Sembcorp Industries Annual Report 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group, Restated | 2024Group, Jan 1, Restated | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|---|
| Non-current assets | ||||||
| Property, plant and equipmentS$ million | 8,714 | 8,304 | 6,465 | 427 | 389 | PDF p. 64 |
| Investment propertiesS$ million | 356 | 260 | 197 | – | – | PDF p. 64 |
| Intangible assetsS$ million | 952 | 977 | 952 | 30 | 33 | PDF p. 64 |
| Investments in subsidiariesS$ million | – | – | – | 2,238 | 2,234 | PDF p. 64 |
| Associates and joint venturesS$ million | 3,027 | 2,789 | 2,444 | – | – | PDF p. 64 |
| Trade and other receivablesS$ million | 785 | 802 | 811 | * | * | PDF p. 64 |
| DPN receivableS$ million | 1,291 | 1,581 | 1,816 | – | – | PDF p. 64 |
| Other investments and derivative assetsS$ million | 133 | 136 | 132 | * | * | PDF p. 64 |
| Deferred tax assetsS$ million | 82 | 69 | 66 | – | – | PDF p. 64 |
| Non-current assetsS$ million | 15,340 | 14,918 | 12,883 | 2,695 | 2,656 | PDF p. 64 |
| Current assets | ||||||
| InventoriesS$ million | 130 | 135 | 135 | 6 | 6 | PDF p. 64 |
| Trade and other receivablesS$ million | 1,689 | 1,813 | 1,675 | 165 | 133 | PDF p. 64 |
| Contract assetsS$ million | 31 | 37 | 15 | – | – | PDF p. 64 |
| Other investments and derivative assetsS$ million | 113 | 114 | 114 | 3 | * | PDF p. 64 |
| Cash and cash equivalentsS$ million | 1,109 | 871 | 767 | 164 | 201 | PDF p. 64 |
| Current assetsS$ million | 3,072 | 2,970 | 2,706 | 338 | 340 | PDF p. 64 |
| Assets held for saleS$ million | 17 | 392 | – | – | 268 | PDF p. 64 |
| Assets | ||||||
| Total assetsS$ million | 18,429 | 18,280 | 15,589 | 3,033 | 3,264 | PDF p. 64 |
| Current liabilities | ||||||
| Trade and other payablesS$ million | 1,411 | 1,585 | 1,630 | 144 | 172 | PDF p. 64 |
| Contract liabilitiesS$ million | 161 | 197 | 171 | 2 | 2 | PDF p. 64 |
| Derivative liabilitiesS$ million | 53 | 36 | 63 | * | 1 | PDF p. 64 |
| ProvisionsS$ million | 62 | 65 | 77 | 38 | 39 | PDF p. 64 |
| Current tax payableS$ million | 149 | 182 | 236 | 26 | 19 | PDF p. 64 |
| Lease liabilitiesS$ million | 59 | 27 | 18 | 6 | 5 | PDF p. 64 |
| Loans and borrowingsS$ million | 1,057 | 671 | 1,281 | – | – | PDF p. 64 |
| Current liabilitiesS$ million | 2,952 | 2,763 | 3,476 | 216 | 238 | PDF p. 64 |
| Liabilities held for saleS$ million | 2 | 148 | – | – | – | PDF p. 64 |
| Net current assets / (liabilities) | ||||||
| Net current assets / (liabilities)S$ million | 135 | 451 | (770) | 122 | 370 | PDF p. 64 |
| Non-current liabilities | ||||||
| Other long-term payablesS$ million | 97 | 99 | 121 | 1,375 | 1,416 | PDF p. 64 |
| Contract liabilitiesS$ million | 78 | 79 | 80 | 32 | 35 | PDF p. 64 |
| Derivative liabilitiesS$ million | 117 | 30 | 20 | – | – | PDF p. 64 |
| ProvisionsS$ million | 75 | 69 | 65 | 20 | 16 | PDF p. 64 |
| Deferred tax liabilitiesS$ million | 655 | 639 | 607 | 23 | 24 | PDF p. 64 |
| Lease liabilitiesS$ million | 688 | 702 | 292 | 107 | 103 | PDF p. 64 |
| Loans and borrowingsS$ million | 7,899 | 8,000 | 5,973 | – | – | PDF p. 64 |
| Non-current liabilitiesS$ million | 9,609 | 9,618 | 7,158 | 1,557 | 1,594 | PDF p. 64 |
| Liabilities | ||||||
| Total liabilitiesS$ million | 12,563 | 12,529 | 10,634 | 1,773 | 1,832 | PDF p. 64 |
| Net assets | ||||||
| Net assetsS$ million | 5,866 | 5,751 | 4,955 | 1,260 | 1,432 | PDF p. 64 |
| Equity attributable to owners of the Company | ||||||
| Share capitalS$ million | 566 | 566 | 566 | 566 | 566 | PDF p. 64 |
| Reserve for own sharesS$ million | (56) | (24) | (40) | (56) | (24) | PDF p. 64 |
| Other reservesS$ million | (934) | (651) | (665) | (62) | (32) | PDF p. 64 |
| Revenue reserveS$ million | 5,967 | 5,550 | 4,800 | 812 | 922 | PDF p. 64 |
| TotalS$ million | 5,543 | 5,441 | 4,661 | 1,260 | 1,432 | PDF p. 64 |
| Equity | ||||||
| Non-controlling interestsS$ million | 323 | 310 | 294 | – | – | PDF p. 64 |
| Total equityS$ million | 5,866 | 5,751 | 4,955 | 1,260 | 1,432 | PDF p. 64 |
Original report: PDF p. 64 ↗
The report states that prior-period comparative figures were restated following a revision to the Group’s accounting policy for subsequent measurement of investment properties; see Note A2i. Asterisks are preserved as printed.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group, Restated | Source |
|---|---|---|---|
| Continuing operations | |||
| TurnoverS$ million | 5,799 | 6,417 | PDF p. 65 |
| Cost of salesS$ million | (4,501) | (4,908) | PDF p. 65 |
| Gross profitS$ million | 1,298 | 1,509 | PDF p. 65 |
| General and administrative expensesS$ million | (443) | (476) | PDF p. 65 |
| Other operating income, netS$ million | 105 | 82 | PDF p. 65 |
| Non-operating incomeS$ million | 119 | 186 | PDF p. 65 |
| Non-operating expensesS$ million | (35) | (13) | PDF p. 65 |
| Finance incomeS$ million | 28 | 27 | PDF p. 65 |
| Finance costsS$ million | (392) | (372) | PDF p. 65 |
| Share of results of associates and joint ventures, net of taxS$ million | 496 | 316 | PDF p. 65 |
| Profit before taxS$ million | 1,176 | 1,259 | PDF p. 65 |
| Tax expenseS$ million | (156) | (207) | PDF p. 65 |
| Profit from continuing operationsS$ million | 1,020 | 1,052 | PDF p. 65 |
| Discontinued operation | |||
| Loss from discontinued operation, net of taxS$ million | – | (9) | PDF p. 65 |
| Profit for the year | |||
| Profit for the yearS$ million | 1,020 | 1,043 | PDF p. 65 |
| Profit attributable to | |||
| Owners of the CompanyS$ million | 984 | 1,016 | PDF p. 65 |
| Non-controlling interestsS$ million | 36 | 27 | PDF p. 65 |
| Profit for the yearS$ million | 1,020 | 1,043 | PDF p. 65 |
| Earnings per share (cents) | |||
| Basiccents per share | 55.33 | 57.00 | PDF p. 65 |
| Dilutedcents per share | 54.71 | 56.10 | PDF p. 65 |
| Earnings per share (cents) – Continuing operations | |||
| Basiccents per share | 55.33 | 57.51 | PDF p. 65 |
| Dilutedcents per share | 54.71 | 56.60 | PDF p. 65 |
