Boustead Singapore Limited · SGX:F9D
Boustead Singapore — Shareholder Meeting (July 2025)
61 slides from Boustead Singapore's shareholder meeting presentation, Jul 25, 2025
Slide 1: Annual General Meeting
Boustead Singapore Limited ANNUAL GENERAL MEETING 25 July 2025
Slide 2: FY2025 Annual General Meeting Management Presentation
Boustead Singapore Limited FY2025 Annual General Meeting Management Presentation 25 July 2025
Slide 3: Business Performance
Business Performance
Slide 4: Boustead Singapore Limited at a Glance
Boustead Singapore Limited at a Glance FY2024 Operating Profit Revenue and earnings profile Real Estate Lumpy project-based earnings interspersed Solutions S$17.5 million with capital gains associated with value unlocking of development properties Limited earnings visibility with repositioning of He
Slide 5: Boustead Singapore Limited at a Glance
Boustead Singapore Limited at a Glance FY2025 Operating Profit Boosted by once-off non-cash transfer of Real Estate Solutions S$37.8 million real estate asset management and fund management business to UIB Solely due to first time losses from 50%- Healthcare (S$1.3 million) owned China associate, Be
Slide 6: Champions within Energy Engineering & Geospatial Divisions
Champions within Energy Engineering & Geospatial Divisions Energy Engineering Geospatial • Stuart Cummings • Prasun Chakraborty • Brett Bundock • Leslie Wong Chief Executive Officer Managing Director Managing Director Managing Director Boustead International Heaters Controls & Electrics Boustead Geo
Slide 7: Division Performance: Energy Engineering
Division Performance Energy Engineering
Slide 8: Energy Engineering: Product Offerings & Services
Energy Engineering Product Offerings & Services Heat transfer products Furnaces Waste heat recovery units Once through steam generators Reformers and crackers Hydraulic / pneumatic process control systems Wellhead control panels (WHCP)/Hydraulic power units Chemical injection skids
Slide 9: Energy Engineering: Revenue, Operating Profit & Orders Secured
Energy Engineering Division Revenue, Operating Profit & Orders Secured FY2025 FY2024 Chg (S$’m) (S$’m) (%) Revenue 158.9 174.4 -9 Operating profit* 26.8 31.2 -14 Orders secured 163 78 +109 * Operating profit is defined as profit before interest and income tax including share of results of associates
Slide 10: Energy Engineering: Prospects & Challenges
Energy Engineering Prospects & Challenges Near to mid-term • Good order intake in FY2025 to sustain revenue in FY2026 but contracts won in FY2025 are of lower margin – makes FY2026 operating profit difficult to sustain • Pro–oil & gas policy in US supports permitting but rising tariffs create cost u
Slide 11: Energy Engineering: Addressing Near and Longer Term Challenges
Energy Engineering Addressing Near and Longer Term Challenges • Continue to invest in sales and business development in order to build sales pipeline and establish position as preferred vendor for equipment • Continue to invest engineering resource and effort in opportunities for new products (e.g.
Slide 12: Division Performance: Geospatial
Division Performance Geospatial
Slide 13: Geospatial: Products & Service Offerings
Geospatial Products & Service Offerings ArcGIS Desktop and Extensions Professional Services ArcGIS Online and Extensions ArcGIS SmarterWX Enterprise Data Managed Server and Products Other ArcGIS Services Apps Extensions Esri Aligned Esri Direct 13
Slide 14: Geospatial: Esri Direct & Esri Aligned
Geospatial Esri Direct & Esri Aligned Esri Direct Esri Aligned Revenue as result of Revenue as result of selling services, data selling Esri Inc’s products, 3rd party software products (including self- under distribution developed) solutions agreement that enhance and extend Esri ecosystem Leveragin
Slide 15: Geospatial: Division Revenue & Operating Profit
Geospatial Division Revenue & Operating Profit FY2025 FY2024 Chg (S$’m) (S$’m) (%) Revenue 221.4 212.7 +4 Operating profit* 51.9 40.5 +28 * Operating profit is defined as profit before interest and income tax including share of results of associates and joint ventures but excluding currency exchange
Slide 16: Geospatial: Prospects & Challenges
