INTEGRATED ANNUAL REPORT 2025 DELIVERED. ADVANCING SUSTAINABLY. This front cover was handcrafted by SAGEMAKERS from women-led Malaysian households. Read more inside.
In line with Yinson’s commitment to sustainability and environmental stewardship, we will not be distributing hard copies of this Report, except upon request. We encourage readers to view our Report on our interactive microsite at ar.yinson.com/2025 or by scanning the QR code. As part of our ongoing efforts to reduce paper usage, Yinson will donate the print cost of each hard copy Report to support non-profit organisations dedicated to reforestation and biodiversity restoration. VIEW THIS REPORT ON OUR INTERACTIVE MICROSITE DELIVERED. ADVANCING SUSTAINABLY. In 2024, we worked hard, and we delivered. Two FPSO assets achieved first oil, and the third is well on track. We launched our first solar park in Latin America and strengthened our land and marine electric transportation ecosystem. We welcomed world-class strategic investors and celebrated our debut on the international capital markets. These achievements have driven substantial growth and shareholder value. Now, we have a unique opportunity to pause, reflect and build a more adaptable, resilient, and efficient organisation − positioning us for long-term value creation and advancing an inclusive energy transition. ABOUT THE COVER Our front cover this year was designed and handcrafted by the SAGEMAKER ASIA community, a Malaysian-based social enterprise that empowers women-led households by nurturing their creative talents and entrepreneurial spirit. Commissioned by Yinson, the 2025 Yinson4Youth (“Y4Y”) grant recipient brought our journey to life through intricate felt craftsmanship that reflects both artistry and resilience. ABOUT OUR THEME
1 INTEGRATED ANNUAL REPORT 2025 Yinson‘s Integrated Annual Report 2025 reporting suite Integrated Annual Report 2025: Delivered. Advancing Sustainably. A balanced overview of our financial and non-financial performance, including insights into the external environment, our business model, strategy, achievements, financial statements, material matters, governance, and risk management. Corporate Governance Report 2025 A comprehensive report on Yinson’s corporate governance framework and approach, which aligns with the Malaysian Code on Corporate Governance 2021 (“MCCG 2021“). Scan to view. Scan to view. Navigation icons These icons are used to strengthen connections between strategic information and guide readers to additional content within this Report or across Yinson’s communication platforms. Capitals C1 Financial Capital C4 Human Capital C2 Manufactured Capital C5 Social & Relationship Capital C3 Intellectual Capital C6 Natural Capital YR Yinson Renewables Businesses YP Yinson Production YGT Yinson GreenTech Group strategies GS1 Optimise portfolio GS4 Disciplined financial management GS2 Strategic ecosystem building GS5 Build a platform for growth GS3 Create sustainable stakeholder value GS6 Empower decision-making Material topics ME1 Climate Change & Carbon Management MS3 Human Capital Development ME2 Inclusive Energy Transition MS4 Community Engagement ME3 Biodiversity Management MS5 Diversity, Equality & Inclusion ME4 Environmental Management MG1 Business Management & Performance ME5 Resource Efficiency MG2 Corporate Governance & Business Ethics MS1 Occupational Health & Safety MG3 Sustainable Supply Chain Management MS2 Human & Labour Rights MG4 Digital Transformation Stakeholder groups S1 Bankers & lenders S6 Industry S2 Clients & customers S7 Investors & shareholders S3 Crew S8 Local communities S4 Employees S9 Equity partners S5 Governments & regulatory bodies S10 Suppliers Points to related sections within this Report. Scan to access related information on our online communication channels. Climate Report 2024 Outlines Yinson’s approach to net zero, the progress of our climate strategy and methods adopted for the management of climate risks and opportunities. Scan to view. Sustainability Performance Data Yinson’s sustainability performance data for the past three years, aligning with Global Reporting Initiative (“GRI“) Standards. Scan to view.
2 YINSON HOLDINGS BERHAD BASIS OF THIS REPORT Yinson Holdings Berhad is pleased to present our Integrated Annual Report for the Financial Year ended 31 January 2025. This Report reflects our commitment to creating sustainable value for our stakeholders. This Integrated Annual Report 2025 (“Report”) aims to highlight the progress of our strategies and value creation journey. We also discuss the steps we have taken to manage our business risks and opportunities against the external landscape and clearly map out our value-creation strategies. We hope that the improvement in our disclosures will help you make better and more informed decisions about the Group. SCOPE AND BOUNDARIES Yinson is a global energy infrastructure company, listed on the Main Market of Bursa Malaysia Securities Berhad (“Bursa Securities”) and headquartered in Kuala Lumpur, Malaysia. The scope of this Report includes Yinson Holdings Berhad (”YHB”, ”Yinson” or ”the Company”) and its subsidiaries (“the Group”). The Report covers the financial reporting period from 1 February 2024 to 31 January 2025 (“FY2025”) unless stated otherwise. This Report includes comparative historical data wherever applicable. Relevant targets and key performance indicators have been closely monitored and disclosed to the best extent possible within this Report. REPORTING FRAMEWORKS AND STANDARDS In compiling this Report, we have considered the following frameworks and guidelines: • Bursa Malaysia’s Main Market Listing Requirements (“MMLR”), Sustainability Reporting Guide and Toolkits (3rd Edition) and Corporate Governance Guide (4th Edition). • Securities Commission Malaysia’s MCCG 2021. • International Integrated Reporting Framework (2021) (“<IR> Framework”). • International Financial Reporting Standards (“IFRS“) S1 (Sustainability-related Disclosures) and S2 (Climate-related Disclosures). • Taskforce on Nature-related Financial Disclosures (“TNFD”). • International Petroleum Industry Environmental Conservation Association’s (“IPIECA”) Oil and Gas Industry Guidance on Voluntary Sustainability Reporting. • Industry best practices where relevant. This Report has been prepared in accordance with the GRI Standards 2021. INDEPENDENT EXTERNAL ASSURANCE The information disclosed in this Report is independently assured by external third parties, covering both financial and non-financial information including and limited to: • Financial information: Audited Financial Statements by PricewaterhouseCoopers PLT (“PwC”). • Sustainability Review: Limited Assurance Statement provided by Grant Thornton Consulting Sdn Bhd. • Sustainability-related indicators: Verification Statement provided by DNV Sweden AB (DNV). Scan to view our sustainability-related assurance and verification statements. MATERIALITY Yinson applies the principle of materiality to determine the content of this Report, disclosing risks, opportunities, macrotrends, and other factors that materially impact our Capitals and ability to create, preserve, and protect stakeholder value. Through a double materiality assessment (“DMA”), we identify and prioritise ESG topics most relevant to our internal and external stakeholders. The DMA informs our long-term strategy and guides business execution to ensure sustainable value creation. FORWARD-LOOKING STATEMENTS This Report contains certain forward-looking statements with respect to Yinson’s financial position, results, operations and businesses, which we believe to be realistic at the time this Report is issued. These statements may involve risk and uncertainty as they relate to events and depend on circumstances that occur in the future. There are various factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. STATEMENT OF THE BOARD OF DIRECTORS Yinson’s Board of Directors (“Board”) acknowledges its responsibility to ensure the integrity of this Report, which in its opinion addresses all the issues that are material to the Group’s ability to create value and fairly presents the integrated performance of Yinson. The Board has applied its collective mind to the preparation and presentation of this Report and believes that it has been prepared in accordance with the <IR> Framework under the IFRS Foundation. The Board approved the release of this Report on 29 May 2025. Financial Statements, pg 159; Limited Assurance Statement, pg 320; Verification Statement, pg 325.
