Sembcorp Industries Ltd. · SGX:U96

Sembcorp Industries — Investor Presentation (June 2026)

52 slides from Sembcorp Industries's investor presentation, June 2026

  1. Slide 1: Investor Presentation

    Investor Presentation June 2026 1 © Sembcorp Industries

  2. Slide 2: Sembcorp Industries at a Glance

    OVERVIEW Sembcorp Industries at a Glance Our Business Segments Our Strategic Focus Gas and Related Services • Importer of piped natural gas & liquefied natural gas Drive • Utility-scale power generation and cogeneration Energy Transition • Steam generation • Distributed energy generation Renewables

  3. Slide 3: Sembcorp Industries at a Glance

    OVERVIEW Sembcorp Industries at a Glance Wind Solar 8.3GW 9.3GW One of the largest self- Leading solar energy operated wind portfolio in India player in Singapore Energy Storage System Hydro 4.3GWh 49MW Southeast Asia’s largest energy storage system Thermal1 Urban 13.2GW 17,600ha Integrated gas-to-e

  4. Slide 4: Financials and Business Updates

    Financials and Business Updates 4 © Sembcorp Industries

  5. Slide 5: Business Updates Since FY25 Results

    Business Updates Since FY25 Results Gas and Related Services Renewables Integrated Urban Solutions / Others • Securing additional long-term contracts: • Lower solar and wind resources in China • Expansion of Vietnam footprint with five Additional 150MW long-term PPA with and India during the quarter

  6. Slide 6: FY2025 Group Financials

    FY2025 Group Financials Continuing Operations FY25 vs FY24 Turnover 10% Earnings Per Share before EI and DPN FX  S$5,799 million 56.4 cents (EPS: 55.3 cents) EBITDA1 S$1,520 million 12% Group ROE3 before EI and DPN FX  18.2% (ROE: 17.9%) Adjusted EBITDA2 S$2,016 million 2% Net Profit before Exc

  7. Slide 7: Gas and Related Services: Delivering Earnings Stability

    GAS AND RELATED SERVICES Delivering Earnings Stability GRS Net Profit: Resilient Earnings Earnings anchored by Singapore portfolio (S$ million) • Contracted position continue to provide stability 728 701 182 • Lower blended spark spread expected with re-contracting 163 of Senoko’s portfolio 546 538

  8. Slide 8: Renewables: Strong Pipeline Growth Mitigating Weakness in China Market

    RENEWABLES Strong Pipeline Growth Mitigating Weakness in China Market RE Net Profit Growth Despite Headwinds in China Higher earnings with capacity growth (S$ million) • Increase in operational capacity from 13.1GW to 15.0GW 183 192 (FY25 vs FY24) • China earnings impacted by elevated curtailment an

  9. Slide 9: Integrated Urban Solutions: Driving Sustainable Growth and Sharpening Focus

    INTEGRATED URBAN SOLUTIONS Driving Sustainable Growth and Sharpening Focus IUS: Stable Net Profit Urban: Strategic expansion with resilient performance (S$ million) 178 • Weakness in land sales in Central Vietnam, offset by fair value 173 22 12 gains on VSIP and WSIP investments 52 50 • Secured indu

  10. Slide 10: Powering the AI Revolution

    POWERING THE AI REVOLUTION Strategic Energy and Infrastructure Solutions for the Digital Economy INTEGRATED URBAN GAS & RELATED SERVICES SOLUTIONS 24/7 Reliable Baseload for Providing Low-carbon AI Growth Infrastructure • Supply one-third of Singapore’s current • Indonesia and UK: DC-ready sites for

  11. Slide 11: Established Platforms for Continued Growth

    ESTABLISHED PLATFORMS FOR CONTINUED GROWTH SINGAPORE INDIA AUSTRALIA Leading integrated energy player 7.6GW scaled platform Acquisition completed • Largest gas-fired fleet and • 3.6GW installed capacity with • High-quality OECD platform solar portfolio a further 4.0GW secured or • Robust development

  12. Slide 12: Built for Resilience in a Volatile Environment

    BUILT FOR RESILIENCE IN A VOLATILE ENVIRONMENT Portfolio Strength and Flexibility across Cycles Diversified Flexible Gas-fired Balanced Portfolio across Resilient Recurring Cash Platform Markets & Technologies Flows • Multi-source gas • Geographical and • Long-term contracts underpin procurement, in

  13. Slide 13: Well-positioned to Deliver Sustainable and Growing Dividend

    Well-position to Deliver Sustainable and Growing Dividend Consistent Historical Dividend Growth 35 50% >6x 44% 45% 30 Dividend growth (2020-2025) 40% 40% Visible and Resilient 25 25.0 35% Cash Flow 23.0 Singapore cents 30% 20 24% 23% 25% Disciplined Capital 16 15 19% Allocation 17 20% 13.0 12.0 10 4

