# EDGAR Filing Document

**Accession Number:** 0001985337
**File Stem:** 0001185185-25-002176
**Filing Date:** 2025-12
**Character Count:** 156079
**Document Hash:** df7bd8db5355c0a90557400dbe20f762
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185185-25-002176.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001185185-25-002176

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 109

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** YY Group Holding Ltd.
- **CENTRAL INDEX KEY:** 0001985337
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-HELP SUPPLY SERVICES [7363]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42026
- **FILM NUMBER:** 251602730

**BUSINESS ADDRESS:**
- **STREET 1:** 60 PAYA LEBAR ROAD #05-43 PAYA LEBAR SQ
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 409051
- **BUSINESS PHONE:** 66046896

**MAIL ADDRESS:**
- **STREET 1:** 60 PAYA LEBAR ROAD #05-43 PAYA LEBAR SQ
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 409051

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of December 2025**

**Commission File Number: 001-42026**

**YY Group Holding Limited**

**60 Paya Lebar Road**

**#09-13/14/15/16/17**

**Paya Lebar Square**

**Singapore 409051**

**(Address of principal executive offices)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

**Unaudited Interim Financial Statements and Notes**

On December 26, 2025, YY Group Holding Limited (the "Company") reported its financial results for the six months ended June 30, 2025. The Company hereby furnishes the following documents as exhibits to this report: "Unaudited Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2025", "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Press Release".

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Unaudited Interim Condensed Consolidated Financial Statements and Notes of YY Group Holding Limited for the Six Months Ended June 30, 2025](yyghex99-1.htm) |
| 99.2 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](yyghex99-2.htm) |
| 99.3 | [Press Release](yyghex99-3.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **YY Group Holding Limited** | **YY Group Holding Limited** |
| Date: December 29, 2025 | By: | */s/ Fu Xiaowei* |
|  |  | Fu Xiaowei |
|  |  | Chief Executive Officer |

---

## Exhibit 99.1

?xml version='1.0' encoding='ASCII'?

**Exhibit 99.1**

**YY Group Holding Limited**

**INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **PAGES** |
| [UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONS AS OF JUNE 30, 2025 AND DECEMBER 31, 2024](#f_001) | F-2 |
| [UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPRENHENSIVE (LOSS) INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024](#f_002) | F-3 |
| [UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024](#f_003) | F-4 |
| [UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024](#f_004) | F-5 |
| [NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](#f_005) | F-6 |

---

**YY GROUP HOLDING LIMITED AND ITS SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

---

| | |
|:---|:---|
|  | **Note** |
| **Assets** |  |
| Current assets: |  |
| &nbsp;&nbsp;&nbsp;Cash |  |
| &nbsp;&nbsp;&nbsp;Trade receivables, net | 4 |
| &nbsp;&nbsp;&nbsp;Prepayment and other current assets | 5 |
| &nbsp;&nbsp;&nbsp;Amount due from related parties | 20 |
| &nbsp;&nbsp;&nbsp;**Total current assets** |  |
| Non-current assets: |  |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 6 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 89 |
| &nbsp;&nbsp;&nbsp;Investment properties | 10 |
| &nbsp;&nbsp;&nbsp;Net investment in lease | 11 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 7 |
| &nbsp;&nbsp;&nbsp;Prepayment, non-current | 5 |
| &nbsp;&nbsp;&nbsp;Goodwill | 8 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets | 18 |
| &nbsp;&nbsp;&nbsp;**Total non-current assets** |  |
| &nbsp;&nbsp;&nbsp;**Total assets** |  |
| Currents liabilities: |  |
| &nbsp;&nbsp;&nbsp;Trade and other payables | 13 |
| &nbsp;&nbsp;&nbsp;Amount due to related parties | 20 |
| &nbsp;&nbsp;&nbsp;Lease liabilities, current | 14 |
| &nbsp;&nbsp;&nbsp;Loans and borrowings, current | 14 |
| &nbsp;&nbsp;&nbsp;**Total current liabilities** |  |
| Non-current liabilities: |  |
| &nbsp;&nbsp;&nbsp;Loans and borrowings, non-current | 14 |
| &nbsp;&nbsp;&nbsp;Warrants liabilities | 14 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | 18 |
| &nbsp;&nbsp;&nbsp;Lease liabilities, non-current | 14 |
| **Total non-current liabilities** |  |
| &nbsp;&nbsp;&nbsp;**Total liabilities** |  |
| **Equity** |  |
| &nbsp;&nbsp;&nbsp;Share Capital\* | 15 |
| &nbsp;&nbsp;&nbsp;Reserves | 15 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit |  |
| **Equity attributable to owners of the Company** |  |
| Non-controlling interests |  |
| **Total equity** |  |
| **Total liabilities and equity** |  |

---

\* The shares and per share information are presented on a retroactive basis to reflect the reorganization.

See accompanying notes to unaudited condensed consolidated financial statements.

**YY GROUP HOLDING LIMITED AND ITS SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE (LOSS) INCOME**

---

| | |
|:---|:---|
|  | **Note** |
| Revenue | 17 |
| Cost of revenue | 17 |
| **Gross profit** |  |
| Other income | 17 |
| Selling and marketing expenses | 17) |
| General and administrative expenses | 17) |
| Impairment loss on intangible asset) |  |
| Other expenses | 17) |
| Change in fair value of warrant liability | 17 |
| **Operating (loss)/profit)** |  |
| Finance cost | 17 |
| **(Loss)/Profit before tax** |  |
| Income tax expenses | 18 |
| **(Loss)/Profit for the period)** |  |
| Other comprehensive (loss)/income |  |
| Foreign currency translation differences - foreign operations |  |
| **Total comprehensive (loss)/income for the period** |  |
| **(Loss)/Profit attributable to:** |  |
| Equity owners of the Company) |  |
| Non-controlling interests |  |
| **(Loss)/Profit for the period** |  |
| **Total comprehensive (loss)/income attributable to:** |  |
| Equity owners of the Company) |  |
| Non-controlling interests |  |
| **Total comprehensive (loss)/income for the period** |  |
| **Basic (loss)/earnings per share\*** | 16 |
| **Diluted (loss)/earnings per share\*** | 16 |
| **Weighted average number of shares** |  |
| &nbsp;&nbsp;&nbsp;**Basic** |  |
| &nbsp;&nbsp;&nbsp;**Diluted** |  |

---

\* The shares and per share information are presented on a retroactive basis to reflect the reorganization.

See accompanying notes to unaudited condensed consolidated financial statements.

**YY GROUP HOLDING LIMITED AND ITS SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY**

---

| | |
|:---|:---|
|  | **Non-<br> controlling<br> interest** |
|  | **$** |
| **Balance at January 1, 2024** | **10899** |
| **Comprehensive income for the year** |  |
| Profit for the year | 744 |
| **Other comprehensive income (loss)** |  |
| Exchange differences on translation of foreign operations | 751 |
| **Total comprehensive (loss)/income for the period** | **1495** |
| **Transactions with owners of the Company** |  |
| Share premium from the acquisition) | -) |
| Issue of ordinary shares |  |
| Issuance of warrants | - |
| **Transactions with owners of the Company** | **-** |
| **Balance at June 30, 2024** | **12394** |
| **Balance at January 1, 2025))** | **43334** |
| **Comprehensive (loss) income for the period** |  |
| (Loss) profit for the period | 50769) |
| **Other comprehensive income** |  |
| Exchange differences on translation of foreign operations | 7471 |
| **Total comprehensive income (loss) for the period** | **58240** |
| **Transactions with owners of the Company** |  |
| Issue of ordinary shares for business combination | 3525617 |
| Issue of ordinary shares for assets acquisition |  |
| Transfer shares from treasury shares |  |
| Issuance of class A shares to employees and external consultant | - |
| **Transactions with owners of the Company** | **3568951** |
| **Balance at June 30, 2025** | **3627191** |

---

See accompanying notes to unaudited condensed consolidated financial statements.

**YY GROUP HOLDING LIMITED AND ITS SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| |
|:---|
| **Cash flows from operating activities** |
| (Loss)/Profit for the period |
| **Adjustments for:** |
| Depreciation of property and equipment (Note 7) |
| Depreciation of right-of-use assets (Note 6) |
| Provision for allowance for credit losses (Note 4) |
| Impairment loss of intangible asset |
| Fair value adjustment of warrant liabilities) |
| Share-based compensation |
| Finance cost |
| Income tax expenses (Note 18) |
| **Changes in operating assets and liabilities:** |
| Trade receivables) |
| Trade and other payables) |
| Amount due to related parties) |
| Prepayment and other current assets |
| **Cash used in operations** |
| Interest paid) |
| Income tax paid) |
| **Net cash used in operating activities))** |
| **Investing activities** |
| Purchase of property and equipment (Note 7) |
| Acquisition of subsidiaries, net cash acquired |
| **Net cash provided by (used in) investing activities)** |
| **Financing activities** |
| Issuance of Class A ordinary shares in connection with IPO |
| Transfer from treasury shares |
| Proceeds from guaranteed bank and financial institution loans |
| Loan from a third party |
| Loan from a shareholder |
| Loan to a related party) |
| Payment of lease liabilities) |
| Repayment of guaranteed bank loans |
| **Net cash provided by financing activities** |
| Effect of foreign exchange of cash |
| **Net increase in cash** |
| Cash balances at beginning of periods |
| **Cash balances at end of periods** |

---

See accompanying notes to unaudited condensed consolidated financial statements.

**YY GROUP HOLDING LIMITED AND ITS SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **1** | **ORGANIZATION AND PRINCIPAL ACTIVITIES** |

---

YY Group Holdings Limited (the "Company" or the "Group") is a limited company incorporated and domiciled in British Virgin Islands and whose shares are publicly traded. The registered office is located at 60 Paya Lebar Road #05-43 Paya Lebar Square Singapore 409051. In order to better serve the Company's clients and accommodate the growing team, the Company have moved to a new office with effective on March 1, 2024. It is located at 60 Paya Lebar Road #09-13/14/15/16/17 Paya Lebar Square Singapore 409051. The Company is principally a data and technology driven company focused on developing enterprise intelligent labor matching services and smart cleaning services based in Singapore. Through the Company and its subsidiaries (collectively referred to as the "Group"), the Group provide enterprise manpower outsourcing and smart cleaning services in Singapore, Malaysia, UAE and Australia.

As of June 30, 2025, the Company's subsidiaries were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subsidiaries** | **Date of<br> Incorporation** | **Jurisdiction of<br> Formation** | **Percentage of <br> direct/indirect<br> Economic<br> Ownership** | **Principal<br> Activities** |
| YY Circle (SG) Private Limited | June 13, 2019 | Singapore | 100% | Manpower contracting services |
| Hong Ye Group Pte. Ltd. | December 28, 2010 | Singapore | 100% | Employment agencies and general cleaning services |
| YY Circle Sdn. Bhd. | July 22, 2022 | Malaysia | 90% | Manpower outsourcing with information technology solution, as well as, general cleaning services |
| Hong Ye Maintenance (MY) Sdn. Bhd. | November 8, 2022 | Malaysia | 100% | General cleaning services |
| YY Circle (AU) Pty Ltd | June 14, 2023 | Australia | 95% | Employment placement and recruitment services |
| YY Circle (Vietnam) Company Limited | February 6, 2024 | Vietnam | 95% | Management consulting service and employment service activities |
| YY Circle (Cambodia) Co., Ltd.\* | July 9, 2024 | Cambodia | 50% | Manpower contracting services |
| YYCircle Human Resources <br> Consultancies L.L.C CO. L.L.C | July 15, 2024 | UAE | 95% | Manpower contracting services |
| YY Circle (Korea) Ltd. | July 29, 2024 | Korea | 95% | Manpower contracting services |
| Mediaplus Limited | July 29, 2024 | BVI | 100% | Information technology consultancy (Except cybersecurity) |
| YY Circle UK Ltd | August 3, 2024 | UK | 95% | Manpower contracting services |
| YY Circle (Perth) Pty Ltd | October 15, 2024 | Australia | 95% | Manpower contracting services |
| YY Smart Tech Pte. Ltd. | December 2, 2024 | Singapore | 80% | Development of software and applications and applications (Except games and cybersecurity) |
| YY Circle Netherlands B.V. | December 18, 2024 | Netherlands | 95% | Manpower contracting services |
| YY Circle GmbH | January 21, 2025 | Germany | 95% | Manpower contracting services |
| Mediaplus Venture Group Pte. Ltd. | August 12, 2024 | Singapore | 54% | Holding company |
| Mediaplus Digital Pte. Ltd. | November 1, 2013 | Singapore | 54% | IT consultancy and development of software and applications. |
| Mplus Elite Pte. Ltd. | May 16, 2015 | Singapore | 54% | Advertising activities and development of software and applications. |
| M Synergates Pte. Ltd. | June 26, 2020 | Singapore | 54% | IT consultancy and hosting services by non-data centres |
| Mediaplus Digital Sdn. Bhd. | November 16, 2021 | Malaysia | 54% | Consultancy services in public relation and communications and wholesales of a variety of goods without any particular specialization and web portals. |
| Property Facility Services Pte. Ltd. | March 13, 2007 | Singapore | 100% | Residential, commercial and industrial real estate management and general cleaning services except household cleaning and outline marketplaces. |
| YY Circle (HK) Pte Limited | October 26, 2022 | Hongkong | 90% | Manpower contracting services |
| YY Circle (Thailand) Company Limited \*\* | April 5, 2023 | Thailand | 49% | Manpower contracting services |
| YY Holding (Thailand) Co. Ltd | May 9, 2025 | Thailand | 99% | Holding Company |
| Uniforce Security Services Pte. Ltd. | May 12, 2017 | Singapore | 100% | Private security activities |
| Transocean Oil Pte. Ltd. | March 18, 2003 | Singapore | 53% | Other holding companies |
| 24IFM Pte. Ltd. | August 18, 2021 | Singapore | 100% | Publishing of software/ applications and IT consultancy |

---

\* There is only one sole director who is assigned by YY Circle (SG) Private Limited. Therefore, the Company has the control right over YY Circle (Cambodia) Co., Ltd.

\*\* The Group holds a 48.5% equity interest in YY Circle (Thailand) Company Limited through YY Holding (Thailand) Co. Ltd in compliance with local regulations. Notwithstanding this, the Group holds the majority of voting rights and exercises control over the Company, which is therefore accounted for as a subsidiary.

---

| | |
|:---|:---|
| **2** | **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Basis of preparation** 

These unaudited condensed consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards ("IFRS") International Accounting Standards ("IAS") 34, "Interim Financial Reporting" as issued by the International Accounting Standards Board ("IASB") for six months ended June 30, 2025 and 2024.

These unaudited condensed consolidated financial statements for the six months ended June 30, 2025 and 2024 should be read in conjunction with the Group's last audited annual consolidated financial statements for the years ended December 31, 2024 and 2023. They do not include all the information and disclosures required for a complete set of financial statements prepared in accordance with IFRS Accounting Standard. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since last annual consolidated financial statements.

These unaudited condensed consolidated financial statements were authorized for issue by the Company's board of directors on December 26, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Use of judgements and estimates** 

In preparing these unaudited condensed consolidated financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

The significant judgements made by management in applying the Group's accounting polices and the key sources of estimation uncertainty were the same as those described in the last annual consolidated financial statements for the years ended December 31, 2024 and 2023, except for:

● Note 3.1 Goodwill and intangible assets;

● Note 3.4 Revenue recognition; and

● Note 3.5 Business combination.