3 INTEGRATED ANNUAL REPORT 2025 INSIDE THIS REPORT BASIS OF THIS REPORT FY2025 AT A GLANCE 04 Group highlights 06 Group financial highlights 07 Key events OUR INVESTMENT CASE 11 Vision, Mission, Core Values, and Purpose 12 Global presence 14 Key assets 17 Our approach to sustainability LEADERSHIP MESSAGES 22 Chairman Statement 25 Group CEO Review 31 Finance and Strategy Review VALUE CREATION AT YINSON 42 Market landscape 45 Material matters 48 Our Business Value Creation Model 54 Trade-offs 55 Risks and opportunities BUSINESS REVIEW 58 Yinson Production Review 66 Yinson Renewables Review 70 Yinson GreenTech Review SUSTAINABILITY REVIEW 75 Building Environmental and Climate Resilience • Climate Change & Carbon Management • Inclusive Energy Transition • Biodiversity Management • Environmental Management • Resource Efficiency 89 Empowering People and Communities • Occupational Health & Safety • Human & Labour Rights • Human Capital Development • Community Engagement • Diversity, Equality & Inclusion 102 Driving Sustainable Growth through Good Corporate Governance • Business Management & Performance • Corporate Governance & Business Ethics • Sustainable Supply Chain Management • Digital Transformation GOVERNANCE 111 Board of Directors 117 Senior Management 121 Corporate Governance Overview Statement 136 Other Compliance Information 138 Statement on Risk Management & Internal Control 145 Report on Audit Committee 148 Statement on Directors’ Responsibility ACCOUNTABILITY 149 Directors’ Report 158 Statement by Directors 158 Statutory Declaration 159 Financial Statements 296 Independent Auditors’ Report 300 Corporate Information 301 Analysis of Shareholdings 304 Analysis of Warrant Holdings 307 List of Properties APPENDIX 308 Sustainability Performance Data 318 Bursa ESG Performance Reporting 320 External Assurance Report 327 GRI Content Index 331 IFRS Content Index 337 List of Abbreviations ANNUAL GENERAL MEETING 338 Notice of Annual General Meeting • Form of Proxy
4 5 YINSON HOLDINGS BERHAD INTEGRATED ANNUAL REPORT 2025 GROUP HIGHLIGHTS EBITDA RM3,234 million +8.1% from FY2024 Revenue RM7,605 million -34.7% from FY2024 Adjusted Enterprise Reporting EBITDA RM1,903 million +40.5% from FY2024 PATAMI RM1,249 million +29.6% from FY2024 Basic EPS 37.3 sen +30.9% from FY2024 Financial performance Environment Social ESG highlights Energy 865,602.2 MWh renewable energy generated (net units exported) 3,885,546.6 MWh energy consumed Safety 0.13 LTIF (<IOGP benchmark of 0.24) 0.47 TRIF (<IOGP benchmark of 0.94) 492.6 kg CO2e/MWh (by energy generation) 33.2 kg CO2e/BOE (by production volume) Carbon intensity FY2025 AT A GLANCE | GROUP HIGHLIGHTS FY2025 AT A GLANCE 0.04 fatality rate Governance Water 6,410.4 ML water discharged 12.1 ML fresh water consumed ESG ratings Carbon emissions Employees 2,277,380.3 tCO2e GHG emissions Scope 1: 1.79% Direct emissions Scope 2: 0.01% Energy indirect emissions Scope 3: 98.20% Other indirect emissions Male: 76.4% Female: 23.6% Waste 105.5 tonnes waste reused, recycled or recovered 532.0 tonnes waste disposed 637.5 tonnes waste generated 1,919 regular employees Note: per million manhours 8.26% voluntary turnover rate 7.5/10 employee engagement survey score Community engagement RM1.9 million community investment 1,203 hours employee volunteering 37 communities impacted 20,916 lives impacted Awards Scan to view all awards and recognitions. 5.8 ppm* average oil in slop water 17.0 ppm* average oil in produced water * For whole fleet, inclusive of joint venture assets. Scan for detailed ESG ratings. Operational performance Strategic alliances and memberships Global position in the FPSO industry USD 19.4 billion contract backlog through 2048 100% operations assessed on corruption-related risks 74% employees 100% governance body members ABAC training received Zero reported corruption cases Zero non-compliances with laws and regulations 101.6% fleet commercial performance 99.4% technical uptime 99.6% average 5-year technical uptime 2nd largest by order book 3rd largest by fleet size
