Nanofilm Technologies (MZH) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 20% YoY to S$244.6m; PAT increased 58% to S$11.9m and Adjusted EBITDA rose 21% to S$62.8m.

• Growth was led by sustained AMBU demand and an IEBU recovery; 2H2025 gross margin improved as new-product ramp-ups stabilised.

Financial highlights

• 2H2025 revenue reached S$137.4m, up 13% YoY; PAT was S$10.5m, down 6% YoY after S$3.6m in asset disposal/write-off losses and workshop reinstatement costs.

• Adjusted EBITDA reached S$62.8m, with 2H2025 at S$35.1m, up 9% YoY.

• Year-end cash balance was S$85m; net book value at 31 Dec 2025 was S$470m.

• Operating expenses as a percentage of revenue continued to decline, reflecting cost control; R&D and engineering spend remained stable as a share of revenue.

Outlook and guidance

• FY2026 priorities include higher revenue and profits, commercialising R&D, tighter cost and cash-flow controls, higher utilisation of existing assets, and reducing Sydrogen losses.

• Advanced Materials Industrial expects double-digit growth across Automotive, Semiconductor, and General Industry; IEBU expects growth across Photonics, New Energy, Automotive, Industrial, and Semiconductor.

• AMBU expects balanced growth through watch-enclosure qualifications and diversification across Korean and Chinese brands, functional coatings, and AR/VR applications; NFBU targets double-digit growth from new projects.

• Sydrogen aims to reduce losses; revenue ramp-up is expected to take time.