CEO Message

Securing Today, Scaling Tomorrow
A Dialogue with Syahrunizam Samsudin, Group Chief Executive Officer of Malakoff Corporation Berhad
SYAHRUNIZAM SAMSUDIN
Group Chief Executive Officer, Malakoff Corporation Berhad

A New Chapter for Malakoff
Stepping into the role of Group Chief Executive Officer (GCEO) in September 2025, Syahrunizam Samsudin assumed a clear mandate: build on Malakoff's strong foundation while steering the Group through Malaysia's rapidly evolving energy sector. The sector is undergoing rapid transformation — demand is rising, policy direction is becoming clearer, climate expectations are intensifying, and capital markets are increasingly sensitive to credible transition strategies.
Malakoff is not starting from a blank slate. The Group is building on progress already made, enhancing capabilities and scaling new growth platforms aligned with the National Energy Policy 2022–2040 (NEP) and the National Energy Transition Roadmap (NETR), both structured toward achieving net-zero emissions by 2050. The responsibility is twofold: ensure reliable, affordable power today while equipping the business to meet the energy demands of tomorrow.
In Q4 2025, Malakoff reorganised its businesses under the Malakoff Strategic Transformation 2.0, introduced in 2021, followed by the Sustainability Framework in 2022. These earlier initiatives laid the groundwork for the Group's three business pillars: Energy, Green Solutions and Environmental Solutions. To remain competitive and support the nation's transition agenda, Malakoff introduced the Strategic Plan 2026–2030: Setting the Baseline — a firm foundation for the Group's future direction.
The plan sharpens strategic focus by prioritising the Energy and Environmental Solutions businesses, providing greater clarity as Malakoff positions itself to realise its Vision: to be a Fully Integrated Energy Generation and Environmental Solutions Player, shaping a greener future through innovation and sustainability. With renewable energy (RE) now housed within the Energy segment, the structure better represents a cohesive platform for future growth, progressing Malakoff's transition to a lower-carbon portfolio while supporting Malaysia's longer-term sustainability goals.
A Dual-Platform Portfolio
Alongside the Energy business, Malakoff's Environmental Solutions segment is becoming a key driver of the nation's decarbonisation and circular economy goals. Focused on concession and non-concession waste management, Waste-to-Energy (WTE) ventures and facility management, the segment supports the country's push for circularity, improved waste infrastructure and sustainable urban development.
Energy
Diversified thermal fleet generating 8,782 MW total capacity, with growing renewable assets supporting Malaysia's grid reliability and low-carbon transition.
Environmental Solutions
Concession and non-concession waste management, WTE ventures and facility management — building stable, infrastructure-backed income streams.
Strategic Alignment
Both pillars directly aligned with the NETR, contributing meaningfully to decarbonisation while complementing the Group's energy platform.
This dual-platform approach allows the Group to contribute meaningfully to decarbonisation while building stable, infrastructure-backed income streams that complement the core energy business — positioning Malakoff as a truly integrated player in Malaysia's sustainable development journey.
FY2025 Performance: Resilience Amid Recalibration
2025 was a decisive year — balancing the need to safeguard energy security with the ongoing preparation of the Group for a lower-carbon future. This was not a minor refinement, but a deliberate recalibration across portfolio, capital allocation, capability and culture. Malakoff's thermal assets generate a total capacity of 8,782 MW, with 6,953 MW in Malaysia, making Malakoff the biggest Independent Power Producer (IPP) in Malaysia. The Group's RE footprint expanded, with secured generation capacity reaching 766 MW following the award of the nation's largest large-scale solar (LSS) project in Perak.
