Boustead Singapore Limited · SGX:F9D
Boustead Singapore — Shareholder Meeting (July 2026)
56 slides from Boustead Singapore's shareholder meeting presentation, Jul 30, 2026
Slide 1: Annual General Meeting
Boustead Singapore Limited ANNUAL GENERAL MEETING 30 July 2026
Slide 2: FY2026 Annual General Meeting Management Presentation
Boustead Singapore Limited FY2026 Annual General Meeting Management Presentation 30 July 2026
Slide 3: Business Performance
Business Performance
Slide 4: Principles of Shareholder Engagement
Principles of Shareholder Engagement Four principles guiding how we engage — and the direction we are deliberately moving towards 1. Long-term operating value over share price 2. Engagement for insight, not promotion performance Dialogue is a feedback mechanism — it surfaces concerns We manage for d
Slide 5: Boustead Singapore Limited at a Glance
Boustead Singapore Limited at a Glance Earnings Profile Real Estate Lumpy project based earnings interspersed with large capital gains Solutions associated with unlocking of value of investment properties Healthcare Limited earnings visibility Energy Lumpy project based earnings as oil and gas envir
Slide 6: Boustead Singapore Limited at a Glance
Boustead Singapore Limited at a Glance FY2026 Operating Profit* Real Estate S$9.3 million* Operating profit increased due to Solutions (+6%) cost savings on several E&C projects (S$1.7 million) Healthcare Due to share of loss from 50%-owned (-31%) China associate, Beijing Pukang Energy S$21.4 millio
Slide 7: Division Performance: Geospatial
Division Performance Geospatial
Slide 8: Geospatial Products & Service Offerings
Geospatial Products & Service Offerings Esri Direct Revenue as result of selling Esri Inc’s software products under distribution agreement Esri Aligned Revenue as result of selling services, data products, 3rd party (including self-developed) solutions that enhance and extend Esri ecosystem ArcGIS D
Slide 9: Geospatial Division Revenue & Operating Profit
Geospatial Division Revenue & Operating Profit FY2026 FY2025 Chg (S$’m) (S$’m) (%) Revenue 212.3 221.4 -4 Operating profit* 42.1 51.9 -19 * Operating profit is defined as profit before interest and income tax including share of results of associates and joint ventures but excluding currency exchange
Slide 10: Other Measures of Business Fundamentals in FY2026
Geospatial Other Measures of Business Fundamentals in FY2026 Australia Singapore Malaysia Indonesia Meet sales targets for “new business” ● ● ● ● Ensure renewal rates are high ● ● ● ● Meet sales targets from partners ● ● ● ● Cash payments to Esri Inc increases ● ● ● ● FY2026 Operating cashflow incre
Slide 11: Change in Revenue Recognition Estimate
Geospatial Change in Revenue Recognition Estimate – Impact on Multi-Year Contracts Geospatial Division FY2025 (and before) 1H FY2026 FY2026 Revenue S$221.4m S$118.7m S$212.3m More Evenly-Spread for More Front-Loaded for all More Complex Summary description of renewal EAs and more Front- EAs Revenue
Slide 12: Explanation of Current Accounting Estimate Basis
Geospatial Explanation of Current Accounting Estimate Basis on Multi Year Contracts 1 · LICENCE COMPOSITION Illustrative revenue recognised on the same 3-year EA value but Each Enterprise Agreement (EA) blends different license composition and termination terms perpetual licences, maintenance, Year
Slide 13: Geospatial: Looking Ahead
Geospatial Looking Ahead Near-to-Mid-term Longer term • Accounting revenue and • Demand for geospatial profit expected to be higher software should keep in FY2027 compared to rising as an explosion of FY2026 due to large contract location data from wins in the first half of satellites, drones, and I
Slide 14: Why Demand for Our Products Keeps Growing
Geospatial Why Demand for Our Products Keeps Growing DRIVER 1 — USERS DRIVER 2 — DATA DRIVER 3 — INTEGRATION An expanding user base Data only location can Connecting multiple GIS has moved beyond specialists - connect systems through location executives, field teams, analysts Data volumes are explod
Slide 15: Overcoming barriers to growth
Geospatial Overcoming barriers to growth Growing Our People Growing Our Partner Ecosystem Specialised GIS professional skills System Integrators Deep Industry Knowledge Software development skills Consulting Firms System Architecture and Design Industry Partners Data science skills Cyber security sk
