INTEGRATED ANNUAL REPORT 2025 u Powered by Partnership u Driven by Purpose u UNLOCKING POTENTIAL
UNLOCKING POTENTIAL Powered by Partnership • Driven by Purpose The theme “Unlocking Potential” reflects Wasco Berhad’s (“Wasco” or the “Group”) transformative journey in 2025 - a year of strategic recalibration, organisational strengthening, and purposeful value creation. It captures how we have unlocked strength from within by aligning our portfolio through selective divestment, empowering our people, reinforcing partnerships, and expanding our global delivery capacity across our facilities. These milestones, alongside the listing of Wasco Greenergy Berhad (“Wasco Greenergy”) and our sustainability achievements, demonstrate our disciplined approach to long-term growth. The cover design features a vibrant forest landscape rich with flora and fauna, drawing direct inspiration from our Wasco Forest initiative - a living embodiment of our commitment to environmental stewardship and community impact. This forest imagery powerfully illustrates the biodiversity thriving in our Wasco Forest Phase 1 located in Pahang - from towering trees to ground vegetation, from endangered species to roaming wildlife. The interplay of natural elements also symbolises the layered complexity of our operations: operational excellence, renewable energy innovation, global expansion, and human capital development, all growing from shared values and common purpose. “Powered by Partnership. Driven by Purpose” serves as our essence line - the foundation that guides how we build and grow. It echoes our belief that progress is accelerated when capabilities, insights, and strengths are shared across the organisation and with our partners. The design conveys how we are not just building infrastructure and energy solutions, but cultivating lasting value - rooted in sustainability, branching into new opportunities, and creating an ecosystem where business, people, and planet thrive together. All images shown here are from Wasco’s biodiversity study conducted in collaboration with Universiti Putra Malaysia (“UPM”). For more information, refer to our website at www.wascoenergy.com/wasco-forest.php.
INSIDE THIS REPORT 2 About This Report 4 Who We Are 6 Where We Operate & What We Do 8 Our Competitive Strengths 10 Corporate Information 12 2025 Key Performance Highlights 14 2025 in Focus 17 2025 Key Significant Events OVERVIEW OF WASCO BERHAD SECTION 1 KEY MESSAGES 18 Chairman and Managing Director/ Group Chief Executive Officer’s Statement 22 Chief Financial Officer’s Review 26 Financial Highlights 28 Business Review SECTION 2 VALUE CREATION 34 Value Creation Model 42 Key Market Trends 51 Strategic Roadmap & Progress 57 Key Risk & Mitigation Strategies SECTION 3 62 Chief Strategy Officer’s Statement 65 About This Report 67 Sustainability Across Our Operations 73 Stakeholder Engagement 79 Double Materiality 88 Sustainability Risk Management 92 Targets and Performance Scorecard 95 Economic 97 Environmental 115 Social 124 Governance 127 ESG Performance Data 130 Bursa Malaysia CSI Platform Table 136 Bursa Malaysia Sustainability Reporting Data (Year 2023 & 2024) 138 GRI Content Index 142 Independent Limited Assurance Report SUSTAINABILITY JOURNEY SECTION 4 Online Version This report and additional information on Wasco are available online at our corporate website, www.wascoenergy.com.
COMMITMENT TO GOVERNANCE 147 Profile of Board of Directors 155 Profile of Key Senior Management Team 159 Audit Committee 164 Nomination and Remuneration Committee 170 Board Sustainability Committee 175 Corporate Governance Overview Statement 197 Additional Compliance Information 201 Statement on Risk Management and Internal Control 204 Statement of Directors’ Responsibility SECTION 5 FINANCIAL STATEMENTS 206 Directors’ Report 211 Statement by Directors 211 Statutory Declaration 212 Independent Auditors’ Report 217 Statements of Financial Position 219 Statements of Profit or Loss 220 Statements of Other Comprehensive Income 221 Consolidated Statement of Changes in Equity 223 Company Statement of Changes in Equity 224 Statements of Cash Flows 227 Notes to the Financial Statements SECTION 6 OTHER INFORMATION 327 Summary of Significant Recurrent Related Party Transactions 328 Top 10 List of Properties 330 Analysis of Shareholdings 334 Notice of Twenty-Sixth Annual General Meeting 340 Statement Accompanying Notice of Twenty-Sixth Annual General Meeting Proxy Form SECTION 7 TWENTY-SIXTH ANNUAL GENERAL MEETING 26TH 4.00 p.m. Tuesday, 19 May 2026 https://maps.app.goo.gl/ aFxXEGjKqn37PyzJ9 Wild Rice Ballroom, Level 9, St. Giles Boulevard, The Boulevard, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur
2 WASCO BERHAD SECTION 1 OVERVIEW OF WASCO BERHAD SCOPE AND BOUNDARY OF REPORTING This Integrated Annual Report (“IAR”) covers the financial year (“FY”) from 1 January 2025 to 31 December 2025, unless otherwise stated. Information presented relates to the activities of the Group comprising our subsidiaries, joint operations, joint ventures and associates. FORWARD-LOOKING STATEMENTS This report contains certain forward-looking statements relating to future performance. These statements and forecasts are based on current assumptions and circumstances, which could change, hence involve uncertainty. Various factors could cause actual results to differ materially from those expressed or implied by these forward-looking statements. OUR TARGETED READERS This is our primary report to stakeholders and is intended to address the information requirements of long-term investors (our equity and prospective investors). We also present information relevant to the way we create value for other key stakeholders, including our employees, clients, business partners, regulators, and communities. ABOUT THIS REPORT MATERIALITY The information presented in this report addresses matters that are most material to our business and stakeholder value. We identify, prioritise, and validate our material matters via a double materiality assessment. INDEPENDENT COMBINED ASSURANCE STATEMENT The credibility of this report is supported by strong governance practices. Assurance for this report is provided by our Board of Directors, with independent verification by PricewaterhouseCoopers PLT, Malaysia (“PwC”) our external auditors, who audit the financial information and provide limited assurance on selected non-financial disclosures. FEEDBACK We look forward to receiving and responding to any feedback on this report from our stakeholders. Please channel your feedback or query to: Chief Strategy Officer Address: Suite 19.01, Level 19, The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur, Malaysia Tel : +603-2685 6800 E-mail : enquiry.investorrelations@wascoenergy.com
3 SECTION 1 OVERVIEW OF WASCO BERHAD INTEGRATED ANNUAL REPORT 2025 Financial Capital Securing funding from capital providers is instrumental in supporting our business operations, augmenting the cash flow derived from both operational and investment sources. F Human Capital Wasco’s unwavering commitment to nurturing a highly skilled regional workforce underscores our dedication to harnessing human capital as a pivotal asset in achieving our corporate objectives. H Manufactured Capital Our state-of-the-art facilities, strategically positioned around the world, highlight our global reach and expertise. M I Intellectual Capital Our competitive edge in the energy industry is driven by our strong intellectual capital which encompasses our team’s specialised capabilities and innovation, allowing us to adapt swiftly and lead the sector. Social & Relationship Capital Our commitment transcends stakeholders, to encompass the communities where we operate, fostering collaboration, shared success, and responsible engagement. S Natural Capital Our commitment to preserving capital drives sustainability. We minimise environmental impact, protect biodiversity, and manage resources responsibly for a sustainable future. N ABOUT THIS REPORT LEGENDS AND ICONS Our Six Capitals Stakeholders UNSDG Material Matters Greenhouse Gas Energy Management Water Waste Management Climate Change Energy Transition Biodiversity Human Rights M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 M13 M14 M15 M16 M17 M18 M19 M20 M21 Labour Practices Training and Development Health and Safety Diversity, Equity, and Inclusion Product Quality Product Design Responsible Supply Chain Practices Local Communities Marketing and Communications Digitalisation Social Engagement Business Ethics Sustainable Finance Government & Regulators Media Employees Shareholders & Investors Customers Suppliers & Contractors Local Communities Financial Institutions Partners & Principals OUR APPROACH TO DELIVERING IMPACT is aligned to the United Nations Sustainable Development Goals (“UNSDGs”). We prioritised 9 out of the 17 goals based on our ability to deliver the most significant impact through our core business.