Original report: PDF p. 65 ↗
Comparative 2024 figures are marked Restated. The report provides a consolidated profit or loss statement on this page; no separate Company statement is shown here.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group, Restated | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit for the yearS$ million | 1,020 | 1,043 | PDF p. 65 |
| Other comprehensive income, items that may be reclassified subsequently to profit or loss | |||
| Foreign currency translation differences for foreign operationsS$ million | (301) | 35 | PDF p. 65 |
| Exchange differences on monetary items forming part of net investment in foreign operationS$ million | 1 | 1 | PDF p. 65 |
| Net change in fair value of cash flow hedgesS$ million | (85) | 13 | PDF p. 65 |
| Net change in fair value of cash flow hedges reclassified to profit or lossS$ million | (16) | (35) | PDF p. 65 |
| Realisation of reserves upon disposal / liquidation of investments and assets held for saleS$ million | 20 | (2) | PDF p. 65 |
| Share of other comprehensive income of associates and joint venturesS$ million | (18) | 18 | PDF p. 65 |
| Net change in fair value of cash flow hedges reclassified to cost of investment of / loan to a subsidiaryS$ million | – | 5 | PDF p. 65 |
| Income tax relating to these itemsS$ million | 15 | 4 | PDF p. 65 |
| SubtotalS$ million | (384) | 39 | PDF p. 65 |
| Other comprehensive income, items that may not be reclassified subsequently to profit or loss | |||
| Defined benefit plan actuarial gains and lossesS$ million | 3 | (9) | PDF p. 65 |
| Change in fair value of financial assets at fair value through other comprehensive incomeS$ million | 5 | 1 | PDF p. 65 |
| Income tax relating to these itemsS$ million | * | 2 | PDF p. 65 |
| SubtotalS$ million | 8 | (6) | PDF p. 65 |
| Other comprehensive income | |||
| Other comprehensive income for the year, net of taxS$ million | (376) | 33 | PDF p. 65 |
| Comprehensive income | |||
| Total comprehensive income for the yearS$ million | 644 | 1,076 | PDF p. 65 |
| Total comprehensive income attributable to | |||
| Owners of the CompanyS$ million | 629 | 1,046 | PDF p. 65 |
| Non-controlling interestsS$ million | 15 | 30 | PDF p. 65 |
| Total comprehensive income for the yearS$ million | 644 | 1,076 | PDF p. 65 |
| Total comprehensive income attributable to owners of the Company | |||
| Continuing operationsS$ million | 629 | 1,046 | PDF p. 65 |
| Discontinued operationS$ million | – | – | PDF p. 65 |
| SubtotalS$ million | 629 | 1,046 | PDF p. 65 |
Original report: PDF p. 65 ↗
Comparative 2024 figures are marked Restated. Asterisks are preserved as printed.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; FY ended December 31, 2025 | 2024Group; FY ended December 31, 2024; restated where stated | 2025Change (%), 2025 vs 2024 | Source |
|---|---|---|---|---|
| For the Year | ||||
| TurnoverS$ million; Change (%) | 5,799 | 6,417 | (10) | PDF p. 7 |
| Gas and Related ServicesS$ million; Change (%) | 4,088 | 4,637 | (12) | PDF p. 7 |
| RenewablesS$ million; Change (%) | 856 | 746 | 15 | PDF p. 7 |
| Integrated Urban SolutionsS$ million; Change (%) | 242 | 431 | (44) | PDF p. 7 |
| Decarbonisation SolutionsS$ million; Change (%) | 42 | 53 | (21) | PDF p. 7 |
| Other Businesses and CorporateS$ million; Change (%) | 571 | 550 | 4 | PDF p. 7 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA)1S$ million; Change (%) | 1,520 | 1,734 | (12) | PDF p. 7 |
| Associates and joint ventures, net of taxS$ million; Change (%) | 496 | 316 | 57 | PDF p. 7 |
| Adjusted EBITDAS$ million; Change (%) | 2,016 | 2,050 | (2) | PDF p. 7 |
| Profit before taxS$ million; Change (%) | 1,176 | 1,259 | (7) | PDF p. 7 |
| Net profit before exceptional items and DPN FX∆2S$ million; Change (%) | 1,003 | 1,014 | (1) | PDF p. 7 |
| Gas and Related ServicesS$ million; Change (%) | 701 | 728 | (4) | PDF p. 7 |
| RenewablesS$ million; Change (%) | 192 | 183 | 5 | PDF p. 7 |
| Integrated Urban SolutionsS$ million; Change (%) | 178 | 173 | 3 | PDF p. 7 |
| Decarbonisation SolutionsS$ million; Change (%) | (23) | (20) | (15) | PDF p. 7 |
| Other Businesses and CorporateS$ million; Change (%) | (45) | (50) | 10 | PDF p. 7 |
| Exceptional itemsS$ million; Change (%) | 135 | 1 | NM | PDF p. 7 |
| DPN FX∆, (Loss) / GainS$ million; Change (%) | (154) | 10 | NM | PDF p. 7 |
| Net profit from continuing operationsS$ million; Change (%) | 984 | 1,025 | (4) | PDF p. 7 |
| Net loss from discontinued operationS$ million; Change (%) | – | (9) | NM | PDF p. 7 |
| Net profitS$ million; Change (%) | 984 | 1,016 | (3) | PDF p. 7 |
| Capital Position | ||||
| Owners’ fundsS$ million; Change (%) | 5,543 | 5,441 | 2 | PDF p. 7 |
| Total assetsS$ million; Change (%) | 18,429 | 18,280 | 1 | PDF p. 7 |
| Net debtS$ million; Change (%) | 7,847 | 7,800 | 1 | PDF p. 7 |
| Operating cash flowS$ million; Change (%) | 1,170 | 1,412 | (17) | PDF p. 7 |
| Free cash flowS$ million; Change (%) | 2,070 | 1,790 | 16 | PDF p. 7 |
| Capital expenditure and equity investmentS$ million; Change (%) | 1,192 | 1,991 | (40) | PDF p. 7 |
| Shareholder Returns | ||||
| Net assets per share (S$)S$ per share; Change (%) | 3.12 | 3.05 | 2 | PDF p. 7 |
| Earnings per share (cents)cents per share; Change (%) | 55.33 | 57.00 | (3) | PDF p. 7 |
| – Continuing operations (cents)cents per share; Change (%) | 55.33 | 57.51 | (4) | PDF p. 7 |
| Dividends per share (cents)cents per share; Change (%) | 25.00 | 23.00 | 9 | PDF p. 7 |
| Last traded share price3 (S$)S$ per share; Change (%) | 6.02 | 5.52 | 9 | PDF p. 7 |
| Total shareholder return (%)% | 14 | 7 | 100 | PDF p. 7 |
Original report: PDF p. 7 ↗
2024 comparative values for financial statements have been restated after the investment-property accounting policy change; the report notes that 2021–2023 have not been re-presented in the separate five-year performance table.
