• IaaS, SaaS & PaaS services revenue of $1.475 million
• New e-learning and cloud education sales contracts worth $664,000
• Negative operating cash flow due to pre-customer expenditures, expected to improve next quarter
• No external debt, financial support from major shareholder confirmed

Victor Group Holdings (ASX: VIG) released its cash flow report for the September 2025 quarter (Appendix 4C) and provided an update on key areas of activity. The company's IaaS, SaaS & PaaS services business in China through its subsidiary Shenghan collected approximately $1.475 million in trade receivables during the quarter. The software delivered included data management and operating system solutions for clients across various sectors. However, the company did not achieve positive operating cash flow due to substantial pre-customer expenditures, which are expected to be utilized in future projects. Management anticipates these expenditures will be significantly reduced in the next quarter. In the e-learning and cloud education segment, the company executed new sales contracts totalling approximately $664,000 but did not collect any trade receivables during the quarter. The company collaborated with several qualified e-learning providers to enhance the market reach of its e-learning content. As of the end of the quarter, the group's consolidated cash and cash equivalents totalled $553,000, and the company has no external debt. Financial support from the major shareholder has been confirmed to safeguard the company against any potential default on debts or payables.

Management believes the group's cash flow position will improve in the next quarter as pre-customer expenditures are expected to decrease significantly.