FMFC

Kandal Takes Actions to Build a Tech-Enabled, Multi-Country Manufacturing Platform TAKHMAO, Cambodia, July 30, 2026 (GLOBE NEWSWIRE) -- Kandal M Venture Limited (Nasdaq: FMFC) (“Kandal” or the “Company”), a contract manufacturer of affordable luxury leather goods with manufacturing operations in Southeast Asia, today announced its financial results for its Full Fiscal Year Ended March 31, 2026. Recent developments: On June 16, 2026, the Company announced it has secured access to a growth capital facility to fund its international infrastructure expansion. Specifically, the proceeds are earmarked for equipment procurement and technological upgrades for Kandal’s manufacturing plants in Cambodia and the Philippines. This is aligned with the Company’s strategy to build a tech-enabled, multi-country manufacturing platform. Management Commentary “The first half of our fiscal year was impacted by the rapidly evolving geopolitical and macroeconomic environments which raised uncertainty through the apparel ecosystem. As the year progressed, our management was able to build flexibility into our operations and run our business model with more resiliency, ” said Mr. Duncan Miao, Director and Chairman of the Board of Kandal. “While our revenues levels were essentially flat year-over-year, we showed meaningful operational and financial discipline to maintain a stable business model. The proceeds from our June 2025 IPO provide significant ability to invest in our long-term future. “As we look ahead, we anticipate strong order demand from our existing customers and several new customers based in Europe and Asia. As a result, we will continue to expand our production capacity and invest in new manufacturing technology,” said Mr. Duncan Miao, Director and Chairman of the Board of Kandal. “Our ongoing actions to enhance our production capabilities will make us more responsive to our customers, improve our production cycles, expand our margins, and create a more environmentally friendly operation.” Revenue For the years ended March 31, 2025, and 2026, we generated our revenue through sales of leather goods. Our revenue decreased slightly by US$58,610 or 0.3%, from US$17,186,677 for the year ended March 31, 2025, to US$17,128,067 for the year ended March 31, 2026. Cost of sales Our cost of sales consists mainly of raw material costs, direct labor costs and factory overheads. Our cost of sales increased by US$55,579 or 0.4%, from US$13,829,471, for the year ended March 31, 2025, to US$13,885,050 for the year ended March 31, 2026. Gross profit and gross profit margin Our gross profit decreased by US$114,189 or 3.4%, from US$3,357,206, for the year ended March 31, 2025, to US$3,243,017 for the year ended March 31, 2026. Our gross profit margin decreased by 0.6 percentage points from 19.5% for the year ended March 31, 2025, to 18.9% for the year ended March 31, 2026. The decrease was primarily due to additional production supervisors and quality control personnel and increased indirect material costs and overheads. Selling and distribution expenses Our selling and distribution expenses consisted of export expenses, trucking costs and customs clearance fees. The amounts decreased by $59,253 or 19.5%, from US$304,406 for the year ended March 31, 2025, to US$245,153 for the years ended March 31, 2026. The decrease was mainly due to better production planning which lowered the distribution expenses. Administrative expenses Our administrative expenses consisted of salaries, welfare and other benefits, director’s remuneration, management fees, professional services fees, office expenses and utilities, depreciation and others. The following sets forth a discussion and analysis of our administrative expenses for the years ended March 31, 2025, and 2026: Salaries, welfare and other benefits Our salaries, welfare and other benefits increased by $441,783 or 45.2%, from US$978,362 for the year ended March 31, 2025, to US$1,420,145 for the years ended March 31, 2026. The increase was primarily due to additional production supervisors and quality control personnel. Management fees Our management fee represented service fees for general corporate management paid to a related company during the year, decreased by US$267,664 or 97.3%, from US$274,987 for the year ended March 31, 2025, to US$7,323 for the year ended March 31, 2026. The related party management fee arrangement had been discontinued upon listing. Office expenses and utilities Our office expenses and utilities consist mainly of office rental expense, electricity and water charges, travelling and stationery expenses. The amounts remained relatively stable for the years ended March 31, 2025, and 2026, respectively. Professional services fees Our professional services fees