6 YINSON HOLDINGS BERHAD FY2025 AT A GLANCE Financial year ended 31 January FY2021 RM million FY2022 RM million FY2023 RM million FY2024 RM million FY2025 RM million Revenue 4,849 3,607 6,324 11,646 7,605 Profit before tax 580 716 855 1,695 1,120 Profit after Tax and Minority Interests (“PATAMI”) 315 401 589 964 1,249 Share capital 1,126 1,134 2,220 2,241 2,414 Total equity 4,026 4,740 6,458 7,977 7,864 Number of ordinary shares issued 1,100 1,101 3,054 3,064 3,079 Weighted average number of ordinary shares in issue(c)(d) 2,411(g) 2,409(g) 2,707 2,906 2,965 Total assets 11,886 15,205 19,259 28,692 25,788 Total liabilities 7,860 10,465 12,801 20,715 17,924 Total borrowings 6,106 8,758 9,584 16,319 16,054 Non-recourse project financing loans(h) 2,985 4,020 3,922 4,231 6,135 Earnings Before Interest, Tax, Depreciation & Amortisation (“EBITDA”) 1,236 1,402 1,782 2,993 3,234 Basic earnings per share (”EPS“) (sen)(b)(c)(d) 7.3(g) 10.9(g) 16.7 28.5 37.3 Dividends rate (sen)(c)(d)(i) 3.0(g) 3.0(g) 2.0 3.0 3.0 Net assets per share (RM)(a)(c)(d) 1.62(g) 1.91(g) 2.11 2.60 2.55 Gross Gearing (times): - Total borrowings 1.52 1.85 1.48 2.05 2.04 - Excluding non-recourse project financing loans(f)(h) 0.78 1.00 0.88 1.52 1.26 Net Gearing (times): - Total borrowings 1.01 1.24 1.23 1.66 1.69 - Excluding non-recourse project financing loans(f)(h) 0.27 0.39 0.62 1.13 0.91 Adjusted Revenue(e) 5,007 3,775 6,381 11,719 7,733 Adjusted Core EBITDA(e) 1,533 1,476 1,972 3,029 2,677 Adjusted Core EBITDA Margin (%)(e) 30.6 39.1 30.9 25.8 34.6 Adjusted Net Debt(e) 4,102 5,683 7,778 13,089 15,821 Adjusted Net Debt / Adjusted Core EBITDA (times)(e) 2.68 3.85 3.94 4.32 5.91 Notes: (a) Computed based on number of ordinary shares issued as at financial year end. (b) Computed based on weighted average number of ordinary shares in issue as at financial year end (excluding treasury shares). (c) Amount restated for FY2021. (d) Amount restated for FY2022. (e) Adjusted amount/ratio is defined as the Group’s relevant financials plus the Group's share of relevant financials of its joint ventures and associates. (f) Computed based on total loans and borrowings of the Group less non-recourse project financing loans. (g) Amount adjusted for FY2022 and FY2021 to reflect the bonus issue of 1 bonus share for 1 existing ordinary share which was completed on 14 April 2022, the bonus element of the rights issue of 2 rights shares for every 5 existing ordinary shares which was completed on 28 June 2022, and distributions declared to holders of perpetual securities in determining the profits attributable to ordinary equity shareholders. (h) Non-recourse project financing loans refer to project financing loans where the Group’s guarantee has been released and the lenders are only entitled to loan repayments from cash flows of the projects the loan is financing, and not from any other assets of the Group. (i) Dividends rate is computed based on the financial year to which the dividend relates, including payments in cash and reinvestment of dividends in new shares of the Company pursuant to the Dividend Reinvestment Plan. GROUP FINANCIAL HIGHLIGHTS
7 INTEGRATED ANNUAL REPORT 2025 KEY EVENTS 2024 February 7 Recognised in S&P Global’s Sustainability Yearbook 2023. 16 Recognised as Sustainalytics’ 2024 ESG Top Rated Company. 23 Announced partnership with GoCar to promote green urban mobility. March 29 Announced private placement of up to 120 million ordinary shares to support Yinson’s energy transition businesses. April 3 Held naming ceremony for FPSO Maria Quitéria. 30 Completed USD 1.3 billion project financing for the Agogo FPSO. May 3 Issued USD 500 million senior secured bond, listed on the Oslo Børs − the largest Nordic bond by an Asian issuer. June 4 Issued USD 1.035 billion senior secured notes, listed on London Stock Exchange’s International Securities Market, to refinance FPSO Anna Nery. 10 Signed MoU with MFF to explore NbS projects. 16 Held 31st AGM. 25 Completed Singapore’s first cargo delivery by a fully electric vessel with Eastern Pacific Shipping. FY2025 AT A GLANCE | KEY EVENTS May 24 Entered into a strategic alliance with KINETA to accelerate the growth of Malaysia’s EV charging infrastructure.
8 YINSON HOLDINGS BERHAD FY2025 AT A GLANCE 2024 August 8 Launched MCMA. September 5 Commenced commercial trials with Hydromover, Singapore’s first electric light cargo vessel. 17 Yinson Renewables’ Green Financing Framework received excellent SQS1 sustainability quality score from Moody’s. October 29 Joined ASEAN Inclusivity Collective as a pioneer member. November 6 Signed a Letter of Intent with Zeabuz to advance the development of autonomous, remote-controlled electric marine vessel operations. 13 Officially launched Matarani Solar Park in Peru, graced by Prime Minister of Malaysia, The Honourable Anwar Ibrahim. October 15 FPSO Maria Quitéria achieved first oil. 22 Completed sale of minority stake in FPSO Anna Nery to “K” Line. July 12 Appointed to the Climate Change Advisory Panel under Malaysia’s Ministry of Natural Resources and Sustainability. 12 Unveiled advanced Battery Energy Storage System technology for EV charging infrastructure. September 24 97 MWp Matarani Solar Park in Peru commenced operations.
