NSL (N02) H2 2026 earnings summary

Executive summary

• FY2026 turnover was S$385.9m and profit before tax was S$34.4m; FY2025 comparatives cover 18 months, versus 12 months in FY2026, so totals are not directly comparable.

• Precast & PBU delivered higher profit before tax despite lower reported turnover; Environmental Services moved to a loss amid industrial wastewater pressures and asset impairment.

Financial highlights

• Revenue S$385.9m; gross profit S$77.4m versus S$103.9m in the prior 18-month period; profit before tax S$34.4m versus S$48.2m.

• Net profit attributable to equity holders was S$23.3m versus S$37.2m; total profit was S$22.8m versus S$39.0m.

• FY2026 included a S$6.5m impairment on industrial wastewater assets; FY2025 included S$8.0m goodwill impairment and S$5.4m gains on divestment of an associate and FVOCI investment.

Outlook and guidance

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

• Finland PBU performance remains affected by a weak housing market; Environmental Services will target higher capacity utilisation to improve industrial wastewater performance.