consist mainly of fees paid to external lawyers and consultants. Professional services fees decreased by US$394,777 or 44.0% from US$897,608 for the year ended March 31, 2025, to US$502,831 for the year ended March 31, 2026, which was primarily due to one-off IPO fees and financial advisor fees in 2025. Depreciation Our depreciation remained relatively stable for the year ended March 31, 2025, and 2026. Others Other expenses remained relatively stable for the year ended March 31, 2025, and 2026. Cash generated from/(used in) operating activities Our cash inflow from operating activities was principally from receipt of sales. Our cash outflow used in operating activities was principally for payment of purchases of raw materials, staff costs and other operating expenses. For the year ended March 31, 2026, we had net cash used in operating activities of US$1,884,807 mainly arising from net profit from operations of US$430,405, as adjusted for non-cash items and changes in operating assets and liabilities. Adjustments for non-cash items primarily consisted of (i) depreciation of property, plant and equipment of US$199,328; (ii) depreciation of right-of-use assets of US$69,242; (iii) reduction in provision for slow moving inventory of US$40,011; (iv) interest expenses of US$143,340; (v) interest income from loan to related party of US$23,736; (vi) and reduction in provision for expected credit loss on VAT refundable of US$90,399. Changes in operating assets and liabilities mainly include (i) the increase in trade and other receivables of US$471,955; (ii) the increase in inventories of US$863,576; and (iii) the decrease in trade and other payables of US$859,757. Cash used in investing activities For the year ended March 31, 2026, net cash used in investing activities was US$2,632,884 which was mainly due to payments for professional fees relating to the IPO expenses of US$ 307,648 and investment in an associate of US2,500,000. Net cash used in financing activities For the year ended March 31, 2026, net cash generated from financing activities of US$7,998,751 mainly consisted of net proceeds from issuance of IPO shares of US$8,014,981, repayments of loans and advances from related parties of US$4,314,951 and US$981,675 respectively, offset by repayment of borrowings of US$5,088,600. Net income As a result of the foregoing, our net income increased by US$25,952 or 12.4% from US$209,673 for the year ended March 31, 2025, to US$235,625 for the year ended March 31, 2026. The increase was mainly due to the decrease in interest expenses, offset by the decrease in gross profits and other income. About Kandal M Venture Limited Kandal M Venture Limited is a contract manufacturer of affordable luxury leather goods with its manufacturing operations in Southeast Asia. It primarily manufactures handbags, such as shoulder bags, crossbody bags, tote bags, backpacks, top-handle handbags, satchels, and other smaller leather goods, such as wallets. For more information, please visit the Company’s website at www.kandalmv.com. Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company’s final prospectus and other reports it files with the SEC before making any investment decisions regarding the Company’s securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Contacts: Company:Kandal M Venture Limited Investor Relations Contact:Padachi Village, Prek Ho Commune, Takhmao Town, Kandal Province,Kingdom of CambodiaEmail: [email protected]: +855 23425205 Investor Relations Contact:Skyline Corporate Communications Group, LLCScott Powell, President1177 Avenue of the Americas, 5th FloorNew York, New York 10036Office: +1 (646) 893-5835 x2Email: [email protected]: www.skylineccg.com

Cambodia, April 17, 2026 (GLOBE NEWSWIRE) -- Kandal M Venture Limited (Nasdaq: FMFC) (“Kandal” or the “Company”), a contract manufacturer of affordable luxury leather goods with manufacturing operations in Cambodia, today announced general guidance for the full fiscal year ended March 31, 2026. Management stated that for fiscal 2026 ended March 31, both revenue and net Income are expected to increase versus the previous fiscal year. For that period, ended March 31, 2025, the Company had revenue of approximately $17.2 million and net income of about $210,000, or $.01 per share. For the first six months of fiscal 2026 ended September 30, 2025, Kandal generated revenue of approximately $7.9 million and net income of about $169,000, or $.01 per share. The Company added that its financial position is expected to remain strong through fiscal 2027, as Kandal currently has zero debt and adequate cash on its balance sheet. While U.S. tariffs have periodically presented a drag on the Company’s top and bottom-line performance over the past three quarters, Director