Profitability

Revenue

Total revenue increased by 23% to US$5,903 million compared with US$4,784 million in 2024 with a positive evolution in both Lease and Operate Revenue and Turnkey Revenue.

Turnkey revenue increased by 29% to US$3,505 million, compared with US$2,710 million in the year-ago period, mainly explained by the following events:

• The progress on the construction projects FPSOs Jaguar and GranMorgu under the Sale and Operate model and FSO Chalchi under the Lease and Operate model; partially offset by
• The completion of FPSO Sepetiba in early January 2024; and
• The reduced level of progress during the period compared with the year-ago period on FPSO Almirante Tamandaré (completed in February 2025), FPSO Alexandre de Gusmão (completed in May 2025) and FPSO ONE GUYANA (completed in August 2025).

Lease and Operate revenue increased by 16% to US$2,398 million, compared with US$2,074 million in the year-ago period. This mainly reflects the following events:

• FPSO Almirante Tamandaré, FPSO Alexandre de Gusmão and FPSO ONE GUYANA joining the fleet upon successful delivery during the period; and
• Improved performance of the fleet; partially offset by
• Reduced revenue from FPSOs Liza Destiny and Prosperity only contributing in the period as Operations and Maintenance contracts following the purchase of the units by the client in the last quarter of 2024 (therefore not contributing to finance lease revenue in 2025); and
• The regular declining profile of interest revenue from finance leases.

EBITDA

EBITDA based on IFRS accounting policies amounted to US$1,852 million, representing a 78% increase compared with US$1,041 million in the year-ago period mostly driven by the Turnkey segment. This variance is further detailed as follows by segment:

Turnkey EBITDA increased to US$912 million in the current year, compared with US$287 million in the prior period, as a result of:

• Full margin contribution during 2025 from FPSO Jaguar given that the project only reached the requisite ’stage of completion’ to allow margin recognition during the last quarter of 2024 (limited margin contribution during 2024);
• The positive contribution of FPSO GranMorgu and FSO Chalchi over the period as both projects reached the requisite ’stage of completion’ during the second and fourth quarter of 2025, respectively; and
• The successful close-out of the construction activities of FPSOs Almirante Tamandaré, Alexandre de Gusmão and ONE GUYANA, delivered during the period; partially offset by
• The reduced level of progress during the period compared with the year-ago period on FPSO Almirante Tamandaré (completed in February 2025), FPSO Alexandre de Gusmão (completed in May 2025) and FPSO ONE GUYANA (completed in August 2025); and
• The completion of FPSO Sepetiba in early January 2024.

Lease and Operate EBITDA for the current period increased by 22% to US$1,026 million versus US$842 million in the year-ago period. This increase mainly resulted from:

• FPSO Almirante Tamandaré, FPSO Alexandre de Gusmão and FPSO ONE GUYANA joining the fleet upon successful delivery during the period;
• Improved performance of the fleet; and
• The net gain arising from the Thunder Hawk sale completed during the period; partially offset by
• Reduced EBITDA from FPSOs Liza Destiny and Prosperity only contributing in the period as Operations and Maintenance contracts following the purchase of the units by the client in the last quarter of 2024 (therefore not contributing to finance lease EBITDA in 2025);
• The regular declining profile of interest revenue from finance leases;
• The previous year’s net gain from the acquisition of interests held by Sonangol related to FPSOs N’Goma, Saxi Batuque and Mondo, and the divestment in the parent company of the Paenal shipyard in Angola; and
• The impact of the full divestment of the lease and operating entities of FPSO Aseng to GEPetrol completed in December 2025 which, while positive from a cash consideration received perspective, generated a loss recognized in Other operating income.

It should be noted that the completion of the Share Purchase Agreements with MISC Berhad during the period had no impact on the Lease and Operate EBITDA. The acquisition of the interests in the entities related to FPSO Espirito Santo was accounted for directly in equity as a transaction with a non-controlling interest while the full divestment of the lease and operating entities of FPSO Kikeh had a nil impact on the EBITDA.

The other non-allocated costs charged to EBITDA amounted to US$(87) million in 2025, a US$1 million improvement compared with the US$(88) million in the year-ago period, which is mainly explained by a decrease in general and administrative costs.

EBITDA is reconciled to the consolidated income statement as follows:

Net income

Depreciation, amortization and impairment decreased by US$62 million compared with the year-ago period, mostly from (i) FPSO Cidade de Anchieta having a lower depreciable base as a result of the impairment recognized in the last quarter of 2024, (ii) the impairment of funding loans provided to equity-accounted entities which was recognized in the previous year and (iii) the release of the accumulated impairment on the demobilization receivable for Thunder Hawk as a result of the sale of the asset completed during the period, partially offset by (iv) the start of amortization of the Company’s new global ERP system following its first phase successful deployment mid-2025.

Net financing costs totaled US$(571) million, compared with US$(663) million in the prior period. This improvement of 14% compared with prior year is mainly explained by (i) the full repayment of the project loans for FPSOs Liza Destiny and Prosperity in 2024 following the purchase of the units by the client, (ii) gains on forward currency contracts, (iii) higher interest income on cash and short-term investments, (iv) the scheduled amortization of project loans for the fleet under operations, and (v) lower interest expense on the Company’s RCF. This was partially offset by (vi) the new construction financing for FPSO Jaguar in 2025, (vii) the sale and leaseback agreement for FPSO Cidade de Paraty, (viii) increased project financing to fund the construction of FPSO Almirante Tamandaré, FPSO Alexandre de Gusmão and FPSO ONE GUYANA during the period and (ix) the amortization of the ONE GUYANA project financing transaction costs up to the expected purchase of the unit in early 2026.

The share in profit/(loss) of equity accounted investees decreased to US$(4) million from US$19 million in the year-ago period. This is mainly due to ownership changes, namely the acquisition of interests held by Sonangol related to FPSOs N’Goma, Saxi Batuque and Mondo in mid-2024, and the full divestment in FPSO Kikeh in early 2025.

The effective tax rate over 2025 decreased to 10%, compared with 27% in the year-ago period. The decrease in the effective tax rate is mainly explained by (i) recognition of a deferred tax asset in relation to the profit recognition of FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão as a result of the first oil of those units, (ii) the early sale of FPSO ONE GUYANA completed on February 4, 2026, resulting in the partial release of a deferred tax liability and (iii) lower tax on the Guyanese projects following the sales of two FPSOs in 2024.

As a result, the consolidated net income attributable to shareholders reached US$922 million, an increase of US$772 million compared with the prior year.