Financial Highlights
RM7.2B
Revenue FY2025
vs. RM8,969.6M in FY2024 — a 19.6% decline
RM96.1M
PATMI FY2025
vs. RM268.7M in FY2024, reflecting softer revenue
Key Operational Challenges
Reduced energy and capacity payments at Tanjung Bin Energy Power Plant (TBEP), Tanjung Bin Power Plant (TBPP) and Segari Power Plant (SEV)
Fire at TBEP's flue gas desulphurisation (FGD) system and a rotor-related issue at TBPP impacted available capacity
PPA for Prai Power Plant expired August 2025; extension secured for a new four-year term from 1 April 2026 to 31 March 2030
Despite these setbacks, the Group demonstrated resilience. Improved contributions from the Environmental Solutions business, together with progress across multiple long-term contracted projects, provided important cushioning. Key milestones included securing operational extensions for three gas plants, expanding the RE portfolio through major LSS awards, and achieving notable progress in Environmental Solutions — particularly the long-term WTE concession in Sungai Udang, Melaka. These achievements solidified the Group's momentum toward a more diversified and durable platform.
Thermal Energy: Securing the Foundation
During 2025, Malakoff received confirmation of success under the Energy Commission's Category 1 competitive bidding exercise. In November 2025, all three gas plants were selected for operational extension through 31 December 2029, covering a combined capacity of 2,082 MW. This outcome reflects continued confidence in the integrity, efficiency and reliability of Malakoff's assets at a time when dispatchable capacity remains indispensable.
350 MW CCGT — Prai Power Plant (PPP)
Owned by Prai Power Sdn. Bhd. | Prai, Penang
PPA tenure completed August 2025 · PPA extension from April 2026
429 MW OCGT — GB3 Power Plant
Owned by GB3 Sdn. Bhd. | Lumut, Perak
PPA tenure completed December 2022 · PPA extension from January 2027
1,303 MW CCGT — Segari Power Plant (SEV)
Owned by Segari Energy Ventures Sdn. Bhd. | Lumut, Perak
Ongoing operations · PPA extension from July 2027
Taking a forward position on next-generation thermal capacity, Malakoff executed reservation agreements with Mitsubishi Power, Ltd for four state-of-the-art M701JAC gas turbines and generators — intended for deployment at new CCGT power plants in Port Dickson, Negeri Sembilan and Lumut, Perak. Collectively, the four gas turbines support the development of up to 2,800 MW of additional capacity, ensuring continued reliability of power supply nationwide. As Malaysia attracts increasing investment in power-intensive data centres, this direction becomes even more strategically important.
Accelerating Our RE Trajectory
Malakoff is strategically positioned to capture emerging opportunities as Malaysia's energy transition accelerates, building recurring, long-term income streams through PPAs. The Group's secured RE projects during the reporting period significantly elevate the RE pipeline and demonstrate strong execution in competitive bidding environments. The Group's RE portfolio has now reached 766 MW, a testament to the strategic momentum being built across the transition pathway.
January 2025
Completion of ZEC Solar & TJZ Suria acquisitions — 29 MW LSS asset in Kota Tinggi, Johor added to RE portfolio
June 2025
Signed 34-year WTE concession agreement with KPKT and SWCorp for flagship Sungai Udang development in Melaka (~22 MW RE)
September 2025
Energy Commission confirmed selection to develop 470 MW utility-scale solar plant in Larut and Matang, Perak under LSS PETRA 5+
December 2025
21-year PPA signed with TNB for the 470 MW Perak solar project; Malakoff Silver Sdn. Bhd. established to undertake the development
In East Malaysia, Malakoff established Malakoff Evergreen Sdn. Bhd., a 70:30 partnership with EE Solar Sdn. Bhd., to develop a 100 MW solar photovoltaic project in Bintulu, Sarawak under a 30-year PPA with Syarikat SESCO Berhad. Complementing solar, small hydropower initiatives in Kelantan expand the breadth of the renewable portfolio, positioning Malakoff as one of the few industry players capable of integrating solar, hydropower and WTE within a unified, scalable platform. The focus in coming phases will be on scaling LSS developments and deepening strategic partnerships across Peninsular and East Malaysia.
