KUALA LUMPUR — Permodalan Nasional Berhad (PNB) today published its Integrated Report 2025 (IR 2025), highlighting the organisation’s performance and progress over the past year. The report showcases PNB’s resilience in navigating global economic uncertainty, its continued delivery of competitive returns to unitholders, and its significant strides in advancing sustainability commitments, while reinforcing its role in strengthening Corporate Malaysia.
Despite a year marked by trade tensions, cautious monetary easing, and geopolitical volatility, PNB recorded strong investment outcomes. Assets Under Management (AUM) rose to RM366.5 billion, bringing the organisation closer to its LEAP-6 target of RM400 billion by 2027. The flagship Amanah Saham Bumiputera (ASB) fund declared a dividend of 5.75 sen per unit, resulting in a record payout of RM15.3 billion to 11.4 million unitholders nationwide. This performance was underpinned by a disciplined diversification strategy across equities, fixed income, private credit, and global markets, which cushioned volatility and ensured sustainable returns.
YM Raja Tan Sri Datuk Seri Arshad Raja Tun Uda, Group Chairman of PNB said, “Our Mandate goes beyond returns. It is about building resilience, uplifting lives, and ensuring that Malaysians across generations benefit from sustainable prosperity.”
Speaking on PNB’s performance, Datuk Rizal Rickman Ramli, Acting President & Group Chief Executive, said, “2025 was a year of execution under our LEAP-6 transformation journey. Our growth in AUM reflects not only financial strength, but also the effectiveness of our customer-centric approach and disciplined investment strategy.”
PNB continues to play a pivotal role in strengthening Corporate Malaysia, contributing to efforts to grow market capitalisation by RM100 billion over five years through coordinated GLIC and GLC collaboration. The consolidation of Ekuiti Nasional Berhad (Ekuinas) under PNB represents a key structural development that will have lasting implications for the role PNB plays in Corporate Malaysia including providing deeper capabilities to nurture Bumiputera enterprises across their growth journey, from pre- to post-listing. In parallel, PNB’s role in the Government-linked Enterprises Activation and Reform Programme (GEAR-uP) and the 10 Bumiputera Champions initiative reflects its commitment to fostering inclusive economic growth and developing credible, future-ready businesses.
Meanwhile, at the grassroots level, PNB expanded its financial literacy and empowerment programmes. Financial literacy initiatives such as Celik MADANI have gained strong national traction, with over 200,000 student participants recorded as of 2026.
The IR 2025 also underscores PNB’s progress in embedding sustainability across its portfolio and operations. The organisation achieved Net Zero Enterprise emissions for Scope 1 and Scope 2 in 2025, marking a milestone in its decarbonisation journey. It advanced towards its Net Zero Portfolio 2050 ambition, with 40 per cent of portfolio emissions now covered by credible net zero targets. Beyond environmental commitments, PNB allocated RM100 million to social impact initiatives, including education, financial literacy, flood relief, and grassroots community upliftment, benefitting thousands of Malaysians.
“Sustainability is not an adjunct to our strategy, it is integral to our risk management, value creation and institutional credibility. Achieving Net Zero Enterprise emissions in 2025 demonstrates that meaningful progress is possible with clear intent and disciplined execution,” he added.
Having delivered a strong performance in 2025, Rizal Rickman said PNB is focused on sustaining this momentum while remaining alert to an increasingly complex and evolving external environment.
“The global outlook continues to be shaped by heightened tensions and macroeconomic uncertainty. In particular, the escalation of conflicts in the Middle East has further strained an already fragile geopolitical landscape, disrupting supply chains, affecting energy flows, and driving volatility in global energy prices. These developments are expected to have broader knock-on effects on global growth and capital markets. In navigating this environment, our resilience is underpinned by actions at both the portfolio and enterprise levels. Taken together, these efforts position PNB to navigate near-term challenges while delivering sustainable value to our unitholders,” he said.
