MISC BERHAD INTEGRATED ANNUAL REPORT 2025 08 11 09 12 03 04 05 10 SEC 07 BUSINESS REVIEW 06 13 01 02 102 www.miscgroup.com 103 www.miscgroup.com #deliveringProgress PETROLEUM & PRODUCTS Health, safety and security sit at the core of AET’s operations. Our customers expect partners who are safe, innovative, resilient and forward-looking, and these expectations guide how we operate every day. To embed a truly generative HSSE culture across AET, we place strong emphasis on safe and reliable operations, both onshore and at sea. Our people are encouraged to maintain a high level of safety awareness and to proactively raise potential issues, supported by regular safety education and briefings that reinforce alignment with the highest HSSE standards. Geopolitical tensions, trade restrictions and broader economic uncertainty continued to influence trade flows and oil tanker markets during the year. While market conditions moderated from recent peaks, underlying tanker fundamentals remained resilient. AET’s secured income strategy, together with its customer-focused niche segments insulated earnings from volatility and enabled the delivery of another year of strong financial performance. Decarbonisation remains a clear priority, even as the pace of the energy transition evolves amid uncertainty. Although the vote on the proposed IMO Net-Zero Framework was delayed, we continued to take tangible steps to modernise its fleet. In 2025, two newbuild LNG dual-fuel Suezmax tankers were ordered, extending dual-fuel capability across all tanker classes operated by AET. Progress was also made in collaboration with Fleetzero, with work commencing to retrofit one of AET's Lightering Support Vessels (LSVs) into the world's longest-range hybrid-electric vessel. These efforts were recognised during Singapore Maritime Week in March 2025, when we received the Maritime SG LowCarbon50 Award. The award acknowledges companies advancing maritime decarbonisation through emissions tracking and the implementation of effective carbon management strategies. Beyond operations, we received the Company of Good – 1 Heart award from Singapore’s National Volunteer and Philanthropy Centre, recognising our environmental, community and talent development efforts. Our global impact was strengthened through partnerships, including the AET Tanker Simulation Lab at Texas A&M University at Galveston, and initiatives in Rio de Janeiro with Dream Learn Work and Instituto Rogério Steinberg. In 2025, 23 students received scholarships, with the same number completing internships at our global offices. We also supported disaster relief efforts in the Philippines, Myanmar and Texas. The year under review reflected meaningful growth, disciplined execution and resilience in a volatile operating environment. We are well-positioned to navigate the path ahead, continuing to play a leading role in energy shipping while driving tangible progress for the future. KEY ACHIEVEMENTS BUSINESS HIGHLIGHTS PETROLEUM & PRODUCTS NICK POTTER Vice President, Petroleum & Products, MISC Group President & Chief Executive Officer, AET Operating Profit (RM million) 2025 1,412.7 2024 1,482.7 Revenue (RM million) 2025 5,169.8 2024 5,044.1 46% of 2025 Group Revenue Vessel Utilisation 2024 >98% 2025 >96% KEY FINANCIAL HIGHLIGHTS
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