9 INTEGRATED ANNUAL REPORT 2025 November 17 Hosted Prime Minister of Malaysia, The Honourable Anwar Ibrahim in Rio de Janeiro, Brazil, celebrating strong Malaysia-Brazil ties and Yinson FPSOs. 19 Launched the Hydroglyder − Singapore’s first fully electric hydrofoil vessel. 26 Collaborated with eLoaded to enhance EV charging infrastructure through Direct Current Grid Technology. 27 Issued USD 100 million corporate bond tap issue to the USD 500 million bond, increasing the total value to USD 600 million. 28 Secured USD 59 million project financing for Matarani Solar Park. December 2 Yinson’s JV company with PTSC Vietnam awarded contract for FSO Lac Da Vang in Vietnam by Murphy Oil Corporation. 10 Awarded tender by Pos Malaysia to supply 136 smart electric vans and 136 charging stations. 30 Secured contract extension of at least 18 months for FPSO PTSC Lam Son. 31 FPSO Atlanta achieved first oil. 2025 January 11 Launched Malaysia’s first electric truck charging hub at Tangkak, Johor. 14 Secured USD 1 billion investment from consortium of international investment firms. 31 Completed offshore marine business divestment to LFG. 2024 FY2025 AT A GLANCE | KEY EVENTS
FY2025 AT A GLANCE 10 YINSON HOLDINGS BERHAD 2025 February 5 Recognised in S&P Global’s Sustainability Yearbook 2025. 19 Completed acquisition of Stella Maris, expanding our CCS ecosystem. 20 Celebrated the naming and sail away of the Agogo FPSO. 28 Launched a 1 MW ultra-fast charging hub with 30 dedicated bays at Johor Premium Outlets. March 6 Recognised as Sustainalytics' 2025 ESG Top Rated Company. 10 Announced investment from Khazanah Nasional’s Dana Impak to accelerate the development of Malaysia’s EV charging ecosystem. March 26 Signed MoU with WPS and RW to drive marine electrification adoption in Singapore. 27 Announced appointment as Grab Malaysia’s EV leasing partner, expanding our solutions into the e-hailing sector. 27 Shareholders approved the USD 1 billion investment from consortium of international investment firms at EGM.
11 INTEGRATED ANNUAL REPORT 2025 OUR INVESTMENT CASE | VISION, MISSION, CORE VALUES, AND PURPOSE R Reliable We always deliver on our commitments. O Open We foster an environment that promotes trust and learning through honest communication. A Adaptable We understand our stakeholders and collaborate to realise our common goals. D Decisive We take ownership of every situation by finding solutions to move forward. S Sustainable We seriously consider the economic, social and environmental impact of everything we do. To provide reliable and sustainable energy infrastructure that empowers communities, drives economic growth and protects the environment for current and future generations. To be a global energy solutions provider that is known for being reliable, open, adaptable, decisive and sustainable. Passionately delivering powerful solutions. PURPOSE VISION MISSION CORE VALUES
12 13 YINSON HOLDINGS BERHAD INTEGRATED ANNUAL REPORT 2025 OUR INVESTMENT CASE | GLOBAL PRESENCE OUR INVESTMENT CASE GLOBAL PRESENCE United States Houston Brazil Rio de Janeiro FPSO Anna Nery FPSO Maria Quitéria FPSO Atlanta Colombia Peru Matarani Solar Park Majes Project (Phase 1)* Chile Offices and headquarters Marketing representations Offshore production assets Renewables developments and assets New Zealand Ghana Accra and Takoradi FPSO John Agyekum Kufuor Angola Luanda Agogo FPSO* Nigeria Port Harcourt FPSO Abigail-Joseph Italy United Kingdom London Norway Oslo Netherlands The Hague Malaysia Kuala Lumpur Singapore Indonesia Malaysia Miri FPSO Helang Green technologies operational presence * Currently under construction. Brunei Vietnam Ho Chi Minh City FPSO PTSC Lam Son FSO PTSC Bien Dong 01 FSO Lac Da Vang* India New Delhi Rising Bhadla 1 & 2 Solar Parks Nokh Solar Park
14 15 YINSON HOLDINGS BERHAD INTEGRATED ANNUAL REPORT 2025 OUR INVESTMENT CASE OUR INVESTMENT CASE | KEY ASSETS KEY ASSETS FPSO Abigail-Joseph Field: Block OML 83 & 85, Nigeria Charterer: FIRST E&P FPSO Anna Nery Field: Marlim Field, Brazil Charterer: Petrobras FSO Lac Da Vang Field: Lac Da Vang, Vietnam Charterer: Murphy Cuu Long Bac Oil Co. Ltd Currently under construction. FSO PTSC Bien Dong 01 Field: Block 05-2/05-3, Vietnam Charterer: PTSC (subsidiary of Petrovietnam) Joint venture with PTSC FPSO PTSC Lam Son Field: Block 1-2/97, Vietnam Charterer: PTSC (subsidiary of Petrovietnam) Joint venture with PTSC FPSO Maria Quitéria Field: Jubarte Field, Brazil Charterer: Petrobras FPSO Atlanta Field: Atlanta Field, Brazil Charterer: Brava Energia FPSO John Agyekum Kufuor Field: OCTP Block, Ghana Charterer: Eni FPSO Helang Field: Block SK10, Malaysia Charterer: ENEOS Xplora Malaysia Limited Offshore Production Agogo FPSO Field: Block 15/06, Angola Charterer: Azule Energy (50/50 JV of BP and Eni) Currently under construction. Scan for more information on our offshore production assets, production capacities, contract durations, and order book.
16 YINSON HOLDINGS BERHAD OUR INVESTMENT CASE R Ee nNeEwWa Ab lBe Ls E S Scan for more information on our renewables assets. Green Technologies Marine electrification through marinEV • 1 fully electric passenger vessel, the Hydroglyder • 1 fully electric cargo vessel, the Hydromover • Marine Digital Platform Charging electrification through chargEV • 526 charge points and 366 chargers operated and maintained across 233 charge sites • Full software stack for charge point operations EV leasing through drivEV • ~400 EVs leased • Full software stack for fleet management Scan for more information on our green technologies assets. Nokh Solar Park Location: Rajasthan, India Counterparty: NTPC Limited Generation capacity: 190 MW(AC)/285 MWp(DC) Rising Bhadla 1 & 2 Solar Parks Location: Rajasthan, India Counterparty: NTPC Limited Generation capacity: 140 MW(AC)/175 MWp(DC) Matarani Solar Park Location: Arequipa, Peru Counterparty: Orygen Generation capacity: 80 MW(AC)/97 MWp(DC) Majes Project (Phase 1) Location: Arequipa, Peru Generation capacity: 53 MWp Currently under construction
17 INTEGRATED ANNUAL REPORT 2025 OUR INVESTMENT CASE | OUR APPROACH TO SUSTAINABILITY OUR APPROACH TO SUSTAINABILITY Energy companies play a crucial role in advancing an inclusive energy transition, while ensuring secure access to energy. At Yinson, preparing for a sustainable future is central to our strategy. We believe that access to reliable and sustainable energy infrastructure is fundamental to empowering communities and driving economic growth while protecting the environment for present and future generations. SUSTAINABILITY FRAMEWORK We recognise the vital role of energy infrastructure in enabling and accelerating an energy transition that accounts for the concerns of our stakeholders and communities. In light of the rapidly evolving sustainability landscape, we are committed to reviewing and refining our sustainability approach at least every two years to ensure alignment with our material sustainability considerations and priorities. These material matters continue to inform our business strategies, reinforcing our commitment to driving an orderly and inclusive transition toward a low-carbon future together. Our purpose forms the basis of our approach to sustainability and the three core principles that guide our ESG focus and practices. We have strategically aligned our activities to directly contribute to nine SDGs, as mapped throughout this Report. These SDGs serve as key considerations in shaping our sustainability strategy and targets. Building Environmental and Climate Resilience ME1 Climate Change & Carbon Management ME3 Biodiversity Management ME2 Inclusive Energy Transition ME4 Environmental Management ME5 Resource Efficiency Empowering People and Communities MS1 Occupational Health & Safety MS3 Human Capital Development MS2 Human & Labour Rights MS4 Community Engagement MS5 Diversity, Equality & Inclusion Driving Sustainable Growth through Good Corporate Governance MG1 Business Management & Performance MG3 Sustainable Supply Chain Management MG2 Corporate Governance & Business Ethics MG4 Digital Transformation Yinson is committed to nine United Nations Sustainable Development Goals Purpose Our purpose is to provide reliable and sustainable energy infrastructure that empowers communities, drives economic growth and protects the environment for current and future generations.
