READY STEADY GROW INTEGRATED ANNUAL REPORT 2026 Students from Dixcove, Ghana, contributed to this front cover as part of a Yinson-sponsored fun run supporting malaria prevention. Read more inside.
ABOUT OUR THEME Yinson Integrated Annual Report 2026 reporting suite Scan to view our reporting suite. Integrated Annual Report 2026: Ready, Steady, Grow A balanced overview of our financial and non-financial performance, value-creation approach, strategic direction, sustainability risks and opportunities, management approach, and AGM-related information. 1 Corporate Governance Report 2 TNFD Report 4 Sustainability Performance Data 5 Climate Report 3 YINSON HOLDINGS BERHAD ABOUT THE COVER This year’s front cover captures a journey of progress through the symbolic footprints of 50 students from Dixcove, Ghana. Each footprint represents a pledge made by the students to serve as malaria awareness ambassadors within their community after completing a Yinson-sponsored fun run – a reflection of our theme, ‘Ready, Steady, Grow’. The cover tells a story of progress, readiness and collective growth, driven by the next generation. Read the full story behind the front cover of our Report on our interactive microsite. Content Indexes 6 EXPLORE OUR REPORT DIGITALLY We encourage you to read this report on our interactive microsite, which features smart summaries and an interactive interface. Content is optimised for screen and mobile, enabling seamless exploration across sections. You can also view the interactive edition of this Report, which offers enhanced navigation, cross-referencing and search functionality for a more engaging and intuitive experience. READY, STEADY, GROW Ready, Steady, Grow reflects Yinson’s strong foundations and confidence to scale. • Ready: We have aligned the fundamentals required for growth. With robust systems, mature processes and empowered teams, we are equipped to move forward with speed and agility. • Steady: Our momentum is anchored in discipline and stability. We remain focused on governance and responsible execution, ensuring that even as we accelerate, we do so with consistency and resilience. • Grow: Guided by purpose and strategic clarity, our growth trajectory centres on expanding our impact, creating shared value and contributing meaningfully to the global energy transition. Scan this QR code or go to our interactive microsite at ar.yinson.com/2026 to experience this report digitally.
Navigation icons These icons are used to strengthen the connectivity of information and guide you to additional content within this Report or across Yinson’s communication platforms. Capitals FC Financial Capital HC Human Capital MC Manufactured Capital SC Social & Relationship Capital IC Intellectual Capital NC Natural Capital YR Yinson Renewables Businesses YP Yinson Production YGT Yinson GreenTech Group strategies OP Optimise portfolio FM Disciplined financial management EB Strategic ecosystem building PG Build a platform for growth SV Create sustainable stakeholder value DM Empower decision-making Material topics CJ Climate Action & Just Transition TI Talent Growth & Inclusion ES Environmental Stewardship BM Biodiversity Management HS Occupational Health & Safety HR Human & Labour Rights CE Community Engagement BP Business Management & Performance SM Sustainable Supply Chain Management GE Corporate Governance & Business Ethics DR Digital Enablement & Resilience Stakeholder groups BL Bankers & lenders IN Industry CC Clients & customers IS Investors & shareholders CR Crew LC Local communities EM Employees EP Equity partners GR Governments & regulatory bodies SP Suppliers Scan to access related information on our online communication channels. 30 by 30 targets INTEGRATED ANNUAL REPORT 2026 Points to related sections within this Report. pg 43 21 22 23 24 SUSTAINABLE SUPPLY CHAIN 25 26 DATA PRIVACY & SECURITY Governance 27 28 ESG RATINGS & ASSURANCE 29 30 ANTI-BRIBERY & ANTI-CORRUPTION 7 8 WATER Environment 4 5 6 CLEAN ENERGY 2 3 CLIMATE CHANGE 9 10 11 HEALTH AND SAFETY 12 13 DIVERSITY, EQUALITY & INCLUSION Social 14 15 16 HUMAN CAPITAL DEVELOPMENT COMMUNITY ENGAGEMENT 17 18 19 20
2 YINSON HOLDINGS BERHAD BASIS OF THIS REPORT This Integrated Annual Report 2026 (“Report”) highlights 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 is headquartered in Kuala Lumpur, Malaysia. The scope of this Report includes Yinson Holdings Berhad ("Yinson" or "the Company") and its subsidiaries ("the Group"). The Report covers the financial reporting period from 1 February 2025 to 31 January 2026 (“FY2026”) 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 Malaysian Code on Corporate Governance 2021 (“MCCG”). • International Integrated Reporting Framework (2021) (“<IR> Framework”). • National Sustainability Reporting Framework (NSRF) • International Financial Reporting Standards ("IFRS") S1 (Sustainability-related Disclosures) and S2 (Climaterelated Disclosures) with reference to applicable Sustainability Accounting Standards Board ("SASB") Standards. • 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 Global Reporting Initiative (“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: Independent Auditors’ Report by PricewaterhouseCoopers PLT (PwC), pg 299 to 302. • Sustainability Review: Limited Assurance Statement provided by UHY Malaysia PLT, pg 321 to 324. • Sustainability-related indicators: Verification Statement provided by DNV Sweden, pg 325 to 326. Scan to view our sustainability-related assurance and verification statements. 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 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 it has been prepared in accordance with the applicable reporting standards and guidelines. The Board approves the release of this Report. Yinson Holdings Berhad is pleased to present our Integrated Annual Report for the Financial Year Ended 31 January 2026. This Report reflects our commitment to creating sustainable value for our stakeholders.
