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Q3 FYE 2025 Results Briefing December 2024
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This document may contain projections, estimates, forecasts, targets, opinions, prospects, results, returns and forward-looking statements ("forward-looking statements") with respect to Yinson Holdings Berhad (”Yinson" or the "Group") future performance, position and financial results. Examples of forward-looking statements include statements made or implied about the Group's strategy, estimates of sales growth, financial results, cost savings and future developments in its existing business as well as the impact of future acquisitions and the Group's financial position. Statements of future events or conditions in this document, including projections, plans to reduce emissions and emissions intensity, sensitivity analyses, expectations, estimates, the development of future technologies, and business plans, are forward-looking statements. Actual future results or conditions, including: demand growth and relative energy mix across sources, economic sections and geographic regions; the impacts of waves of COVID-19; the impact of new technologies: production rates and reserve or resource changes: efficiency gains and cost savings: emission or emission intensity reductions: reductions in flaring: and the results of investments. could differ materially due to, for example, changes in the supply and demand tor crude oil, natural gas, and petroleum and petrochemical products and resulting price impacts; the outcome of exploration and development projects; the outcome of research projects and the ability to scale new technologies on a cost-effective basis; changes in law or government policy, including drilling regulations, greenhouse gas regulations, carbon taxes or regulations, and international treaties: the actions o competitors and customers: changes in the rates of population growth. economic development. and migration patterns: trade patterns and the development and enforcement of global. regional and national mandates: military build-us or conflicts: unexpected technological developments: general economic conditions. including the occurrence and duration of economic recessions: unforeseen technical or operational difficulties: the pace of regional or global recover from the COVID-19 pandemic and actions taken by governments or consumers resulting from the pandemic. The material contained in this document may include information derived from public available sources that have not been independently verified. Certain information in this presentation is based on management estimates Such estimates have been made in good faith and represent the current belles of members of management. Those management members believe that such estimates are founded on reasonable grounds. However. b their nature. estimates may not be correct or complete. Where this presentation quotes an information or statistics from an external source. it should not be interpreted that Yinson or the Group has adopted or endorsed such information or statistics as being accurate. No representation or warrant whatsoever. express or implied, is made as to the accuracy. completeness. consistency or the reliability of the information contained in this presentation and nothing contained in this presentation is. or should be rolled upon as. a promise. warranty or representation. Energy demand modelling aims to replicate system dynamics of the global energy system, requiring simplifications to limit a great deal of complexity. In addition, energy demand scenarios require assumptions on a variety of parameters. As such. the outcome of an given scenario using an energy demand model comes with a high degree of uncertainty. Third-party scenarios discussed in this document reflect the modelling assumptions and outputs of their respective authors. not Yinson. and their use or inclusion herein is not an endorsement b Yinson of their underliving assumptions. likelihood or probability. An reference to Yinson's support of a third-party organization within this document does not constitute or imply an endorsement by Yinson of an or all of the positions or activities of such organization. Yinson has no obligation to update the statements contained in this document, unless required by the relevant law and/or regulations. The English language version of this document is leading. A more comprehensive discussion of the risk factors that may impact Yinson's business can be found in the Group's latest Annual Report, a of copy which can be found on the Group's corporate website, www.yinson.com. Disclaimer 2
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Q3 FYE2025 key messages 3 Yinson will transition from EPC phase to operations phase, marking a significant jump in steady, contracted income Optimisation of capital structure is well underway and ongoing to unlock value and increase NPVs Increased ability to return capital to shareholders due to higher free cash flow in future First oil of FPSO Maria Quiteria in Q3 FY2025, FPSO Atlanta on track for delivery in Q4 FY2025
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4 Group Financial Highlights
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2,142 869 445 203 1,853 825 443 200 Revenue EBITDA Finance Costs PATAMI QTD Q2FY25 QTD Q3FY25 8,944 1,981 647 686 6,209 2,515 1,260 606 Revenue EBITDA Finance Costs PATAMI YTD Q3FY24 YTD Q3FY25 5 Q3 FY2025 Key P&L Highlights (RM mil) 31% 27% Year-to-date Q3 FY2025 95% 13% 5%12% Quarter-to-date Q3 FY2025 1% • Decrease in revenue mainly due to: • Lower contribution from EPCIC activities from FPSO Maria Quitéria and FPSO Agogo based on progress of construction; FPSO Atlanta due to one- off effect of the exercise of the call option in prior year. • Offset by: higher contribution from FPSO Anna Nery’s and FPSO Maria Quitéria’s operations since first oil was achieved on 7 May 2023 and 15 October 2024 respectively, and gain on remeasurement of finance lease receivables arising from the lease extension for FPSO Abigail Joseph, and effect of charter day rate escalation determined at effective dates as stipulated in the charter contracts for FPSO Maria Quitéria. • Decrease in revenue mainly due to: • Lower contribution from EPCIC business activities due to lower reported progress for the 2 FPSOs under construction (FPSO Agogo and FPSO Maria Quitéria), offset by higher contribution from FPSO Maria Quitéria since first oil was achieved on 15 October 2024, and gain on remeasurement of finance lease receivables arising from the lease extension for FPSO Abigail Joseph ,and effect of charter day rate escalation determined at effective dates as stipulated in the charter contracts for FPSO Maria Quitéria.