4 WASCO BERHAD SECTION 1 OVERVIEW OF WASCO BERHAD WHO WE ARE At Wasco, our core values of partnership and commitment are the foundation of who we are. These principles are deeply embedded in our vision, mission, and operational standards, shaping our identity and the way we engage with the industries we serve. As we elevate our services in the global energy landscape, our values play a crucial role in driving our cultural transformation. This dynamic synergy is designed to align with the next phase of growth, reinforcing a workplace culture that reflects our beliefs, philosophies, and priorities. Beyond shaping our internal identity, these values also strengthen our dedication to delivering innovative and value-driven solutions to our stakeholders. They serve as a guiding force in our commitment to energy transition, ensuring sustainability remains at the heart of our journey. As we move forward, our shared values not only honour our legacy, but also set a clear direction for the future - one built on partnership, commitment, and proactive engagement in shaping a more sustainable energy landscape. Wasco’s Cultural Beliefs
5 SECTION 1 OVERVIEW OF WASCO BERHAD INTEGRATED ANNUAL REPORT 2025 WHO WE ARE To accelerate the global energy transition while enhancing value for all our stakeholders. Our mission is a powerful call to action, transcending the traditional company role. We are committed to leading the charge in accelerating the global energy transition, driving meaningful value for all stakeholders along the way. Our Mission To deliver reliable and competitive solutions to the energy industry with net-zero carbon emissions by the year 2026. Guided by our vision, we are dedicated to delivering reliable energy solutions and achieving net-zero carbon emissions for Scope 1 and 2 by 2026. As we progress through our target year of 2026, we are on track to meet our emissions targets this year. Refer to the Sustainability Journey on pages 99 to 100 of this IAR for more information. Our Vision Grounded in partnership, driven by commitment - these values define who we are, how we work, and how we grow. Our Core Values Safety Intolerant to Waste Integrity Socially Responsible Committed to Customers Performance Based Passion
6 WASCO BERHAD SECTION 1 OVERVIEW OF WASCO BERHAD WHERE WE OPERATE & WHAT WE DO PIPELINE SERVICES Wasco is a recognised leader in pipeline coatings and offshore corrosion protection, serving diverse energy sectors with integrated solutions to support complete pipeline infrastructure needs. ENGINEERING & FABRICATION SERVICES Wasco delivers agile, integrated Engineering, Procurement, and Construction (“EPC”) and modular fabrication solutions for the global energy sector, operating from strategically located facilities in Southeast and the Middle East. With a strong presence in Malaysia, we have successfully expanded our footprint across 14 countries worldwide CANADA Regina USA Louisiana
7 SECTION 1 OVERVIEW OF WASCO BERHAD INTEGRATED ANNUAL REPORT 2025 WHERE WE OPERATE & WHAT WE DO BIOENERGY SERVICES Wasco’s bioenergy services through Wasco Greenergy delivers Engineering, Procurement, Construction, and Commissioning (“EPCC”) services for biomass steam energy systems and steam turbine generator systems, supporting more than 1,500 customers in optimising industrial energy efficiency, reliability, and advancing long-term decarbonisation goals. Office Plant Yard Service Centre QATAR Doha DUBAI Jafza INDIA Gujarat MALAYSIA Kuala Lumpur (HQ) Pahang, Selangor, Sabah CHINA Hubei INDONESIA Batam Medan Banjar Baru Pangakalan Bun SINGAPORE UNITED KINGDOM Hartlepool NETHERLANDS Enschede ITALY Padua TANZANIA Dar Es Salaam Sojo AUSTRALIA Brisbane
8 WASCO BERHAD SECTION 1 OVERVIEW OF WASCO BERHAD OUR COMPETITIVE STRENGTHS Wasco’s competitive strengths are built on decades of engineering expertise, a diversified global footprint, and an expanding presence in energy transition-aligned infrastructure. Together, these capabilities enable the Group to deliver complex projects reliably while positioning the business for long-term growth as the global energy landscape continues to evolve. Across our businesses, engineering expertise, fabrication capabilities, and specialised infrastructure solutions reinforce one another, allowing Wasco to support clients across multiple stages of the energy value chain while deploying our capabilities where opportunities arise globally. Wasco supports the development of critical energy infrastructure by combining engineering expertise, fabrication capabilities, and specialised industrial solutions within a single platform. This integrated approach allows the Group to contribute across multiple stages of complex energy projects, strengthening coordination, improving execution efficiency, and enabling clients to deliver large-scale infrastructure reliably. A PLATFORM BUILT FOR THE ENERGY TRANSITION Wasco operates across multiple segments of the energy infrastructure value chain, spanning pipelines, engineering and fabrication, and renewable energy solutions. With operations in 14 countries, this diversified platform allows the Group to balance exposure across markets and redeploy capabilities as demand shifts across the global energy cycle. DIVERSIFIED ENERGY INFRASTRUCTURE PLATFORM INTEGRATED ENERGY INFRASTRUCTURE SOLUTIONS
