Sembcorp Industries Ltd. · SGX:U96

Sembcorp Industries — Investor Presentation (November 2025)

36 slides from Sembcorp Industries's investor presentation, November 2025

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
Slide 3: Our Global Portfolio
OVERVIEW Our Global Portfolio Wind Solar 7.9GW 9.2GW One of the largest self- Leading solar energy operated wind portfolio in India player in Singapore Energy Storage System Hydro1 3.0GWh 49MW Southeast Asia’s largest energy storage system Gas & Related Services Urban 8.0GW 14,800ha Integrated gas-t
Slide 4: Business Updates Since 1H25 Results: Strengthening Foundations for Sustainable Growth
BUSINESS UPDATES SINCE 1H25 RESULTS Strengthening Foundations for Sustainable Growth Gas and Related Services Renewables Integrated Urban Solutions / Others Building long-term resilience, leveraging Driving diversified growth, targeting value Advancing sustainable infrastructure in demand growth cre
Slide 5: Positioned for Growth from High-tech Manufacturing and Data Centres
GAS AND RELATED SERVICES Positioned for Growth from High-tech Manufacturing and Data Centres Powering Singapore’s digital and industrial growth – supplying about one-third of current data centre energy demand Singapore DC Capacity (MW) Sembcorp Customer Profile 1% 200 11% 300 39% 49% 1,480 Existing
Slide 6: Calibrated Expansion into Adjacencies and Exploring OECD Markets
GROWTH MARKETS Calibrated Expansion into Adjacencies and Exploring OECD Markets Core Platforms India Deep local presence and execution track record Southeast Asia Singapore - Home market, anchor platform Vietnam - Strong right-to-play via industrial parks; awaiting clarity on FIT regime Indonesia -
Slide 7: 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 9: 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 10: 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 Spot , 1% 0 to 5 years, 13% • Singapore: Lower spreads for renewed contracts and higher- cost green power imports, offset by contribut
Slide 11: 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 12: Renewables: 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 13: Renewables: India – Achieved Operational Scale with Visible Growth Pipeline
RENEWABLES India – Achieved Operational Scale with Visible Growth Pipeline • Strong growth visibility: Installed capacity of 3.5GW with a further 4.1GW secured or under construction across diverse technologies • Scale enables us to explore capital recycling as a priority initiative to drive value Gr
Slide 14: 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 15: Urban: 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 16: Decarbonisation Solutions: Investments Calibrated to Market Conditions
DECARBONISATION SOLUTIONS Investments Calibrated to Market Conditions Renewables Import Low-carbon Feedstock GoNetZeroTM • Received conditional • Exploring renewables and • Strengthening capabilities approval to import 1GW of green hydrogen / ammonia for long-term growth low-carbon electricity from
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: Three Key Engines to Drive Growth
Three Key Engines to Drive Growth Gas and Integrated Related Services Renewables Urban Solutions • Singapore’s leading integrated • Established presence in fast • Over three decades of experience in utilities player growing markets industrial park development • Only genco with LNG importation • Prov
Slide 20: Sembcorp's 2028 Strategic Metrics
Sembcorp’s 2028 Strategic Metrics ROE (%) Net Debt / Adj. EBITDA Adj. EBITDA / Interest 23.8% EU Hybrid2: Renewables2: 5.5x 5.7x 20.5% 5.4x 5.0x 4.7x Asian Hybrid2: 4.7x 4.2x Asian Hybrid2: 3.8x 4.0x 3.7x EU Hybrid2: Renewables2: 3.7x 3.5x 13.0% 3.2x Asian Hybrid1: 11.0% 2.8x EU Hybrid1: 8.9% Renewa
Slide 21: Strong Financial Metrics and Attractive Valuation
Strong Financial Metrics and Attractive Valuation ROE (%) Net Debt / Adj. EBITDA Forward P/E 33.2x 17% 7.1x Median: 19.7x 17.0x Median: 17.0x 10% 11% 10% 4.8x Median: 10% 10% 4.4x 4.4x 14.1x 3.7x 3.0x 10.1x Chinese India EU Peers ASEAN Sembcorp Chinese EU Peers Sembcorp ASEAN India Sembcorp ASEAN EU
Slide 22: 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 23: 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 25: Riding the Global Transition
Riding the Global Transition Gas is Critical for Energy Transition Natural gas remains key for Singapore’s energy security beyond the next decade1 Growing Renewables Present in fast-growing renewables markets with over 1,650GW of new build capacity expected between 2024 and 20282 Global Industrial R
Slide 26: Progress towards 2028 Targets
Progress towards 2028 Targets Gross Installed Renewables Capacity Emissions Intensity (GW/GWh) (tCO2e/MWh) 30 30.0 25 0.29 25 25.0 0.27 20.22 20 16.8 20.0 Under 6.0 construction 15 12.9 3.7 15.0 0.15 Installed 10 3.5 10.0 13.1 14.2 5 9.4 5.0 0 0.0 2023 2024 Nov-25 2028 Target 2023 2024 2028 (Install
Slide 27: 2024-2028: A Focused Capital Allocation Plan
2024-2028: A Focused Capital Allocation Plan Driving energy transition Renewables Business-As-Usual Continue to grow in 75% Investments into hydrogen-ready key markets assets (8%) and replacement capex (2%) to maintain strong cash flow generation and fund green investments S$14bn 2024-2028 Investmen
Slide 28: Strong Access to Diversified Funding Sources
Strong Access to Diversified Funding Sources Strong Operational Free Cash Flow (S$ million) Integrated Urban S$14bn 1,962 1,790 1,722 Solutions 5% Replacement 1,335 capex 2% Hydrogen-ready 719 Decarbonisation assets 8% Solutions 10% Operating 50% Cash Flow 2020 2021 2022 2023 2024 Cash Flow from Inv
Slide 29: Ensuring Sustainable Returns to Drive Energy Transition
Ensuring Sustainable Returns to Drive Energy Transition Net Profit1 6-year CAGR Expected Investment 2028 Estimated ROE (2022-2028) (2024-2028) Gas and Related -2% S$1 billion 15% Services Renewables +25% S$11 billion 10% Integrated Urban Solutions +9% S$0.7 billion 10% Decarbonisation • Capitalise o
Slide 31: Gas and Related Services Portfolio
Gas and Related Services Portfolio Supporting Developing Asia’s need for energy Gross Capacity1 8.0GW Gas and Diesel 8.0GW UK Global track record as an originator, owner, 684MW 128MW investor, operator and optimiser of energy China assets 658MW Strong technical, operational and management capabiliti
Slide 32: Bridging the Energy Transition
Bridging the Energy Transition New Hydrogen Ready Gas-Fired Power Plant Acquisition in Senoko Energy • On track for completion by end-2026 • Acquired 50% stake in Senoko Energy • Includes a multi-utilities centre to supply power, • Complementary to existing portfolio and enhance Sembcorp’s steam, fi
Slide 33: Established Asian Renewables Player Across Key Segments
Established Asian Renewables Player Across Key Segments Gross Capacity1 20.2GW Wind 7.9GW Solar 9.2GW UK 420MWh Hydropower 49MW China 4,851MW 3,829MW 681MWh Energy storage 3.0GWh Oman Vietnam One of the largest wind portfolios under in-house asset 125MW 500MW 138MW 288MW 49MW 54MWh management in Ind
Slide 34: Our Water Capabilities
Our Water Capabilities Providing Sustainable Water Solutions Across Markets Gross Capacity Per Day 8.1 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 0.4 million m3/day China Water Reclamation
Slide 35: 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 36: For more information, please contact
For more information, please contact investorrelations@sembcorp.com LING Xin Jin Thomas TEO Sam TRINH Head, Group Corporate Senior Manager, Group Corporate Manager, Group Corporate Communications & Investor Relations Communications & Investor Relations Communications & Investor Relations ling.xinjin

