36 YINSON HOLDINGS BERHAD LEADERSHIP MESSAGES EPCIC (RM million) 307 1,015 793 410 468 FY2025 FY2024 FY2023 FY2022 FY2021 FPSO Operations (RM million) 2,842 2,057 1,153 1,032 943 FY2025 FY2024 FY2023 FY2022 FY2021 The Group’s key profitability benchmark indicator, EBITDA, reached RM3.2 billion in FY2025 – an 8% increase from the previous financial year, marking our best performance yet. FPSO Operations represents Yinson Production’s operating activities, comprising the leasing of vessels and marine-related services. These are areas in which the Group has extensive experience and a strong track record. The Group has seven operating FPSOs and one operating FSO on lease as at 31 January 2025. In FY2025, FPSO Operations’ EBITDA grew by 38% compared to FY2024. The growth was driven by the same factors as revenue, together with the gain recognised on disposal of FPSO Anna Nery from subsidiary to joint venture (refer to Note 48(a) to the Financial Statements for further details). This deemed disposal allowed us to partially realise the value of FPSO Anna Nery, while deleveraging our balance sheet and aligning our governance and commercial rights with our partners. Our industry-leading safety standards and uptime performance resulted in a 99.6% average 5-year technical uptime across our fleet in FY2025. Together with more favourable charter rates and strong cash flows, this performance has allowed the Group to maintain the asset values of our offshore production assets. Enterprise Reporting EBITDA Enterprise Reporting was adopted by Yinson Production starting in Q4 FY2025 to enhance transparency regarding their underlying performance and cash flow generation. The results and financial position reported under Enterprise Reporting are included within the supplementary information to their audited financial statements. The Group’s Adjusted Enterprise Reporting EBITDA increased by 41%, from RM1.4 billion in FY2024 to RM1.9 billion in FY2025. Notably, RM198 million was contributed by FPSO Maria Quitéria, which clocked just over three months of operations in FY2025 after achieving first oil on 15 October 2024, reflecting the significant increase in cash flows to the Group as our assets transition from the CAPEX-intensive EPCIC phase to an operations phase. These amounts exclude one-off upfront payments received from clients during the construction phase and mobilisation fees received upon achievement of first oil. The Group aims to enhance our disclosures to align with the principles of Enterprise Reporting next year, with the key objectives of providing transparency on the Group’s financial performance and cash flow generation to our stakeholders. During this transitional period, we disclose the Group’s Adjusted Enterprise Reporting EBITDA generated from FPSO and FSO contracts. Enhancing transparency with the introduction of Enterprise Reporting, pg 63. Adjusted Enterprise Reporting EBITDA (RM million) FY2024 1,354 FY2025 1,903 +41% A more detailed explanation of Enterprise Reporting methodology, as well as Yinson Production’s financial performance under this methodology, are disclosed in the Yinson Production Review and on Yinson Production’s website.
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