EBITDA refers to earnings before net interest expense, tax, depreciation and amortisation.
DPN FX∆ means deferred payment note foreign exchange gain / loss.
NM means Not meaningful.
Last traded share price is as at December 31 of the respective years.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; FY2025 | 2024Group; FY2024; restated where marked | 2023Group; FY2023; not re-presented | 2022Group; FY2022; not re-presented; SEIL classified as discontinued operation per source footnote 2 | 2021Group; FY2021; not re-presented | Source |
|---|---|---|---|---|---|---|
| For the Year | ||||||
| TurnoverS$ million | 5,799 | 6,417 | 7,042 | 7,825 | 7,795 | PDF p. 8 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA)3S$ million | 1,520 | 1,734 | 1,789 | 1,308 | 1,288 | PDF p. 8 |
| Share of results: Associates and joint ventures, net of taxS$ million | 496 | 316 | 264 | 248 | 206 | PDF p. 8 |
| Adjusted EBITDAS$ million | 2,016 | 2,050 | 2,053 | 1,556 | 1,494 | PDF p. 8 |
| Profit before taxS$ million | 1,176 | 1,259 | 1,230 | 865 | 423 | PDF p. 8 |
| Net profit from continuing operationsS$ million | 984 | 1,025 | 1,020 | 704 | 279 | PDF p. 8 |
| Discontinued operationS$ million | – | (9) | (78) | 144 | − | PDF p. 8 |
| Net profitS$ million | 984 | 1,016 | 942 | 848 | 279 | PDF p. 8 |
| At Year End | ||||||
| Property, plant and equipment, and investment propertiesS$ million | 9,070 | 8,564 | 6,618 | 5,438 | 7,232 | PDF p. 8 |
| Other non-current assetsS$ million | 6,270 | 6,354 | 6,173 | 4,074 | 3,230 | PDF p. 8 |
| Net current assets / (liabilities)S$ million | 135 | 451 | (770) | 1,687 | 1,028 | PDF p. 8 |
| Non-current liabilitiesS$ million | (9,609) | (9,618) | (7,149) | (6,983) | (7,572) | PDF p. 8 |
| Net assetsS$ million | 5,866 | 5,751 | 4,872 | 4,216 | 3,918 | PDF p. 8 |
| Share capital and reservesS$ million | 5,543 | 5,441 | 4,588 | 3,977 | 3,767 | PDF p. 8 |
| Non-controlling interestsS$ million | 323 | 310 | 284 | 239 | 151 | PDF p. 8 |
| Total equityS$ million | 5,866 | 5,751 | 4,872 | 4,216 | 3,918 | PDF p. 8 |
| Per Share | ||||||
| Earnings (cents)cents per share | 55.33 | 57.00 | 52.83 | 47.59 | 15.64 | PDF p. 8 |
| Net assets (S$)S$ per share | 3.12 | 3.05 | 2.58 | 2.24 | 2.12 | PDF p. 8 |
| Dividends (cents)cents per share | 25.0 | 23.0 | 13.0 | 12.0 | 5.0 | PDF p. 8 |
Original report: PDF p. 8 ↗
1 Following the change in accounting policy on subsequent measurement of investment properties which was applied retrospectively, the 2024 information has been restated accordingly. Information for 2021 to 2023 are not re-presented.
2 Following the shareholders’ approval of the sale of SEIL on November 8, 2022, the performance of SEIL for the period was reported under discontinued operation.
3 EBITDA refers to earnings before net interest expense, tax, depreciation and amortisation.
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| Metric / unit | 2025Group; FY2025 | Source |
|---|---|---|
| Group FY2025 Highlights | ||
| Adjusted EBITDA1S$ million | 2,016 | PDF p. 2 |
| Return on Equity before EI and DPN FX∆% | 18.2 | PDF p. 2 |
Original report: PDF p. 2 ↗
The financial figures pertain to the Group’s continuing operations. In 2025, the Group revised its accounting policy for the subsequent measurement of investment properties by transitioning from the cost model to the fair value model under SFRS(I) 1-40 Investment Property; the change was applied retrospectively and the prior period comparative restated accordingly.
1 Adjusted EBITDA = reported EBITDA + share of results of associates and joint ventures, net of tax.
The report also states elsewhere on physical page 8 that 2025 Group return on equity (ROE) was 17.9%; the page 2 highlight specifically labels its 18.2% measure “before EI and DPN FX∆.” These are differently described measures and are retained separately.
The displayed measures are selected FY2025 highlights; this table is reported with one FY2025 column.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; year ended December 31, 2025; Share capital | 2025Group; year ended December 31, 2025; Reserve for own shares | 2025Group; year ended December 31, 2025; Foreign currency translation reserve | 2025Group; year ended December 31, 2025; Capital reserve | 2025Group; year ended December 31, 2025; Merger reserve | 2025Group; year ended December 31, 2025; Share-based payments reserve | 2025Group; year ended December 31, 2025; Fair value reserve | 2025Group; year ended December 31, 2025; Hedging reserve | 2025Group; year ended December 31, 2025; Revenue reserve | 2025Group; year ended December 31, 2025; Total attributable to owners of the Company | 2025Group; year ended December 31, 2025; Non-controlling interests | 2025Group; year ended December 31, 2025; Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Changes in equity | |||||||||||||
| At January 1, 2025, as previously statedS$ million | 566 | (24) | (634) | (97) | 29 | (37) | 37 | 50 | 5,471 | 5,361 | 298 | 5,659 | PDF p. 66 |
| Impact of change in accounting policyS$ million | – | – | 1 | – | – | – | – | – | 79 | 80 | 12 | 92 | PDF p. 66 |
| At January 1, 2025, as restatedS$ million | 566 | (24) | (633) | (97) | 29 | (37) | 37 | 50 | 5,550 | 5,441 | 310 | 5,751 | PDF p. 66 |
| Profit for the yearS$ million | – | – | – | – | – | – | – | – | 984 | 984 | 36 | 1,020 | PDF p. 66 |
| Foreign currency translation differences for foreign operationsS$ million | – | – | (284) | – | – | – | – | – | – | (284) | (17) | (301) | PDF p. 66 |
| part of net investment in foreign operationsS$ million | – | – | 1 | – | – | – | – | – | – | 1 | – | 1 | PDF p. 66 |
| Net change in fair value of cash flow hedgesS$ million | – | – | – | – | – | – | – | (69) | – | (69) | (2) | (71) | PDF p. 66 |
| Net change in fair value of cash flow hedges reclassified to profit or lossS$ million | – | – | – | – | – | – | – | (15) | – | (15) | – | (15) | PDF p. 66 |
| through other comprehensive incomeS$ million | – | – | – | – | – | – | 5 | – | – | 5 | – | 5 | PDF p. 66 |
| Realisation of reserves upon disposal / liquidation of investmentsS$ million | – | – | 21 | 112 | – | (1) | – | – | (110) | 22 | (2) | 20 | PDF p. 66 |