Sembcorp Industries — Investor Presentation (November 2025) on 6ix

Sembcorp Industries — Investor Presentation (November 2025)

Slide 1: Investor Presentation

Slide 2: Sembcorp Industries at a Glance

Slide 3: Our Global Portfolio

Slide 4: Business Updates Since 1H25 Results: Strengthening Foundations for Sustainable Growth

Slide 5: Positioned for Growth from High-tech Manufacturing and Data Centres

Slide 6: Calibrated Expansion into Adjacencies and Exploring OECD Markets

Slide 7: External Factors Driving a More Uncertain Business Environment

Slide 8: 1H25 Financials and Business Updates

Slide 9: 1H2025 Group Financials

Slide 10: Gas and Related Services: Earnings Stability Amid Weak Market Prices

Slide 11: Renewables: Continued Growth in Capacity, Steady Progress towards 25GW Target

Slide 12: Renewables: China – Deploying Capital Selectively with Strict Discipline

Slide 13: Renewables: India – Achieved Operational Scale with Visible Growth Pipeline

Slide 14: Integrated Urban Solutions: Strengthened Performance and Sharpened Focus

Slide 15: Urban: Well-positioned to Capture Data Centre Demand in Batam, Indonesia

Slide 16: Decarbonisation Solutions: Investments Calibrated to Market Conditions

Slide 17: S$23m FX Translation Impact on 1H2025 Earnings

Slide 18: Diversified Portfolio with Defensive Earnings

Slide 19: Three Key Engines to Drive Growth

Slide 20: Sembcorp's 2028 Strategic Metrics

Slide 21: Strong Financial Metrics and Attractive Valuation

Slide 22: Outlook

Slide 23: Developments to Note

Slide 24: Strategic Plan 2024 – 2028

Slide 25: Riding the Global Transition

Slide 26: Progress towards 2028 Targets

Slide 27: 2024-2028: A Focused Capital Allocation Plan

Slide 28: Strong Access to Diversified Funding Sources

Slide 29: Ensuring Sustainable Returns to Drive Energy Transition

Slide 30: Appendix

Slide 31: Gas and Related Services Portfolio

Slide 32: Bridging the Energy Transition

Slide 33: Established Asian Renewables Player Across Key Segments

Slide 34: Our Water Capabilities

Slide 35: Disclaimer

Slide 36: For more information, please contact