Revenue of RM544.5 Million, EBITDA of RM243.9 Million, PAT of RM70.3 Million; Second Interim Single-Tier Dividend for FY2026 of 2.0 Sen Per Ordinary Share

(Issued by Hibiscus Petroleum Berhad ("Hibiscus Petroleum" or the "Group") in conjunction with the Quarterly Report for the Financial Quarter Ended 31 December 2025)

Kuala Lumpur, 27 February 2026 - 12.30pm

• Revenue of RM544.5 Million, EBITDA of RM243.9 Million, PAT of RM70.3 Million
• Second Interim Single-Tier Dividend for FY2026 of 2.0 Sen Per Ordinary Share
• Teal West Development: Offshore Subsea Installation Works to Commence in April 2026; First Oil on Target for Mid-CY2026
• Oil & Gas Sales Volumes of 2.5 MMboe; Expected to Sell 9.1 MMboe in FY2026

• Recorded earnings before interest, taxes, depreciation and amortisation ("EBITDA") of RM243.9 million and a profit after taxation ("PAT") of RM70.3 million, on the back of RM544.5 million revenue and an average realised oil and condensate price of USD68.7 per barrel ("bbl").

• Declared a second interim single-tier dividend of 2.0 sen per ordinary share on 27 February 2026. Total dividends declared to date in respect of the financial year ending 30 June 2026 ("FY2026") stand at 4.0 sen per ordinary share. The Company targets to declare a minimum total dividend of

  8.0 sen for FY2026, if average oil prices are between USD65/bbl and USD75/bbl, and 10.0 sen per ordinary share if oil prices exceed USD75/bbl.

• Teal West Development: Drilling phase of the project completed on 14 January 2026, with offshore subsea installation works to commence in April 2026. First oil remains on track to be achieved by mid-CY2026.

• Produced an average 26,108 barrels of oil equivalent ("boe") per day of oil, condensate and gas net to the Group for the financial quarter ended 31 December 2025 ("Current Quarter").

• Sold 2.5 million boe ("MMboe") in the Current Quarter, comprising 1.3 million bbl ("MMbbl") of oil and condensate and 1.2 MMboe of gas, at an average realised oil, condensate and gas price of USD47.7/boe.

• Brunei Solar Project: Construction of 12 Megawatt-peak Solar Plant to supply renewable electricity

  to the Group's Low Pressure Compression facility, with expected completion in January 2027.

  This Corporate and Business Update ("CBU") covers business activities over the Current Quarter, key developments as of the release of this CBU and provides commentary on the operational and financial performance of the Group.

  1

  Update on Potential Corporate Exercises

  On 28 November 2025, the Board of Directors of Hibiscus Petroleum had disclosed in the Company's quarterly CBU that it was in separate discussions with reputable independent parties, to explore a potential long term strategic investment in Hibiscus Petroleum. The necessary process, reviews and discussions are ongoing.

  The issue price of any new Hibiscus Petroleum shares is expected to be determined with reference to prevailing market conditions and the Company's intrinsic valuation. Upon successful completion, the relevant investor(s) are expected to become significant shareholder(s) in Hibiscus Petroleum.

  The key objectives of entry of the strategic investor(s) are the following:-

  • provide a strong foundation for Hibiscus Petroleum to achieve its 2030 mission of growing daily production to 70,000 boe/day and 2P reserves of 150MMboe enabled through an access to capital and/or assets

  • strengthen its shareholding structure with large, long-term established investors.

Pareto Securities* has been appointed as our financial adviser to assist in the evaluation of proposals that have been received to ensure that the process is managed in a structured manner, and that any agreed proposal(s) are in the best interests of the Company and its shareholders.

There is no assurance or certainty that these discussions will result in a successful outcome with any of the parties. Non-disclosure agreements have been signed with the relevant parties, and accordingly, the identities of the parties are not able to be disclosed at this stage.

Further announcements will be made in the event of any material developments, in accordance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.

* Pareto Securities, headquartered in Oslo, Norway with presence across the energy capitals of Asia-Pacific, Europe, the Nordics, UK and North America, is the leading Nordic energy investment bank with a dedicated advisory and financing practice for the global independent E&P sector.

Awards

We are pleased to highlight the following recognitions and achievements for safety and production operations in Malaysia:

Hibiscus Malaysia

• In December 2025, we received a Focused Recognition from PETRONAS for outstanding performance throughout the North Sabah and Kinabalu Production Enhancement and Idle Well Reactivation (PE IWR) campaign for 2025. The Focused Recognition highlighted strategic integration of NS and KN field activities which resulted in substantial operational efficiencies and achieved incremental gross production of 1.66 kbbl/day (actual) against a planned 1.6 kbbl/day production rate with zero HSE incidents.

