ST Engineering S63
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+0.20% +0.02 Updated 28 Oct 2026, 17:16 SGT
Financials
Annual report
Explore the statements
11 tablesConsolidated Income Statement
22 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$’000 | 12,346,426 | 11,275,659 | PDF p. 127 |
| Cost of sales$’000 | (10,187,924) | (9,101,384) | PDF p. 127 |
| Gross profit | |||
| Subtotal$’000 | 2,158,502 | 2,174,275 | PDF p. 127 |
| Income statement | |||
| Distribution and selling expenses$’000 | (208,852) | (206,606) | PDF p. 127 |
| Administrative expenses$’000 | (878,440) | (797,380) | PDF p. 127 |
| Other operating expenses$’000 | (653,717) | (192,783) | PDF p. 127 |
| Other income, net$’000 | 425,623 | 28,034 | PDF p. 127 |
| Profit from operations$’000 | 843,116 | 1,005,540 | PDF p. 127 |
| Non-operating income/(expense), net$’000 | 249 | (59) | PDF p. 127 |
| Share of results of associates and joint ventures, net of tax$’000 | 61,595 | 70,986 | PDF p. 127 |
| Earnings before interest and tax$’000 | 904,960 | 1,076,467 | PDF p. 127 |
| Finance income$’000 | 22,009 | 37,862 | PDF p. 127 |
| Finance costs$’000 | (225,997) | (251,644) | PDF p. 127 |
| Finance costs, net$’000 | (203,988) | (213,782) | PDF p. 127 |
| Profit before taxation$’000 | 700,972 | 862,685 | PDF p. 127 |
| Taxation$’000 | (205,186) | (133,480) | PDF p. 127 |
| Profit after taxation$’000 | 495,786 | 729,205 | PDF p. 127 |
| Attributable to | |||
| Shareholders of the Company$’000 | 462,770 | 702,256 | PDF p. 127 |
| Non-controlling interests$’000 | 33,016 | 26,949 | PDF p. 127 |
| Subtotal$’000 | 495,786 | 729,205 | PDF p. 127 |
| Earnings per share | |||
| Basiccents per share | 14.84 | 22.53 | PDF p. 127 |
| Dilutedcents per share | 14.71 | 22.35 | PDF p. 127 |
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Definitions & sources
Original report: PDF p. 127 ↗
The statement says currency is Singapore dollars unless otherwise stated; amounts are in $’000 except earnings per share, shown in cents.
Consolidated Statement of Comprehensive Income
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit after taxation$’000 | 495,786 | 729,205 | PDF p. 128 |
| Other comprehensive income; items that will not be reclassified subsequently to profit or loss | |||
| Defined benefit plan remeasurements$’000 | 24,739 | 13,246 | PDF p. 128 |
| Net fair value changes on equity investment at FVOCI$’000 | (19,689) | (1,937) | PDF p. 128 |
| Subtotal$’000 | 5,050 | 11,309 | PDF p. 128 |
| Other comprehensive income; items that are or may be reclassified subsequently to profit or loss | |||
| Net fair value changes of cash flow hedges reclassified to income statement$’000 | (16,190) | (9,209) | PDF p. 128 |
| Effective portion of changes in fair value of cash flow hedges$’000 | 58,456 | (58,259) | PDF p. 128 |
| Share of net fair value changes on cash flow hedges of joint ventures$’000 | (7,017) | 3,858 | PDF p. 128 |
| Foreign currency translation differences$’000 | (19,652) | 26,976 | PDF p. 128 |
| Share of foreign currency translation differences of associates and joint ventures$’000 | (18,039) | 10,744 | PDF p. 128 |
| Reserves released on disposal of subsidiaries$’000 | 28,318 | 2,007 | PDF p. 128 |
| Subtotal$’000 | 25,876 | (23,883) | PDF p. 128 |
| Comprehensive income | |||
| Other comprehensive income/(loss) for the year, net of tax$’000 | 30,926 | (12,574) | PDF p. 128 |
| Total comprehensive income for the year, net of tax$’000 | 526,712 | 716,631 | PDF p. 128 |
| Total comprehensive income attributable to | |||
| Shareholders of the Company$’000 | 454,922 | 713,020 | PDF p. 128 |
| Non-controlling interests$’000 | 71,790 | 3,611 | PDF p. 128 |
| Subtotal$’000 | 526,712 | 716,631 | PDF p. 128 |
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Definitions & sources
Original report: PDF p. 128 ↗
The statement says currency is Singapore dollars unless otherwise stated; amounts are in $’000.
The source line for “Share of foreign currency translation differences of associates and joint ventures” wraps across two lines; the quote includes the continuation line containing the values.
Consolidated Statement of Financial Position
53 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Assets; non-current assets | |||
| Property, plant and equipment$’000 | 2,221,588 | 2,114,590 | PDF p. 129 |
| Right-of-use assets$’000 | 704,866 | 605,254 | PDF p. 129 |
| Associates and joint ventures$’000 | 483,001 | 621,455 | PDF p. 129 |
| Investments$’000 | 42,233 | 63,006 | PDF p. 129 |
| Intangible assets$’000 | 3,891,580 | 4,989,775 | PDF p. 129 |
| Long-term trade receivables$’000 | 33,190 | 36,510 | PDF p. 129 |
| Deferred tax assets$’000 | 273,649 | 264,484 | PDF p. 129 |
| Amounts due from related parties$’000 | 11,169 | 49,015 | PDF p. 129 |
| Advances and other receivables$’000 | 239,059 | 144,126 | PDF p. 129 |
| Derivative financial instruments$’000 | 31,115 | 9,433 | PDF p. 129 |
| Post-employment benefits$’000 | 7,153 | – | PDF p. 129 |
| Subtotal$’000 | 7,938,603 | 8,897,648 | PDF p. 129 |
| Assets; current assets | |||
| Inventories$’000 | 2,291,022 | 2,061,236 | PDF p. 129 |
| Contract assets$’000 | 2,960,481 | 2,567,423 | PDF p. 129 |
| Trade receivables$’000 | 1,481,887 | 1,461,259 | PDF p. 129 |
| Amounts due from related parties$’000 | 59,611 | 77,860 | PDF p. 129 |
| Advances and other receivables$’000 | 691,806 | 714,672 | PDF p. 129 |
