55 SECTION 3 VALUE CREATION INTEGRATED ANNUAL REPORT 2025 Linked to: F M H Capitals M6 M10 M14 M21 Material Matters EXPANDING OUR GLOBAL PRESENCE AND ENERGY TRANSITION POSITIONING • Energy Transition Order Book Reaches 51% – Energy Transition and Green projects grew from 22% of the order book at the beginning of 2025 to 51% by the year-end, up from just 10% at the start of 2024. This is the most significant commercial validation of our transition strategy to date, reflecting a fundamental shift in the composition of Wasco’s revenue base driven entirely by live project execution. • Wasco Greenergy – First Biomass Utility Contract in Johor – Wasco Greenergy secured a contract to engineer and build a biomass steam utility facility in Johor, supporting a customer’s transition towards loweremission industrial energy. Once operational, the project is expected to reduce more than 75,000 tonnes of CO2e annually, a tangible demonstration of how Wasco’s engineering capabilities are being applied directly to transition-linked industrial infrastructure. • Green Steel and CCS: A major green steel project reached a significant milestone at the closing of 2025, establishing Wasco’s first fully operational green steel EPC reference. Simultaneously, CCS pipeline coating scopes were delivered in Europe. Projects that were aspirational last year are now completed or near-complete references that strengthen our credentials for the next generation of low-carbon infrastructure opportunities. • West Africa: Wasco secured and began executing a major E-house module fabrication contract, establishing a live fabrication presence in West Africa. The successful commencement of this scope at our Batam facility – supported by our 300-metre marine loadout jetty – demonstrates our ability to execute sophisticated integrated modules for global offshore infrastructure. • Middle East: Delivered Through Volatility – Despite the June 2025 geopolitical conflict, Middle East substation packages reached 74% revenue recognition on schedule, a testament to our operational resilience and the durability of GCC NOC capital expenditure programmes. This reinforces Wasco’s standing as a reliable execution partner in one of the world’s most strategically important energy markets. • Sustaining a Majority Energy Transition Order Book – Building on the reference projects established in 2025, we will prioritise the pursuit of CCS, hydrogen pipeline, green industrial EPC, and biomass power scopes to sustain and grow our energy transition order book weighting above the 50% threshold embedding the transition not as a target, but as the natural composition of our business. • Deepening West Africa and Southeast Asia Presence – The ongoing execution of a major deepwater FPSO through 2026 will further solidify our West African footprint, strengthening our credentials for future deepwater fabrication tenders in the region. In Southeast Asia, RM43.7 million of Wasco Greenergy IPO proceeds are being deployed to expand our Indonesian bioenergy service network and pursue new market entry opportunities in Vietnam, Thailand, and the Philippines. • Advancing CCS and Hydrogen Pipeline Qualifications – We will deepen our technical qualifications for CCS and hydrogen pipeline coating across the global plant network, positioning Pipeline Services to compete for a growing pipeline of low-carbon infrastructure projects across the North Sea, North Africa, and Southeast Asia building on the live execution references established in 2025. 2025 Progress Moving Forward In 2024, expanding into renewable energy and the Middle East were articulated as a strategic direction, supported by early indicators of progress. In 2025, both became active, revenue-generating realities. Alongside new geographies and project categories, Wasco’s Energy Transition order book crossed the majority threshold for the first time not through repositioning, but through secured project wins that have materially broadened our addressable market. STRATEGIC ROADMAP & PROGRESS
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