Yinson Holdings Berhad (YINSON) Q3 2025 earnings summary

Executive summary

• Achieved first oil from FPSO Maria Quitéria in October 2024; FPSO Atlanta on track for Q4 FY2025 delivery, transitioning from EPC to operations phase and boosting contracted income.

• Revenue for the nine months ended 31 October 2024 was RM6,209 million, down 31% year-over-year, mainly due to lower EPCIC activity and absence of prior year one-off items.

• Profit after tax increased 1% to RM756 million, supported by FPSO operations, finance lease remeasurement, and one-off items.

• Net profit attributable to owners was RM606 million, down 11.7% year-over-year, with basic EPS at 17.4 sen (down 13.4%).

• Group remains focused on FPSO and energy transition businesses, with OSV business classified as held for sale.

Financial highlights

• Year-to-date Q3 FY2025 revenue at RM6,209 million, down 31% year-over-year, mainly due to lower EPCIC contributions and one-off effects; offset by higher FPSO operations and lease gains.

• EBITDA for the same period at RM1,853 million, up 27% year-over-year; PATAMI at RM869 million, up 5%.

• Gross profit for the period rose 15.9% to RM2,402 million, despite lower revenue.

• Operating profit increased 28.9% to RM2,238 million, aided by higher other operating income and lower direct expenses.

• Finance costs nearly doubled to RM1,260 million due to higher borrowings for project execution.

Outlook and guidance

• FPSO Atlanta expected to achieve first oil in Q4 FY2025, further increasing steady income.

• Renewables segment forecasts over USD 1 billion in revenue until 2054, underpinned by long-term PPAs.

• FPSO market demand remains strong, especially in Brazil and West Africa, supporting future contracted income streams.

• Renewables pipeline progressing in Latin America, Asia Pacific, and Europe, with stable contributions expected.

• Group expects satisfactory results for FY2025, supported by long-term contracts and prudent risk management.