Yinson Holdings Berhad (YINSON) Q2 2026 earnings summary

Executive summary

• Agogo FPSO achieved Provisional Operational Readiness Certificate (PORC) four months ahead of schedule on 12 Aug 2025, transitioning to operations phase and boosting contracted income by 84%.

• FPSO Maria Quitéria and FPSO Atlanta began operations after achieving first oil in late 2024, contributing to higher operational income.

• FPSO Maria Quitéria project bond was successfully listed on the London Stock Exchange, strengthening capital structure.

• Cumulative dividend increased to 3 sen per share in 1H FY2026, reflecting higher free cash flow.

• Revenue for the six months ended 31 July 2025 declined 40.4% year-over-year to RM2,594 million, mainly due to lower EPCIC activity and the transition of FPSO assets to operational phase.

Financial highlights

• 1H FY2026 revenue was RM 4,356 million, down 40% year-over-year, mainly due to lower EPCIC activity and the disposal of FPSO Anna Nery.

• EBITDA rose 84% to RM 1,649 million in 1H FY2026, driven by transition to operations phase and new FPSO contributions.

• PATAMI (Profit After Tax and Minority Interest) increased 53% year-over-year to RM 886 million in 1H FY2026.

• Gross profit for the six months was RM1,412 million, down 17.7% year-over-year.

• Earnings per share (basic) fell 53.6% year-over-year to 5.2 sen.

Outlook and guidance

• Utility-scale solar and wind projects are on track for investment decisions in FY2026.

• Construction of the 53 MWp Majes Phase 1 project in Peru is within budget and scheduled for Q3 2026 operation.

• The group expects stable cash inflows as it transitions to an operations phase, with all FPSOs now operational and long-term contracts in place.

• Strategic focus remains on FPSO lease-and-operate projects, renewables, and green technologies, with optimism for satisfactory results for FY2026.

• Prudent risk management measures are in place to address inflation, interest rate, and geopolitical risks.