3 INTEGRATED ANNUAL REPORT 2026 INSIDE THIS REPORT GOVERNANCE 109 Board of Directors 114 Senior Management 118 Corporate Governance Overview Statement 127 Other Compliance Information 129 Statement on Risk Management & Internal Control 139 Report on Audit Committee 142 Statement on Directors’ Responsibility ACCOUNTABILITY 143 Directors’ Report 152 Statement by Directors 152 Statutory Declaration 153 Financial Statements 299 Independent Auditors’ Report 303 Disclosure of Financial Data for Shariah Screening 305 Analysis of Shareholdings 308 List of Properties APPENDIX 309 Corporate Information 310 Sustainability Performance Data 320 Bursa Malaysia Prescribed Table 321 External Assurance Reports 327 GRI content index 331 List of abbreviations ANNUAL GENERAL MEETING 332 Notice of Annual General Meeting • Form of Proxy BASIS OF THIS REPORT YINSON AT A GLANCE 04 FY2026 highlights 06 Group financial highlights 07 Purpose, Vision, Mission and Core Values 08 Global presence 10 Key assets LEADERSHIP MESSAGES 14 Chairman Statement 16 Group CEO Review 24 Financial Review VALUE CREATION AT YINSON 33 Our sustainability positioning 36 Material matters 43 30 by 30 scorecard 46 Approach to stakeholder engagement 50 Our business value creation model 56 Trade-offs 58 Key risks and mitigation BUSINESS REVIEWS 59 Market landscape 67 Yinson Production 75 Yinson Renewables 79 Yinson GreenTech SUSTAINABILITY REVIEW 84 Building Environmental and Climate Resilience • Climate Action & Just Transition • Environmental Stewardship • Biodiversity Management 92 Empowering People and Communities • Occupational Health & Safety • Human & Labour Rights • Talent Growth & Inclusion • Community Engagement 101 Sustainable Growth through Governance • Business Management & Performance • Corporate Governance & Business Ethics • Sustainable Supply Chain Management • Digital Enablement & Resilience
4 YINSON HOLDINGS BERHAD YINSON AT A GLANCE FY2026 HIGHLIGHTS ESG ratings and awards Scan for detailed ESG ratings. Scan to view all awards and recognitions. Revenue RM5,375 million Financial performance Business highlights EBITDA RM2,847 million Adjusted Enterprise Reporting EBITDA RM2,810 million PATAMI RM683 million Basic EPS 14.8 sen Financial transactions USD 500 m issued from first two tranches of USD 1 billion investment from global consortium. RM1.175 b Sukuk Wakalah issued under Senior Islamic Medium Term Notes Programme of up to RM2 billion in nominal value. USD 1.168 b project bond placed to refinance FPSO Maria Quitéria. Delivery of Agogo FPSO in Angola four months ahead of schedule. Acquisition of 94.6 MW Mt Cass Wind Farm project in New Zealand. Award of FSO for Block B project in Vietnam. Acquisition of Stella Maris CCS. Launch of fully electric cargo vessel, Hydromover 2.0. Operations highlights 99.6% 5-year average fleet technical uptime 101.3% fleet commercial performance 100.1 million barrels of oil equivalent produced ( 49% from FY2025) 986.3 GWh renewable energy sold ( 14% from FY2025) 8,549.6 MWh charging energy delivered ( 95% from FY2025) Facilitated ~60.0 million km travelled on electricity through chargEV and drivEV. ( 101% from FY2025) ~1,033 GWh annual total generation capacity 557 MW utility scale assets operational
5 INTEGRATED ANNUAL REPORT 2026 YINSON AT A GLANCE | FY2026 HIGHLIGHTS Sustainability highlights Environment ( 20% from FY2025) ( 164% from FY2025) ( 14% from FY2025) 26.7 kg CO2e/BOE fleet carbon intensity 278.0 tonnes waste reused, recycled or recovered 425.1 kg CO2e/MWh Group carbon intensity Energy Waste Governance 0 complaints concerning human rights violations 0 unresolved privacy and confidential data breaches 0 unresolved code of conduct cases 100% operations assessed for corruption-related risks 44.4% female board of directors ( from 36.4% in FY2025) Social (<IOGP benchmark of 0.24) 0 LTIF RM9.2 million community investment (<IOGP benchmark of 0.81) 0.23 TRIF 0 fatalities 47,416 individuals impacted 114 communities impacted 3,903 employee volunteering hours 124 average employee training hours Employees Safety Community investment CUMULATIVE SINCE FY2023 37.7% female onshore regular employees ( from 5.8 ppm in FY2025) 4.4 ppm* oil in slop water content ( from 17.0 ppm in FY2025) 7.1 ppm* oil in produced water content ( from 160 litres in FY2025) 1.2 litres hydrocarbon spills to sea Water * For whole fleet, inclusive of joint venture assets
6 YINSON HOLDINGS BERHAD Financial year ended 31 January FY2022 RM million FY2023 RM million FY2024 RM million FY2025 RM million FY2026 RM million Revenue 3,607 6,324 11,646 7,605 5,375 Profit before tax 716 855 1,695 1,120 1,029 Profit after Tax and Minority Interests (“PATAMI”) 401 589 964 1,249 683 Share capital 1,134 2,220 2,241 2,414 2,772 Redeemable convertible preference shares classified as equity - - - - 2,097 Total equity 4,740 6,458 7,977 7,864 9,247 Number of ordinary shares issued 1,101 3,054 3,064 3,079 3,218 Weighted average number of ordinary shares in issue (c) 2,409(f) 2,707 2,906 2,965 2,876 Total assets 15,205 19,259 28,692 25,788 29,182 Total liabilities 10,465 12,801 20,715 17,924 19,935 Total borrowings 8,758 9,584 16,319 16,054 18,022 Non-recourse project financing loans (g) 4,020 3,922 4,231 6,135 9,173 Earnings Before Interest, Tax, Depreciation & Amortisation (“EBITDA”) 1,402 1,782 2,993 3,234 2,847 Basic earnings per share (sen) (b)(c) 10.9(f) 16.7 28.5 37.3 14.8 Dividends rate (sen) (c)(h) 3.0(f) 2.0 3.0 4.0 4.0 Net assets per share (RM) (a)(c) 1.91(f) 2.11 2.60 2.55 2.87 Gearing (times): - Total borrowings 1.85 1.48 2.05 