9 SECTION 1 OVERVIEW OF WASCO BERHAD INTEGRATED ANNUAL REPORT 2025 As the energy sector evolves, access to the right forms of capital becomes increasingly important. Wasco has positioned itself within the region’s transition financing landscape through the launch of ASEAN’s first Sustainable & Transition Finance Framework (“STFF”) with USD25.0 million sustainability-linked financing secured under the framework to support investments aligned with the region’s decarbonisation pathway. OUR COMPETITIVE STRENGTHS Through Wasco Greenergy, the Group is developing a renewable steam and bioenergy platform that builds on its engineering expertise and long-standing industrial relationships. This positions Wasco to participate in the region’s transition toward lower-carbon energy solutions while remaining closely connected to the industries it has served for decades. ACCESS TO TRANSITION-ALIGNED FINANCING GROWING RENEWABLE ENERGY PLATFORM Wasco has built a strong track record in delivering technically demanding projects across the global energy industry. Our teams regularly operate in environments where reliability, safety, and precision are essential, enabling the Group to establish long-standing relationships with leading international energy operators and industrial clients. PROVEN DELIVERY OF COMPLEX ENERGY PROJECTS
10 WASCO BERHAD SECTION 1 OVERVIEW OF WASCO BERHAD CORPORATE INFORMATION DATO’ SERI ROBERT TAN CHUNG MENG Non-Independent Non-Executive Chairman GIAN CARLO MACCAGNO Managing Director/ Group Chief Executive Officer TAN SRI SAW CHOO BOON Senior Independent Non-Executive Director DATIN WAN DANEENA LIZA BINTI WAN ABDUL RAHMAN Independent Non-Executive Director LILY ROZITA BINTI MOHAMAD KHAIRI Independent Non-Executive Director HALIM BIN HAJI DIN Non-Independent Non-Executive Director TAN SRI PROFESSOR LIN SEE YAN Non-Independent Non-Executive Director TAN JIAN HONG, AARON Non-Independent Non-Executive Director DIRECTORS
11 SECTION 1 OVERVIEW OF WASCO BERHAD INTEGRATED ANNUAL REPORT 2025 CORPORATE INFORMATION GROUP COMPANY SECRETARY Woo Ying Pun (MAICSA 7001280) SSM Practicing Certificate No. 201908002179 AUDITORS PricewaterhouseCoopers PLT (LLP0014401 – LCA & AF 1146) Chartered Accountants Level 10, Menara TH 1 Sentral Jalan Rakyat Kuala Lumpur Sentral 50706 Kuala Lumpur Malaysia SOLICITORS Rahmat Lim & Partners PRINCIPAL BANKERS HSBC Bank Group Malayan Banking Berhad OCBC Bank Group RHB Bank Berhad PRINCIPAL ADVISERS Maybank Investment Bank Berhad RHB Investment Bank Berhad CIMB Investment Bank Berhad SHARE REGISTRAR Tricor Investor & Issuing House Services Sdn. Bhd. Unit 32-01, Level 32, Tower A Vertical Business Suite, Avenue 3, Bangsar South No. 8, Jalan Kerinchi, 59200 Kuala Lumpur Malaysia Tel : 603-2783 9299 Email : is.enquiry@vistra.com AUDIT COMMITTEE Chairman Datin Wan Daneena Liza Binti Wan Abdul Rahman Member Halim Bin Haji Din Tan Sri Saw Choo Boon NOMINATION & REMUNERATION COMMITTEE Chairman Tan Sri Saw Choo Boon Member Tan Sri Professor Lin See Yan Lily Rozita Binti Mohamad Khairi BOARD SUSTAINABILITY COMMITTEE Chairman Lily Rozita Binti Mohamad Khairi Member Tan Sri Professor Lin See Yan Datin Wan Daneena Liza Binti Wan Abdul Rahman REGISTERED OFFICE ADDRESS Suite 19.01, Level 19 The Gardens North Tower Mid Valley City Lingkaran Syed Putra 59200 Kuala Lumpur Malaysia Tel : 603-2685 6800 Fax : 603- 2685 6999 Email : enquiry@wascoenergy.com Website : www.wascoenergy.com PRINCIPAL PLACE OF BUSINESS Suite 19.01, Level 19 The Gardens North Tower Mid Valley City Lingkaran Syed Putra 59200 Kuala Lumpur Malaysia Tel : 603-2685 6800 Fax : 603-2685 6999 STOCK EXCHANGE LISTING Main Market of Bursa Malaysia Securities Berhad DATE OF LISTING 9 July 2002 CATEGORY Sector : Energy Sub-Sector : Energy Infrastructure, Equipment & Services STOCK CODE 5142 STOCK NAME WASCO
12 WASCO BERHAD SECTION 1 OVERVIEW OF WASCO BERHAD FINANCIAL PERFORMANCE RM2.6 billion Revenue FY2024: RM3.2 billion RM198.1 million Profit Before Tax FY2024: RM221.1 million RM158.3 million Net Profit FY2024: RM164.5 million BUSINESS PERFORMANCE SUSTAINABILITY PERFORMANCE Launched the second phase of Wasco Forest as part of our 30-year commitment to biodiversity, communities, and science with the vision of planting one million trees in Pahang. Launched Wasco Women Action Network (“WWAN”) globally in conjunction with International Women’s Day 2025, celebrating women empowerment through mentorships, training, and recognition initiatives. 2025 KEY PERFORMANCE HIGHLIGHTS Listing of Wasco’s bioenergy services, Wasco Greenergy, on the Main Market of Bursa Malaysia Securities Berhad. Successful completion of pipeline insulation and coating services for the East African Crude Oil Pipeline (“EACOP”) project in Tanzania, with five million cumulative work hours without a single Lost Time Incident (“LTI”), spanning both construction and operational phases. Secured a major contract for the fabrication of pre-assembled modules supporting large-scale low-carbon infrastructure project valued between USD150.0 million and USD200.0 million.