18 YINSON HOLDINGS BERHAD OUR INVESTMENT CASE SUSTAINABILITY GOVERNANCE The management of our sustainability efforts is integrated into our robust corporate governance framework, guided by the strong leadership of our Board and Senior Management. The Management & Sustainability Committee (“MSC”) strengthens efficiency, oversight and agility in addressing emerging sustainability risks. Ongoing stakeholder engagement sessions allow us to continuously identify and prioritise key societal and environmental concerns, enabling proactive and adaptive business management. Sustainability governance structure at Yinson Board of Directors Management & Sustainability Committee Board-level oversight The Board supervises Yinson’s business model transformation towards a low-carbon economy, providing oversight and guidance for the Group-wide strategy and business affairs, including management of sustainability and climate practices. The Board Risk & Sustainability Committee (”BRSC“) meets quarterly to review and evaluate the effectiveness of the Group’s internal controls and risk management systems, including action and mitigation plans for identified and emerging risks. Management-level responsibility The MSC is responsible for implementing the Group’s policies, guidelines and systems to ensure effective risk management, including management of sustainability and climate risks. Within its respective areas of responsibility, the MSC is responsible for managing risks within tolerable levels with specific material metrics and targets. Corporate Governance Overview Statement − Sustainability governance, pg 125; Statement on Risk Management & Internal Control, pg 138. EFFORTS, METRICS AND TARGETS Yinson’s sustainability commitments are outlined in our Climate Goals and 30 by 30 initiative. Yinson is broadening our scope to include nature-related disclosures to comprehensively understand and manage material risks and opportunities related to natural ecosystems. Yinson supports the TNFD by adopting its disclosure recommendations in preparation for our first TNFD Report, which we aim to launch in 2025. Biodiversity Management, pg 81. Climate Change & Carbon Management, pg 75. actions and the methods adopted for managing our climate risks and opportunities. Our Climate Report aligns with applicable climate-related disclosure frameworks, including Task Force on Climate-Related Financial Disclosures (”TCFD“), IFRS S2 and Transition Plan Taskforce (“TPT”), ensuring our climate transition plans are robust, credible and consistent with industry best practices. We operationalise our climate strategy through a three-pronged approach: carbon reduction, carbon removal and carbon compensation. Yinson has remained focused on driving the implementation of our climate actions. Yinson’s Climate Report 2024 consolidates our Climate Roadmap and Climate Report into a single document, providing a comprehensive overview of our updated climate strategy and approach to net zero, the progress of our climate Board Risk & Sustainability Committee Yinson aims to be carbon neutral by 2030 and net zero by 2050. Yinson’s Climate Goals Scan for more information and to read our Climate Report. Yinson‘s 30 most material ESG targets to be achieved by 2030. 30 by 30 Scan for more information on our 30 by 30 initiative.
19 INTEGRATED ANNUAL REPORT 2025 OUR INVESTMENT CASE | OUR APPROACH TO SUSTAINABILITY SUSTAINABILITY ASSOCIATIONS AND MEMBERSHIPS Our commitment to sustainability is reinforced through strategic partnerships and industry affiliations that guide our ESG initiatives. Our engagement with various global and regional organisations reflects our dedication to creating positive environmental and social impact while promoting responsible business growth. * Yinson officially became a 30% Club member in March 2025. Scan for more information on our sustainability associations and memberships. Fostering a vibrant carbon market ecosystem We take a proactive role in shaping sustainable policy development. Yinson currently serves as the president of the Malaysia Carbon Market Association (“MCMA”), a non-profit organisation dedicated to fostering a vibrant carbon market ecosystem in Malaysia. The MCMA works towards formulating national policies to ensure both compliance and voluntary carbon markets (VCM) contribute effectively and equitably towards Malaysia’s net zero goals. At the regional level, together with our fellow counterparts, we are advocating for the ASEAN Common Carbon Framework (ACCF), a regional carbon framework designed to establish consistent standards to ensure the mutual recognition of methodologies. This framework is expected to enhance regional business collaboration, unlock carbon project opportunities unique to ASEAN and improve the liquidity of carbon credits. We collaborate with the Malaysia Forest Fund (“MFF”) to support forest conservation efforts. Additionally, Yinson is part of the technical working group for the Forest Carbon Offset Protocol, which provides both strategic and technical contributions to develop a domestic crediting system and guidelines that uphold high integrity standards. Once finalised, Malaysia will establish its own national carbon standard for Nature-based Solutions (“NbS”). ESG RATINGS AND ACHIEVEMENTS We align our practices with leading sustainability ratings, disclosure platforms and industry benchmarks. Our strong ratings and achievements are a testament to our commitment to excellence in environmental stewardship, social responsibility and corporate governance. Climate Change & Carbon Management, pg 75; Biodiversity Management, pg 81. WE SUPPORT Scan for more information on our ESG ratings. 64 ESG score 10.3% improvement YoY As of Mar 2025 15.3 (low risk) ESG risk rating Maintained rating YoY As of Dec 2024 3.8 ESG rating Maintained rating YoY As of Dec 2023 BBB ESG rating Improved from BB YoY As of Dec 2024 Water: BClimate: C As of Dec 2024
