DELIVERED.

ADVANCING

SUSTAINABLY.

INTEGRATED ANNUAL REPORT 2025

This artwork was handcrafted by SAGEMAKERS from
women-led Malaysian households.

Leadership Messages

Chairman Statement

Lim Han Weng, Group Executive Chairman

On behalf of the Board, I am pleased to present Yinson’s Integrated Annual Report 2025. Our focus on delivery in the past year has yielded solid results, enabling us to both grow and return capital to our shareholders. Even as we advance to a new level in the energy infrastructure space and global capital markets, we are concurrently optimising our organisation and cost structure to ensure our future growth is sustainable.

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Group CEO Review

Lim Chern Yuan, Group Chief Executive Officer

2024 marked a turning point in our expansion journey. The past five years have been the most intense expansion phase in our history, peaking last year as we buckled down to deliver our largest and most ambitious projects to date. I am pleased to confirm that we have indeed delivered, thanks to the relentless dedication from our entire team, partners and stakeholders.

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Finance and Strategy Review

Chai Jia Jun, Group Chief Financial & Strategy Officer

The Group has achieved a record financial performance in FY2025 with an EBITDA of RM3.2 billion, up 8% from FY2024 and quadrupled since FY2020. This performance reflects the unlocking of stable cash flows from operations on the back of the delivery of major milestones from our energy infrastructure businesses. Diverse financing activities, including a USD 1 billion structured equity deal with a consortium of international investors and bond placements in the Nordic and London markets, have strengthened our balance sheet and improved our free cash flows to return value to our shareholders.

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Group Highlights

Revenue

RM7,605 million

-34.7% from FY2024

Adjusted Enterprise Reporting EBITDA

RM1,903 million

+40.5% from FY2024

EBITDA

RM3,234 million

+8.1% from FY2024

PATAMI

RM1,249 million

+29.6% from FY2024

Basic EPS

37.3 sen

+30.9% from FY2024

View all our awards and recognitions

Environment

Carbon emissions

  • Scope 1: 1.79%
    Direct emissions
  • Scope 2: 0.01%
    Energy indirect emissions
  • Scope 3: 98.20%
    Other indirect emissions

Waste

  • 105.5 tonnes
    waste reused, recycled or recovered
  • 532.0 tonnes
    waste disposed

Carbon intensity

492.6 kg CO2e/MWh

(by energy generation)

33.2 kg CO2e/BOE

(by production volume)

Energy

3,885,546.6 MWh

energy consumed

865,602.2 MWh

renewable energy generated
(Net units exported)

Water

12.1 ML

fresh water consumed

6,410.4 ML

water discharged

17.0 ppm*

average oil in produced water

5.8 ppm*

average oil in slop water

* For whole fleet, inclusive of joint venture assets

ESG ratings

64 ESG score
10.3% improvement YoY
As of Mar 2025

15.3 (low risk) ESG risk rating
maintained rating YoY
As of Dec 2024

3.8 ESG rating
maintained rating YoY
As of Dec 2023

BBB ESG rating
improved from BB YoY
As of Dec 2024

Water: B-
Climate: C
As of Dec 2024

Social

Employees

  • Male: 76.4%
  • Female: 23.6%

8.26%

voluntary turnover rate

7.5/10

employee engagement survey score

Safety

0.13 LTIF

(<IOGP benchmark of 0.24)

0.47 TRIF

(<IOGP benchmark of 0.94)

0.04

fatality rate

Note: per million manhours

Community engagement

RM1.9 million

community investment

37

communities impacted

1,203 hours

employee volunteering

20,916

lives impacted

Governance

100%

operations assessed on corruption-related risks

Zero

reported corruption cases

Zero

non-compliances with laws and regulations

ABAC training received

74%

employees

100%

governance body members

Download Group Highlights

Business Review

Flemming Grønnegaard, Yinson Production Chief Executive Officer
Download this section
  • Global position

    • USD 19.4 billion

      contract backlog through 2048

    • Over 1,700 employees
      working in 10 countries

    • 2nd largest

      by order book

    • 3rd largest

      by fleet size

  • Operational performance

    • 67.1 million

      barrels of oil equivalent produced

    • 0

      major ISM or ISO non-conformities

    Uptime

    • 99.6%

      average 5-year technical uptime

    • 99.4%

      technical uptime

    • 101.6%

      fleet commercial performance

    Safety

    • 0.13 LTIF

      (<IOGP benchmark of 0.24)

    • 0.47 TRIF

      (<IOGP benchmark of 0.94)

