35 INTEGRATED ANNUAL REPORT 2025 LEADERSHIP MESSAGES | FINANCE AND STRATEGY REVIEW The lower contribution from EPCIC activities was partially offset by higher contributions from our operational FPSOs as follows: • A full year’s contribution from FPSO Anna Nery in the current financial year, compared to nine months in the previous year. • Fresh contribution from FPSO Maria Quitéria and FPSO Atlanta operations upon achieving first oil. • Revenue recognised from FPSO Abigail-Joseph’s lease extension. • Annual charter day rate escalation for FPSO Anna Nery and FPSO Maria Quitéria, which took place from effective dates as stipulated in their charter contracts. As our remaining projects under construction approach completion, the Group is transitioning from a CAPEX-intensive EPCIC phase to an operational phase, characterised by steady cash inflows for the next 20 to 25 years. The significance of income contribution from FPSO Operations will increase, strengthening the Group’s track record of stable profits and cash flows. In FY2025, FPSO Operations revenue as a proportion of Yinson Production’s total revenue more than doubled, rising from 30% in Q1 FY2025 to 71% in Q4 FY2025. EPCIC and FPSO Operations revenue In addition, we have been actively building our renewables and green technologies businesses, with healthy business development activities and new projects secured. The revenue contributions from the Group’s joint venture arrangements in Vietnam are presented separately as adjusted revenue and accounted for in accordance with the Group’s equity ownership. EBITDA * Excluding gain on remeasurement of finance lease receivables recognised for FPSO Abigail-Joseph, FPSO Anna Nery and FPSO Maria Quitéria. 0% 200 400 600 800 1,200 1,000 Revenue from FPSO operations* Revenue from EPCIC Contribution of FPSO Operations to Yinson Production revenue (%) 1,400 1,600 10% 20% 30% 40% 60% 50% 70% 80% Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 651 1,512 686 661 1,388 812 880 363 30% 33% 45% 71% Total IFRS EBITDA (RM million) FY2025 3,234 FY2024 2,993 FY2023 1,782 FY2022 1,402 FY2021 1,236 RM million 0
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