  14. Slide 14: Outlook

    Outlook The Group delivered resilient financial results in 2025, reflecting the strength of our diversified portfolio, disciplined cost management and execution of our strategic priorities. Supported by long-term contracts across our portfolio, the proposed dividend in 2025 reflects the Group’s unde

  15. Slide 15: Developments to Note

    Developments to Note • Transaction of Alinta expected to complete by the end of 1H2026, one-off costs of approximately AUD208 million, which include stamp duty, insurance fees, professional fees and other related expenses, is expected to be recognised as exceptional costs • UK - four-week maintenanc

  16. Slide 16: Disciplined Balance Sheet Management for Sustainable Dividends and Long-term Value Creation

    Disciplined Balance Sheet Management for Sustainable Dividends and Long-term Value Creation 8 50 SCI Gross Debt and Leverage Profile1 7 45 Global Peers2 Net Debt / Adjusted EBITDA: 6.0x 40 6 35 Disciplined balance sheet 4.7x Headroom 5 4.6x 30 • Pre-acquisition Net debt / Adjusted EBITDA 4 3.6x 25 r

  17. Slide 17: Sembcorp's 2028 Strategic Metrics

    Sembcorp’s 2028 Strategic Metrics ROE (%) Net Debt / Adj. EBITDA Adj. EBITDA / Interest 23.8% 5.5x EU Hybrid2: 5.7x Renewables2: 5.1x 5.4x 5.0x 20.5% 4.7x Asian Hybrid2: 4.7x 17.9% 4.2x 3.8x 3.9x Asian Hybrid2: 3.7x 4.0x EU Hybrid2: Renewables2: 3.7x 3.5x 13.0% 3.2x Asian Hybrid1: 2.8x 11.0% EU Hybr

  18. Slide 18: Strong Financial Metrics and Attractive Valuation

    Strong Financial Metrics and Attractive Valuation ROE (%) Net Debt / Adj. EBITDA Forward P/E 17% 6.8x 6.3x Median: 31.3x 6.3x 12% 11% Median: 4.4x 11% 4.3x 21.7x Median: 8% 18.3x 7% 14.9x 12.6x 13.3x Chinese ASEAN India Peers EU / US Sembcorp Sembcorp Chinese India Peers ASEAN Sembcorp Chinese ASEAN

  19. Slide 19: Updated Climate Action Trajectory

    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 • Responsible transition balancing energy security

  20. Slide 20: Strategic Entry into Australia: Acquisition of Alinta Energy

    Strategic Entry into Australia: Acquisition of Alinta Energy 20 © Sembcorp Industries

  21. Slide 21: 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 “Acquisition”). The Target Group collectively owns Alinta Energy and its group of companies - Alinta Energy is a vertically i

  22. Slide 22: Entry into AAA-rated Country with Significant Growth Opportunities

    STRATEGIC RATIONALE – WHY AUSTRALIA Entry into AAA-rated Country with Significant Growth Opportunities Large-scale Market with Policy Certainty and Long-term Demand Structurally Attractive Market Opportunities Attractive macro dynamics Stable AAA long-term sovereign credit rating with well-regulated

  23. Slide 23: Integrated Energy Platform with Significant Coast-to-coast Presence

    STRATEGIC RATIONALE – WHY ALINTA Integrated Energy Platform with Significant Coast-to-coast Presence Generation and Retail across East Coast and West Coast Markets Owned and operated Owned but not operated 3.4GW diversified portfolio Part owned and operated renewable assets Operating across geograph

  24. Slide 24: Future-ready Growth Platform to Drive Transition

    STRATEGIC RATIONALE – WHY ALINTA Future-ready Growth Platform to Drive Transition Scaling Pipeline Depth and Growth Options for the Group Alinta Energy: Significant Renewables and Sembcorp Group: Expanded Global Growth Firming Pipeline Platform 10.4GW 77GW 8GW1 Near-term projects, incl. 69GW2 future

  25. Slide 25: Strategic Pivot: Enhanced Diversification and Portfolio Resilience

    STRATEGIC RATIONALE – WHY ALINTA Strategic Pivot: Enhanced Diversification and Portfolio Resilience Increased OECD Weighting in Sembcorp’s Portfolio Before Acquisition Post Acquisition RoW RoW 10% SEA (ex SG) 8% SEA (ex SG) 11% 13% Underlying India 45% 5% Net Profit1 55% 64% India 7% S$1.0bn S$1.2bn

  26. Slide 26: 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 Uplift Uplift S$m unless otherwise specified Acquisition Acquisition Acquisition Acquisition Underlying Adjusted E

