CSE Global (544) H2 2025 earnings summary

Executive summary

• Revenue for FY2025 rose 12.5% year-over-year to S$968.9 million, driven by strong growth in Electrification and Communications segments, especially in the Americas.

• Net profit increased 42.3% year-over-year to S$37.5 million, reflecting improved operational performance and lower tax expense.

• Order book at year-end reached S$709.5 million, positioning the group for continued growth.

Financial highlights

• FY2025 revenue: S$968.9 million (+12.5% YoY); 2H2025 revenue: S$528.0 million (+22.1% YoY).

• FY2025 EBITDA: S$83.5 million (+1.6% YoY); 2H2025 EBITDA: S$44.0 million (+0.4% YoY).

• FY2025 net profit: S$37.5 million (+42.3% YoY); 2H2025 net profit: S$21.2 million (+87.1% YoY).

• Gross margin for FY2025 was 27.0% (down 1.0 pp YoY); net profit margin improved to 3.9% (up 0.8 pp YoY).

• Operating expenses increased 13.2% YoY, mainly due to higher personnel and facility costs.

Outlook and guidance

• Order book of S$709.5 million at year-end supports a positive outlook for 2026.

• Focus remains on Electrification and Communications, leveraging data centre demand and urbanisation trends.

• Management notes ongoing global economic uncertainties and inflationary pressures.