**Measurement of fair value**

A number of the Group's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.

As part of an established control framework, significant unobservable inputs and valuation adjustments are regularly reviewed. If third party information, such as broker quotes or pricing services, is used to measure fair values, such information is assessed to support the conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such valuations should be classified.

When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

● Level 1 quoted prices (unadjusted) in active markets for identical assets or liabilities;

● Level 2 inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

● Level 3 inputs for the asset or liability that are not based on observable market data (unobservable inputs).

If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement (with Level 3 being the lowest).

The Group recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period during which the change has occurred.

---

| | |
|:---|:---|
| **3** | **SIGNIFICANT ACCOUNTING POLICY** |

---

The accounting policies adopted in the preparation of the unaudited condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2024 and 2023, except for the application of accounting policies for new transaction incurred during the six months ended June 30, 2025. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The Group has the following accounting policies applied for the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Goodwill and intangible assets** 

Intangible assets comprise goodwill and certain acquired customer relationships.

Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Customer relationships acquired as part of acquisitions of businesses are capitalized separately from goodwill as intangible assets if their value can be measured reliably on initial recognition and it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group.

Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances indicate a potential impairment.

Definite life intangible assets are amortized over their useful life. Amortization is provided at rates calculated to expense the cost less estimated residual value of each asset on a straight-line basis over its estimated useful life as follows:

● Customer-related intangibles – 10 years

For the purposes of assessing impairment, assets other than goodwill are grouped at the lowest levels for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units or CGUs). CGU determination for goodwill is assessed at the level which management monitors the business. An impairment loss is recognized if the carrying value of the relevant asset or CGU exceeds the recoverable amount, defined as the higher of fair value less costs of disposal and value in use.

The value in use or fair value less costs to dispose for each CGU is determined by calculating the net present value of future cash flows - derived from the underlying assets using a projection period of up to five years for each CGU. After the projection period, a steady growth rate representing an appropriate long-term growth rate for the industry is applied. Any goodwill impairment is recognized immediately as an expense and is not subsequently reversed. For assets excluding goodwill, an assessment is made at reporting period end to determine whether there is any indication that previously recognized impairment losses may no longer exist or have decreased. If any such indication exists, the recoverable amount of the asset is estimated. In cases where the recoverable amount exceeds the carrying amount of the asset, a reversal of impairment losses is recognized. The amount of the reversal of the impairment loss shall not exceed the carrying amount that would have been determined (net of depreciation or amortization) if no impairment loss had been recognized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Investment Property** 

Investment properties are properties held to earn rental income, for capital appreciation, or for both, rather than for use in the production or supply of goods or services, for administrative purposes, or for sale in the ordinary course of business. Investment property includes land, buildings, and property held under lease arrangements that meet the definition of an investment property in accordance with IAS 40 – Investment Property.

Investment properties are initially measured at cost and subsequently at fair value with any change therein recognized in profit or loss.

An investment property is derecognized when it is either disposed of or permanently withdrawn from use and no future economic benefits are expected from its disposal. Any gain or loss arising from derecognition, calculated as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized in profit or loss in the period of derecognition.

Rental income from investment property is recognized as other revenue on a straight-line basis over the term of the lease. Lease incentives granted are recognized as an integral part of the total rental income, over the term of lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Revenue recognition** 

The Group recognizes revenue as or when it satisfies its performance obligations. The Group earns revenue predominantly from the following services:

**Revenue by segment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i)** **IFM services** 

---

| | |
|:---|:---|
| **i.1)** | **Cleaning services** |

---

The Group provides customizable professional cleaning solution services based on requirements set by clients and/or the authorities, including but not limited to commercial cleaning for offices & schools; hospitality cleaning for hotels, shopping malls and retail, pest control services and etc. The Group also offer cleaning robots and machines for better cleaning performance by deploying the robots at designated premises.

The cleaning service promises including providing cleaning personnel, supply of equipment and material, floor treatment service and etc. During the process of providing cleaning services, the customers cannot benefit from the single promise. Therefore, the Group identifies only one performance obligation that is to providing cleaning service to the customer as the promises are not distinct in accordance with IFRS 15.27(a).

The consideration of providing cleaning services is based on the incentive payment model works by pegging the monthly pay-outs to the performance score of the cleaning services as stipulated in the contract. The Group has provided cleaning services since 2018 and has long-term cooperation experience with hotels, shopping malls and etc. Thus, the Company has accumulated sufficient experience on monitoring the progress in providing cleaning services and will adjust the estimated consideration on a timely manner. Therefore, there is no significant constraining estimates of variable consideration.

The Group recognizes revenue on a gross basis as the Group is acting as a principal in these services and is responsible for fulfilling the promises to provide the specified cleaning services.

The Group provides cleaning services, customers simultaneously receive and consume the benefits and it is determined that the performance obligation is satisfied over time. In addition, since it is determined that customers receive equal benefits over the service periods from the cleaning services, revenue from cleaning services is recognized on a straight-line method over the service period.

---

| | |
|:---|:---|
| **i.2)** | **Property management services** |

---

The Company provides property management services in shopping malls, business office building, or residential apartments to all tenants and property owners. Property management services include cleaning, landscaping, public facilities maintenance and other traditional services. The Company identified property management services as a single performance obligation as the kinds of service in the contract are not capable of being distinct.

The consideration of providing property management services is fixed and agreed in the property management service agreement.

The Company recognizes the property management revenue on a straight-line basis over the terms of the property management agreement, generally over one year period because its customer simultaneously receives and consumes the benefits provided by the Company throughout the performance obligations period.

The Company recognized advance payments from its customer prior to revenue recognition as contract liability until the revenue recognition performance obligation are met. As of June 30, 2025 and December 31, 2024, the Company did not have any contract liability.

---

| | |
|:---|:---|
| **i.3)** | **Security guard services** |

---

The Company provides security guard services in business office building, or residential apartments to all tenants and property owners. Security guard services include exercising entry and exit control, protecting company properties, emergency, preventing thefts, robberies and vandalism, etc. The Company identified security guard services as a single performance obligation as the kinds of service in the contract are not capable of being distinct.

The consideration of providing security services is based on the incentive payment model works by pegging the monthly pay-outs to the performance score of the security services as stipulated in the contract. The Group has provided security services since 2017 and has long-term cooperation experience with property owners. Thus, the Company has accumulated sufficient experience on monitoring the progress in providing security services and will adjust the estimated consideration on a timely manner. Therefore, there is no significant constraining estimates of variable consideration.

The Group provides security guard services, customers simultaneously receive and consume the benefits and it is determined that the performance obligation is satisfied over time. In addition, since it is determined that customers receive equal benefits over the service periods from the security guard services, revenue from security guard services is recognized on a straight-line method over the service period.

**ii)** **Manpower outsourcing services**

The Group enters into contracts with corporate customers to provide manpower outsourcing services, arranging casual workers with corresponding abilities and qualifications on demand to fulfil corporate customers' various operation needs. The Group identifies only one performance obligation in manpower outsourcing services as the contract comprises of a series of distinct services that are substantially the same and have the same pattern of transfer to the corporate customers, which is to provide casual workers in accordance with the demand of corporate customers.

The contract consideration is determined by the hours casual workers have worked times their workday pay rate. Revenue from manpower outsourcing services is recognized over time as the Group has an enforceable right to payment for performance completed to date.

The contract payment is not subject to any variable consideration, refund, cancellation or termination provision. Customers generally make the payment within one or two months after monthly reconciliation of service considerations with the Group.

**Principal versus agent considerations**

For the manpower outsourcing services provided, the Group considers itself the principal and recognizes revenue on a gross basis as it controls the services through the following key considerations:

● The Group reserves the right to accept or reject the contracts or orders with the customers without involvement of the casual workers and directs the selected casual workers to provide services to the customers on the Group's behalf. There is no direct cooperation relationship between the casual workers and the customers. The Group assumes responsibility for receiving and resolving the complaints over the quality of the services. If the casual workers fail to deliver their work and thus affect the Group's performance obligation to the corporate customers, the Group should bear the loss of the corporate customers for breach of contract on its own, and then independently claim for compensation from casual workers for its loss.

● The Group has discretion in setting up the price. The involved casual workers are entitled to a fixed services fee agreed upon in advance irrespective of the consideration the Group collects from the customers.

● The Group bears the credit risk as the Group pays the consideration due to casual workers irrespective of whether the customers have paid the services consideration to the Group.

**iii)** **Web Design and Development and Digital Marketing Services**

---

| | |
|:---|:---|
| **iii.1)** | **Web design and development** |

---

The Group enters into contracts with corporate customers to provide web design and development services. These services are typically offered as a bundled solution under a single contract scope, including website planning, UI/UX design, backend development, etc,

The Group identify only one performance obligation in these contracts, which is to provide an integrated web design and development services, as the individual promise are highly interrelated and are integrated to deliver a combined output that the customer has contracted for.

The contract consideration is typically based on a fixed fee and payments are due upon completion of specific deliverables or at agreed intervals. The contracts are generally not subject to refund, variable consideration, or cancellation clauses once milestones are met and approved.

Revenue is recognized at a point of time when the performance obligation is satisfied and accepted by the customers.

---

| | |
|:---|:---|
| **iii.2)** | **Digital marketing** |

---

The Group enters into contracts with corporate customers to provide digital marketing solutions tailored to the customers' business operations. These services are typically offered as a bundled solution under a single contract scope, including Search Engine Optimization ("SEO"), Search Engine Marketing ("SEM"), content marketing and etc.

The Group identify only one performance obligation in these contracts, which is to provide a comprehensive digital marketing services, as the individual promise are highly interrelated and are integrated to deliver a combined output that the customer has contracted for.

The contract consideration is typically based on a fixed fee and payments are due upon completion of specific services or at agreed intervals. The contracts are generally not subject to refund, variable consideration, or cancellation clauses once milestones are met and approved.

The customers simultaneously receive and consume the benefits of the performance obligation performed by the Group and it is determined that the performance obligation is satisfied over time. The Group adopts the practice expedient in accordance with IFRS 15.B16, as the Group has a right to consideration from the customer in an amount that corresponds directly with the value to the customer of the Company's performance completed to date. Given that the Group's digital marketing service contracts involve billing on a fixed amount per month, revenue is recognized based on the amount the Group is entitled to invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Business combination** 

The Group accounts for business combinations under the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired sett has the ability to produce outputs.

The Group has an option to apply a "concentration test" that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognized in profit or loss immediately. Transaction costed are expensed as incurred, except if related to the issue of debt or equity securities.

The Group measure the non-controlling interest for the business combination in which the Group holds less than 100% of the equity interest in the acquiree at their proportionate interest in the net assets of the acquiree, at the date of acquisition.

The consideration transferred does not include amounts related to the settlement of pre-existing relationship. Such amounts are generally recognized in profit or loss.

Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instruments is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss.

If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree's employees (acquiree's awards), then all or a portion of the amount of the acquirer's replacement awards is included in the measuring the consideration transferred in the business combination. This determination is based on the market-based measure of the replacement awards compared with the market-based measure of the acquiree's awards and the extent to which the replacement awards relate to pre-combination service.

---

| | |
|:---|:---|
| **4** | **TRADE RECEIVABLES, NET** |

---

---

| |
|:---|
| **Trade receivables** |
| Trade receivables from IFM services |
| Trade receivables from manpower outsourcing services |
| Trade receivables from other services |
| **Subtotal:** |
| **Allowance for expected credit losses** |
| **Trade receivables, net** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i)** **Trade receivable** 

Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days. No interest is charged on the outstanding balances.

**ii)** **Transfer of trade receivables**

During 2020, the Group entered a trade receivable financing arrangement ("Arrangement") with a financial institution ("Factor"). Pursuant to the terms of the arrangement, the Group sells amounts of its trade receivable balances to the Factor as absolute owner with full recourse against the Group. In accordance with IFRS 9, Financial Instruments ("IFRS 9"), the Group concluded that the transaction with the Factor represents a transfer of financial assets in which the Group retains effective control over the transferred trade receivables. As such it was determined that the transfer of financial assets should be recorded as a recourse liability. Furthermore, the Group shall continue to report the transferred financial asset in its unaudited condensed consolidated statements of financial position with no change in the assets' measurement. Accordingly, the Group records the trade receivables on its Unaudited Condensed Consolidated Statement of Financial Position and records a recourse liability for the amount received from the Factor towards factored trade receivables. For non-notified customers, the arrangement with the Factor is such that the customers remit cash directly to the Group and the Group transfers the collected amounts to the Factor. For notified customers, the arrangement with the Factor is such that the customers remit cash directly to the Factor.

For non-notified customers, the Factor remits 75% of the trade receivable balance to the Group and the rate increased to 85% based on the terms of variation with effect from November 22, 2022. The funding limit was S$1,200,000 at the inception of the arrangement and increased to S$1,750,000 based on the terms of variation with effect from November 22, 2022. The funding limit was further increased by S$500,000 with the addition of the facility under YY Circle (SG) Pte Ltd based on the offer letter on February 22, 2023 and then further decreased by S$250,000 under Hong Ye Group Pte Ltd. based on the terms of variation with effect from July 5, 2023. Pursuant to the terms of variation dated on March 21, 2023, the discount charge fee and service fee will change to a charge rate of 7.0% and 0.35%, respectively with effect from April 1, 2023 under Hong Ye Group Pte Ltd. The discount charge fee and service fee will be a charge rate of 7.0% and 0.35%, respectively with effect from February 22, 2023 for the additional facility under YY Circle (SG) Pte Ltd. Pursuant to the terms of variation dated on June 19, 2024, the discount charge fee changed to a charge rate of 7.7%, with effect from July 1, 2024 under Hong Ye Group Pte Ltd and YY Circle (SG) Pte Ltd.

For notified customers, the Factor remits 80% of the trade receivable balance to the Group and the rate increased to 90% based on the terms of variation with effect from November 22, 2022. The funding limit was S$1,300,000 at the inception of the arrangement and increased to S$1,750,000 based on the terms of variation with effect from November 22, 2022. The funding limit was further increased by S$500,000 with the addition of the facility under YY Circle (SG) Pte Ltd based on the offer letter on February 22, 2023 and then further increased by S$500,000 and decreased by S$250,000 under YY Circle (SG) Pte Ltd and Hong Ye Group Pte Ltd, respectively, based on the terms of variation with effective from July 5, 2023. Pursuant to the terms of variation dated on March 21, 2023, the discount charge fee and service fee will change to a charge rate of 7.0% and 0.35%, respectively with effect from April 1, 2023 under Hong Ye Group Pte Ltd. The discount charge fee and service fee will be a charge rate of 7.0% and 0.35%, respectively with effect from February 22, 2023 for the additional facility under YY Circle (SG) Pte Ltd. Pursuant to the terms of variation dated on June 19, 2024, the discount charge fee changed to a charge rate of 7.7%, with effect from July 1, 2024 under Hong Ye Group Pte Ltd and YY Circle (SG) Pte Ltd.

As of June 30, 2025 and December 31, 2024, the Group recorded a recourse liability of $3,978,394 and $2,397,078, respectively, towards the factor which is included in current loans and borrowings on the unaudited condensed consolidated statements of financial position. The cost of factoring is included as a component of finance cost in the accompanying unaudited consolidated statements of profit or loss and other comprehensive (loss) income. During the six months ended June 30, 2025 and 2024, the Group incurred $232,386 and $129,665 in factoring fee, respectively.

