FY2024 Results Press Release

FOR IMMEDIATE RELEASE

Tiong Seng Returns to Profitability in FY2024

• The Group returns to the black, clocking a profit of S$2.8 million versus a loss of S$13.6 million a year ago
• Turnaround driven by normalisation of construction activities, improvement in the profitability for projects and effective cost management
• The Group's order book stands at S$600 million as at 31 December 2024, with work extending till 2028

SINGAPORE - 28 February 2025 - Mainboard-listed construction group and property developer,

Tiong Seng Holdings Limited () ("Tiong Seng", "the Company", or together with its

subsidiaries, "the Group") has announced its financial results for the six months and 12 months ended 31 December 2024 ("2HFY2024" and "FY2024" respectively).

Financial Highlights

*N.M. = Not Meaningful

The Group generated a FY2024 net profit of S$2.8 million compared to a net loss of S$13.6 million a year ago. Operating profit for FY2024 came in at S$4.3 million, compared to a S$9.4 million loss in FY2023. Key factors driving the turnaround included resuming construction work post-COVID-19 pandemic, and implementing effective cost management measures.

In 2H2024, the Group reported an operating loss in 2H2024 of $0.1 million, compared to a profit of $3.6 million in 2H2023. The profit in 2H2024 was primarily attributed to profits generated from the engineering solutions and the property development segments, partially offset by an operating loss in the construction segment.

Segmental Review

*N.M. = Not Meaningful

Revenue

Group revenue rose by $61.2 million, from $475.0 million in FY2023 to $536.2 million in FY2024, mainly due to increased revenue from construction and engineering solutions after construction work resumed.

In FY2024, revenue from sales of development properties totalled $9.4 million, primarily driven by the revenue recognition of 2 units from the Tranquility Project and 10 units from the Equinox Project. Comparatively, in FY2023, revenue amounted to $24.9 million, largely due to sales revenue recognition of 44 units from the Equinox Project.

Gross Profit

In the Construction segment, the gross profit margin stood at 1.1% in FY2024, down from 5.5% in FY2023. This shift was mainly due to extended delay of certain projects, leading to additional construction costs.

The Engineering Solutions segment's gross profit margin rose to 14.5% in FY2024 from just 1.5% in FY2023, mainly due to increased production volume and more profitable projects.

The Property Development segment had a gross profit margin of 19.3% in FY2024, up from a gross loss margin of 6.6% in FY2023, due to the sale of higher margin products. In FY2023, the gross loss was mainly due to a $3.9 million provision for late project completion.

Tiong Seng Holdings Limited

Page 2 of 5

Mr Pay Sim Tee, CEO of Tiong Seng Holdings Limited, commented, "Despite high interest rates and global uncertainties, 2024 brought welcome signs of economic recovery. Here in Singapore, we've seen encouraging momentum in construction activity across both public and private sectors. I'm particularly pleased that in our 65th year, Tiong Seng delivered a marked improvement in financial performance. We've made solid progress in bringing our legacy projects towards completion, with the finish line now clearly in sight by mid-2025.Our teams have also shown remarkable adaptability in tackling industry-widechallenges - from rising costs to fierce competition for new projects. We've now established a stronger foundation with a more sustainable operating model, putting us in good stead to capture fresh opportunities. As we look to 2025, while mindful of market dynamics, I remain confident about the growth prospects in Singapore's built environment sector. We're well-positionedto execute nimbly as these opportunities unfold."

Outlook

Construction

Singapore's construction demand rose to S$44.2 billion in 2024, and is expected to continue to grow to between S$47 billion and S$53 billion in 20251. The Building and Construction Authority (BCA) forecasts total construction demand to average between S$39 billion and S$46 billion per year from 2026 to 2029, signaling continued momentum and steady growth.2

Key catalysts will be major infrastructure projects such as Changi Airport Terminal 5, MRT line expansions that include the Cross Island Line (Phase 3), the ongoing ramp-up in public housing construction, large-scale institutional developments, as well as other urban rejuvenation projects.

Our 2025 strategy focuses on sustainable growth through strategic partnerships and enhanced internal capabilities. We have refined our project selection criteria to emphasise on quality and margins. This sharpened focus, combined with our optimised operational structure, strengthens our ability to deliver superior project outcomes and sustainable value.