2.04 1.95 - Excluding non-recourse project financing loans (e)(g) 1.00 0.88 1.52 1.26 0.96 Net Gearing (times): - Total borrowings 1.24 1.23 1.66 1.69 1.37 - Excluding non-recourse project financing loans (e)(g) 0.39 0.62 1.13 0.91 0.38 Adjusted Revenue (d) 3,775 6,381 11,719 7,733 6,437 Adjusted Core EBITDA (d) 1,476 1,972 3,029 2,677 3,816 Adjusted Core EBITDA Margin (%) (d) 39.1 30.9 25.8 34.6 59.3 Adjusted Net Debt (d) 5,683 7,778 13,089 15,821 14,976 Adjusted Net Debt/Adjusted Core EBITDA (times) (d) 3.85 3.94 4.32 5.91 3.92 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 FY2022. (d) 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. (e) Computed based on total loans and borrowings of the Group less non-recourse project financing loans. (f) Amount adjusted for FY2022 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. (g) Non-recourse project financing loans refers 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. (h) 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 (where relevant). GROUP FINANCIAL HIGHLIGHTS YINSON AT A GLANCE
7 INTEGRATED ANNUAL REPORT 2026 YINSON AT A GLANCE | PURPOSE, VISION, MISSION AND CORE VALUES 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
GLOBAL PRESENCE YINSON AT A GLANCE | GLOBAL PRESENCE YINSON AT A GLANCE United States Houston Brazil Rio de Janeiro FPSO Anna Nery FPSO Maria Quitéria FPSO Atlanta Colombia Peru Matarani Solar Park Majes Phase 1 Solar Project* Chile Headquarters and offices Marketing representations Offshore production assets Renewables developments and assets Green technologies presence * Currently under construction. 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 Vietnam Ho Chi Minh City FPSO PTSC Lam Son FSO PTSC Bien Dong 01 FSO Lac Da Vang* FSO for Block B* India New Delhi Rising Bhadla 1 & 2 Solar Parks Nokh Solar Park UAE Namibia Windhoek New Zealand Mt Cass Wind Farm* China Shanghai 8 9 YINSON HOLDINGS BERHAD INTEGRATED ANNUAL REPORT 2026
10 11 YINSON HOLDINGS BERHAD INTEGRATED ANNUAL REPORT 2026 YINSON AT A GLANCE YINSON AT A GLANCE | KEY ASSETS KEY ASSETS 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 FSO for Block B Field: Block B, Vietnam Charterer: Phu Quoc Petroleum Operating Company Currently under construction. Offshore Production Agogo FPSO Field: Block 15/06, Angola Charterer: Azule Energy (50/50 joint venture of BP and Eni) Scan for more information on our offshore production assets, production capacities, contract durations, and order book. FPSO Abigail-Joseph Field: Block OML 83 & 85, Nigeria Charterer: FIRST E&P FPSO Anna Nery Field: Marlim Field, Brazil Charterer: Petrobras
12 YINSON HOLDINGS BERHAD R Ee nNeEwWa Ab lBe Ls E S Scan for more information on our renewables assets. Rising Bhadla 1 & 2 Solar Parks Location: Rajasthan, India Counterparty: NTPC Limited Installed capacity: 175 MWp/140 MWac Nokh Solar Park Location: Rajasthan, India Counterparty: NTPC Limited Installed capacity: 285 MWp/190 MWac Majes Phase 1 Solar Project Location: Arequipa, Peru Counterparty: Confidential Installed capacity: 53 MWp Mt Cass Wind Project Location: Canterbury, New Zealand Counterparty: Genesis Energy Installed capacity: 94.6 MW Matarani Solar Park Location: Arequipa, Peru Counterparty: Orygen Installed capacity: 97 MWp/80 MWac YINSON AT A GLANCE Currently under construction Currently under construction
13 INTEGRATED ANNUAL REPORT 2026 Green Technologies marinEV • 1 fully electric light passenger vessel, the Hydroglyder • 6 fully electric cargo vessels, the Hydromover 1.0 or 2.0* • Marine Digital Platform chargEV • 558 charge points • 357 chargers operated and maintained • 209 charge sites • 15.9 MW total charging capacity • Full software stack for charge point operations drivEV • ~500 EV fleet size • Full software stack for fleet management Scan for more information on our green technologies assets. YINSON AT A GLANCE | KEY ASSETS * 4 Hydromover 2.0s under construction
14 YINSON HOLDINGS BERHAD As the global energy landscape continues evolving, the world is reaching the practical recognition that meeting rising demand requires ‘energy addition’ – expanding both conventional and new energy sources in parallel. This broader perspective aligns with our long-term strategy of scaling up our Offshore Production business while developing reliable, lower-carbon and scalable solutions. Energy addition is reshaping the global energy landscape, pg 17 We believe that a just, inclusive and orderly transition is the only pathway that upholds energy security, affordability and sustainability across the entire system. This integrated approach ensures that no community is left behind as the global economy decarbonises. Yinson is ready to adapt, refine and reposition our portfolio to capture growth where our capabilities create the greatest value, ensuring we remain competitive, future-focused and aligned with the world’s energy needs. As part of this vision, we remain committed to responsible environmental and social stewardship and the highest standards of safety and ethics, recognising that long-term value can only be delivered through sustainable and responsible practices. EXECUTING OUR DISCIPLINED GROWTH STRATEGY Yinson’s Board of Directors (“Board”) continues to affirm the Group’s portfolio positioning across Offshore Production, Renewables and GreenTech, and acknowledges the significant progress made in 2025 in preparing the organisation for our next phase of growth. Over the past year, the team prioritised opportunities aligned with our capabilities and risk appetite, deepened our partnerships