| Transfer of reservesS$ million | – | – | – | (1) | – | 1 | – | – | * | – | – | – | PDF p. 66 |
| Defined benefit plan actuarial gains and lossesS$ million | – | – | – | – | – | – | – | – | 3 | 3 | * | 3 | PDF p. 66 |
| Share of other comprehensive income of associates and joint venturesS$ million | – | – | – | * | – | – | * | (18) | – | (18) | – | (18) | PDF p. 66 |
| Total other comprehensive income for the yearS$ million | – | – | (262) | 111 | – | – | 5 | (102) | (107) | (355) | (21) | (376) | PDF p. 66 |
| Total comprehensive income for the yearS$ million | – | – | (262) | 111 | – | – | 5 | (102) | 877 | 629 | 15 | 644 | PDF p. 66 |
| Share issuanceS$ million | – | – | – | – | – | – | – | – | – | – | 5 | 5 | PDF p. 66 |
| Acquisition of subsidiariesS$ million | – | – | – | – | – | – | – | – | – | – | 9 | 9 | PDF p. 66 |
| Acquisition of non-controlling interestsS$ million | – | – | * | 1 | – | – | – | * | 2 | 3 | (3) | – | PDF p. 66 |
| Share-based paymentsS$ million | – | – | – | – | – | 26 | – | – | – | 26 | – | 26 | PDF p. 66 |
| Purchase of treasury sharesS$ million | – | (70) | – | – | – | – | – | – | – | (70) | – | (70) | PDF p. 66 |
| Treasury shares transferred to employeesS$ million | – | 38 | – | – | – | (38) | – | – | – | – | – | – | PDF p. 66 |
| Cash settlement of PSP and RSP (Note B6) at the discretion of the CompanyS$ million | – | – | – | – | – | (24) | – | – | – | (24) | – | (24) | PDF p. 66 |
| Dividend paid / payable to owners (Note C4)S$ million | – | – | – | – | – | – | – | – | (462) | (462) | – | (462) | PDF p. 66 |
| Dividend paid / payable to non-controlling interestsS$ million | – | – | – | – | – | – | – | – | – | – | (13) | (13) | PDF p. 66 |
| Total transactions with ownersS$ million | – | (32) | * | 1 | – | (36) | – | – | (460) | (527) | (2) | (529) | PDF p. 66 |
| At December 31, 2025S$ million | 566 | (56) | (895) | 15 | 29 | (73) | 42 | (52) | 5,967 | 5,543 | 323 | 5,866 | PDF p. 66 |
Original report: PDF p. 66 ↗
* denotes an amount less than S$500,000. 2024 comparative figures are restated following the change in accounting policy.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group; year ended December 31, 2024; restated; Share capital | 2024Group; year ended December 31, 2024; restated; Reserve for own shares | 2024Group; year ended December 31, 2024; restated; Foreign currency translation reserve | 2024Group; year ended December 31, 2024; restated; Capital reserve | 2024Group; year ended December 31, 2024; restated; Merger reserve | 2024Group; year ended December 31, 2024; restated; Share-based payments reserve | 2024Group; year ended December 31, 2024; restated; Fair value reserve | 2024Group; year ended December 31, 2024; restated; Hedging reserve | 2024Group; year ended December 31, 2024; restated; Revenue reserve | 2024Group; year ended December 31, 2024; restated; Total attributable to owners of the Company | 2024Group; year ended December 31, 2024; restated; Non-controlling interests | 2024Group; year ended December 31, 2024; restated; Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Changes in equity | |||||||||||||
| At January 1, 2024, as previously statedS$ million | 566 | (40) | (672) | (93) | 29 | (9) | 36 | 45 | 4,726 | 4,588 | 284 | 4,872 | PDF p. 67 |
| Impact of change in accounting policyS$ million | – | – | (1) | – | – | – | – | – | 74 | 73 | 10 | 83 | PDF p. 67 |
| At January 1, 2024, as restatedS$ million | 566 | (40) | (673) | (93) | 29 | (9) | 36 | 45 | 4,800 | 4,661 | 294 | 4,955 | PDF p. 67 |
| Profit for the year, restatedS$ million | – | – | – | – | – | – | – | – | 1,016 | 1,016 | 27 | 1,043 | PDF p. 67 |
| Foreign currency translation differences for foreign operationsS$ million | – | – | 32 | – | – | – | – | – | – | 32 | 3 | 35 | PDF p. 67 |
| part of net investment in foreign operationsS$ million | – | – | 1 | – | – | – | – | – | – | 1 | – | 1 | PDF p. 67 |
| Net change in fair value of cash flow hedgesS$ million | – | – | – | – | – | – | – | 12 | – | 12 | * | 12 | PDF p. 67 |
| Net change in fair value of cash flow hedges reclassified to profit or lossS$ million | – | – | – | – | – | – | – | (30) | – | (30) | – | (30) | PDF p. 67 |
| through other comprehensive incomeS$ million | – | – | – | – | – | – | 1 | – | – | 1 | – | 1 | PDF p. 67 |
| Realisation of reserves upon disposal of associatesS$ million | – | – | 7 | (1) | – | – | – | – | (8) | (2) | – | (2) | PDF p. 67 |
| Transfer of reservesS$ million | – | – | – | (1) | – | – | – | – | 1 | – | – | – | PDF p. 67 |
| reclassified to cost of investment of / loan to a subsidiaryS$ million | – | – | – | – | – | – | – | 5 | – | 5 | – | 5 | PDF p. 67 |
| Defined benefit plan actuarial gains and lossesS$ million | – | – | – | – | – | – | – | – | (7) | (7) | – | (7) | PDF p. 67 |
| Share of other comprehensive income of associates and joint venturesS$ million | – | – | – | * | – | – | * | 18 | – | 18 | – | 18 | PDF p. 67 |
| Total other comprehensive income for the yearS$ million | – | – | 40 | (2) | – | – | 1 | 5 | (14) | 30 | 3 | 33 | PDF p. 67 |
| Total comprehensive income for the year, restatedS$ million | – | – | 40 | (2) | – | – | 1 | 5 | 1,002 | 1,046 | 30 | 1,076 | PDF p. 67 |
| Share issuanceS$ million | – | – | – | – | – | – | – | – | – | – | 9 | 9 | PDF p. 67 |
| Share-based paymentsS$ million | – | – | – | – | – | 24 | – | – | – | 24 | – | 24 | PDF p. 67 |
| Purchase of treasury sharesS$ million | – | (19) | – | – | – | – | – | – | – | (19) | – | (19) | PDF p. 67 |
| Treasury shares transferred to employeesS$ million | – | 35 | – | – | – | (35) | – | – | – | – | – | – | PDF p. 67 |
| Cash settlement of PSP and RSP (Note B6) at the discretion of the CompanyS$ million | – | – | – | – | – | (17) | – | – | – | (17) | – | (17) | PDF p. 67 |
| Acquisition of non-controlling interestsS$ million | – | – | – | (2) | – | – | – | – | (2) | (4) | (6) | (10) | PDF p. 67 |
| Dividend paid / payable to owners (Note C4)S$ million | – | – | – | – | – | – | – | – | (250) | (250) | – | (250) | PDF p. 67 |
| Dividend paid / payable to non-controlling interestsS$ million | – | – | – | – | – | – | – | – | – | – | (17) | (17) | PDF p. 67 |
