MISC BERHAD INTEGRATED ANNUAL REPORT 2025 08 11 09 12 03 04 05 10 SEC 07 BUSINESS REVIEW 06 13 01 02 96 www.miscgroup.com 97 www.miscgroup.com #deliveringProgress GAS ASSETS & SOLUTIONS The LNG shipping market remained challenging in 2025, as an influx of new vessel deliveries alongside delays in new liquefaction capacity resulted in a temporary oversupply of tonnage. This placed significant pressure on older steam turbine vessels, widening the competitiveness gap with modern, fuel-efficient ships and weighing on earnings resilience and asset utilisation across parts of the fleet. As such, we took decisive steps to strengthen our asset portfolio and improve earnings quality. Where vessels approached contract expiry or became commercially less competitive, we redeployed assets where viable, including conversion into Floating Storage Units backed by long-term charters. Where redeployment was not economical, we implemented strategic lay-ups and selectively monetised vessels to reduce costs and recycle capital for reinvestment. Looking beyond near-term market actions, we repositioned the Gas Assets & Solutions (GAS) segment through active fleet rejuvenation centred on modern, fuel-efficient vessels, strengthening portfolio quality and supporting more sustainable earnings across cycles. These initiatives delivered tangible results, marked by key milestones during the year. We delivered seven consortium-owned LNG carriers to QatarEnergy, including two fully operated by MISC, with five vessels delivered ahead of schedule. We also completed the delivery of FSU Puteri Delima Satu to the Pengerang LNG Regasification Terminal. In addition, we secured long-term Time Charter Parties for two newbuild VLECs with PTT Public Company Limited, expanding our gas portfolio. Close collaboration with PETRONAS and other strategic partners has enabled the delivery of key LNG shipping and floating storage projects, while opening further opportunities to address evolving gas logistics requirements. In early 2026, we secured long-term charter contracts for five new LNGCs with PETRONAS LNG Ltd. (PLL). Additionally, together with K Line, we secured a long-term charter with Northern Lights JV DA for a newbuild liquefied carbon dioxide (LCO₂) carrier, marking GAS’s entry into carbon transportation. Safety, environmental responsibility and regulatory compliance remained central to our operations, guided by our Care & Comply principles. Our operations were conducted safely and in full compliance with regulatory and operational standards. I am proud of how our teams upheld these commitments while navigating change, reinforcing trust with our customers, partners and stakeholders. Looking ahead, we will continue to prioritise long-term charter-backed opportunities, optimise existing assets and selectively expand into adjacent gas logistics where demand visibility and risk-return profiles remain clear. KEY ACHIEVEMENTS BUSINESS HIGHLIGHTS Vessel Utilisation 2024 >91% 2025 >94% GAS ASSETS & SOLUTIONS HAZRIN HASAN Vice President, Gas Assets & Solutions Operating Profit (RM million) 2025 692.4 2024 1,047.7 Revenue (RM million) 2025 2,095.0 2024 2,987.4 19% of 2025 Group Revenue KEY FINANCIAL HIGHLIGHTS
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