• In January 2026, we received the Prime Minister's Hibiscus Award (PMHA) for Exceptional

Achievement in Environmental Performance for our Labuan Crude Oil Terminal (LCOT).

Figure 1 below depicts our updated net entitlement to oil, condensate and gas reserves and resources, as at 1 January 2026, within the licenses in which we have interests.

Figure 1: Hibiscus Petroleum's net reserves and resources.

Notes to Figure 1:

1 Reserves and resources are as of 1 January 2026.

2 PM3 CAA, North Sabah, Kinabalu, Block B MLJ, Anasuria, Teal West and Block 46 Cai Nuoc 2P Reserves are based on internal estimates.

3 Marigold, Sunflower, PKNB, Fyne, Kildrummy and Crown 2C Contingent Resources are based on internal estimates.

Figure 2 below summarises the operational performance of the Group for the Current Quarter.

Figure 2: Summary of operational performance for the Current Quarter.

Notes to Figure 2:

1 This is computed based on gross production OPEX divided by gross oil, condensate and gas production.

2 This is computed as follows:

+ ( )

, ( )

@ Conversion rate of 6,000 standard cubic feet ("scf") per boe.

boe - bbl of oil equivalent. Mscf - thousand scf.

MMscf - million scf.

n.m. - not meaningful

Figures are subject to rounding.

Figure 3 below illustrates the Group's FY2026 oil and condensate offtakes and gas sales from our producing assets, together with the latest estimates for the financial quarter ending 31 March 2026 ("Q3 FY2026") and the financial quarter ending 30 June 2026 ("Q4 FY2026"). In summary, we estimate to sell a total of 2.3 MMboe and 2.4 MMboe of oil, condensate and gas in Q3 FY2026 and Q4 FY2026 respectively, net to the Group. Overall FY2026 sales volume is expected to be 9.1 MMboe.

Figure 3: The Group's net offtake schedule for Q3 FY2026 & Q4 FY2026.

Note to Figure 3:

1Actual.

(Note: Block 46 Cai Nuoc has not been included in this section as its production is not material.)

North Sabah PSC: Production Operations

The table below provides a summary of key operational statistics for the North Sabah asset (50% participating interest held by SEA Hibiscus Sdn Bhd), for the Current Quarter and the prior three financial quarters:

Figure 4: Operational performance for the North Sabah asset.

Notes to Figure 4:

1Figures for the period October 2025 to December 2025 are provisional and may change subject to the PSC Statement audit and

PETRONAS's review.

2This is computed based on gross production OPEX divided by gross oil production.

3This is computed as follows:

+ ( )

, ( )

• Average gross oil production is lower for the Current Quarter compared to the financial quarter ended 30 September 2025 ("Preceding Quarter") due to poorer performance from the South Furious 30 (SF30) wells. In addition, severe weather conditions severely hampered, and in some cases halted, planned optimisation and well intervention activities. There was also lower uptime in October 2025 as a result of the South Furious and SF30 Topside Major Maintenance shutdown being extended to 11 days from the planned 9 days.

• Average OPEX per bbl is higher in the Current Quarter due to elevated spending on production enhancement, well integrity and wellhead maintenance activities and a general increase in maintenance expenditures combined with a reduction in total production volumes.

• Capital expenditure for the current quarter was RM0.3 million (net), mainly incurred for the SF30 Water Flood Phase 2 development project.

  Kinabalu Oil PSC: Production Operations

  The table below provides a summary of key operational statistics for the Kinabalu asset (60% participating interest held by Hibiscus Oil & Gas Malaysia Limited ("HML")), for the Current Quarter and the prior three financial quarters:

  	Unit	October to December 20251	July to September 2025	April to June 2025	January to March 2025
  Average uptime	%	89	63	85	79
  Average gross oil production	bbl/day	7,997	5,959	7,657	6,784
  Average net oil production	bbl/day	3,055	2,208	2,598	3,039
  Total oil sold	bbl	-	301,925	308,822	306,514
  Average realised oil price	USD/bbl	-	77.49	69.82	78.44
  Average production OPEX per bbl2	USD/bbl	16.31	21.94	14.02	12.46
  Average net OPEX per bbl3	USD/bbl	25.97	36.15	26.96	17.57

  Figure 5: Operational performance for the Kinabalu asset.

  Notes to Figure 5:

  1Figures for the period October 2025 to December 2025 are provisional and may change subject to the PSC Statement audit and

  PETRONAS's review.

  2This is computed based on gross production OPEX divided by gross oil production.