| Derivative financial instruments$’000 | 32,258 | 10,559 | PDF p. 129 |
| Bank balances and other liquid funds$’000 | 576,438 | 430,642 | PDF p. 129 |
| Subtotal$’000 | 8,093,503 | 7,323,651 | PDF p. 129 |
| Assets | |||
| Total assets$’000 | 16,032,106 | 16,221,299 | PDF p. 129 |
| Equity and liabilities; current liabilities | |||
| Contract liabilities$’000 | 1,388,124 | 1,193,627 | PDF p. 130 |
| Deposits from customers$’000 | 15,811 | 21,348 | PDF p. 130 |
| Trade payables and accruals$’000 | 3,860,740 | 3,485,697 | PDF p. 130 |
| Amounts due to related parties$’000 | 25,281 | 51,619 | PDF p. 130 |
| Provisions$’000 | 311,857 | 339,066 | PDF p. 130 |
| Provision for taxation$’000 | 225,119 | 148,777 | PDF p. 130 |
| Borrowings$’000 | 1,636,606 | 2,945,104 | PDF p. 130 |
| Deferred income$’000 | 10,685 | 9,363 | PDF p. 130 |
| Post-employment benefits$’000 | 3,802 | 3,112 | PDF p. 130 |
| Derivative financial instruments$’000 | 8,498 | 40,884 | PDF p. 130 |
| Subtotal$’000 | 7,486,523 | 8,238,597 | PDF p. 130 |
| Equity and liabilities | |||
| Net current assets/ (liabilities)$’000 | 606,980 | (914,946) | PDF p. 130 |
| Equity and liabilities; non-current liabilities | |||
| Contract liabilities$’000 | 1,912,732 | 1,599,390 | PDF p. 131 |
| Trade payables and accruals$’000 | 92,974 | 100,484 | PDF p. 131 |
| Provisions$’000 | 56,907 | 39,921 | PDF p. 131 |
| Deferred tax liabilities$’000 | 169,380 | 185,506 | PDF p. 131 |
| Borrowings$’000 | 3,196,227 | 2,876,432 | PDF p. 131 |
| Deferred income$’000 | 14,369 | 18,424 | PDF p. 131 |
| Post-employment benefits$’000 | 175,298 | 190,893 | PDF p. 131 |
| Derivative financial instruments$’000 | 6,451 | 20,805 | PDF p. 131 |
| Subtotal$’000 | 5,624,338 | 5,031,855 | PDF p. 131 |
| Equity and liabilities | |||
| Total liabilities$’000 | 13,110,861 | 13,270,452 | PDF p. 131 |
| Net assets$’000 | 2,921,245 | 2,950,847 | PDF p. 131 |
| Share capital and reserves | |||
| Share capital$’000 | 895,926 | 895,926 | PDF p. 131 |
| Treasury shares$’000 | (53,137) | (32,806) | PDF p. 131 |
| Capital reserves$’000 | 75,802 | 88,733 | PDF p. 131 |
| Other reserves$’000 | (69,142) | (60,851) | PDF p. 131 |
| Retained earnings$’000 | 1,724,189 | 1,779,371 | PDF p. 131 |
| Equity attributable to owners of the Company$’000 | 2,573,638 | 2,670,373 | PDF p. 131 |
| Non-controlling interests$’000 | 347,607 | 280,474 | PDF p. 131 |
| Subtotal$’000 | 2,921,245 | 2,950,847 | PDF p. 131 |
| Equity and liabilities | |||
| Total equity and liabilities$’000 | 16,032,106 | 16,221,299 | PDF p. 131 |
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Definitions & sources
Original report: PDF p. 129 ↗ PDF p. 130 ↗ PDF p. 131 ↗
The statement says currency is Singapore dollars unless otherwise stated; amounts are in $’000.
The consolidated financial position spans physical pages 129–131. Blank-label rows are unlabelled subtotals in the source.
Statement of Financial Position of the Company
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Assets; non-current assets | |||
| Property, plant and equipment$’000 | 252 | 366 | PDF p. 254 |
| Right-of-use assets$’000 | – | 134 | PDF p. 254 |
| Subsidiaries$’000 | 2,139,076 | 1,958,153 | PDF p. 254 |
| Amounts due from related parties$’000 | 16,484 | – | PDF p. 254 |
| Subtotal$’000 | 2,155,812 | 1,958,653 | PDF p. 254 |
| Assets; current assets | |||
| Amounts due from related parties$’000 | 10,357 | 34,256 | PDF p. 254 |
| Advances and other receivables$’000 | 201 | 239 | PDF p. 254 |
| Derivative financial instruments$’000 | 17 | – | PDF p. 254 |
| Bank balances and other liquid funds$’000 | 62,508 | 35,484 | PDF p. 254 |
| Subtotal$’000 | 73,083 | 69,979 | PDF p. 254 |
| Assets | |||
| Total assets$’000 | 2,228,895 | 2,028,632 | PDF p. 254 |
| Equity and liabilities; current liabilities | |||
| Other payables and accruals$’000 | 8,535 | 7,210 | PDF p. 254 |
| Amounts due to related parties$’000 | 18,000 | 36,199 | PDF p. 254 |
| Provision for taxation$’000 | 48 | 188 | PDF p. 254 |
| Lease liabilities$’000 | – | 48 | PDF p. 254 |
| Subtotal$’000 | 26,583 | 43,645 | PDF p. 254 |
| Equity and liabilities | |||
| Net current assets$’000 | 46,500 | 26,334 | PDF p. 254 |
| Equity and liabilities; non-current liabilities | |||
| Lease liabilities$’000 | – | 44 | PDF p. 254 |
| Subtotal$’000 | – | 44 | PDF p. 254 |
| Equity and liabilities | |||
| Total liabilities$’000 | 26,583 | 43,689 | PDF p. 254 |
| Net assets$’000 | 2,202,312 | 1,984,943 | PDF p. 254 |
| Share capital and reserves | |||
| Share capital$’000 | 895,926 | 895,926 | PDF p. 254 |
| Treasury shares$’000 | (53,137) | (32,806) | PDF p. 254 |
| Capital reserves$’000 | (40,297) | (27,342) | PDF p. 254 |
| Other reserves$’000 | 95,745 | 83,403 | PDF p. 254 |
| Retained earnings$’000 | 1,304,075 | 1,065,762 | PDF p. 254 |
| Subtotal$’000 | 2,202,312 | 1,984,943 | PDF p. 254 |
| Equity and liabilities | |||
| Total equity and liabilities$’000 | 2,228,895 | 2,028,632 | PDF p. 254 |
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Definitions & sources
Original report: PDF p. 254 ↗
The company-only section of the report provides a statement of financial position, but no company income statement or comprehensive income statement in the inspected contents and pages. The statement says currency is Singapore dollars unless otherwise stated; amounts are in $’000.
