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ANALYST BRIEFING Q2 2026 Financial Results 27 August 2026
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DISCLAIMER This Presentation is not intended to form the basis of any investment decision with respect to MISC Berhad (MISC) and shall not form the basis of or be relied upon in connection with any contract or commitment whatsoever. No representation or warranty, express or implied, is or will be made by MISC in relation to the accuracy and completeness of the information made available and any liability therefore is expressly disclaimed. Although MISC believes that the expectations of its management as reflected by forward-looking statements contained in this Presentation are reasonable based on information currently available to it, no assurances can be given that such expectations will materialize as these are dependent on risks, uncertainties and other factors which in many cases are beyond MISC’s control. This Presentation and its contents are strictly confidential and must not be reproduced or disclosed without the prior written consent of MISC.
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[Open] Q2 2026 HIGHLIGHTS
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Revenue Note: QoQ represents Q2 2026 against Q1 2026 YoY represents Q2 2026 against Q2 2025 Q 2 2 0 2 6 K e y H i g h l i g h t s Exceptional Q2 performance, driven by strong Petroleum earnings, supporting consistent shareholder returns Revenue Growth Earnings Growth Strong Cash Generation Consistent Shareholders Returns F i n a n c i a l H i g h l i g h t s Profit After Tax Cash Flows from Operations Dividend Declared 90% YoY 65% QoQ USD 1,200 Million >100% YoY 55% QoQ USD 293 Million 60% YoY 93% QoQ USD 599 Million 8 sen per share USD 88 Million
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Q 2 2 0 2 6 K e y H i g h l i g h t s Continued strategic execution strengthens contracted earnings visibility and supports longer-term growth MISC ENTERPRISE STRATEGY Two LNG carriers delivered to SRM Secured long-term charter contract for a FSRU with PETRONAS GAS Bhd. MHB signed MoU with Hanwha Power Systems Co., Ltd. to pursue and develop newbuilding projects Strengthening our core businesses through contracted growth Secured a long-term charter for a liquefied carbon dioxide carrier (LCO2) with Northern Lights JV DA, alongside consortium partner K Line Expanding into new energy opportunities for future growth Current Progress GHG Intensity 2% YoY Improving efficiency and reducing emissions intensity Safety Excellence AET was awarded the Jones F. Devlin Safety Award for 46 vessels 0 Resilient Core Profitable New Energy Decarbonisation Awards & Recognitions Strategic Partnership 4.92 gCO2e/ton-nm (January - June 2026) Note: YoY represents January–June 2026 against January–June 2025
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[Open] FINANCIAL PERFORMANCE
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Q 2 2 0 2 6 F i n a n c i a l H i g h l i g h t s Stronger Q2 2026 earnings and operational cash generation, anchored by robust Petroleum performance, with cash flows further complemented by advance customer receipts and higher project cash collections in the Offshore segment 631 729 1,200 Q2 2025 Q1 2026 Q2 2026 REVENUE 176 193 295 Q2 2025 Q1 2026 Q2 2026 OPERATING PROFIT 374 310 599 Q2 2025 Q1 2026 Q2 2026 CASH FLOWS FROM OPERATIONS 110 189 293 Q2 2025 Q1 2026 Q2 2026 PROFIT/(LOSS) AFTER TAX Revenue grew year-on-year driven by stronger Petroleum freight rates and earning days, coupled with higher revenue recognition from Offshore and Heavy Engineering projects Group operating profit improved year-on-year, primarily attributable to stronger Petroleum margins, with lower contributions from the GAS and Offshore segments partially moderating the increase PAT strengthened year-on-year, supported by higher operating profit, lower impairment losses and gains from vessel disposals Higher Q2 2026 CFFO marked by advance customer receipts and higher project cash collections in the Offshore segment, coupled with stronger operational cash generation from the Petroleum segment *All figures in USD Million unless otherwise stated
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B a l a n c e S h e e t & G e a r i n g Stable balance sheet and prudent risk management *All figures in USD Million unless otherwise stated 90% 10% DEBT COMPOSITION AS AT JUN 2026 Fixed Floating 10,115 10,116 2,965 3,245 Dec 2025 Jun 2026 ASSETS Non-Current Assets Current Assets 13,080 13,361 8,563 8,843 2,898 2,009 1,619 2,509 Dec 2025 Jun 2026 EQUITY AND LIABILITIES Current Liabilities Non-Current Liabilities Equity 13,080 13,361 0.37x 0.36x Dec 2025 Jun 2026 GROSS GEARING RATIO 0.20x 0.16x Dec 2025 Jun 2026 NET GEARING RATIO The Group's balance sheet remains stable, with a shift in debt composition due to higher drawdown of floating-rate debt (Dec 2025: 94% fixed, 6% floating). Gearing ratio improved, on the back of stronger equity, while net gearing further strengthened supported by higher cash position.