Slide 16: Division Performance: Energy Engineering
Division Performance Energy Engineering
Slide 17: Energy Engineering Product Offerings & Services
Energy Engineering Product Offerings & Services Heat transfer products Furnaces Waste Heat Recovery Units Once Through Steam Generators Reformers and Crackers Process control systems Wellhead Control Panels / Hydraulic Power Units Chemical Injection Skids 17
Slide 18: Sub-sector Context
Energy Engineering Sub-sector Context HIGH EXPOSURE SOME EXPOSURE Offshore Production: Refineries / On Shore LNG Middle East Upstream FPSO, FSO, FLNG Petrochemicals Perceived market activity Perceived market activity Perceived market activity Perceived market activity ●●● High ●●● Low ●●● Very Low ●
Slide 19: Energy Engineering Revenue, Operating Profit & Orders Secured
Energy Engineering Division Revenue, Operating Profit & Orders Secured FY2026 FY2025 Chg (S$’m) (S$’m) (%) Revenue 171.8 158.9 +8 Operating profit* 21.3 26.8 -21 Orders secured 104 163 -36 * Operating profit is defined as profit before interest and income tax including share of results of associates
Slide 20: Energy Engineering: Looking Ahead
Energy Engineering Looking Ahead Near-to-Mid-term Longer term • Weak order intake in FY2026 • Global energy demand and weak sales pipeline at continues to rise: the start of FY2027; FY2027 o Renewable uptake revenue and operating remains slow profit likely significantly o Key industries cannot be be
Slide 21: The scramble for gas turbines - threat and opportunity
Energy Engineering The scramble for gas turbines - threat and opportunity The common thread: data centres, LNG plants and offshore platforms all need power fast - and gas turbines are the quickest route, so all three now compete for the same scarce supply. THREAT · Traditional demand stalls OPPORTUN
Slide 22: Division Performance: Real Estate Solutions
Division Performance Real Estate Solutions
Slide 23: Principal businesses of Real Estate Solutions Division
Real Estate Solutions Principal businesses of Boustead’s Real Estate Solutions Division (Boustead Projects) Front-end engineering design Engineering & Turnkey design- E&C (FEED) and Construction and-build additions & alterations (A&A) Real Estate & Real Estate Industrial Asset Real Estate Developmen
Slide 24: Revenue & Income Streams
Real Estate Solutions Revenue & Income Streams Real Estate Solutions Division Engineering & Construction Real Estate Front-end engineering Turnkey design (FEED) E&C design-and- and additions & Gains / (Losses) Recurring Income Streams build alterations (A&A) FY2026: S$219.2 million Division Order Ba
Slide 25: Division Financial Performance
Real Estate Solutions Division Financial Performance 30 400 369.5 339.1 350 • Higher overall revenue 25 due to increased project 24.6 activity from the E&C 300 20 284 business and strong order 250 backlog carried forward at 228.2 the end of FY2025. 17.5 15 200 • Higher profit before 150 10 134.3 inc
Slide 26: Business Review: Engineering & Construction
Real Estate Solutions Business Review: Engineering & Construction E&C Business Performance 400 75 358.4 324.5 • Dip in revenue caused by the dry spell between FY2024 – 300 60 FY2025 269.8 219.5 200 • Operating profit increased 45 S$'m marginally due to cost savings S$'m on several E&C projects 122.4
Slide 27: Business Review: Real Estate
Real Estate Solutions Business Review: Real Estate Real Estate Business Performance 20 16 14.6 14.1 12.4 • Results are being weighed down 11.1 by non-cash depreciation as per 12 12.8 8.9 accounting policy, particularly 8 8.9 when the Bideford asset was acquired S$'m 4 0 • Net cash yield of stabilise
Slide 28: Strengthening Value: Challenges
Real Estate Solutions Strengthening Value BP E&C • Large Order Book Delivery – executing a sizeable order book and delivering on quality • Competition / New Sector Penetration – pricing competitively and sustaining margins, while building the capabilities needed to break into new sectors • Income Di
Slide 29: Strengthening Value: Strategy and Execution
Real Estate Solutions Strengthening Value BP E&C • Focus on converting large backlog • Pursue strategic partnerships and investments • Build long-term overseas growth strategies Strategy Challenges Execution BP Real Estate • Deepen collaboration with UIB investors and UI Boustead REIT • Support REIT
Slide 30: Different Real Estate Platforms across Asset Classes