Consolidated Statement of Cash Flows for the year ended 31 December 2025
73 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $’000 | 2024Group, $’000 | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before taxation$’000 | 700,972 | 862,685 | PDF p. 136 |
| Cash flows from operating activities; adjustments | |||
| Share of results of associates and joint ventures, net of tax$’000 | (61,595) | (70,986) | PDF p. 136 |
| Share-based payment expense$’000 | 48,589 | 31,475 | PDF p. 136 |
| Depreciation charge$’000 | 367,830 | 355,919 | PDF p. 136 |
| Property, plant and equipment written off$’000 | 3,142 | 2,645 | PDF p. 136 |
| Intangible assets written off$’000 | – | 4,603 | PDF p. 136 |
| Amortisation of other intangible assets$’000 | 162,743 | 181,915 | PDF p. 136 |
| Amortisation of deferred income$’000 | (4) | (4) | PDF p. 136 |
| Impairment/(write-back) of property, plant and equipment$’000 | 42,236 | (24) | PDF p. 136 |
| Impairment of right-of-use assets$’000 | 5,573 | – | PDF p. 136 |
| Impairment of goodwill and other intangible assets$’000 | 637,321 | – | PDF p. 136 |
| Impairment of associate$’000 | 22,218 | – | PDF p. 136 |
| Impairment losses on loan to associate$’000 | 2,269 | 1,635 | PDF p. 136 |
| Gain on disposal of property, plant and equipment$’000 | (7,837) | (11,490) | PDF p. 136 |
| Gain on termination of leases$’000 | (6,234) | – | PDF p. 136 |
| (Gain)/loss on disposal of subsidiaries, net$’000 | (138,560) | 59 | PDF p. 136 |
| Gain on disposal of associates and joint venture$’000 | (223,170) | – | PDF p. 136 |
| Loss/(gain) on ineffective portion/discontinuation of cash flow hedges$’000 | 191 | (2,910) | PDF p. 136 |
| Changes in fair value of associates$’000 | 1,306 | 1,869 | PDF p. 136 |
| Changes in fair value of investments$’000 | 2,263 | 10,538 | PDF p. 136 |
| Changes in fair value of financial instruments and hedged items$’000 | (8,441) | 27,166 | PDF p. 136 |
| Interest expense$’000 | 198,172 | 224,459 | PDF p. 136 |
| Interest income$’000 | (12,890) | (17,409) | PDF p. 136 |
| Unrealised currency translation losses/(gains)$’000 | 54,233 | (14,068) | PDF p. 136 |
| Cash flows from operating activities | |||
| Operating profit before working capital changes$’000 | 1,790,327 | 1,588,077 | PDF p. 136 |
| Cash flows from operating activities; changes in | |||
| Inventories$’000 | (335,764) | (109,279) | PDF p. 136 |
| Contract assets$’000 | (420,570) | (293,965) | PDF p. 136 |
| Trade receivables$’000 | (72,799) | 109,354 | PDF p. 136 |
| Amounts due from related parties$’000 | (13,958) | (7,417) | PDF p. 136 |
| Advances and other receivables$’000 | (64,426) | (247,404) | PDF p. 136 |
| Contract liabilities$’000 | 523,033 | 520,991 | PDF p. 136 |
| Deposits from customers$’000 | 7,186 | (10,371) | PDF p. 136 |
| Trade payables and accruals$’000 | 427,337 | 313,014 | PDF p. 136 |
| Amounts due to related parties$’000 | (1,673) | 707 | PDF p. 136 |
| Provisions$’000 | (1,184) | (2,053) | PDF p. 136 |
| Deferred income$’000 | (2,729) | 185 | PDF p. 136 |
| Cash flows from operating activities | |||
| Cash generated from operations$’000 | 1,834,780 | 1,861,839 | PDF p. 136 |
| Interest received$’000 | 18,300 | 15,939 | PDF p. 136 |
| Income tax paid$’000 | (144,773) | (159,721) | PDF p. 136 |
| Net cash from operating activities$’000 | 1,708,307 | 1,718,057 | PDF p. 136 |
| Cash flows from investing activities | |||
| Proceeds from disposal of property, plant and equipment$’000 | 14,739 | 190,872 | PDF p. 137 |
| Proceeds from disposal of associates and joint venture$’000 | 316,340 | – | PDF p. 137 |
| Purchase of property, plant and equipment$’000 | (506,016) | (480,494) | PDF p. 137 |
| Purchase of investments$’000 | (4,626) | (10,778) | PDF p. 137 |
| Additions to other intangible assets$’000 | (74,500) | (64,519) | PDF p. 137 |
| Dividends from associates and joint ventures$’000 | 57,042 | 48,213 | PDF p. 137 |
| Investments in associates and joint ventures$’000 | (25,648) | (18,677) | PDF p. 137 |
| Repayment of loans by joint venture$’000 | 45,900 | – | PDF p. 137 |
| Loans to associates and joint ventures$’000 | (2,781) | (24,166) | PDF p. 137 |
| Acquisition of controlling interests in subsidiary, net of cash acquired$’000 | – | (54,782) | PDF p. 137 |
| Disposal of subsidiary, net of cash disposed$’000 | 349,611 | – | PDF p. 137 |
| Net cash from/(used in) investing activities$’000 | 170,061 | (414,331) | PDF p. 137 |
| Cash flows from financing activities | |||
| Proceeds from bank loans$’000 | 112,410 | 568,222 | PDF p. 137 |
| Proceeds from medium-term note issuance$’000 | 969,415 | – | PDF p. 137 |
| Proceeds from issuance of commercial papers$’000 | 828,567 | 1,821,720 | PDF p. 137 |
| Proceeds from settlement of derivatives$’000 | – | 2,910 | PDF p. 137 |
| Proceeds from finance lease receivables$’000 | – | 220 | PDF p. 137 |
| Repayment of bank loans$’000 | (47,244) | (843,689) | PDF p. 137 |
| Repayment of commercial papers$’000 | (1,800,958) | (1,934,270) | PDF p. 137 |
| Repayment of lease liabilities$’000 | (84,120) | (78,694) | PDF p. 137 |
| Redemption of medium-term note$’000 | (986,100) | – | PDF p. 137 |
| Purchase of treasury shares$’000 | (69,533) | (33,325) | PDF p. 137 |
| Acquisition of non-controlling interests in a subsidiary$’000 | (1,305) | (2,008) | PDF p. 137 |
| Capital contribution from non-controlling interests of a subsidiary$’000 | 6,172 | – | PDF p. 137 |
| Dividends paid to shareholders of the Company$’000 | (530,422) | (498,883) | PDF p. 137 |
| Dividends paid to non-controlling interests$’000 | (9,555) | (11,840) | PDF p. 137 |
| Interest paid$’000 | (188,950) | (211,385) | PDF p. 137 |
| Restricted cash$’000 | 815 | (795) | PDF p. 137 |
| Net cash used in financing activities$’000 | (1,800,808) | (1,221,817) | PDF p. 137 |
| Cash flows | |||
| Net change in cash and cash equivalents$’000 | 77,560 | 81,909 | PDF p. 137 |
| Cash and cash equivalents at beginning of the year$’000 | 429,826 | 353,316 | PDF p. 137 |
| Effect of exchange rate changes on cash and cash equivalents$’000 | 69,051 | (5,399) | PDF p. 137 |
| Cash and cash equivalents at end of the year$’000 | 576,437 | 429,826 | PDF p. 137 |
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Definitions & sources
Original report: PDF p. 136 ↗ PDF p. 137 ↗
Cash and cash equivalents comprise cash balances and fixed deposits. Cash equivalents are short-term and highly liquid investments that are readily convertible to known amounts of cash and that are subject to insignificant risk of changes in value.
The accompanying notes are an integral part of the financial statements.