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*All figures in USD Million unless otherwise stated Cash balances as at June 2026 strengthened, anchored by higher net cash generated from operations, partially offsetting capex payments in the first half of 2026. 1,504 1,777 3,178 3,199 Dec 2025 Jun 2026 Cash Debt C a s h & D e b t B a l a n c e s Healthy cash and stable debt position
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*All figures in USD Million unless otherwise stated Revenue Operating Profit PAT Q 2 2 0 2 6 F i n a n c i a l P e r f o r m a n c e b y B u s i n e s s S e g m e n t s Petroleum drove the exceptional Q2 earnings uplift, while other segments continued to provide resilient contributions 122 99 104 56 54 35 15 33 17 Q2 2025 Q1 2026 Q2 2026 GAS 299 382 562 70 109 215 55 129 232 Q2 2025 Q1 2026 Q2 2026 PETROLEUM 106 107 262 53 49 45 30 19 17 Q2 2025 Q1 2026 Q2 2026 OFFSHORE 100 132 247 3 5 17 2 4 15 Q2 2025 Q1 2026 Q2 2026 HEAVY ENGINEERING
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[Open] MARKET ENVIRONMENT
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0 100 200 300 400 500 600 700 800 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Operational Under construction Source: Drewry and Woodmac Global LNG Import Forecast L N G S h i p p i n g LNG market growth fundamentals remains intact Global LNG import volumes are expected to remain broadly unchanged in 2026, amid elevated LNG prices and supply disruptions, before growth resumes from 2027 onwards. Meanwhile, global liquefaction capacity is projected to grow at 10% CAGR through 2031. Global LNG Liquefaction Capacity Outlook mmtpa mmtpa 0 100 200 300 400 500 600 700 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Asia Europe Others
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83 94 90 97 103 110 109 -17 -30 -40 -43 -46 -39 -30 748 1,123 -1,000 -600 -200 200 600 1,000 -50 0 50 100 150 2025 2026 2027 2028 2029 2030 2031 Deliveries Demolition/Conversion Total fleet 20% 30% 40% 50% 60% 0 16,000 32,000 48,000 64,000 2021 2022 2023 2024 2025 2026* % of fleet kcbm Orderbook % of fleet (right axis) Source: Drewry Note: *as at 30 June 2026 The orderbook remained elevated in Q2 2026, driven by new LNG projects and ongoing fleet renewal initiatives. The LNGC fleet is projected to grow at 7% CAGR through 2031. LNGC Fleet Development OutlookOrderbook and new orders L N G S h i p p i n g Elevated LNGC fleet growth continues alongside expanding LNG supply capacity No. of Vessel Total Fleet
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Modern LNGCs are expected to remain the preferred choice for medium- and long-term employment, while older DFDE/TFDE and steam turbine vessels will continue to face greater competitive pressure. 61,242 49,217 0 50,000 100,000 150,000 200,000 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 2027F 2028F 2029F 2030F 2031F DFDE/TFDE LNGC RATES Spot Rates Time Charter (3 Years) 87,929 85,250 0 50,000 100,000 150,000 200,000 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 2027F 2028F 2029F 2030F 2031F XDF/MEGI LNGC RATES Spot Rates Time Charter (3 Years) 17,967 21,633 0 30,000 60,000 90,000 120,000 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 2027F 2028F 2029F 2030F 2031F STEAM LNGC RATES Spot Rates Time Charter (1 Year) Source: Clarksons and Drewry USD/Day USD/DayUSD/Day L N G S h i p p i n g Modern LNGC charter rates to remain supported
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Source: Drewry P e t r o l e u m S h i p p i n g High orderbook-to-fleet ratio reflects continued fleet rejuvenation and rising vessel supply The crude tanker newbuilding activity remained high in Q2, particularly for VLCC and Suezmax vessels. The crude tanker fleet is projected to grow at 2% CAGR through 2031, supported by fleet rejuvenation efforts and need to modernise fleet. Crude tanker orderbook Crude tanker fleet development 33 92 124 184 169 76 54 -15 -8 -39 -128 -110 -106 -72 2,194 2,449 1,000 1,500 2,000 2,500 -150 -100 -50 0 50 100 150 200 2025 2026 2027 2028 2029 2030 2031 Deliveries Demolitions Total fleet Note: *as at 30 June 2026 No. of Vessel Total Fleetmdwt % of Fleet 0% 7% 14% 21% 28% 35% 0 30 60 90 120 150 2021 2022 2023 2024 2025 2026* Orderbook Orderbook as % of fleet (right axis)
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133,576 106,638 0 40,000 80,000 120,000 160,000 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 VLCC RATES 107,013 54,338 0 40,000 80,000 120,000 160,000 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 AFRAMAX RATES USD/Day 143,199 64,242 0 40,000 80,000 120,000 160,000 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 SUEZMAX RATES Spot Rates Time Charter (1 Year) Source: Clarksons USD/Day USD/Day P e t r o l e u m S h i p p i n g Crude tanker rates remain elevated but have begun to moderate from recent highs Crude tanker spot rates spiked in Q1 and eased in Q2. Notwithstanding, crude tanker markets remain elevated amid continued geopolitical uncertainty in the Middle East.
