NSL (N02) H2 2025 earnings summary

Executive summary

• Revenue for the six months ended 31 December 2025 declined 11% year-over-year to S$159.4 million, mainly due to lower sales in the precast business in Malaysia and Environmental Services division.

• Profit before tax dropped 38% to S$15.6 million, with profit attributable to equity holders down 46% to S$10.2 million.

• The Precast & PBU division saw a 6% revenue decline, Environmental Services fell 32%, and Chemicals dropped 22%.

Financial highlights

• Gross profit decreased 31% to S$30.8 million, mainly from lower sales in Malaysia and weaker Environmental Services.

• Basic and diluted EPS fell 46% to 2.73 cents.

• Net cash outflow for the period was S$6.5 million, compared to near breakeven in the prior year.

• Cash and cash equivalents at period end were S$119.1 million.

Outlook and guidance

• Precast business performance expected to remain satisfactory, supported by order books in Singapore, Malaysia, and Dubai, barring unforeseen project delays.

• PBU business in Finland continues to face challenges from a weak housing market.

• Environmental Services division faces challenging market conditions and will focus on improving capacity utilisation.