Environmental Solutions: Building a Circular Economy
Environmental Solutions has emerged as a distinct and increasingly important pillar of the Group's portfolio, crystallising Malakoff's deliberate move to build capabilities beyond conventional power generation. This business addresses two critical national priorities at once: supporting environmental sustainability while creating long-term, infrastructure-backed income streams. Under the NETR's bioenergy lever and the Circular Economy Blueprint for Solid Waste (2025–2035), WTE is identified as part of Malaysia's broader policy progression to a lower-carbon system.
The flagship Sungai Udang WTE facility in Melaka is designed to process up to 1,056 tonnes of municipal solid waste per day, diverting more than 300,000 tonnes of waste annually from landfills and avoiding an estimated 75,000 tonnes of carbon emissions, while generating approximately 22 MW of RE. Following the acquisition of a 49% stake in E-Idaman Sdn. Bhd., Malakoff expanded into Kedah and Perlis, increasing effective waste handling capacity from 5,615 to 6,200 tonnes per day, on track to achieve 10,000 tonnes per day by 2031.
Non-concession environmental services continued to gain traction through Alam Flora Sdn. Bhd. and its subsidiary AFES, expanding into scheduled waste, waste packaging & labelling, tank cleaning, waste pre-treatment, waste minimisation and marine waste. The completion of Port Reception Facilities in Johor Port in November 2025 marked an important milestone. The Sustainable Facility & Eco Park (SAFE-T) has moved into Phase 2, on track for start-up in 2028, providing integrated scheduled waste management including thermal treatment, waste oil recovery and effluent treatment.
Operationally, stronger governance and clearer accountability drove significant improvements in compliance performance across concession areas. The delivery of 308 new vehicles in 2025, including 154 new compactors, strengthened day-to-day operational execution and overall readiness — reinforcing the Group's capability to support larger-scale Environmental Solutions operations.
Health, Safety & Environment: A Non-Negotiable Foundation
2025 was a sobering reminder that even in the most controlled environments, unforeseen events can occur. A fire at TBEP's FGD and chimney area was contained swiftly by the Emergency Response Team (ERT) working alongside BOMBA. Thanks to their decisive actions, the situation was brought under control without any injury, grid stability was not impacted, and TBEP commenced operations toward the end of January 2026.
"Safety is not a box to be checked, but a responsibility we must uphold every single day across all our operations."
— Syahrunizam Samsudin, Group Chief Executive Officer
The incident at the Tanjung Bin Complex jetty in December 2025 was a profoundly difficult moment. Two contractor colleagues were lost and three others were injured during scheduled maintenance work on a coal unloader. No words can truly ease the loss felt by their families, friends and co-workers. Structural remediation works are currently in progress, with repairs targeted for completion before end of March 2026. Malakoff co-operated fully with the authorities to ensure all required remedial actions are completed.
In the aftermath, Malakoff initiated a comprehensive internal review aligned to governance protocols and is partnering with a leading international HSSE adviser to proactively elevate oversight and assurance. Contractor management, risk assessments and maintenance protocols are being scrutinised to prevent recurrence. The GCEO's message is unequivocal: everyone on Malakoff's sites — whether employee, contractor or partner — is empowered and obligated to stop work when safety is in doubt. The goal is simple: everyone goes home safely, every single day.
Strategic Pillars for the Next Phase
Over the next five years, Malakoff will sharpen its focus around four strategic pillars that will be integrated across the Group to elevate performance standards — reflections of endurance and strength ensuring the portfolio remains resilient through structural change in the energy and environmental sectors.
Growth
Expansion of thermal and RE portfolio and scaling up of Environmental Solutions. The M701JAC gas turbine reservations enable up to 2,800 MW of new high-efficiency CCGT capacity, alongside accelerated LSS, hydropower and WTE development.
Efficiency
Tightening planning, raising maintenance execution quality and embedding a consistent operating framework to deliver greater reliability, more effective cost discipline and higher operational readiness.
