CSE Global (544) H2 2025 earnings summary

Executive summary

• Achieved record revenue of S$968.9M in FY2025, up 12.5% year-over-year, driven by Electrification and Communications segments, especially in the Americas.

• Net profit rose 42.3% to S$37.5M, with EPS up 34.5% to 5.26 cents; gross margin stable at 27.0%.

• Order intake exceeded S$1B for the first time, with a year-end order book of S$709.5M, supporting future earnings visibility.

• Board recommended a final dividend of 1.46 cents per share, bringing total FY2025 dividends to 2.6 cents, an 8.3% increase.

Financial highlights

• Revenue: S$968.9M (+12.5% YoY); Net profit: S$37.5M (+42.3% YoY); EBITDA: S$83.5M (+1.6% YoY).

• Gross profit: S$261.9M (+8.6% YoY); Operating profit: S$53.8M (-0.3% YoY); Net profit margin: 3.9% (+0.8p.p YoY).

• Return on equity: 13.6% (+3.3p.p YoY); Earnings per share: 5.26 cents (+34.5% YoY).

• Cash outflow from operations: S$67.2M, mainly due to working capital for Electrification projects.

• Net debt: S$163.0M (vs S$72.1M in FY2024); Net gearing: 0.59x; Net debt/EBITDA: 1.95x.

Outlook and guidance

• Electrification, especially data centre infrastructure, expected to remain a key growth engine.

• Continued focus on digitalisation, AI, decarbonisation, and expansion in the U.S. and Australia.

• Prudent capacity expansion with recent land acquisition in the U.S. to support long-term growth.

• Board adopted a dividend guidance targeting a minimum 50% payout of consolidated net profit.