Sembcorp Industries Ltd. · SGX:U96
Sembcorp Industries — H1 2025 Earnings Presentation
33 slides from Sembcorp Industries's earnings presentation, Aug 8, 2025
Slide 1: 1H2025 Results Announcement
1H2025 Results Announcement August 8, 2025
Slide 2: GCEO’s Report
GCEO’s Report Wong Kim Yin Group CEO © Sembcorp Industries
Slide 3: External Factors Driving a More Uncertain Business Environment
MACRO OVERVIEW External Factors Driving a More Uncertain Business Environment Key Developments Implications • Heightened uncertainty Liberation Day Tariffs • Slowdown in customer expansion plans China renewables – Imbalance • Higher curtailment between renewables growth and • Pressure on power price
Slide 4: 1H2025 Group Financials
1H2025 Group Financials 1H25 vs 1H24 Turnover 8% Earnings Per Share before EI and DPN FX S$2,942 million 27.6 cents (EPS: 30.1 cents) EBITDA1 S$834 million 6% Group ROE3 before EI and DPN FX (annualised) 17.8% (ROE: 18.6%) Adjusted EBITDA2 S$1,045 million * Net Profit before Exceptional Items
Slide 5: Gas and Related Services: Earnings Stability Amid Weak Market Prices
GAS AND RELATED SERVICES Earnings Stability Amid Weak Market Prices Singapore Gas-Fired Power Plants Contracting Profile1 Stable earnings despite lower spark spreads 0 to 5 years, Spot , 1% • Singapore: Lower spreads for renewed contracts and higher- 13% cost green power imports, offset by contribut
Slide 6: Renewables: Continued Growth in Capacity, Steady Progress towards 25GW Target
RENEWABLES Continued Growth in Capacity, Steady Progress towards 25GW Target Gross Renewables Capacity1 1H25 Renewables net profit increased 27% YoY (GW / GWh) • Stronger performance from India due to better wind resource 30 30.0 • Additional 3.8GW of installed capacity compared to 1H2024, 25 includ
Slide 7: China – Earnings Impacted by Higher Curtailment and Lower Tariffs
RENEWABLES China – Earnings Impacted by Higher Curtailment and Lower Tariffs • Renewables supply outpacing demand growth • China continues to experience high curtailment in the Northwestern region and Guangxi • Lower tariffs arising from acceleration into market trading and coal price decline China
Slide 8: China – Deploying Capital Selectively with Strict Discipline
RENEWABLES China – Deploying Capital Selectively with Strict Discipline Sembcorp China Gross Renewables Capacity* Growth (GW / GWh) 10.0 + 0.8 9.4 9.0 + 1.1 3 8.0 4 + 3.0 7.0 6.0 8 5.0 + 3.7 4.0 3.0 5 2.0 1.0 0.7 - 2021 2022 2023 2024 2025 Total x Denotes number of transactions completed during the
Slide 9: India – Achieved Operational Scale with Visible Growth Pipeline
RENEWABLES India – Achieved Operational Scale with Visible Growth Pipeline • Strong growth visibility: Installed capacity of 3.3GW with a further 3.3GW secured or under construction across diverse technologies • Scale enables us to explore capital recycling as a priority initiative to drive value Gr
Slide 10: Integrated Urban Solutions: Strengthened Performance and Sharpened Focus
INTEGRATED URBAN SOLUTIONS Strengthened Performance and Sharpened Focus Land for Development Urban: Expanding land bank and growing recurring (hectares) income 18,000 • Higher land sales, driven by stable demand in Vietnam and 14,400 14,800 13,000 stronger sales in Indonesia • Vietnam portfolio expa
Slide 11: Well-positioned to Capture Data Centre Demand in Batam, Indonesia
URBAN Well-positioned to Capture Data Centre Demand in Batam, Indonesia • Emerging data centre (DC) hub: Batam gaining momentum with existing DC facilities, and more under construction • Enhanced connectivity: New submarine cable Singapore systems connecting Batam to Singapore to come online in 2025
Slide 12: Decarbonisation Solutions: Investments Calibrated to Market Conditions
DECARBONISATION SOLUTIONS Investments Calibrated to Market Conditions Renewables Import Low-carbon Feedstock GoNetZeroTM • Exclusive discussions to • Exploring renewables and • Strengthening capabilities import 1GW of low-carbon green hydrogen / ammonia for long-term growth electricity from Sarawak
Slide 13: Financial Review
Financial Review Eugene Cheng Group CFO © Sembcorp Industries
Slide 14: Key Financials
Key Financials S$ million 1H25 1H24 Δ% Highlights Turnover 2,942 3,208 (8) • Turnover declined mainly due to the EBITDA1 834 891 (6) lower contribution from Gas and Share of Results: Associates & JVs, Net of Tax 211 156 35 Related Services on lower pool Adjusted EBITDA2 1,045 1,047 * prices in Singa
Slide 15: Group Turnover
Group Turnover S$ million 1H25 1H24 Δ% Highlights Gas and Related Services 2,093 2,338 (10) • Decline in turnover for Gas and Renewables 431 371 16 Related Services due to lower pool prices, partially offset by higher gas Integrated Urban Solutions 134 209 (36) sales in Singapore Decarbonisation Sol
Slide 16: Group Net Profit
Group Net Profit S$ million 1H25 1H24 Δ% Highlights Gas and Related Services 330 339 (3) • Steady profit in Gas and Related Renewables 132 104 27 Services due to lower spreads for renewed contracts and higher-cost Integrated Urban Solutions 74 73 1 green power imports in Singapore and Decarbonisatio
