Singapore Technologies Engineering Ltd · SGX:S63
Singapore Technologies Engineering — Singapore Tech Eng — FY2025 Earnings Presentation
45 slides from Singapore Technologies Engineering's earnings presentation, Feb 27, 2026
Slide 1: Financial Year 2025 Results
Financial Year 2025 Results 27 February 2026
Slide 2: Disclaimer
Disclaimer The forward-looking statements in this presentation reflect the Company's current intentions, plans, expectations, assumptions and beliefs about future events as at the date of this presentation. Actual future performance, outcomes and results may differ materially from those expressed in
Slide 3: Agenda
FY2025 Financial Highlights • Group Highlights • Business Discussions Agenda • Commercial Aerospace (CA) • Defence & Public Security (DPS) • Urban Solutions (URS) & Satcom (USS) • Portfolio Management • Productivity • Contract Wins and Order Book • Debt Profile • Dividends • Outlook • Segment Highli
Slide 4: Group Highlights
ST Engineering Group Highlights
Slide 5: FY2025 Highlights
Group Highlights FY2025 Highlights Strong Base BOP reflects underlying performance, as opposed to Operating Reported net profit (RNP) which contains several one-off Performance (BOP) items (impairment losses and divestment gains) Revenue $12.3b +9% y-o-y One-off impairment losses of $689m partially
Slide 6: Group Financials (Reported)
Group Highlights Group Financials (Reported) $’m Revenue EBITDA Revenue EBITDA 6,430 564 12,346 1,436 +12% y-o-y -32% y-o-y +9% y-o-y -11% y-o-y EBIT PBT Net Profit EBIT PBT Net Profit 303 201 60 905 701 463 -45% y-o-y -55% y-o-y -84% y-o-y -16% y-o-y -19% y-o-y -34% y-o-y 2H2025 FY2025 6 |
Slide 7: Group Financials (BOP)
Group Highlights Group Financials (BOP) Strong overall performance on a year-on-year basis $’m Revenue EBITDA Revenue EBITDA 6,430 903 12,346 1,774 +12% y-o-y +9% y-o-y +9% y-o-y +10% y-o-y EBIT PBT Net Profit EBIT PBT Net Profit 641 539 448 1,244 1,040 851 +16% y-o-y +21% y-o-y +22% y-o-y +16% y-o-
Slide 8: Group FY2025 Revenue Breakdown
Group Highlights Group FY2025 Revenue Breakdown FY2025 Revenue by segment FY2025 Revenue by type FY2025 Revenue by location $12.3b $12.3b of customers Commercial Defence $’b 8.6 Asia U.S. 7.8 55% 19% CA, $5.0b DPS, $5.3b 40% 43% 3.8 Europe Others 3.5 USS, $2.0b 20% 6% 16% FY2024 FY2025 FY2024 FY2025
Slide 9: FY2025 Revenue
Group Highlights FY2025 Revenue Rebased revenue growth at 11% y-o-y +9% $’m 400 12,346 69 218 508 -108 602 Rebased 11,276 +11% 326 12,128 10,949 FY2024 Reported CA DPS USS FY2025 Reported LeeBoy (divested in Sep 2025) 9 |
Slide 10: FY2025 EBIT
Group Highlights FY2025 EBIT Strong BOP EBIT growth at 16% y-o-y $’m BOP +16% 1,244 351 1,076 167 905 -689 -339 FY2024 Reported Business growth FY2025 BOP Divestment gains & FY2025 Reported & cost savings impairment losses Divestment gains Impairment losses Business growth & cost savings 10 | Note:
Slide 11: FY2025 Net Profit
Group Highlights FY2025 Net Profit Strong BOP net profit growth at 21% y-o-y $’m BOP +21% 301 851 10 702 139 -689 463 -388 FY2024 Reported Business growth Finance costs, net FY2025 BOP Divestment gains & FY2025 Reported & cost savings impairment losses Divestment gains Impairment losses Business gro
Slide 12: Business Discussions
ST Engineering Business Discussions
Slide 13: Commercial Aerospace Revenue and Contract Wins
Business Discussions Commercial Aerospace Revenue and Contract Wins Revenue ($’m) Revenue +14% $5.0b ▲14% y-o-y 4,986 • Strong growth • Engine MRO 602 • Nacelles 4,384 Contract Wins $5.8b • $1.7b in 4Q2025 FY2024 Reported Business growth FY2025 Reported 13 |
Slide 14: Commercial Aerospace EBIT
Business Discussions Commercial Aerospace EBIT ▪ BOP EBIT growth of 22% y-o-y, ahead of revenue growth of 14% y-o-y ▪ Stronger revenue and margin mix $’m BOP +22% 542 487 56 87 400 FY2024 Reported Business growth FY2025 BOP Divestment gain on STARCO FY2025 Reported & cost savings 14 | Divestment gai
Slide 15: Defence & Public Security Revenue and Contract Wins