  3This is computed as follows:

  + ( )

  , ( )

• Higher gross production in the Current Quarter as compared to the Preceding Quarter was mainly driven by improved uptime and equipment reliability. The Preceding Quarter figures included an annual planned major maintenance campaign conducted from 20 August to 27 August 2025.

• Lower average OPEX per bbl for the Current Quarter was primarily driven by higher production volumes while total production costs remained stable compared to the Preceding Quarter.

• Capital expenditure: RM3 million (net) during the Current Quarter from an ESP change out and minor capex projects.

  Commercial Arrangement Area

  PM3 CAA PSC: Production Operations

  The table below provides a summary of key operational metrics for the PM3 CAA asset, (35% participating interest held by HML and Hibiscus Oil & Gas Malaysia (PM3) Limited) for the Current Quarter and the prior three financial quarters:

  	Unit	October to December 20251	July to September 2025	April to June 2025	January to March 2025
  Average uptime	%	94	79	94	95
  Average gross oil & condensate production	bbl/day	16,302	13,920	16,920	17,835
  Average net oil & condensate production	bbl/day	3,538	2,998	2,864	2,791
  Average gross gas export rate	boe/day	32,176	26,358	30,475	33,250
  Average net gas export rate	boe/day	8,430	6,919	7,289	7,735
  Average net oil, condensate & gas production rate	boe/day	11,968	9,917	10,153	10,526
  Total oil & condensate sold	bbl	611,149	-	298,132	-
  Total gas sold	MMscf	4,647	3,884	3,944	4,147
  Average realised oil & condensate price	USD/bbl	68.51	-	76.68	-
  Average realised gas price	USD/Mscf	4.28	4.90	5.17	5.66
  Average production OPEX per boe2	USD/boe	11.05	18.13	14.13	9.02
  Average net OPEX per boe3	USD/boe	16.47	26.29	23.72	15.65

  Figure 6: Operational performance for the PM3 CAA asset.

  Notes to Figure 6:

  1 Figures for the period October 2025 to December 2025 are provisional and may change subject to the PSC Statement audit and

  PETRONAS's review.

  2This is computed based on gross production OPEX divided by gross oil, condensate, and gas production.

  3This is computed as follows:

  + ( )

  , ( )

• Average gross oil and condensate production increased in the Current Quarter vs the Preceding Quarter mainly due to better well performances and higher platform uptime. In addition, the Preceding Quarter's production was lower due to a 10-day annual planned major maintenance campaign conducted from 18 August to 27 August 2025.

• In the Current Quarter, average gross gas exports increased by 22% compared to the Preceding Quarter. This growth is primarily attributed to a recovery in production following the completion of an annual planned major maintenance campaign that took place in the previous quarter.

• Average OPEX per boe decreased relative to the Preceding Quarter due to higher production volumes and a decline in total production costs achieved through lower expenditures on surface routine tasks and reduction in scheduled maintenance activities.

• Capital expenditure: RM23 million (net) in the Current Quarter for costs related Bunga Raya infill, Bunga Saffron development and other minor capex projects.

  Brunei Darussalam

  Block B Maharajalela Jamalulalam ("MLJ")

  The table below provides a summary of the key operational metrics for the Brunei Block B MLJ asset (37.5% participating interest held by Hibiscus EP (Brunei) B.V. ("Hibiscus Brunei")) for the Current Quarter and the prior three financial quarters:

  	Unit	October to December 2025	July to September 2025	April to June 2025	January to March 2025
  Average uptime	%	92	72	86	97
  Average gross oil & condensate production	bbl/day	1,863	1,683	1,667	2,026
  Average net oil & condensate production	bbl/day	699	631	625	760
  Average gross gas export rate	boe/day	12,694	10,131	12,892	16,513
  Average net gas export rate	boe/day	4,760	3,799	4,835	6,192
  Average net oil, condensate & gas production rate	boe/day	5,459	4,430	5,460	6,952
  Total condensate sold	bbl	112,694	117,905	-	-
  Total gas sold	MMscf	2,628	2,097	2,640	3,344
  Average realised oil & condensate price	USD/bbl	67.55	73.56	-	-
  Average realised gas price	USD/Mscf	3.90	3.96	4.53	4.37
  Average production OPEX per boe1	USD/boe	5.69	15.00	7.62	4.90

  Figure 7: Operational performance for the Block B MLJ asset.

  Note to Figure 7:

  1. This is computed based on gross production OPEX divided by gross oil, condensate, and gas production.

  Production:

  • Production facilities remained healthy and achieved an availability of 99.9% for the quarter.

