PETRONAS Gas Berhad (6033) Q4 2025 earnings summary

Executive summary

• Delivered resilient FY2025 performance amid challenging market and operational environment, with continued focus on growth projects and operational excellence.

• Revenue for the year ended 31 December 2025 was RM6,374 million, down 2.5% year-over-year, mainly due to lower product prices in Utilities and a downward tariff adjustment in Gas Transportation.

• Profit after tax at RM1,836 million, a 4.5% decrease year-over-year, primarily due to lower Gas Transportation profitability and higher tax expenses.

• EBITDA increased slightly by 0.6% to RM3,376 million, despite higher depreciation expenses.

• Announced a proposed internal reorganisation to streamline business segments and achieved high ESG ratings, including FTSE4GOOD and improved Bloomberg ESG Score.

Financial highlights

• FY2025 revenue at RM6,374 million, down 2.5% year-over-year; gross profit at RM2,148 million, down 5.7%.

• Profit after tax at RM1,836 million, a 4.5% decrease year-over-year; EBITDA slightly up by 0.6% to RM3,376 million.

• Earnings per share at 87.28 sen, down 5.9% year-over-year; dividend per share maintained at 72.00 sen.

• Total assets increased to RM19.8 billion, with higher CAPEX and new right-of-use assets; net assets per share rose to RM7.1845.

• Total liabilities rose 13.1% to RM5.1 billion, mainly due to new lease liabilities and prepayment of fixed charges.

Outlook and guidance

• Approved RP3 tariffs effective 1 Jan 2026–31 Dec 2028, with mechanisms to mitigate external risks and ensure market-competitive returns.

• The group expects resilient performance in 2026, supported by newly approved tariff revisions for Gas Transportation and Regasification.

• Focus on safe operational and project delivery, core business expansion, prudent cost discipline, and sustainable growth.