Slide 17: S$23m FX Translation Impact on 1H2025 Earnings
SGD STRENGTHENING ACROSS CURRENCIES S$23m FX Translation Impact on 1H2025 Earnings • Stronger SGD against currencies of operations; estimated impact of S$23m • Heightened currency volatility following Liberation Day tariffs announcement SGDCNH | +3% YoY SGDINR | +6% YoY SGDOMR | +2% YoY 1H2024 2H202
Slide 18: Diversified Portfolio with Defensive Earnings
DIVERSIFIED PORTFOLIO WITH DEFENSIVE EARNINGS 1H2025 Group Net Profit1 by Geography 88% of Group net profit from 12% investment-grade markets Investment-grade markets2 • Singapore: AAA • China: A+ 88% • India: BBB- Defensive earnings with Singapore • Indonesia: BBB contributing half of Group net pro
Slide 19: Net Profit 1H25 vs 1H24
Group Net Profit 1H25 vs 1H24 543 8 46 140 536 • Slight decline in Gas and Related Services profit (8) 489 28 1 2 0- 491 mainly due to lower spreads for renewed contracts (3) (46) (9) (17) and higher-cost green power imports in Singapore and absence of contribution from Phu My 3 in Vietnam, mitigate
Slide 20: Capital Expenditure and Equity Investment
Group Capital Expenditure and Equity Investment S$ million 1H25 1H24 Highlights Capital Expenditure 412 698 • Capex in the Gas and Related Gas and Related Services 114 200 Services segment was mainly due to Renewables 286 489 the construction of our 600MW hydrogen-ready combined cycle Integrated Urb
Slide 21: Free Cash Flow
Group Free Cash Flow S$ million 1H25 1H24 Highlights Cash Flow From Operating Activities • Improved cash flow from operating - Before Changes in Working Capital 713 761 activities due to improvements in working capital, driven by higher - Changes in Working Capital 79 (98) collections from Singapore
Slide 22: Borrowings
Group Borrowings S$ million Jun 30, 2025 Dec 31, 2024 Highlights Gross Debt 8,260 8,671 Total Equity 5,515 5,751 • Gross debt decreased with the repayment of outstanding loans from Total Capital 13,775 14,422 DPN collection and proceeds from the disposal of SembEnviro business Corporate Debt 6,162 6
Slide 23: Debt Profile
Group Debt Profile Debt Maturity Profile as at Jun 30, 2025 S$ million 3,360 Green and Sustainability- 1,537 linked Borrowings 1,783 Other Corporate Borrowings 1,140 713 734 923 Project Finance Loans 558 582 496 752 354 84 1,089 306 381 275 39 405 168 177 182 318 164 Within 1 year 1 - 2 years 2 - 3
Slide 24: Liquidity
Group Liquidity S$ million Jun 30, 2025 Dec 31, 2024 Highlights Cash and Cash Equivalents 879 871 • Maintain healthy level of liquidity with S$8.3 billion of ununtilised borrowing Borrowing Facilities facilities Committed Facilities 10,752 11,136 • Continue to proactively monitor and manage our debt
Slide 25: Outlook
Outlook The Group showed resilient performance in the first half of 2025, despite macroeconomic uncertainties. Contribution from the Gas and Related Services segment was steady despite lower wholesale prices in the Singapore market and the absence of contribution from Phu My 3 in Vietnam, as earning
Slide 26: Developments to Note
Developments to Note • Five-week maintenance for one unit of the Singapore cogeneration plants in the second half of 2025 – limited impact • UK – four-week maintenance at Sembcorp Biomass Power Station (Wilton 10) in the second half of 2025. Lower customer demand due to closure of SABIC ethylene cra
Slide 27: Disclaimer
Disclaimer This presentation contains certain statements that are not statements of historical fact, i.e. forward-looking statements. These forward-looking statements are based on current expectations, estimates, projections and assumptions about future events. Although Sembcorp Industries believes
Slide 28: Appendix
Appendix © Sembcorp Industries
Slide 29: EBITDA and Adjusted EBITDA
Group EBITDA and Adjusted EBITDA Highlights S$ million 1H25 1H24 Δ% Gas and Related Services 357 428 (17) • Stable Adjusted EBITDA as lower earnings from Gas and Related Renewables 349 284 23 Services, DPN FX loss arising from INR depreciation and higher corporate costs Integrated Urban Solutions 45
Slide 30: Group Borrowings
Group Borrowings S$ million Amount Drawn Fixed / Floating Rate1 Year of Maturity Corporate Debt 6,162 Medium Term Notes (issued 2010) 100 4.250% 2025 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)
Slide 31: Renewables Capacity
Group Renewables Capacity Gross capacity, MW / MWh Attributable capacity, MW / MWh As at Jun 30, 2025 Installed Under Construction Installed Under Construction Solar 6,098 2,667 3,937 2,402 Singapore 578 193 578 193 Vietnam 268 2 175 1 Indonesia 68 201 39 99 1 Philippines - 96 - 96 China 3,529 300 1
Slide 32: Renewables Capacity Under Construction
Group Renewables Capacity Under Construction Gross renewables capacity (MW / MWh)1 Gross renewables capacity (MW / MWh)1 Expected completion schedule by country, as at Jun 30, 2025 Expected completion schedule by technology, as at Jun 30, 2025 2,922 2,922 100 766 518 1,170 2,822 1,170 300 907 907 71
Slide 33: Thank you
Thank you © Sembcorp Industries