and Chairman Duncan Miao said Kandal is executing, “a concrete plan to mitigate these effects and return the Company to its former growth and profitability.” The crux of this plan, said Mr. Miao, is diversifying Kandal’s customer base to increase its sales mix to markets with lower tariff impact. These markets include such nations as the U.K., Japan and other nations in Asia, the Middle East and Europe. Negotiations with several luxury brands in these markets, said Kandal’s CEO Fok Yui Kwong, are in “advanced stages” and have the potential to produce “significantly enhanced revenue” for fiscal 2026 and beyond. Both Cambodia and the Philippines, where Kandal manufactures and exports its goods, benefit from reduced or zero tariff rates when exporting to the UK under the Developing Countries Trading Scheme (DCTS). In addition, both countries receive highly preferential or zero import tariff rates from Japan based on bilateral and regional Economic Partnership Agreements (EPAs). To support its diversification strategy, Kandal expanded its manufacturing footprint to the Philippines last month. While this move does not reduce the Company’s overall tariff rate, it increases total production capacity, meets production-specific requirements of some of the Company’s customer brands, and minimizes or eliminates the risks associated with relying on a single manufacturing location. These risks, said Mr. Miao, include potential disruptions from natural or environmental disasters, pandemics, geopolitical tensions, or even routine extended holidays. Manufacturing sites located in multiple nations also enables companies to decrease expenses by leveraging lower labor costs, affordable utilities, and more competitive raw-materials sourcing. Benefits from these strategies, said the CEO, “are pointing towards accelerating order flow for the fiscal year ending March 31, 2027.” Regarding the Company’s ongoing sales to the U.S. market, Mr. Miao added that the reduction of U.S. tariff rates on Cambodia - from 36% to 19% in August 2025 - is expected to continue to have a “limited effect” on Kandal’s revenue. “Overall, we believe this global strategy will drive improved growth and margins for Kandal. We look forward to sharing updates on our progress as we continue executing our initiatives.” About Kandal M Venture Limited Kandal M Venture Limited is a contract manufacturer of affordable luxury leather goods with its manufacturing operations in Cambodia. It primarily manufactures handbags, such as shoulder bags, crossbody bags, tote bags, backpacks, top-handle handbags, satchels, and other smaller leather goods, such as wallets. For more information, please visit the Company’s website at www.kandalmv.com. Forward-Looking Statements Certain statements in this announcement are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events and market conditions, and may include statements regarding the Company’s financial condition, results of operations, business strategy, financial needs, expected financial performance, tariff mitigation strategies, and geographic expansion. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company’s final prospectus and other reports it files with the Securities and Exchange Commission before making any investment decisions regarding the Company’s securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Additional information concerning these and other factors that may impact our expectations and projections can be found in the Company’s periodic filings with the SEC, including the Company’s Annual Report on Form 20-F for the fiscal year ended March 31, 2025. The Company’s SEC filings are available publicly on the SEC’s website at www.sec.gov. Contacts: Company: Kandal M Venture Limited Investor Relations Contact: Padachi Village, Prek Ho Commune, Takhmao Town, Kandal Province, Kingdom of Cambodia Email: [email protected] Telephone: +855 23425205 Investor Relations Contact: Skyline Corporate Communications Group, LLC Scott Powell, President 1177 Avenue of the Americas, 5th Floor New York, New York 10036 Office: +1 (646) 893-5835 x2 Email: [email protected] Website: www.skylineccg.com

