Shareholders approved a final tax-exempt (one-tier) dividend of 0.04 Singapore dollars per ordinary share for fiscal-year 2025, re-appointed Ernst & Young LLP as external auditor, authorised directors’ fees of up to 443,127 Singapore dollars, and renewed mandates for share issuance, the scrip dividend scheme and recurrent interested-person transactions.

All resolutions received at least 98.45 percent support, with the adoption of the financial statements passing unanimously. The meeting concluded at approximately 12:15 p.m.