Sembcorp Industries Ltd. · SGX:U96
Sembcorp Industries — Merger or Acquisition (December 2025)
24 slides from Sembcorp Industries's merger presentation, Dec 11, 2025
Slide 1: Strategic Entry into Australia: Proposed Acquisition of Alinta Energy
Strategic Entry into Australia: Proposed Acquisition of Alinta Energy Unlocking Growth and Energy Transition Opportunities 11 December 2025 1 © Sembcorp Industries
Slide 2: Contents
Contents Slides 1 Transaction Overview 3 2 Strategic Rationale 5-13 3 Financing Plan 14 4 ESG and Energy Transition 15-17 5 Indicative Transaction Timeline 18 2 © Sembcorp Industries
Slide 3: Transaction Overview
Transaction Overview • Sembcorp has entered into a share sale agreement to acquire 100% of Pioneer Sail Holdings and Latrobe Valley Power (Holdings) (the “Target Group”) (the “Proposed Acquisition”). The Target Group collectively owns Alinta Energy and its group of companies - Alinta Energy is a ver
Slide 4: Alinta at a Glance
OVERVIEW Alinta at a Glance Leading Integrated Energy Strong Financial Performance Player with Target Group FY2025 Underlying Financials3 Significant Coast-to- coast Presence Adjusted A$987m ▲17% YoY EBITDA4 S$850m 3.4GW 10.4GW c. 1.1m Net Profit A$483m ▲15% YoY Installed & S$416m Renewables Custome
Slide 5: Strategic Rationale
Strategic Rationale 1 2 3 Australia: Entry into Alinta Energy: Integrated Accretive Acquisition: AAA-rated Country Energy Player with Driving Profitability and with Significant Strong Fundamentals to Scale Growth Opportunities Drive Transition 5 © Sembcorp Industries
Slide 6: Entry into AAA-rated Country with Significant Growth Opportunities
STRATEGIC RATIONALE – WHY AUSTRALIA Entry into AAA-rated Country with Significant Growth Opportunities Structurally Attractive Market Opportunities Attractive macro • AAA long-term sovereign credit rating dynamics • Liberalised mature market with transparent regulation • Entry via established platfo
Slide 7: Integrated Energy Player with Strong Fundamentals to Drive Transition
STRATEGIC RATIONALE – WHY ALINTA Integrated Energy Player with Strong Fundamentals to Drive Transition 1 High-quality generation portfolio with significant coast-to-coast presence 2 Future-ready platform with significant renewables and firming pipeline 3 Integrated energy player with strong fundamen
Slide 8: High-quality Generation Portfolio with Significant Coast-to-coast Presence
STRATEGIC RATIONALE – WHY ALINTA High-quality Generation Portfolio with Significant Coast-to-coast Presence Owned and operated Owned but not operated Part owned and operated 3.4GW portfolio renewable assets % Ownership stake in the asset Operating across diverse geographies and technologies Western
Slide 9: Future-ready Platform with Significant Renewables and Firming Pipeline
STRATEGIC RATIONALE – WHY ALINTA Future-ready Platform with Significant Renewables and Firming Pipeline Development Pipeline Aligned with Energy Transition Needs 10.4GW development project options Pipeline diversified across states (GW) Development project BESS options pipeline by state Pumped hydro
Slide 10: Integrated Energy Player with Strong Fundamentals to Fund Growth
STRATEGIC RATIONALE – WHY ALINTA Integrated Energy Player with Strong Fundamentals to Fund Growth Adjusted EBITDA1,2 Net Profit 2 Underlying (A$m) Underlying (A$m) Proven Track Record of 987 Performance 723 843 420 483 593 326 Strong underlying earnings growth • Adjusted EBITDA: 11% CAGR 124 (2022
Slide 11: Strong Executive Leadership Team
STRATEGIC RATIONALE – WHY ALINTA Strong Executive Leadership Team Management Team Committed to Leading the Business forward Post-acquisition Jeff Dimery Managing Director & CEO Leadership role since 2011 25+ years of experience • Led Alinta’s transformation • Delivered 10x EBITDA growth over the las
Slide 12: Accretive Acquisition Driving Profitability and Scale