Business Discussions Defence & Public Security Revenue and Contract Wins Revenue ($’m) +8% Revenue 400 5,334 $5.3b ▲8% y-o-y (▲11% y-o-y rebased) 508 218 4,935 • Contributed by all sub-segments* -108 Rebased 326 +11% Contract Wins 5,116 $9.1b 4,608 • $2.5b in 4Q2025 • International defence wins doub
Slide 16: Defence & Public Security EBIT
Business Discussions Defence & Public Security EBIT ▪ BOP EBIT growth at 14%* y-o-y, ahead of revenue growth of 8% y-o-y ▪ Stronger revenue and margins $’m 193 919 BOP +14% 89 216 725 636 108 27 -22 46 -19 591 698 FY2024 Reported Business growth FY2025 BOP Divestment gains on FY2025 Reported & cost
Slide 17: Urban Solutions & Satcom Revenue and Contract Wins
Business Discussions Urban Solutions & Satcom Revenue and Contract Wins Revenue ($’m) Revenue $2.0b ▲4% y-o-y +4% • Contributed by URS, partially offset by Satcom 2,026 • Major rail and tolling project deliveries will accelerate through 2028 and beyond 69 • ~$5.0b major Smart Mobility order book* 1,
Slide 18: Urban Solutions & Satcom EBIT
Business Discussions Urban Solutions & Satcom EBIT ▪ Lower BOP EBIT due to higher Satcom EBIT losses partially offset by higher URS EBIT $’m BOP -21% 40 -8 32 79 -667 -556 -588 FY2024 Reported Satcom loss offset by FY2025 BOP One-offs: Divestment FY2025 Reported URS business growth gain on SPTel & i
Slide 19: Satcom: iDirect group Turnaround & Outlook
Business Discussions Satcom: iDirect group Turnaround & Outlook Revenue Outlook Cost Outlook Secured commercial and defence orders in key Cost actions of ~$43m annualised savings markets including Europe and Saudi Arabia to achieved in 4Q25/1Q26, savings accruing deliver y-o-y revenue growth in 1Q26
Slide 20: Portfolio Management
ST Engineering Portfolio Management
Slide 21: Portfolio Management: Divestments
Portfolio Management Portfolio Management Divestments LeeBoy CityCab SPTel STARCO Total Effective Date of Sep 2025 Sep 2025 Nov 2025 Dec 2025 Divestment Net Cash Proceeds $329m $115m $146m $115m ~$705m (after tax) Divestment Gains $97m1 $77m $79m $48m1 $301m2 (after tax) • 2026 EBIT reduction y-o-y
Slide 22: Productivity
ST Engineering Productivity
Slide 23: OPEX/Revenue continues to improve
Productivity OPEX/Revenue continues OPEX/Revenue (%) to improve 12.1 • Productivity and Continuous Improvement Programmes 11.4 contributed to lower OPEX/revenue ratio of 10.2% 10.6 10.2 * FY2022 FY2023 FY2024 FY2025 * Excluding one-off iDirect group impairment loss 23 |
Slide 24: Contract Wins and Order Book
ST Engineering Contract Wins and Order Book
Slide 25: Strong Contract Wins and Order Book
Contract Wins and Order Book Strong Contract Wins and Order Book Contract Wins Order Book $18.7b $33.2b* for FY2025 as at 31 Dec 2025 (1H2025: $9.1b; 2H2025: $9.6b) Commercial Aerospace $5.8b $9.9b Defence & Public Security $9.1b Expected to be delivered in 2026 Urban Solutions & Satcom $3.9b 25 | *
Slide 26: New Contracts for FY2025
Contract Wins and Order Book $18.7b New Contracts for FY2025, incl. $4.7b for 4Q2025 4Q2025 Highlights • Multi-year nacelle MRO covering Boeing 787s for European airlines Commercial • Multi-year airframe MRO covering Boeing 787 and other aircraft platforms for a $1.7b North American airline Aerospac
Slide 27: Debt Profile
ST Engineering Debt Profile
Slide 28: Debt Management
Debt Profile Debt Management Total Borrowings -7% $’b • Borrowings reduced to $4.8b as 6.5 -5% -17% at 31 Dec 2025 5.2x 6.1 5.8 • Gross Debt/EBITDA (BOP) ratio 4.2x reduced to 2.7x 4.8 3.6x • Strong credit rating of Aaa/stable by Moody’s and AA+/stable by 2.7x S&P 31 Dec 2022 31 Dec 2023 31 Dec 2024
Slide 29: Dividends
ST Engineering Dividends
Slide 30: Dividends for FY2025
Dividends Dividends for FY2025 Distributed The total FY2025 interim dividend: 12 cents per share dividend1 for Declared FY2025 will be FY2025 final dividend1: 6 cents per share 23 cents per FY2025 special dividend1: 5 cents per share share Payment date: 13 May 2026 Dividend 2026 FY2026 total dividen