5-Year Key Financial Data
34 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group; BOP¹ | Source |
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue$m | 7,693 | 9,035 | 10,101 | 11,276 | 12,346 | PDF p. 50 |
| Income Statement — Profit | ||||||
| EBITDA$m | 1,071.7 | 1,252.0 | 1,456.1 | 1,614.3 | 1,774.1 | PDF p. 50 |
| EBIT$m | 673.6 | 735.1 | 914.7 | 1,076.5 | 1,243.5 | PDF p. 50 |
| PBT$m | 637.6 | 597.5 | 704.2 | 862.7 | 1,039.5 | PDF p. 50 |
| Net Profit$m | 570.5 | 535.0 | 586.5 | 702.3 | 850.8 | PDF p. 50 |
| Balance Sheet | ||||||
| Property, plant and equipment, and right-of-use assets$m | 2,352 | 2,658 | 2,727 | 2,720 | 2,926 | PDF p. 50 |
| Intangible and other assets$m | 2,877 | 6,255 | 5,966 | 6,085 | 4,833 | PDF p. 50 |
| Inventories$m | 1,261 | 1,684 | 1,897 | 2,061 | 2,291 | PDF p. 50 |
| Trade receivables, contract assets, advances and other receivables$m | 3,210 | 3,765 | 4,436 | 4,924 | 5,406 | PDF p. 50 |
| Bank balances and other liquid funds and funds under management$m | 816 | 602 | 353 | 431 | 576 | PDF p. 50 |
| Current liabilities$m | 4,680 | 8,005 | 7,322 | 8,239 | 7,487 | PDF p. 50 |
| Non-current liabilities$m | 3,168 | 4,306 | 5,304 | 5,032 | 5,624 | PDF p. 50 |
| Share capital$m | 896 | 896 | 896 | 896 | 896 | PDF p. 50 |
| Treasury shares$m | (33) | (36) | (30) | (33) | (53) | PDF p. 50 |
| Capital and other reserves$m | 2 | 66 | 30 | 28 | 7 | PDF p. 50 |
| Retained earnings$m | 1,548 | 1,473 | 1,563 | 1,779 | 1,724 | PDF p. 50 |
| Non-controlling interests$m | 255 | 255 | 293 | 280 | 348 | PDF p. 50 |
| Financial Indicators | ||||||
| Earnings per sharecents | 18.30 | 17.18 | 18.82 | 22.53 | 27.28 | PDF p. 50 |
| Net assets value per sharecents | 77.49 | 77.03 | 78.96 | 85.74 | 82.60 | PDF p. 50 |
| Return on sales% | 7.4 | 6.0 | 6.0 | 6.5 | 7.2 | PDF p. 50 |
| Return on equity% | 23.6 | 22.3 | 23.8 | 26.3 | 28.7 | PDF p. 50 |
| Return on capital employed% | 10.4 | 6.9 | 7.7 | 9.2 | 11.1 | PDF p. 50 |
| Dividend | ||||||
| Gross dividend per sharecents | 15 | 16 | 16 | 17 | 23 | PDF p. 50 |
| Dividend yield% | 3.96 | 4.50 | 4.42 | 3.97 | 3.52 | PDF p. 50 |
| Dividend coverratio | 1.2 | 1.1 | 1.2 | 1.3 | 1.2 | PDF p. 50 |
| Productivity Data | ||||||
| Average staff strengthnumbers | 22,405 | 23,420 | 25,734 | 27,359 | 27,809 | PDF p. 50 |
| Revenue per employee$ | 343,355 | 385,786 | 392,517 | 412,137 | 443,972 | PDF p. 50 |
| Net profit per employee$ | 25,465 | 22,844 | 22,790 | 25,668 | 30,596 | PDF p. 50 |
| Employment costs$m | 2,128.2 | 2,597.8 | 2,983.9 | 3,214.0 | 3,336.9 | PDF p. 50 |
| Employment costs per $ of revenue$ | 0.28 | 0.29 | 0.30 | 0.29 | 0.27 | PDF p. 50 |
| Value added per employee$ | 145,673 | 166,888 | 174,179 | 177,614 | 185,082 | PDF p. 50 |
| Value added per $ of employment costs$ | 1.53 | 1.50 | 1.50 | 1.51 | 1.54 | PDF p. 50 |
| Value added per $ of gross property, plant and equipment$ | 0.75 | 0.85 | 0.94 | 0.98 | 1.01 | PDF p. 50 |
| Value added per $ of revenue$ | 0.42 | 0.43 | 0.44 | 0.43 | 0.42 | PDF p. 50 |
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Definitions & sources
Original report: PDF p. 50 ↗
¹ Footnote: These values are stated on a BOP basis, as defined on page 42. The reported values were as follows: EBITDA of $1,435.5m, EBIT of $905.0m, PBT of $701.0m, net profit of $462.8m, EPS of 14.84 cents, return on sales of 4.0%, return on equity of 18.0%, return on capital employed of 7.1%, dividend cover of 0.6, net profit per employee of $16,641, value added per employee of $196,895, value added per dollar of employment costs of $1.64, value added per dollar of gross property, plant and equipment of $1.07 and value added per dollar of revenue of $0.44.
Consolidated Statement of Changes in Equity — Group 2025 (share capital and treasury shares)
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Share capital | 2025Group; Treasury shares | Source |
|---|---|---|---|
| Statement of changes in equity | |||
| At 1 January 2025$’000 | 895,926 | (32,806) | PDF p. 132 |
| Profit after taxation$’000 | – | – | PDF p. 132 |
| Defined benefit plan remeasurements$’000 | – | – | PDF p. 132 |
| Net fair value changes on equity investment at FVOCI$’000 | – | – | PDF p. 132 |
| Net fair value changes of cash flow hedges reclassified to income statement$’000 | – | – | PDF p. 132 |
| Effective portion of changes in fair value of cash flow hedges$’000 | – | – | PDF p. 132 |
| Share of net fair value changes on cash flow hedges of joint ventures$’000 | – | – | PDF p. 132 |
| Foreign currency translation differences$’000 | – | – | PDF p. 132 |
| Share of foreign currency translation differences of associates and joint ventures$’000 | – | – | PDF p. 132 |
| Reserves released on disposal of subsidiary$’000 | – | – | PDF p. 132 |
| Other comprehensive income for the year, net of tax$’000 | – | – | PDF p. 132 |
| Total comprehensive income for the year, net of tax$’000 | – | – | PDF p. 132 |
| Hedging gains and losses and cost of hedging transferred to the cost of inventory$’000 | – | – | PDF p. 132 |
| Capital contribution by non-controlling interests$’000 | – | – | PDF p. 132 |
| Cost of share-based payment$’000 | – | – | PDF p. 132 |
| Purchase of treasury shares$’000 | – | (69,533) | PDF p. 132 |
| Treasury shares reissued pursuant to share plans$’000 | – | 49,202 | PDF p. 132 |
| Dividends paid$’000 | – | – | PDF p. 132 |
| Dividends paid to non-controlling interests$’000 | – | – | PDF p. 132 |
| Total contributions by and distributions to owners of the Company$’000 | – | (20,331) | PDF p. 132 |
| Acquisition of non-controlling interests in a subsidiary without a change in control$’000 | – | – | PDF p. 132 |
| Total transactions with owners of the Company$’000 | – | (20,331) | PDF p. 132 |
| Transfer from retained earnings to statutory reserve$’000 | – | – | PDF p. 132 |
| Balance at 31 December 2025$’000 | 895,926 | (53,137) | PDF p. 132 |
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The statement is printed across facing continuation pages. For the continued components, blank original_label is intentional because the continuation page prints numeric rows without repeating labels; section labels align by source row order with the adjacent left-page label rows.