Capability
Developing talent, technical depth and project delivery expertise to execute with precision, make better decisions and reduce dependence on external parties — complemented by disciplined capital management.
Future
Accelerating initiatives that support Malaysia's net-zero agenda, enhancing emissions management and preparing Malakoff for a landscape shaped by carbon pricing, emerging technologies and evolving market expectations.
These priorities support one another, creating a stronger, more agile organisation ready to meet both today's demands and tomorrow's opportunities. Together, they underpin the Strategic Plan 2026–2030: Setting the Baseline — ensuring that as Malakoff grows, its operational backbone becomes even stronger and more resilient.
Empowering Our People for the Future
Malakoff's progress in 2025 was spurred by the dedication, discipline and evolving capability of its workforce. In an increasingly contested talent market, investing in human capital that can think boldly, solve practically and deliver consistently is a strategic imperative. The Group's commitment to operational excellence is driven by a culture of continuous improvement.
Malakoff Innovation Challenge
Launched in 2024, this platform enables teams to resolve complex operational issues through creative, scalable solutions. At the International Convention on Quality Control Circles in Taipei, Taiwan (November 2025), every Malakoff team fielded returned with a Gold Award — a testament to the high calibre of technical talent, delivering measurable improvements in plant reliability, cost efficiency and performance.
Malakoff Apprentice Programme (MAP)
Combining structured technical learning with intensive on-site exposure, MAP is designed to build a resilient pipeline of certified engineers and technicians by 2030, ensuring operational excellence is future-proofed against industry shifts.
Group-wide Culture Renovation
Guided by the "One Plant, One Pride" philosophy, the initiative ensures every facility operates with identical clarity and performance benchmarks — institutionalising shared standards of professionalism and accountability across the entire Group.
As Malakoff evolves into an integrated Energy and Environmental Solutions leader, culture and leadership development will be the primary drivers in delivering strategy with conviction and measurable impact. The human element remains the Group's greatest differentiator in a technology-driven landscape.
Supporting National Energy Security & Economic Development
As Malaysia's largest IPP, Malakoff's responsibility is clear: keep the lights on today while building the system the nation will rely on tomorrow. As renewable penetration increases, dispatchable capacity remains indispensable. Gas-fired assets continue to play a stabilising role throughout the transition, while RE investments support low-carbon transition initiatives. The biomass Co-Firing project at TBPP, recognised as one of the NETR flagship catalyst projects, demonstrates how Malakoff aligns shareholder returns with national decarbonisation objectives.
Just Energy Transition
The transition must be equitable and inclusive, protecting communities, employees and consumers from disproportionate impact — in line with Just Energy Transition principles.
Carbon Pricing Preparedness
The anticipated rollout of the National Climate Change Bill (RUUPIN) is expected to define carbon pricing frameworks. Malakoff is conducting internal assessments to understand potential impacts, managing capital and risk without pre-empting outcomes or creating unnecessary market signals.
Since introducing the Sustainability Framework in 2022, Malakoff has institutionalised responsible practices across operations and aligned priorities with the United Nations Sustainable Development Goals. The framework integrates ESG considerations directly into investment evaluation, risk management and performance accountability. As the GCEO emphasises: sustainability cannot sit on the sidelines — it must be embedded in how decisions are made and how the business is run. This reflects the broader evolution of Malakoff from a conventional power producer into a lower-carbon energy and environmental solutions provider.
Climate, Regulation & Technology: Shaping the Strategic Outlook
Climate considerations, stricter regulations and technological change are central to how Malakoff shapes its strategy. As a system-critical energy player, the Group recognises its exposure to both physical and transition climate risks, as well as the growing expectations of regulators, investors and stakeholders. These realities validate the need for a robust portfolio that balances near-term reliability with long-term sustainability.
Over the next decade, Malakoff's operations will be defined by structural demand growth, policy acceleration and climate-related disruption. These forces present a dual reality: a sizeable growth runway on one hand, and material earnings, regulatory and asset risks on the other. While climate change and the global decarbonisation agenda will bring policy and operational pressures, they will also drive growth in lower-carbon generation, WTE and environmental solutions over the medium to long-term.