  • Environmental performance

    • Emissions

      33.2 kg CO2e/BOE

      carbon intensity

    • Waste

      • 546.7 tonnes

        of waste generated by our offshore assets

      • 0

        non-compliances with environmental laws and/or regulations

    Water

    • 3.6 ppm

      oil in slop water content from Yinson Production-operated FPSOs

    • 15.7 ppm

      oil in produced water from Yinson Production-operated FPSOs

    • 160 litres

      hydrocarbon spills to sea

  • Fleet
David Brunt, Yinson Renewables Chief Executive Officer
Download this section
  • Assets

    • 557 MW

      utility scale assets operational

    • ~1,055 GWh

      annual total generation capacity

    • 539 MW

      assets under construction and pre-construction

    • 11 MW

      rooftop and commercial & industrial assets operational

  • Pipeline

    • 1,032 MW

      projects secured and in development

    • ~3,900 MW

      early-stage development pipeline

    • ~USD 1 billion

      forecasted revenues underpinned by long term PPAs

  • Operational performance

    • 865,602.2 MWh

      net power generated

    • ~771 kt CO2e

      carbon avoided

Lim Chern Yuan, Yinson GreenTech Chief Executive Officer
Download this section

  • Assets

    • 526 charge points and

      366 chargers operated and maintained across

      233 charge sites

    • 10.4 MW

      total charging capacity

    • >3000

      charging points supported on
      e-roaming network across Singapore, Malaysia and Brunei

    Operational performance

    • 4,378.5 MWh

      charging energy delivered

    • Facilitated

      ~27.4 million km

      travelled on electricity

    • ~1,813.4 tonnes CO2e

      carbon emissions avoided

  • Assets

    ~400 EVs leased

    Operational performance

    • Facilitated

      ~2.5 million km

      travelled on electricity

    • 568.5 MWh

      energy consumed by leased fleet

    • ~62.4 tonnes CO2e

      carbon emissions avoided

  • Assets

    • 1 fully electric passenger vessel

    • 1 fully electric cargo vessel

    Operational performance

    1.08 tonnes CO2e

    avoided per 20 nautical miles travelled with a fully electric cargo launch vessel compared to an ICE equivalent

Sustainability Review

ME1
Climate Change & Carbon Management

Integrate and adopt climate considerations for business resiliency and manage decarbonisation efforts through technology-driven optimisation and low-carbon processes.

Key achievements

  • Scope 1 emissions: 40,663.1 tCO2e
  • Scope 2 emissions: 346.0 tCO2e
  • Scope 3 emissions: 2,236,371.2 tCO2e

Concerned stakeholders

S1 S5 S7 S8 S10
ME2
Inclusive Energy Transition

A balanced approach to the energy trilemma to support the global energy shift towards an equitable and inclusive low-carbon economy through renewable and innovative low-carbon solutions.

Key achievements

  • Mapped our transition strategy against the TPT recommendations in our Climate Report 2024.
  • Invested 8% of our total equity into green businesses, aligning with our 30 by 30 commitment.

Concerned stakeholders

S3 S5 S7 S9 S10
ME3
Biodiversity Management

Strategies to reduce negative impact from operations to enhance ecosystem resilience through partnership and conservation efforts.

Key achievements

  • Commit to transparent nature-related financial disclosures, aligning with the TNFD.
  • Strategic investments include NbS projects, high-quality carbon credit initiatives and partnerships like the MoU with Malaysia Forest Fund (“MFF”) and collaboration with Fairatmos.
  • Reinforce biodiversity commitment through employee-driven initiatives, including ghost net removal, mangrove conservation, wildlife support projects and multi-location clean-up events.

Concerned stakeholders

S5 S8
ME4
Environmental Management

Responsible management of materials, encompassing their acquisition, disposal, and effective measures to address waste, water, effluent, and air pollution.

Key achievements

  • Total energy consumption: 3,885,546.6 MWh
  • Total fresh water consumption: 12.1 ML
  • Total waste generation: 637.5 tonnes
  • Total waste reused, recycled or recovered: 105.5 tonnes
  • Total waste disposed: 532.0 tonnes

Concerned stakeholders

S2 S3 S6 S7 S8 S9 S10
ME5
Resource Efficiency

Responsible use of input material in product development, construction and operations.

Concerned stakeholders

S2 S6 S10
MS1
Occupational Health & Safety

Provision of secure working conditions and systems to safeguard human health and well-being in all operations.

Key achievements

  • Lost Time Injury Frequency: 0.13 per million manhours
    (<IOGP benchmark of 0.24)
  • Total Recordable Injury Frequency: 0.47 per million manhours
    (<IOGP benchmark of 0.94)
  • 0 major ISM or ISO non-conformities

Concerned stakeholders

S2 S3 S4 S5 S6 S8 S9 S10
MS2
Human & Labour Rights

Maintenance of key principles relating to human rights and labour standards as those defined by international conventions.