| Total transactions with ownersS$ million | – | 16 | – | (2) | – | (28) | – | – | (252) | (266) | (14) | (280) | PDF p. 67 |
| At December 31, 2024, as restatedS$ million | 566 | (24) | (633) | (97) | 29 | (37) | 37 | 50 | 5,550 | 5,441 | 310 | 5,751 | PDF p. 67 |
Original report: PDF p. 67 ↗
* denotes an amount less than S$500,000. 2024 comparative figures are restated following the change in accounting policy.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; year ended December 31, 2025 | 2024Group; year ended December 31, 2024, restated | Source |
|---|---|---|---|
| Operating activities | |||
| – Continuing operationsS$ million | 1,020 | 1,052 | PDF p. 68 |
| – Discontinued operationS$ million | – | (9) | PDF p. 68 |
| Dividend incomeS$ million | (1) | (1) | PDF p. 68 |
| Finance incomeS$ million | (28) | (27) | PDF p. 68 |
| Finance costsS$ million | 392 | 372 | PDF p. 68 |
| DPN expense / (income)S$ million | 35 | (169) | PDF p. 68 |
| Depreciation and amortisationS$ million | 476 | 446 | PDF p. 68 |
| Share of results of associates and joint ventures, net of taxS$ million | (496) | (316) | PDF p. 68 |
| – property, plant and equipment, intangible assets and other financial assetsS$ million | (5) | (5) | PDF p. 68 |
| – subsidiaries, associate and joint venturesS$ million | (143) | (1) | PDF p. 68 |
| – assets held for saleS$ million | (1) | – | PDF p. 68 |
| Loss / (Gain) on liquidation of subsidiaries and joint ventureS$ million | 19 | (2) | PDF p. 68 |
| Changes in fair value of investment propertiesS$ million | (5) | (5) | PDF p. 68 |
| Equity settled share-based compensation expensesS$ million | 26 | 24 | PDF p. 68 |
| Allowance for inventory obsolescence, netS$ million | 5 | 2 | PDF p. 68 |
| Impairment and write-off of assetsS$ million | 25 | 7 | PDF p. 68 |
| Gain on bargain purchaseS$ million | (2) | (8) | PDF p. 68 |
| Write-down of other investmentsS$ million | 11 | 2 | PDF p. 68 |
| Impairment of joint venturesS$ million | 2 | 4 | PDF p. 68 |
| Tax expenseS$ million | 156 | 207 | PDF p. 68 |
| Operating profit before working capital changesS$ million | 1,486 | 1,573 | PDF p. 68 |
| InventoriesS$ million | (12) | (7) | PDF p. 68 |
| ReceivablesS$ million | 77 | (97) | PDF p. 68 |
| PayablesS$ million | (185) | 140 | PDF p. 68 |
| Contract assetsS$ million | 5 | (22) | PDF p. 68 |
| Contract liabilitiesS$ million | (36) | 25 | PDF p. 68 |
| Changes in working capital subtotal | |||
| SubtotalS$ million | 1,335 | 1,612 | PDF p. 68 |
| Operating activities | |||
| Tax paidS$ million | (165) | (200) | PDF p. 68 |
| Net cash from operating activitiesS$ million | 1,170 | 1,412 | PDF p. 68 |
Original report: PDF p. 68 ↗
Comparative 2024 figures were restated after the investment-property accounting policy change. * denotes an amount below S$500,000.
The acquisition of investments in joint ventures and associates includes the additional interest acquired in Senoko, amounting to S$72 million, before deducting the S$3 million capital repatriation.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; year ended December 31, 2025 | 2024Group; year ended December 31, 2024, restated | Source |
|---|---|---|---|
| Investing activities | |||
| Dividend receivedS$ million | 307 | 173 | PDF p. 68 |
| Interest receivedS$ million | 29 | 29 | PDF p. 68 |
| – capital repatriation / disposal of joint ventures and associatesS$ million | 86 | 39 | PDF p. 68 |
| – disposal group held for saleS$ million | 383 | – | PDF p. 68 |
| – disposal of interest in subsidiariesS$ million | 23 | (6) | PDF p. 68 |
| – sale of property, plant and equipmentS$ million | 6 | 17 | PDF p. 68 |
| – sale of intangible assetsS$ million | * | * | PDF p. 68 |
| – disposal of other financial assets and businessS$ million | 728 | 660 | PDF p. 68 |
| Proceeds from deferred payment noteS$ million | 255 | 404 | PDF p. 68 |
| Repayment of loans by joint ventureS$ million | 61 | – | PDF p. 68 |
| Acquisition of subsidiaries, net of cash acquiredS$ million | (116) | (244) | PDF p. 68 |
| Acquisition of investments in joint ventures and associatesS$ million | (207) | (229) | PDF p. 68 |
| Acquisition of other financial assetsS$ million | (750) | (673) | PDF p. 68 |
| Acquisition of long-term assetsS$ million | (29) | – | PDF p. 68 |
| Purchase of property, plant and equipment and investment propertiesS$ million | (956) | (1,592) | PDF p. 68 |
| Purchase of intangible assetsS$ million | (6) | (16) | PDF p. 68 |
| Net cash used in investing activitiesS$ million | (186) | (1,438) | PDF p. 68 |
Original report: PDF p. 68 ↗
Comparative 2024 figures were restated after the investment-property accounting policy change. * denotes an amount below S$500,000.
The acquisition of investments in joint ventures and associates includes the additional interest acquired in Senoko, amounting to S$72 million, before deducting the S$3 million capital repatriation.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; year ended December 31, 2025 | 2024Group; year ended December 31, 2024, restated | Source |
|---|---|---|---|
| Financing activities | |||
| Proceeds from share issued to non-controlling interests of subsidiariesS$ million | 5 | 9 | PDF p. 68 |
| Purchase of treasury sharesS$ million | (70) | (19) | PDF p. 68 |
| Repayment of lease liabilitiesS$ million | (58) | (25) | PDF p. 68 |
| Proceeds from borrowingsS$ million | 2,640 | 5,259 | PDF p. 68 |
| Repayment of borrowingsS$ million | (2,318) | (4,310) | PDF p. 68 |
| Dividends paid to owners of the CompanyS$ million | (462) | (250) | PDF p. 68 |
| Dividends paid to non-controlling interests of subsidiariesS$ million | (13) | (17) | PDF p. 68 |
| Receipts in restricted cash held as collateralS$ million | 3 | 14 | PDF p. 68 |
| Payment on deferred and contingent considerationsS$ million | (54) | (152) | PDF p. 68 |
| Acquisition of non-controlling interestS$ million | – | (10) | PDF p. 68 |
| Interest paidS$ million | (402) | (345) | PDF p. 68 |
| Net cash (used in) / from financing activitiesS$ million | (729) | 154 | PDF p. 68 |
Original report: PDF p. 68 ↗
Comparative 2024 figures were restated after the investment-property accounting policy change. * denotes an amount below S$500,000.