20 21 YINSON HOLDINGS BERHAD INTEGRATED ANNUAL REPORT 2025 OUR INVESTMENT CASE OUR INVESTMENT CASE | OUR APPROACH TO SUSTAINABILITY 1 In 2024, Sustainalytics introduced a significant update to its methodology, resulting in score changes for all rated companies. COMMUNITY ENGAGEMENT LIVES IMPACTED FY2025 31,476 individuals FY2024: 10,560 individuals 2030 target: 30,000 cumulative individuals directly impacted through CSR programmes COMMUNITIES IMPACTED FY2025 70 communities FY2024: 33 communities 2030 target: 30 cumulative communities impacted through CSR programmes CSR INVESTMENTS FY2025 RM5.8 million 2030 target: RM30 million cumulative investment into CSR programmes EMPLOYEE VOLUNTEERISM FY2025 2,471 hours 2030 target: 30,000 cumulative employee CSR hours SUSTAINABLE SUPPLY CHAIN SUPPLIER ESG SCREENINGS FY2025 100% FY2024: 100% Annual target: 100% pre-qualified suppliers undergoing detailed ESG screening LOCAL SUPPLIER PARTICIPATION FY2025 85% FY2024: 93% Annual target: >70% quotations requested from in-country suppliers SUPPLIER ENGAGEMENT INITIATIVES FY2025 80% 2030 target: 100% of Tier 1 suppliers cumulatively engaged through supplier events, training or workshops SUPPLIER ESG SITE AUDITS FY2025 5 2030 target: 10 cumulative site audits conducted for Tier 1 suppliers DATA PRIVACY & SECURITY ZERO UNRESOLVED PRIVACY BREACHES FY2025 Maintained FY2024: Maintained Annual target: Zero unresolved privacy breaches every year ZERO UNRESOLVED CONFIDENTIAL DATA BREACHES FY2025 Maintained FY2024: Maintained Annual target: Zero unresolved confidential data breaches every year ESG RATINGS & ASSURANCE SUSTAINABILITY STATEMENT ASSURANCE FY2025 Achieved FY2024: Achieved Annual target: Independent assurance on Sustainability Statement every year ESG RATINGS FY2024 FY2025 2030 target FTSE4Good 3.8 3.8 4 S&P CSA 58 64 70 MSCI BB BBB A Sustainalytics 14.5 15.31 <15 ANTI-BRIBERY & ANTI-CORRUPTION ZERO INCIDENCES OF CORRUPTION FY2025 Maintained FY2024: Maintained Annual target: 100% of substantiated incidents of corruption resolved ABAC TRAINING FY2025 74% Annual target: 100% employees completing ABAC training FY2024: 3 FY2024: 40% FY2024: 1,268 hours FY2024: RM3.9 million CARBON INTENSITY OF FPSO OPERATIONS FY2025 33.2 kg CO2e/BOE FY2024: 33.9 kg CO2e/BOE 2030 target: 11 kg CO2e/BOE CLIMATE CHANGE CARBON INTENSITY OF GROUP OPERATIONS FY2025 492.6 kg CO2e/MWh FY2024: 591.4 kg CO2e/MWh 2030 target: 136.7 kg CO2e/MWh CARBON COMPENSATION & REMOVAL FY2025 On track FY2024: On track 2030 target: 100% of residual Scope 1 and 2 emissions WATER WATER DISCHARGE FROM OPERATIONS FY2025 Annual target: <15 ppm from Yinson Production-operated FPSOs ZERO SPILLS FY2025 1 FY2024: 10 Annual target: 0 unrecovered spill incidents 3.6 ppm (slop water) FY2024: 6.3 ppm 15.7 ppm (produced water) FY2024: 14.3 ppm HEALTH AND SAFETY LOST TIME INJURY FREQUENCY FY2025 0.13 FY2024: 0.05 Annual target: 0 TOTAL RECORDABLE INJURY FREQUENCY FY2025 0.47 FY2024: 0.31 Annual target: <0.2 ZERO FATALITIES FY2025 1 FY2024: 0 Annual target: Zero fatalities EV CHARGERS INSTALLED FY2025 366 chargers 2030 target: 3,000 chargers installed and operational INVESTMENTS INTO GREEN BUSINESSES FY2025 8% 2030 target: 30% total equity invested into green businesses RENEWABLE ENERGY GENERATION FY2025 865.6 GWh 2030 target: 5,600 GWh CLEAN ENERGY DIVERSITY, EQUALITY & INCLUSION GENDER EQUALITY OF BOARD FY2025 36.4% 2030 target: 50% female directors GENDER EQUALITY ONSHORE FY2025 23.6% 2030 target: 30% female onshore employees HUMAN CAPITAL DEVELOPMENT EMPLOYEE TURNOVER FY2025 8.26% FY2024: 9.29% Annual target: <10% EMPLOYEE REMUNERATION FY2025 Maintained FY2024: Maintained Annual target: 100% employees earning above minimum wage EMPLOYEE TRAINING HOURS FY2025 148.6 hours FY2024: 84 hours Annual target: 120 average training hours per employee FY2024: 13% FY2024: 365.6 GWh FY2024: 403 chargers FY2024: 24.8% FY2024: 36.4% FY2024: 70.3% 30 BY 30 SCORECARD FY2025 Target not met, with improvement areas identified since FY2024 Target met, or progressing towards target since FY2024 Target not met, with improvement areas identified since FY2024 Target met, or progressing towards target since FY2024
22 YINSON HOLDINGS BERHAD RM3.2 billion EBITDA +8% over FY2024 +320% over FY2020 Maintained top ESG ratings with Sustainalytic and S&P Global Yinson Production raised USD 1 billion with consortium of global investment firms Yinson Renewables launched 97 MWp Matarani Solar Park, Peru RM509 million shareholder returns for FY2025 Yinson GreenTech secured strategic investment with Khazanah’s Dana Impak A YEAR OF DELIVERY It has been a year of delivery, marked by significant achievements and milestones across our businesses. Despite the challenges posed by the global economic landscape, we have remained steadfast in our commitment to delivering value to our stakeholders. Our focus on operational excellence and strategic execution has enabled us to achieve remarkable progress in our projects and initiatives. In 2024, Yinson Production successfully delivered FPSO Maria Quitéria and FPSO Atlanta, both of which are now operational and contributing to our portfolio. We are also ahead of schedule with the Agogo FPSO, which is currently undergoing final commissioning in Angola. Yinson Renewables launched its first operational renewables project in Latin America, the Matarani Solar Park in Peru; while Yinson GreenTech welcomed Khazanah as a strategic investor and launched Hydroglyder, its fully electric hydrofoil passenger vessel. These accomplishments underscore our capability to deliver complex projects on schedule and within budget. A landmark achievement during the year was welcoming our new strategic partners, Abu Dhabi Investment Authority (“ADIA”), British Columbia Investment Management Corporation (“BCI”), and RRJ Group. The consortium raised pre-IPO growth capital of USD 1 billion for the Group, with the option to upsize to USD 1.5 billion within 24 months. Our shareholders approved the investment during an Extraordinary General Meeting (“EGM”) held on 27 March 2025. Highlight: USD 1 billion investment from ADIA, BCI and RRJ Group, pg 26; Unlocking value through Yinson's largest equity raise, pg 40. LEADERSHIP MESSAGES On behalf of the Board, I am pleased to present Yinson’s Integrated Annual Report 2025. Our focus on delivery in the past year has yielded solid results, enabling us to both grow and return capital to our shareholders. Even as we advance to a new level in the energy infrastructure space and global capital markets, we are concurrently optimising our organisation and cost structure to ensure our future growth is sustainable. CHAIRMAN STATEMENT COMMENTARY BY LIM HAN WENG, GROUP EXECUTIVE CHAIRMAN
