- Northern Solar enters 2026 with accelerating momentum, delivering 40% revenue growth in 1HFY2026 to RM56.2 million and PAT of RM8.1 million, supported by steady EPCC execution and healthy margins.
- Malaysia’s solar build-out is moving into a higher-value phase, with up to RM5.9 billion in EPCC opportunities from LSS PETRA 5+ alone, alongside enhanced SELCO frameworks and mandatory battery storage from 2026.
- Management is positioning selectively for the next cycle, focusing on disciplined participation in self-consumption, solar-plus-storage and larger-scale projects rather than chasing volume, as the sector enters a multi-year expansion phase.
KUALA LUMPUR, 30th DECEMBER 2025 – Northern Solar Holdings Berhad (“Northern Solar” or “the Group”), a leading solar engineering, procurement, construction and commissioning (“EPCC”) provider in Malaysia, is optimistic on its outlook for 2026, underpinned by a strengthening financial position, steady execution in 2025 and an accelerating national renewable energy build-out.
Looking ahead, management expects 2026 to mark the start of a multi-year expansion phase for the solar industry, driven by large-scale solar (“LSS”) rollouts, enhanced self-consumption frameworks and the increasing integration of battery energy storage systems (“BESS”). Industry estimates indicate that the latest LSS PETRA 5+ allocation alone could generate up to RM5.9 billion in EPCC opportunities, with further capacity expected under upcoming LSS6 rounds.
Northern Solar enters this phase having built solid momentum in 2025. The Group successfully listed on the ACE Market of Bursa Malaysia in February 2025, raising capital that strengthened its balance sheet and improved access to financing facilities. This has expanded the Group’s capacity to undertake larger and more technically complex projects while maintaining prudent leverage.
Operationally, Northern Solar delivered consistent financial performance throughout 2025 and into 2026. For the first half of FY2026, the Group recorded revenue of RM56.2 million, representing 40% year-on-year growth, while profit after tax rose to RM8.1 million. Gross profit margins remained healthy, supported by disciplined cost management and favourable procurement conditions during a period of low solar panel prices.
During 2025, the Group continued to execute projects across its core commercial, industrial and residential segments, while also expanding into adjacent growth areas. Notably, Northern Solar delivered a ground-mounted self-consumption solar project integrated with BESS, demonstrating its capability in integrated solar-plus-storage solutions. This positions the Group ahead of regulatory changes that will require BESS integration for larger non-domestic systems from January 2026 onwards.
At the same time, Northern Solar laid the foundation for participation in larger-scale and utility solar projects, aligning its strategy with Malaysia’s National Energy Transition Roadmap, which targets a 70% renewable energy mix by 2050. Analysts project solar to account for a rising share of Malaysia’s installed capacity over the coming decades, implying sustained demand for both solar EPCC services and supporting infrastructure such as energy storage.
“We view 2026 as a transition year from preparation to execution. The industry is moving into a phase where scale, balance sheet strength and execution discipline will matter more than headline capacity announcements. Our priority is not to chase volume indiscriminately, but to participate selectively in projects where we can preserve margins and deliver reliably. With our strengthened financial position and integrated solar-plus-storage capability, we believe Northern Solar is well positioned to navigate the next stage of the sector’s expansion,” commented by Mr. Lew Shoong Kai, Managing Director of Northern Solar on the results.
As the renewable energy landscape continues to evolve, Northern Solar remains focused on leveraging its established EPCC track record, expanding its participation across rooftop, self-consumption and larger-scale solar segments, and progressively building a more diversified earnings base. The management remains confident that these initiatives will support the Group’s growth trajectory in 2026 and beyond.
