Seatrium (5E2) Q2 2025 earnings summary

Executive summary

• Delivered strong financial performance in H1 2025, with revenue up 34% to S$5.4B and net profit up 301% to S$144M, driven by disciplined execution, operational resilience, and a robust order book.

• Achieved major project milestones, including FPSO deliveries, 101 repairs and upgrades, entry into Japan's offshore wind market, and the world's first full-scale turnkey CCS retrofit.

• Maintained a diversified order book of S$18.6B, with S$6.3B in renewables and green solutions, providing revenue visibility through 2031.

Financial highlights

• Revenue rose 34% year-over-year to S$5.4B, net profit increased 301% to S$144M, and EBITDA grew 31% to S$407M.

• Gross margin doubled to 7.4% from 3.7% in H1 2024, and return on equity improved to 4.5% annualized.

• Underlying net profit (excluding legal/corporate claims) was S$133M, up 16% year-over-year.

• Net debt to EBITDA improved to 1x from 2.9x, and net gearing stood at 0.1x.

• Cost of debt reduced to 4.4% from 4.9% at end-2024; liquidity with cash and undrawn facilities over S$3.5B.

Outlook and guidance

• Focused on converting a S$30B near-term project pipeline into secured orders, improving margins, and meeting 2028 financial targets.

• Expect continued margin expansion through series-built projects, operational efficiency, and cost control.

• Cautious optimism amid global volatility, with energy transition and security as key growth drivers.