24 YINSON HOLDINGS BERHAD FINANCIAL REVIEW Commentary by Chai Jia Jun, Group Chief Financial and Strategy Officer LEADERSHIP MESSAGES The shift from a linear energy transition to a more pragmatic model of energy addition has important implications for our financial strategy. A world that needs more energy of all types – not only cleaner energy – reinforces the value of Yinson Production’s long-term contracts, which continue to underpin our balance sheet strength. At the same time, it validates our disciplined investments into Yinson Renewables and Yinson GreenTech, where we are scaling our presence in a measured way that reflects market fundamentals and supportive government policies. In this environment, capital discipline and efficiency become even more important. Rising demand alongside slower system transformation means investment cycles may lengthen, supply chains may tighten and cost curves may shift. Accordingly, we prioritise investments with strong counterparties and visible cash flow profiles, while fine-tuning the pace and structure of investments across our newer renewables and green technologies businesses to align with market opportunities and strategic priorities. Over the financial year, we made strong progress in broadening our access to global capital. We also continued to reprofile our debt repayments and optimise our maturity schedule through 2029. We also continued to strengthen strategic partnerships with capital providers through a diversified suite of instruments across our capital stack – from secured and junior debt to minority equity interests at the asset level, as well as corporate debt, perpetual securities, mezzanine financing and platform-level equity. Together, these initiatives enhance our financial resilience, improve earnings quality and ensure Yinson remains agile and well positioned to support the energy systems of the future. In 2025, we strengthened our resilient, cash generative portfolio and enhanced financial discipline across the Group. Strong performance from Offshore Production and progress in Renewables and GreenTech supported topline growth, profitability and cash flows. With a strong order book and reinforced liquidity, we enter 2026 with clear priorities for long-term value creation. FINANCIAL PERFORMANCE FY2026 RM million FY2025 RM million Change RM million % Extract from Consolidated Income Statements Revenue 5,375 7,605 (2,230) -29.3% Cost of sales 2,167 4,881 (2,714) -55.6% Gross profit 3,208 2,724 484 17.8% Earnings Before Interest, Tax, Depreciation & Amortisation (“EBITDA”) 2,847 3,234 (387) -12.0% Adjusted Enterprise Reporting EBITDA@ 2,810 1,909 901 47.2% Profit before tax 1,029 1,120 (91) -8.1% Profit after tax 753 1,585 (832) -52.5% Profit after Tax and Minority Interests (“PATAMI”) 683 1,249 (566) -45.3% Gross profit margin 59.7% 35.8% 23.9% 66.8% EBITDA margin 53.0% 42.5% 10.5% 24.7% Net profit margin 14.0% 20.8% -6.8% -32.7% PATAMI margin 12.7% 16.4% -3.7% -22.6%
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