27 INTEGRATED ANNUAL REPORT 2026 LEADERSHIP MESSAGES | FINANCIAL REVIEW 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 and the Netherlands are presented separately as adjusted revenue and accounted for in accordance with the Group’s equity ownership. Vessel Equity ownership Accounting classification EPCIC recognition* Timing of EPCIC recognition* Owned by the Group FPSO John Agyekum Kufuor 74% Operating lease No FPSO Helang 100% Finance lease Yes Point in time (Q4 FY2020) FPSO Abigail-Joseph 100% Finance lease Yes Point in time (Q3 FY2021) FPSO Maria Quitéria 100% Finance lease Yes Over time FPSO Atlanta 100% Service contract under IFRS 15 Yes Over time Agogo FPSO 100% Finance lease Yes Over time Owned through joint venture arrangements FPSO PTSC Lam Son 49% Operating lease No FSO PTSC Bien Dong 01 49% Operating lease No FSO Lac Da Vang 49% Finance lease Yes Over time FPSO Anna Nery 63.2% Finance lease Yes Over time FSO for Block B 49% Finance lease Yes Over time * Refer to the Group’s accounting policy for EPCIC revenue recognition in Note 2.6(i) to the Financial Statements. The Group’s revenue decreased by 29% in FY2026 compared to FY2025, from RM7.6 billion to RM5.4 billion. This decrease was mainly due to lower contribution from EPCIC activities as FPSO Maria Quitéria, FPSO Atlanta and the Agogo FPSO commenced their charter periods on 15 October 2024, 31 December 2024 and 12 August 2025, respectively. This was partially offset by higher operational contribution from these assets following the start of their charter periods, as well as the recognition of a RM340 million gain arising from the buy-out of the project loan related to FPSO Atlanta in Q3 FY2026 (refer to Note 6(b)(iii) to the Financial Statements for further details). The Group’s fleet of FPSOs is now fully operational, translating to stable profits and steady cash inflows for the next 20 to 25 years. In FY2026, the significance of income contribution from FPSO Operations, represented by FPSO Operations revenue as a proportion of Yinson Production’s total revenue, increased from 52% in Q1 FY2026 to 100% in Q4 FY2026, in tandem with the commencement of the charter period for the Agogo FPSO on 12 August 2025. EPCIC and FPSO Operations Revenue (RM million) Revenue from EPCIC@ * Excluding gain on remeasurement of finance lease receivables recognised for FPSO Maria Quitéria. @ Excluding gain on buyout of project loan related to FPSO Atlanta recognised in Q3 FY2026 and other immaterial items in Q4 FY2026. 611 563 645 634 979 340 1,002 Q1 FY2026 Q2 FY2026 Q3 FY2026 Q4 FY2026 52% 50% 74% Contribution of FPSO Operations to Yinson Production revenue 100% Revenue from FPSO Operations*
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