Geospatial Prospects & Challenges Near to mid-term • Growth expected to be a bit more muted because: • Governments have run high budget deficits for too long and government agencies are facing funding pressures • Resource and petroleum corporations are facing funding pressures because of lower commo
Slide 17: Geospatial Headwinds: Adverse Currency Movements
Geospatial Headwinds Adverse Currency Movements 4-yr rev growth (S$) = 42% 4-yr rev growth (MYR) = 133% 4-yr rev growth (S$) = 110% 4-yr rev growth (A$) = 35% 4-yr rev growth (IDR) = 67% 4-yr rev growth (S$) = 21% 4-yr rev growth (S$) = 49% 17
Slide 18: Geospatial: Long-Term Favourable Trends
Geospatial Long-Term Favourable Trends 18
Slide 19: Geospatial: Long-Term Favourable Trends
Geospatial Long-Term Favourable Trends 19
Slide 20: Geospatial: Long-Term Favourable Trends
Geospatial Long-Term Favourable Trends 20
Slide 21: Geospatial: Overcoming Barriers to Growth
Geospatial Overcoming Barriers to Growth Growing People Growing Partner Ecosystem Specialised GIS professional skills System integrators Project management skills Consulting firms Software development skills Industry partners System architecture and design Cloud hyperscalers Data science skills Othe
Slide 22: Noteworthy Projects & Achievements in FY2025
Noteworthy Projects & Achievements in FY2025
Slide 23: Partnership between Esri Australia and Deloitte
Partnership between Esri Australia and Deloitte 23
Slide 24: Division Performance: Real Estate Solutions
Division Performance Real Estate Solutions
Slide 25: Real Estate Solutions: Division Financial Performance
Real Estate Solutions Division Financial Performance • Lower overall revenue due 400 to lower contributions from 369.5 339.1 E&C Business arising from 350 301.4 lower conversion of order 300 284.0 backlog, partially offset by higher contributions from 250 PBT Real Estate Business Revenue S$'m 200 •
Slide 26: Real Estate Solutions: Steadfast Together - Challenges
Real Estate Solutions Steadfast Together BP E&C • Fierce competition due to excess capacity within foreign contractors • Unstable pipeline due to geopolitical and market volatilities • Talent pool suitability and availability Challenges BP Real Estate • Diminishing land tenure for SG assets vs new p
Slide 27: Real Estate Solutions: Strategy and Execution
Real Estate Solutions Steadfast Together BP E&C • Secured first MYR300m data centre project and increased MY high-value pipeline • Expanded overseas/offshoring bench strength to over 40 team members • Deepen collaboration with associate – DSCO on data centre opportunities Strategy • Focus on establi
Slide 28: Real Estate Solutions: Outlook
Real Estate Solutions Steadfast Together BP E&C • Balanced revenue contribution between markets • Interoperability of certain overseas execution teams • Expanded partnership model Strategy Challenges Outlook BP Real Estate Execution • UIB-managed core platform(s) • Diversified investment positions a
Slide 29: Business Review: E&C Business Performance
Real Estate Solutions Business Review: E&C E&C Business Performance •Lower revenue due to lower 400 358.4 order backlog of projects carried 350 324.5 forward at end of FY2024 (S$118m vs prior year S$402m) 300 264.7 269.8 •Improved profitability due to 250 cost improvements from the S$'m 200 complete
Slide 30: Business Review: E&C Value of Contracts Secured
Real Estate Solutions Business Review: E&C E&C - Value of Contracts Secured •After substantially clearing pre- 600 pandemic backlog, BP E&C secured S$401m of contracts in FY2023 - mainly consisting of one project from Fortune 500 401 corporation 400 S$300m record contract •In FY2024, increased E&C S
Slide 31: Business Review: Real Estate Business Performance
Real Estate Solutions Business Review: Real Estate Real Estate Business Performance 150 137.1 •Higher revenue mainly due to higher development, project and leasing management fees 100 •Higher PBT due to one-off gain on S$'m transfer of fund management PBT business to UIB, in exchange for Revenue sha
Slide 32: Business Review: Real Estate NPI
Real Estate Solutions Business Review: Real Estate Real Estate Business Performance 50 13.3 15 11.1 10 40 42.9 •Higher NPI from jointly-owned 38.9 5 properties recorded mainly due to higher contribution from KTG & S$'m 30 34.1 -2.6 0 Boustead Industrial Logistics (KBIL) -3.4 -0.8 26.3 Fund 25.5 23.7
