ASL Marine Holdings (A04) H2 2026 earnings summary

Executive summary

• FY2026 revenue rose 3.0% to $360.7m; net profit more than doubled to $33.3m, up 128.3% YoY.

• Stronger gross margins and lower finance costs supported profit growth, while net gearing improved to 0.59x.

Financial highlights

• Gross profit increased 27.0% to $77.0m; gross margin improved 4.1 percentage points to 21.4%.

• EBITDA rose 7.1% to $84.7m; adjusted EBITDA increased 11.7% to $93.5m after specified impairment, write-off and other non-cash adjustments.

• Net profit margin improved to 9.2% from 4.2% in FY2025.

• Finance costs fell 66% to $7.3m from $21.4m.

Outlook and guidance

• Shipbuilding order book of ~S$18m is scheduled for progressive delivery through 2Q2027; Ship Chartering has S$61m of contracts exceeding one year.

• Ship Chartering demand is expected to benefit from marine infrastructure, dredging, land reclamation, port development, energy projects and bulk cargo transhipment.

• Strategy includes selectively pursuing higher-value shipbuilding projects alongside proven vessel designs; fleet renewal includes selected disposals and scrapping ageing vessels.

• Singapore's coastal protection investment and New Western Island initiative may create longer-term dredging and vessel-utilisation opportunities.