The following information shows the carrying amount of trade receivables at the reporting date that have been transferred but have not been derecognized and the associated liabilities.

---

| | | |
|:---|:---|:---|
|  | **As of<br> six months ended** <br> **June 30,<br> 2025 (Unaudited)** | **As of<br> December 31, <br> 2024** |
|  | **$** | **$** |
| Carrying amount of trade receivables transferred to an agent | 6161399 | 3308037 |
| Carrying amount of associated liabilities | 3978394 | 2397078 |

---

---

| | |
|:---|:---|
| **5** | **PREPAYMENT AND OTHER CURRENT ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **As of<br> six months** <br> **ended<br> June 30,<br> 2025**<br> **(Unaudited)** | **As of<br> December 31,<br> 2024** |
|  | **US$** | **US$** |
| **Current:** | | |
| Deposits & Prepayment | 2872722 | 2204812 |
| Other receivables | 1048631 | 704100 |
| Prepayment for fundraising\* | 1000000 | 1000000 |
|  | **4921353** | **3908912** |
| **Non-current:** |  |  |
| Deposit others | 115417 | 260543 |
| Prepayment | 401474 | 114317 |
|  | 516891 | 374860 |
| **Total prepayment and other assets** | **5428244** | **4283772** |

---

\* The balance of prepayment for fundraising represents a prepaid deposit of $1 million to a consulting firm for financing. The consulting firm will provide professional consulting services and related resources for fund raising.

---

| | |
|:---|:---|
| **6** | **RIGHT-OF-USE ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> June 30,** | **For the six months ended<br> June 30,** |
|  | **2025 (Unaudited)** | **2024**<br> **(Unaudited)** |
|  | **$** | **$** |
| Interest on lease liabilities | 67506 | 67702 |
| Expenses relating to short-term lease and low value assets | 126744 | 277005 |
| Depreciation charge for right-of-use assets | 227394 | 94508 |

---

The costs of the acquired right-of-use were $776,741 and $52,664 for the six months ended June 30, 2025 and 2024, respectively.

---

| | |
|:---|:---|
| **7** | **PROPERTY AND EQUIPMENT** |

---

The depreciation expense recorded for the six months ended June 30, 2025 and 2024 is $89,044 and $64,461, respectively.

The costs of the acquired property and equipment were $131,352 and $98,814 for the six months ended June 30, 2025 and 2024.

**8.** **BUSINESS COMBINATION** 

**Acquisition of Mediaplus Venture Group Pte. Ltd. ("Mediaplus")**

On October 21, 2024, the Company, through its wholly owned subsidiary Mediaplus Limited, a company incorporated in the British Virgin Islands, entered into a Share Purchase Agreement (the "SPA") with two third-party individuals (the "Vendors") to acquire 5,400 ordinary shares of Mediaplus Venture Group Pte. Ltd. ("Mediaplus"). Mediaplus was incorporated in Singapore on August 12, 2024 and is principally engaged in the information technology consultancy business. Mediaplus also has four subsidiaries operating in Singapore and Malaysia, which are primarily engaged in web design and development and digital marketing services.

In accordance with the SPA, the completion date of the acquisition was January 2, 2025, upon which Mediaplus Limited acquired 5,400 ordinary shares, representing 54% of the voting interests in Mediaplus. Accordingly, Mediaplus became a subsidiary of the Company and has been consolidated into the Group's financial statements from the acquisition date.

This strategic acquisition reflects the Company's commitment to strengthening its digital capabilities and enhancing operational synergies by integrating website development and digital marketing functions within the Group. The acquisition enables the Company to deepen its technology offerings while delivering cost-efficient, scalable solutions to its expanding global client base.

Pursuant to the SPA, the total purchase consideration for the Sale Shares amounted to SGD 1,350,000 (equivalent to $992,428), of which SGD 1,325,000 (equivalent to $974,050) was payable in cash. The remaining SGD 25,000 (equivalent to $18,378) was to be settled through the issuance of 9,260 Class A ordinary shares of the Company (the "Consideration Shares"). On April 11, 2025, the Company completed the issuance of 9,260 Class A ordinary shares from treasury shares to the Vendors as settlement of the share-based component of the consideration.

The purchase price allocation as of the date of acquisition was based on a preliminary valuation and is subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available. The primary areas that remain preliminary relate to the fair values of goodwill and income taxes. Property and equipment are depreciated on a straight-line basis over the estimated useful lives, after taking into account the estimated residual value. Management reviews the estimated useful lives and residual value of the assets annually in order to determine the amount of depreciation expense to be recorded during any reporting year.

The following tables summarizes the consideration transferred to acquired Mediaplus at the date of acquisition:

---

| | |
|:---|:---|
|  | **$** |
| Cash | 974050 |
| Consideration shares | 18378 |
| **Total consideration at fair value** | **992428** |

---

The following table summarizes the fair value of the identifiable assets acquired and liabilities as of January 2, 2025, which represents the net purchase price allocation at the date of the acquisition of Mediaplus:

---

| | |
|:---|:---|
|  | **As at<br> January 2,<br> 2025** |
|  | **$** |
| Total consideration | 992428 |
| Non-controlling interest | 498484 |
| **Assets** |  |
| Cash | 949223 |
| Trade receivables | 162420 |
| Prepayment and other current assets | 149949 |
| Investment property | 448430 |
| Property and equipment | 23058 |
| Intangible assets – customer relationship | 161729 |
| **Total assets** | **1894809** |
| **Liabilities** |  |
| Trade and other payables | 570916 |
| Tax payable | 54358 |
| Loans and borrowings | 135805 |
| Lease liabilities | 3798 |
| Deferred tax liabilities | 46271 |
| **Total liabilities** | **811148** |
| **Total net assets** | **1083661** |
| **Goodwill** | **407251** |

---

The goodwill primarily reflects the skills and technical expertise of Group's workforce, as well as the synergies anticipated from integrating the Company into the Group's existing Standard Papers operations. None of the goodwill recognized is expected to be deductible for tax purposes.

The Group concluded that the acquisition of Mediaplus was not significant based on assessments using the income test, asset test, and investment test pursuant to S-X Rule 3-05. Pursuant to IFRS 3. B64(q)(ii), the unaudited pro forma information of the Group for the six months ended June 30, 2025 set forth below gives effect to the business combination as if it had occurred on January 1, 2025 and combines the results of operations of the Group since then. The unaudited pro forma information is presented after applying the Group's accounting policies and elimination intra-entity transactions, as applicable. The unaudited pro forma information does not include any impact of transaction synergies and is presented for informational purposes only and is not necessarily indicative of the results of operations that would actually have been occurred had the business combination been consummated as of that time or that may result in the future:

---

| | |
|:---|:---|
|  | **For the<br> Six Months<br> ended<br> June 30,**<br>**2025** |
| Unaudited pro forma revenue | $26799380 |
| Unaudited pro forma net loss | $8150581 |

---

Pursuant to IFRS 3. B64(q)(i), unaudited revenue and net profit of Mediaplus for the period from the acquisition date to the date ended June 30, 2025 amounted $1,064,514 and 193,752, respectively.

**Acquisition of Property Facility Services Pte. Ltd. ("PFS")**

On January 21, 2025, the Company entered into a Sale and Purchase Agreement ("SPA") with three third-party individuals (the "Sellers") to acquire 99.99% of the equity interest in Property Facility Services Pte. Ltd. ("PFS"). PFS was incorporated in Singapore on May 19, 2001 and is principally engaged in integrated facility management services.

This strategic acquisition strengthens the Company's position in the Integrated Facility Management ("IFM") industry and supports its long-term strategy of developing a comprehensive and technology-enabled IFM platform. By integrating PFS with the Company's existing cleaning division, including the operations of Hong Ye Group Pte. Ltd., the Company aims to deliver fully integrated, cost-effective, and sustainable facility management solutions. The combined capabilities enhance operational synergies and position the Company as a competitive IFM provider in Singapore, with expanded service offerings tailored to evolving client needs.

On February 3, 2025, the Company completed the acquisition of PFS. Pursuant to the SPA, the total consideration for the acquisition amounted to SGD 1,600,000 (equivalent to $1,427,834), comprising the following components:

SGD 816,000 (equivalent to $596,448) in cash, payable on the acquisition date (the "Completion Payment");

SGD 784,000 (equivalent to $573,057) in cash, payable on the Deferred Payment Date; provided that if the total net asset value of PFS as of December 31, 2024 is less than SGD 500,000 ($365,470), the deferred cash payment shall be reduced by the amount of such shortfall (the "Reduction"), up to a maximum reduction of SGD 500,000 ($365,470);

SGD 315,937 (equivalent to $258,329) to be settled through the issuance of 143,516 Class A ordinary shares of the Company (the "Consideration Shares").

As of the date of issuance of these financial statements, the Company has paid the Completion Payment of SGD 816,000 (equivalent to $596,448). The remaining deferred cash consideration and the Consideration Shares are expected to be settled one year from the completion date, in accordance with the terms of the SPA.

The following tables summarizes the consideration transferred to acquired PFS at the date of acquisition:

---

| | |
|:---|:---|
|  | **$** |
| Cash | **1169505** |
| Consideration shares | **258329** |
| **Total consideration at fair value** | **1427834** |

---

The following table summarizes the fair value of the identifiable assets acquired and liabilities as of February 3, 2025, which represents the net purchase price allocation at the date of the acquisition of PFS:

---

| | |
|:---|:---|
|  | **As of<br> February 3,<br> 2025** |
|  | **$** |
| Total consideration | 1427834 |
| Non-controlling interest | 236 |
| **Assets** |  |
| Cash | 726307 |
| Trade receivables | 246949 |
| Prepayment and other current assets | 69360 |
| Intangible assets – customer relationship | 249982 |
| Property and equipment | 511703 |
| Investment in associate | 29238 |
| **Total assets** | **1833539** |
| **Liabilities** |  |
| Trade and other payables | 488586 |
| Lease liabilities | 518678 |
| Deferred tax liabilities | 42497 |
| **Total liabilities** | **1049761** |
| **Total net assets** | **783778** |
| **Goodwill** | **644292** |

---

The goodwill primarily reflects the skills and technical expertise of Group's workforce, as well as the synergies anticipated from integrating the Company into the Group's existing Standard Papers operations. None of the goodwill recognized is expected to be deductible for tax purposes.

The Group concluded that the acquisition of PFS was not significant based on assessments using the income test, asset test, and investment test pursuant to S-X Rule 3-05. Pursuant to IFRS 3. B64(q)(ii), the unaudited pro forma information of the Group for the six months ended June 30, 2025 set forth below gives effect to the business combination as if it had occurred on January 1, 2025 and combines the results of operations of the Group since then. The unaudited pro forma information is presented after applying the Group's accounting policies and elimination intra-entity transactions, as applicable. The unaudited pro forma information does not include any impact of transaction synergies and is presented for informational purposes only and is not necessarily indicative of the results of operations that would actually have been occurred had the business combination been consummated as of that time or that may result in the future:

---

| | |
|:---|:---|
|  | **For the<br> Six Months<br> ended<br> June 30,**<br>**2025** |
| Unaudited pro forma revenue | $26083537 |
| Unaudited pro forma net loss | $8204153 |

---

Pursuant to IFRS 3. B64(q)(i), unaudited revenue and net profit of PFS for the period from the acquisition date to the date ended June 30, 2025 amounted $1,564,510 and 173,550, respectively.

**Acquisition of YY Circle (HK) Pte. Limited ("YYC HK")**

On April 10, 2025, the Company entered into a Share Purchase Agreement ("SPA") with one third-party individual (the "Vendor") to acquire 90% of the equity interest in YY Circle (HK) Pte. Limited ("YYC HK"), a company incorporated in Hong Kong. YYC HK is primarily engaged in providing intelligent labor matching services and smart cleaning services in Hong Kong. The issued and fully paid-up share capital of YYC HK comprises 1,000 ordinary shares, all of which were legally and beneficially owned by the Vendor prior to the acquisition.

The acquisition was completed on April 14, 2025, the date on which the Company obtained control of YYC HK in accordance with IFRS 3 Business Combinations through its 90% voting interest. From the acquisition date, YYC HK became a subsidiary of the Company.

This acquisition forms part of the Group's broader strategy to expand its manpower outsourcing into the Hong Kong market, leveraging its technology-driven service platforms to strengthen its regional presence.

Pursuant to the SPA, the total purchase consideration for the Sale Shares was to be settled entirely through the issuance of 1,900,000 Class A ordinary shares of the Company (the "Consideration Shares"). Based on the Company's closing market price of $1.24 per share on April 14, 2025, the fair value of the Consideration Shares was $2,356,000. The Consideration Shares are subject to a six-month lock-up period or earlier release upon the effectiveness of a registration statement filed with the U.S. Securities and Exchange Commission.

The following tables summarizes the consideration transferred to acquired YYC HK at the date of acquisition:

---

| | |
|:---|:---|
|  | **$** |
| Consideration shares | 2356000 |
| **Total consideration at fair value** | **2356000** |

---

The following table summarizes the fair value of the identifiable assets acquired and liabilities as of April 14, 2025, which represents the net purchase price allocation at the date of the acquisition of YYC HK:

---

| | |
|:---|:---|
|  | **As of<br> April 14, <br> 2025** |
|  | **$** |
| Total consideration | 2356000 |
| Non-controlling interest | 10661 |
| **Assets** |  |
| Cash | 53808 |
| Trade receivables | 77405 |
| Prepayment and other current assets | 31986 |
| Intangible assets – customer relationship | 898041 |
| **Total assets** | **1061240** |
| **Liabilities** |  |
| Trade and other payables | 806456 |
| Deferred tax liabilities | 148177 |
| **Total liabilities** | **954633** |
| **Total net assets** | **106607** |
| **Goodwill** | **2260054** |

---

The goodwill primarily reflects the skills and technical expertise of Group's workforce, as well as the synergies anticipated from integrating the Company into the Group's existing Standard Papers operations. None of the goodwill recognized is expected to be deductible for tax purposes.

The Group concluded that the acquisition of YYC HK was not significant based on assessments using the income test, asset test, and investment test pursuant to S-X Rule 3-05. Pursuant to IFRS 3. B64(q)(ii), the unaudited pro forma information of the Group for the six months ended June 30, 2025 set forth below gives effect to the business combination as if it had occurred on January 1, 2025 and combines the results of operations of the Group since then. The unaudited pro forma information is presented after applying the Group's accounting policies and elimination intra-entity transactions, as applicable. The unaudited pro forma information does not include any impact of transaction synergies and is presented for informational purposes only and is not necessarily indicative of the results of operations that would actually have been occurred had the business combination been consummated as of that time or that may result in the future:

---

| | |
|:---|:---|
|  | **For the<br> Six Months<br> ended <br> June 30,**<br>**2025** |
| Unaudited pro forma revenue | $26039852 |
| Unaudited pro forma net loss | $8275283 |

---

Pursuant to IFRS 3. B64(q)(i), unaudited revenue and net loss of YYC HK for the period from the acquisition date to the date ended June 30, 2025 amounted $244,178 and 16,135, respectively.