Real Estate Solutions Different Real Estate Platforms across Asset Classes as Growth Drivers Real Estate Business Others Bideford House Real Estate UI Boustead REIT [36 Tuas, Wuxi, COMO Metropolitan Overall Businesses KBIL] Logistics & Logistics & Hospitality & Sector Diversified Industrial-Focused
Slide 31: Real Estate Solutions: Looking ahead
Real Estate Solutions Looking ahead Near-to-Mid-term E&C Business • Healthy E&C performance • Continue investment in people technology and diversification • Minority contributions from overseas BU Real Estate Business • Continued joint developments with UIB investors / REIT • Continued divestment to
Slide 32: Division Performance: Healthcare
Division Performance Healthcare
Slide 33: Division Overview
Division Overview Market Coverage Our Focus • Outcome-based healthcare solutions addressing age-related conditions, mobility challenges and resource constraints Core Capabilities • Rehabilitative care, sports science, functional assessment and wound care solutions Market Reach • Solutions deployed a
Slide 34: Division Revenue & Operating Profit
Division Revenue & Operating Profit FY2026 FY2025 Chg (S$’m) (S$’m) (%) Revenue 11.7 12.1 -4 Operating loss* -1.7 -1.3 +31 Operating profit 1.6 0.7 +129 (excluding share of loss in associate Beijing Pukang) * Operating loss is defined as loss before interest and income tax including share of results
Slide 35: Strengthening Our Core Southeast Asia Business
Strengthening Our Core Southeast Asia Business • Equipment Distribution: Broadened our regional portfolio of advanced rehabilitation and sports science solutions. • Wound Care Solutions: Increased recurring revenue through higher mattress utilisation and expanded service offerings. • Clinical Capabi
Slide 36: Beijing Pukang: Transformation Remains in Progress
Beijing Pukang: Transformation Remains in Progress • FY2026 share of loss: S$3.3m, amid economic slowdown, regulatory restructuring and import restrictions • In-house brands contributed approximately 20% of revenue, up from 6% in FY2025 • QueDong has received regulatory approval in China and is now
Slide 37: CREENii Health Assessment
HAND GRIP & GAIT SPEED IN 1 DEVICE CREENii 01 Clinically Trusted Co-developed by Singapore General Hospital, University of the Sunshine Coast & Pukang 02 Accurate & Lightweight Lightweight design with LiDAR technology that can be used HEALTH ASSESSMENT anywhere, including confined spaces 03 SMART Re
Slide 38: UroMaster
UroMaster ® A Platform Integrating Robotic MRI-Fusion Targeted Biopsy with Focal Therapy and AI-Pathology. Dr. Wilson GAO Founder & CEO of UroMedTech One procedure, prostate cancer diagnosis and treatment — a first in urology
Slide 39: A Seamless Clinical Solution: Diagnosis to Focal Therapy
A Seamless Clinical Solution: Diagnosis to Focal Therapy One Procedure: Biopsy → Diagnosis → Therapy, AI-Driven Precision, Reduced Human Error STEP 1-Detect STEP 2-Understand STEP 3-Treat UroMaster® Precision UroMaster® RapidDx UroMaster® Focus AI detects lesion and prostate boundary on Rapid Tissue
Slide 40: First Product: UroMaster Precision for Biopsy
First Product: UroMaster ® Precision for Biopsy AI-driven MRI–US fusion and robotic guidance for accurate prostate biopsy. First All-in-One, AI-Driven MRI-US and Robotic-guided, Targeted Prostate Biopsy ■ User Autonomy: AI Auto-Contouring of Both Prostate and Lesion ■ Clinical Precision: Robotic arm
Slide 41: Key Competitors of Prostate Biopsy
Key Competitors of Prostate Biopsy Mona Lisa System UroMaster® Venus Trinity UroNav * bkFusion /Biobot /Manufacturer /UroMedtech /Carbon /KOELIS /Philips /GE iSR’obot Auto-segmentation for both ✘ ✘ ✘ ✘ Prostate & lesion Robotic guidance for ✘ ✘ ✘ ✘ needling Built-in Ultrasound, ✘ ✘ No multiple vendo
Slide 42: Market Access
Market Access Estimated approval 2026: Middle East (Dec) New Zealand (Dec) Vietnam (Dec) 2027: United States (Jan) Taiwan (Jan) Japan (Jun) Korea (Jun) 2028: China (Jan) Europe (Jun)
Slide 43: UroMedTech Investment Highlights
UroMedTech Investment Highlights 1 Tremendous Market Opportunity Most common cancer in Men across 118 countries 2 Validated Technology & Scale-Up Business Received regulatory approval in 8 countries, targeting More than 1.5M+ cases reported annually. [1] 7 more approvals in 2027. 7 units deployed &
Slide 44: Investing in Innovation. Delivering Better Healthcare.