with blue-chip global investors, and scaled only where we can maintain execution and operational quality. Capital discipline remained non-negotiable: growth was pursued selectively, projects were structured for resilience through market cycles, and balance sheet strength was safeguarded. This disciplined approach will continue to underpin our strategy as we navigate an increasingly unpredictable global environment. The Board’s risk oversight – covering project delivery, HSE, supply chain, financing, and geopolitical exposure – remains central to ensuring high-quality decisions and long-term value creation. In doing so, we continue to strengthen enterprise resilience to withstand market volatility, regulatory shifts and emerging global risks. On behalf of the Board, I am pleased to present Yinson’s Integrated Annual Report 2026. Our mandate throughout 2025 remained clear: safeguard long-term value, uphold rigorous oversight, and ensure that strategy, risk and capital allocation are aligned to deliver sustainable outcomes for all stakeholders. After a year focused on adapting our foundations for further growth, Yinson now stands poised to accelerate with confidence. CHAIRMAN STATEMENT Commentary by Lim Han Weng, Group Executive Chairman LEADERSHIP MESSAGES
15 INTEGRATED ANNUAL REPORT 2026 LEADERSHIP MESSAGES | CHAIRMAN STATEMENT RETURNING VALUE TO SHAREHOLDERS Yinson delivered a strong financial performance in FY2026, underpinned by disciplined execution and steady contributions across our portfolio. Our strengthened financial position, improved cash flows and consistent profitability reflect the resilience of our business model and the effectiveness of the measures taken in recent years to enhance efficiency, optimise capital allocation and sharpen operational focus. Financial Review, pg 24 The Board remains committed to delivering sustainable returns to shareholders. During the year, we reinforced our capital position and further enhanced financial flexibility, supported by consistent dividend payouts across FY2025 and FY2026. We also continued our share buy-back programme, which contributed to capital management efforts and supported shareholder value throughout the year. Continuing to unlock value, pg 19 These measures reflect our confidence in the Group’s longterm growth trajectory and our commitment to balancing reinvestment with consistent shareholder rewards. BOARD AND LEADERSHIP During the year, we welcomed En Ainul Azhar and Ms Low Lily as Independent Non-Executive Directors (INED), adding valuable engineering, financial and governance expertise. We also recorded the retirement of Dato’ Mohamad Nasir bin Ab Latif, Tan Sri Dato' (Dr) Wee Hoe Soon @ Gooi Hoe Soon, Raja Datuk Zaharaton binti Raja Zainal Abidin and Mr Gregory Lee, with Dato’ Nasir and Tan Sri Gooi continuing to contribute to the Group’s success through their roles in the Yinson Production Board. The redesignation of Datuk Abdullah Karim as Senior Independent Non-Executive Director further strengthened independent oversight. Following the strategic investment by the Abu Dhabi Investment Authority (“ADIA”), British Columbia Investment Management (“BCI”) and RRJ Capital into Yinson Production, its Board was further reinforced with global expertise to support scale, resilience and long-term partnership ambitions, including the appointment of experienced international energy leaders. Together, these changes ensure a leaner, more agile Board aligned with the Group’s next phase of growth. Board of Directors, pg 109 We also continued to strengthen our Senior Management team. Mr Vegard Urnes, previously Chief Financial Officer of Yinson Renewables, transitioned into the role of CEO following the retirement of Mr David Brunt, bringing deep financial expertise and portfolio depth as the business enters its next phase of expansion. Mrs Louisa Brady was appointed CEO of Yinson GreenTech after serving as its Chief Operating Officer for a year, while continuing her role as Group Chief Human Resources Officer. These movements reflect the Group’s shift toward a leaner, more agile leadership structure, where senior leaders take on expanded responsibilities to enhance coordination, accelerate decision-making and drive stronger integration across the business. Senior Management, pg 114 CLOSING REMARKS The year ahead presents both opportunities and challenges, and the Board remains confident in Yinson’s resilience, strategic clarity and ability to deliver long‑term value for all stakeholders. We enter the year ready with firm foundations, steady in our discipline, and positioned to grow sustainably. On behalf of the Board, I thank our people, partners, clients and shareholders for their trust and continued support. Photo credit: Ricardo Stuckert