Growth Opportunities
Accelerating energy demand and policy-backed renewable growth are creating significant expansion opportunities across RE, WTE and environmental services — directly aligned with Malakoff's diversified platform.
Key Risks
Evolving regulations, rapid technological change, rising reliability expectations and stronger ESG scrutiny are reshaping the operating landscape, influencing investment priorities and long-term value delivery.
Strategic Response
Stepping up renewables and environmental services demonstrates how Malakoff manages emissions and diverts waste from landfills in tandem with supporting emissions avoidance under the NETR policy direction.
In summary, the medium- to long-term outlook is shaped by two forces: accelerating energy demand and policy-backed renewable growth on one side, and increasing carbon, climate and regulatory pressures on the other. Malakoff must insulate its balance sheet and earnings base from transition-related and physical risks while capturing the significant opportunities ahead.
Differentiation in a Competitive Energy Landscape
Inevitably, IPPs will become more dynamic as market structures transition and new entrants — particularly in RE — increase their participation. Competitive bidding mechanisms such as LSS PETRA and LSS PETRA 5+ have lowered barriers to entry for solar developers, accelerating price discovery and increasing the pace at which capacity is brought to market. Competition is no longer based solely on installed capacity, but on operational excellence, financial strength and credibility with key stakeholders.
Malakoff competes not as a pure-play IPP nor as a standalone renewable developer, but as an integrated platform spanning Energy and Environmental Solutions — enabling reliable thermal capacity, growing renewable generation and providing WTE and environmental services at a scale few others can match. Clear, time-bound targets reinforce this differentiation: 1,400 MW of RE capacity by 2031, a 30% reduction in greenhouse gas emissions intensity by 2031 against a 2019 baseline, and net zero by 2050.
Digitalisation
Predictive maintenance, AI-driven plant optimisation, IoT-enabled real-time performance monitoring and advanced data analytics are becoming core to operations — improving outage forecasting, optimising fuel and enabling smarter decisions.
Decarbonisation
Growth in solar and small hydropower paired with transitional gas and potential biomass Co-Firing at TBPP enables emissions reduction while safeguarding security of supply — a balanced, pragmatic approach.
Bankability
A long operating history across Malaysia and the Middle East, active engagement with multilateral institutions and strategic counterparties supports Malakoff's ability to secure and deliver complex, capital-intensive projects.
Above all, differentiation comes from a willingness to move early. Efforts in biomass co-firing, renewable portfolio expansion and proactive engagement in green finance initiatives signal a forward-looking posture. Combined with adaptive leadership and operational expertise, these priorities position Malakoff to unlock opportunities and chart a clear path for the Group's future value creation.
Honouring Our Past, Powering the Future
At this juncture, the GCEO pauses to remember the late Anwar Syahrin, whose leadership, resolve and stewardship 
helped set in motion many of the initiatives now coming to fruition across Malakoff's Energy and Environmental Solutions platforms. Much of what is being executed today — operating discipline, portfolio rebalancing and readiness for the next phase — were seeded during his time with the Group. His influence continues to guide many of the decisions made today. "We honour his legacy and remember him with deep respect and appreciation."
"To our people, partners and stakeholders, thank you for your trust and resolute support through a year of high expectations and demanding standards. We will carry forward the same spirit of accountability and care, keeping our focus on safety and operational excellence, while deploying capital with clarity to deliver results that are sound and resilient."
Looking ahead, Malakoff moves forward with the same conviction that has carried the Group through five decades. The foundations built will guide the organisation with confidence into the next chapter of its journey — Beyond 50 — continuing to power Malaysia with renewed strength and purpose.
766 MW
Secured RE portfolio capacity
8,782 MW
Total thermal generation capacity
1,400 MW
RE capacity target by 2031
Net Zero
Target by 2050