Yinson Holdings Berhad (YINSON) Q4 2026 earnings summary

Executive summary

• FPSO Operations revenue rose 69% year-over-year, driven by the commencement of Agogo FPSO operations in August 2025, while overall group revenue for FY2026 declined 28.5% year-over-year to RM5,440 million due to lower EPCIC activity and absence of prior year one-off gains.

• Net profit attributable to owners dropped 45.3% to RM683 million, reflecting lower revenue, higher administrative expenses, and impairment losses in Renewables and Green Technologies.

• Cash position strengthened by USD 500 million from two tranches of RCPS and warrants, supporting future growth and liquidity.

• Cumulative dividend increased to 5 sen per share for FY2026, reflecting enhanced capital returns as assets become operational.

Financial highlights

• Group revenue for YTD Q4 FY2026 was RM 7,605 million, down 28% year-over-year, mainly due to lower EPCIC activity and asset disposals.

• Adjusted Enterprise Reporting EBITDA rose 49% to RM 2,828 million, excluding non-recurring items.

• Gross profit increased 17.8% year-over-year to RM3,210 million, despite revenue decline, due to a sharp reduction in direct expenses.

• PATAMI (Profit After Tax and Minority Interest) decreased due to lower EPCIC contributions and absence of one-off gains.

• Cash and liquid investments increased 96% year-over-year to RM 5,339 million.

Outlook and guidance

• Strong contract backlog of USD 19.5 billion (proportionate) until 2050, providing long-term revenue visibility.

• Renewables and Green Technologies positioned for growth as energy transition accelerates, especially in Asia Pacific, Europe, and Latin America.

• New projects, including FSO Lac Da Vang and Block B FSO, are on track for delivery in Q4 2026 and Q3 2027, respectively.

• Management expects sufficient liquidity and is optimistic about delivering satisfactory results for FY2027.