16 YINSON HOLDINGS BERHAD A COMPLEX OPERATING ENVIRONMENT The global energy landscape in 2025 was defined by an increasingly complex interplay of supply dynamics, surging demand, and heightened geopolitical uncertainty. While crude markets were expected to remain broadly oversupplied, OPEC+ continued to calibrate production to moderate price fluctuations amid shifting supply fundamentals. At the same time, geopolitical developments – including renewed tensions across parts of the Middle East, US tariff actions, tightened sanctions on several energy-producing nations, and the ongoing Russia-Ukraine conflict – contributed to intermittent price volatility and concerns around supply continuity. Yet, the defining force in today’s energy system is not surplus – but surging demand and rising system complexity. Global electricity consumption is anticipated to grow by approximately 3.7% in 2026, well above the 2015 to 2023 average of 2.6%. This acceleration is driven by rapid data centre expansion – including AI-intensive computing – strong electrification trends, and sustained demand growth across emerging markets in Asia and beyond. LEADERSHIP MESSAGES Others Oil Gas Electricity (including solar and wind) Projected energy consumption by source (2000 – 2050) (PJ ‘000) Source: BloombergNEF New Energy Outlook 2025. GROUP CEO REVIEW Commentary by Lim Chern Yuan, Group Chief Executive Officer Having delivered the most significant projects since our inception, we embraced 2025 as a year of recalibration. We took a deliberate step back to strengthen the foundations that drive long-term value. Every enhancement was made with a singular focus: to build resilience, sharpen our operational execution, and position the Group for our next era of growth. This meant asking the hard questions and redefining our approach to key organisational trade-offs – choosing sustainable growth over sheer speed, scaling without adding complexity, prioritising focus over optionality, and driving innovation while maintaining steadfast governance. Trade-offs, pg 56 2000 0 100 200 300 400 500 600 2010 2020 2030 2040 2050
17 INTEGRATED ANNUAL REPORT 2026 LEADERSHIP MESSAGES | GROUP CEO REVIEW Continue industry-leading operational performance and scaling FPSO business, while actively lowering our emissions profile. Conventional energy sources, including fossil fuels, remain foundational to ensure stability and meet rising global demand. Drive growth in the offshore low-carbon value chain, including CCS, DAC, energy from waste, green and blue ammonia, and floating storage and injection units (FSIU). Renewables, energy storage and low-carbon fuels must scale faster than ever. Expand into adjacent floating production businesses, such as floating liquefied natural gas (FLNG). Accelerate progression of Yinson Renewables pipeline to increase ready-to-build and operational projects. Energy transmission, distribution and interconnection must expand. Expand and commercialise Yinson GreenTech’s suite of electrified transportation solutions. Supply chains must mature to support diversified, secure energy systems. Delivering climate objectives while meeting global demand requires both conventional and new energy to grow, evolve and co-exist. New technologies must scale, grids must strengthen, and supply chains must mature – all while maintaining reliability and affordability for communities and industries. This is not a step back from sustainability; it is a more grounded, inclusive path forward. Across Yinson, our businesses are responding with agility to this macro shift, adapting to their respective operating contexts. This shift aligns naturally with our strengths. It allows us to leverage capabilities built over decades, while expanding into emerging opportunities. It sharpens our strategic focus: continue improving the emissions profile of established energy systems, while accelerating investment in solutions that support lower-carbon growth. It positions us to play a larger role in enhancing global energy access, reliability and resilience. Market landscape, pg 59 READY, STEADY, GROW: SUSTAINED PERFORMANCE ON A LEANER FOUNDATION 2025 was marked by some of our most significant achievements to date. Delivering the Agogo FPSO four months early was a remarkable demonstration of our ability to execute highly complex projects with precision, predictability and quality. As our first operating asset in Angola, it expands our footprint in Africa – a region of utmost strategic importance – while strengthening our position as a trusted partner for national energy development. The asset also sets a new industry benchmark for low‑carbon offshore production, integrating an advanced suite of emissions‑reducing technologies and becoming the world’s first operating FPSO equipped with pilot carbon capture technology. Concurrently, our continued industry-leading safety, uptime and environmental performance, coupled with steady progress on our two assets under construction in Vietnam, further reinforces the Group’s track record and underpins the resilience of our strategy. Year in review, Yinson Production, pg 67 ENERGY ADDITION IS RESHAPING THE GLOBAL ENERGY LANDSCAPE For much of the past decade, global discourse centred on a linear energy transition. That narrative no longer reflects reality. Demand is rising faster than systems can transform, and societies are prioritising reliability and affordability alongside decarbonisation. The result is not a rollback of climate ambition, but the emergence of a more complex truth: the world needs more energy, not just cleaner energy. As Wood Mackenzie observes, this dynamic is reframing the conversation from a ‘linear transition’ toward energy addition – where fossil fuels remain foundational for decades, even as low-carbon fuels and technologies grow in share and importance. The emerging system will be multi-fuel, deeply interconnected and more complex. ENERGY ADDITION A world where both conventional and new energy must grow, evolve and co-exist. STRATEGIC ANCHOR Ensuring energy stays reliable, affordable and sustainable for communities and industries. What does energy addition mean for the world? Yinson is well positioned to lead in a multi-energy, low-carbon future. pg 68 pg 73 pg 74 pg 75 pg 81 New technologies, such as smart grids, carbon capture and electrification must operationalise.
