NSL (N02) H2 2025 earnings summary

Executive summary

• 18-month period ended 30 Jun 2025; FY-end shifted from 31 Dec to 30 Jun, so comparisons with the prior 12-month period are not like-for-like.

• Turnover was S$465.9m, reported 56% higher than S$298.1m; profit before tax was S$48.2m versus a S$15.5m loss, with stronger Precast contributions.

• Profit attributable to shareholders was S$37.2m versus a loss of S$18.7m; the period included an S$8.0m Parmarine goodwill impairment.

Financial highlights

• Sales S$465.895m; gross profit S$103.895m; profit before tax S$48.178m; net profit S$39.000m; attributable profit S$37.189m.

• Operating cash flow was S$66.577m versus S$38.517m in 2023; investing cash inflow S$3.155m and financing cash outflow S$41.947m.

• Cash and bank balances were S$150.444m; borrowings S$1.340m and lease liabilities S$12.228m at 30 Jun 2025.

• Cash dividends paid were S$18.678m in the period, versus S$168.101m in 2023, which included a 40-cent special interim dividend.

Outlook and guidance

• Precast outlook remains satisfactory on strong Singapore, Malaysia and Dubai order books, subject to project delays; U.S. tariffs are expected to have no material impact given no U.S. sales or direct exposure.

• Finland PBU remains challenged by weak housing conditions in Finland and Norway; Environmental Services will focus on raising industrial wastewater capacity utilisation.

• Proposed final dividend of S$0.015/share, subject to AGM approval; with the 3-cent interim dividend paid in June 2025, total proposed and paid distribution is 4.5 cents/share.