**Acquisition of YY Circle (Thailand) Company Ltd. ("YYC TH")**

On May 9, 2025, the Company, through its wholly owned subsidiary YY Holding (Thailand) Company Limited, entered into a Share Purchase Agreement ("SPA") with one third-party individual (the "Vendor") to acquire 49% of the equity interest in YY Circle (Thailand) Company Limited ("YYC TH"). YYC TH is a company incorporated in Thailand and engaged in providing services as an intermediary between service providers and service recipients through an online platform.

The acquisition was completed on June 2, 2025, which is defined as the Closing Date under the SPA. On this date, the Company obtained control over YYC TH as defined under IFRS 3 Business Combinations, through its ability to direct relevant activities and govern the financial and operating policies of YYC TH. From the acquisition date, YYC TH is consolidated as a subsidiary of the Company.

Pursuant to the SPA, the total contractual purchase consideration for the Sale Shares was $2,000,000, to be satisfied entirely through the issuance of 2,000,000 Class A ordinary shares of the Company (the "Consideration Shares").

Based on the Company's closing market price of $1.37 per share on June 2, 2025, the fair value of the Consideration Shares was determined as $2,740,000. The Consideration Shares are subject to a six-month lock-up period or earlier release upon registration with the U.S. Securities and Exchange Commission.

The following tables summarizes the consideration transferred to acquired YYC TH at the date of acquisition:

---

| | |
|:---|:---|
|  | **$** |
| Consideration shares | 2740000 |
| **Total consideration at fair value** | **2740000** |

---

The following table summarizes the fair value of the identifiable assets acquired and liabilities at June 2, 2025, which represents the net purchase price allocation at the date of the acquisition of YYC TH:

---

| | |
|:---|:---|
|  | **As of<br> June 2,<br> 2025** |
|  | **$** |
| Total consideration | 2740000 |
| Non-controlling interest | 596559 |
| **Assets** |  |
| Cash | 84802 |
| Trade receivables | 64060 |
| Prepayment and other current assets | 43437 |
| Intangible assets – customer relationship | 2266605 |
| Office equipment | 257 |
| **Total assets** | **2459161** |
| **Liabilities** |  |
| Trade and other payables | 831927 |
| Deferred tax liabilities | 453321 |
| Suspense tax | 4189 |
| **Total liabilities** | **1289437** |
| **Total net assets** | **1169724** |
| **Goodwill** | **2166835** |

---

The goodwill primarily reflects the skills and technical expertise of Group's workforce, as well as the synergies anticipated from integrating the Company into the Group's existing Standard Papers operations. None of the goodwill recognized is expected to be deductible for tax purposes.

The Group concluded that the acquisition of YYC TH was not significant based on assessments using the income test, asset test, and investment test pursuant to S-X Rule 3-05. Pursuant to IFRS 3. B64(q)(ii), the unaudited pro forma information of the Group for the six months ended June 30, 2025 set forth below gives effect to the business combination as if it had occurred on January 1, 2025 and combines the results of operations of the Group since then. The unaudited pro forma information is presented after applying the Group's accounting policies and elimination intra-entity transactions, as applicable. The unaudited pro forma information does not include any impact of transaction synergies and is presented for informational purposes only and is not necessarily indicative of the results of operations that would actually have been occurred had the business combination been consummated as of that time or that may result in the future:

---

| | |
|:---|:---|
|  | **For the<br> Six Months<br> ended<br> June 30,**<br>**2025** |
| Unaudited pro forma revenue | $26169612 |
| Unaudited pro forma net loss | $8329374 |

---

Pursuant to IFRS 3. B64(q)(i), unaudited revenue and net loss of YYC TH for the period from the acquisition date to the date ended June 30, 2025 amounted $38,074 and 5,281, respectively.

**Acquisition of Transocean Oil Pte. Ltd. ("Transocean")**

On May 5, 2025, the Company entered into a Share Purchase Agreement ("SPA") with a third-party individual (the "Vendor") to acquire 53% of the equity interest in Transocean Oil Pte. Ltd. ("Transocean"), a company incorporated in Singapore. Transocean is principally engaged in investment holding, with its revenue derived primarily from rental income from commercial properties.

The acquisition was completed on June 17, 2025, the date on which the Company obtained control of Transocean in accordance with IFRS 3 Business Combinations. From the acquisition date, Transocean became a majority-owned subsidiary of the Company. This acquisition forms part of the Group's strategy to expand its portfolio into real estate and rental yield–generating assets to diversify revenue sources and enhance long-term stability.

Under the SPA, the consideration for the Sale Shares was contractually set at $2,925,000, to be settled through the issuance of 4,500,000 Class A ordinary shares of the Company ("Consideration Shares"). On June 17, 2025, the Company's closing market price was $1.84 per share. Accordingly, the fair value of the Consideration Shares was determined as $8,280,000. The Consideration Shares are subject to a one-year lock-up, or earlier release following the effectiveness of a registration statement with the U.S. Securities and Exchange Commission.

The following tables summarizes the consideration transferred to acquired Transocean at the date of acquisition:

---

| | |
|:---|:---|
|  | **$** |
| Consideration shares | 8280000 |
| **Total consideration at fair value** | **8280000** |

---

The following table summarizes the fair value of the identifiable assets acquired and liabilities as of June 17, 2025, which represents the net purchase price allocation at the date of the acquisition of Transocean:

---

| | |
|:---|:---|
|  | **As of<br> June 17,<br> 2025** |
|  | **$** |
| Total consideration | 8280000 |
| Non-controlling interest | 2419676 |
| **Assets** |  |
| Cash | 80702 |
| Trade receivables | 9561 |
| Prepayment and other current assets | 1568 |
| Investment properties | 1931449 |
| Net investment in lease | 3313634 |
| Office equipment | 609 |
| **Total assets** | **5337523** |
| **Liability** |  |
| Other payables | 189276 |
| **Total liability** | **189276** |
| **Total net assets** | **5148247** |
| **Goodwill** | **5551429** |

---

The goodwill primarily reflects the skills and technical expertise of Group's workforce, as well as the synergies anticipated from integrating the Company into the Group's existing Standard Papers operations. None of the goodwill recognized is expected to be deductible for tax purposes.

The Group concluded that the acquisition of Transocean was not significant based on assessments using the income test, asset test, and investment test pursuant to S-X Rule 3-05. Pursuant to IFRS 3. B64(q)(ii), the unaudited pro forma information of the Group for the six months ended June 30, 2025 set forth below gives effect to the business combination as if it had occurred on January 1, 2025 and combines the results of operations of the Group since then. The unaudited pro forma information is presented after applying the Group's accounting policies and elimination intra-entity transactions, as applicable. The unaudited pro forma information does not include any impact of transaction synergies and is presented for informational purposes only and is not necessarily indicative of the results of operations that would actually have been occurred had the business combination been consummated as of that time or that may result in the future:

---

| | |
|:---|:---|
|  | **For the<br> Six Months<br> ended<br> June 30,**<br>**2025** |
| Unaudited pro forma revenue | $25806621 |
| Unaudited pro forma net loss | $8171493 |

---

Pursuant to IFRS 3. B64(q)(i), unaudited revenue and net loss of Transocean for the period from the acquisition date to the date ended June 30, 2025 amounted $63,247 and 159,940, respectively.

**Acquisition of Uniforce Security Services Pte. Ltd. ("UFS")**

On June 2, 2025, the Company entered into a Share Purchase Agreement ("SPA") with a third-party individual (the "Vendor") to acquire 100% of the equity interest in Uniforce Security Services Pte. Ltd. ("UFS"), a company incorporated in Singapore. UFS is principally engaged in providing private security service to residential and commercial areas.

The acquisition was completed on June 5, 2025, the date on which the Company obtained control of UFS in accordance with IFRS 3 Business Combinations. This acquisition forms part of the Group's strategy to expand its portfolio into integrated facility management to diversify revenue sources and enhance long-term stability.

Under the SPA, the consideration for the Sale Shares was contractually set at SGD1,000,000 (equivalent to $776,699), comprising the following components:

SGD 200,000 (equivalent to $155,340) in cash, payable on the acquisition date (the "Completion Payment");

SGD 300,000, (equivalent to $233,010) in cash on 31 December 2025

SGD 300,000, (equivalent to $233,010) in cash on 31 March 2026

SGD 200,000, (equivalent to $155,341) in cash on 30 June 2026

As of the date of issuance of these financial statements, the Company has paid the Completion Payment of SGD 200,000 (equivalent to $155,340). The remaining deferred cash consideration and the Consideration Shares are expected to be settled one year from the completion date, in accordance with the terms of the SPA.

The following tables summarizes the consideration transferred to acquired UFS at the date of acquisition:

---

| | |
|:---|:---|
|  | **$** |
| Consideration shares | 776699 |
| **Total consideration at fair value** | 776699 |

---

The following table summarizes the fair value of the identifiable assets acquired and liabilities as of June 5, 2025, which represents the net purchase price allocation at the date of the acquisition of UFS:

---

| | |
|:---|:---|
|  | **As of<br> June 5,<br> 2025** |
|  | **$** |
| Total consideration | 776699 |
| **Assets** |  |
| Cash | 334165 |
| Trade receivables | 1592522 |
| Prepayment and other current assets | 94325 |
| Intangible assets | 32537 |
| Office equipment | 26714 |
| Right-of-use assets | 155344 |
| **Total assets** | **2235607** |
| **Liabilities** |  |
| Trade and other payables | 1102679 |
| Lease liabilities | 161093 |
| Loans and borrowings | 415310 |
| **Total liabilities** | **1679082** |
| **Total net assets** | **556525** |
| **Goodwill** | **220174** |

---

The goodwill primarily reflects the skills and technical expertise of Group's workforce, as well as the synergies anticipated from integrating the Company into the Group's existing Standard Papers operations. None of the goodwill recognized is expected to be deductible for tax purposes.

The Group concluded that the acquisition of UFS was not significant based on assessments using the income test, asset test, and investment test pursuant to S-X Rule 3-05. Pursuant to IFRS 3. B64(q)(ii), the unaudited pro forma information of the Group for the six months ended June 30, 2025 set forth below gives effect to the business combination as if it had occurred on January 1, 2025 and combines the results of operations of the Group since then. The unaudited pro forma information is presented after applying the Group's accounting policies and elimination intra-entity transactions, as applicable. The unaudited pro forma information does not include any impact of transaction synergies and is presented for informational purposes only and is not necessarily indicative of the results of operations that would actually have been occurred had the business combination been consummated as of that time or that may result in the future:

---

| | |
|:---|:---|
|  | **For the<br> Six Months<br> ended<br> June 30,**<br>**2025** |
| Unaudited pro forma revenue | $28296844 |
| Unaudited pro forma net loss | $8364210 |

---

Pursuant to IFRS 3. B64(q)(i), unaudited revenue and net profit of UFS for the period from the acquisition date to the date ended June 30, 2025 amounted $414,612 and 410,531, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **INTANGIBLE ASSETS** 

---

| | |
|:---|:---|
|  | **As of<br> December 31,<br> 2024** |
| Customer relationship (Note 8) |  |
| Software (Note 12) |  |
| **Subtotal** |  |
| Impairment on intangible assets |  |
| **Total intangible assets, net** |  |

---

As of June 30, 2025, the Group identified certain impairment indicators and perform the impairment testing. The recoverable amount was assessed at $1,697,000. The Group recorded an impairment loss of approximately $4,063,000 and nil for the six months ended June 30, 2025 and 2024. See Note 12 for detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **INVESTMENT PROPERTY** 

Investment properties consist of two commercial units owned by Transocean Oil Pte. Ltd. ("Transocean") and one commercial unit owned by Mediaplus Venture Group Pte. Ltd. ("Mediaplus"). These properties are held to generate rental income and for long-term capital appreciation and are leased to third-party tenants under non-cancellable lease arrangements.

Reconciliation of the carrying amount:

---

| | |
|:---|:---|
|  | **$** |
| **Balance as of January 1, 2024** | **-** |
| Acquisitions (Note 8) | 2379879 |
| Exchange differences | 91110 |
| Change in fair value | - |
| **Balance as of June 30, 2025** | **2470989** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **FINANCE LEASE** 

Transocean entered into a finance lease agreement with maximum lease term of 5 years. During the six months ended June 30, 2025 and 2024, Transocean recognized interest income on lease receivable of $16,201 and nil, respectively.

The following table sets out a maturity analysis of lease receivable, showing the undiscounted lease payments to be received after the reporting date.

---

| | |
|:---|:---|
|  | **$** |
| Less than 1 year | 79574 |
| One to two years | 79574 |
| Two to three years | 79574 |
| Three to four years | 79574 |
| Four to five years | 3083430 |
| **Total undiscounted lease receivable** | **3401726** |
| Less: Unearned finance income | 148865 |
| **Net investment in lease** | **3252861** |

---

**12.** **ASSETS ACQUISITION** 

On April 21, 2025, the Company, through its wholly owned subsidiary 365IFM Pte. Ltd.(subsequently renamed to 24IFM Pte Ltd, entered into a Fixed Assets Sale and Purchase Agreement (the "Agreement") with an individual (the "Seller") to acquire the 24iFM facility management software, including the associated source code, documentation, login credentials, and related intellectual property rights.

The acquisition involved only a single identifiable intangible asset and did not constitute a business under IFRS 3 Business Combinations, as no workforce, processes, or integrated set of activities capable of producing outputs were acquired. Accordingly, the transaction was accounted for as an asset acquisition.

Under the Agreement, the consideration was contractually set at $1,600,000, to be satisfied through the issuance of 4,000,000 common shares of YY Group Holding Limited ("YYGH"). The Company issued the 4,000,000 shares to the Seller on June 10, 2025, when the market price of the Company's Class A ordinary shares was $1.44 per share. Therefore, the fair value of the consideration transferred is determined as $5,760,000. As of June 30, 2025, the Group identified certain impairment indicators and perform the impairment testing. The recoverable amount was assessed at $1,697,000 and the Group recorded an impairment loss of approximately $4,063,000 for the six months ended June 30, 2025.

**13.** **TRADE AND OTHER PAYABLES** 

---

| | | |
|:---|:---|:---|
|  | **As of<br> six months** <br> **ended <br> June 30,<br> 2025**<br> **(Unaudited)** | **As of<br> December 31,<br> 2024** |
|  | **$** | **$** |
| **Trade payables:** |  |  |
| Amount due to third parties | 2490929 | 1260351 |
| **Other payables:** |  |  |
| Accrued payroll and pension | 2137202 | 1055415 |
| Loan from a third party (interest-bearing) \* | 832180 | 477836 |
| GST payables | 1523343 | 983659 |
| Provision for taxation | 277492 | 246219 |
| Others | 363284 | 199633 |
| **Total trade and other payables** | **7624430** | **4223113** |

---

\* These amounts are non-interest bearing except a third-party loan mentioned below. Trade payables are normally settled on 90 days' terms.