13 SECTION 1 OVERVIEW OF WASCO BERHAD INTEGRATED ANNUAL REPORT 2025 Recognised by PETRONAS for Wasco Coating Malaysia’s achievement in LTI-Free Execution in coating services for linepipes and bends for the year 2025. 2025 KEY PERFORMANCE HIGHLIGHTS Awarded with an EPCC contract by Jaycorp Green Energy Sdn. Bhd. for a 70-tonne-per-hour biomass steam utility plant in the Pasir Gudang Industrial Zone, Johor. Launched a 25,000 m2 fabrication yard in Dubai’s Jebel Ali Free Zone (“Jafza”), followed by the inauguration of its new modular fabrication facility to support large-scale energy and industrial developments across the region. Secured the Governor’s Award presented in conjunction with the 23rd Anniversary of the Riau Islands Province for Wasco Engineering Indonesia’s commitment to empowering people’s safety and strengthening communities through sustainable job creation, continuous employee training, and long-term capability development. Wasco has emerged among the top five employers in the Riau Islands Province. Won the Best AI Solution - Corporate Award at the Qatar Digital Business Awards 2025 for our CARE Card Advanced Analytics (“CCAA”) platform, celebrating AI-powered safety intelligence that transforms over 100,000 multilingual safety observations into predictive insights and proactive safety decisions. Achieved an improved FTSE Russell ESG Score of 4.4, up from 4.1 a year earlier, placing Wasco in the 98th percentile within the Industry Classification Benchmark (“ICB”) for the Oil Equipment & Services sector. Recognised as Company of the Year (Energy Solutions) for Sustainability Leadership at the CSR Malaysia Awards 2025 for our commitment to purposedriven sustainability. Clinched the Gold award for the Energy sector at The Edge ESG Awards 2025 in recognition of our excellence in environmental, social and governance (“ESG”) practices. Recognised as a 3-Star Lister in the UN Global Compact Network Malaysia & Brunei (“UNGCMYB”) ESG Select List 2025 - marking Wasco as the first energy services company to be featured under this inaugural programme. A total of 170,267 lives benefitted from Wasco’s social impact projects. A total of RM342,929 was invested in community initiatives. A total of 10,759 volunteer man-hours were contributed in 2025. Successfully maintained the MS ISO 37001:2016 Anti-Bribery Management System (“ABMS”) certification. Trained and equipped 125 young Tanzanians from communities along the EACOP corridor through a six-month programme combining classroom and hands-on learning in electrical installation, motor vehicle mechanics, welding, masonry, and handloom weaving. Total rainwater harvested in 2025 amounted to 14,917 m3. 8,666 MWh electricity saved during the year throughout Wasco’s business and operations.
14 WASCO BERHAD SECTION 1 OVERVIEW OF WASCO BERHAD WASCO FOREST – A LIVING LEGACY Restoring degraded forest landscapes while supporting the gradual return of biodiversity 2025 IN FOCUS
15 SECTION 1 OVERVIEW OF WASCO BERHAD INTEGRATED ANNUAL REPORT 2025 Environmental Stewardship Wasco Forest reflects the Group’s long-term commitment to restoring natural ecosystems while contributing to broader environmental stewardship. The initiative focuses on rehabilitating degraded forest land through the planting of native species, enabling the gradual return of biodiversity over time. Located within the Berkelah Forest Reserve in Maran, Pahang, Wasco Forest sits within Malaysia’s Central Forest Spine, an important ecological corridor that connects several forest reserves across Peninsular Malaysia and supports the movement of wildlife between habitats. Since the launch of the initiative in 2021, Wasco has planted 160,000 trees across 100 hectares, using a mix of native species suited to the local hill dipterocarp forest ecosystem. The objective is not simply tree planting, but the gradual restoration of a functioning forest landscape capable of supporting diverse flora and fauna. Thriving Biodiversity In 2025, Wasco commissioned a Rapid Biodiversity Assessment to evaluate the ecological recovery of the site three years after the reforestation programme began. The study documented a growing diversity of flora and fauna within the restored forest area, including mammals, birds, reptiles, and amphibians that serve as indicators of improving habitat conditions. Encouragingly, the survey recorded signs of wildlife activity, including species such as Wild Boar, Mainland Leopard Cat, and Malayan Tapir, alongside a range of forest bird species and reptiles. These early observations suggest that the restored forest is beginning to provide the food sources, shelter, and habitat connectivity required to support wildlife. The biodiversity assessment also establishes a scientific baseline that will enable Wasco to monitor ecosystem recovery and biodiversity development in the years ahead. Why it Matters Healthy forest ecosystems play a critical role in supporting biodiversity, strengthening climate resilience, and preserving Malaysia’s natural ecological corridors. 2025 IN FOCUS 1 mil trees (target) 160,000 trees planted (Phase 1) 770 ha secured (100 ha + 670 ha) 87% survival rate
The Next Phase Building on the progress achieved in Phase 1, Wasco launched Phase 2 of the Wasco Forest initiative in 2025, expanding the programme to 770 hectares, with a long-term ambition to plant one million trees. This next phase places greater emphasis on forest enrichment and long-term ecosystem restoration to strengthen biodiversity outcomes. For Wasco, forest restoration is a long-term commitment. The early return of wildlife provides encouraging evidence that the ecosystem is beginning to recover. 16 WASCO BERHAD SECTION 1 OVERVIEW OF WASCO BERHAD 2025 IN FOCUS Before (July 2021) After (September 2025) Positive Environmental Impact Long-term sequestration 40,000 tCO2 projection by 2040 from Phase 1 Biodiversity Study Q4 2025 Baseline study conducted Further biodiversity monitoring and studies planned in 2026 Community Engagement Orang Asli involvement Local vendors & SMEs support Future social impact projects & education opportunities “Wasco Forest represents our long-term commitment to reforestation and biodiversity, honouring the land and community in Pahang that have been home to us for over three decades. – Gian Carlo Maccagno, Managing Director/Group Chief Executive Officer ” Environmental and Community Impact Scan here for more information on Phase 2 of our Wasco Forest initiative.