Key achievements

  • Zero instances of substantiated complaints concerning human rights violations.
  • 1,277 learning hours on HLR training for employees since 2023.

Concerned stakeholders

S2 S4 S5 S6 S9 S10
MS3
Human Capital Development

Maintain our standing as an employer of choice through utilising competitive programmes that attract, retain and reward employees.

Key achievements

  • Average training hours per employee: 148.6 hours
  • Total training hours: 285,083 hours
  • Overall engagement score: 7.5/10
  • Introduced Generative AI in the Global HRIS.
  • Implemented Global Job Framework.

Concerned stakeholders

S3 S4 S9
MS4
Community Engagement

Collaboration with local communities where we have operations on environmental and social projects that benefit the wider public.

Key achievements

Since FY2023:

  • Lives impacted: 31,476 individuals
  • Communities impacted: 70 communities
  • Employee volunteerism: 2,471 hours
  • CSR investments: RM5.8 million

Concerned stakeholders

S8
MS5
Diversity, Equality & Inclusion

Foster an open and inclusive work culture for an equitable and diverse workforce.

Key achievements

  • Board diversity (M/F): 63.6%/36.4%
  • Senior Management diversity (M/F): 90.0%/10.0%
  • Regular employee diversity (M/F): 76.4%/23.6%

Concerned stakeholders

S3 S4 S5
MG1
Business Management & Performance

Continuously optimising and innovating business processes for financial performance and to safeguard against fluctuating economic conditions and market sentiments.

Key achievements

  • RM7,605 million Revenue
  • RM3,234 million EBITDA
  • RM1,903 million Adjusted Enterprise Reporting EBITDA
  • RM1,249 million PATAMI
  • 37.3 sen Basic Earnings per Share

Concerned stakeholders

S1 S2 S4 S7 S9
MG2
Corporate Governance & Business Ethics

Business policies and practices to ensure ethical, transparent and responsible corporate governance.

Key achievements

  • Percentage of personnel who received ABAC training:
    • - 74% of employees received ABAC training.
    • - 100% of governance body members received ABAC training.
  • 100% of operations assessed for corruption-related risks.
  • Zero cases of corruption reported.

Concerned stakeholders

S1 S2 S3 S4 S5 S7
MG3
Sustainable Supply Chain Management

Enhancing supply chain resilience through supplier and contractor management while promoting sustainability principles throughout the value chain.

Key achievements

  • 1,224 active suppliers engaged through the VRP in 2025.
  • 100% pre-qualified suppliers underwent detailed ESG screening.
  • Five cumulative site audits conducted for Tier 1 suppliers since FY2024.
  • 80% of Tier 1 suppliers cumulatively engaged through supplier relationship meetings, strategic events and supplier townhalls.
  • 85% of quotations requested from in-country suppliers.

Concerned stakeholders

S2 S5 S6 S8 S9 S10
MG4
Digital Transformation

Integrate digital solutions into business processes and operations to optimise business performance and ensure digital systems and assets are safeguarded against external cyber threats.

Key achievements

  • Enhanced connectivity across the FPSO fleet and projects under construction with high-speed satellite and fibre solutions.
  • Upgraded cybersecurity framework and implemented tabletop exercises and awareness training.
  • Embarked on the development of Generative AI chatbots.
  • Delivered e-invoicing systems in Malaysia, Singapore, Norway and the Netherlands towards achieving seamless e-invoicing across Yinson Group.

Concerned stakeholders

S3 S4 S8
Download Sustainability Review
Read more on sustainability at Yinson

32nd Annual General Meeting

Date

Friday, 25 July 2025

Time

10.00 a.m. (Malaysia time)

Main venue

The Gardens Ballroom, Level 5, The Gardens Hotel & Residences, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur, Malaysia

Online platform

BSIP at https://investor.boardroomlimited.com

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The 32nd AGM of the Company will be held on a hybrid basis whereby the member(s), proxy(ies), corporate representative(s) or attorney(s) will have an option, either:

  • to attend physically at the Main Venue (“Physical Attendance”); or
  • to attend virtually using the Remote Participation and Electronic Voting (“RPV”) facilities which are available on the Boardroom Smart Investor Portal (“BSIP”) at https://investor.boardroomlimited.com (“Virtual Attendance”).

All member(s), proxy(ies), corporate representative(s) or attorney(s) attending physically or virtually, must register as a user with BSIP first and pre-register their attendance via the BSIP at https://investor.boardroomlimited.com from Friday, 30 May 2025 until Wednesday, 23 July 2025. This is to verify their eligibility to attend the 32nd AGM based on the Record of Depositors as at 17 July 2025 and to confirm their mode of attendance, either Physical Attendance or Virtual Attendance, and enable the Company to make the necessary preparations for the 32nd AGM, particularly at the Main Venue.

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