**14.** **LOANS AND BORROWINGS** 

---

| | | |
|:---|:---|:---|
|  | **As of<br> six months ended <br> June 30,<br> 2025**<br> **(Unaudited)** | **As of <br> December 31,<br> 2024** |
|  | **$** | **$** |
| **Current** |  |  |
| Guaranteed bank loan | 533602 | 364457 |
| Financial institution loan | 613833 | 441079 |
| Recourse liability | 3978394 | 2397078 |
|  | **5125829** | **3202614** |
| Lease liabilities | 516864 | 226707 |
|  | **5642693** | **3429321** |
| **Non-current** |  |  |
| Guaranteed bank loan | 299802 | 144365 |
| Warrants liabilities | 70593 | 46518 |
| Lease liabilities | 1397481 | 985879 |
|  | **1767876** | **1176762** |
| **Total loans and borrowings** | **7410569** | **4606083** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i)** **Terms and debt repayment schedule** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Currency** | **Principal <br> amount** | **Year of <br> origination** | **Nominal<br> interest <br> rate %<br> per annum** | **Year of<br> maturity** | **June 30, <br> 2025<br> (Unaudited)** | **2024** |
| **2025** |  |  |  |  |  | **$** | **$** |
| Guaranteed bank loan | SGD | 400000 | 2020 | 2.75% | 2025 | 22249 | 51960 |
| Guaranteed bank loan | SGD | 1200000 | 2020 | 2.50% | 2025 | 16722 | 108703 |
| Guaranteed bank loan | SGD | 300000 | 2020 | 3.75% | 2025 |  | 15980 |
| Guaranteed bank loan | SGD | 300000 | 2023 | 7.75% | 2026 | 77956 | 110848 |
| Guaranteed bank loan | SGD | 50000 | 2023 | 8.25% | 2028 | 24798 | 26714 |
| Guaranteed bank loan | SGD | 100000 | 2023 | 8.28% | 2028 | 48365 | 52305 |
| Guaranteed bank loan | SGD | 50000 | 2023 | 10.38% | 2026 | 13299 | 18797 |
| Guaranteed bank loan | SGD | 300000 | 2023 | 8.8% | 2026 | 92105 | 123515 |
| Guaranteed bank loan | SGD | 1000000 | 2022 | 5.15% | 2027 | 404011 |  |
| Guaranteed bank loan | SGD | 300000 | 2018 | 4.58%-6.0799 | 2018-2033 | 133947 |  |
| Financial institution loan | SGD | 400000 | 2024 | 10.8% | 2025 | 164289 | 294053 |
| Financial institution loan | SGD | 200000 | 2024 | 10.8% | 2025 | 78382 | 147026 |
| Financial institution loan | SGD | 100000 | 2025 | 11.7% | 2025 | 53910 |  |
| Financial institution loan | SGD | 225000 | 2025 | 23.4% | 2025 | 121298 |  |
| Financial institution loan | SGD | 280000 | 2025 | 24.06% | 2025 | 195906 |  |
| Recourse liability | SGD | N/A | N/A | 7.0%-7.7 | N/A | 3978394 | 2397078 |
| Lease liabilities | Multiple | N/A | 2019-2022 | 2.99% to 8.21 | 2024-2029 | 1914345 | 1212586 |
|  |  |  |  |  |  | **7339976** | **4559565** |

---

Most of the guaranteed bank loans are jointly guaranteed by Mr. Fu Xiaowei and Ms. Zhang Fan, the CEO of the Group and his spouse.

The weighted average effective interest rates per annum of guaranteed bank loans and financial institution loans is 10.96%.

Subsequently to the date of issuance of the unaudited condensed consolidated financial statements, all the guaranteed bank loans and financial institution loans were repaid upon maturity without default.

**15.** **CAPITAL AND RESERVES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Number of<br> Class A<br> shares** | **Number of<br> Class B<br> shares** | $**Number of<br> Class A<br> shares** | **Number of<br> Class A<br> shares** | **Number of<br> Class B<br> shares** |
| **Issued and fully paid:** |  |  |  |  |  |
| Shares |  |  |  |  |  |
| As at the beginning of period/year | 36097550 | 5000000 |  | 33300000 | 5000000 |
| Issuance of class A shares for business combination | 8400000 |  |  | 1125000 |  |
| Issuance of class A shares for assets acquisition | 4000000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of class A shares to <br> employees (2024 Share incentive plan) | 2150000 |  |  | 2400000 |  |
| &nbsp;&nbsp;&nbsp;Issuance of class A shares to individual consultants |  |  |  | 900000 |  |
| &nbsp;&nbsp;&nbsp;Issuance of class A shares to certain employees (employee stock compensation plan) |  |  |  | 205250 |  |
| Transfer shares from treasury shares | 64816 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share Repurchase |  |  |  | (1832700) |  |
| Offering costs | - | - |  | - | - |
| As at end of period/year | **50712366** | **5000000** |  | **36097550** | **5000000** |

---

Holders of class A shares are entitled to dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company. The holder of class B shares is not entitled to dividends as declared from time to time and is entitled to twenty (20) vote per share at general meeting of the Company.

During the six months ended June 30, 2025, the Group completed a series of transactions to acquire interests in several subsidiaries and asset groups pursuant to their respective share purchase agreements ("SPAs") and asset purchase agreements (Note 10 and Note 11). In connection with these acquisitions, YY Group Holding Limited issued an aggregate 12,400,000 Class A ordinary shares, with no par value, representing total fair value consideration of $19,136,000 based on the respective market prices at the acquisition dates and contributing $19,136,000 to equity. In addition, the Company transferred 9,260 Class A ordinary shares from treasury shares, with a historical cost of $0.7084 per share, in relation to the acquisition of Mediaplus Venture Group Pte. Ltd.

In February, 2025, a total of 2,150,000 Class A ordinary shares under its 2024 Share Incentive Plan to certain employees as compensation for their past service. This issuance, highlights the company's commitment to rewarding employee loyalty and could improve staff retention, potentially impacting the company's operational efficiency and market competitiveness.

On April 11, 2025, the Company transferred 55,556 Class A ordinary shares from treasury shares to a shareholder, for total consideration of $1, resulting in a loss of $39,354, based on the historical unit cost of $0.7084 per share.

**ii)** **Nature and purpose of reserves**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Foreign currency translation reserve** 

The foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Share-based compensation reserves** 

Share-based compensation reserves represent the equity set aside for stock-based payments to employees, executives, and external consultants. These reserves arise when a company grants shares or stock options as part of its compensation strategy, recording them as an expense with a corresponding increase in equity. The primary purpose of share-based compensation reserves is to attract, retain, and incentivize key personnel while aligning their interests with the company's long-term growth. Additionally, it helps preserve cash by offering equity instead of cash payments and serves as a performance-based reward system. Companies also use these reserves to compensate external consultants or advisors, supporting business development and strategic initiatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Treasury Shares reserve** 

On April 11, 2025, the Company transferred 55,556 Class A ordinary shares from treasury shares to a shareholder, Qin Qin, for total consideration of $1, resulting in a loss of $39,354 based on the historical unit cost of $0.7084 per share. On the same date, the Company also transferred 9,260 Class A ordinary shares from treasury shares as part of the purchase consideration for the acquisition of Mediaplus Venture Group Pte. Ltd., representing a total consideration of SGD 25,000 (equivalent to $19,596).

**16.** **(LOSS)/EARNINGS PER SHARE** 

The following table sets forth the computation of basic and diluted (loss)/earnings per share attributable to shareholders for the six months ended June 30, 2025 and 2024.

---

| | |
|:---|:---|
|  | **For the six months ended, <br> June 30,<br> 2024** |
|  | **$** |
| (Loss)/Profit for the period | 601986 |
| Less: Loss attributable to non-controlling interests | 744 |
| (Loss)/Profit for the period attributable to shareholders | 601242 |
| Basic weighted-average number of shares outstanding | 38506507 |
| Basic (loss)/earnings per share attributable to shareholders | 0.016 |
| Diluted weighted-average number of shares outstanding | 38506507 |
| Diluted (loss)/earnings per share attributable to shareholders | 0.016 |

---

**17.** **SEGMENT REPORTING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i)** **Basis for segmentation** 

The Group has the following strategic divisions which are its operating and also reportable segments. These segments offer different products and services, and are generally managed separately from a commercial, technological, marketing, operational and regulatory perspective. The Group's chief executive officer (the Chief Operating Decision Maker or CODM) reviews performance of each segment on a monthly basis for purposes of business management, resource allocation, operating decision making and performance evaluation.

The following summary describes the operations of each reportable segment:

---

| | | |
|:---|:---|:---|
| ***Reportable segments*** | | ***Operations*** |
| IFM services |  | Encompass cleaning services, property and facility management, and security guard services, delivered as part of a unified service package. Cleaning services include commercial, hospitality, industrial, and disinfection work, while property and facility management covers maintenance, landscaping, administrative support, and compliance functions. Security services include on-site monitoring, safety inspection, and related support. |
| Manpower outsourcing services |  | Providing casual workers by comprehensively understanding the corporate customers' requirements and matching their requirements with qualified casual workers from various kinds of work including, but not limited to, Food & Beverage Crews, Kitchen helper, retail assistant and etc. |
| Other services |  | including web design and development, digital marketing, and rental income from investment properties. |

---

**ii)** **Information about reportable segment**

The CODM evaluates operating segments based on revenue and Segment profit (loss). Total revenue for reportable segments equals consolidated revenue for the Group. Segment (loss) profit is defined as net profit or loss of each operating segment excluding the unallocated overhead cost.

---

| |
|:---|
| **<u>June 30, 2025</u>** |
| **Segment revenue** |
| Cost of revenue) |
| Other income |
| Selling and marketing expenses) |
| General and administrative expenses) |
| Other expenses) |
| Finance cost) |
| Change in fair value of warrant liability) |
| Impairment loss on intangible asset) |
| Income tax expenses |
| **Segment (loss)/profit** |
| **<u>June 30, 2024</u>** |
| **Segment revenue** |
| Cost of revenue) |
| Other income |
| Selling and marketing expenses) |
| General and administrative expenses) |
| Other expenses) |
| Change in fair value of warrant liability |
| Finance cost) |
| Income tax expenses |
| **Segment profit/(loss)** |

---

Assets and liabilities are predominantly reviewed by the CODM at a consolidated level and not at a segment level. Within the Group's non-current assets are property and equipment which are primarily located in Singapore. Other non-current assets such as right-of-use assets are predominantly regional assets that are not attributed to a segment.

**Segment assets and liabilities**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **IFM<br> services** | **Manpower<br> and<br> outsourcing<br> services** | **Other<br> services** | **Unallocated** | **Total** |
|  | **$** | **$** | **$** | **$** | **$** |
| **<u>2025 H1</u>** |  |  |  |  |  |
| **Total assets** | 15476191 | 6052427 | 6296774 | 16153834 | 43979226 |
| **Total liabilities** | 12090501 | 4575701 | 992441 | 1428842 | 19087485 |
| **<u>2024</u>** |  |  |  |  |  |
| **Total assets** | 2896892 | 8022029 |  | 4450471 | 15369392 |
| **Total liabilities** | 5608602 | 2684509 | - | 881706 | 9174817 |

---

*Geographic allocation*

All business units of the Group are operating in Singapore, Malaysia, Hong Kong, Thailand, Vietnam, United Kingdom, Netherlands, Germany and Australia. The Group allocates revenue on the basis of the location of the customer. The geographic revenue generates majority from Singapore and Malaysia, while less than 10% of the Group' revenue generated from other countries.

**18.** **INCOME TAX EXPENSES** 

---

| |
|:---|
| **Current tax expense** |
| Current period) |
| **Deferred tax (expense)/benefit** |
| Origination and reversal of temporary difference) |
| **Income tax expenses** |

---

The tax on the Group's (loss)/profit before income tax differs from the theoretical amount that would arise using the Singapore's standard rate of income tax as follows:

---

| |
|:---|
| **Reconciliation between tax expenses and accounting profit at applicable tax rate** |
| **(Loss)/Profit before tax** |
| Tax at the Singapore statutory rate) |
| Difference from the effect of tax rates in a foreign jurisdiction) |
| Tax losses-unrecognized deferred tax assets) |
| Non-deductible expenses) |
| Other non-taxable Income |
| **Income tax expenses** |

---

**19.** **SHARE-BASED COMPENSATION** 

Share-based awards granted are measured at fair value on grant date and the value is recognized as share-based compensation expense immediately at the grant date if no vesting conditions are required. The fair values of share options are determined with reference to the fair value of the underlying shares. Share-based compensation expense, when recognized, is charged to the consolidated statements of profit or loss and other comprehensive (loss) income with the corresponding entry to Capital reserve as disclosed in Note 14. On each measurement date, the Company reviews external sources of information to determine the fair value of the shares which measured at the closing market price and related share-based compensation expense.

We recognized share-based compensation expense of $3,573,000 and nil for the six months ended June 30, 2025 and 2024, respectively.

● **2023 Share Incentive Plan** 

YY Group Holding Limited adopted the 2023 Share Incentive Plan for the purpose of granting stock options and incentive stock options to employees, executive and consultants to provide incentives for motivate, attract, and retain the services. For the consultants engaged by the Company shall assist the Company as a strategic business advisor to identify opportunities to expand the Company's presence in China manpower outsourcing and cleaning services market. Any Class A Ordinary Shares covered by an award granted under the 2023 Share Incentive Plan (or portion of an award) that terminates, expires, lapses or repurchased for any reason will be deemed not to have been issued for purposes of determining the maximum aggregate number of Class A Ordinary Shares that may be issued under the 2023 Share Incentive Plan. The following is the maximum aggregate number of shares which may be issued pursuant to all awards under the 2023 Share Incentive Plan:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maximum** | **Maximum** | **Number of shares granted** | **Number of shares granted** |
| 2023 Share Incentive Plan |  | 3300000 |  | 3300000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of shares** | **Weighted average exercise price** | **Weighted average grant date FV** |
| Balance as of December 31, 2023 |  |  |  |
| Granted of December 5, 2024 | 2400000 | 0.000003 \* | 1.84 |
| Granted of December 31, 2024 | 900000 | 0.000003 \* | 1.84 |
| Cancelled/forfeited |  |  |  |
| Vested | 3300000 | 0.000003 \* | 1.84 |
| Balance as of December 31, 2024 |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For six months ended, <br> June 30, <br> 2025** | **For six months ended, <br> June 30, <br> 2025** | **For six months ended,<br> 2024** |
| Share-based compensation |  | 846000 |  |

---

\* The weighted average exercise price of $0.000003 is calculated by dividing the total exercise price of the granted shares by the total number of shares granted. The total exercise price is determined by multiplying the number of shares in each grant by its respective exercise price and dividing the sum by the total number of shares granted.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Employee grant shares vested immediately on the grant date, but Employee agrees that they may not sell, transfer, assign, pledge,
 or otherwise dispose of any Shares granted under the agreement for a period of 1 year from the date of grant ("Restriction
 period"). Except for the specified restriction period, no other restrictive legend applies.

(ii) The
 Grant shares under 2023 Share Incentive Plan vested immediately. The Shares vested and exercisable on the grant date.