18 YINSON HOLDINGS BERHAD HIGHLIGHT: The Agogo FPSO - a benchmark for project execution LEADERSHIP MESSAGES Key steps taken KEY PROJECT HIGHLIGHTS • Topside exceeding 30,000 tonnes • 13 emissions reduction technologies • 29 months project delivery, 4 months ahead of schedule • 28 million manhours executed safely Scan to watch a video of the Agogo FPSO. The delivery of Agogo FPSO reflects disciplined front-end planning, decisive execution and strong cross-functional alignment, and highlights how early preparation can materially improve outcomes in complex offshore projects. A key differentiator was how the project was set up prior to contract award. Vessel engineering work began approximately three months in advance, supported by a measured confidence in securing the contract. This early start, combined with committing over 50% of CAPEX within the first month, helped lock in critical design, procurement and contracting activities. This opened up multiple work fronts when the vessel entered the shipyard on schedule and avoided typical engineering bottlenecks. This front-loaded approach was reinforced by a tightly managed engineering programme, where key design milestones were completed within compressed timelines, minimising rework during execution. Execution discipline was equally critical. The team maintained close oversight of contractors and suppliers, including key subcontractors, supported by regular status reviews and rapid intervention when issues arose. A deliberate contracting strategy, using engineering, procurement and construction (“EPC”) capable module suppliers, reduced interface risks and enabled more efficient problem-solving during fabrication and integration. Early involvement of the operations team further strengthened delivery, particularly in areas such as asset preservation, reducing the risk of late-stage issues and ensuring a smoother transition into operations. Proactive planning and coordination allowed the project to keep its momentum despite external challenges, including the Suez Canal closure, adverse weather conditions in China and supply chain disruptions. Concept definition • Early mobilisation and pre-award engineering. • Early request for quotations and alignment on scope and contracts. • Front-loaded planning, enabling early commitments. Design and engineering • Accelerated engineering. • High early design maturity, reflecting in minimal changes during construction. • Alignment with shipyard and fabrication needs. Procurement and fabrication • Front-loading of CAPEX commitment. • Securing EPCcapable contractors, reducing interface risks. • Close oversight of contractors and suppliers. Execution and integration • Frequent tracking and rapid issue resolution. • Strong coordination across yards and modules. • Early operations involvement. Business outcomes Earlier recognition of operational revenues Early delivery incentives Strengthened track record and market positioning Accelerated cash flow realisation Greater capital efficiency Enhanced client confidence
19 INTEGRATED ANNUAL REPORT 2026 LEADERSHIP MESSAGES | GROUP CEO REVIEW In 2025, Yinson Renewables’ most significant achievement was the 2.5x increase in forecasted revenue, driven by two major power purchase agreements (“PPA”) signed for the Majes Phase 1 Solar Project and the Mt Cass Wind Farm. Securing agreements of this scale with reputable off takers reflects the strong confidence our partners have in our ability to deliver projects on time and operate them with high reliability. It also underscores the important role our assets play in supporting national energy security. These long-term contracts provide enhanced revenue visibility and a solid financial platform, enabling us to progress more projects into ready-to-build and construction phases, while scaling our portfolio with discipline. With this strengthened footing, Yinson Renewables enters the next growth phase with increased financial resilience, stronger market credibility, and is well positioned to accelerate growth and compete more effectively as a global independent power producer (IPP). Year in review, Yinson Renewables, pg 75 • Acquired the 94.6 MW Mt Cass Wind Farm in New Zealand, marking us as the first global IPP to own and construct a wind farm in the country. • Secured PPAs for Mt Cass Wind Farm and Majes Phase 1 Solar Project, boosting long‑term revenue visibility and lifting forecasted revenues from ~USD 1 billion to ~USD 2.5 billion through 2063. • Received approval from New Zealand’s Overseas Investment Office to advance our 1 GW pipeline in the country. • Received resource consent for Pahiatua Wind Farm in New Zealand. • Secured agreement with Genesis Energy, giving them exclusivity to participate in our future New Zealand wind projects. • Assessing multiple new opportunities in Peru to expand our presence and reinforce our long‑term commitment to the market. Leap in renewables PPA revenue, significant progress in New Zealand and Peru Yinson GreenTech made meaningful strides in 2025, underscoring the success of our efforts to restructure the business into a leaner, more efficient and commercially disciplined organisation. Building on the core focus areas identified last year, we have sharpened our operational focus and enhanced execution capabilities. Key milestones include drivEV’s entry into the e-hailing market with Grab Malaysia and an additional batch of e-vans to our long-standing partner Pos Malaysia, in support of their corporate sustainability goals. chargEV and PLUS Malaysia broke ground on the nation’s first integrated EV charging hub, while marinEV launched the next-generation Hydromover 2.0 alongside charter agreements with Yacht International. Year in review, Yinson GreenTech, pg 79 Improved green technologies performance on a stronger foundation • Doubled EV leased fleet to ~500 • Achieved 90% fleet availability • Expanded into e-hailing segment • 95% growth in charging energy delivered • 27% increase in total power installed • 97% charger uptime • Launched Hydromover 2.0 • First contract awarded • Completed concept engineering for full product portfolio CONTINUING TO UNLOCK VALUE During the year, we continued to realise the value unlocked through the USD 1 billion investment completed with ADIA, BCI and RRJ Group. The funds were deployed in line with the proposed utilisation plan, strengthening liquidity and supporting the disciplined execution of our growth strategy. Capital directed to Yinson Production reinforced our position as a leading global FPSO operator, demonstrated through the exceptional delivery of the Agogo FPSO and strengthened mid-sized, lease & operate FPSO offering. Meanwhile, allocations to Yinson Renewables and Yinson GreenTech accelerated their development as the Group’s next engines of growth, with notable milestones highlighted earlier. The investment has enabled us to scale up our businesses with no cash calls from shareholders, strengthen our capital structure and enhance cash flow visibility. It also provides long-term alignment with our strategic investors. USD 1 billion strategic investment: delivering growth and value, pg 30 Project concept visual
