In a world of complex challenges, the future is not a destination we await, but a reality we build with every action we take. MISC Group stands at the nexus of this journey, where reliability meets visionary change. Our theme, #deliveringProgress, reflects the powerful duality of our mission: we are the unwavering maritime force that delivers the energy essential for today’s world, while simultaneously advancing the innovations that will define the next era of energy transition. With 57 years of heritage, MISC Group is deeply anchored in Malaysia’s nation-building journey. We have not only contributed to the growth of our national economy but have also positioned Malaysia as a key player in the global maritime industry. Our legacy is built on operational excellence, maritime leadership and a steadfast commitment to national progress, a legacy we carry forward as we navigate the evolving global energy landscape and contribute to shaping its sustainable future. For MISC Group, progress is not an aspiration but a measurable result, delivered through our Resilient Core, alongside our efforts in pioneering new energy solutions and our unwavering commitment to decarbonisation. This commitment is what enables us to serve as the vital link between the energy needs of today and a sustainable tomorrow, proving that leadership means taking responsibility for the future, one milestone at a time. #deliveringProgress NAVIGATION ICONS Key Capitals Natural Financial Intellectual Operating Environment United Nations Sustainable Development Goals Key Stakeholder Groups S4 Employees S3 Customers S10 Media S7 Industry Peers S5 Business Partners/ Suppliers & Vendors S1 Government/Regulators S8 Academic Organisations S2 Shareholders/Investors/ Financial Services Providers S6 Communities S9 Trade Associations/ NGOs E2 Global Economy E5 Offshore Sector E8 Advancements in Technology and Digitalisation in the Maritime Industry Material Matters M4 Air Pollution M2 Waste Management M12 Digitalisation M5 Health, Safety and Security M3 Ecological Impact M1 Climate Change and GHG Emissions M9 Corporate Governance and Business Ethics M7 Human Rights M10 Cybersecurity M8 Community Engagement and Development M6 Talent Management M11 Supply Chain Management E1 Geopolitics E4 Crude Oil Sector E7 Energy Transition Risks Cybersecurity Risk R8 Financial Risk R4 Market Risk R2 Compliance and Regulatory Risk R10 Project Delivery Risk R6 Health, Safety, Security and Environment Risk R7 Physical Climate Risk R11 Energy Transition and Decarbonisation Risk R3 Talent Risk R9 Geopolitical Risk R1 Asset Integrity and Performance Risk R5 Social & Relationship Human Physical Strategic Pillars E3 LNG Sector E6 Decarbonisation of the Maritime Industry SP3 Decarbonisation SP1 Resilient Core SP2 Profitable New Energy Business Areas of focus Areas of interest Materiality Quadrant Areas to monitor Areas of low importance To download a soft copy, go to https://www.miscgroup.com/investorrelations/presentations-and-reports or scan the QR code. INSIDE THIS REPORT 02 About This Report 03 MISC’s 2025 Integrated Reporting Suite INTRODUCTION SEC 01 06 Who We Are 07 Our Investment Case 08 Our Businesses 12 How We Move Energy ABOUT MISC SEC 02 SEC 03 KEY MESSAGES 16 Chairman’s Message 20 President & Group Chief Executive Officer’s Message 24 Chief Strategy & Sustainability Officer’s Message 26 Chief Financial Officer’s Message SEC 04 HIGHLIGHTS 30 Key Highlights of 2025 32 Building Momentum Towards the MISC 2030 Ambition 36 A Look Back at 2025 SEC 06 STRATEGIC REVIEW 56 Our Operating Environment 64 Our Material Matters 74 Our Risks and Mitigation Strategies 84 Delivering Our Strategy 90 Sustainability as a Decision Lens Under MISC 2030 Ambition SEC 07 BUSINESS REVIEW 96 Gas Assets & Solutions 102 Petroleum & Products 108 Offshore 114 Marine & Heavy Engineering 120 Marine Services 126 Maritime Education & Training SEC 08 CORPORATE ENABLERS 134 Human Capital Investment 135 Operating Safely & Sustainably 136 Operating Responsibly SEC 05 VALUE WE CREATE 46 Our Integrated Approach to Value Creation 48 Value Creation Business Model 50 Engaging with Stakeholders SEC 10 LEADERSHIP 150 Our Board at a Glance 152 Profiles of the Board of Directors 162 Our Executive Leadership Team 163 Profiles of the Executive Leadership Team SEC 09 FINANCIAL REVIEW 140 Group Financial Review 143 Financial Calendar 144 Five-Year Group Financial Performance 146 Statement of Value Added & Value Distributed SEC 11 GOVERNANCE 172 Corporate Governance Overview Statement 196 Board Nomination & Remuneration Committee Report 205 Board Audit Committee Report 213 Board Sustainability & Risk Committee Report 218 Statement on Risk Management & Internal Control 238 Statement of Directors’ Responsibility 238 Additional Compliance Information SEC 12 ADDITIONAL INFORMATION 242 Disclosure of Financial Data for Shariah Screening 244 Properties Owned by MISC Berhad and Its Subsidiaries 246 Statistics on Shareholdings 249 Corporate Information 250 List of Abbreviations SEC 13 ANNUAL GENERAL MEETING 256 Notice of Annual General Meeting Form of Proxy
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