Q1’FY2026 vs Q1’FY2025

• The Group’s revenue decreased by 44% mainly due to lower contribution from EPCIC activities (based on progress of construction) as FPSO Maria Quitéria and FPSO Atlanta achieved first oil on 15 October 2024 (Q3’FY2025) and 31 December 2024 (Q4’FY2025) respectively, and the Agogo FPSO is in the final stages of construction. The actual progress of our projects under construction is in line with the Group’s expectations.
• The Group’s EBITDA for Q1’FY2026 stood at RM574 million, a 30% QoQ decrease when compared to Q1’FY2025 of RM821 million. The decrease reflected the same drivers as for the Group’s revenue and higher administrative expenses as the Group is transitioning from a CAPEX-intensive EPCIC phase to an operational phase.
• The Group’s profit after tax decreased by RM115 million or 46% QoQ, which reflected the same drivers as for the Group’s revenue and EBITDA. The decrease was partially offset by lower income tax expenses in the current quarter, which arose from the change in tax basis for the Group’s Offshore Production operations in the Netherlands reported in the prior financial year.

Q1’FY2026 vs Q4’FY2025

• For Q1’FY2026, the Group reported a lower revenue of RM1,230 million compared to Q4’FY2025’s revenue of RM1,396 million. The decrease of RM166 million was mainly due to the impact of the disposal of Yinson Boronia Consortium Pte Ltd, holding company of FPSO Anna Nery, from a subsidiary to joint venture completed on 31 January 2025 where equity accounting is applied with effect from 1 February 2025 and the profit or loss is recognised as share of profits of joint ventures in the consolidated income statement of the Group in the current financial period. Higher reported progress of construction for the Agogo FPSO in Q1’FY2026 as compared to Q4’FY2025, and higher contribution from FPSO Atlanta in the current quarter arising from 3 months of operation in the current quarter as compared to 1 month in the preceding quarter and an agreed waiver of liquidated damages by the customer previously provided under the terms of the charter contract in the prior financial year, partially offset this decrease.
• The Group’s EBITDA for Q1’FY2026 stood at RM574 million, a 20% QoQ decrease when compared to Q4’FY2025 of RM719 million. The decrease reflected the same drivers as for the Group’s revenue and the absence of one-off transactions recognised in Q4’FYE2025.
• The Group’s profit after tax for Q1’FY2026 decreased by 84% or RM695 million to RM134 million as compared to RM829 million in Q4’FY2025 mainly due to the absence of the one-off reversal of deferred tax liabilities and other related adjustments recognised in Q4’FY2025, which arose from the change in tax basis for the Group’s Offshore Production operations in the Netherlands reported in the prior financial year.