Nordic Group (MR7) H1 2025 earnings summary

Executive summary

• 1H2025 revenue rose 11% YoY to S$84.8m, while net profit attributable to equity holders fell 3% to S$8.3m; a S$1.4m FX loss compared with a S$0.9m gain in 1H2024.

• Operating profit increased 11% to S$11.7m; adjusted operating profit, net of tax and excluding interest income, finance costs and FX losses/gains, rose 14% to S$10.3m.

Financial highlights

• Revenue was S$84.8m versus S$76.2m in 1H2024; gross profit increased 9% to S$19.2m.

• EBITDA was S$12.9m, down 8% YoY from S$14.1m; net profit attributable to equity holders was S$8.3m, down 3%.

• Administrative expenses fell 8% to S$6.7m, while distribution costs rose 182% to S$971k.

• Net cash from operating activities was S$14.8m, versus S$6.2m in 1H2024.

Outlook and guidance

• Order book stood at S$184.9m at 30 June 2025, comprising S$62.5m in Project Services and S$122.4m in Maintenance Services; deliveries are expected mainly over the next 36 months.

• S$48.7m of new contracts were announced in July; fulfillment is subject to customer rescheduling, variation or cancellation.

• The previously announced prospect statement matched actual results for the reporting period.