CSE Global (544) H1 2025 earnings summary

Executive summary

• Revenue rose 2.8% year-over-year to S$440.9 million, led by growth in the Communications segment in the Americas.

• Net profit increased 8.5% to S$16.3 million, with net profit margin up 0.2pp to 3.7%.

• EBITDA grew 3.0% to S$39.5 million, supported by higher gross profit and non-operating income.

Financial highlights

• Gross profit increased 3.8% to S$123.0 million; gross margin stable at 27.9%.

• Operating expenses rose 6.2% due to higher personnel, building, and depreciation costs.

• Cash used in operating activities was S$27.4 million, compared to S$15.8 million generated in 1H2024.

• Order intake declined 3.2% to S$366.7 million; order book fell 17.1% to S$573.8 million.

• Interest expenses decreased 11.0% year-over-year.

Outlook and guidance

• Order book of S$573.8 million positions the group for healthy performance in 2025.

• Focus on Electrification and Communications expected to benefit from data centre demand and urbanisation trends.

• Inflationary pressures and global economic uncertainties remain key risks.