FY26 EBITDA mostly in-line with our estimates Quick Note

Research evidence excerpt

FY26 EBITDA mostly in-line with our estimates Quick Note

lating to those projects. Management expects significant movements in 3QFY27E

when certain repayments of certain mezzanine facilities within the balance sheet could

be expected.

Industry outlook and growth strategy

• Tendering pipeline and award expectations: Management commented that the

FPSO market outlook over the next five years (2026-30E) remains very positive, with

an addressable market of up to USD81bn in terms of projects coming out. On

average, the market could be looking at between 9 and 13 new jobs, depending on

which market research is consulted. Management noted that four awards were given

out in CY26 year-to-date, with up to 13 prospects being kept pending for this year

itself. However, management emphasized that if looking at past performances, most

job wins range between 5 and 8 new awards annually.

• Geographic focus: Management highlighted that Petrobras in Brazil continues to be

the epicenter in terms of the number of projects to be awarded for the next few years,

with at least 11 opportunities that will potentially be awarded over the next three years.

Management also noted that new market opportunities are coming out from the likes

of Nigeria, Namibia, Côte d'Ivoire, and Guyana, representing new markets that were

not among the prospects previously.

• Lease and operate strength: The group emphasized that the number of lease and

operate businesses where Yinson is ahead of its peers remains very strong. Out of 10

prospects, four or five units are lease and operate projects, which aligns with Yinson's

core competency.

• Tangkulo FPSO project: The company is bidding for the Tangkulo FPSO project in

Indonesia with Mubadala, with competitive FEED underway and selection imminent.