16 YINSON HOLDINGS BERHAD A COMPLEX OPERATING ENVIRONMENT The global energy landscape in 2025 was defined by an increasingly complex interplay of supply dynamics, surging demand, and heightened geopolitical uncertainty. While crude markets were expected to remain broadly oversupplied, OPEC+ continued to calibrate production to moderate price fluctuations amid shifting supply fundamentals. At the same time, geopolitical developments – including renewed tensions across parts of the Middle East, US tariff actions, tightened sanctions on several energy-producing nations, and the ongoing Russia-Ukraine conflict – contributed to intermittent price volatility and concerns around supply continuity. Yet, the defining force in today’s energy system is not surplus – but surging demand and rising system complexity. Global electricity consumption is anticipated to grow by approximately 3.7% in 2026, well above the 2015 to 2023 average of 2.6%. This acceleration is driven by rapid data centre expansion – including AI-intensive computing – strong electrification trends, and sustained demand growth across emerging markets in Asia and beyond. LEADERSHIP MESSAGES Others Oil Gas Electricity (including solar and wind) Projected energy consumption by source (2000 – 2050) (PJ ‘000) Source: BloombergNEF New Energy Outlook 2025. GROUP CEO REVIEW Commentary by Lim Chern Yuan, Group Chief Executive Officer Having delivered the most significant projects since our inception, we embraced 2025 as a year of recalibration. We took a deliberate step back to strengthen the foundations that drive long-term value. Every enhancement was made with a singular focus: to build resilience, sharpen our operational execution, and position the Group for our next era of growth. This meant asking the hard questions and redefining our approach to key organisational trade-offs – choosing sustainable growth over sheer speed, scaling without adding complexity, prioritising focus over optionality, and driving innovation while maintaining steadfast governance. Trade-offs, pg 56 2000 0 100 200 300 400 500 600 2010 2020 2030 2040 2050
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