Frontier Digital Ventures (FDV) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with a quorum, held physically in Kuala Lumpur and live-streamed for remote participation.

• Introduction of directors and acknowledgment of board changes, including the resignation of Anthony Sains and the appointment of new directors Patrick Grove and Luke Elliott.

• Auditor and share registry representatives present; procedural matters and voting process explained.

Financial performance review

• 2024 was challenging due to tough macroeconomic conditions and operational friction, especially in LATAM.

• Profitability was maintained, but revenue growth was below budget, impacting share price.

• Q1 2025 showed improved revenue and EBITDA growth in most portfolio companies, with strong recovery in Pakistan.

• Cash management and free cash flow improved significantly in Q1 2025, with a record EBITDA quarter.

• LATAM saw strong revenue growth in three out of four companies; Infocasas faced challenges but is under focused improvement.

• MENA and Asia regions reported profitable growth, with Asian businesses gaining scale.

• Pakistan businesses, especially Zamin, showed strong recovery and profitability due to improved macro conditions.

Board and executive committee updates

• Board renewal underway: Patrick Grove and Luke Elliott joined, bringing significant sector experience.

• Anthony Sains retired; Marc Licciardo and Anthony Klok to step down once new independent directors are appointed.

• Frances Po re-elected as director, highlighting her audit and risk expertise and gender diversity.