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7 Yinson Production key highlights • FPSO Maria Quitéria achieved first oil on 15 October 2024, followed by a successful 72-hour test. • Successful placement of a USD 100 million tap issue on our existing 5- year senior secured corporate bond further strengthened Yinson Production’s total bond value to USD 600 million. • Moody’s Ratings has revised the outlook on Yinson Production’s rating from stable to positive, while reaffirming its credit rating of “Ba1” from “Ba2”. • The sale of an 11.8% stake in FPSO Anna Nery to "K" Line for a total cash consideration of USD 49 million was successfully completed. • Secured a contract with PTSC for the FSO Lac Da Vang project with Murphy Oil on 1 December, bringing Yinson Production’s total fleet size to 10.
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415 365 615 655 644 651 686 652 304 250 460 474 467 468 466 454 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Revenue Core EBITDA Core EBITDA Disposal of FPSO Adoon FPSO Anna Nery first oil Expected first oil of FPSO Altanta in Q4 FY2025 8 Stability in contribution from FPSO Operations (Finance Lease) Note: FPSO Operations’ PATAMI and EBITDA were normalised to exclude one-off impacts for better comparability purpose. FPSO Maria Quiteria first oil
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9 Vessel Client Cumulative Percentage of Completion As at Q3 FYE 2025 FPSO Atlanta 75% - 100% FPSO Agogo 75% - 100% Strong counterparties Brazil asset close to completion, Angola asset ahead of schedule New name formed from the merger between 3R Petroleum and Enauta since Sept 2024 50/50 joint venture between BP p.l.c and ENI S.p.A Expected to be Angola’s largest producer, holding stakes in 20 licensed blocks
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1,516 2,620 2,464 2,122 1,588 1,512 1,388 812 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Revenue 10 EPCIC results progress as expected with Projects nearing completion Completion of FPSO Maria Quiteria Completion of FPSO Anna Nery Construction of FPSO Agogo
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12 Yinson Renewables key highlights The 97 MWp Matarani Solar Project becomes the first operational solar plant in Peru to be financed through a USD59 million senior secured green financing backed by IDB Invest and Natixis Corporate & Investment Banking. Bhadla and Nokh Solar Parks in India continue to generate stable power and predictable revenue streams. All three projects are adding to Yinson Renewables’ annual generation, expected to exceed 1 TWh.
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Strong counterparties Forecasted revenue of USD 1 billion until 2054(1) underpinned by long-term PPAs (1) As at 31 October 2024. Operating period • India’s largest power utility, majority owned by the Government of India • Baa3 Moody’s • BBB- S&P and Fitch • 2nd largest electric utility company in Peru with 2.2 GW of operating assets • Owned by Actis, a leading global investor in sustainable infrastructure. Scan to view our assets. Operating assets •Bhadla Solar Park, India •Matarani Solar Park, Peru Until 2054 Until 2049 Until Dec 2042 •Nokh Solar Park, India Asset Client Country 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 Bhadla Solar Park India Nokh Solar Park India Matarani Solar Park Peru
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17 22 36 Q1 FY2025 Q2 FY2025 Q3 FY2025 30 35 47 Q1 FY2025 Q2 FY2025 Q3 FY2025 YR: New EBITDA contribution from MATARANI Solar plant 14 34% • Matarani Solar commenced its full operational phase in September 2024 (Q3 FY2025). REVENUE (RM MILLION) OPERATIONAL ASSETS EBITDA (RM MILLION) 64%
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16 Yinson GreenTech key highlights Launches Singapore’s first fully electric vessel using hydrofoil technology, the Hydroglyder in Singapore on 19 November and holds a keel laying ceremony on 11 December to commemorate the construction of the Hydromover 2.0. Announces collaboration with eLoaded on 26 November to revolutionise EV charging infrastructure through Direct Current Grid Technology. Signs Letter of Intent with Zeabuz on 6 November to advance the development of autonomous, remote- controlled Electric marine vessel operations. Launches the fastest EV charging station in Starling Mall on 25 November with 400kW DC fast chargers.
