PETRONAS Gas Berhad (6033) Q4 2025 earnings summary

Executive summary

• FY2025 performance remained resilient despite inflation, market volatility, and the Putra Heights pipeline incident, supported by disciplined operations and cost optimization.

• Revenue for FY2025 was RM6,374 million, down 2.5% year-over-year, mainly due to lower utilities product prices and downward gas transportation tariffs.

• Profit for the year fell 4.5% to RM1,836 million, impacted by higher tax expenses and absence of prior year’s one-off investment tax allowance.

• Announced and approved an internal reorganisation to streamline operations and improve execution.

• Achieved high ESG ratings, including FTSE4Good at 4.7 and Bloomberg ESG at 5.36.

Financial highlights

• EBITDA increased marginally by 0.6% year-over-year to RM3,376 million, despite higher depreciation.

• Earnings per share decreased by 5.9% year-over-year to 87.28 sen.

• Total assets rose 5.6% to RM19.8 billion, driven by higher CapEx and new right-of-use assets.

• Total liabilities increased 13.1% due to new lease liabilities and prepayment of fixed charges.

• Cash balance moderated due to higher CapEx, but liquidity remains healthy.

Outlook and guidance

• RP3 tariffs for gas transportation and regasification effective 2026–2028, expected to support positive earnings and mitigate external risks.

• Focus on operational excellence, risk management, and infrastructure expansion to support Malaysia’s energy transition.

• Internal reorganization to go live in Q3 2026, aiming for sharper operational focus and improved execution.

• MRP projected to ease to MYR 33 per MMBtu in Q1 2026, tracking Brent crude prices.