Engineering Solutions

Our sustained investment in green modular solutions is gaining market traction, attracting interest from domestic and international clients. Our portfolio encompasses advanced construction technologies, including zero-waste steel formwork systems and innovative methodologies such as

• Singapore's Construction Horizon :Trends and Opportunities
  2 Construction Demand to Remain Strong For 2025

Tiong Seng Holdings Limited

Page 3 of 5

Prefabricated Prefinished Volumetric Construction ("PPVC"), Advanced Precast, Structural Steel and Mass Engineered Timber - all delivering enhanced quality and environmental performance.

With rising demand for sustainable construction methods, Engineering Solutions is positioned as a key growth catalyst for 2025. Project revenue now covers previous investment costs, which sets the stage for profitability. Our specialist capabilities are increasingly relevant as we explore expansion opportunities whilst advancing industry standards in sustainable construction.

Property Development

China's property sector continues to grapple with significant headwinds, prompting sustained policy intervention from the country's authorities. Recent data offers modest encouragement, with new home prices in December 2024 halting their 18-month decline3. Market analysts, including S&P Global Ratings, suggest the sector may find its footing in the second half of 2025, though this outlook remains closely tied to ongoing government support measures4.

The Chinese government has implemented comprehensive measures to reinvigorate the sector, including mortgage rate adjustments for existing loans, revised downpayment thresholds for second homes, as well as an expanded "white list" programme offering targeted financial support to qualifying property developments5.

Within this evolving landscape, Tiong Seng is adapting its market approach with measured precision. Our strategic focus has pivoted towards specialised segments, particularly the Silver Economy and ageing care facilities. This calculated repositioning enables us to address market risks while pursuing sustainable growth opportunities in China's evolving property market.

Digital Solutions

PylonAI, the foundation of our Digital Solutions division, has made significant strides in its development. Backed by our in-depth construction expertise and sophisticated data analytics, this solution embodies our comprehensive understanding of contractors' practical needs.

PylonAI integrates IoT technology with operational data to provide real-time construction insights which offer actionable intelligence, leading to improvements in our project safety standards, workforce management and operational performance.

• China's new home prices stabilise with stimulus push

• China Property Watch: Charting A Path To Stabilization
  5 China unveils new measures to stabilize housing market

Tiong Seng Holdings Limited

Page 4 of 5

Looking ahead, the synergy between PylonAI and our Engineering Solutions division is expected to boost our growth path. By strategically focusing on digital capabilities, we are well-positioned to undertake larger and more complex projects, strengthening our competitive edge in the built environment sector. This digital transformation goes beyond mere technological progress and reflects our ambition to become an industry leader in construction innovation.

##END##

About Tiong Seng Holdings Limited

Established in 1959 and listed on the Mainboard of the Singapore Exchange since 2010, Tiong Seng Holdings Limited (SGX: BFI) is principally engaged in three core pillars of business: Building Construction & Civil Engineering, Property Development and Engineering Solutions.

Tiong Seng is one of the leading building and civil engineering contractors in Singapore and holds the highest grading of A1 from the Building and Construction Authority (BCA) for both general building and civil engineering, qualifying the Group to undertake public sector projects with unlimited contract value. For over 60 years, Tiong Seng has built up a comprehensive track record of private and public sector projects of different complexity, uses and sizes.

On the property development front, Tiong Seng has successfully developed both residential and commercial projects in various second and third-tier cities in China, including Tianjin, Suzhou and Yangzhou. The Group currently has three ongoing projects in the Bohai Economic Rim, one of the main economic zones in China. More recently, the Group made headway in the Singapore property market with acquisitions of residential landbanks in the prime districts 9 and 10.

As a technological frontrunner, Tiong Seng has developed a diverse portfolio of innovative innovations which encompasses Engineering Solutions, the Group's third business segment. This segment provides building solutions as a service and comprises a blend of engineering capabilities such as Prefabricated Prefinished Volumetric Construction ("PPVC"), Pre-cast, Structural Steel, Mass Engineered Timber ("MET") and Tunnel Segment production. With this asset-light business model, the Group is positioned to capture rising industry demand for modern and efficient building solutions.

Issued on behalf of Tiong Seng Holdings Limited by: GEM COMM

Investor Relations and Media Contact:

Ms Emily Choo

Mobile +65 9734 6565

Email emily@gem-comm.com

Tiong Seng Holdings Limited

Page 5 of 5