● **2024 Share Incentive Plan** 

YY Group Holding Limited adopted the 2024 Share Incentive Plan for the purpose of granting stock options and incentive stock options to employees, executive and external consultants to provide incentives for motivate, attract, and retain the services. For the consultants engaged by the Company shall assist the Company as a strategic business advisor to identify opportunities to expand the Company's presence in China manpower outsourcing and cleaning services market. Any Class A Ordinary Shares covered by an award granted under the 2024 Share Incentive Plan (or portion of an award) that terminates, expires, lapses or repurchased for any reason will be deemed not to have been issued for purposes of determining the maximum aggregate number of Class A Ordinary Shares that may be issued under the 2024 Share Incentive Plan. The following is the maximum aggregate number of shares which may be issued pursuant to all awards under the 2024 Share Incentive Plan:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Maximum** | **Maximum** | **Number of<br> shares<br> granted** | **Number of<br> shares<br> granted** |
| 2024 Share Incentive Plan |  | 2150000 |  | 2150000 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Weighted<br> average<br> grant date<br> FV** |
| Balance as of December 31, 2024 |  |  |
| Granted of February 3, 2025 | 2130000 | 1.80 |
| Granted of February 4, 2025 | 10000 |  |
| Granted of February 5, 2025 | 10000 | 1.80 |
| Cancelled/forfeited |  |  |
| Vested | 2150000 | 1.80 |
| Balance as of June 30, 2025 |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For six months ended, <br> June 30,** | **For six months ended, <br> June 30,** | **For six months ended, <br> June 30,** |
|  | **2025** | **2025** | **2024** |
| Share-based compensation |  | 2727000 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Employee grant shares vested immediately on the grant date, but Employee agrees that they may not sell, transfer, assign, pledge,
 or otherwise dispose of any Shares granted under the agreement for a period of 1 year from the date of grant ("Restriction
 period"). Except for the specified restriction period, no other restrictive legend applies.

(ii) The
 Grant shares under 2024 Share Incentive Plan vested immediately. The Shares vested and exercisable on the grant date.

**20.** **RELATED PARTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i)** **Transactions with key management personnel** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Key management personnel compensation** 

Compensation to Directors and executive officers of the Group comprised the following:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br> June 30,** | **For the six months ended <br> June 30,** |
|  | **2025 (Unaudited)** | **2024 (Unaudited)** |
|  | **$** | **$** |
| Short-term employee benefits | 251410 | 304576 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Key management personnel transactions** 

The aggregate value of transactions and outstanding balances related to key management personnel and entities over which they have control or significant influence were as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Transaction values for the six months ended,** | **Transaction values for the six months ended,** | **Balance outstanding as of** | **Balance outstanding as of** |
|  | **June 30,**<br>**2025**<br>**(Unaudited)** | **June 30,**<br>**2024**<br>**(Unaudited)** | **June 30,**<br>**2025**<br>**(Unaudited)** | **December 31,**<br>**2024** |
|  | **$** | **$** | **$** | **$** |
| Repayment from a shareholder, net\*\*) |  | -) |  |  |
| Payment made on behalf of the Company by a shareholder and amount due to a shareholder \*) |  | -) |  |  |

---

\* The CEO paid the interest of convertible note on behalf of the Company on March 1, 2023 with an amount of $59,559.

\*\* It represented loan and advance from shareholder which net off with the repayment for operational purpose. On September 10, 2024, Hong Ye Group Private Limited entered into a loan agreement with the CEO, Fu Xiaowei. The loan amounted to S$450,000 which equal to $336,331 with 8% per annum interest-bearing was due on December 9, 2024 and extended to be repayable on demand. As of June 30, 2025, S$238,354 which equal to $178,146 repayment were made. Except the loan, others were advances.

**ii)** **Other related party transactions**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Transaction values for the six months ended** | **Transaction values for the six months ended** | **Balance outstanding as at** | **Balance outstanding as at** |
|  | **June 30,**<br>**2025**<br>**(Unaudited)** | **June 30,**<br>**2024**<br>**(Unaudited)** | **June 30,**<br>**2025**<br>**(Unaudited)** | **December 31,**<br>**2024** |
|  | **$** | **$** | **$** | **$** |
| Prepayment to a related party |  |  |  |  |
| Upkeeping and maintenance service provided by a related party and payable to a related party |  | -) |  |  |
| Payment made on behalf by the Company of a related party |  |  |  |  |
| Landscape crew outsourcing service provided to a related party and receivable from a related party |  |  |  |  |
| Outdoor landscape service provided by a related party and payable to a related party) |  | -) |  |  |
| Unpaid acquisition consideration\* |  |  |  |  |

---

\* Pursuant to the respective Sale and Purchase Agreement ("SPAs"), the Group has agreed to defer portions of the purchase consideration relating to its acquisitions of UFS and PFS. See Note 8 for detail.

**21.** **CONTINGENCIES** 

In the ordinary course of business, the Group may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Group records contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of June 30, 2025 and through the issuance date of these unaudited condensed consolidated financial statements.

**22.** **SUBSEQUENT EVENTS** 

The Company evaluated all events and transactions through December 26, 2025, the date of issuance of these unaudited condensed consolidated financial statements, and concluded there were no other material subsequent events that require disclosure in these unaudited condensed consolidated financial statements. Other than the events disclosed below:

**Acquisition of Pesticide Pest Control Pte. Ltd ("Pest Fighter")**

On July 1, 2025, the Company entered into a sale and purchase agreements ("SPA") with three third-parties individuals (the "Sellers") to acquire 100% equity interest of Pesticide Pest Control Pte. Ltd. The company will be rebranded as Pest Fighter Pte. Ltd., marking the beginning of its next growth phase under YY Group's integrated IFM services.

The acquisition of Pest Fighter enhances YY Group's capability to offer a comprehensive range of IFM services, encompassing pest control, cleaning, landscaping, maintenance, and security. Together, these verticals create safer, cleaner, and more efficiently managed environments for clients across various industries. Pest control is a natural extension of YY Group's cleaning division, addressing both surface-level cleanliness and deeper health and safety risks through integrated prevention and treatment strategies. All services are seamlessly managed through 24iFM, YY Group's proprietary digital platform introduced to support its expanding IFM portfolio. 24iFM integrates real-time task management, IoT-enabled monitoring, and data-driven optimization across operations, transforming IFM delivery from manual processes to intelligent, technology-enabled performance.

Pursuant to the Share Purchase Agreement, the consideration for the Sale Shares (the "Consideration") shall be SGD 150,000 (equal to $117,573) in total. As of the date of the issuance of these unaudited condensed consolidated financial statements, the Company had paid the cash consideration of SGD 150,000 (equal to $117,573) in full.

The financial effects on this transaction have not been recognized as of June 30, 2025. The operating results and assets and liabilities of the acquired company will be consolidated from July 1, 2025.

The following tables summarizes the consideration transferred to acquired Pest Fighter at the date of acquisition:

---

| | |
|:---|:---|
|  | **$** |
| Cash | 117573 |
| **Total consideration at fair value** | **117573** |

---

Certain disclosures such as the fair value of the identifiable net assets and the expected goodwill in the Pest Fighter recognized at the date of acquisition and the measurement basis for that amount, among others, cannot be made given the proximity of the acquisition to the date of issuance of these unaudited condensed consolidated financial statements. Consequently, the analysis required by IFRS 3 is still in progress.

**Fund-raising transaction**

On September 10, 2025, the Company entered into a Securities Purchase Agreement with a group of institutional investors for the issuance of up to 9,523,812 Class A Ordinary Shares together with Warrants to purchase up to 14,285,718 Class A Ordinary Shares. The combined purchase price was US$0.42 per Share together with 1.5 Warrants, with each Warrant exercisable at US$0.50 per Share for a term of 3.5 years. The Warrants are not listed or traded on any exchange. The offering was conducted through FT Global Capital, Inc. as placement agent, with a placement fee of 7.5% of the gross proceeds. The transaction generated gross proceeds of US$4,000,001 and net proceeds of approximately US$3,695,239, after deducting placement agent commissions but before deducting other offering expenses. The offering was close on September 11, 2025.

**2025 Share Incentive Plan**

Subsequent to the reporting date, on November 28, 2025, the Company filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission to register up to 6,500,000 Class A ordinary shares for issuance under the YY Group Holding Limited 2025 Share Incentive Plan (the "2025 Plan"). The 2025 Plan provides for the grant of share-based awards, including share options, restricted shares and other equity-based incentives, to eligible directors, employees and consultants of the Group.

## Exhibit 99.2

**Exhibit 99.2**

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF** 

**FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*This management's discussion and analysis is designed to provide you with a narrative explanation of our financial condition and results of operations for the six months ended June 30, 2024 and 2025. This section should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes included elsewhere in this interim report. See "Exhibit 99.2 — Condensed Consolidated Financial Statements of YY Group Holding Ltd as of December 31, 2024 and June 30, 2025 (unaudited) and for the six months ended June 30, 2024 (unaudited) and 2025 (unaudited)." We also recommend that you read our management's discussion and analysis and our audited consolidated financial statements for fiscal year 2024, and the notes thereto, which appear in our annual report on Form 20-F for the year ended December 31, 2024, or the Annual Report, filed with the U.S. Securities and Exchange Commission, or the SEC, on April 8, 2025.*

 

*In this report, as used herein, and unless the context suggests otherwise, the terms "YY," "Company," "Group", "we," "us" or "ours" refer to the combined business of YY Group Holding Ltd and its subsidiaries and other consolidated entities. References to "dollar" and "US$" are to U.S. dollars, the lawful currency of the United States. References to "S$" are to Singapore dollars, the lawful currency of Singapore. References to "SEC" are to the Securities and Exchange Commission.*

 

*All such financial statements were prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standard Board. We have made rounding adjustments to some of the figures included in this management's discussion and analysis. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that precede them. This discussion contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors.*

**Overview**

YY Group Holding Limited ("the Company" or "the Group") is a data and technology-driven enterprise headquartered in Singapore, specializing in intelligent labor matching and smart cleaning services. Through its subsidiaries, the Group provides integrated facility management ("IFM") services, manpower outsourcing services and other services across Singapore, Malaysia, and other regional markets.

Since its establishment in 2010, the Company has built a strong reputation as a trusted manpower solutions provider in the traditional recruitment industry. Recognizing the importance of digital transformation, the Company launched its proprietary YY Circle Super App ("YY App") in June 2019, transforming its business model from traditional staffing to a technology-enabled manpower marketplace. The YY App serves as a one-stop intelligent outsourcing platform, offering an end-to-end staffing solution that simplifies recruitment processes, enhances transparency, and improves workforce efficiency. The platform caters to clients across diverse sectors including hospitality, food and beverage, and private clubs, and supports a growing online community of both part-time and full-time job seekers.

Business Expansion and Diversification

Since 2018, the Company diversified into the professional cleaning services segment to complement its manpower outsourcing business. This division provides a broad range of services, including commercial cleaning for offices and educational institutions, hospitality cleaning for hotels and retail malls, industrial and façade cleaning, disinfection services, MICE and banquet stewarding, and pest control. To enhance service quality and productivity, the Company deploys cleaning robots and automated machines at client sites.

The Company's cleaning operations are further supported by the YY Smart iClean App, an Internet of Things ("IoT")–based smart facility management system integrating real-time sensors for automated monitoring of cleaning performance and restroom usage. This digital platform enables customers to optimize resource allocation, track staff activity, and achieve measurable efficiency gains, demonstrating the Company's commitment to technology-led facility management solutions.

Strategic Acquisitions and Global Expansion

During the six months ended June 30, 2025, the Group executed a series of strategic acquisitions to expand its regional presence and strengthen its service portfolio:

<u>Integrated facility management ("IFM") services</u>

On February 3, 2025, and June 5, 2025, the Company acquired Property Facility Services Pte. Ltd. ("PFS") and Uniforce Security Services Pte. Ltd. ("UFS") respectively, broadening its service offerings to include property and facility management and security solutions.

<u>Manpower outsourcing services</u>

On April 14, 2025 and June 2, 2025, the Company acquired YY Circle (HK) Pte Limited ("YYC HK") and YY Circle (Thailand) Company Limited ("YYC TH") respectively, to support the Group's international expansion in manpower outsourcing and digital recruitment markets.

<u>Other services</u>

On January 2, 2025, the Company acquired Mediaplus Venture Group Pte. Ltd. ("Mediaplus"), a digital marketing and web development agency based in Singapore and Malaysia, to enhance the Company's digital transformation capabilities and support the marketing needs of its clients.

On June 17, 2025, the Company acquired Transocean Oil Pte. Ltd. ("Transocean"), a Singapore-incorporated investment holding company that owns three commercial properties and generates rental income as its principal source of revenue. This acquisition reflects the Group's long-term objective to diversify revenue streams and strengthen its asset base.

<u>Asset acquisition</u>

On April 21, 2025, the Company, through its wholly owned subsidiary 365IFM Pte. Ltd., entered into a Fixed Assets Sale and Purchase Agreement (the "Agreement") to acquire the 24iFM facility management software, including the associated source code, documentation, login credentials, and related intellectual property rights. The asset acquisition was completed on June 10, 2025.

Revenue Composition

For the period under review, the Group's revenue was primarily derived from three key business segments:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Integrated
Facilities Management ("IFM") Services - comprising cleaning, property and facility management, and security services.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Manpower
Outsourcing Services - including technology-enabled staffing and labor matching services delivered through the YY App.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other
Services - including web design and development, digital marketing, and rental income from investment properties.

**Factors Affecting Our Financial Condition and Results of Operations**

Our results of operations have been and will continue to be affected by several factors, including those set out below:

***Our ability to attract and engage customers***

Our financial conditions and results of operations depend on our ability to attract new customers and actively engage existing customers. Additionally, our industry is highly competitive and rapidly innovating, and we compete on various factors, such as pricing, quality of services and outcomes, and track record. We believe that with our proven track record in delivering results and our proprietary technology in the YY App and the YY Smart iClean App which we seek to continuously enhance and improve their ease of use, functionality and features, we will be able to maintain our competitiveness and meet our customers' requirements, retain and expand business with existing customers, and attract new customers. However, if we fail to keep up with timely innovation to enhance or improve the functionality, effectiveness and features of our existing technologies or meet our customers' requirements and expectations, we might not be able to attract new customers or expand our business effectively, which may materially and adversely impact our business and results of operations.

***We generally depend on labour and our supply of workers may be affected by various factors***

The provision of manpower outsourcing and cleaning services is labour intensive and has a high turnover rate. We may experience a shortage of manpower from time to time due to several factors affecting our labour supply, which include tighter government regulations pertaining to our ability to hire workers from overseas jurisdiction. Additionally, cleaning services tend to be less popular among local workers, and the industry generally suffers from a high turnover rate as workers may choose to work for other companies for reasons such as proximity of work location to their place of residence. While our workforce is currently adequate for our scale of operations, we may not be successful in retaining and attracting labour or managing the cost of labour effectively in the future to meet the growth in our business, which may result in our business and results of operations being materially and adversely impacted.

***We are subject to various laws, regulations and policies implemented by the governments and regulatory authorities***

Our business is subject to extensive government regulations including, but not limited to, the conditions of applicable licenses, laws, regulations, codes of practice, standards of compliance and other regulatory requirements or guidelines. Compliance with these laws, regulations and policies can be administratively tedious and costly, impose limitations on our business and operations, and potentially restrict our ability to develop our business. Introduction of or changes in laws, regulations or policies affecting our industry, such as restrictions on hiring foreign workers, may impede our ability to source for foreign workers as part of our labour supply. Legal or regulatory changes such as additional licensing or tax requirements could increase our operating cost and reduce our earnings. Any failure to comply with any new laws or regulations may result in fines or penalties against us and may require us to cease our business in whole or in part. Further, there is no assurance that we will be able to pass on any increase in costs of complying with such amended or new government laws, regulations, or policies to our customers, which may result in our business and results and operations being materially and adversely impacted.

