33 INTEGRATED ANNUAL REPORT 2024 Overview of Wasco Berhad Key Messages Value Creation Commitment to Governance Sustainability Journey Financial Statements Other Information ACCELERATION OF THE ENERGY TRANSITION AND INDUSTRIAL DECARBONISATION KEY MARKET TRENDS KEY MARKET TRENDS, IMPACTS, AND OUR RESPONSE Positioning Wasco for Long-Term Growth in an Evolving Energy Landscape As global energy systems transition toward cleaner and more resilient infrastructure, the demand for industrial solutions that support decarbonisation, resource efficiency, and equitable energy access continues to rise. Wasco operates at the core of this transformation, offering integrated solutions across our businesses — each well-aligned with current and future market needs. Below are the key trends shaping our markets and how Wasco is responding with focus, agility, and foresight. 1 Market Impact: Governments and corporations are accelerating efforts to achieve net-zero targets, driving demand for infrastructure to support gas, carbon capture, hydrogen, and low-carbon energy. This has led to a sharp rise in midstream and utility-scale projects. • Securing new coating projects tied to carbon capture and hydrogen pipeline infrastructure, both domestically and internationally. • Scaling our EPC capabilities to support decarbonisation assets such as compressor stations and carbon handling systems. • Expanding our bioenergy offerings to serve industries seeking to reduce thermal emissions, including solutions that use agricultural waste as fuel. Wasco’s Responses: RISE OF BIOMASS AND WASTE-TO-ENERGY IN AGRICULTURE-DRIVEN MARKETS Market Impact: Agriculture-based economies are increasingly turning to biomass energy as a reliable, renewable alternative to fossil fuels, driven by its potential to not just reduce emissions, but also enhance energy independence. In plantation-rich countries like Malaysia and Indonesia, policymakers are promoting waste-to-energy solutions that leverage abundant agricultural byproducts. • Maintaining our 70% market share in steam turbines for the agri-sector, backed by over 30 years of proven performance. • Expanding into new markets with integrated bioenergy packages that include boilers, turbines, Empty Fruit Bunch (“EFB”) presses, and EPC services. • Strengthening our after-sales service hubs in key markets like Indonesia to support long-term system reliability. • Collaborating with regional stakeholders to support rural electrification and sustainable industrial growth. Wasco’s Responses: 2
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