Slide 33: Real Estate Platforms across Asset Classes as Growth Drivers
Real Estate Solutions Different Real Estate Platforms across Asset Classes as Growth Drivers Real Estate Business Bideford House Others Real Estate Businesses Como Metropolitan [Perennial, Wuxi, THAB] Total Sector Logistics & Industrial Hospitality & Mixed-use Diversified 4,6791 613 1,530.3 5,292 AU
Slide 34: Real Estate Solutions: Looking Ahead
Real Estate Solutions Looking Ahead • Continued need to replenish E&C backlog, as well as building on momentum in Malaysia; with push ahead on establishing presence within target high value-added sectors in sustainable fashion, revenue is expected to be lumpy • Barring any unforeseen events in proje
Slide 35: Division Performance: Healthcare
Division Performance Healthcare
Slide 36: Healthcare: Division Overview
Division Overview Market Coverage Focus • Innovative medical solutions addressing age-related chronic diseases and mobility issues Core Area • Rehabilitative care, sports science and wound care solutions Client Base BMEC’s Functional Assessment Centre at Changi General Hospital, Singapore • Over 1,5
Slide 37: Healthcare: Division Revenue & Operating Profit
Division Revenue & Operating Profit FY2025 FY2024 Chg (S$’m) (S$’m) (%) Revenue 12.1 10.6 +15 Operating loss* -1.3 -0.2 NM * Operating loss is defined as loss before interest and income tax including share of results of associates and joint ventures but excluding currency exchange gains/losses and d
Slide 38: Wound Care Solutions
Wound Care Solutions • Previously known as "Mattress Rental" • Rebranded and repositioned as "Wound Care Solutions" • Demand driven by rising chronic wound cases and eldercare needs • Relocating to Edward Boustead Centre (EBC) clinical-grade facility in Singapore • Facility supports training, clinic
Slide 39: Sports Science & Rehab
Sports Science & Rehab • Increasing traction in sports science technology and focus on outcome-based performance and recovery • Strategic partnerships with national rehab and sports institutions • Secured contract for hydrotherapy pool solutions at Perennial Healthcare’s senior living facility in Si
Slide 40: Pioneering Smart Solutions with AI & Robotics
Pioneering Smart Solutions with AI & Robotics • Introducing AI-enhanced rehab with the EksoNR exoskeleton, deployed in leading hospitals across South East Asia • Thai Red Cross Society • Bangkok Hospital Group • Humaneotec AI Ceiling Hoist system deployed at one-north private clinic, enhancing safe
Slide 41: Functional Assessment Centre (FAC)
Functional Assessment Centre (FAC) • Operated in collaboration with Changi 400 Monthly Tests Conducted General Hospital • First of its kind in Singapore, solely 300 managed by BMEC • Over 2,000 tests conducted and growing • Tests measure mobility, function and 200 ability to perform daily tasks • Ad
Slide 42: Challenges in China
Challenges in China • FY2025 share of loss: S$2.0 million, impacted by tightened import restrictions and market uncertainty • Shift from import reliance to self-developed products: • Quedong medical range • Younova wellness range • First Rehab Academy anchors clinical collaboration and upskilling •
Slide 43: Sunrise Potential
Sunrise Potential • Healthcare is sunrise sector with long-term 2025 Healthcare Expenditures growth drivers S$20.9b (+16.3% YoY) • Number of people aged 60+ across Asia is projected to double to 1.2b by 2050 • South East Asia elderly population aged 60+ to 2025 Healthcare Budget MYR45.3b (+9.8% YoY)
Slide 44: Local Innovation & Building Our Future
Local Innovation & Building Our Future • Strengthen presence across South East Asia amid stable market demand • Deepen clinical partnerships in rehabilitation, sports science and wound care • Expand local innovation through smart, value-added rehab solutions • BMEC ZEPU series, tailored neuro and or
Slide 45: Group Financial Performance
Group Financial Performance
Slide 46: Group Financial Results
