MISC BERHAD INTEGRATED ANNUAL REPORT 2025 08 11 09 12 03 04 05 10 SEC 07 BUSINESS REVIEW 06 13 01 02 98 www.miscgroup.com 99 www.miscgroup.com #deliveringProgress Gas Assets & Solutions segment brings together decades of experience in gas shipping and asset-based solutions. We manage a global fleet transporting LNG and ethane, complemented by FSUs that support vital gas infrastructure. Our work is anchored on safe, reliable operations and a strong track record of on-time delivery. As the market evolves, we continue to expand our solutions to support customers’ changing requirements. This includes Floating Storage and Regasification Units (FSRUs) and carbon transportation solutions supporting carbon capture and storage (CCS) value chains. We are committed to efficiency and sustainability, as we uphold the highest HSSE standards while delivering reliable and progressive solutions for the evolving LNG market. GAS ASSETS & SOLUTIONS HOW GAS ASSETS & SOLUTIONS CREATES VALUE The Gas Assets & Solutions segment provides a contracted earnings base for MISC’s energy transportation portfolio through long-term charter arrangements that underpin recurring cash flows across market cycles. As the segment advances fleet rejuvenation and portfolio renewal, our disciplined execution, strategic partnerships and operational excellence position GAS to meet global energy demand. GAS ASSETS & SOLUTIONS We strengthened our foundations through disciplined fleet rejuvenation and unlocking value from existing assets, supporting stable, contract-backed earnings. Resilient Core • Expanded our asset portfolio with strong project execution • Successfully delivered seven consortium-owned LNGCs to QatarEnergy, including two fully operated by MISC - In January 2026, one additional vessel was delivered as scheduled • Successfully delivered FSU Puteri Delima Satu to the PETRONAS LNG Regasification Terminal Pengerang • Strengthened earnings and cash flow resilience through long-term contracted LNG assets • Expanded the Group’s LNG shipping and floating storage portfolio SUPERIOR PROJECT EXECUTION • Executed asset divestments to unlock capital from ageing vessels • Disposal of legacy steam turbine LNGCs Puteri Delima and Puteri Nilam • Enhanced portfolio efficiency through disciplined divestment of ageing vessels • Recycled capital to support fleet renewal and long-term earnings resilience ASSET MONETISATION • Successfully secured two new VLECs with PTT Public Company Limited for deliveries in 2028 • As of February 2026, five new LNGCs were successfully secured with PETRONAS LNG Ltd. (PLL) for delivery between 2029 and 2030 • Strengthened earnings visibility through long-term charters supporting the expansion of a modern, fuel-efficient fleet • Enhanced cash flow resilience and regulatory readiness through next-generation, lower-emissions vessels • Reinforced portfolio competitiveness across LNG and ethane transportation markets • Signed long-term charter contracts for newbuild VLECs and LNGCs, enhancing the fleet with modern, energy-efficient vessels FLEET REJUVENATION What We Did in 2025 Results Value Impact KEY FOCUS AREAS & RESULTS SP1 We are building the capabilities and partnerships to scale future low-carbon solutions. Profitable New Energy Business What We Did in 2025 Results Value Impact • Collaborated with partners to pursue integrated solutions across emerging low-carbon energy value chains • Progressed entry into LCO₂ transportation solutions supporting the scaling of CCS value chains • Positioned the Group to participate in emerging carbon transportation value chains • Strengthened the platform for future low-carbon transportation solutions EXPANSION INTO NEW ENERGY • Established the Jules Nautica JV with MOL and PETRONAS as a dedicated platform to develop and own LCO₂ carriers supporting CCS transportation • In January 2026, secured a long-term TCP for one LCO₂ carrier with Northern Lights JV DA through a partnership with K Line SP2 We are improving emissions performance through operational efficiency and targeted abatement measures, maintaining compliance and long-term fleet competitiveness. Decarbonisation What We Did in 2025 Results Value Impact • Enhanced compliance readiness amid tightening emissions regulations • Strengthened long-term competitiveness through improved fleet efficiency and emissions performance • Installed Mewis Ducts on selected LNGCs, delivering measurable fuel savings and emissions reductions • Improved the GAS Business segment's fleet GHG emissions performance • Deployed energy-efficiency technologies and energy-saving devices on selected vessels • Optimised operational performance to reduce emissions across the fleet • Strengthened fleet optimisation to enhance operational efficiency and emissions performance ENERGY EFFICIENCY SP3 WHAT WE DO
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