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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