Kinergy Corporation (3302) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 7.2% YoY to S$106.2m and gross profit increased 26.0% to S$8.0m, but net loss widened to S$6.6m, primarily reflecting the absence of prior-year one-off fund carry income.

Financial highlights

• Revenue was S$106.151m versus S$99.043m; gross profit was S$7.964m versus S$6.302m.

• EBITDA was negative S$1.327m versus positive S$2.991m; EBIT loss widened to S$6.251m from S$1.989m.

• Loss before tax was S$7.079m versus S$2.842m; net loss was S$6.611m versus S$3.647m.

• Basic and diluted loss per share was 0.79 Singapore cents versus 0.68 cents.

• Other income fell to S$1.085m from S$8.873m, mainly due to the absence of S$8.1m carry income recognized in 2024.

Outlook and guidance

• Semiconductor equipment enquiries increased in Q4 2025, with substantially more customer orders for delivery in 2026; cautiously hopeful of improved performance.

• EMS expects Singapore manufacturing of WFE machines to commence in 2H 2026, subject to concluding an agreement; additional China-market machine-building discussions are ongoing.

• ODM expects a better 2026 result as new equipment enquiries emerged and orders were received for 2026 delivery.