2025 KEY SIGNIFICANT EVENTS 17 SECTION 1 OVERVIEW OF WASCO BERHAD INTEGRATED ANNUAL REPORT 2025 Exhibited at the Abu Dhabi International Petroleum Exhibition & Conference (“ADIPEC”) 2025, showcasing how we combine engineering excellence, digital innovation, and sustainable energy solutions to power industry transformation. Hosted our inaugural Wasco Sustainability Day 2025, bringing together over 200 participants to spotlight responsible growth across our value chain. Collaborated with CGS International to host analysts and investors for a site visit to Batam, showcasing our fabrication capabilities, technical expertise, and project pipeline. Handed over 26 solar panels to Pusat Pendidikan Az Zahra Al Batul, combining education and sustainability in one purposeful initiative. Supported the International Malaysia Project Excellence Conference (“IMPEC”) 2025 as a Bronze Sponsor. Launched the second phase of our flagship Wasco Forest initiative, officiated by His Royal Highness the Sultan of Pahang and graced by the presence of Her Royal Highness the Tengku Ampuan Pahang, the Menteri Besar of Pahang, and over 200 corporate and industry leaders, reflecting strong support for the initiative. Hosted our annual Wasco Corporate Raya Open House 2025, welcoming key clients and stakeholders alongside local orphanages, with vibrant performances by students from our collaborating schools. Participated in 46th World AI Show through the forum ‘AI in Manufacturing: Powering the Future of Industry 4.0’ with Wasco’s Chief Information Officer, Tee Tze Phei as a featured speaker. Gathered nearly 100 golfers at our Yayasan Wasco Charity Golf Tournament 2025, supporting meaningful initiatives aimed at uplifting communities and changing lives.
18 WASCO BERHAD SECTION 2 KEY MESSAGES DEAR VALUED SHAREHOLDERS, Demand for reliable energy remains strong even as investment accelerates across renewables, electrification, grid infrastructure, energy storage, and carbon reduction technologies. Ensuring these systems operate safely and reliably requires continued investment not only in new energy sources, but also in the infrastructure that supports them. Recent geopolitical developments, the war between Russia and Ukraine, and tensions in the Middle East, underscore how central energy infrastructure remains to global stability. Disruptions to supply routes and critical facilities highlight the importance of resilient infrastructure systems capable of supporting both economic growth and long-term energy security. CHAIRMAN AND MANAGING DIRECTOR/ GROUP CHIEF EXECUTIVE OFFICER’S STATEMENT GIAN CARLO MACCAGNO Managing Director/Group Chief Executive Officer DATO’ SERI ROBERT TAN CHUNG MENG Chairman RM2.6 billion FY2024: RM3.2 billion Revenue RM160.5 million FY2024: RM153.0 million PATMI RM2.8 billion FY2024: RM2.5 billion Order book
19 SECTION 2 KEY MESSAGES INTEGRATED ANNUAL REPORT 2025 “ ” CHAIRMAN AND MANAGING DIRECTOR/ GROUP CHIEF EXECUTIVE OFFICER’S STATEMENT Unlocking Potential: Powered by Partnership, Driven by Purpose 2025 marked a year where the capabilities that Wasco has steadily built continue to unlock greater value, strengthening our role in supporting critical energy infrastructure while delivering sustainable and consistent returns to our shareholders. In this environment, the world does not simply require new sources of energy – it requires more infrastructure to deliver that energy safely, reliably, and sustainably. Companies that are capable of delivering complex energy infrastructure, therefore, play an increasingly important role in enabling both energy security and the transition towards lower-emission energy systems. For Wasco, this evolving landscape reinforces the relevance of what we have been steadily building over many years – capabilities that enable the Group to support energy infrastructure developments across geographies while remaining anchored in execution strength, financial discipline, and long-term shareholder value. At the heart of these capabilities are our people. Across our operations and project sites around the world, their experience, discipline, and commitment continue to be the foundation of what we deliver as a Group. Our focus remains clear: to build sustainably, to operate with discipline, and to ensure our shareholders benefit from that progress. DELIVERING SUSTAINABLE VALUE TO OUR SHAREHOLDERS Despite expanding across geographies and participating in increasingly transition-linked projects, our commitment to financial prudence remains unchanged. Growth must go hand in hand with capital stewardship. For the financial year ended 31 December 2025, Wasco recorded revenue of RM2.6 billion and Profit After Tax And Minority Interests (”PATMI”) of RM160.5 million, the best results ever for our Group, supported by steady execution across our businesses and a resilient order book of RM2.8 billion. The Board declared total single-tier dividends of 7 sen per share during the financial year. This reflects the Group’s commitment to delivering consistent shareholder returns, while maintaining the financial flexibility needed to support long-term growth. Maintaining this financial resilience enables Wasco to continue investing for the future while ensuring our shareholders participate in the value created. For a detailed financial performance review, please refer to the Chief Financial Officer’s Review on pages 22 to 25. CAPABILITIES BUILT FOR GLOBAL ENERGY INFRASTRUCTURE Over the past decade, Wasco has steadily built engineering, fabrication, and specialised energy infrastructure capabilities, expanding its operational footprint across Asia and, more recently, the Middle East. This growing footprint enables the Group to support complex energy infrastructure developments across multiple regions while maintaining consistent operational standards and technical expertise. A key milestone in this journey has been the continued strengthening of our fabrication platform in Batam, Indonesia, which has evolved into the Group’s EPC hub supporting modular energy infrastructure delivery. Today, the facility spans approximately 38.0 hectares, with a fabrication capacity of around 75,000 metric tonnes annually, enabling Wasco to deliver increasingly complex process modules, E-houses, and critical energy infrastructure components.