Consolidated Statement of Changes in Equity — Group 2025 (continued components)
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Capital reserves | 2025Group; Other reserves | 2025Group; Retained earnings | 2025Group; Total | 2025Group; Non-controlling interests | 2025Group; Total equity | Source |
|---|---|---|---|---|---|---|---|
| At 1 January 2025 | |||||||
| At 1 January 2025$’000 | 88,733 | (60,851) | 1,779,371 | 2,670,373 | 280,474 | 2,950,847 | PDF p. 133 Label p. 132 |
| Profit after taxation | |||||||
| Profit after taxation$’000 | – | – | 462,770 | 462,770 | 33,016 | 495,786 | PDF p. 133 Label p. 132 |
| Defined benefit plan remeasurements | |||||||
| Defined benefit plan remeasurements$’000 | – | – | 18,183 | 18,183 | 6,556 | 24,739 | PDF p. 133 Label p. 132 |
| Net fair value changes on equity investment at FVOCI | |||||||
| Net fair value changes on equity investment at FVOCI$’000 | – | (19,689) | – | (19,689) | – | (19,689) | PDF p. 133 Label p. 132 |
| Net fair value changes of cash flow hedges reclassified to income statement | |||||||
| Net fair value changes of cash flow hedges reclassified to income statement$’000 | – | (15,201) | – | (15,201) | (989) | (16,190) | PDF p. 133 Label p. 132 |
| Effective portion of changes in fair value of cash flow hedges | |||||||
| Effective portion of changes in fair value of cash flow hedges$’000 | – | 36,578 | – | 36,578 | 21,878 | 58,456 | PDF p. 133 Label p. 132 |
| Share of net fair value changes on cash flow hedges of joint ventures | |||||||
| Share of net fair value changes on cash flow hedges of joint ventures$’000 | – | (7,017) | – | (7,017) | – | (7,017) | PDF p. 133 Label p. 132 |
| Foreign currency translation differences | |||||||
| Foreign currency translation differences$’000 | – | (30,981) | – | (30,981) | 11,329 | (19,652) | PDF p. 133 Label p. 132 |
| Share of foreign currency translation differences of associates and joint ventures | |||||||
| Share of foreign currency translation differences of associates and joint ventures$’000 | – | (18,039) | – | (18,039) | – | (18,039) | PDF p. 133 Label p. 132 |
| Reserves released on disposal of subsidiary | |||||||
| Reserves released on disposal of subsidiary$’000 | – | 28,318 | – | 28,318 | – | 28,318 | PDF p. 133 Label p. 132 |
| Other comprehensive income for the year, net of tax | |||||||
| Other comprehensive income for the year, net of tax$’000 | – | (26,031) | 18,183 | (7,848) | 38,774 | 30,926 | PDF p. 133 Label p. 132 |
| Total comprehensive income for the year, net of tax | |||||||
| Total comprehensive income for the year, net of tax$’000 | – | (26,031) | 480,953 | 454,922 | 71,790 | 526,712 | PDF p. 133 Label p. 132 |
| Hedging gains and losses and cost of hedging transferred to the cost of inventory | |||||||
| Hedging gains and losses and cost of hedging transferred to the cost of inventory$’000 | – | 99 | – | 99 | – | 99 | PDF p. 133 Label p. 132 |
| Capital contribution by non-controlling interests | |||||||
| Capital contribution by non-controlling interests$’000 | – | – | – | – | 6,172 | 6,172 | PDF p. 133 Label p. 132 |
| Cost of share-based payment | |||||||
| Cost of share-based payment$’000 | – | 48,454 | – | 48,454 | 135 | 48,589 | PDF p. 133 Label p. 132 |
| Purchase of treasury shares | |||||||
| Purchase of treasury shares$’000 | – | – | – | (69,533) | – | (69,533) | PDF p. 133 Label p. 132 |
| Treasury shares reissued pursuant to share plans | |||||||
| Treasury shares reissued pursuant to share plans$’000 | (12,931) | (36,167) | – | 104 | (104) | – | PDF p. 133 Label p. 132 |
| Dividends paid | |||||||
| Dividends paid$’000 | – | – | (530,422) | (530,422) | – | (530,422) | PDF p. 133 Label p. 132 |
| Dividends paid to non-controlling interests | |||||||
| Dividends paid to non-controlling interests$’000 | – | – | – | – | (9,555) | (9,555) | PDF p. 133 Label p. 132 |
| Total contributions by and distributions to owners of the Company | |||||||
| Total contributions by and distributions to owners of the Company$’000 | (12,931) | 12,287 | (530,422) | (551,397) | (3,352) | (554,749) | PDF p. 133 Label p. 132 |
| Acquisition of non-controlling interests in a subsidiary without a change in control | |||||||
| Acquisition of non-controlling interests in a subsidiary without a change in control$’000 | – | (359) | – | (359) | (1,305) | (1,664) | PDF p. 133 Label p. 132 |
| Total transactions with owners of the Company | |||||||
| Total transactions with owners of the Company$’000 | (12,931) | 11,928 | (530,422) | (551,756) | (4,657) | (556,413) | PDF p. 133 Label p. 132 |
| Transfer from retained earnings to statutory reserve | |||||||
| Transfer from retained earnings to statutory reserve$’000 | – | 5,713 | (5,713) | – | – | – | PDF p. 133 Label p. 132 |
| Balance at 31 December 2025 | |||||||
| Balance at 31 December 2025$’000 | 75,802 | (69,142) | 1,724,189 | 2,573,638 | 347,607 | 2,921,245 | PDF p. 133 Label p. 132 |
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The statement is printed across facing continuation pages. For the continued components, blank original_label is intentional because the continuation page prints numeric rows without repeating labels; section labels align by source row order with the adjacent left-page label rows.
Consolidated Statement of Changes in Equity — Group 2024 (share capital and treasury shares)
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; Share capital | 2024Group; Treasury shares | Source |
|---|---|---|---|
| Statement of changes in equity | |||
| At 1 January 2024$’000 | 895,926 | (29,644) | PDF p. 134 |
| Profit after taxation$’000 | – | – | PDF p. 134 |
| Defined benefit plan remeasurements$’000 | – | – | PDF p. 134 |
| Net fair value changes on equity investment at FVOCI$’000 | – | – | PDF p. 134 |
| Net fair value changes of cash flow hedges reclassified to income statement$’000 | – | – | PDF p. 134 |
| Effective portion of changes in fair value of cash flow hedges$’000 | – | – | PDF p. 134 |
| Share of net fair value changes on cash flow hedges of joint ventures$’000 | – | – | PDF p. 134 |
| Foreign currency translation differences$’000 | – | – | PDF p. 134 |
| Share of foreign currency translation differences of associates and joint ventures$’000 | – | – | PDF p. 134 |
| Reserves released on disposal of subsidiaries$’000 | – | – | PDF p. 134 |
| Other comprehensive income for the year, net of tax$’000 | – | – | PDF p. 134 |
| Total comprehensive income for the year, net of tax$’000 | – | – | PDF p. 134 |
| Hedging gains and losses and cost of hedging transferred to the cost of inventory$’000 | – | – | PDF p. 134 |
| Cost of share-based payment$’000 | – | – | PDF p. 134 |
| Purchase of treasury shares$’000 | – | (33,325) | PDF p. 134 |
| Treasury shares reissued pursuant to share plans$’000 | – | 30,163 | PDF p. 134 |
| Dividends paid$’000 | – | – | PDF p. 134 |
| Dividends paid to non-controlling interests$’000 | – | – | PDF p. 134 |
| Total contributions by and distributions to owners of the Company$’000 | – | (3,162) | PDF p. 134 |
| Acquisition of non-controlling interests in a subsidiary without a change in control$’000 | – | – | PDF p. 134 |
| Disposal of subsidiary$’000 | – | – | PDF p. 134 |
| Total transactions with owners of the Company$’000 | – | (3,162) | PDF p. 134 |
| Transfer from retained earnings to statutory reserve$’000 | – | – | PDF p. 134 |
| Transfer from other reserves to retained earnings$’000 | – | – | PDF p. 134 |
| Balance at 31 December 2024$’000 | 895,926 | (32,806) | PDF p. 134 |
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The statement is printed across facing continuation pages. For the continued components, blank original_label is intentional because the continuation page prints numeric rows without repeating labels; section labels align by source row order with the adjacent left-page label rows.