Slide 31: Outlook
ST Engineering Outlook
Slide 32: Group President & CEO's Message
Outlook Group President & CEO’s Message “ In 2025, the Group delivered excellent underlying performance, reflecting the strength and resilience of our businesses. We continued to streamline our portfolio through several divestments, recycling our capital and enhancing our focus on our core businesse
Slide 33: Segment Highlights
ST Engineering Segment Highlights
Slide 34: Segment Revenue
Segment Highlights Segment Revenue $’m 2H2025 2H2024 Change FY2025 FY2024 Change Commercial Aerospace 2,639 2,154 +23% 4,986 4,384 +14% Defence & Public Security 2,686 2,563 +5% 5,334 4,935 +8% Rebased * 2,633 2,413 +9% 5,116 4,608 +11% Urban Solutions & Satcom 1,105 1,038 +6% 2,026 1,957 +4% Grou
Slide 35: Segment EBIT (BOP)
Segment Highlights Segment EBIT (BOP) $’m 2H2025 2H2024 Change FY2025 FY2024 Change Commercial Aerospace 263 210 +25% 487 400 +22% Defence & Public Security 358 312 +15% 725 636 +14% Rebased * 351 293 +20% 698 591 +18% Urban Solutions & Satcom 20 31 -36% 32 40 -21% Group 641 554 +16% 1,244 1,076 +1
Slide 36: Commercial Aerospace Sub-Segment Highlights
Segment Highlights Commercial Aerospace Sub-Segment Highlights Aerospace MRO Aerostructures & Systems Aviation Asset Management Revenue, $’m Revenue, $’m AUM R1, US$’m R3 +28% R2 -2% -4% 2,923 2,180 2,316 2,259 2,097 2,286 FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 R2: Lower sub-segment revenue due t
Slide 37: Defence & Public Security Sub-Segment Highlights
Segment Highlights Defence & Public Security Sub-Segment Highlights Defence Aerospace Digital Systems & Cyber Land Systems Marine Revenue, $’m Revenue, $’m Revenue, $’m Revenue, $’m +13% -3% 2,327 1,769 1,723 +7% 2,061 +4% +20% 326 218 540 848 503 705 1,442 1,505 FY2024 FY2025 FY2024 FY2025 FY2024 F
Slide 38: Urban Solutions & Satcom Sub-Segment Highlights
Segment Highlights Urban Solutions & Satcom Sub-Segment Highlights Urban Solutions Satcom Revenue, $’m Revenue, $’m +7% -14% 1,826 300 1,710 258 FY2024 FY2025 FY2024 FY2025 Note: 38 | - Revenue includes inter-segment and inter-subsegment sales
Slide 39: Appendix
£"6 ST Engineering Appendix
Slide 40: Segment EBIT (Reported)
Segment Highlights Segment EBIT (Reported) $’m 2H2025 2H2024 Change FY2025 FY2024 Change Commercial Aerospace 319 210 +52% 542 400 +36% Defence & Public 551 312 +77% 919 636 +44% Security Urban Solutions & (568) 31 N.M. (556) 40 N.M. Satcom Group 303 554 -45% 905 1,076 -16% 40 | N.M: not meaningful
Slide 41: Group Financials (BOP)
Group Highlights Group Financials (BOP) ▪ Stronger 2H2025 performance vs 1H2025 Revenue EBIT PBT Net Profit 6,430 641 539 448 +9% +6% +8% +11% 2H-vs-1H 2H-vs-1H 2H-vs-1H 2H-vs-1H 41 |
Slide 42: Income Statement
Appendix Income Statement FY2025 FY2025 $'m FY2024 (Reported) (BOP) Revenue 12,346 12,346 11,276 Earnings Before Interest, Tax, Depreciation 1,436 1,774 1,614 and Amortisation (EBITDA) Earnings Before Interest and Tax 905 1,244 1,076 Finance Costs, Net (204) (204) (214) Profit Before Taxation 701 1,
Slide 43: Balance Sheet
Appendix Balance Sheet $’m 31 Dec 2025 31 Dec 2024 Property, plant and equipment 2,222 2,115 Right-of-use assets 705 605 Intangible assets 3,892 4,990 Other non-current assets 1,121 1,188 Current assets 8,094 7,324 Total assets 16,032 16,221 Current liabilities 7,487 8,239 Non-current liabilities 5,
Slide 44: Statement of Cash Flows
Appendix Statement of Cash Flows $'m FY2025 FY2024 Net cash from/ (used in) Operating activities 1,708 1,718 Investing activities 170 (414) Financing activities (1,801) (1,222) Net change in CCE 78 82 CCE at beginning of the year 430 353 Exchange difference 69 (5) CCE at the end of the year 576 430
Slide 45: Connect with us
Connect with us Icon Icon Icon Description automatically generated Description automatically generated Description automatically generated Icon Description automatically generated www.stengg.com 45 |