PETRONAS Gas Berhad (6033) Q1 2026 earnings summary

Executive summary

• Delivered resilient Q1 2026 results, maintaining operational excellence across segments despite cost pressures and external challenges.

• Revenue for Q1 2026 was RM1,585.1 million, down 0.6% year-over-year, mainly due to lower Utilities segment revenue from reduced product prices, partially offset by higher Gas Transportation and Regasification contributions.

• Achieved key business milestones, including progress on major projects and securing shareholder mandates for internal reorganisation.

• Gross profit declined 3.1% to RM558.1 million, impacted by higher depreciation and maintenance costs, especially in Gas Processing.

• EBITDA rose 1.2% to RM861.9 million, indicating resilient operational performance despite higher depreciation.

Financial highlights

• Q1 2026 revenue was RM1,585.1 million, down 0.6% year-over-year.

• Gross profit declined 3.1% year-over-year to RM558.1 million.

• Profit after tax decreased 5.3% year-over-year to RM466.0 million.

• EBITDA rose 1.2% year-over-year to RM861.9 million.

• Earnings per share fell 6.4% year-over-year to 22.17 sen; dividend per share maintained at 16.00 sen.

Outlook and guidance

• 2026 outlook remains resilient, with margin pressures expected in Utilities due to higher fuel gas prices and global geopolitical uncertainties.

• Gas Transportation, Regasification, and Gas Processing segments expected to provide earnings stability, supported by regulated frameworks and long-term contracts.

• Focus on disciplined capital allocation and unlocking value from core assets.

• Continued investment in growth opportunities and sustaining existing businesses.

• The Group will focus on operational resilience, commercial excellence, and cost optimisation.