Bund Center Investment (BTE) H2 2025 earnings summary

Executive summary

• FY2025 revenue was S$81.5m and EBITDA S$40.5m; operating cash flow reached S$32.2m, with cash and bank balances of S$163.3m at year-end.

• Core assets showed mixed resilience: hotel revenue and segment profit increased, while office tower revenue and segment profit declined amid a competitive operating environment.

• Management prioritised active asset oversight, cost discipline and preservation of long-term value; competitive conditions are expected to continue in office leasing and hospitality.

Financial highlights

• Revenue was S$81.548m in FY2025 versus S$84.405m in FY2024; gross profit was S$34.417m versus S$36.495m.

• Operating profit was S$9.710m; profit before tax was S$14.748m and net profit S$7.980m, versus S$22.704m and S$14.023m, respectively, in FY2024.

• Profit attributable to owners was S$7.626m; basic and diluted EPS was 1.01 cents versus 1.79 cents in FY2024.

• Net cash generated from operating activities was S$32.226m; net cash used in investing activities was S$105.621m, including a S$102.8m placement in time deposits maturing after three months.

• Cash and bank balances were S$163.288m; cash and cash equivalents in the cash flow statement were S$60.488m after excluding the longer-maturity deposit.

Outlook and guidance

• Office leasing conditions are expected to remain pressured by structural oversupply, cautious tenant sentiment and competitive pricing and lease-term negotiations.

• Travel activity is expected to support hospitality demand, while competition and additional branded hotel supply may intensify pressure in some areas.

• Priorities include tenant retention, leasing execution, guest experience, brand standards, cost discipline and operational efficiency to support cash-flow resilience and asset value.

• Office Tower chiller renovation is scheduled for completion in H1 FY2026, with potential electricity savings of ~5% upon completion.