STRATEGIC RATIONALE – WHY ALINTA Accretive Acquisition Driving Profitability and Scale Immediate Earnings Accretion and Uplift in ROE FY2024 LTM June 30, 20252 Before After Before After Proposed Proposed Uplift Proposed Proposed Uplift S$m unless otherwise specified Acquisition Acquisition Acquisiti
Slide 13: Accretive Acquisition Driving Profitability and Scale
STRATEGIC RATIONALE – WHY ALINTA Accretive Acquisition Driving Profitability and Scale Enhancing Risk Profile with Increased OECD Weighting in Sembcorp’s Portfolio Underlying Net Profit1 LTM June 30, 2025 Post-acquisition Regulatory Certainty S$1.0bn S$1.2bn Establish presence in a developed market
Slide 14: Financing Plan
Financing Plan Transaction to be Fully Paid in Cash • A$6.5bn (S$5.6bn1) bridge facility fully committed for the Leverage remains consistent within investment- Proposed Transaction grade parameters post acquisition • Funds used for purchase consideration, refinance Target • Net debt/ Adjusted EBITDA
Slide 15: Diversified Portfolio Supporting Australia’s Energy System
ESG AND ENERGY TRANSITION Diversified Portfolio Supporting Australia’s Energy System Today: Reliable baseload portfolio supporting Supporting energy demand and grid stability grid stability amid transition Solar 7% Operational excellence LYB: One of the most reliable generators in the NEM Wind 17% A
Slide 16: Updated Climate Action Trajectory
ESG AND ENERGY TRANSITION Updated Climate Action Trajectory Sembcorp Emissions Intensity Trajectory Post-acquisition (tCO2e/MWh) TARGET 0.40 • Achieve emissions intensity of 0.26 tCO2e/MWh by 2035 0.362 • Remain committed to net zero emissions (Scope 1 & 2) by 2050 0.26 0.29 0.21 • Sembcorp expects
Slide 17: Committed to a Responsible Energy Transition
ESG AND ENERGY TRANSITION Committed to a Responsible Energy Transition Driving Energy Transition by Ensuring Energy Security, Reliability and Affordability Balanced Transition for Reliability and Affordability Drive renewables growth while maintaining firm and baseload capacity to ensure grid stabil
Slide 18: Indicative Transaction Timeline
Indicative Transaction Timeline* 4Q25 1Q26 1Q26 1H26 Share Sale Despatch of EGM for Completion of Agreement Circular and Shareholders’ Transaction Signed1 Notice of EGM Approval 11 Dec 2025 Mid Jan 2026 End Jan 2026 1H2026 * Subject to shareholder and regulatory approvals and other customary closing
Slide 19: Summary
Summary Australia: Strategic Entry into AAA-rated Country Unlocking growth in a structurally attractive market with strong transition momentum Alinta: Integrated Energy Player with Strong Fundamentals to Drive Transition A high-quality portfolio – delivering today and well-positioned for future Accr
Slide 20: Appendix
Appendix 20 © Sembcorp Industries
Slide 21: Sembcorp Pro Forma Financials
Sembcorp Pro Forma Financials FY2024 LTM June 30, 20252 Before After Before After Proposed Proposed Uplift Proposed Proposed Uplift S$m unless otherwise specified Acquisition Acquisition Acquisition Acquisition Reported Turnover 6,417 10,909 ▲70% 6,151 10,650 ▲73% Adjusted EBITDA1 2,050 2,719 ▲33% 2
Slide 22: Target Group Generation Portfolio Summary
Target Group Generation Portfolio Summary Assets Stake (%) Capacity (MW) Technology Location Capacity by Technology Owned Assets Pinjarra 100% 285 Gas Western Australia Gas 43% Coast West Wagerup 100% 412 Gas Western Australia Yandin 30% 214 Wind Western Australia Coal 33% Loy Yang B 100% 1,140 Coal
Slide 23: Disclaimer
Disclaimer This presentation contains certain statements that are not statements of historical fact, i.e. forward-looking statements. These forward-looking statements are based on current expectations, estimates, projections and assumptions about future events. Although Sembcorp Industries believes
Slide 24: Thank you
Thank you 24 © Sembcorp Industries
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