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Selected FPS (LHS) USD billion Offshore E&P CAPEX (RHS) USD billion 0 50 100 150 200 250 0 2 4 6 8 10 12 14 16 18 20 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 FPSO FSO Other Floaters Offshore E&P CAPEX Source: S&P Global O f f s h o r e Global offshore CAPEX is projected to reach USD200 billion by 2030 This reflects ongoing commitment to exploring and developing offshore resources, especially deepwater projects, despite project execution challenges and higher cost pressures.
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Source: S&P Global CENTRAL AMERICA NORTH AMERICA ASIA-PACIFIC 4SOUTH AMERICA 1 AFRICA 2 3 5 5 1 EUROPE 1 FPSO demand outlook remains robust over the next three years, with operators focusing on key growth regions in South America, Africa and Asia-Pacific, which together account for over half of projected FPSO awards. 1 O f f s h o r e FPSO growth remains concentrated in the South America, Africa and Asia-Pacific regions 2 1 2 2 Forecast FPSO awards by region (2027 to 2029) 2027 11 2028 10 2029 9
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[Open] APPENDICES
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Vessel Type Total Vessels Owned Chartered-In Average Age (years) MISC Industry Contracted Newbuilds/ Conversions GAS LNG 30 29* 1 11.0 10.4 14** FSU 3 3 -- 10.0 -- -- VLEC 6 6 -- 6.0 -- 2 LCO2 -- -- -- -- -- 2 FSRU -- -- -- -- -- 1 Subtotal 39 38 1 -- -- 19 Petroleum VLCC 9 9 -- 6.7 13.5 2 Suezmax 6 6 -- 12.0 13.1 2 Aframax 26 18 8 11.3 15.5 5 LR2 2 2 -- 8.9 10.4 - DPST 17 17 -- 6.9 10.5 1 Workboat 8 4 4 22.2 32.2 - Subtotal 68 56 12 -- -- 10 GRAND TOTAL 107 94 13 -- -- 29 Offshore FPSO/FSO/FPU/SS 12 12 -- 12.4 -- 2 Note: * includes 8 vessels, 25% owned by MISC, NYK, K-Line and CLNG through the joint venture ** includes 4 vessels, 25% owned by MISC, NYK, K-Line and CLNG through the joint venture Fleet Information as of 30 June 2026
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GAS Petroleum Offshore LNGCs VLECs LCO2 FSRU Aframaxes Suezmaxes DPST VLCCs FPU FSO 2026 5 - - - - - - - - - 2027 4 - - - 1 - - - - - 2028 - 2 - - 4 1 1 - - 1 2029 4 - 2 1 - 1 - 2 1 - 2030 1 - - - - - - - - - Total 14 2 2 1 5 2 1 2 1 1 Schedule of Future Deliveries as of 30 June 2026
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PETRONAS 51.00% Permodalan Nasional Berhad 6.31% Employees Provident Fund 15.51% Other Malaysian Government Agencies 10.80% Other Malaysian Investors 5.87% Foreign Investors 10.51% Shareholders’ Profile as of 30 June 2026
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Share Price RM 3-months average 8.18 6-months average 8.14 12-months average 7.85 High for the year (9 March 26) 8.73 Low for the year (17 October 25) 7.15 Source: Bloomberg MISC One Year Share Price Performance 5.50 6.00 6.50 7.00 7.50 8.00 8.50 9.00 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 RMIndex FBM KLCI (LHS) MISC Share Price (RHS) 30 June 2025 Share Price: RM7.59 FBM KLCI: 1,532.96 30 June 2026 Share Price: RM7.80 FBM KLCI: 1,664.06
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Q&A SESSION
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T H A N K Y O U