TAKHMAO, Cambodia, March 23, 2026 (GLOBE NEWSWIRE) -- Kandal M Venture Limited (Nasdaq: FMFC) (“Kandal” or the “Company”), a contract manufacturer of affordable luxury leather goods with manufacturing operations in Cambodia, today announced its financial results for its first half of fiscal year 2026 ended September 30, 2025. Recent Developments Strategic Expansion into the Philippines On March 9, 2026, the Company announced a strategic investment to expand its manufacturing capabilities into the Philippines-its first major expansion outside Cambodia. Kandal entered into a definitive agreement to acquire 15% equity interest in Dumaine International Ltd for US$2.5 million in an all-cash transaction. This investment supports the Company’s long-term strategy to diversify geographically, broaden its customer base, and enhance operational resilience. Appointment of New Chief Executive Officer On February 3, 2026, the Company announced the appointment of Mr. Fok Yui Kwong as an Executive Director and Chief Executive Officer of the Company with effect from February 1, 2026. Mr. Fok brings more than 16 years of senior management experience as chief financial officer and executive director of a leading printed circuit board (PCB) manufacturing firm, along with 14 years of banking experience with major financial institutions in Hong Kong. Customer Orders for 2026 Season On November 28, 2025, the Company announced new orders for Trans 2026 season totaling approximately US$4.0 million, bringing total orders to date to approximately US$17.2 million. Despite continued tariff-related headwinds, customer demand remains in line with expectations. Kandal continues to focus on expanding its geographic footprint and strengthening its customer portfolio. Management Commentary “I was honored to join Kandal as Executive Director and Chief Executive Officer in February. Over the past several weeks, our team has been focused on executing our strategic plan to expand our geographic presence, strengthen our customer relationships, and enhance our production and design capabilities,” said Mr. Fok Yui Kwong, Executive Director and Chief Executive Officer. “Despite ongoing macroeconomic uncertainty and tariff pressures, we remain focused on executing on our strategic plan to expand geographically and grow our customer base. Over the last month, we have outlined our plan to expand our global presence and enhance our production, design, and development capabilities. Earlier this month, we marked our first major strategic expansion outside of our primary Cambodian operations by expanding our manufacturing capabilities into the Philippines, a key step toward diversifying our operations and positioning the Company for long-term growth. Our management team is confident that there are several more expansion opportunities across the region that can further enhance our competitiveness and create long-term value for our shareholders. I am encouraged by the progress we are making and confident in the opportunities ahead.” First Half Fiscal Financial Results Ended September 30, 2025 Revenue For the six months ended September 30, 2025 and 2024, the Company generated revenue through sales of handbags. Revenue decreased by US$1,619,836 or approximately 17.0% from US$9,523,465 for the six months ended September 30, 2024 to US$7,903,629 for the six months ended September 30, 2025. This decrease was mainly due to increase in the United States’ import tariffs during the year. Cost of sales Cost of sales consists mainly of raw material costs, direct labor costs and factory overheads. Cost of sales decreased by approximately 11.5% from US$7,256,773 for the six months ended September 30, 2024 to US$6,424,087 for the six months ended September 30, 2025. Gross profit and gross profit margin Gross profit decreased by US$787,150 or approximately 34.7% from US$2,266,692 for the six months ended September 30, 2024 to US$1,479,542 for the six months ended September 30, 2025. Gross profit margin decreased by approximately 5.1 percentage points from approximately 23.8% for the six months ended September 30, 2024 to approximately 18.7% for the six months ended September 30, 2025. The decrease was primarily due to sales discounts given to customers arising from the increase in the United States’ import tariff during the year, accompanied by an increase in material and labor costs. Selling and distribution expenses Selling and distribution expenses consisted of export expenses, trucking costs and customs clearance fees. These expenses decreased by US$56,573 or approximately 33.2%, from US$170,168 for the six months ended September 30, 2024 to US$113,595 for the six months ended September 30, 2025. Selling and distribution expenses decreased due to relatively lower container load shipments during the six months ended September 30, 2025. Professional services fees Professional services fees consist mainly of fees paid to lawyers, auditors and other professionals. The professional services fees increased by US$20,065 or approximately 10.7% from US$186,764 for the six months ended September 30, 2024 to US$206,829 for the six months ended September 30, 2025. The increase was due to additional professional services engaged after the completion of our initial public offering (the “IPO”). Net cash used in operating activities Cash inflow from operating activities was