Yinson Holdings Berhad (YINSON) Q1 2026 earnings summary

Executive summary

• Agogo FPSO arrived in Angola ahead of schedule, with first oil targeted for Q3 FY2026, driving a 59% increase in steady contracted income as operations phase begins.

• Revenue for Q1 FY2026 was RM1,230 million, down 44.4% year-over-year, mainly due to lower EPCIC activity and the reclassification of FPSO Anna Nery to a joint venture.

• Profit after tax fell 46.2% to RM134 million compared to the same quarter last year, reflecting lower EPCIC contributions and higher administrative expenses.

• Interim dividend increased to 2 sen per share in Q1 FY2026, with payout rising from RM29 million to RM56 million year-over-year.

• Optimisation of capital structure is ongoing to unlock value and increase NPVs.

Financial highlights

• Q1 FY2026 EBITDA rose 59% to RM800 million (Enterprise Reporting), with revenue up 66% to RM1,040 million.

• Gross profit decreased 23.9% year-over-year to RM632 million.

• Operating profit declined 33.9% to RM481 million; finance costs fell 5.9% to RM350 million.

• PATAMI impacted by one-off reversal of deferred tax liabilities in Q4 FY2025.

• Basic and diluted EPS both dropped 48.2% to 2.9 sen.

Outlook and guidance

• Agogo FPSO expected to achieve first oil in Q3 FY2026, supporting future revenue growth.

• Renewables construction projects are on track for investment decisions in FY2026.

• Majes Phase 1 solar project in Peru is within budget and scheduled for Q3 2026 operation.

• The FPSO market remains robust, especially in Brazil and West Africa, with strong demand for contractors with emissions reduction capabilities.

• Satisfactory results are expected for FY2026, supported by long-term contracts and sustainability initiatives.