23 INTEGRATED ANNUAL REPORT 2025 LEADERSHIP MESSAGES | CHAIRMAN STATEMENT THE RIGHT STRUCTURE FOR SUSTAINED GROWTH Our focus in 2025 is to review and consolidate our operations. We have conducted a thorough review of our business to identify areas which are core to us, synergies between the various business areas, and efficiencies that can be gained across our organisation. We are actively putting the right structures and resources in place to ensure we are well positioned for the next phase of growth. We completed the divestment of our offshore marine business, Regulus Offshore, to Lianson Fleet Group (“LFG”) on 31 January 2025, aligning with our strategic direction to focus on our FPSO and energy transition businesses. Having unlocked value from this profitable legacy business, we will continue to participate in the future growth of LFG through our holding of a minority stake and the rights to a board seat. Another decision made following the strategic review of our core areas was the transition of Farosson out of Yinson, effective on 1 May 2025. Daniel Bong, the CEO of Farosson, had decided to continue leading Farosson independently, which also means he has stepped down as Principal Officer of the Group. Yinson remains supportive of Farosson’s continued success, and we look forward to maintaining a strong working relationship where opportunities align. We thank Daniel for 14 years of dedicated service as he has been instrumental in Yinson’s growth. Our businesses, under the leadership of their respective Senior Leadership Teams and Advisory Boards, have also taken steps to review and consolidate their businesses, which is explained in further detail in our Business Review. Business Review, pg 58 to 74. GOVERNANCE UPDATES We have taken proactive measures to strengthen our governance framework to ensure robust risk management and operational resilience amidst a rapidly evolving global landscape. Key measures taken during FY2025 include: • Updated our Enterprise Risk Management (“ERM”) framework to improve its relevance and effectiveness in alignment with our decentralised business structure. • Integrated our enterprise and climate risk profiles into a single ERM framework. • Broadened our risk reporting beyond our key risks. • Launched our Business Continuity Management (“BCM”) Policy Statement and Framework and facilitated the development of Business Continuity Plans (“BCP”) and Crisis Management Plan (“CMP”) at Group-level. • Obtained recertification of ISO 37001 Anti-Bribery Management Systems by Bureau Veritas, which we have maintained since 2021. The Group’s key profitability benchmark indicator, IFRS EBITDA, was RM3.2 billion in FY2025 – 8% higher than the previous financial year and 320% higher compared to FY2020. This is our best performance yet. REWARDING OUR SHAREHOLDERS We took significant steps to enhance shareholder value, rewarding our shareholders for their continued support during our high growth and delivery phases. The Dividend Reinvestment Plan (“DRP”) was implemented in July 2024 and applied to the Group’s final dividend for the financial year ended 31 January 2025, as well as the subsequent three quarterly interim single-tier dividends of 1 sen per ordinary share declared by the Board. The DRP allows shareholders to reinvest their dividends into additional shares, further aligning their interests with the long-term growth of the company. The DRP met with positive response from shareholders. Approximately 77% of the FY2024 final dividend and 33% of the interim dividends declared for FY2025 were reinvested, allowing Yinson to retain RM52 million to strengthen our balance sheet to support our growth and expansion plans. In total, we have declared interim dividends of 3 sen for FY2025, representing a total payout of RM89 million. We have also declared a final dividend of 1 sen per ordinary share for FY2025. We continued rolling out our share buy-back programme, aimed at increasing shareholder wealth and optimising capital deployment. During the year, we acquired 155,312,200 shares at an average price of RM2.53 per share, which resulted in a capital return of RM392 million to our shareholders for FY2025. FINANCIAL RESULTS IN A YEAR OF TRANSITION FY2025 was a year of transition for the Group from a CAPEX-intensive Engineering, Procurement, Construction, Installation and Commissioning (“EPCIC”) phase to an operational phase, with steady cash inflows over the next 20 to 25 years as our remaining projects under construction are progressively completed. This is reflected in the Group’s financial results for the year. The Group recorded lower revenue of RM7.6 billion in FY2025 (FY2024: RM11.6 billion), primarily due to lower contribution from EPCIC activities. This was partially offset by the commencement of operations for FPSO Maria Quitéria and FPSO Atlanta, as well as the lease extension for FPSO Abigail-Joseph. Nevertheless, the Group recorded higher PATAMI in FY2025 of RM1.2 billion, primarily due to reversals of tax provisions previously recognised in prior years and recognition of deferred tax assets on unutilised interest deductions arising from a change in tax basis for Offshore Production operations in the Netherlands. Statement on Risk Management & Internal Control, pg 138; Corporate Governance Overview Statement, pg 121. Unlocking shareholder value, pg 27.
