Yinson Holdings Berhad (YINSON) Q1 2027 earnings summary

Executive summary

• Revenue for the quarter ended 30 April 2026 was RM1,049 million, down 14.7% year-over-year due to lower EPCIC activity, but FPSO Operations revenue increased 14% year-over-year, driven by the commencement of Agogo FPSO charter in August 2025.

• Gross profit increased 5.1% to RM664 million, with profit after tax rising 10.4% to RM148 million, driven by contributions from the Agogo FPSO.

• Operating cash flows surged 710% year-over-year due to operationalisation of key FPSO assets, reaching RM786 million.

• Adjusted Enterprise Reporting EBITDA rose 44% year-over-year, and total comprehensive income swung to RM226 million from a loss of RM119 million a year ago.

• Cash dividend of RM58 million declared for Q1 FY2027, equivalent to RM2.0 sen per share.

Financial highlights

• Group revenue for Q1 FY2027 was RM1,049 million, down 1% sequentially but up 15% year-over-year.

• EBITDA for Q1 FY2027 reached RM611 million, a 4% year-over-year increase but a 9% sequential decrease.

• PATAMI for Q1 FY2027 was RM120 million, up 5% year-over-year but down 47% sequentially.

• Net cash from operating activities was RM689 million, with cash and cash equivalents at RM4,639 million at period end.

• Net gearing ratio improved slightly to 1.36x, supported by strong equity and loan repayments.

Outlook and guidance

• FSO Lac Da Vang expected to be operational in Q4 2026, with 50%-75% completion as of Q1 FY2027.

• FSO for Block B expected to be operational in Q3 2027, with 25%-50% completion as of Q1 FY2027.

• The group expects robust demand for FPSO solutions in key regions and sees strong prospects in renewables and green technologies, underpinned by long-term contracted revenue backlogs and disciplined capital management.

• Confident in delivering satisfactory results for FY2027, supported by a diversified portfolio and financial resilience.

• Continued growth anticipated from transitioning EPC to operations phase and new FPSO projects.