  27. Slide 27: Financials

    Financials 27 © Sembcorp Industries

  28. Slide 28: Key Financials

    Key Financials S$ million FY25 FY24 Δ% Highlights Turnover 5,799 6,417 (10) • Turnover declined mainly due to EBITDA1 1,520 1,734 (12) lower contribution from Gas and Share of Results: Associates & JVs, Net of Tax 496 316 57 Related Services on lower Adjusted EBITDA2 2,016 2,050 (2) contribution fro

  29. Slide 29: Group Turnover

    Group Turnover S$ million FY25 FY24 Δ% Highlights Gas and Related Services 4,088 4,637 (12) • Decline in turnover for Gas and Renewables 856 746 15 Related Services due to lower wholesale electricity and gas prices Integrated Urban Solutions 242 431 (44) and reduced gas offtake in Singapore as well

  30. Slide 30: Group Net Profit

    Group Net Profit S$ million FY25 FY24 Δ% Highlights Gas and Related Services 701 728 (4) Renewables 192 183 5 • Lower profit in Gas and Related Services due to lower spreads for Integrated Urban Solutions 178 173 3 renewed contracts in Singapore, Decarbonisation Solutions (23) (20) (15) weaker custo

  31. Slide 31: Group Net Profit FY25 vs FY24

    Group Net Profit FY25 vs FY24 1,025 38 1,014 9 5 7 1,003 (1) 135 984 • Decline in Gas and Related Services profit mainly due (10) (3) (40) (27) to lower spreads for renewed contracts in Singapore, weaker customer demand in the UK, mitigated by (154) higher contribution from Senoko Energy • Higher pr

  32. Slide 32: Group ROE

    Group ROE S$ million FY25 FY24 Highlights ROE before Exceptional Items and DPN FX  (%) • Lower Group ROE due to lower Gas and Related Services 26.4 32.1 earnings in the Gas and Related Services Renewables 7.4 8.0 • Lower ROE for Renewables Integrated Urban Solutions 8.4 8.4 segments due to partial

  33. Slide 33: Normalised Group ROE at 20%

    Normalised Group ROE at 20% Renewables ROE (Excluding EI) 0.7% 0.2% 8.3% Higher normalised ROE once assets achieve full-year 7.4% contribution • Current ROE reflects the temporary effect of projects that have yet to deliver a full-year contribution as they were commissioned during the year, or are s

  34. Slide 34: SGD Strengthening Across Currencies

    SGD STRENGTHENING ACROSS CURRENCIES S$32m FX Translation Impact on FY2025 Earnings • Stronger SGD against currencies of operations; estimated impact of S$32m • Heightened currency volatility in FY2025 SGDCNH | +2% YoY SGDINR | +7% YoY SGDOMR | +2% YoY 1H2024 2H2024 1H2025 2H2025 1H2024 2H2024 1H2025

  35. Slide 35: Group Capital Expenditure and Equity Investment

    Group Capital Expenditure and Equity Investment S$ million FY25 FY24 Highlights Capital Expenditure 869 1,491 • Capex in the Gas and Related Gas and Related Services 373 384 Services segment was for the Renewables 466 1,072 development of the hydrogen-ready plant facility and a multi-utilities Integ

  36. Slide 36: Group Free Cash Flow

    Group Free Cash Flow S$ million FY25 FY24 Highlights Cash Flow From Operating Activities • Higher cash flow from investing - Before Changes in Working Capital 1,486 1,586 activities mainly due to proceeds from divestment of SembEnviro in - Changes in Working Capital (151) 26 Singapore, as well as lo

  37. Slide 37: Group Borrowings

    Group Borrowings S$ million Dec 31, 2025 Dec 31, 2024 Highlights Gross Debt 8,956 8,671 Total Equity 5,866 5,751 • Gross debt increased due to consolidation of acquisition-related Total Capital 14,822 14,422 borrowings in India, China and Vietnam Corporate Debt 6,610 6,664 • Increase in equity due t

  38. Slide 38: Group Debt Profile

    Group Debt Profile Debt Maturity Profile as of Dec 31, 2025 S$ million 3,799 1,533 Green and Sustainability-linked Borrowings Other Corporate Borrowings 1,100 1,196 1,315 Project Finance Loans 1,057 406 915 390 674 598 348 374 350 626 1,166 355 391 293 139 283 185 243 176 Within 1 year 1 - 2 years 2

  39. Slide 39: Group Liquidity

    Group Liquidity S$ million Dec 31, 2025 Dec 31, 2024 Highlights Cash and Cash Equivalents 1,109 871 • Maintained a healthy liquidity position with S$8.2 billion of Borrowing Facilities unutilised borrowing facilities, supported by sufficient headroom in Committed Facilities 11,427 11,136 existing fu