The acquisition of investments in joint ventures and associates includes the additional interest acquired in Senoko, amounting to S$72 million, before deducting the S$3 million capital repatriation.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; year ended December 31, 2025 | 2024Group; year ended December 31, 2024, restated | Source |
|---|---|---|---|
| Cash and cash equivalents reconciliation | |||
| Net increase in cash and cash equivalentsS$ million | 255 | 128 | PDF p. 69 |
| Cash and cash equivalents at beginning of the yearS$ million | 850 | 732 | PDF p. 69 |
| Cash balance transferred from held for sale at beginning of the periodS$ million | 24 | – | PDF p. 69 |
| Effect of exchange rate changes on balances held in foreign currencyS$ million | (38) | 14 | PDF p. 69 |
| Cash and cash equivalents at end of the year, including held for saleS$ million | 1,091 | 874 | PDF p. 69 |
| Cash balance transferred to held for saleS$ million | – | (24) | PDF p. 69 |
| Cash and cash equivalents at end of the yearS$ million | 1,091 | 850 | PDF p. 69 |
Original report: PDF p. 69 ↗
2024 comparative figures restated.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; FY2025 | 2024Group; FY2024; restated where marked | 2023Group; FY2023; not re-presented | 2022Group; FY2022; not re-presented | 2021Group; FY2021; not re-presented | Source |
|---|---|---|---|---|---|---|
| Value added | ||||||
| TurnoverS$ million | 5,799 | 6,417 | 7,042 | 7,825 | 7,795 | PDF p. 8 |
| Less: Bought-in materials and servicesS$ million | (3,838) | (4,278) | (4,886) | (6,100) | (6,115) | PDF p. 8 |
| Gross value addedS$ million | 1,961 | 2,139 | 2,156 | 1,725 | 1,680 | PDF p. 8 |
| Investment, interest and other incomeS$ million | 258 | 328 | 305 | 299 | 216 | PDF p. 8 |
| Share of results: Associates and joint ventures, net of taxS$ million | 496 | 316 | 264 | 248 | 206 | PDF p. 8 |
| Other non-operating expensesS$ million | (35) | (40) | (77) | (96) | (67) | PDF p. 8 |
| SubtotalS$ million | 2,680 | 2,743 | 2,648 | 2,176 | 2,035 | PDF p. 8 |
| Distribution | ||||||
| To employees in wages, salaries and benefitsS$ million | 491 | 541 | 509 | 485 | 494 | PDF p. 8 |
| To government in income and other taxesS$ million | 230 | 258 | 187 | 116 | 62 | PDF p. 8 |
| Interest on borrowingsS$ million | 392 | 372 | 410 | 309 | 423 | PDF p. 8 |
| Dividends to ownersS$ million | 462 | 250 | 232 | 124 | 107 | PDF p. 8 |
| SubtotalS$ million | 1,575 | 1,421 | 1,338 | 1,034 | 1,086 | PDF p. 8 |
| Retained in business | ||||||
| Depreciation and amortisationS$ million | 476 | 446 | 454 | 372 | 457 | PDF p. 8 |
| Deferred tax expenseS$ million | 20 | 56 | 14 | 36 | 63 | PDF p. 8 |
| Retained profitsS$ million | 522 | 775 | 788 | 580 | 172 | PDF p. 8 |
| Non-controlling interestsS$ million | 36 | 27 | 28 | 23 | 21 | PDF p. 8 |
| SubtotalS$ million | 1,054 | 1,304 | 1,284 | 1,011 | 713 | PDF p. 8 |
| Other non-operating expensesS$ million | 51 | 18 | 26 | 131 | 236 | PDF p. 8 |
| SubtotalS$ million | 1,105 | 1,322 | 1,310 | 1,142 | 949 | PDF p. 8 |
| Total distributionS$ million | 2,680 | 2,743 | 2,648 | 2,176 | 2,035 | PDF p. 8 |
| Productivity data | ||||||
| Average staff strengthAverage staff strength (employees) | 4,660 | 5,283 | 5,099 | 4,981 | 5,740 | PDF p. 8 |
| Employment costsS$ million | 491 | 541 | 509 | 485 | 494 | PDF p. 8 |
| Profit after tax per employeeS$’000 | 211 | 194 | 206 | 146 | 52 | PDF p. 8 |
| Value addedS$ million | 1,961 | 2,139 | 2,156 | 1,725 | 1,680 | PDF p. 8 |
| Value added per employeeS$’000 | 421 | 405 | 423 | 347 | 293 | PDF p. 8 |
| Value added per dollar employment costsS$’000 | 3.99 | 3.95 | 4.24 | 3.56 | 3.40 | PDF p. 8 |
| Value added per dollar investment in property, plant and equipmentS$ | 0.23 | 0.26 | 0.22 | 0.21 | 0.16 | PDF p. 8 Label p. 8 |
| Value added per dollar salesS$ | 0.34 | 0.33 | 0.31 | 0.22 | 0.22 | PDF p. 8 |
Original report: PDF p. 8 ↗
Value-added figures cover continuing operations. FY2024 information is restated where marked; FY2021–FY2023 are not re-presented. Source units, including per-employee and per-dollar productivity units, remain as printed.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Gas and Related Services | 2025Renewables | 2025Integrated Urban Solutions | 2025Decarbonisation Solutions | 2025Other Businesses and Corporate | 2025Elimination | 2025Total | Source |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| External salesS$ million | 4,088 | 856 | 242 | 42 | 571 | – | 5,799 | PDF p. 73 |
| Inter-segment salesS$ million | 13 | 76 | 7 | 26 | 15 | (137) | – | PDF p. 73 |
| TotalS$ million | 4,101 | 932 | 249 | 68 | 586 | (137) | 5,799 | PDF p. 73 |
| Results | ||||||||
| Earnings before interest, taxes, depreciation and amortisation1 (EBITDA)S$ million | 719 | 673 | 88 | (25) | 73 | (8) | 1,520 | PDF p. 73 |
| Share of results of associates and joint ventures, net of taxS$ million | 287 | 50 | 159 | * | – | – | 496 | PDF p. 73 |
| Adjusted EBITDAS$ million | 1,006 | 723 | 247 | (25) | 73 | (8) | 2,016 | PDF p. 73 |
| Depreciation and amortisationS$ million | (133) | (303) | (27) | * | (13) | – | (476) | PDF p. 73 |
| Finance incomeS$ million | 24 | 13 | 11 | * | 47 | (67) | 28 | PDF p. 73 |
| Finance costsS$ million | (60) | (204) | (11) | * | (184) | 67 | (392) | PDF p. 73 |
| Profit / (Loss) before taxS$ million | 837 | 229 | 220 | (25) | (77) | (8) | 1,176 | PDF p. 73 |
| Tax (expense) / creditS$ million | (86) | (46) | (21) | 2 | (5) | – | (156) | PDF p. 73 |
| Non-controlling interestsS$ million | (13) | (9) | (14) | – | * | – | (36) | PDF p. 73 |
| Profit / (Loss) attributable to owners of the CompanyS$ million | 738 | 174 | 185 | (23) | (82) | (8) | 984 | PDF p. 73 |
| Assets | ||||||||
| Segment assetsS$ million | 4,946 | 8,502 | 1,374 | 89 | 3,664 | (3,331) | 15,244 | PDF p. 73 |
| Associates and joint venturesS$ million | 744 | 1,167 | 1,115 | 1 | – | – | 3,027 | PDF p. 73 |
| Tax assetsS$ million | 22 | 74 | 17 | * | 28 | – | 141 | PDF p. 73 |
| Assets held for saleS$ million | – | 17 | – | – | – | – | 17 | PDF p. 73 |
| Total assetsS$ million | 5,712 | 9,760 | 2,506 | 90 | 3,692 | (3,331) | 18,429 | PDF p. 73 |
| Liabilities | ||||||||
| Segment liabilitiesS$ million | 2,480 | 6,466 | 506 | 72 | 5,556 | (3,323) | 11,757 | PDF p. 73 |
| Tax liabilitiesS$ million | 321 | 398 | 14 | * | 71 | – | 804 | PDF p. 73 |
| Liabilities held for saleS$ million | – | 2 | – | – | – | – | 2 | PDF p. 73 |
| Total liabilitiesS$ million | 2,801 | 6,866 | 520 | 72 | 5,627 | (3,323) | 12,563 | PDF p. 73 |
| Capital expenditure | ||||||||
| Capital expenditure2S$ million | 373 | 466 | 14 | 8 | 8 | – | 869 | PDF p. 73 |
Original report: PDF p. 73 ↗
Continuing operations. * as printed (denotes amount below rounding, as shown in source).