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13 33 49 198 Q3 FY2024 Q3 FY2025 Singapore Malaysia 17 Demand for smart tech and net zero emissions services continue to surge 5.06 million 259% Y-o-Y Q3 FY2025 (Feb – Oct ‘24) at a glance: *Note: •Of the total BSS, 79 units have been deployed while another 7 units are identified as potential BSS currently being explored with Shell. Gross Merchandise Value (“GMV”)^ (RM) Deployment (units) 273% ^ Gross Merchandise Value represented total value of all transactions related to the ChargEV business, before any deductions like membership discounts Fleet Size (units) 86 Battery Swapping Stations (BSS)* 36 E-bikes
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18 Group balance sheet highlights
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19 Financial position remains strong and robust (Q3 FY 2025) Group Balance Sheet (RM’mil) As at Jan 24 Audited As at Oct 24 Unaudited Total Assets 28,692 30,075 Total Liabilities 20,715 22,025 Total Equity 7,977 8,050 Current Assets 4,782 5,262 Current Liabilities 4,575 3,350 Cash 3,063 2,837 Liquid Investments - 88 Total Borrowings 16,319 19,373 Borrowings – non-recourse 4,231 8,182 Borrowings – recourse 12,088 11,191 As at Jan 24 Audited As at Oct 24 Unaudited Net Debt/EBITDA 4.43 4.90 Net Adjusted Debt#/ Adjusted EBITDA# 4.29 4.74 Net Adjusted Debt#/ Adjusted Core EBITDA# 4.32 5.01 Key Financial Ratios - Group # Adjusted EBITDA includes Group's cash of joint ventures and associates’ annualised EBITDA. 1.48 1.52 1.50 1.81 2.05 1.84 2.28 2.41 1.23 1.23 1.34 1.43 1.66 1.60 1.84 2.04 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24 Apr 24 Jul 24 Oct 24 Gross Debt/Equity Net Debt/Equity * * Net Debt/Equity= (Total borrowings – Cash and Liquid investments)/Total Equity. As at Jan 24 Audited As at Oct 24 Unaudited Adjusted current ratio [Current Assets/ (Current Liabilities – Accruals for project payables)] 1.84 2.04 Adjusted Current Ratio DEBT TO EQUITY (GEARING)
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20 Debt enables growth
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21 Well-structured debt enables growth 1 Assets with recourse project financing debt as of Oct’24 are FPSO Maria Quitéria and Matarani plant. The project financing loan raised for FPSO Maria Quitéria will become non-recourse approximately 6 months after first oil. 2 Assets with non-recourse project financing debt as of Oct’24 are FPSO JAK, FPSO Helang, FPSO Anna Nery, Bhadla & Nokh plants. 3 Unlevered assets as of Oct’24 are FPSO Abigail-Joseph, FPSO Atlanta, FSO PTSC Bien Dong and FPSO Lam Son. US$4.2bil debt covered by US$20.1bil revenue backlog Construction debtCorporate debt Project debt Unlevered FPSOs/FSO 3 US$23.1bil Backlog (YHB Group) US$0.5bil debt US$1.0bil debt Debt free No refinancing risk Floating interest rates: 70% - 100% hedged US$5.3bil US$5.7bil US$3.0bil Recourse 1 Non- recourse 2 US$1.9bil debt US$9.1bil Corporate debt for construction US$0.8bil debt 111 23 4 No. of projects US$0.3bil debt
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0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% - 5.0 10.0 15.0 20.0 25.0 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Backlog (LHS) Net debt (LHS) Net debt to Backlog (RHS) 58% 42% Q3 FYE 2025 Debt Composition Recourse Non-recourse 56% 44% Q2 FYE 2025 Debt Composition Recourse Non-recourse 22 Leverage-fuelled growth underpinned by strong order book Weighted average residual contract duration3 Weighted average project debt tenure3 20.0 years 9.6 years 1 Group’s backlog over firm and option periods incl. signed firm contracts for Agogo, PdB, Enauta & Matarani. 2 Residual contract duration covers group’s existing operational portfolio and signed firm contracts; Assets with project financing debt as of Oct’24 are FPSO JAK, FPSO Helang, FPSO Anna Nery, FPSO Maria Quitéria, FPSO Agogo, Bhadla, Nokh & Matarani plants. 3 Weighted average residual contract duration includes option period (weighted by outstanding value of order book); weighted average project debt tenure (weighted by outstanding project debt balances). NET DEBT/BACKLOG1 RESIDUAL CONTRACT DURATION TO PROJECT DEBT TENURE2
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