20 YINSON HOLDINGS BERHAD We remain committed to returning value to shareholders. In the near term, this includes rewarding shareholders through dividends, reflecting our confidence in the Group’s financial position. Our cumulative dividend for FY2026 was 5 sen per share, 1 sen higher than FY2025, highlighting our ability to return capital to shareholders as our assets become operational. Beyond shorter-term rewards, we are focused on delivering higher and more sustained returns over time by further narrowing the gap between our current market position and the intrinsic value of our businesses. Progress over the year – including stronger project execution, improved capital discipline and the scaling of our energy transition businesses – demonstrates our continued commitment to long-term value creation. Financial Review, pg 24 LEADERSHIP MESSAGES RM2.07 billion in shareholder returns since FY2011 (RM million) * Declared on 19 March 2026 and estimated based on number of eligible issued and fully paid ordinary shares as at 12 March 2026. FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 * Interim dividend Share buy-back Final dividend Special dividend 2 5 6 13 16 194 22 109 96 146 113 105 249 88 509 389 THE RIGHT STRUCTURE FOR GROWTH As the Group scaled, we made a deliberate choice to prioritise simplicity over complex processes. We sharpened our focus, streamlined how we work and aligned our organisation to what the future requires. By optimising our organisation thoughtfully, removing processes that slowed us down and reinforcing both our capital base and our people foundations, we built an organisation that is more agile, resilient and positioned for stronger performance. We also continued investing in technology, digitalisation and AI as a strategic imperative – ensuring that innovation, expertise and efficiency remain at the core of how we operate and compete. Empowering our people to succeed We continued to strengthen our investment in people, advancing leadership capabilities and deepening engineering expertise to ensure we have the talent required to deliver increasingly complex projects. At the same time, we accelerated the deployment of digital tools to drive efficiency, enhance insight, and foster collaboration across the Group. We reinforced a performance‑driven culture that emphasises accountability and rewards delivery, while embedding a more agile, cross‑functional, and execution‑focused way of working. To deliver on our growth strategy, we recognised the need for our workforce to evolve in tandem with the business – strengthening capabilities, clarifying structures, and embedding a culture aligned to our values and long‑term goals. Our People Strategy established a clear vision and defined focus areas aimed at driving value, efficiency, and workforce readiness. Having built a solid footing in these focus areas, we have now progressed into the next phase of our strategy – one focused on the capabilities and enablers Yinson requires today. Talent Growth & Inclusion, pg 96 RM1.06 billion in dividends RM1.01 billion in share buy-backs
21 INTEGRATED ANNUAL REPORT 2026 LEADERSHIP MESSAGES | GROUP CEO REVIEW OUR PEOPLE VISION Providing employee-driven solutions that are relevant, add value, and enable our people to succeed HIGHLIGHT: Delivering on our People Focus Areas Key achievements across all our focus areas Technology • Global HRIS implemented • Pulse employee engagement tool • Generative AI in the Global HRIS Reward & Recognition • Total Rewards Strategy • Global Job Framework • Employee incentive programmes Governance • HR Operating Model and Governance Framework • Localised Employee Handbooks Resourcing • Internship and management trainee programmes globally • Collaborations with local universities Talent & Performance Management • Succession planning • Leadership Competency Framework • Yinson L.E.A.D. Programme Learning & Development • Learn@Yinson Learning Management System • Functional Learning Pathways • Group Learning and Development Policy HR Capability • Establishment of local HR teams • Specialist HR learning academy to enhance HR skills and competence • Functional learning pathways to enhance HR team skills • People Analytics Masterclass series Diversity & Inclusion • Women Mentorship and Development Programme • Lean In Employee Resource Group • One Young World • Yinson Cares Building efficiency through digitalisation and AI Digital Enablement & Resilience remains a material priority for the Group, reflecting the critical role that digital systems, data and cybersecurity play in sustaining operational performance and preserving our competitive edge. We recognise data as one of our most important strategic assets, with data analytics and AI serving as powerful enablers to unlock its full value. By equipping our people with tools and skills that improve productivity and enhance decisionmaking, we ensure that employee time is channelled into higher-value, strategic work. This focus on technology, digitalisation and AI strengthens our organisational agility, accelerates our response to opportunities and risks, and supports faster, better-informed decisions. We launched the Yinson Open Data & AI (YODA) initiative in 2023 to elevate cross-functional analytics, unlock deeper operational insights and cultivate