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Mr. Rokoseru Nabalarua

Dear Shareholders,

It is with deep gratitude and a profound sense of responsibility that I present this report for the financial year 2025. This has been a defining year for Fijian Holdings Limited (FHL) – a year of milestones and valuable lessons, where our journey has tested our resilience yet reaffirmed our strength and purpose.

From its foundation, FHL has carried a singular mission: to accelerate iTaukei participation in the commercial sector and, in doing so, uplift the socio-economic well-being of our people. This purpose has never been more relevant, and every decision we take – every strategy, every investment – continues to be measured not only by financial return, but also by the pathways it opens for future generations.

Strategic Milestones – Legacies of Purpose

Together, these milestones embody FHL’s dual mandate: to deliver enduring value to shareholders and to empower iTaukei participation in transformative, tangible ways. Two landmark projects this year reflect the heart of FHL’s vision:

The Completion of the FHL Tower

After seven years of determination, the FHL Tower now rises above Suva City as a new national landmark. More than concrete and steel, it represents perseverance, resilience, and faith – a promise fulfilled despite challenges. It is a bold statement that iTaukei enterprise can stand tall among the region’s best, delivering projects of global standard.

The Groundbreaking of the Nawaibuta Holdings Complex

This first project under our Impact Investment Strategy signals a new chapter. For the first time, iTaukei landowners step forward not only as land providers, but as development partners – contributing land while FHL provides capital and expertise. This partnership model ensures wealth is created and retained within our communities, while generating sustainable shareholder value. It is a pioneering blueprint for inclusive growth.

Challenges and Lessons – Strengthening Resilience

FY2025 also brought challenges that sharpened our focus. Revenues grew, yet profitability was pressured, and borrowings increased to support our expanding asset base. We recognise the balance required between growth and financial discipline.

The temporary shutdown of the Pacific Cement mill tested operations, reminding us of the urgency of reinvestment in core infrastructure and the need for continuity planning across the Group. Beyond the physical, we also face new frontiers of risk: cyber threats and the rapid rise of artificial intelligence. These are not simply technical issues but strategic imperatives. By strengthening governance, embracing innovation responsibly, and protecting digital trust, we will ensure FHL not only withstands disruption but also turns it into opportunity.

Every decision we take – every strategy, every investment continues to be measured not only by financial return, but also by the pathways it opens for future generations.

Strategic Priorities – Our Compass Forward

These priorities are not abstract. They are the guiding rails that ensure FHL grows with strength, invests with purpose, and protects value for all stakeholders.

Impact Investment

Expand joint ventures with resource owners, following the Korovou project as a trailblazer.

Financial Discipline

Manage debt prudently to safeguard both cash flow and balance sheet strength.

Cyber Resilience

Strengthen defences to secure stakeholder trust.

Portfolio Rebalancing

Channel capital away from underperforming assets into high-growth sectors such as tourism, finance, and property.

Digital Transformation

Modernise systems and harness technology to drive efficiency and growth responsibly.

Culture & Governance

Nurture leadership, accountability, and a culture where ambition is balanced by responsibility.

Outlook

A Future of Promise

As we approach FY2026, we do so with confidence and prudence. The road ahead will bring global headwinds, rising costs, and political and technological shifts. Yet, within every challenge lies opportunity. With a strong asset base, a dedicated team, and a clear strategy, FHL is well positioned to not only endure uncertainty but to emerge stronger.

Our mandate – to deliver value to shareholders while uplifting iTaukei participation – is not simply a business plan. It is a generational calling. And we are determined to honour it.

On behalf of the Board, I extend heartfelt thanks to our shareholders for your unwavering trust, to our employees for your dedication, and to our management team, led by our Group CEO, for navigating triumphs and trials with commitment.

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