Yinson Holdings Berhad (YINSON) Q4 2025 earnings summary

Executive summary

• Achieved first oil for FPSO Maria Quiteria in Q3 FY2025 and FPSO Atlanta in Q4 FY2025, marking key operational milestones.

• Revenue for FY2025 was RM 7,605 million, down 34.7% year-over-year, mainly due to lower EPCIC activity and project progress.

• Increased steady contracted income by 38% as projects transitioned from EPC to operations phase.

• Secured USD 1 billion investment from international consortium and approved RCPS and Warrants issue to support production growth.

• Expanded into carbon capture with the acquisition of Stella Maris CCS.

Financial highlights

• Year-to-date FY2025 revenue was RM 7,605 million, down 35% year-over-year, mainly due to lower EPCIC activity.

• Yinson Production Cash EBITDA rose 38% to RM 2,028 million in FY2025 from RM 1,466 million in FY2024.

• PATAMI for Q4 FY2025 was RM 146 million, compared to RM 200 million in Q4 FY2024.

• Free cash flow increased, enabling a 33% higher ability to return capital to shareholders.

• Gross profit for FY2025 was RM 2,724 million, down 8.8% year-over-year.

Outlook and guidance

• FPSO Agogo expected to achieve first oil in Q3 FY2026.

• Renewables segment annual generation expected to exceed 1 TWh, with stable revenue from long-term PPAs.

• FPSO market demand remains strong, especially in Brazil and West Africa.

• Group expects stable, contracted income streams as new FPSOs commence charters.

• Satisfactory results anticipated for FY2026, supported by long-term contracts.