Yinson Holdings Berhad (YINSON) Q2 2027 earnings summary

Executive summary

• FPSO Operations revenue rose 13% year-over-year, driven by the commencement of Agogo FPSO charter in August 2025, while overall revenue for the six months ended 31 July 2026 was RM2,185 million, down 15.8% year-over-year due to lower EPCIC activity.

• Profit after tax increased 14.8% year-over-year to RM295 million, aided by the absence of one-off refinancing charges and improved segment results.

• Operating cash flows surged 741% year-over-year, reflecting successful operationalisation of major FPSO assets and resilience from a fully operational FPSO fleet.

• Renewables and GreenTech segments showed stable EBITDA contributions, strong growth in smart tech and net zero services, and improved profitability, with GreenTech securing new contracts and launching Malaysia's largest AC charging hub.

• Total comprehensive income surged to RM742 million from a loss of RM23 million in the prior year, mainly due to favorable foreign currency translation and cash flow hedge movements.

Financial highlights

• 1H FY2027 revenue reached RM2,430 million, up 13% from RM2,150 million in 1H FY2026, but Q2'FY2027 revenue was RM2,185 million, down 16% year-over-year due to absence of EPCIC activities.

• Adjusted Enterprise Reporting EBITDA grew 48% year-over-year to RM1,626 million, while Q2'FY2027 EBITDA was RM1,276 million, down 8% year-over-year but up 9% sequentially.

• PATAMI for Q2 FY2027 was RM128 million, up 7% from Q1 FY2027 and up 15% year-over-year; group profit after tax increased 15% year-over-year to RM295 million.

• Cash dividend of RM3.0 sen per share declared for 1H FY2027, with Q2 interim dividend of 1.0 sen per share.

• Gross profit for the period was RM1,368 million, down 3.1% year-over-year; finance costs declined 11.5% to RM784 million.

Outlook and guidance

• FSO Lac Da Vang expected to achieve first oil in Q4 FY2027; FSO for Block B in Q3 FY2028.

• Offshore production demand remains robust, especially for FPSO solutions in South America, Africa, and Southeast Asia.

• Renewables and green technologies segments are positioned for growth, supported by long-term contracts and policy momentum.

• The group expects satisfactory results for FY2027, backed by contracted revenue backlog and disciplined capital management.