20 WASCO BERHAD SECTION 2 KEY MESSAGES Over time, the Group has invested approximately USD43.2 million to acquire and progressively enhance our Batam facility. This includes expanded, fully concreted assembly and laydown areas, advanced automation systems, enhanced exotic-piping capabilities, and one of Southeast Asia’s largest purpose-built blasting and painting chambers, supported by integrated engineering and workforce training capabilities. These physical enhancements are complemented by in-house engineering expertise across process, structural, and electrical disciplines, supported by advanced digital engineering tools and simulation capabilities, positioning Batam as a regional centre of execution excellence. A further step-change in capability has been the completion of a 300-metre dedicated marine loadout jetty, capable of handling modules of up to 10,000 metric tonnes. This enables large structures to be transferred directly onto ocean-going vessels, improving logistics efficiency while strengthening our ability to support large-scale offshore, Liquefied Natural Gas (“LNG”) and transition-linked developments. Strategically located within a Free Trade Zone and along key Southeast Asian shipping routes, the Batam yard provides a cost-efficient and logistically advantaged platform to serve projects across Asia Pacific and the Middle East. Importantly, these investments are now translating into the scale and complexity of projects that Wasco is entrusted to deliver. During the year, Wasco secured a major contract from Technip Energies Italy S.p.A. for the fabrication of pre-assembled modules supporting a large-scale low-carbon infrastructure project. Valued between USD150.0 million and USD200.0 million, the project provides approximately 37 months of execution visibility and demonstrates how the Group’s capabilities are increasingly being applied to transition-linked developments. Taken together, these developments illustrate a broader theme: capabilities built with discipline over time are now directly supporting transition-linked and lower-emission infrastructure at scale. We built this platform over many years. Today, its relevance is expanding alongside the evolution of the global energy system. Further operational highlights are provided in the Business Review section on pages 28 to 33. WASCO GREENERGY: EXPANDING OUR ENERGY INFRASTRUCTURE PLATFORM The successful listing of Wasco Greenergy during the year marked an important milestone for the Group. For the first time, the capital market independently recognised a Wasco business as a renewable energy platform. During the financial year, Wasco Greenergy secured a contract to engineer and build a biomass steam utility facility in Johor, supporting a customer’s transition towards lower-emission industrial energy. Once operational, the project is expected to reduce more than 75,000 tonnes of CO2e annually, demonstrating how Wasco’s engineering and industrial capabilities are increasingly being applied to transition-linked infrastructure. This development reflects deliberate long-term positioning that extends our infrastructure expertise into adjacent segments aligned with decarbonisation and industrial efficiency. STRENGTHENING OUR FOUNDATIONS: PEOPLE, PLANET, AND PERFORMANCE The strength of Wasco’s platform ultimately rests not only on what we deliver, but on how we operate and continue to evolve. Across our global operations, the Group continues to strengthen environmental stewardship, responsible supply chain engagement, and operational discipline. From environmental initiatives across our facilities in Malaysia and Indonesia, to community training programmes in Tanzania, and responsible supply chain engagement through the Sustainable Transformation and Ethical Partnership (“STEP”) Programme, Wasco continues to embed responsible practices into everyday operations, supported by ongoing investments in safety culture, workforce development, and digitalisation. Building on this, the Group has continued to advance its Digital pillar, focused on strengthening operational visibility, enhancing execution, and enabling more informed decision-making across our global operations. This includes the progressive deployment of enterprise-wide artificial intelligence (“AI”) capabilities, anchored by the Wasco AI Universe (“WAU”) platform, to augment employees with AI and data-driven insights and improve efficiency across key workflows. CHAIRMAN AND MANAGING DIRECTOR/ GROUP CHIEF EXECUTIVE OFFICER’S STATEMENT
21 SECTION 2 KEY MESSAGES INTEGRATED ANNUAL REPORT 2025 This progress is underpinned by a disciplined approach to governance, risk management, and cyber resilience, reflecting the increasing interconnectedness of our systems, data, and operations. We have continued to strengthen our internal frameworks and controls, aligned with internationally recognised standards of ISO27001:2022, to ensure that our digital capabilities are developed and scaled in a structured and secure manner. As we continue to embed these capabilities across the organisation, our focus remains on aligning digital innovation with long-term business outcomes, reinforcing Wasco’s position as a resilient and forward-looking energy infrastructure solutions provider. A key milestone in 2025 was the continued progress of the Wasco Forest initiative in Pahang, launched in 2021 to restore a degraded forest site within the Berkelah Forest Reserve, which is part of Malaysia’s Central Forest Spine ecological corridor. Over three years, 160,000 native forest trees were replanted across 100 hectares, helping to restore ecological balance within the landscape. An independent Rapid Biodiversity Assessment conducted in late 2025 recorded more than 300 plant species and confirmed the return of endangered wildlife, including the Asian Elephant, Malayan Tapir, and Dhole – an encouraging sign that the restored landscape is beginning to function again as an active wildlife corridor. Building on these encouraging results, Wasco launched Phase 2 of the Wasco Forest programme in 2025, expanding the initiative to 770 hectares with a long-term ambition to plant one million trees. For Wasco, this initiative reflects a broader principle: long-term value creation must extend beyond financial performance into how we operate, restore, and sustain the environments where we work. Operational excellence, environmental stewardship, and financial resilience are interconnected pillars of the same discipline. Further details are available in the Value Creation Model section pages 34 to 41, Strategic Roadmap & Progress pages 51 to 56, as well as the Chief Strategy Officer’s Statement and Sustainability Journey from pages 62 to 146. POSITIONED FOR THE NEXT PHASE OF GROWTH As the global energy system continues to evolve, the need for reliable, well-executed infrastructure will remain fundamental to both energy security and the transition towards lower-emission energy systems. With the capabilities we have built, Wasco is well positioned to support this evolving landscape – delivering complex energy infrastructure projects with the discipline, technical expertise, and operational reliability our customers expect. At the same time, the Group will continue to review how best to deploy its capital and capabilities across its portfolio, ensuring that Wasco remains resilient, adaptable, and focused on long-term value creation. Powered by our people and guided by a clear sense of purpose, Wasco will continue unlocking the potential of the platform we have built – creating sustainable value for our shareholders while supporting the infrastructure that powers economies and communities. CLOSING REFLECTIONS As we reflect on the year behind us, we are reminded that the progress achieved is ultimately the result of the collective efforts of our people, partners, and stakeholders. On behalf of the Board and Management, we would like to thank our employees, customers, shareholders, and partners for their continued trust and support. Their confidence in Wasco strengthens our resolve as we continue building a company that remains disciplined, resilient, and focused on long-term value creation. Thank you. Dato’ Seri Robert Tan Chung Meng Chairman Wasco Berhad Gian Carlo Maccagno Managing Director/Group Chief Executive Officer Wasco Berhad CHAIRMAN AND MANAGING DIRECTOR/ GROUP CHIEF EXECUTIVE OFFICER’S STATEMENT
22 WASCO BERHAD SECTION 2 KEY MESSAGES DEAR VALUED SHAREHOLDERS, FY2025 was characterised by resilient earnings and disciplined capital management, driven by improved operational execution and enhancements to the Group’s capital structure both from operational excellence and the listing of Wasco Greenergy on the Main Market of Bursa Malaysia. Amid evolving geopolitical dynamics and selective global capital deployment across the energy sector, the Group delivered record profitability while materially strengthening its balance sheet and expanding regional execution capabilities. These outcomes reflect the Group’s continued focus on margin discipline, cost optimisation, and prudent capital allocation, thereby reinforcing the financial foundation that supports our long-term growth strategy. CHIEF FINANCIAL OFFICER’S REVIEW FINANCIAL PERFORMANCE Reflecting project phasing across key markets, the Group recorded revenue of RM2.6 billion in FY2025 compared with RM3.2 billion in FY2024. Despite the lower revenue base, earnings quality improved through disciplined project selection and margin management, with Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) margin expanding to 13% (FY2024: 11%). PATMI increased 5% year-on-year to RM160.5 million, marking the highest PATMI recorded by the Group, while Profit Before Tax (“PBT”) reached RM198.1 million. This performance reflects disciplined margin management, cost control, and improved project execution across the Group. OPERATIONAL EFFICIENCY Operational efficiency remained resilient during the year, as reflected in the following return metrics: Metric FY2025 FY2024 Return on Capital Employed (“ROCE”) 15% 21% Return on Equity (“ROE”) 15% 18% Return on Total Assets (“ROTA”) 9% 9% Return metrics moderated compared with FY2024, primarily due to the expansion of the Group’s capital base. Capital and reserves attributable to the owners of the Company increased from RM842.8 million in FY2024 to RM1.0 billion in FY2025, reflecting an increase of 23%. The Group continues to generate healthy returns, supported by disciplined capital deployment and operational execution. This demonstrates the Group’s ability to deliver sustained earnings from its expanded platform.