***Our ability to successfully implement our business strategies and/or future plans***

We intend to strengthen our market presence in Southeast Asia ("SEA"), expand the scope of our service offerings, and invest further in technology and automation to enhance operational efficiency. Our strategic plans include scaling our Integrated Facilities Management ("IFM") capabilities and expanding our digital and web solutions business under Mediaplus Venture Group Pte. Ltd.

The success of these initiatives depends on our ability to secure financing, attract qualified professionals, and execute projects efficiently. There is no assurance that our planned expansions or technology investments will achieve the expected returns, or that our competitors will not introduce more advanced solutions that render our offerings less competitive. Failure to execute these strategies effectively may materially affect our financial condition and operating performance.

**Performance of Integrated Facilities Management ("IFM") Services**

The Group's IFM division, which includes cleaning, property and facility management, and security services, remains a core revenue contributor. Segment performance is driven by contract renewals, labor management, and service quality. Most IFM contracts are tender-based and subject to renewal risk, while increasing wage costs and manpower shortages continue to pressure margins. The Group mitigates these challenges through efficient workforce deployment and automation via its YY Smart iClean App, which integrates robotics and IoT monitoring to enhance productivity and client satisfaction. Sustained growth in this segment depends on continued investment in technology, workforce training, and consistent service quality to preserve customer confidence and long-term relationships.

**Performance of Web Design, Development, and Digital Marketing Services**

Following the acquisitions of Mediaplus Digital Pte. Ltd. and YY Smart Tech Pte. Ltd., the Group diversified into web design, development, and digital marketing services. The performance of this segment is influenced by client demand for digital transformation, project completion timelines, and evolving technology trends. The Group's competitiveness relies on continuous staff upskilling, adoption of emerging digital tools, and expansion of recurring service contracts to stabilize revenue. Market softness, client budget adjustments, or project delays may result in temporary fluctuations in revenue and segment margins.

**Results of Operations**

***For the six months ended June 30, 2025 and 2024***

The following table sets forth a summary of our unaudited condensed consolidated results of operations for the periods indicated, both in absolute amount and as a percentage of its total revenue. The operating results in any historical period are not necessarily indicative of the results that may be expected for any future period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025 <br> (Unaudited)** | **2025 <br> (Unaudited)** | **2024 <br> (Unaudited)** | **2024 <br> (Unaudited)** |
|  | **USD** | **% of<br> revenue** | **USD** | **% of<br> revenue** |
| Revenue | 25754473 | 100.0% | 19259492 | 100.0% |
| Cost of sales | (21486338) | (83.4)% | (16881818) | (87.7)% |
| **Gross profit** | **4268135** | **16.6%** | **2377674** | **12.3%** |
| Other income | 814457 | 3.2% | 1212936 | 6.3% |
| Selling and marketing expenses | (1562277) | (6.1)% | (133977) | (0.7)% |
| General and administrative expenses | (7107000) | (27.6)% | (2601763) | (13.5)% |
| Impairment loss on intangible asset | (4063000) | (15.8)% |  |  |
| Other expenses | (31918) | (0.1)% | (26029) | (0.1)% |
| Change in fair value of warrant liability | (24075) | (0.1)% | 55125 | 0.3% |
| **Operating (loss)/profit** | **(7705678)** | **(29.9)%** | **883966** | **4.6%** |
| Finance cost | (367270) | (1.4)% | (191142) | (1.0)% |
| **(Loss)/Profit before tax** | **(8072948)** | **(31.3)%** | **692824** | **3.6%** |
| Income tax expenses | (123038) | (0.5)% | (90838) | (0.5)% |
| **(Loss)/Profit for the period** | **(8195986)** | **(31.8)%** | **601986** | **3.1%** |

---

***Comparison of six months ended June 30, 2025 and 2024***

 ****

***Revenue***

We generate revenue primarily from (i) integrated facilities management ("IFM") services, (ii) manpower outsourcing services and (iii) other services. IFM services under long-term service contracts with estate management companies, government agencies, and commercial clients. These contracts are structured to deliver comprehensive, integrated solutions tailored to each client's operational and property management needs. The IFM service offerings encompass cleaning services, property and facility management, and security guard services, delivered as part of a unified service package. Cleaning services include commercial, hospitality, industrial, and disinfection work, while property and facility management covers maintenance, landscaping, administrative support, and compliance functions. Security services include on-site monitoring, safety inspection, and related support. Manpower outsourcing services consist of sourcing of casual labor to meet our customers' needs mainly via the YY App. Other services included web design and development and digital marketing service and lease service.

The following table sets forth our revenue by service categories for the periods indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025<br> (Unaudited)** | **2025<br> (Unaudited)** | **2024 <br> (Unaudited)** | **2024 <br> (Unaudited)** |
|  | **USD** | **% of<br> revenue** | **USD** | **% of <br> revenue** |
| IFM services | 14458114 | 56.1% | 11372886 | 59.1% |
| Manpower outsourcing services | 9578180 | 37.2% | 7886606 | 40.9% |
| Other services | 1718179 | 6.7% | - |  |
| **Total revenue** | **25754473** | **100.0%** | **19259492** | **100.0%** |

---

During the six months ended June 30, 2025 and 2024, IFM services accounted for approximately 56.1% and 59.1% of total revenue, respectively, while manpower outsourcing services accounted for approximately 37.2% and 40.9%, respectively. In addition, the Group generated revenue from other services categories including web development, digital marketing, and rental income which collectively contributed approximately 6.7% of total revenue for the six months ended June 30, 2025.

Total revenue increased by approximately 33.7%, from $19,259,492 for the six months ended June 30, 2024, to $25,754,473 for the six months ended June 30, 2025. The increase was primarily driven by higher contributions from both IFM services and manpower outsourcing services.

Revenue from IFM services grew by approximately 27.1%, from $11,372,386 for the six months ended June 30, 2024 to $14,458,114 for the six months ended June 30, 2025, supported by new contract wins, renewal of existing projects, and incremental contributions from newly acquired subsidiaries, Property Facility Services Pte. Ltd. ("PFS") and Uniforce Security Services Pte. Ltd. ("UFS").

Revenue from manpower outsourcing services increased by approximately 21.4%, from $7,886,606 for the six months ended June 30, 2024 to $9,578,180 for the six months ended June 30, 2025, mainly due to stronger service demand from customers in Singapore and Malaysia as well as the newly acquired subsidiaries, YYC HK and YYC TH.

The other services generated from newly acquired and newly established entities in 2025, such as Mediaplus Venture Group Pte. Ltd. ("Mediaplus"), and Transocean Oil Pte. Ltd. ("Transocean"), which together generated $1,718,179 in revenue during the period.

***Cost of revenue***

The cost of revenue primarily consists of cleaning material cost, repair and maintenance cost, labor cost and logistics costs. Cleaning material, repair and maintenance of cleaning machinery, labor and logistics costs are directly associated with our provision of IFM services, while labor cost is mainly associated with our provision of manpower outsourcing services and web design and development and digital marking services. The total cost of revenue increased by $4,604,520, or 27.3%, from $16,881,818 for the six months ended June 30, 2024, to $21,486,338 for the six months ended June 30, 2025.

The following table sets forth our cost of revenue by service categories for the periods indicated.

---

| | | |
|:---|:---|:---|
|  | **For the six months ended June 30,** | **For the six months ended June 30,** |
|  | **2025 <br> (Unaudited)** | **2024 <br> (Unaudited)** |
|  | **% of<br> revenue** | **% of<br> revenue** |
| IFM services) | (49.1)% | (53.4)% |
| Manpower outsourcing services) | (31.0)% | (34.3)% |
| Other services | (3.4)% |  |
| **Total cost of revenue** | **(83.4)%** | **(87.7)%** |

---

The overall increase of approximately 27.3% in cost of revenue was mainly attributable to the increase of related revenue as well as higher labor cost across both IFM services and manpower outsourcing services, which was driven by an increase in hourly wage rates for casual workers. Additionally, the consolidation of newly acquired and newly established business units contributed incremental operating costs within the current period. The growth in cost of revenue is generally aligned with the expansion in revenue for the six months ended June 30, 2025, reflecting the scale-up of service activities to support business growth.

***Gross profit***

For the six months ended June 30, 2025 and 2024, our gross profit was $4,268,135 and $2,377,674, respectively, and our gross profit margins were approximately 16.6% and 12.3%, respectively. Gross profit increased by $1,890,461, or approximately 79.5%, primarily due to higher revenue contributions from both IFM and manpower outsourcing services, as well as improved operational efficiency across our newly acquired subsidiaries from PFS, UFS and Mediaplus. In particular, the improvement in IFM gross profit was mainly attributable to the expansion of property management contracts, whereas IFM revenue for the six months ended June 30, 2024 was predominantly derived from cleaning-related services. Additionally, part of the gross profit increase was contributed by the higher gross profit generated from other services for the six months ended June 30, 2025.

The increase in gross profit margin was mainly attributable to enhanced cost management, particularly in labor and material utilization, and the deployment of automation and IoT solutions under our YY Smart iClean App, which improved productivity and reduced manual coordination time. In addition, economies of scale from the consolidation of IFM and manpower outsourcing operations contributed to better cost absorption, resulting in an overall margin improvement during the period.

Furthermore, the web design, development, and digital marketing services, together with rental income, also made a notable contribution to the overall profitability. These service lines carry higher gross margins compared to the IFM and manpower outsourcing services, primarily due to their lower direct labor requirements and technology-driven delivery models, which enhanced the Group's blended gross margin for the period.

***Other income***

Other income primarily consisted of government grants. It decreased by $398,479, or approximately 32.9%, from $1,212,936 for the six months ended June 30, 2024, to $814,457 for the six months ended June 30, 2025. The decline was mainly attributable to a lower amount of government Progressive Wage Credit Scheme ("PWCS") grants recognized during the period compared to the same period of prior year.

***Selling and marketing expenses***

Selling and marketing expenses primarily comprise share-based compensation to selling staff, advertising, marketing, and branding activities. These expenses increased by $1,428,300, or approximately 1066.1%, from $133,977 for the six months ended June 30, 2024 to $1,562,277 for the six months ended June 30, 2025. The increase was primarily driven by share-based compensation, the Company adopted 2023 and 2024 share incentive plan and shares granted to sales director and consultants who assist the Company on the market survey belong to sales and marketing. The share-based compensation included in selling and marketing expenses was $1,341,000 for the six months ended June 30, 2025. The increase also generated from newly acquired subsidiaries, including PFS, UFS, YYC HK and YYC TH, Mediaplus and Transocean, as well as the expansion of business operations in overseas markets.

***General and administrative expenses***

General and administrative expenses consisted primarily of salary and share-based compensation, welfare expenses, rental expenses, depreciation, professional service fees, office expenses, transportation and other administrative expenses. General and administrative expenses increased by $4,505,237 or approximately 173.2%, from $2,601,763 for the six months ended June 30, 2024, to $7,107,000 for the six months ended June 30, 2025, mainly due to share-based compensation granted to some staffs and an increase in staff expenses resulted from increased number of employees and administrative expenses to support expanded business. The share-based compensation included in general and administrative expenses was $2,232,000 for the six months ended June 30, 2025.

 **

***Impairment loss on intangible asset***

 **

During the six months ended June 30, 2025, the Group recognized an impairment loss on intangible asset related to the acquisition of the 24iFM software platform. The software was acquired through the issuance of 4,000,000 shares of YY Group Holding Limited ("YYGH"), based on the market closing price of $1.44 per share on June 10, 2025, representing total consideration of $5,760,000. As of June 30, 2025, the Group identified certain impairment indicators and perform the impairment testing. The recoverable amount was assessed at $1,697,000 and the Group recorded an impairment loss of approximately $4,063,000 for the six months ended June 30, 2025.

***Other expenses***

Other expenses primarily consisted of late charges and fines. Other expenses increased by $5,889, from $26,029 for the six months ended June 30, 2024, to $31,918 for the six months ended June 30, 2025, and no significant movement over the periods.

***Finance costs***

Finance costs primarily consisted of accrued interest from guaranteed bank loans and financial institution loan, as well as interest expenses from lease liabilities and accounts receivable factoring. Finance costs increased by $176,128, or approximately 92.1%, from $191,142 for the six months ended June 30, 2024, to $367,270 for the six months ended June 30, 2025. The increase was primarily driven by the corresponding financing requirements to support the working capital needs, the expansion of new business operations, and investments of newly acquired subsidiaries.

***Income tax expense***

For the six months ended June 30, 2025 and 2024, the Group's income tax expenses were $123,038 and $90,838, respectively. The increase of approximately 35.4% was primarily attributable to the higher taxable profits generated from the Group's expanded operations, following the acquisition of PFS, UFS, and Mediaplus. These newly acquired subsidiaries contributed additional operating income to the Group, resulting in a higher tax expense for the six months ended June 30, 2025.

 ****

***(Loss)/Profit for the period***

As a result of the foregoing, our loss was $8,195,986 for the six months ended June 30, 2025 and profit was $601,986 for the six months ended June 30, 2024. The loss incurred for the six months ended June 30, 2025 was primarily attributable to the share-based compensation expense of $3,573,000 recorded in our selling and marketing expenses as well as general and administrative expenses, and an impairment loss on intangible asset of $4,063,000 related to the 24iFM software platform.

***Liquidity and Capital Resources*.**

The Company's exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. It is managed by matching the payment and receipt cycles. The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of standby credit facilities. The Company finances its working capital requirements through a combination of funds generated from operations and bank borrowings. The directors are satisfied that funds are available to finance the operations of the Company.

As of June 30, 2025, our cash balances amounted to $1,572,349, and our current assets were $18,869,048, and our current liabilities were $16,572,732, resulted in a positive working capital of $2,296,316. For the six months ended June 30, 2025, we incurred operating loss and loss for the period of $7,705,678 and $8,195,986, respectively with net operating cash outflows of $898,882. The operating loss and loss for the period was primarily attributable to the share-based compensation expense of $3,573,000 recorded in our selling and marketing expenses as well as general and administrative expenses related to the one-time share issuance to our management, employees and individual consultants and impairment loss on intangible assets of $4,063,000.

To sustain its ability to support the Company's operating activities, the Company may have to consider supplementing its available sources of funds through the following sources:

- cash generated from our operations; and <br>- loans from shareholders and related parties; and

- other available sources of financing from banks and other financial institutions.

In assessing liquidity, we continuously monitor and analyze our cash on hand and operating expenditure commitments. Our liquidity needs are primarily driven by working capital requirements and operating expense obligations. To date, we have financed our operations mainly through successful IPO in 2024 and private financing, including the issuance of shares to the public, the issuance of convertible notes, the issuance of shares to new shareholders, and bank financing. For instance, on September 10, 2025, the Company entered into a Securities Purchase Agreement with a group of institutional investors for the issuance of up to 9,523,812 Class A Ordinary Shares together with Warrants to purchase up to 14,285,718 Class A Ordinary Shares. The combined purchase price was US$0.42 per Share together with 1.5 Warrants, with each Warrant exercisable at US$0.50 per Share for a term of 3.5 years. The Warrants are not listed or traded on any exchange. The offering was conducted through FT Global Capital, Inc. as placement agent, with a placement fee of 7.5% of the gross proceeds. The transaction generated gross proceeds of US$4,000,001 and net proceeds of approximately US$3,695,239, after deducting placement agent commissions but before deducting other offering expenses. The offering was closed on September 11, 2025.

These financing arrangements structured to support the companies' strategic initiatives in expanding market presence and driving growth.