Investing in Innovation. Delivering Better Healthcare. Creating Sustainable Value.
Slide 45: Group Financial Performance
Group Financial Performance
Slide 46: Group Financial Results
Boustead Singapore Limited Group Financial Results • Higher revenue, up 18% FY2026 FY2025 Chg (%) year-on-year to S$624.4m, driven by Real Estate Revenue S$624.4m S$527.1m +18 Solutions and Energy Engineering; partly offset Gross profit S$215.6m S$233.3m -8 by lower revenue from Gross margin Geospat
Slide 47: Group Revenue Mix By Division
Boustead Singapore Limited Group Revenue Mix By Division FY2026 FY2025 Geospatial Geospatial 42% 34% Healthcare Healthcare Real Estate 2% 2% 37% Real Estate Group HQ 25% Group HQ Energy <1% Energy 1% Engineering Engineering 27% 30% 47
Slide 48: Group Net Profit & Revenue
Boustead Singapore Limited Group Net Profit & Revenue 800 • Higher revenue in FY2026, 767.6 up 18% year-on-year to 700 S$624.4m, driven by Real Estate Solutions and 600 631.8 624.4 Energy Engineering 561.6 500 527.1 • Record net profit of S$'m S$232.6m in FY2026, up 400 145% year-on-year 300 • Uplif
Slide 49: Group Net Cash Position
Boustead Singapore Limited Group Net Cash Position 500 400 387.9 368.6 326.0 • Net cash position of 300 320.5 S$294.6m as at end FY2026, S$'m 294.6 after significant reinvestment into associates 200 and joint ventures 100 0 FY2022 FY2023 FY2024 FY2025 FY2026 49
Slide 50: FY2026 Group Cash Flow
Boustead Singapore Limited Net cash flow including effect of FX rate changes of S$14.1 million come from: FY2026 Group Cash Flow • Cash used in operating activities of S$35.6 million, offset by: 40 32.6 • Cash provided by investing activities of S$32.6 million mainly from: ➢ Proceeds from divestment
Slide 51: Group Return on Shareholders Equity
Boustead Singapore Limited Group Return on Shareholders Equity 29% 30% 25% • Higher ROE of 29% in FY2026, driven by the 20% increase in net profit 16% • Uplift largely reflects one- 15% 13% off gains from the Group's 10% property divestment to UI 10% Boustead REIT 7% 5% 0% FY2022 FY2023 FY2024 FY202
Slide 52: Group EPS & NAV per share
Boustead Singapore Limited Group EPS & NAV per share 160 156.6 • Higher EPS of 46.6 cents in 120 FY2026, in line with higher 118.3 net profit 105.8 94.9 • Higher NAV per share of Cents 80 89.9 156.6 cents in FY2026, driven mainly by the increased profits 40 46.6 19.6 9.4 13.4 6.3 0 FY2022 FY2023 FY2
Slide 53: Group Engineering Orders Secured
Boustead Singapore Limited Group Engineering Orders Secured 600 • S$360m in new 401 engineering contracts 500 and variation orders 456 secured in FY2026 400 • S$461m already secured 214 256 in the first two months of S$m 300 FY2027 – including the Group's largest contract to date 200 148 164 81 163
Slide 54: Group Dividend
Boustead Singapore Limited Group Dividend FY2026 FY2025 • Total dividend for FY2026 raised to 10.0cts per share, Interim dividend 1.5cts 1.5cts the highest in recent years Final dividend *4.0cts 4.0cts • The Company does not have a fixed dividend policy Special dividend *4.5cts 2.0cts • The Board co
Slide 55: Group Dividend (cont'd)
Boustead Singapore Limited Group Dividend (cont'd) 10 4.5 • Maintaining ordinary dividend of 5.5cts per share 8 plus a raised special dividend of 4.5cts per share 2 in FY2026, bringing total 6 dividend to 10.0cts Cents 5.5 5.5 5.5 • FY2026 special dividend 4 reflects gains from the 4 4 Group's prope
Slide 56: Thank you
Thank you For investor relations enquiries, please contact: ir.team@boustead.sg 56