  • Average condensate and gas production rates for the quarter were lower than forecasted. This was predominantly due to a delay in the start-up of the Low-Pressure Compressor from November 2025 to Q2 2026. In addition, actual gains from the well intervention campaign were lower than expected.

  • Unit production cost normalised quarter-on-quarter, following the completion of major planned activities, including the Well Intervention Campaign and the 4-Yearly Full-Field Shutdown (FFSD) in Q3 2025.

    Low-Pressure Compression (LPC) Project:

  • Project entered Pre-Commissioning Phase in October 2025.

  • Overall project progress at 96.06% as of end December 2025. Overall project progress is affected by delays experienced in Onshore Processing Plant's (OPP) Site Integration and Pre-Commissioning activities. Plans are being implemented to accelerate the LPC startup date as much as practically possible. Based on the current programme, the Low-Pressure Compressor is scheduled to be operational in Q2 2026.

    United Kingdom ("UK")

    Anasuria Cluster: Production Operations

    The table below shows the operational performance achieved by the asset, based on Anasuria Hibiscus UK Limited's participating interest, for the Current Quarter and for the prior three financial quarters:

    	Unit	October to December 2025	July to September 2025	April to June 2025	January to March 2025
    Average uptime	%	28	81	89	90
    Average net oil production rate	bbl/day	674	1,609	1,985	1,989
    Average net gas export rate @	boe/day	24	87	138	144
    Average net oil equivalent production rate	boe/day	698	1,696	2,123	2,132
    Total oil sold	bbl	-	189,643	160,379	175,377
    Total gas exported (sold)	MMscf	13	48	76	78
    Average realised oil price	USD/bbl	-	67.01	71.54	74.29
    Average gas price	USD/Mscf	9.6∞/9.07#	10.69∞/12.28#	11.3∞/12.81#	13.71∞/17.89#
    Average production OPEX per boe1	USD/boe	164.83	48.09	33.96	34.81

    Figure 8: Operational performance for the Anasuria asset.

    Notes to Figure 8:

    1This is computed based on gross production OPEX divided by gross oil and gas production. @ Conversion rate of 6,000 scf per boe.

    ∞ For Cook field.

    # For Guillemot A, Teal and Teal South fields. Figures are subject to rounding.

• Production in the Current Quarter is lower than the Preceding Quarter caused by a shut in of the Teal South well due to a subsurface safety valve leak during the period from September to December 2025. Concurrently, the Cook well was also shut-in due to a leak in the Christmas Tree from October to December 2025. The Teal South well remains shut-in, while production from the Cook well was reinstated on 31 December 2025. As a result of the decline in production from the shut-in wells, there is no offtake in the Current Quarter.

• The Current Quarter's OPEX/boe is higher than the Preceding Quarter primarily due to lower production and increased cost, driven by higher diesel usage from October to December 2025 and ETS cost accrual at higher market prices.

• Capital expenditure: RM8.9 million, primarily for the upgrade and replacement of facilities on the Anasuria FPSO and Cook well.

  Teal West Development (Licence P2535)

• The drilling phase of the Teal West Development project was completed when the Shelf Drilling Fortress jack-up rig demobilised from the Teal West field on 14 January 2026.

• The offshore installation component of the project is expected to commence between 15 March and 21 April 2026.

• The plan is to commence subsea installation works in April 2026 and achieve First Oil by mid-CY2026.

  Greater Marigold Area Development (GMAD)

• GMAD Concept Select Report ("CSR") was submitted to the North Sea Transition Authority

  ("NSTA") on 19 December 2025.

• Currently progressing consultation period with the NSTA (i.e. providing responses to the NSTA's

  comments), targeting CSR no objection by end-February 2026.

• We target to complete selection of an FPSO by Q1 2026, followed by Field Development Plan and Environmental Statement documentation submission by mid-CY2026.

• First oil is now expected to be in 2030.

The completion of the drilling phase of the Teal West project with the delivery of better-than-expected results has derisked a significant element of that project. We now look forward to delivering increased volumes from our UK business segment in FY2027.

In addition, as described above, we are working on several initiatives that will enhance shareholder value in the months and years ahead, as we progress towards our 2030 Mission: to achieve a net production rate of 70,000 boe per day and 2P Reserves of 150 MMboe. Complementing our core cash generating business, we intend to diversify our portfolio by investing in energy transition projects involving power generation.

We continue with discussions to introduce strategic investor(s) into the equity structure of the Company. Whilst there is no assurance or certainty that these discussions will result in a successful outcome with any of the interested parties, we will work with a recognised financial adviser to ensure that any proposed introduction of strategic investor(s) is in the best interests of the Company and its shareholders.

By Order of the Board of Directors Hibiscus Petroleum Berhad

27 February 2026