1 EBITDA refers to earnings before net interest expense, tax, depreciation and amortisation.
2 Segment capital expenditure is the total cost incurred during the year to acquire property, plant and equipment, and intangible assets other than goodwill and carbon allowances.
The EBITDA elimination amount relates to unrealised profits on the sale of Environmental Attributes across the segments with corresponding adjustment in segment assets.
Other Businesses and Corporate's segment assets include DPN receivable (Note H1).
Subtotal rows for assets and liabilities are printed without labels and are omitted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Gas and Related Services (Restated) | 2024Renewables (Restated) | 2024Integrated Urban Solutions (Restated) | 2024Decarbonisation Solutions (Restated) | 2024Other Businesses and Corporate (Restated) | 2024Elimination (Restated) | 2024Total (Restated) | Source |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| External salesS$ million | 4,637 | 746 | 431 | 53 | 550 | – | 6,417 | PDF p. 74 |
| Inter-segment salesS$ million | 57 | 18 | 44 | 8 | 12 | (139) | – | PDF p. 74 |
| TotalS$ million | 4,694 | 764 | 475 | 61 | 562 | (139) | 6,417 | PDF p. 74 |
| Results | ||||||||
| EBITDAS$ million | 911 | 568 | 143 | (19) | 136 | (5) | 1,734 | PDF p. 74 |
| Share of results of associates and joint ventures, net of taxS$ million | 132 | 58 | 126 | * | * | – | 316 | PDF p. 74 |
| Adjusted EBITDAS$ million | 1,043 | 626 | 269 | (19) | 136 | (5) | 2,050 | PDF p. 74 |
| Depreciation and amortisationS$ million | (142) | (235) | (57) | * | (12) | – | (446) | PDF p. 74 |
| Finance incomeS$ million | 39 | 9 | 17 | 1 | 53 | (92) | 27 | PDF p. 74 |
| Finance costsS$ million | (73) | (174) | (11) | * | (206) | 92 | (372) | PDF p. 74 |
| Profit / (Loss) before taxS$ million | 867 | 226 | 218 | (18) | (29) | (5) | 1,259 | PDF p. 74 |
| Tax (expense) / creditS$ million | (127) | (36) | (31) | 2 | (15) | – | (207) | PDF p. 74 |
| Non-controlling interestsS$ million | (12) | (4) | (11) | – | * | – | (27) | PDF p. 74 |
| Assets | ||||||||
| Segment assetsS$ million | 4,549 | 8,237 | 1,405 | 48 | 3,908 | (3,188) | 14,959 | PDF p. 74 |
| Associates and joint venturesS$ million | 648 | 1,160 | 981 | * | – | – | 2,789 | PDF p. 74 |
| Tax assetsS$ million | 33 | 67 | 19 | * | 21 | – | 140 | PDF p. 74 |
| Assets held for saleS$ million | – | 3 | 389 | – | – | – | 392 | PDF p. 74 |
| Total assetsS$ million | 5,230 | 9,467 | 2,794 | 48 | 3,929 | (3,188) | 18,280 | PDF p. 74 |
| Liabilities | ||||||||
| Segment liabilitiesS$ million | 2,495 | 6,614 | 372 | 18 | 5,244 | (3,183) | 11,560 | PDF p. 74 |
| Tax liabilitiesS$ million | 343 | 367 | 18 | * | 93 | – | 821 | PDF p. 74 |
| Liabilities held for saleS$ million | – | – | 148 | – | – | – | 148 | PDF p. 74 |
| Total liabilitiesS$ million | 2,838 | 6,981 | 538 | 18 | 5,337 | (3,183) | 12,529 | PDF p. 74 |
| Capital expenditure | ||||||||
| Capital expenditureS$ million | 384 | 1,072 | 21 | 3 | 11 | – | 1,491 | PDF p. 74 |
Original report: PDF p. 74 ↗
Heading printed as '2024 (Restated)'. Continuing operations. * as printed.
Subtotal rows for assets and liabilities are printed without labels and are omitted.
Loss from discontinued operation, net of tax (9) and Profit attributable to owners of the Company 1,016 are printed in the Total column only.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Turnover, December 31, 2025 | 2024Turnover, December 31, 2024 | 2025Capital Expenditure, December 31, 2025 | 2024Capital Expenditure, December 31, 2024 | Source |
|---|---|---|---|---|---|
| Turnover / Capital Expenditure | |||||
| SingaporeS$ million | 4,122 | 4,754 | 511 | 533 | PDF p. 75 |
| UKS$ million | 496 | 561 | 47 | 82 | PDF p. 75 |
| IndiaS$ million | 391 | 366 | 243 | 586 | PDF p. 75 |
| China1S$ million | 377 | 383 | 17 | 18 | PDF p. 75 |
| VietnamS$ million | 60 | 44 | 2 | * | PDF p. 75 |
| OmanS$ million | 67 | 34 | 45 | 266 | PDF p. 75 |
| Rest of Middle EastS$ million | 15 | 14 | – | – | PDF p. 75 |
| Rest of AsiaS$ million | 262 | 243 | 4 | 6 | PDF p. 75 |
| Other CountriesS$ million | 9 | 18 | – | – | PDF p. 75 |
| TotalS$ million | 5,799 | 6,417 | 869 | 1,491 | PDF p. 75 |
Original report: PDF p. 75 ↗
Segment revenue is based on the geographical location of customers, while segment assets and total assets are based on the geographical location of the assets.
1 The China businesses within the Renewables and Integrated Urban Solutions segments consist of associates and joint ventures accounted for under the equity method.
Majority of the Group's revenue from continuing operations is from Singapore and UK which contributed to 71% (2024: 74%) and 9% (2024: 9%) respectively.
* as printed.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Non-current Assets, December 31, 2025 | 2024Non-current Assets, December 31, 2024 (Restated) | 2025Total Assets, December 31, 2025 | 2024Total Assets, December 31, 2024 (Restated) | Source |
|---|---|---|---|---|---|
| Non-current Assets / Total Assets | |||||
| SingaporeS$ million | 4,824 | 4,523 | 5,868 | 6,043 | PDF p. 75 |
| China1S$ million | 3,728 | 3,709 | 4,632 | 4,609 | PDF p. 75 |
| IndiaS$ million | 3,181 | 3,143 | 3,531 | 3,397 | PDF p. 75 |
| VietnamS$ million | 1,239 | 1,124 | 1,359 | 1,219 | PDF p. 75 |
| UKS$ million | 836 | 833 | 1,023 | 988 | PDF p. 75 |
| OmanS$ million | 703 | 696 | 745 | 729 | PDF p. 75 |
| Rest of Middle EastS$ million | 123 | 127 | 133 | 136 | PDF p. 75 |
| Rest of AsiaS$ million | 688 | 744 | 1,059 | 1,137 | PDF p. 75 |
| Other CountriesS$ million | 18 | 19 | 79 | 22 | PDF p. 75 |
| TotalS$ million | 15,340 | 14,918 | 18,429 | 18,280 | PDF p. 75 |
Original report: PDF p. 75 ↗
Segment assets and total assets are based on the geographical location of the assets.
