70 YINSON HOLDINGS BERHAD BUSINESS REVIEWS Operational performance and cash generation Operational performance remained strong during the year, supporting predictable, availability-based revenues as the fleet transitioned fully into the cash-generating phase following the start-up of the Agogo FPSO. Established assets such as FPSO John Agyekum Kufuor, FPSO Helang and FPSO Abigail-Joseph continued to deliver stable earnings, while the Agogo FPSO contributed significantly to growth during the year. Entering FY2027, Yinson Production is supported by a highly operational fleet, long-term contracted revenues with highquality counterparties, an extended debt maturity profile and continued access to debt and equity capital markets. Yinson Production remains disciplined in capital allocation, selectively pursuing projects that meet risk-adjusted return thresholds while leveraging its proven execution and operating track record to deliver sustainable long-term value. Enterprise Reporting revenue and earnings (USD million) Our financing strategy continues to follow a disciplined approach: utilising bank financing during the construction phase and refinancing in the debt capital markets once assets have reached stable operations. Because maturities in the capital markets are typically longer than in the banking market, we have significantly reduced refinancing risk and increased resilience. With the refinancing of FPSO Maria Quitéria through a 19.6-year non-recourse bond last year, we reprofiled approximately USD 600 million of amortisation that would otherwise have matured in FY2029. This means that the corporate bond will be our next meaningful maturity, in FY2030, with a final repayment instalment of USD 400 million. Our weighted average debt maturity has correspondingly increased to around 11.3 years, compared to less than six years at the end of FY2023. Beyond the debt amortisation profile, the capital market strategy is important to us for another reason. We have freed up bank exposure limits and created new lending capacity for new projects. By means of illustration: Three years ago, we were fully bank financed. By the end of FY2024, the mix between bank debt and institutional debt was approximately 80%/20%. By the end of FY2025, that mix changed to around 50%/50% and by the end of this financial year, that mix was roughly 30%/70%. As we sign new contracts, the share of bank financing in the financing mix is anticipated to increase again. On the equity side, we closed the first two tranches of our USD 1 billion equity raise with ADIA, BCI and RRJ Capital, disclosed in more detail in the Financial Review. Cash flows from investing and financing activities, pg 30 With this equity raise, strong bank support for construction financing, and our established access to international debt capital markets, we are financially well positioned for Yinson Production’s next phase of growth. Revenue and earnings performance Enterprise Reporting Revenue increased to USD 1.1 billion, surpassing USD 1 billion for the first time and representing a 77% YoY increase. This growth was driven by the expansion of our operational fleet and an approximately 34% increase in operating days compared to FY2025. Adjusted Enterprise Reporting EBITDA rose to USD 638 million, up 62% YoY reflecting the scale-up of our earnings base, strong uptime and operating leverage as more assets transitioned into production. Adjusted Enterprise Reporting Net Profit increased to USD 244 million, representing an increase of 68% YoY. Earnings were supported by additional revenue from newly operational assets, partially offset by higher depreciation and amortisation following first oil, increased post-construction financing costs and higher tax charges, including the impact of Pillar Two top-up taxes. Revenue FY2025 FY2026 1,081 610 77% Adjusted Net Profit FY2025 FY2026 145 244 68% Adjusted EBITDA FY2025 FY2026 638 394 62%
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