Dear all,

As 2025 draws to a close, I want to take a moment to warmly reflect on ChemOne’s journey over the past year and to sincerely thank you for the important role you have played.

Throughout 2025, the Group continued to progress on a number of important projects and initiatives. While the year brought its own challenges, it also allowed us to strengthen our foundations, refine our focus, and position ourselves for future opportunities. Alongside these achievements, sustainability remained at the heart of how we develop and deliver our projects. Our ongoing efforts to improve energy efficiency, reduce emissions, and embrace responsible practices reflect our enduring commitment to building resilient, future-ready assets. None of this progress would have been possible without the trust, partnership, and support of our stakeholders. I am truly grateful for your continued confidence in ChemOne, and I deeply value the relationships that allow us to move forward together.

As we look forward to 2026, I remain optimistic about the future and confident in our shared ability to create lasting value. I extend my heartfelt wishes for good health, happiness, and prosperity to you and your loved ones in the coming year.

MY Ling
Chairman & Chief Executive Officer
ChemOne Group

Pengerang Energy Complex achieved several key milestones that enhanced its strategic position and readiness for execution. Efforts centered on improving construction preparedness, strengthening coordination with major contractors, and upholding disciplined project governance as PEC advanced toward financial close and on-site construction. The project secured a landmark USD350 million Islamic insurance facility from ICIEC, significantly improving its financing structure. Additionally, adopting Honeywell UOP’s LD Parex™ technology bolstered long-term profitability and sustainability. Active engagement with partners and lenders continued throughout the year. The appointment of Dato’ Sri Nazri Aziz to the PEC Board further enhanced governance, leadership, and stakeholder alignment, while reinforcing ChemOne’s strategic partnership with Malaysia as the project progresses toward financial close and execution.

This year, we were pleased to announce the Pengerang Renewables Complex (PRC), a low-carbon energy and chemicals facility in Johor, integrating renewable feedstock cultivation and processing to produce Sustainable Aviation Fuel (SAF), bio-naphtha, and other biofuels. Located adjacent to the Pengerang Energy Complex (PEC), the PRC supplies bio-naphtha as feedstock and receives low-carbon hydrogen in return for processing renewable oils, reducing emissions and enabling circular economy principles. A central feature of the PRC is its Non-Edible Oil (NEO) plantation, which uses marginal land and sustainable agricultural practices to ensure reliable renewable feedstock, supporting Malaysia’s renewable energy goals and improving the efficiency and emissions profile of SAF production in the region.

Work progressed on the Integrated & Sustainable Pulp Mill Complex in West Kalimantan, Indonesia. The project comprises a kraft pulp biorefinery supported by in-house plantations and associated logistics infrastructure. It is intended to supply pulp to meet forecast long-term regional demand while maintaining stable feedstock availability. A central feature of the project is its integrated forestry base, which supports operational efficiency, carbon credit potential, and phased capacity expansion. The development is structured as a non-recourse, project-financed initiative with long-term offtake arrangements and is progressing through permitting, partner engagement, and financing preparations.

As we look to the future, we are encouraged by the opportunities ahead and remain committed to strengthening partnerships and enabling long term growth. We thank our partners, colleagues, and stakeholders for their continued trust and support, and we look forward to moving ahead together.