1 The China businesses within the Renewables and Integrated Urban Solutions segments consist of associates and joint ventures accounted for under the equity method.
2024 columns are marked Restated.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, December 31, 2025, S$ million | 2024Group, December 31, 2024, S$ million | Source |
|---|---|---|---|
| Current liabilities | |||
| Secured term loansS$ million | 283 | 214 | PDF p. 87 |
| Unsecured term loansS$ million | 774 | 457 | PDF p. 87 |
| TotalS$ million | 1,057 | 671 | PDF p. 87 |
| Non-current liabilities | |||
| Secured term loansS$ million | 1,890 | 2,038 | PDF p. 87 |
| Unsecured term loansS$ million | 6,009 | 5,962 | PDF p. 87 |
| TotalS$ million | 7,899 | 8,000 | PDF p. 87 |
| Total | |||
| Total loans and borrowings (measured at amortised cost)S$ million | 8,956 | 8,671 | PDF p. 87 |
Original report: PDF p. 87 ↗
Bank overdraft: printed as * (current 2025) and – (2024); amounts below S$0.5 million not shown.
Included in loans and borrowings were S$585 million (2024: S$616 million) of loans taken with a related corporation.
Secured term loans are collateralised by PPE, investment properties, receivables, inventories, cash, mutual funds, equity shares of a subsidiary and underlying PPE in a service concession arrangement.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, December 31, 2025, S$ million | 2024Group, December 31, 2024, S$ million | Source |
|---|---|---|---|
| Maturity | |||
| In one year or less, or on demandS$ million | 1,057 | 671 | PDF p. 87 |
| Between one to five yearsS$ million | 4,100 | 4,073 | PDF p. 87 |
| After five yearsS$ million | 3,799 | 3,927 | PDF p. 87 |
| Total loans and borrowings (measured at amortised cost)S$ million | 8,956 | 8,671 | PDF p. 87 |
Original report: PDF p. 87 ↗
Note F3 on page 109 states approximately S$1,057 million (2024: S$700 million) of loans and borrowings are due within 12 months, and at least S$2,009 million (2024: S$2,307 million) in committed credit facilities with maturity beyond 2025 can be drawn down.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group 2025 carrying amount, S$ million | 2025Group 2025 contractual cash flow, S$ million | 2025Group 2025 cash flows less than 1 year, S$ million | 2025Group 2025 cash flows between 1 and 5 years, S$ million | 2025Group 2025 cash flows over 5 years, S$ million | Source |
|---|---|---|---|---|---|---|
| Group 2025 Non-derivative financial liabilities | ||||||
| Lease liabilitiesS$ million | 747 | (1,099) | (86) | (226) | (787) | PDF p. 109 |
| Loans and borrowingsS$ million | 8,956 | (10,620) | (2,091) | (4,452) | (4,077) | PDF p. 109 |
Original report: PDF p. 109 ↗
Contractual undiscounted cash flows including estimated interest payments and excluding the impact of netting agreements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group 2024 carrying amount, S$ million | 2024Group 2024 contractual cash flow, S$ million | 2024Group 2024 cash flows less than 1 year, S$ million | 2024Group 2024 cash flows between 1 and 5 years, S$ million | 2024Group 2024 cash flows over 5 years, S$ million | Source |
|---|---|---|---|---|---|---|
| Group 2024 Non-derivative financial liabilities | ||||||
| Lease liabilitiesS$ million | 729 | (1,067) | (53) | (215) | (799) | PDF p. 109 |
| Loans and borrowingsS$ million | 8,671 | (9,754) | (947) | (4,603) | (4,204) | PDF p. 109 |
Original report: PDF p. 109 ↗
Contractual undiscounted cash flows including estimated interest payments and excluding the impact of netting agreements.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | Sembcorp is committed to achieving sustainable income and growth to enhance total shareholder return. The company has outlined its strategic plan to transform its portfolio and drive energy transition responsibly. Its dividend policy aims to balance cash return to shareholders with investments for sustaining growth while ensuring an efficient capital structure. Sembcorp strives to provide consistent and sustainable ordinary dividend payments to our shareholders, and the practice is to consider declaring dividends on a biannual basis. | Company policy | PDF p. 54 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Interim one-tier tax-exempt dividend of 9 cents per share in respect of year 2025 | 9 cents per share | Interim dividend FY2025, Group and Company; one-tier tax-exempt | PDF p. 86 |
| (2024: 6 cents per share in respect of year 2024) | 6 cents per share | Interim dividend FY2024 (comparative), Group and Company; one-tier tax-exempt | PDF p. 86 |
| interim dividend | an interim dividend of 9.0 cents per | FY2025 interim dividend | PDF p. 56 |
| final ordinary one-tier tax-exempt dividend | 16 cents per share | Final dividend proposed for FY2025; one-tier tax-exempt; subject to shareholder approval at AGM (April 2026) | PDF p. 86 |
| Final one-tier tax-exempt dividend of 17 cents per share in respect of year 2024 | 17 cents per share | Final dividend FY2024 (comparative), paid in 2025; one-tier tax-exempt | PDF p. 86 |
| Total Dividend Per Share | 25.0 SG cents | FY2025 total dividend (interim 9.0 + proposed final 16.0) | PDF p. 2 |
| Total Dividend Per Share | 23.0 SG cents | FY2024 total dividend (comparative) | PDF p. 2 |
| Dividends (cents) | 25.0 cents | FY2025 per Five-year Financial Performance (columns 2025, 2024, 2023, 2022, 2021 = 25.0, 23.0, 13.0, 12.0, 5.0) | PDF p. 8 |
Extracted from Sembcorp Industries Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| KPMG LLP | KPMG LLP | Group and Company, year ended December 31, 2025 | PDF p. 63 |
| Engagement partner | Chiang Yong Torng | Group and Company, year ended December 31, 2025 | PDF p. 63 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 (the Act), Singapore Financial Reporting | Group consolidated financial statements and Company balance sheet, December 31, 2025 | PDF p. 61 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment assessment of property, plant and equipment, intangible assets and interests in associates and joint ventures (collectively, the Group’s non-financial assets) | Impairment assessment of property, plant and equipment, intangible assets and interests in associates and joint | Group, year ended December 31, 2025 | PDF p. 61 |
| Impairment assessment – description | Each Cash Generating Unit (CGU) was tested for presence of indicators of impairment. | Group, year ended December 31, 2025 | PDF p. 61 |
| Valuation of trade and service concession receivables | Valuation of trade and service concession receivables | Group, year ended December 31, 2025 | PDF p. 61 |
| Valuation of trade and service concession receivables – description | Management estimates loss allowance based on ageing of overdue balances, repayment histories of individual debtors, | Group, year ended December 31, 2025 | PDF p. 61 |
| Fair valuation of Deferred Payment Note (DPN) receivable | Fair valuation of Deferred Payment Note (DPN) receivable | Group, year ended December 31, 2025 | PDF p. 62 |
| Fair valuation of DPN receivable – description | Determining the fair value of DPN involves significant estimation. | Group, year ended December 31, 2025 | PDF p. 62 |
Extracted from Sembcorp Industries Annual Report 2025 and checked against the cited pages; see the original report for full context.
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 Sembcorp Industries Annual Report 2025, 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.