Our financial statements appearing at the end of this prospectus have been prepared on the assumption that the Group will continue as a going concern basis. The going concern basis assumes that assets are realized and liabilities are extinguished in the ordinary course of business at amounts disclosed in the financial statements. Our ability to continue as a going concern depends upon aligning its sources of funding (debt and equity) with the expenditure requirements of the Group and repayment of the short-term debt facilities as and when they fall due.

We believe that our current cash and loans from banks, and the net proceeds from trade receivable factoring will be sufficient to meet our working capital needs in the next 12 months from the date the unaudited consolidated financial statements are issued. If we experience an adverse operating environment or incur unanticipated capital expenditure requirements, or if we determine to accelerate our growth, then additional financing may be required. No assurance can be given, however, that additional financing, if required, would be available at all or on favorable terms. Such financing may include the use of additional debt or the sale of additional equity securities. Any financing which involves the sale of equity securities or instruments that are convertible into equity securities could result in immediate and possibly significant dilution to our existing shareholders.

We maintain sufficient cash, and internally generated cash from operations to finance activities.

***Cash Flows Analysis***

 ****

The following table sets forth a summary of our cash flows for the periods indicated.

---

| |
|:---|
| Net cash used in operating activities) |
| Net cash provided by (used in) investing activities |
| Net cash provided by financing activities |
| Effect of foreign exchange of cash |
| Net increase in cash |
| Cash balances at beginning of periods |
| Cash balances at end of periods |

---

***Operating Activities***

For the six months ended June 30, 2025, net cash used in operating activities was $686,755, primarily resulting from our net loss of $8,195,986, adjusted for non-cash and non-operating items, as well as changes in operating assets and liabilities. Adjustments for non-cash items included depreciation of property and equipment of $89,044 and depreciation of right-of-use assets of $227,394, provision for allowance for credit losses of $66,561, and impairment loss on intangible asset of $4,063,000. Adjustments for non-operating items consisted of fair value adjustment of warrant liabilities of $24,075, share-based compensation expenses of $3,573,000, net finance cost of $367,270, and income tax expenses of $123,038. Changes in operating assets and liabilities mainly included: (i) an increase in prepayment and other current assets of $368,512, (ii) a decrease in trade receivables of $191,922, (iii) a decrease in amount due to related party of $22,380, and (iv) a decrease in trade and other payables of $936,465. Cash used in operations also reflected interest payments of $232,386 and income tax payments of $9,510.

For the six months ended June 30, 2024, net cash used in operating activities was $2,532,839, primarily resulting from our net income of $601,986, as adjusted for non-cash items, non-operating items, changes in working capital, and cash used in operations. Adjustments for non-cash items consisted of depreciation of property and equipment of $64,461, depreciation of right-of-use assets of $94,508 and a fair value gain on warrant liabilities of $55,125. Adjustments for non-operating items included net finance cost of $191,142 and income tax expenses of $90,838. Changes in operating assets and liabilities mainly included: (i) an decrease in prepayment and other current assets of $2,415,605, (ii) a decrease in trade receivables of $838,353, (iii) a decrease in amount due to related parties of $3,212, and (iv) a decrease in trade and other payables of $124,991. Cash used in operations also reflected interest payments of $164,451 and income tax payments of $36,462.

***Investing Activities***

 ****

For the six months ended June 30, 2025, net cash provided by investing activities was $686,755, primarily attributable to net cash inflows from the acquisition of subsidiaries of $818,107, offset by purchases of property and equipment of $131,352, mainly related to cleaning machinery and computer hardware.

For the six months ended June 30, 2024, net cash used in investing activities was $98,814, which was primarily consisted of purchase of property and equipment, mainly cleaning machinery and computers hardware.

***Financing Activities***

For the six months ended June 30, 2025, net cash provided by financing activities was $884,135, primarily driven by a loan from a third party of $342,600, a loan from a shareholder of $825,077, proceeds from guaranteed bank and financial institution loans of $588,003, and $71,157 received from the transfer of treasury shares. These inflows were partially offset by a loan to a related party of $108,663, repayment of guaranteed bank and financial institution loans of $571,234, and payment of lease liability of $262,805.

 ****

For the six months ended June 30, 2024, net cash provided by financing activities was $3,344,103, primarily attributable to the issuance of ordinary shares of $3,922,650 in connection with the Company's capital-raising activities. These proceeds were partially offset by repayment of guaranteed bank loans of $470,977 and payment of lease liabilities amounting to $107,570. No proceeds from new borrowings, shareholder loans, related-party loans, or issuances of convertible notes were recorded during the period.

**Contingencies**

We may become subject to claims and assessments from time to time in the ordinary course of business. Such matters are subject to many uncertainties and outcomes are not predictable with assurance. We accrue liabilities for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. For the six months ended June 30, 2025 and 2024, we do not believe that any such matters, individually or in the aggregate, will have a material adverse effect on our business, financial condition, results of operations, or cash flows.

**Capital Expenditures**

For the six months ended June 30, 2025, our capital expenditures were primarily related to the purchase of cleaning machinery, computer equipment, and other operational tools to support the expansion of our IFM and manpower outsourcing businesses. Total capital expenditures amounted to $131,352, reflecting our continued investment in productivity enhancement, digitalization, and capacity expansion across our service divisions. These investments were necessary to support new contractual projects arising from the Group's organic growth as well as its newly acquired subsidiaries.

For the six months ended June 30, 2024, our capital expenditures total $98,814, mainly attributable to upgrades of cleaning equipment and technology infrastructure. The higher level of spending in the prior period was primarily to support business scaling and new customer contracts within Singapore and Malaysia.

**Off-Balance Sheet Commitments and Arrangements**

We have not entered into any off-balance sheet financial guarantees or other off-balance sheet commitments to guarantee the payment obligations of any third parties. We have not entered into any derivative contracts that are indexed to our shares and classified as shareholder's equity or that are not reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or product development services with us.

## Exhibit 99.3

**Exhibit 99.3**

![](ex99-3_001.jpg)

**YY Group Reports Unaudited First Half 2025 Earnings Results Highlighting Strong Revenue and Gross Profit Growth**

*Revenue climbed 33.7% year over year to US$25.8 million* 

 

*Gross profit soared 79.5% year over year to US$4.3 million, with improved margins*

 

*Total assets nearly tripled year over year, strengthening financial flexibility*

 

*Entered three new markets globally and acquired three IFM businesses, accelerating expansion and diversifying revenue streams*

SINGAPORE, December 26 — YY Group Holding Limited (NASDAQ: YYGH) ("YY Group" or the "Company"), a global leader in on-demand workforce solutions and integrated facilities management (IFM), today announced its unaudited financial results for the six months ended June 30, 2025. The Company delivered robust performances across its business segments, demonstrating competitive strength, execution excellence and rapid global expansion.

**First Half 2025 Financial Highlights:**

**Total Revenues** increased 33.7% to US$25.8 million, compared with US$19.3 million in the same period of 2024. The variance from the previously reported revenue estimate of US$29.4 million was due to a correction to revenue recognition related to a recently acquired business.<sup>1</sup> **Gross profit** increased by approximately 79.5% year over year to US$4.3 million, supported by greater business scale and disciplined execution. Gross profit margin reached 16.6%, improving from 12.3% in the same period of 2024.

● **Revenues from Manpower Services** were US$9.6 million, an increase of 21.4% compared with US$7.9 million in the same period of 2024, driven by the successful scale-up of on-demand workforce solutions and continued global expansion. This segment's gross profit margin was 16.7%, compared with 16.3% in the same period of 2024.

● **Revenues from IFM Services** were US$14.5 million, an increase of 27.1% compared with US$11.4 million in the same period of 2024, primarily attributable to continued contract procurement and business acquisitions. This segment's gross profit margin was 12.6%, compared with 9.6% in the same period of 2024.

● **Revenues from Technology and Others,** a business segment the Company added in 2025, were US$1.7 million. This segment's gross profit margin was 49.4% in the first half of 2025.

<sup>1</sup> Subsequent to the release of estimated financial results for the first half of 2025 on September 8, 2025, the Company identified an error in the recognition of revenue related to an acquisition completed in April 2025. The initial 1H25 revenue estimate inadvertently included contributions from the acquired business as if the acquisition had been effective January 1, 2025. The corrected figures reflect revenue recognition beginning on the actual acquisition date. This adjustment does not affect underlying operational performance or cash flow, and comparative periods remain unchanged.

The Company recorded an operating loss of US$7.7 million, primarily due to non-cash share-based compensation expense of US$3.6 million related to its 2023 and 2024 share incentive plans and an impairment loss on intangible assets of approximately $4.1 million. Excluding these items, underlying operational performance remained stable and in line with management expectations. As of June 30, 2025, YY Group maintained a positive working capital position of US$2.3 million, with cash balances of US$1.57 million and total assets of US$44.0 million, up from US$15.4 million six months ago.

**First Half 2025 Operational Highlights:**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br> June 30,** | **For the Six Months Ended<br> June 30,** |
|  | **2025** | **2024** |
| **Manpower Services** |  |  |
| YY Circle App downloads | 586389 | 464595 |
| YY Circle App monthly active users | 30103 | 25066 |
| Job fulfillment rate | 93% | 95% |
| Number of Employers | 203 | 119 |
| **IFM Services** |  |  |
| Number of customers | 190 | 108 |
| Average revenue per customer | 76095 | 105305 |

---

Mr. Mike Fu, Founder, Chairman, and Chief Executive Officer of YY Group, commented, "YY Group is building an integrated workforce solutions and facilities management platform, and our strong performance in the first half of 2025 reflects meaningful progress in our growth strategy. During the period, we expanded our manpower business's global footprint and broadened our IFM capabilities through multiple business acquisitions, rapidly increasing our scale. In our manpower segment, monthly average users of the YY Circle app rose 20%, demonstrating the growing reach of our tech-powered solutions. We also added over 80 new employers among top-tier companies in the hospitality and food and beverage sectors, strengthening our pipeline of high-quality, recurring revenue while attracting talent to our trained labor pool. Our IFM segment attracted more than 80 new clients, further diversifying our revenue base and creating new cross-selling opportunities. With a larger geographic presence, broadened service portfolio, and expanding partnerships, we are well-positioned to accelerate our growth trajectory in the coming quarters and deliver value to our stakeholders."

Mr. Jason Phua, Chief Financial Officer of YY Group, added, "We delivered strong year-over-year revenue and gross profit growth in the first half of 2025, driven by solid execution across our business units and increasing contribution from newly added operations. The operating loss for the period was primarily attributable to non-cash share-based compensation expenses and impairment of intangible assets recognized following our recent acquisitions, and does not reflect the underlying strength of our core business. As we continue to scale rapidly, we expect improved operating leverage and greater cost efficiencies to strengthen profitability and support shareholder value."

**First Half 2025 Financial Results**

**Revenues** were US$25.8 million in the first half of 2025, compared with US$19.3 million in the same period of 2024. The increase was primarily driven by accelerated growth across both Manpower and IFM Services.

**Cost of revenues** was US$21.5 million, compared with US$16.9 million in the same period of 2024. The increase was primarily attributable to the related revenue increase, as well as higher labor costs across both Manpower and IFM Services.

**Gross profit** was US$4.3 million, compared with US$2.4 million in the same period of 2024. Gross profit margin was 16.6%, compared with 12.3% in the same period of 2024, primarily driven by ongoing technology advancements and growing scale benefits.

**Total operating expenses** were US$12.0 million, representing an increase of 701.6% from US$1.5 million in the same period of 2024. The increase was primarily due to the issuance of share-based compensation related to the Company's 2023 and 2024 share incentive plans and impairment loss on intangible assets.

**Selling and marketing expenses** were US$1.6 million, representing a 1066.1% increase from US$0.1 million in the same period of 2024. The increase was primarily attributable to share-based compensation attributable to sales and marketing.

**General and administrative expenses** were US$7.1 million, representing a 173.2% increase from US$2.6 million in the same period of 2024. The increase was primarily attributable to share-based compensation expenses.

**Net loss attributable to ordinary shareholders** was US$8.2 million, compared with a net profit of US$0.6 million in the same period of 2024.

**Non-IFRS net loss attributable to ordinary shareholders** was US$0.6 million, compared with a non-IFRS net profit of US$0.6 million in the same period of 2024.

**Basic and diluted net loss per ordinary share** was US$0.207.

**Non-IFRS basic and diluted net loss per ordinary share** was US$0.015.

As of June 30, 2025, **cash and cash equivalents, restricted cash** and **short-term investments** were US$18.9 million.

**About YY Group Holding Limited**

YY Group Holding Limited (Nasdaq: YYGH) is a Singapore-headquartered, technology-enabled platform providing flexible, scalable workforce solutions and integrated facility management (IFM) services across Asia and beyond. The Group operates through two core verticals: on-demand staffing and IFM, delivering agile, reliable support to industries such as hospitality, logistics, retail, and healthcare.

Leveraging proprietary digital platforms and IoT-driven systems, YY Group enables clients to meet fluctuating labor demands and maintain high-performance environments. In addition to its core operations in Singapore and Malaysia, the Group maintains a growing presence in Asia, Europe, Africa, Oceania and the Middle East.

Listed on the Nasdaq Capital Market, YY Group is committed to service excellence, operational innovation, and long-term value creation for clients and shareholders.

For more information on the Company, please visit https://yygroupholding.com/.

**Non-IFRS Financial Measures** 

The Company uses non-IFRS measures such as non-IFRS net loss/profit in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that non-IFRS financial measures help identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that the Company includes in its results for the period. The Company believes that non-IFRS financial measures provide useful information about its results of operations, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or construed as an alternative to IFRS financial measures or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS financial measures and the reconciliation to their most directly comparable IFRS measures. Non-IFRS financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

For more information on the Company's non-IFRS financial measures, please see the section titled "Unaudited reconciliations of IFRS and non-IFRS financial measures."

**Safe Harbor Statement**

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the YY Group Holding Limited's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the hospitality market in Hong Kong, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) governmental approvals and regulations, and (vi) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. All information provided in this press release is as of the date of this press release, and YY Group Holding Limited undertakes no duty to update such information, except as required under applicable law.

**Investor Contact**

Jason Zhi Yong Phua, Chief Financial Officer

YY Group

enquiries@yygroupholding.com

**Unaudited Reconciliation of IFRS and Non-IFRS Financial Measures**

---

| |
|:---|
| Revenue |
| Cost of revenue |
| **Gross profit** |
| Other income |
| Selling and marketing expenses) |
| General and administrative expenses) |
| Impairment loss on intangible asset) |
| Other expenses) |
| Change in fair value of warrant liability |
| **Operating (loss)/profit))** |
| Finance cost |
| **(Loss)/Profit before tax** |
| Income tax expenses |
| **(Loss)/Profit for the period))** |
| Other comprehensive (loss)/income |
| Foreign currency translation differences - foreign operations |
| **Total comprehensive (loss)/income for the period** |
| **(Loss)/Profit attributable to:** |
| Equity owners of the Company) |
| Non-controlling interests |
| **(Loss)/Profit for the period** |
| **Total comprehensive (loss)/income attributable to:** |
| Equity owners of the Company) |
| Non-controlling interests |
| **Total comprehensive (loss)/income for the period** |
| **Basic (loss)/earnings per share** |
| **Diluted (loss)/earnings per share** |
| **Weighted average number of shares** |
| **Basic** |
| **Diluted** |

---