Shaping the

Next Era of Energy

PETRONAS Integrated Report 2025

Established in 1974 as Malaysia’s national oil and gas company, we balance our responsibility to support national energy security with our role as a global energy and solutions partner.

We continue to expand our portfolio of conventional hydrocarbon products and other energy offerings, alongside a diverse range of fuels, lubricants, chemical products and emerging energy solutions, to meet evolving customer needs amid rising energy demand and the global energy transition.

As we navigate the energy transition, we aim to strengthen our portfolio in line with our aspiration to be a trusted energy partner while advancing sustainable practices across our operations.

Key Messages

We are pleased to present the key messages from our leaders as they share their perspective on PETRONAS' achievements, challenges and future direction.

Chairman

Tan Sri Dato' Seri Mohd Bakke Salleh

The year 2025 marked a pivotal inflection point, where deepening geopolitical divisions had significantly impacted trade flows, supply chains and market dynamics. Against this backdrop, PETRONAS remained steadfast in fulfilling our responsibilities, working to reinforce energy security and fulfil the expectations of our stakeholders and customers.

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President and Group Chief Executive Officer

Tan Sri Tengku Muhammad Taufik

In anticipating more headwinds in the macro environment, PETRONAS’ priority in 2025 was to build resilience through projects and partnerships that strengthen operational reliability, accelerate value delivery, and diversify our supply nodes as well as revenue streams.

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President and Group Chief Executive Officer

Financial Highlights

In FY2025, PETRONAS demonstrated resilience in a more challenging external environment by sustaining strong financial discipline, reliable operations and continued progress on our energy transition priorities. We focused on protecting value through disciplined cost and capital management, while selectively investing to strengthen our portfolio and long-term competitiveness. At the same time, we advanced decarbonisation efforts and partnerships across our value chain, while continuing to support energy security for our customers. Looking ahead, we will remain anchored on value preservation and value creation, building a more resilient business and enabling a just and responsible energy transition.

Liza Mustapha

Executive Vice President and Group Chief Financial Officer

PETRONAS 2025 Audited Financial Statements

PETRONAS delivered our financial performance through disciplined execution amid heightened market complexity.

Revenue

The Group’s total revenue was RM266.1 billion, primarily contributed by petroleum products and liquefied natural gas (LNG) which accounted for 29 per cent and 27 per cent of revenue, respectively.

Profit After Tax

Profit After Tax (PAT) decreased by 18 per cent to RM45.4 billion in tandem with lower revenue, partially offset by lower tax expenses.

Cash Flows from Operating Activities

Cash Flows from Operating Activities (CFFO) stood at RM85.2 billion aligned with lower Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA).

Total Assets

Total assets increased to RM775.0 billion as at 31 December 2025 against RM766.7 billion as at 31 December 2024 mainly due to net proceeds from bond issuance partially offset by impact from foreign exchange.

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2024

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Energy Transition Strategy

The PETRONAS Energy Transition Strategy charts our path forward in a rapidly evolving energy landscape shaped by the ongoing imperatives of security, affordability and sustainability. We leverage our integrated portfolio, capital discipline and execution capability to support our ability to deliver energy that is reliable, affordable and progressively lower-carbon.

Delivering Our Strategy

Our Energy Transition Strategy is anchored on three strategic pillars: strengthening and delivering our Core Business, scaling New Business and pursuing a credible Pathway to Net Zero by 2050.

Core Business

More Energy, Less Emissions

Core Business centres on delivering an integrated hydrocarbon value chain, with a disciplined focus on progressively lowering carbon intensity across operations. It encompasses our Upstream, Gas and Maritime, and Downstream segments, spanning both domestic and international footprints.

Capturing New Growth Opportunities

New Business represents our pursuit of portfolio diversification, guided by evolving customer needs and the transition towards a cleaner, lower-carbon and more sustainable energy system. We are advancing six New Business verticals: Renewable Energy, Specialty Chemicals, Bio-based Value Chain, Hydrogen, Green Mobility, and Carbon Capture and Storage.

Net Zero Carbon Emissions

Pathway to Net Zero

We pursue our Pathway to Net Zero by embedding decarbonisation across our portfolio. Our decarbonisation efforts are driven by four key abatement levers: Zero Routine Flaring and Venting, Energy Efficiency, Electrification, and Carbon Capture and Storage.

Sustainability Performance Review

PETRONAS takes an integrated approach to sustainability, embedding responsible practices across our operations, decision-making and value creation processes. We focus on balancing energy security with affordability and sustainability, while ensuring accountability in how we manage environmental and social impacts. By aligning with regulations, global standards and stakeholder expectations, we aim to build long-term resilience, support a just transition, and contribute to national policies and global policy goals.

Material Topics

Our Sustainability Approach

Sustainability Performance Data

We treat sustainability as a core enabler of business execution, guiding how we balance near-term energy demands with disciplined progress on climate, nature and just transition priorities. Guided by our Sustainability Approach, we embed sustainability considerations into investment appraisal, capital allocation, portfolio planning and risk review. This approach allows us to better anticipate long-term risks and opportunities and to make decisions that enhance resilience for the future.

Charlotte Wolff-Bye

Vice President and Group Chief Sustainability Officer

Creating Sustainable Value through Responsible Governance

Delivering Net Zero Fostering a Just Transition Thriving with Nature

Non-financial Context Index

This index outlines the mapping of ESG disclosures. Ipieca, GRI, WEF, TCFD, the American Petroleum Institute, and the International Association of Oil and Gas Producers are aligned with this report's content. This ensures a comprehensive and coherent approach to ESG reporting and demonstrates our commitment to sustainability, transparency and responsible business practices.