BH Global (BQN) H2 2025 earnings summary

Executive summary

• FY2025 revenue fell to S$48.308m from S$60.385m; profit attributable to shareholders declined to S$1.081m from S$2.686m amid lower project activity and a weaker Electrical and Technical Supply division.

• Operating conditions remained competitive and price-sensitive, while maintenance, repair, retrofit and compliance-driven demand supported activity; FY2026 outlook is cautious but positive, with moderate growth expected.

Financial highlights

• Revenue was S$48.308m versus S$60.385m; gross profit was S$19.455m versus S$24.548m, with gross margin described as comparatively unchanged YoY.

• Loss from operations was S$824k versus operating profit of S$1.937m; profit before tax was S$2.517m versus S$2.517m? No: FY2024 profit before tax was S$2.517m, while FY2025 was S$16k.

• Profit for the year was S$354k versus S$2.059m; net profit attributable to shareholders was S$1.081m versus S$2.686m, as non-controlling interests recorded losses of S$727k and S$627k, respectively.

• FY2025 included a S$1.185m gain on deconsolidation, S$848k reversal of impairment losses on financial assets, S$805k intangible-asset write-off and S$551k inventory write-down.

• Other operating income fell S$0.4m, mainly due to foreign exchange losses; selling and distribution and administrative expenses were relatively unchanged YoY.

Outlook and guidance

• FY2026 outlook is cautious but positive; growth is expected to remain moderate, supported by regulatory compliance, fleet maintenance, energy security and gradual decarbonisation.

• Priorities include operational resilience, disciplined execution, capability enhancement, sustainability, innovation and digitalisation; no numeric FY2026 financial guidance was stated.