  40. Slide 40: Group EBITDA and Adjusted EBITDA

    Group EBITDA and Adjusted EBITDA Highlights S$ million FY25 FY24 Δ% • Lower EBITDA from the Gas and Gas and Related Services 719 911 (21) Related Services segment, due to Renewables 665 567 17 lower spreads from re-contracting, coupled with weaker customer Integrated Urban Solutions 88 143 (38) dema

  41. Slide 41: Key Financials 2H25

    Key Financials S$ million 2H25 2H24 Δ% Turnover 2,857 3,209 (11) EBITDA1 686 843 (19) Share of Results: Associates & JVs, Net of Tax 285 160 78 Adjusted EBITDA2 971 1,003 (3) Net Profit before EI and DPN FX  512 525 (2) - DPN FX Loss (59) (36) (64) - Exceptional Items (5) (7) 29 Net Loss from Disco

  42. Slide 42: Group Turnover

    Group Turnover S$ million 2H25 2H24 Δ% Gas and Related Services 1,995 2,299 (13) Renewables 425 375 13 Integrated Urban Solutions 108 222 (51) Decarbonisation Solutions 18 31 (42) Other Businesses 311 282 10 TOTAL TURNOVER 2,857 3,209 (11) 42 © Sembcorp Industries

  43. Slide 43: Group EBITDA and Adjusted EBITDA

    Group EBITDA and Adjusted EBITDA S$ million 2H25 2H24 Δ% Gas and Related Services 362 483 (25) Renewables 316 282 12 Integrated Urban Solutions 43 83 (48) Decarbonisation Solutions (12) (12) - Other Businesses and Corporate (23) 7 NM TOTAL EBITDA1 686 843 (19) Gas and Related Services 539 554 (3) Re

  44. Slide 44: Group Net Profit

    Group Net Profit S$ million 2H25 2H24 Δ% Gas and Related Services 371 389 (5) Renewables 60 79 (24) Integrated Urban Solutions 104 100 4 Decarbonisation Solutions (10) (10) - Other Businesses 24 19 26 Corporate (91) (129) 29 - Interest cost (74) (83) 11 - Others (17) (46) 63 DPN Income 54 77 (30) NE

  45. Slide 45: Group Borrowings

    Group Borrowings S$ million Amount Drawn Fixed / Floating Rate1 Year of Maturity Corporate Debt 6,610 Medium Term Notes (issued 2014) 150 3.593% 2026 Medium Term Notes (Green bond issued 2021) 400 2.450% 2031 Medium Term Notes (Green bond issued 2023) 350 4.600% 2030 Medium Term Notes (Sustainabilit

  46. Slide 46: Appendix

    Appendix 46 © Sembcorp Industries

  47. Slide 47: Sembcorp's Global Presence

    Sembcorp’s Global Presence Legend/Gross Capacity1 21.9GW Thermal2 13.2GW UK China Wind 8.3GW Bangladesh UAE Solar 9.3GW Myanmar Oman Vietnam India Philippines Energy storage 4.3GWh Singapore Hydropower 49MW Indonesia Urban 17,600ha Australia Water 8.0 mil m³/day Assumes 100% ownership of assets, inc

  48. Slide 48: Conventional Energy Portfolio

    Conventional Energy Portfolio Supporting Developing Asia’s need for energy Gross Capacity1 13.2GW UK Gas and Diesel 12.1GW 684MW 128MW China Coal 1.1GW 658MW Bangladesh Global track record as an originator, owner, UAE investor, operator and optimiser of energy Oman Myanmar 440MW 2,600MW 893MW assets

  49. Slide 49: Established Asian Renewables Player Across Key Segments

    Established Asian Renewables Player Across Key Segments Gross Capacity1 21.9GW Wind 8.3GW UK 420MWh China Solar 9.3GW 5,036MW 3,829MW 711MWh Hydropower 49MW Oman Vietnam 138MW 288MW 49MW 54MWh 125MW 500MW India Philippines Energy storage 4.3GWh 2,781MW 3,420MW 1,433MWh Singapore 96MW 878MW 326MWh On

  50. Slide 50: Our Water Capabilities

    Our Water Capabilities Providing Sustainable Water Solutions Across Markets Gross Capacity Per Day 8.0 million m3 /day Industrial Water & 6.7 million m3/day Wastewater Treatment Seawater Desalination 0.7 million m3/day UK 0.5 million m3/day Municipal Water 0.3 million m3/day China Water Reclamation

  51. Slide 51: 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

  52. Slide 52: For more information, please contact

    For more information, please contact investorrelations@sembcorp.com LING Xin Jin Sam TRINH Head, Group Strategic Communications Manager, Group Investor Relations, Group & Portfolio Management Strategic Communications & Portfolio Management ling.xinjin@sembcorp.com haisam.trinhthi@sembcorp.com Or vis

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