Sembcorp Industries Ltd. · SGX:U96
Sembcorp Industries — FY2025 Earnings Presentation
35 slides from Sembcorp Industries's earnings presentation, Feb 25, 2026
Slide 1: FY2025 Results Announcement
FY2025 Results Announcement February 25, 2026 1 © Sembcorp Industries
Slide 2: GCEO Report
GCEO Report Wong Kim Yin Group CEO 2 © Sembcorp Industries
Slide 3: 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$2,016 million 2% Net Profit before Exc
Slide 4: Gas and Related Services: Providing Stability through the Energy Transition
GAS AND RELATED SERVICES Providing Stability through the Energy Transition GRS Net Profit: Resilient Earnings Earnings anchored by Singapore portfolio (S$ million) • Contracted position continue to provide stability 728 701 182 • Lower blended spark spread expected with re-contracting 163 of Senoko’
Slide 5: 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 • Decline in earnings from China on elevated curtailment and tariff
Slide 6: 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 50 52 • Secured indu
Slide 7: Navigating Near-Term Headwinds, Long-Term Fundamentals Remain Robust
NAVIGATING NEAR-TERM HEADWINDS, LONG-TERM FUNDAMENTALS REMAIN ROBUST Key Developments Mitigation • New supply driving lower spark • Capture AI-driven demand spreads • Optimise gas portfolio Singapore • Curtailment and tariff pressure • Manage exposure across portfolio • Cancellation of VAT refund fo
Slide 8: 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 • Supplying one-third of current data • Availability of land within Tembesi cent
Slide 9: High Quality, Reliable Cash Flows Anchoring Growth
HIGH QUALITY, RELIABLE CASH FLOWS ANCHORING GROWTH SINGAPORE INDIA & MIDDLE EAST AUSTRALIA Portfolio Strengths Leading integrated India: 7.6GW growth Alinta acquisition approved Resilient, diversified energy player platform at EGM1 earnings base • Contracts anchoring cash • Scaled platform with visi
Slide 10: Financial Review
Financial Review Eugene Cheng Group CFO 10 © Sembcorp Industries
Slide 11: 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
Slide 12: 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
Slide 13: 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
Slide 14: 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) (27) (3) (40) to lower spreads for renewed contracts in Singapore, weaker customer demand in the UK, mitigated by (154) higher contribution from Senoko Energy • Higher pr
Slide 15: 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
Slide 16: 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
Slide 17: 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$32m • Heightened currency volatility in FY2025 SGDCNH | +2% YoY SGDINR | +7% YoY SGDOMR | +2% YoY 1H2024 2H2024 1H2025 2H2025 1H2024 2H2024 1H2025
Slide 18: Capital Expenditure and Equity Investment
Group Capital Expenditure and Equity Investment S$ 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
Slide 19: 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
Slide 20: 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
Slide 21: 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
Slide 22: 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$8.2 billion of Borrowing Facilities unutilised borrowing facilities, supported by sufficient headroom in Committed Facilities 11,427 11,136 existing fu
Slide 23: Outlook
Outlook The Group delivered resilient financial results in 2025, reflecting the strength of our diversified portfolio, disciplined cost management and execution of our strategic priorities. Supported by long-term contracts across our portfolio, the proposed dividend in 2025 reflects the Group’s unde
Slide 24: Developments to Note
Developments to Note • Transaction of Alinta expected to complete by the end of 1H2026, one-off costs of approximately AUD208 million, which include stamp duty, insurance fees, professional fees and other related expenses, is expected to be recognised as exceptional costs • UK - four-week maintenanc
Slide 25: Disclaimer
Disclaimer This presentation contains certain statements that are not statements of historical fact, i.e. forward-looking statements. These forward-looking statements are based on current expectations, estimates, projections and assumptions about future events. Although Sembcorp Industries believes
Slide 26: Appendix
Appendix 26 © Sembcorp Industries
Slide 27: EBITDA and Adjusted EBITDA
Group EBITDA and Adjusted EBITDA Highlights S$ 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
Slide 28: 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
Slide 29: Turnover 2H25
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) 29 © Sembcorp Industries
Slide 30: EBITDA and Adjusted EBITDA 2H25
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
Slide 31: Net Profit 2H25
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
Slide 32: 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
Slide 33: Renewables Capacity
Group Renewables Capacity Gross capacity, MW / MWh Attributable capacity, MW / MWh As at Dec 31, 2025 Installed Under Construction Installed Under Construction Solar 6,783 2,487 4,560 2,375 Singapore 626 243 626 243 Vietnam 268 20 175 10 Indonesia 68 200 39 98 1 Philippines - 96 - 96 China 3,829 - 1
Slide 34: 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 Dec 31, 2025 Expected completion schedule by technology, as at Dec 31, 2025 2,728 2,728 77 1433 1,737 1,737 125 80 384 2,651 643 877
Slide 35: Thank you
Thank you 35 © Sembcorp Industries