For the financial year ended 31 December 2025, PETRONAS recorded lower revenue of RM266.1 billion mainly due to lower average realised prices, lower sales volume, foreign exchange impact, and the divestment of Engen Group.

Navigating an increasingly challenging macro environment, PETRONAS remains committed to reinforcing its resilience and advancing value creation through disciplined growth.

FY2025 (Analysis against FY2024)

• Revenue stood at RM266.1 billion, a decrease of 17 per cent from the previous year.
• Profit After Tax (PAT) decreased by 18 per cent to RM45.4 billion in tandem with lower revenue, partially offset by lower tax expenses.
• The Group recorded lower Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of RM103.0 billion, 10 per cent lower than the previous year, in line with lower profits.
• Cash Flows from Operating Activities (CFFO) stood at RM85.2 billion aligned with lower EBITDA.
• Capital Investments (CAPEX) stood at RM41.6 billion, mainly from Upstream development and production activities. Capital allocation prioritised high-value and advantaged projects, focusing on early monetisation and continued portfolio high grading.
• Total assets strengthened to RM775.0 billion.
• Shareholders’ equity decreased to RM448.3 billion, mainly reflecting dividends declared to shareholders and foreign exchange movements, partially offset by profits during the period.

Second Half FY2025 (Analysis against Second Half FY2024)

• Revenue declined to RM133.6 billion, in line with lower average realised prices largely from liquefied natural gas (LNG), crude oil and condensates, and petroleum products, as well as foreign exchange impact.
• PAT declined by 15 per cent to RM19.2 billion, in line with lower revenue and net impairment losses on assets.
• EBITDA decreased by 3 per cent to RM48.6 billion, in line with lower profitability.

PETRONAS President and Group Chief Executive Officer, Tan Sri Tengku Muhammad Taufik said:

“PETRONAS’ resilient performance for the year 2025 was delivered against a backdrop of prolonged volatility in a persistently challenging operating environment. The financial results are a testament to the Group’s commitment to prudent financial management and disciplined growth.

In a year beset by market uncertainty and elevated costs, PETRONAS focused on strengthening the resilience of our portfolio through strategic partnerships, portfolio high grading and other value-accretive undertakings. All of our efforts aim to ensure that this institution will remain strategically positioned to continue delivering value to our shareholders and stakeholders into the long term.

Moving forward, geopolitical headwinds in the industry are expected to persist. To contend with these developments, PETRONAS will double down on measures to reinforce our portfolio and financial strength – paving the way for this institution to continue delivering energy and solutions safely, reliably and responsibly to those we serve.”

Outlook

Heightened market volatility, persistent geopolitical tensions and evolving regulatory landscapes shaped the 2025 operating environment, exerting downward pressure on Brent price to sub‑USD70/bbl level, while supply chain challenges further compressed margins. Against this backdrop, PETRONAS leveraged the strength of its integrated value chain to generate and preserve value through disciplined capital allocation, operational and commercial excellence, structural cost optimisation and active portfolio high‑grading.

PETRONAS is progressing in its strategic transformation by delivering advantaged hydrocarbons with lower costs and emissions, while strengthening differentiated business and partnership models. This includes embarking on its first joint venture with ENI under a satellite business model, unlocking value and supporting long‑term growth. The Group also continues to diversify its LNG portfolio by securing additional long‑term LNG supply and successfully delivering LNG cargoes from its newly commissioned LNG Canada facility, reinforcing its position as a reliable and trusted global LNG partner.

Looking ahead to 2026, PETRONAS remains focused on scaling value accretive energy investments and lower‑carbon solutions to advance its energy transition agenda. The Group is committed to reliably address customers’ energy needs, while remaining firmly anchored to its Net Zero Carbon Emissions ambition. Progress across carbon capture and storage initiatives, alongside growth in specialty chemicals, bio‑refining and cleaner energy solutions, underpins long‑term financial strength and sustainable value creatio