Consolidated Statement of Changes in Equity — Group 2024 (continued components)
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; Capital reserves | 2024Group; Other reserves | 2024Group; Retained earnings | 2024Group; Total | 2024Group; Non-controlling interests | 2024Group; Total equity | Source |
|---|---|---|---|---|---|---|---|
| At 1 January 2024 | |||||||
| At 1 January 2024$’000 | 93,464 | (63,346) | 1,562,940 | 2,459,340 | 292,996 | 2,752,336 | PDF p. 135 Label p. 134 |
| Profit after taxation | |||||||
| Profit after taxation$’000 | – | – | 702,256 | 702,256 | 26,949 | 729,205 | PDF p. 135 Label p. 134 |
| Defined benefit plan remeasurements | |||||||
| Defined benefit plan remeasurements$’000 | – | – | 13,418 | 13,418 | (172) | 13,246 | PDF p. 135 Label p. 134 |
| Net fair value changes on equity investment at FVOCI | |||||||
| Net fair value changes on equity investment at FVOCI$’000 | – | (1,937) | – | (1,937) | – | (1,937) | PDF p. 135 Label p. 134 |
| Net fair value changes of cash flow hedges reclassified to income statement | |||||||
| Net fair value changes of cash flow hedges reclassified to income statement$’000 | – | (13,857) | – | (13,857) | 4,648 | (9,209) | PDF p. 135 Label p. 134 |
| Effective portion of changes in fair value of cash flow hedges | |||||||
| Effective portion of changes in fair value of cash flow hedges$’000 | – | (37,029) | – | (37,029) | (21,230) | (58,259) | PDF p. 135 Label p. 134 |
| Share of net fair value changes on cash flow hedges of joint ventures | |||||||
| Share of net fair value changes on cash flow hedges of joint ventures$’000 | – | 3,858 | – | 3,858 | – | 3,858 | PDF p. 135 Label p. 134 |
| Foreign currency translation differences | |||||||
| Foreign currency translation differences$’000 | – | 35,828 | – | 35,828 | (8,852) | 26,976 | PDF p. 135 Label p. 134 |
| Share of foreign currency translation differences of associates and joint ventures | |||||||
| Share of foreign currency translation differences of associates and joint ventures$’000 | – | 10,744 | – | 10,744 | – | 10,744 | PDF p. 135 Label p. 134 |
| Reserves released on disposal of subsidiaries | |||||||
| Reserves released on disposal of subsidiaries$’000 | – | (261) | – | (261) | 2,268 | 2,007 | PDF p. 135 Label p. 134 |
| Other comprehensive income for the year, net of tax | |||||||
| Other comprehensive income for the year, net of tax$’000 | – | (2,654) | 13,418 | 10,764 | (23,338) | (12,574) | PDF p. 135 Label p. 134 |
| Total comprehensive income for the year, net of tax | |||||||
| Total comprehensive income for the year, net of tax$’000 | – | (2,654) | 715,674 | 713,020 | 3,611 | 716,631 | PDF p. 135 Label p. 134 |
| Hedging gains and losses and cost of hedging transferred to the cost of inventory | |||||||
| Hedging gains and losses and cost of hedging transferred to the cost of inventory$’000 | – | 443 | – | 443 | – | 443 | PDF p. 135 Label p. 134 |
| Cost of share-based payment | |||||||
| Cost of share-based payment$’000 | – | 31,392 | – | 31,392 | 83 | 31,475 | PDF p. 135 Label p. 134 |
| Purchase of treasury shares | |||||||
| Purchase of treasury shares$’000 | – | – | – | (33,325) | – | (33,325) | PDF p. 135 Label p. 134 |
| Treasury shares reissued pursuant to share plans | |||||||
| Treasury shares reissued pursuant to share plans$’000 | (4,731) | (25,350) | – | 82 | (82) | – | PDF p. 135 Label p. 134 |
| Dividends paid | |||||||
| Dividends paid$’000 | – | – | (498,883) | (498,883) | – | (498,883) | PDF p. 135 Label p. 134 |
| Dividends paid to non-controlling interests | |||||||
| Dividends paid to non-controlling interests$’000 | – | – | – | – | (11,840) | (11,840) | PDF p. 135 Label p. 134 |
| Total contributions by and distributions to owners of the Company | |||||||
| Total contributions by and distributions to owners of the Company$’000 | (4,731) | 6,042 | (498,883) | (500,734) | (11,839) | (512,573) | PDF p. 135 Label p. 134 |
| Acquisition of non-controlling interests in a subsidiary without a change in control | |||||||
| Acquisition of non-controlling interests in a subsidiary without a change in control$’000 | – | (1,696) | – | (1,696) | (2,008) | (3,704) | PDF p. 135 Label p. 134 |
| Disposal of subsidiary | |||||||
| Disposal of subsidiary$’000 | – | – | – | – | (2,286) | (2,286) | PDF p. 135 Label p. 134 |
| Total transactions with owners of the Company | |||||||
| Total transactions with owners of the Company$’000 | (4,731) | 4,346 | (498,883) | (502,430) | (16,133) | (518,563) | PDF p. 135 Label p. 134 |
| Transfer from retained earnings to statutory reserve | |||||||
| Transfer from retained earnings to statutory reserve$’000 | – | 259 | (259) | – | – | – | PDF p. 135 Label p. 134 |
| Transfer from other reserves to retained earnings | |||||||
| Transfer from other reserves to retained earnings$’000 | – | 101 | (101) | – | – | – | PDF p. 135 Label p. 134 |
| Balance at 31 December 2024 | |||||||
| Balance at 31 December 2024$’000 | 88,733 | (60,851) | 1,779,371 | 2,670,373 | 280,474 | 2,950,847 | PDF p. 135 Label p. 134 |
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The statement is printed across facing continuation pages. For the continued components, blank original_label is intentional because the continuation page prints numeric rows without repeating labels; section labels align by source row order with the adjacent left-page label rows.
2025 Reported Figures — Five-Year Summary Footnote 1
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; reported (footnote 1) | Source |
|---|---|---|
| Reported figures corresponding to BOP footnote 1 | ||
| EBITDA$m | 1,435.5 | PDF p. 50 |
| EBIT$m | 905.0 | PDF p. 50 |
| PBT$m | 701.0 | PDF p. 50 |
| net profit$m | 462.8 | PDF p. 50 |
| EPScents | 14.84 | PDF p. 50 |
| return on sales% | 4.0 | PDF p. 50 |
| return on equity% | 18.0 | PDF p. 50 |
| return on capital employed% | 7.1 | PDF p. 50 |
| dividend covertimes | 0.6 | PDF p. 50 |
| net profit per employee$ | 16,641 | PDF p. 50 |
| value added per employee$ | 196,895 | PDF p. 50 |
| value added per dollar of employment costs$ | 1.64 | PDF p. 50 |
| value added per dollar of gross property, plant and equipment$ | 1.07 | PDF p. 50 |
| value added per dollar of revenue$ | 0.44 | PDF p. 50 |
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The five-year table marks selected 2025 values with footnote 1 as BOP. These are the corresponding reported figures explicitly printed in that footnote; the original five-year columns and notes are retained.