principally from receipt of sales. Cash outflow used in operating activities was principally for payment of purchases of raw materials, staff costs and other operating expenses. For the six months ended September 30, 2025, the Company reported net cash used in operating activities of US$2,118,963 mainly arising from net profit from operations of US$222,659 adjusted for non-cash items and changes in operating assets and liabilities. Changes in operating assets and liabilities mainly include the increase in inventories of US$348,190, and the increase in trade and other receivables of US$163,009, and decrease in trade and other payables of US$1,830,359 which was mainly due to settlement of old trade payables. Net cash used in investing activities For the six months ended September 30, 2025, net cash used in investing activities was US$4,131,751, which consisted of interest received of US$83,557, offset by US$307,648 IPO expenses paid, US$3,893,852 loan to third party, and US$13,808 for purchase of plant and equipment. Net cash generated from financing activities For the six months ended September 30, 2025, net cash generated from financing activities of US7,811,814 mainly consisted of IPO proceeds of US$8,014,981, repayment from loans to related party of US$4,314,951, repayment from amounts due from related parties of US$713,232, offset by repayment of borrowings of US$5,185,612, and payment of lease liabilities US$45,738. Net income Net income decreased by US$482,766 or approximately 74.1% from US$651,621 for the six months ended September 30, 2024 to US$168,855 for the six months ended September 30, 2025, mainly due to the decrease in sales and gross profits, offset partially by the decrease in income tax expense. Basic and diluted earnings per share (EPS) for the six months ended September 30, 2025 was $0.01 compared to $0.04 for the six months ended September 30, 2024. The weighted average number of ordinary shares for the six months ended September 30, 2025 and 2024 were 17,173,770 and 16,000,000, respectively. About Kandal M Venture Limited Kandal M Venture Limited is a contract manufacturer of affordable luxury leather goods with manufacturing operations in Cambodia. It primarily manufactures handbags, such as shoulder bags, crossbody bags, tote bags, backpacks, top-handle handbags, satchels, and other smaller leather goods, such as wallets. For more information, please visit the Company’s website at www.kandalmv.com. Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company’s final prospectus and other reports it files with the Securities and Exchange Commission before making any investment decisions regarding the Company’s securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Company Contacts: Company Investor Relations Contact Padachi Village, Prek Ho Commune, Takhmao Town, Kandal Province, Kingdom of Cambodia Email: [email protected] Telephone: +855 23425205 Investor Relations Contact Skyline Corporate Communications Group, LLC Scott Powell, President 1177 Avenue of the Americas, 5th Floor New York, New York 10036 Office: +1 (646) 893-5835 x2 Email: [email protected] Website: www.skylineccg.com

Cambodia, Nov. 28, 2025 (GLOBE NEWSWIRE) -- Kandal M Venture Limited (Nasdaq: FMFC) (“Kandal” or the “Company”), a contract manufacturer of affordable luxury leather goods with manufacturing operations in Cambodia, today announced an update on customer orders for the fiscal year ending March 31, 2026 (“Fiscal Year 2026”). As of today, the Company has received new orders for Trans 2026 season of approximately US$4.0 million, for total orders to date for Fiscal Year 2026 of approximately US$17.2 million. Customer orders for the year are meeting expectations in spite of the tariff headwinds in 2025. In the fashion industry, the Trans Season typically corresponds to the end of the Spring season and before the Fall season in the United States. Spring Season spans January through March, while Trans season spans April to July. The Company added that it hopes to build on its current success by expanding geographically and growing its customer base. “The orders our customers placed with us reflects the continued confidence they have in our capabilities and our commitment to quality,” said Mr. Duncan Miao, Director and Chairman of the Board of Kandal. Kandal’s current clientele includes several globally recognized fashion brands headquartered in the United States. About Kandal M Venture Limited Kandal M Venture Limited is a contract manufacturer of affordable luxury leather goods with its manufacturing operations in Cambodia. It primarily manufactures handbags, such as shoulder bags, crossbody bags, tote bags, backpacks, top-handle handbags, satchels, and other smaller leather goods, such as wallets. For more information, please visit the Company’s website at www.kandalmv.com. Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company’s final prospectus and other reports it files with the Securities and Exchange Commission before making any investment decisions regarding the Company’s securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Contacts: Company: Kandal M Venture Limited Investor Relations Contact: Padachi Village, Prek Ho Commune, Takhmao Town, Kandal Province, Kingdom of Cambodia Email: [email protected] Telephone: +855 23425205 Investor Relations Contact: Skyline Corporate Communications Group, LLC Scott Powell, President 1177 Avenue of the Americas, 5th Floor New York, New York 10036 Office: +1 (646) 893-5835 x2 Email: [email protected] Website: www.skylineccg.com

TA KHMAU, Cambodia, Sept. 18, 2025 (GLOBE NEWSWIRE) -- Kandal M Venture Limited (Nasdaq: FMFC) (“Kandal” or the “Company”), a contract manufacturer of affordable luxury leather goods with manufacturing operations in Cambodia, today announced its customer orders so far for the fiscal year ending March 31, 2026. The Company reported that orders to date total approximately US$6,722,000. Customer orders for the Resort 2026 and Spring 2026 seasons are consistent with expectations. The fashion industry categorizes the Resort Season as the end of the year in the United States, and the Spring Season as January to March. The Company added that it hopes to increase orders as it continues to expand its operations. “We feel that the orders placed so far represent the resiliency of our business, despite the global economy as well as uncertainties surrounding tariffs earlier this year,” said Mr. Duncan Miao, the Director and Chairman of the Board of Kandal. “In addition to our current footprint, our Company plans to increase its geographic presence to expand its customer base.” The Company’s current customers include well-known global fashion brands headquartered in the United States. About Kandal M Venture Limited Kandal M Venture Limited is a contract manufacturer of affordable luxury leather goods with its manufacturing operations in Cambodia. It primarily manufactures handbags, such as shoulder bags, crossbody bags, tote bags, backpacks, top-handle handbags, satchels, and other smaller leather goods, such as wallets. For more information, please visit the Company’s website at www.kandalmv.com. Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company’s final prospectus and other reports it files with the Securities and Exchange Commission before making any investment decisions regarding the Company’s securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Contacts: Company: Kandal M Venture Limited Investor Relations Contact: Padachi Village, Prek Ho Commune, Takhmao Town, Kandal Province, Kingdom of Cambodia Email: [email protected] Telephone: +855 23425205 Investor Relations Contact: Skyline Corporate Communications Group, LLC Scott Powell, President 1177 Avenue of the Americas, 5th Floor New York, New York 10036 Office: +1 (646) 893-5835 x2 Email: [email protected] Website: www.skylineccg.com

TA KHMAU, Cambodia, July 30, 2025 (GLOBE NEWSWIRE) -- Kandal M Venture Limited (Nasdaq: FMFC) (“Kandal” or the “Company”), a contract manufacturer of affordable luxury leather goods with manufacturing operations in Cambodia, today announced its financial results for its Full Year Fiscal Year Ended March 31, 2025. Recent developments: On June 26, 2025, the Company completed its initial public offering of 2,000,000 Class A ordinary shares at a public offering price of $4.00 per share. The Class A Ordinary Shares began trading on the Nasdaq Capital Market on June 25, 2025, under the symbol “FMFC.” On July 16, 2025, the Underwriter exercised its over-allotment option in full to purchase an additional 300,000 Class A ordinary shares at the public offering price of $4.00 per share, resulting in additional gross proceeds of $1.2 million, before deducting underwriting discounts and other related expenses. After giving effect to the full exercise of the over-allotment option, the total number of Class A ordinary shares sold by the Company in the Offering has increased to 2,300,000 Class A ordinary shares and the gross proceeds increased to $9.2 million, before deducting underwriting discounts and other related expenses. The over-allotment option closing date was July 16, 2025. Management Commentary “We are pleased that we completed our IPO on Nasdaq on June 25 of this year as our company enters a new phase of growth and increased global recognition,” said Mr. Duncan Miao, Director and Chairman of the Board of Kandal. “Looking ahead, we have exciting developments that we will announce as we expand our global presence and enhance our