24 YINSON HOLDINGS BERHAD LEADERSHIP MESSAGES LEADERSHIP UPDATES We are pleased to welcome Lim Poh Seong to Yinson’s Board as Independent Non-Executive Director. His extensive experience across a diverse range of businesses and on the boards of several Malaysian listed companies will bring great value to the Group. Lim Han Joeh, after faithfully serving since 1996 and as a Non-Independent Non-Executive Director since 2016, decided not to seek re-election at the Annual General Meeting (”AGM“) held in July 2024 and subsequently stepped down from the Board. Our Senior Management team has also seen several changes this year. Chai Jia Jun was appointed as Group Chief Financial & Strategy Officer, succeeding Guillaume Jest, who has served as Group Chief Financial Officer since 2020. Lim Chern Yuan was appointed as Yinson GreenTech CEO, and Louisa Brady as Yinson GreenTech Chief Operating Officer. These are roles that Chern Yuan and Louisa now hold alongside their roles as Group CEO and Group Chief Human Resources Officer respectively. Chern Yuan succeeds Eirik Barclay who has stepped down as Yinson GreenTech CEO to take up the role of Advisory Director at Yinson GreenTech, where he will continue to provide oversight on Yinson GreenTech’s strategic direction. We thank Han Joeh and Guillaume for their immense contribution to Yinson, and we wish them all the best in their future endeavours. CHAMPIONING AN INCLUSIVE ENERGY TRANSITION Yinson began our journey as a humble Malaysian company. Through dedication and hard work, we have achieved remarkable success on a global scale. Our success would not have been possible without the unwavering support of our stakeholders, to whom we are deeply grateful. A standout moment for us in 2024 was the privilege of engaging with the governments of Malaysia, Peru, and Brazil during an official visit to the region. We were honoured to host members of the government, our clients, and key stakeholders at two events in Lima and Rio de Janeiro, where our contribution to the renewables and offshore production landscape in the South American region was warmly acknowledged. The highlight of these events was the address by Malaysia’s Prime Minister, The Honourable Anwar Ibrahim. Our achievements have strengthened our voice in the private sector, empowering us to advocate for regional economic benefits. This year, our role in advancing ASEAN business goals is even more significant as Malaysia assumes chairmanship of ASEAN. The greater our success, the greater our passion for fulfilling our purpose of championing an inclusive energy transition. We are more driven than ever to operate in a way that helps the world transition to cleaner, more sustainable energy sources while ensuring that no one is left behind and preserving the natural environment. Ultimately, our journey is about making a positive difference. In this respect, a key development this year is the launch of Yinson Production‘s Low Carbon Ventures business, which we believe will contribute to the decarbonisation of our offshore operations and the broader maritime industry. On the climate front, we integrated our Climate Goals Roadmap into our Climate Report for better connectivity and actively advocated for a robust carbon market. Exploring synergistic opportunities in low carbon ventures, pg 28; Biodiversity Management, pg 81; Climate Change & Carbon Management, pg 75. CLOSING REMARKS Major factors affecting our businesses, especially in the energy space, include the ongoing transition to renewable energy, regulatory changes, and the need for sustainable and innovative solutions. We are committed to navigating these challenges and leveraging our strengths to achieve long-term success. I extend my gratitude to the Board for your invaluable guidance. To our shareholders and investors, thank you for your trust in us. We appreciate our clients and partners for the opportunity to collaborate. To the communities where we operate, thank you for welcoming us. And to our dedicated employees and their families, your hard work has been the cornerstone of our progress.
25 INTEGRATED ANNUAL REPORT 2025 Finance and Strategy Review, pg 31. DELIVERED – VALUE UNLOCKED It has been a watershed year for us, where we have seen Yinson’s greatest value being unlocked. During the year, the Group was aligned to prioritise the delivery of our three FPSO projects under construction, understanding that doing so was the key to greater and sustained future income. FPSO Maria Quitéria and FPSO Atlanta achieved first oil on 15 October 2024 and 31 December 2024, respectively, marking the commencement of their charter periods. These two assets alone have a combined contract backlog of USD 7.2 billion up until 2047, contributing to over a third of our fleet’s total order book. After completing onshore commissioning, the Agogo FPSO sailed away from the integration yard in China in March 2025 and arrived safely in Angola on 16 May 2025, several months ahead of the contractual date. This is a standout achievement in our industry and a testament to the team’s commitment and adaptability. When the Agogo FPSO comes on stream, scheduled for Q3 2025, our total order book will reach close to USD 20 billion until 2048, making us the second largest FPSO operator in the world by order book. We also delivered our first renewables asset in Latin America – the 97 MWp Matarani Solar Park in Peru. The success of this project has galvanised our pipeline in the region, which we are now actively progressing. As a management team, we established three clear priorities for FY2025. First, we must continue to grow Yinson Production to facilitate our transition, necessitating a significant equity raise. Second, we need to optimise our debt structure. Third, it was imperative to deliver our FPSOs under construction to unlock the returns needed for our next phase of growth. Concurrently, we were committed to addressing two key investor concerns – delivering higher return on capital and ensuring sustained growth. We are pleased that we have been able to deliver on all these priorities. Our consistent track record of deliveries has progressively strengthened the market’s confidence in our business model over the years. The period under review marks a new high in this journey as we secured substantial investments from several esteemed blue-chip strategic investors. The quality and scale of these investment are a powerful endorsement of the value of Yinson Group, the robustness of our business model and the strength of our management team. LEADERSHIP MESSAGES | GROUP CEO REVIEW 2024 marked a turning point in our expansion journey. The past five years have been the most intense expansion phase in our history, peaking last year as we buckled down to deliver our largest and most ambitious projects to date. I am pleased to confirm that we have indeed delivered, thanks to the relentless dedication from our entire team, partners and stakeholders. Now, we have a unique window of opportunity to take a step back and evaluate how we have been doing things. Our focus for this season is to implement the right structure to create a more adaptable, resilient and efficient organisation that can sustain long-term growth. We are confident that this measured approach enables us to advance sustainably as we work with like-minded partners to realise a just and equitable energy transition. GROUP CEO REVIEW COMMENTARY BY LIM CHERN YUAN, GROUP CHIEF EXECUTIVE OFFICER
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