Where the money comes from
Segment information
By business
B1 Segment information 2025 – by business segment 15 lines
| Item / unit | 2025Commercial Aerospace | 2025Defence & Public Security | 2025Urban Solutions & Satcom | 2025Elimination | 2025Group | Source |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| External sales$'000 | 4,986,105 | 5,334,155 | 2,026,166 | – | 12,346,426 | PDF p. 141 |
| Inter-segment sales$'000 | 56,200 | 52,502 | 57,345 | (166,047) | – | PDF p. 141 |
| Revenue total$'000 | 5,042,305 | 5,386,657 | 2,083,511 | (166,047) | 12,346,426 | PDF p. 141 |
| Results | ||||||
| Reportable segment profit from operations$'000 | 487,412 | 911,771 | (556,067) | – | 843,116 | PDF p. 141 |
| Non-operating income, net$'000 | – | 249 | – | – | 249 | PDF p. 141 |
| Share of results of associates and joint ventures, net of tax$'000 | 55,028 | 6,581 | (14) | – | 61,595 | PDF p. 141 |
| Earnings before interest and tax$'000 | 542,440 | 918,601 | (556,081) | – | 904,960 | PDF p. 141 |
| Assets | ||||||
| Other assets$'000 | 5,398,822 | 7,050,944 | 4,947,074 | (2,697,822) | 14,699,018 | PDF p. 141 |
| Associates and joint ventures$'000 | 441,166 | 41,835 | – | – | 483,001 | PDF p. 141 |
| Segment assets$'000 | 5,839,988 | 7,092,779 | 4,947,074 | (2,697,822) | 15,182,019 | PDF p. 141 |
| Liabilities | ||||||
| Segment liabilities$'000 | 2,285,294 | 6,934,215 | 1,299,301 | (2,635,281) | 7,883,529 | PDF p. 141 |
| Other | ||||||
| Capital expenditure$'000 | 451,847 | 263,610 | 80,253 | (4,473) | 791,237 | PDF p. 141 |
| Depreciation and amortisation$'000 | 189,164 | 175,955 | 169,137 | (3,683) | 530,573 | PDF p. 141 |
| Allowance for inventory obsolescence, net$'000 | 20,305 | 19,049 | 4,953 | – | 44,307 | PDF p. 141 |
| Impairment losses$'000 | 15,009 | 27,553 | 667,055 | – | 709,617 | PDF p. 141 |
Notes
Inter-segment pricing is based on terms negotiated between the parties which are intended to reflect competitive terms.
Segment performance is evaluated based on operating profit or loss which in certain respects is measured differently from operating profit or loss in the consolidated financial statements.
Items below segment level (finance income/costs, taxation, NCI, deferred tax, cash, provision for taxation, borrowings) are shown only in Group column.
B1 Segment information 2024 – by business segment 15 lines
| Item / unit | 2024Commercial Aerospace | 2024Defence & Public Security | 2024Urban Solutions & Satcom | 2024Elimination | 2024Group | Source |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| External sales$'000 | 4,384,398 | 4,934,508 | 1,956,753 | – | 11,275,659 | PDF p. 142 |
| Inter-segment sales$'000 | 55,874 | 36,472 | 52,414 | (144,760) | – | PDF p. 142 |
| Revenue total$'000 | 4,440,272 | 4,970,980 | 2,009,167 | (144,760) | 11,275,659 | PDF p. 142 |
| Results | ||||||
| Reportable segment profit from operations$'000 | 342,294 | 620,950 | 42,296 | – | 1,005,540 | PDF p. 142 |
| Non-operating expenses, net$'000 | 26 | – | (85) | – | (59) | PDF p. 142 |
| Share of results of associates and joint ventures, net of tax$'000 | 57,859 | 15,418 | (2,291) | – | 70,986 | PDF p. 142 |
| Earnings before interest and tax$'000 | 400,179 | 636,368 | 39,920 | – | 1,076,467 | PDF p. 142 |
| Assets | ||||||
| Other assets$'000 | 4,835,204 | 6,680,634 | 6,011,880 | (2,623,000) | 14,904,718 | PDF p. 142 |
| Associates and joint ventures$'000 | 499,310 | 102,765 | 19,380 | – | 621,455 | PDF p. 142 |
| Segment assets$'000 | 5,334,514 | 6,783,399 | 6,031,260 | (2,623,000) | 15,526,173 | PDF p. 142 |
| Liabilities | ||||||
| Segment liabilities$'000 | 1,939,312 | 6,217,255 | 1,098,336 | (2,140,270) | 7,114,633 | PDF p. 142 |
| Other | ||||||
| Capital expenditure$'000 | 286,151 | 195,046 | 117,450 | (21,881) | 576,766 | PDF p. 142 |
| Depreciation and amortisation$'000 | 183,371 | 167,785 | 190,635 | (3,957) | 537,834 | PDF p. 142 |
| Allowance for inventory obsolescence, net$'000 | 7,189 | 27,306 | 7,636 | – | 42,131 | PDF p. 142 |
| Write-back of impairment loss$'000 | – | (24) | – | – | (24) | PDF p. 142 |
Notes
Inter-segment pricing is based on terms negotiated between the parties which are intended to reflect competitive terms.
Items below segment level are shown only in Group column.
By geography
B1 Analysis by country of incorporation – revenue and non-current assets 5 lines
| Item / unit | 2025Revenue | 2024Revenue | 2025Non-current assets | 2024Non-current assets | Source |
|---|---|---|---|---|---|
| Geographical | |||||
| Asia$'000 | 8,095,048 | 6,771,555 | 2,720,936 | 2,574,923 | PDF p. 143 |
| U.S.$'000 | 3,212,487 | 3,200,408 | 3,890,931 | 4,713,784 | PDF p. 143 |
| Europe$'000 | 994,704 | 1,239,089 | 930,160 | 1,242,354 | PDF p. 143 |
| Others$'000 | 44,187 | 64,607 | 84,659 | 92,670 | PDF p. 143 |
| Total$'000 | 12,346,426 | 11,275,659 | 7,626,686 | 8,623,731 | PDF p. 143 |
Notes
Revenue is based on the subsidiaries’ country of incorporation regardless of where the goods are produced or services rendered. Non-current assets, excluding deferred tax assets, derivative financial instruments and post-employment benefits, are based on the location of those assets.
Within Europe, revenue of approximately $731,281,000 (2024: $927,494,000) was from subsidiaries located in Germany.
Within Asia, most of the revenue was from subsidiaries located in Singapore.
Within Europe, non-current assets of approximately $671,693,000 (2024: $570,696,000), $15,406,000 (2024: $370,868,000) and $184,628,000 (2024: $227,840,000) were from subsidiaries located in Germany, Belgium and Ireland respectively.