production, design and development capabilities.” Revenue For the years ended March 31, 2025 and 2024, revenue was generated primarily from handbags sales. Revenue increased by US$3,214,934 or approximately 23.0%, from US$13,971,743 for the year ended March 31, 2024 to US$17,186,677 for the year ended March 31, 2025. This increase reflects ongoing business growth and the sustained recovery of the global handbag market following the pandemic. Sales volumes rose across all existing customer accounts. Cost of sales Cost of sales primarily comprises raw material costs, direct labor costs and factory overheads. Cost of sales increased by US$3,224,831 or approximately 30.4%%, from US$10,604,640, for the year ended March 31, 2024 to US$13,829,471 for the year ended March 31, 2025. Gross profit and gross profit margin Gross profit decreased by US$9,897 or approximately 0.3%, from US$3,367,103, for the year ended March 31, 2024 to US$3,357,206 for the year ended March 31, 2025. The gross profit margin decreased by approximately 4.6 percentage points, from approximately 24.1% for the year ended March 31, 2024 to approximately 19.5% for the year ended March 31, 2025. This reduction was mainly due to shift in product mix, additional production supervisors and quality control personnel, lower efficiency from production of new designs, as well as higher indirect material costs and overheads. Selling and distribution expenses Selling and distribution expenses included export expenses, trucking costs and customs clearance fees. These expenses remained relatively stable at US$239,013 and US$304,406, amounting to approximately 1.7% and approximately 1.8% of revenue, for the years ended March 31, 2024 and 2025, respectively. Professional services fees The Company’s professional services fees consist mainly of fees paid to external lawyers and consultants. Professional services fees increased by US$822,461 or approximately 1,094.5% from US$75,147 for the year ended March 31, 2024 to US$897,608 for the year ended March 31, 2025, which was primarily due to one off IPO fees, financial advisor fees, legal fees, and audit fees during the year. Cash generated from operating activities Cash inflow from operating activities was principally from receipt of sales. Cash outflow used in operating activities was principally for payment of purchases of raw materials, staff costs and other operating expenses. For the year ended March 31, 2025, the Company had net cash generated from operating activities of US$2,134,565 mainly arising from net profit from operations of US$228,954, as adjusted for non-cash items and changes in operating assets and liabilities. Adjustments for non-cash items primarily consisted of (i) depreciation of property, plant and equipment of US$193,626; (ii) depreciation of right-of-use assets of US$69,241; (iii) write down of inventories of US$8,879; (iv) interest expenses of US$595,421; (v) interest income from loan to related party of US$370,705; (vi) provision for expected credit loss on VAT refundable of US$71,188; and (vii) write-off of VAT refundable of US$35,120. Changes in operating assets and liabilities mainly include (i) the increase in trade and other receivables of US$659,095; (ii) the decrease in inventories of US$147,511; and (iii) the increase in trade and other payables of US$1,958,462. Net income Consequently, net income decreased by US$909,859 or approximately 81.3% from US$1,119,532 for the year ended March 31, 2024 to US$209,673 for the year ended March 31, 2025, mainly due to the increased cost of goods sold, and one-off IPO expenses incurred during the year ended March 31, 2025. About Kandal M Venture Limited Kandal M Venture Limited is a contract manufacturer of affordable luxury leather goods with its manufacturing operations in Cambodia. Kandal M Venture Limited primarily manufactures handbags, such as shoulder bags, crossbody bags, tote bags, backpacks, top-handle handbags, satchels, and other smaller leather goods, such as wallets. For more information, please visit the Company’s website at www.kandalmv.com. Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company’s final prospectus and other reports it files with the SEC before making any investment decisions regarding the Company’s securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Contacts: Company: Kandal M Venture Limited Investor Relations Contact: Padachi Village, Prek Ho Commune, Takhmao Town, Kandal Province, Kingdom of Cambodia Email: [email protected] Telephone: +855 23425205 Investor Relations Contact: Skyline Corporate Communications Group, LLC Scott Powell, President 1177 Avenue of the Americas, 5th Floor New York, New York 10036 Office: +1 (646) 893-5835 x2 Email: [email protected] Website: www.skylineccg.com