AEM Holdings (AWX) Q4 2025 earnings summary

Executive summary

• FY2025 saw revenue growth of 5% year-over-year to S$399.3M, with margin expansion and improved cash generation.

• Strong demand from AI/HPC customers drove growth in Test Cell Solutions, contributing 63% of total revenue.

• Balance sheet strengthened with increased operating cash flow and reduced debt, enabling dividend resumption.

Financial highlights

• Revenue reached S$399.3M, up 5% from FY2024.

• Gross profit was S$102.5M, representing 25.7% of revenue.

• Profit before tax rose 52% year-over-year to S$21.3M, or 5.3% of revenue.

• Operating cash flow increased by S$151.2M to S$133.6M.

• Free cash flow for FY2025 was S$112.1M.

Outlook and guidance

• FY2026 revenue guidance is S$460M to S$510M, reflecting 15–28% expected top-line growth.

• Continued momentum anticipated from AI/HPC market expansion.