71 INTEGRATED ANNUAL REPORT 2025 BUSINESS REVIEW | YINSON GREENTECH Since our inception in 2020, Yinson GreenTech has made great strides in our mission to electrify the transportation sector on both land and sea. We are now recognised for our ecosystem of digitally-integrated solutions that is helping businesses and communities optimise their fleet’s operational and environmental performance. As we transition to our next phase of growth, the focus now shifts to consolidation, refining core strengths, and establishing the right operating model to achieve sustainable and impactful future expansion. MARKET OVERVIEW AND OUTLOOK Transportation electrification continues to gain momentum as a key global megatrend, with the worldwide EV fleet projected to grow 12 times by 2035, reaching 525 million vehicles under stated policies. Singapore is leading regional EV adoption, with EVs accounting for a third of total car registrations in 2024. This trend is mirrored in Malaysia, which saw EV sales growing 63.8% YoY. The rapid development of charging infrastructure complements the rising EV sales in both countries, which enjoy an interconnected charging network largely attributed to like-minded collaborations between industry players. These efforts are backed by supportive policies and incentives, including tax exemptions on EVs until the end of 2025 in Malaysia and various incentives under Singapore’s Green Plan 2030. Moreover, both Malaysia and Singapore governments have put forward ambitious targets for transport electrification. Businesses are increasingly motivated to electrify their fleets due to the operational, environmental, safety and reputational benefits offered by advanced digital tools and smart technologies, such as real-time vehicle performance data on driver behaviour management and route optimisation. In Malaysia, some top freight and FMCG companies are already reporting improved performance after making the switch; while Singapore’s LTA has introduced frameworks to quantify the decarbonisation impact of fleet electrification in line with national climate targets. We highlight a case study with one of our own valued clients, Pos Malaysia in the Group CEO Review. Case study: Optimising Pos Malaysia’s fleet for better and cleaner operations, pg 29. The Port of Singapore, the world’s second busiest port, highlights significant potential for electrification with approximately 1,600 vessels powered by fossil fuels and only a handful being electric. This opportunity is reinforced by the MPA of Singapore’s mandate that all new harbour craft must be fully electric, use B100 biofuels or be compatible with net zero fuels by 2030 while new vessels built after 2027 shall require approval should they not meet the above criteria. This mandate is part of their goal to achieve net zero by 2050, when all harbour crafts are expected to emit zero emissions. Looking ahead, several trends are set to shape the green technologies industry on both global and local scales. These include increased driving ranges for plug-in hybrids and battery EVs, attributable to advancements in battery technologies. Improvements in rapid charging infrastructure and energy storage solutions, such as the recent introduction of ultra-fast megawatt chargers, will also reduce charging and waiting times. Furthermore, EV affordability is improving. For example, Malaysia is set to introduce its sub-RM100,000 EV line-up by year-end, which is anticipated to be a gamechanger for the local EV landscape. Market landscape - Yinson GreenTech, pg 44. As we shift towards our next phase of growth, we are well-positioned to capitalise on these opportunities through our current strategies and our robust, integrated, technology-enhanced, and digitally-enabled solutions. YEAR IN REVIEW Since our inception, we have been enhancing our solutions, growing our business, and fostering collaborations − and FY2025 was no exception. In the year under review, we made great strides in strengthening the underlying digital infrastructure that underpins our ecosystem of solutions. The fact is, you cannot go electric without going digital. The strength of our digital platform multiplies the value that we can bring to our customers, as it can bring tangible bottom line benefits and provide real-time insights into efficiency indicators and carbon emissions. We are encouraged to see our existing clients keen to further explore our solutions and collaborate on fleet electrification on both land and sea. Our digital capabilities allow us to push the boundaries of charging infrastructure development, creating an interoperable network that covers the majority of chargers across Malaysia and Singapore. This cross-border charging network enables a seamless charging experience for all EV users. In addition to Pos Malaysia, drivEV has also provided our full suite of solutions to Grab Malaysia, marking our entry into the e-hailing segment. We aim to double our EV fleet size by December 2025. chargEV secured its first external investment from Khazanah Nasional’s Dana Impak, a significant milestone that validates a significant growth in valuation since Yinson acquired it in 2022. Through this partnership, chargEV is set to accelerate development of Malaysia’s EV charging ecosystem, supporting the Ministry of Investment, Trade and Industry’s (MITI) commitment to install 10,000 EV charging points by end-2025.
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