23 SECTION 2 KEY MESSAGES INTEGRATED ANNUAL REPORT 2025 RAMANATHAN P. R. SINGARAM Chief Financial Officer CHIEF FINANCIAL OFFICER’S REVIEW Total Borrowings RM351.4 million FY2024: RM525.6 million Deposits, Cash & Bank Balances RM400.7 million FY2024: RM352.5 million Net Position Net Cash RM49.3 million FY2024: Net Debt RM173.1 million Gross Gearing 0.34x FY2024: 0.62x Net Gearing - FY2024: 0.21x Net Debt/EBITDA - FY2024: 0.50x CASH FLOW AND BALANCE SHEET The Group generated RM185.2 million in net operating cash, reflecting healthy earningsto-cash conversion and continued discipline in working capital management. The Group transitioned from a net debt position to net cash position during the year, strengthening financial flexibility and positioning the Group to navigate project cycles and pursue selective growth opportunities. Given our international footprint, foreign exchange exposure remains an important consideration. We continue to apply prudent hedging and natural currency matching strategies to mitigate foreign currency volatility. STRATEGIC DEVELOPMENTS AND CAPITAL ALLOCATION A key milestone in FY2025 was the successful listing of Wasco Greenergy. The Group retains a 62.5% equity interest and continues to consolidate Wasco Greenergy within the Group. The Board and Management are evaluating deployment options for IPO proceeds in line with the strategic priorities communicated at listing. These evaluations remain ongoing within our disciplined capital allocation framework. Any material development will be announced in compliance with Bursa Malaysia’s Listing Requirements. Capital expenditure during the financial year amounted to RM111.1 million, primarily directed towards our fabrication yard enhancements and plant upgrades, including the completion of our Dubai engineering yard. This enhances our proximity to clients and strengthens our execution capability in the Middle East. Together with our established pipe coating operations in Kuantan and Qatar, the Group remains strategically positioned within key LNG and gas expansion corridors. Balance Sheet Metrics
24 WASCO BERHAD SECTION 2 KEY MESSAGES Share Price Movement and Volume Traded (2 January 2025 - 31 March 2026)2 Analyst Coverage (As at 25th and 26th February 2026)3 Coverage Summary Total Research Houses Outperform/Buy Neutral Consensus Target Price 6 5 1 RM1.41 Analyst views are independent assessments based on their respective methodologies and assumptions. ORDER BOOK AND MARKET POSITION The Group closed FY2025 with an order book of RM2.8 billion, comprising RM2.6 billion from the Energy Services Segment and RM241.3 million from the Bioenergy Services Segment. Approximately 51% of the order book related to Energy Transition and Green Energy projects. This evolving mix reflects deliberate repositioning towards energy transition infrastructure while maintaining a conventional energy base, supporting near-term margin resilience and positioning the Group for longer-term decarbonisation investment. This is supported by Wasco’s integrated engineering, procurement, fabrication and pipe coating capabilities, which enable execution across both conventional and energy transition projects. SHAREHOLDER RETURNS AND MARKET POSITION For FY2025, the Board declared single-tier dividends totalling 7 sen per share, amounting to approximately RM54.1 million, representing a 33.7% payout ratio and a dividend yield of 7.3%1. The distribution was supported by strong operating cash flow and reflects the Group’s disciplined capital allocation approach that balances shareholder returns with the preservation of financial flexibility. The Group’s market capitalisation and trading activity during the year reflected improved earnings resilience and strengthened financial position, with liquidity consistent with small-cap industrial norms on Bursa Malaysia. 1.40 1.20 1.00 0.80 0.60 0.40 0.20 - 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - Price (RM) January-25 January-26 February-25 February-26 March-25 March-26 April-25 May-25 June-25 July-25 August-25 September-25 October-25 November-25 December-25 Volume (m) Volume (‘000) Close (RM) CHIEF FINANCIAL OFFICER’S REVIEW
25 SECTION 2 KEY MESSAGES INTEGRATED ANNUAL REPORT 2025 OUTLOOK The operating environment as we enter FY2026 continues to reflect a need for measured capital deployment, adapting to evolving geopolitical dynamics, and heightened scrutiny on project returns across global energy markets. In this context, the Group’s priorities remain firmly anchored in financial discipline – selective bidding, margin protection, prudent capital allocation, and liquidity preservation. Particular emphasis will be placed on working capital efficiency and risk-adjusted returns as projects progress across multiple jurisdictions. With a strengthened balance sheet, healthy operating cash flow, and a visible order book, the Group has a resilient financial foundation to pursue disciplined growth opportunities while navigating execution cycles and market variability in the year ahead. Ramanathan P. R. Singaram Chief Financial Officer Wasco Berhad References: 1 Dividend yield is calculated based on the closing share price of Wasco on 25 February 2026, being the date of announcement of the second interim and special dividends. 2 Source: Wasco Berhad Investor Relations, based on internally tracked daily share price data via the Wasco Interactive Stock Charts platform (https://wascoenergy.com/interactive-stock-charts.php). 3 Source: Wasco Berhad Investor Relations, based on respective analyst coverage. CHIEF FINANCIAL OFFICER’S REVIEW
