CHAIRMAN’S STATEMENT

Dear Shareholders,

On behalf of the board (the “Board”) of directors (the “Directors”) of Greenheart Group Limited (the “Company”) and its subsidiaries (collectively, the “Group”), I am pleased to present to the shareholders of the Company the annual results of the Group for the year ended 31 December 2025.

This year marked a significant turning point for the Group. We took decisive actions to streamline our operations, strengthen our financial position and enhance our strategic flexibility for the future.

DISPOSAL OF SURINAME OPERATION

After several years of recurring losses and operational challenges, the Group completed the disposal of the majority of its loss-making Suriname subsidiaries to an independent third party during the year. The Suriname division had recorded negative results for consecutive years, requiring substantial financial and management resources.

This disposal enables the Group to orderly exit from a non-performing segment and eliminate the ongoing financial burden associated with these operations. Following the cessation of the Suriname business, the Group is now better positioned to focus its resources on the opportunities that can offer stronger long-term prospects and sustainable returns.

VERY SUBSTANTIAL DISPOSAL OF NEW ZEALAND ASSETS

In September 2025, the Group announced the very substantial disposal of its New Zealand plantation forest assets and land. The transaction of the SPA 1 of the very substantial disposal, which represents the bulk of the transaction value, was successfully completed on 30 January 2026.

The completion of this transaction represents a significant milestone. It has enabled the Group to immediately unlock value from its long-term forestry assets. This move significantly strengthens our liquidity position and provides meaningful capital for future deployment.

Importantly, the proceeds from the disposal also allow the Group to reduce debt in the current high interest rate environment. By lowering leverage and finance costs, the Group enhances its financial resilience and capacity to respond effectively to future market developments and opportunities.

PROSPECTS

Following these initiatives, the Group enters 2026 with a strengthened balance sheet. We will continue to take appropriate steps to streamline the remaining legacy arrangements associated with the Suriname business, with the objective of further simplifying the Group’s corporate and operational structure.

Looking ahead, the Group will actively seek suitable investment opportunities capable of generating sustainable returns. While New Zealand remains a market the Group possesses deep operational experience, we will also explore opportunities across the broader Asia-Pacific region.

The Board remains committed to a disciplined investment approach, carefully evaluating potential opportunities with a focus on risk management, capital efficiency and long-term value creation for our shareholders.

APPRECIATION

On behalf of the Board, I would like to express my sincere appreciation to our shareholders, business partners and employees for their continued support. I would also like to extend my gratitude to our management team and staff for their dedication and perseverance in executing these transformative strategic initiatives during the year.

Cheng Chi-Him, Conrad
Non-executive Chairman
Hong Kong, 20 March 2026