The initial phase of Resorts World New York City’s expansion project is underway at the 72-acre Aqueduct site in Queens, New York. Envisioned as one of the most transformative leisure and hospitality developments in the US, the project will feature an expansive gaming floor, enhanced hospitality offerings and an integrated mix of entertainment, accommodations and public green spaces – all designed to elevate the guest experience and deliver meaningful economic benefits for the surrounding community.

Genting Malaysia acquired the remaining 51% equity interest in Genting Empire Resorts LLC in June 2025, resulting in Empire Resorts Inc. becoming its indirect wholly owned subsidiary. This consolidation further strengthened the Group’s position in the US, enabling the full realisation of synergies across its New York operations.

Resorts World Bimini continued to build and strengthen relationships with international cruise operators to boost port calls in 2025. A new international commercial flight route has recently commenced operations and is expected to enhance travel connectivity to the island.

Genting Malaysia strengthened its presence in the United Kingdom (“UK”) with the successful acquisition and integration of Genting Casino Stratford in April 2025. Operational enhancements included the roll-out of additional gaming machines across its UK casinos, following legislative changes, aimed at increasing scale and further strengthening its market position. In addition, planning approval was secured to transform part of the iconic Trocadero complex in London into a new multi-level casino and leisure destination, marking another strategic step in expanding the Group’s presence in this market.

Resorts World Las Vegas in Nevada, owned by Genting Berhad, continued to broaden its market presence in 2025 through major citywide events and curated lifestyle offerings that enhanced visibility and guest engagement. The resort remains focused on improving margins through strategic growth and operational efficiencies, by leveraging on its enhanced hotel system and tailored casino offerings to expand customer reach and drive repeat visitation. The resort is actively growing high-end hosted casino play, strengthening its convention business and continuing targeted marketing initiatives to attract high-value guests. Investments in new dining, entertainment, and retail offerings, together with the anticipated recovery in convention demand in Las Vegas, will further drive its engagement and operating leverage.

Genting Energy recorded lower revenue in 2025, driven primarily by softer performance at the Chengdaoxi block in China as crude oil market conditions moderated during the year.

The Meizhou Wan power plant delivered solid performance in 2025, despite the handover of Phase I, as lower coal prices improved generation margins while strong electricity demand and higher dispatch levels at Phase II supported robust operating performance.

The Banten power plant in Indonesia maintained stable performance in 2025, driven by sustained dispatch levels. Its consistently high plant load factor continued to position it among the strongestperforming thermal power plants on Java Island.

The Jangi wind farm in India recorded improved performance following the full repayment of its debenture, contributing modestly to the Group’s results while enhancing portfolio stability.

The Dongwucha solar power plant in China was commissioned in May 2025 after 12 months of construction and is the latest renewable energy asset of Genting Energy. It has delivered positive performance since commissioning and, with further expansion underway, is well positioned to enhance the Group’s renewable energy portfolio.

The construction of the Zhoushan gas power plant in Zhejiang, China in partnership with SDIC Power Holdings Co., Ltd, progressed well in 2025 and remains on track for commercial operation in 2026. The plant will feature advanced low-emissions combustion technology and hydrogen co-firing capability of up to 50%, supporting cleaner and more efficient power generation.

The oil and gas segment operated in a volatile environment in 2025, with global crude prices affected by geopolitical tensions, uncertainty surrounding OPEC+ production decisions and fluctuating supply-demand dynamics, all of which compressed margins.

The Chengdaoxi block in China delivered stable production and reliable operations in 2025, although lower oil prices moderated both revenue and margins. With the petroleum contract for this block expiring in 2026, Genting Energy reinforced its upstream portfolio through the acquisition of the Block 15/33 oil field in China.

The Kasuri block and the Genting FLNG project in Indonesia made good progress in 2025. The successful hull float-out of Indonesia’s first FLNG facility marked a major milestone, achieved with an exemplary safety record.

These developments underscore the Group’s disciplined execution of its long-term growth strategy and reinforce Genting Energy’s position in the regional power generation and LNG value chain.

CORPORATE EXERCISE

The corporate exercise completed in December 2025, increased Genting Berhad’s direct shareholding in Genting Malaysia to 73.8%, thereby strengthening majority control, enhancing strategic alignment and supporting a more coordinated approach to long-term value creation.

OUTLOOK

The global economy in 2026 is expected to remain resilient although ongoing macroeconomic and geopolitical uncertainties present risks. In Malaysia, the economy is expected to maintain its growth momentum, underpinned by domestic demand, investments in both the private and public sectors, exports and higher tourism spending. However, the outlook remains subject to uncertainties, particularly those arising from global developments.

Cross border tourism is expected to remain resilient, driven by improving consumer demand, enhanced air connectivity and growing outbound travel from emerging markets, particularly within Asia. The regional gaming market is expected to remain stable, supported by tourism-related demand.

Guided by the Diamond Jubilee theme, “Consolidate, Strengthen, Enduring,” the Group will continue to build resilience, enhance competitiveness and drive sustainable long-term growth. With stronger foundations and strategic measures in place, Genting Berhad is well positioned to navigate the evolving operating landscape, seize new opportunities and reinforce its role as a trusted and responsible global leader.

APPRECIATION

I extend my sincere appreciation to my fellow Board members for their valuable guidance and steadfast commitment throughout the year. My gratitude also goes to our dedicated employees across the Group, whose professionalism and resilience remain central to our progress. I am equally grateful to our external stakeholders, including government agencies, regulatory authorities, business partners, vendors, customers and shareholders for their continued support. Their trust and confidence in us underpin the Group’s achievements and will remain integral to the execution of our strategic priorities in the years ahead. I look forward to achieving greater milestones together.

TAN SRI LIM KOK THAY
Executive Chairman
Genting Berhad
24 March 2026