26 WASCO BERHAD SECTION 2 KEY MESSAGES 2021 2022 (Represented) 2023 2024 2025 OPERATING RESULTS Revenue RM’000 1,429,311 2,366,081 2,605,688 3,184,522 2,605,429 EBITDA RM’000 72,356 205,720 350,037 348,241 334,995 Profit/(Loss) before tax RM’000 (100,341) 74,883 218,256 221,059 198,066 Net profit/(loss) RM’000 (111,949) 43,130 154,828 166,320 158,328 Net profit/(loss) attributable to owners of the Company RM’000 (107,484) (6,300) 108,402 153,045 160,540 Basic earnings/(loss) per share sen (13.88) (0.81) 14.00 19.77 20.73 Gross dividend per share sen - - - 2.00 7.00 KEY BALANCE SHEET DATA Total assets RM’000 2,231,441 2,713,450 2,946,650 2,889,641 2,521,181 Capital and reserves attributable to owners of the Company RM’000 588,503 579,994 704,806 842,830 1,036,457 Net assets per share RM 0.76 0.75 0.91 1.09 1.34 PROFITABILITY RATIOS Return on total assets % (3) 4 9 9 9 Return on capital employed % (9) 11 24 21 15 GEARING RATIO Net debt to capital and reserves attributable to owners of the Company Times 0.87 0.79 0.48 0.21 N/A* * Wasco is at net cash position as at 31 December 2025. FINANCIAL HIGHLIGHTS
27 SECTION 2 KEY MESSAGES INTEGRATED ANNUAL REPORT 2025 REVENUE (RM’000) TOTAL ASSETS (RM’000) EBITDA (RM’000) NET ASSETS PER SHARE (sen) FINANCIAL HIGHLIGHTS 2021 2022 2023 2024 2025 2,231,441 2,946,650 2,713,450 2021 2022 2023 2024 2025 0.76 0.91 1.09 2021 2022 2023 2024 2025 0.75 72,356 350,037 205,720 2021 2022 2023 2024 2025 2025 RM334,995 2025 RM1.34 2025 RM2,605,429 2025 RM2,521,181 1,429,311 2,605,688 2,366,081 3,184,522 348,241 2,889,641
28 WASCO BERHAD SECTION 2 KEY MESSAGES BUSINESS REVIEW PIPELINE SERVICES Enhancing pipe longevity through reliable coating solutions OVERVIEW A market leader in pipe coating, spiral welded steel pipe manufacturing and offshore corrosion control systems. Serving the global energy industry through strategically located operations worldwide.
29 SECTION 2 KEY MESSAGES INTEGRATED ANNUAL REPORT 2025 BUSINESS REVIEW KEY INFRASTRUCTURE & CAPACITY • Kuantan, Malaysia i. Total plant area of 830,000 m2 with quayside access. ii. Comprehensive coating services supported by in-house R&D and testing facilities. iii. Specialised in CWC, FBE, 3LPE and 3LPP coatings. iv. Advanced capabilities include CWC thickness of up to 180mm with density ranging from 2,240 – 3,400 kg/m3. • Umm Al Houl Free Zone, Qatar i. Total plant area of 266,000 m2. ii. 230-metre dedicated berth at Marsa Port. iii. Specialised in CWC, FBE, 3LPE and 3LPP coatings. iv. 24/7 operations handling pipes ranging from 6” – 56”. v. ISO 17025-accredited Wasco Laboratory providing certified in-house testing. • Hartlepool, United Kingdom i. Total plant area of 75,000 m2 with quayside access. ii. Specialised in IFC, FBE, 3LPP, 3LPE, and CWC coatings. iii. 24/6 operations handling pipes ranging from 4” to 48”. iv. Advanced capabilities include CWC thickness of up to 120mm with density ranging from 2,240 kgs/m3 to 3,040 kgs/m3. • Kota Kinabalu, Malaysia i. Total plant area of ~87,000 m2 with integrated mill and testing facilities. ii. Specialised and the only API 5L accredited Helical Submerged Arc Welded (“HSAW”) pipe mill in Malaysia with diameters from 508 mm to 2,100 mm and thickness ranging from 6 mm to 26 mm. iii. Equipped with dedicated finger pier jetty of 6 acre, supplying up to 100m length per pile. iv. Annual production capacity of approximately 140,000 MT. CORE CAPABILITIES • Pipeline Services i. Strategic quayside facilities in Malaysia, Qatar and United Kingdom, enabling priority berthing and seamless logistics. ii. Full suite of internal and external coating solutions. iii. ISO 17025-certified laboratory and R&D centre. iv. In-house anode manufacturing and advanced inspection capabilities. • Coating Applications i. Anti-corrosion coatings – FBE/DFBE, AE, 3LPE/3LPP. ii. Concrete weight coating – up to 400 MT/hour. iii. Flow assurance and thermal insulation – PPFOAM, GSPP, GSPU and TSA. iv. Internal flow efficiency coatings. v. Custom and specialty coatings – bends, spools and manifolds. • Performance Range i. Proven in extreme climates ranging from +50°C desert environments to -45°C Arctic winters. ii. CWC thickness of up to 180 mm with density ranging from 2,240 – 3,400 kg/m3. FY2025 PERFORMANCE HIGHLIGHTS • 28.1 million LTI-free man-hours recorded, up 18% from 2024, reflecting continued focus on health and safety. MARKET ENVIRONMENT & OPPORTUNITIES • Demand is driven by: – Continued oil and gas infrastructure development. – Emerging carbon capture and hydrogen pipeline networks globally. Key Priorities Initiatives Achievements • Capitalise on emerging carbon capture and hydrogen pipeline opportunities. • Expand regional coating capabilities. • Strategic execution on Qatar and Malaysia’s Carbon Capture and Storage (“CCS”) projects. • 1,000 km of pipes successfully coated in 2025. • Successful delivery across flagship global energy projects. Challenges & Risks • Cyclical oil and gas demand and commodity price volatility. • International project exposure to political instability, sanctions and regulatory changes. OUTLOOK • Opportunities from the growing demand for CCS, LNG and hydrogen transport infrastructure, with a strong pipeline of carbon capture projects across Europe and Asia. • Completion of key projects demonstrates Wasco’s capability to execute in demanding environments, supported by long-term energy transition demand.
RkJQdWJsaXNoZXIy NDgzMzc=