Debt
Borrowings
E4(a) Bank loans - currency, rates, maturity, secured/unsecured
| Item / unit | 2025Group 2025 $'000 (effective rate % and maturity as printed) | 2024Group 2024 $'000 (effective rate % and maturity as printed) | Source |
|---|---|---|---|
| Bank loans | |||
| Bank loans EUR$'000 | 59,296 | 34,409 | PDF p. 219 |
| SGD$'000 | 300,000 | 300,000 | PDF p. 219 |
| CNH$'000 | 86,586 | 44,675 | PDF p. 219 |
| - Unsecured$'000 | 445,882 | 361,943 | PDF p. 219 |
| - Secured$'000 | – | 17,141 | PDF p. 219 |
| At the end of the year$'000 | 445,882 | 379,084 | PDF p. 219 |
Notes
Effective interest rates (%): EUR 1.5–3.6 (2025), 1.4–1.6 (2024); SGD 2.5 both; CNH 2.1–2.7 (2025), 2.7 (2024). Maturity: EUR 2027–2030 (2025), 2026–2029 (2024); SGD 2027; CNH 2026–2027. Secured by PPE of subsidiaries $nil (2024: $6,355,000) and subsidiary's land use right $nil (2024: $10,786,000). All bank loans are denominated in the respective entities' functional currency.
E4(d) Lease liabilities maturity
| Item / unit | 2025Group $'000 | 2024Group $'000 | Source |
|---|---|---|---|
| Maturity analysis – contractual undiscounted cash flows | |||
| Within 1 year$'000 | 85,692 | 99,787 | PDF p. 220 |
| Between 1 and 5 years$'000 | 241,934 | 242,793 | PDF p. 220 |
| After 5 years$'000 | 435,184 | 398,056 | PDF p. 220 |
| Total undiscounted lease liabilities at 31 December$'000 | 762,810 | 740,636 | PDF p. 220 |
| Lease liabilities | |||
| Lease liabilities included in the statement of financial position at 31 December$'000 | 681,884 | 573,315 | PDF p. 220 |
| Repayable | |||
| Within 1 year$'000 | 84,002 | 96,477 | PDF p. 220 |
| After 1 year$'000 | 597,882 | 476,838 | PDF p. 220 |
Notes
The statement-of-financial-position row label wraps across two lines; quote is the second line only.
Borrowing notes 5 tables
E4 Borrowings - Group, by type, non-current/current
| Item / unit | 2025Group Non-current $'000 | 2025Group Current $'000 | 2025Group Total $'000 | Source |
|---|---|---|---|---|
| 31 December 2025 | ||||
| Bank loans$'000 | 362,170 | 83,712 | 445,882 | PDF p. 218 |
| Commercial papers$'000 | – | 827,039 | 827,039 | PDF p. 218 |
| Medium-term notes$'000 | 2,236,175 | 641,853 | 2,878,028 | PDF p. 218 |
| Lease liabilities$'000 | 597,882 | 84,002 | 681,884 | PDF p. 218 |
| Total borrowings$'000 | 3,196,227 | 1,636,606 | 4,832,833 | PDF p. 218 |
Notes
Currency Singapore dollars unless otherwise stated. Total row has no printed label.
E4 Borrowings - Group, 31 December 2024 comparative
| Item / unit | 2024Group Non-current $'000 | 2024Group Current $'000 | 2024Group Total $'000 | Source |
|---|---|---|---|---|
| 31 December 2024 | ||||
| Bank loans$'000 | 369,129 | 9,955 | 379,084 | PDF p. 218 |
| Commercial papers$'000 | – | 1,818,963 | 1,818,963 | PDF p. 218 |
| Medium-term notes$'000 | 2,030,465 | 1,019,709 | 3,050,174 | PDF p. 218 |
| Lease liabilities$'000 | 476,838 | 96,477 | 573,315 | PDF p. 218 |
| Total borrowings$'000 | 2,876,432 | 2,945,104 | 5,821,536 | PDF p. 218 |
Notes
Total row has no printed label.
E4(b) Commercial papers
| Item / unit | 2025Group $'000 | 2024Group $'000 | Source |
|---|---|---|---|
| Commercial papers | |||
| Principal$'000 | 828,567 | 1,821,720 | PDF p. 219 |
| Unamortised interest$'000 | (1,384) | (2,577) | PDF p. 219 |
| Unamortised costs$'000 | (144) | (180) | PDF p. 219 |
Notes
Issued under the US$3.0 billion U.S. Commercial Paper Programme, denominated in United States Dollars, unsecured, due in 2026 (2024: 2025), interest rates 3.76% to 4.06% (2024: 4.42% to 4.66%) per annum. Carrying total 827,039 (2024: 1,818,963).
E4(c) Medium-term notes
| Item / unit | 2025Group $'000 | 2024Group $'000 | Source |
|---|---|---|---|
| Medium-term notes | |||
| Principal$'000 | 2,890,350 | 3,060,000 | PDF p. 220 |
| Unamortised discount$'000 | (12,322) | (9,826) | PDF p. 220 |
Notes
Fixed rates: 3.375% and 3.75% (May 2022 US$700m 5-year and US$300m 10-year bonds), 4.125% (May 2023 US$500m 3-year), 4.25% (8 May 2025 US$750m 5-year), under S$5.0 billion Multicurrency Medium Term Note Programme, guaranteed by the Company. Carrying total 2,878,028 (2024: 3,050,174).
Group borrowings summary (MD&A)
| Item / unit | 2024Group | 2025Group | Source |
|---|---|---|---|
| Borrowings | |||
| Gross Debt ($m)$m | 5,822 | 4,833 | PDF p. 47 |
| Net Debt ($m)$m | 5,392 | 4,256 | PDF p. 47 |
Notes
Borrowings include lease obligations. Ratios based on FY2025 BOP EBITDA. The borrowing profile by maturity/fixed-floating/currency are bar charts with only totals (5,822; 4,833) in the extracted text; segment values not extractable.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | dividends on a quarterly basis. | Policy effective FY2026 onwards | PDF p. 105 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Including the three quarterly interim dividends of 4 cents | 4 cents | FY2025, each of the first three quarters, per ordinary share | PDF p. 44 |
| Interim dividends paid in respect of the current financial year of 12 cents | 12 cents | FY2025 interim dividends paid; comparative 2024: 12 cents; Company | PDF p. 230 |
| The Directors propose a final dividend of 6 cents | 6 cents | FY2025 proposed final; comparative 2024: 5 cents | PDF p. 230 |
| special dividend | 5 cents | FY2025 proposed special; comparative 2024: nil | PDF p. 230 |
| Final dividend paid in respect of the previous financial year of 5 cents | 5 cents | FY2024 final dividend paid in 2025; comparative: 4 cents paid in 2024 (FY2023 final); Company | PDF p. 230 |
| AGM approval of final and special dividends | 23 April 2026 | FY2025 final and special dividends | PDF p. 104 |
| Gross dividend per share (cents) | 23 cents | FY2025 total (2024: 17; 2023: 16; 2022: 16; 2021: 15) | PDF p. 50 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend cover | 1.2 times | FY2025 on BOP basis (2024: 1.3; 2023: 1.2; 2022: 1.1; 2021: 1.2) | PDF p. 50 |
Extracted from Annual report and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Engagement partner | Lee Chian Yorn | Group | PDF p. 125 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment assessment of non-financial assets – goodwill | Impairment assessment of non-financial assets – goodwill | Group | PDF p. 122 |
| Goodwill KAM description | As at 31 December 2025, the carrying value of the Group’s | Group | PDF p. 122 |
| Revenue recognition based on stage of completion | Revenue recognition based on stage of completion | Group | PDF p. 123 |
| Revenue recognition KAM description | We focused on this area because of the significant | Group | PDF p. 123 |
Extracted from Annual report and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual report, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.