First Sponsor (ADN) H1 2025 earnings summary

Executive summary

• 1H2025 attributable profit rose 59.2% YoY to S$19.0m, mainly on higher associate and JV contributions, including Time Zone and Egret Bay handovers and NSI’s contribution.

• Revenue declined 11.0% YoY to S$153.9m; profit for the period rose to S$26.7m from S$14.9m, supported by higher associate and JV earnings and lower tax expense.

• PRC development pre-sales remained subdued, with Central Mansion targeted for completion in 2025; a 1.1 Singapore cent per-share FY2025 interim tax-exempt dividend was approved, unchanged YoY.

Financial highlights

• Revenue fell 11.0% to S$153.9m, gross profit declined 15.5% to S$60.7m and operating profit fell to S$28.3m from S$47.1m; PBT increased 2.9% to S$33.4m.

• Attributable profit rose 59.2% to S$18.978m from S$11.924m; basic and diluted EPS were 1.16 cents, up 8.4% and 26.1%, respectively.

• Share of after-tax associate and JV profit increased to S$27.3m from S$6.5m, including S$9.3m from NSI; PBT included S$3.7m higher disposal gains and S$2.9m higher property-holding gross profit.

• Prior-year PBT included a S$10.2m fair-value gain absent in 1H2025; other expenses were S$4.8m versus other income of S$8.9m, including FX losses and fair-value gains on derivatives and equity securities.

• Gross margin was 39.4% versus 41.5%; net finance costs increased 5.4% to S$22.3m.

Outlook and guidance

• Central Mansion is targeted for completion in 2025; PRC asset exposure is expected to decline gradually as projects complete and EU and Australian activities progress.

• Dreeftoren office and residential completion are targeted for 4Q2025 and 4Q2026, respectively; Sydney House completion is targeted for 3Q2027.

• Meerparc redevelopment is estimated to begin in 1H2027 after building-permit approval, with urban-planning procedures being prepared for 1H2026; European redevelopments and renovations are expected to enhance recurring income over time.

• Management considers its currency-hedging strategy appropriate and will monitor exposures; a strong balance sheet and unutilised committed credit facilities support resilience and pursuit of opportunities.