a culture that embraces AI and digitalisation. The programme delivered meaningful progress, including automated workflows, enhanced analytics dashboards, improved data integrity and the deployment of several AI-enabled chatbots. Importantly, it also accelerated AI literacy across the organisation, encouraging employees to adopt AI tools thoughtfully, with a focus on productivity and value-added work. Looking ahead, we are advancing into the next phase of our AI strategy, which will emphasise responsible innovation and effective governance. Our aim is to empower business domains to experiment with AI in a structured and secure manner – grounded on clarity of problem, benefit, requirements and timeline. This model of ‘empowered experimentation with accountability’ ensures that every AI initiative is tied to clear business value, supporting Yinson’s ambition to scale responsibly and operate with greater intelligence, agility and resilience. Digital Enablement & Resilience, pg 107 2026 People Strategy Technology & Innovation Harness data and technology to enhance employee experience Total Rewards Competitive and fair rewards to drive company and individual performance Organisational Change Providing people-related support to ensure agility and adaptability Leadership Development Culture and leadership building to attract and retain talent
22 YINSON HOLDINGS BERHAD STRATEGY IN ACTION Firm focus on the energy infrastructure space We remain firmly focused on the energy infrastructure space, recognising the critical role it plays in ensuring global energy security and affordability. As demand for reliable and accessible energy continues to grow, the need for high‑quality, well‑managed infrastructure has never been clearer. We take seriously the responsibility that comes with operating in this space – not only to deliver reliable energy solutions, but also to ensure responsible stewardship of environmental and social capital where we operate. Energy infrastructure projects are capital-intensive in nature, which brings inherent risks related to long project cycles, financing structures and asset delivery. Yet importantly, the long-term and contract-backed nature of energy infrastructure projects provides stable recurring income, strong cash flow visibility and resilient returns throughout economic cycles. Yinson Production’s order book of over USD 19.5 billion gives us strong earnings visibility until 2048, boosted further by Yinson Renewables’ approximate USD 2.5 billion of forecasted revenue. Business Management & Performance, pg 101 Our overall Group strategy is simple and consistent. We anchor our six strategies across three tactical pillars – Business, Capital and Organisational – which guide how we manage our businesses and grow them, steward our capital for long-term value and resilience, and run the organisation to remain lean, efficient and future-ready. Our Group Strategies flow through to our respective Business Strategies, and together, they position us well to manage risks while capturing the resilience and long-term value of this asset class. Group strategies, pg 101 Making decisions for long-term, shared success Sustainability continues to underpin how we evolve as a business. As we pursue disciplined growth, we remain guided by principles that ensure our decisions create long-term value for our shareholders, people, partners, communities and the environment. Our sustainability positioning, pg 33 In 2025, we refreshed our material topics, once again adopting a double materiality approach to assess both the financial implications on our business and the broader impact of our operations. This exercise identified 11 material topics that reflect the issues most critical to our stakeholders and longterm performance. LEADERSHIP MESSAGES YP Yinson Production remains our Group’s primary growth engine, and we will continue scaling this business to support energy security and affordability – needs that global institutions increasingly describe as among the most urgent and destabilising challenges facing the world, driven by geopolitical tensions, supply disruptions, and price volatility. Our immediate priority, in addition to securing new FPSO projects, is to deliver FSO Lac Da Vang and FSO for Block B. These projects will further strengthen our project execution track record, alongside maintaining industry-leading safety and operational performance. These anchor our position as a reliable operator as we pursue new FPSO projects, particularly in Africa, South America and Southeast Asia, where opportunities are strongest and where we have an established presence. We will continue reducing the carbon intensity of our fleet through energy-efficient designs, improved operating processes and the integration of low-carbon features. For our operating fleet, we take a balanced and commercially sound approach to emissions reduction, working closely with our clients to identify upgrades that deliver both environmental benefits and clear value. This includes, for example, the installation of a gas export module on FPSO Abigail-Joseph, allowing gas to be exported rather than injected – thereby lowering carbon intensity. Building on years of seed investments in low-carbon technologies, we have expanded into developing an integrated low-carbon value chain, supported by design development, business development activities, and a growing proprietary portfolio – all while leveraging strategic partners to stay agile. We are seeing strong market interest in Carbon Capture-asa-Service, where our lease & operate expertise provides a competitive advantage. In parallel, we are evaluating adjacent opportunities that leverage our proven ability to build and manage complex offshore assets, including the emerging floating liquefied natural gas (“FLNG”) space. Strategic focus areas, Yinson Production Review, pg 71 The updated materiality matrix provides clear visibility of these priorities in terms of both impact and financial materiality. These priorities guide our capital allocation, operational improvements and capability building, and we maintain a sharp and deliberate focus on each of them. Material matters, pg 36
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