Boustead Singapore Limited Group Financial Results FY2025 FY2024 Chg (%) Revenue S$527.1m S$767.6m -31 • Lower revenue from Real Gross profit S$233.3m S$226.7m +3 Estate Solutions and Energy Engineering as result of lower Gross margin 44% 30% order backlog brought forward from FY2024; partly offset
Slide 47: Group Revenue Mix By Division
Boustead Singapore Limited Group Revenue Mix By Division FY2025 FY2024 Geospatial 42% Geospatial 28% Healthcare 2% Healthcare Real Estate 1% Real Estate 25% 48% Group HQ Group HQ Energy Energy 1% <1% Engineering Engineering 23% 30% 47
Slide 48: Group Revenue
Boustead Singapore Limited Group Revenue 800 767.6 685.7 600 631.8 561.6 • Lower revenue in FY2025 527.1 attributed to lower backlog S$'m 400 carried forward from FY2024 for Real Estate Solutions and Energy Engineering 200 0 FY2021 FY2022 FY2023 FY2024 FY2025 48
Slide 49: Group Net Profit
Boustead Singapore Limited Group Net Profit 120 113.1 • High net profit in FY2025 due 95.0 to higher margin achieved 80 and gain on transfer of Real Estate Solutions’ real estate S$'m asset management and fund 64.2 management business 40 45.3 • Spike in FY2021 profit due to value-unlocking gain from
Slide 50: Group Adjusted Net Profit
Boustead Singapore Limited Group Adjusted Net Profit 80 68.6 60 63.3 • Highest net profit achieved in recent years after adjusting for one-off gain of S$'m 40 44.6 $28 million from Real Estate Solutions and losses and impairment, all net of non- 32.3 31.5 controlling interests 20 0 FY2021 FY2022 FY2
Slide 51: Group Net Cash Position
Boustead Singapore Limited Group Net Cash Position 500 472.8 400 387.9 368.6 300 320.5 326.0 S$'m • FY2025 includes S$78m paid to non-controlling shareholders 200 for purchase of shares 100 0 FY2021 FY2022 FY2023 FY2024 FY2025 51
Slide 52: FY2025 Group Cash Flow
Cash used in investing activities, Boustead Singapore Limited mainly: FY2025 Group Cash Flow • S$14m capital contributions to JVs; 78.7 • S$11.2m net purchases of investment securities and property, plant and equipment; 40 • Net of S$14m dividends received from associates and JVs S$'m Cash used in f
Slide 53: Group Return on Shareholders Equity
Boustead Singapore Limited Group Return on Shareholders Equity 30% 25% • Higher ROE due to increase in net profit 16% % 13% • Spike in FY2021 due to value- unlocking gain from 10% Boustead Industrial Fund 7% 0% FY2021 FY2022 FY2023 FY2024 FY2025 53
Slide 54: Group EPS
Boustead Singapore Limited Group EPS 30 23.3 20 19.6 • Higher EPS due to higher cents net profit 13.4 10 9.4 6.3 0 FY2021 FY2022 FY2023 FY2024 FY2025 54
Slide 55: Group NAV Per Share
Boustead Singapore Limited Group NAV Per Share 120 118.3 100 105.8 92.3 94.9 89.9 80 • Higher NAV due mainly to increased profits and greater cents 60 consolidation of shareholdings in Boustead Projects 40 20 0 FY2021 FY2022 FY2023 FY2024 FY2025 55
Slide 56: Group Engineering Orders Secured
Boustead Singapore Limited Group Engineering Orders Secured 600 565 • Real Estate Solutions – S$214m 400 377 • Energy Engineering – S$163m S$'m • Total orders secured second highest in recent years 200 230 193 159 0 FY2021 FY2022 FY2023 FY2024 FY2025 56
Slide 57: Group Dividend
Boustead Singapore Limited Group Dividend FY2025 FY2024 • Total dividend for FY2025 Interim dividend 1.5cts 1.5cts represents dividend yield of 4% to 5% Final dividend *4.0cts 4.0cts Special dividend *2.0cts - Total dividend 7.5cts 5.5cts * Proposed tax-exempt (one-tier) cash/scrip dividend 57
Slide 58: Group Dividend (cont'd)
Boustead Singapore Limited Group Dividend (cont'd) 8 4.0 2.0 • Maintaining high ordinary 6 dividend of 5.5cts per share 5.5 5.5 since FY2024 plus a special dividend of 2.0cts per share in 4 FY2025 4.0 4.0 4.0 cents • FY2021 special dividend due to value-unlocking gain from 2 Boustead Industrial Fund
Slide 59: Total Shareholder Return
Total Shareholder Return
Slide 60: Total Shareholder Return over Past 20 Years
Total Shareholder Return over Past 20 Years From 1 April 2005 to Present 6 5 $3.28 $5.37 4 Increase • Total shareholder return S$ 3 Decrease absolute growth Total +716% 2 $0.84 • Total shareholder return 1 $2.00 CAGR +11.1% 0 -$0.75 -1 BSL share cost BSL/BPL cash Offers for BSL BSL share price Total
Slide 61: Thank you
Thank you For investor relations enquiries, please contact: ir.team@boustead.sg 61