TECHNOLOGY & INNOVATION Over the past year, we continued to harness new and emerging technologies, including Generative AI and advanced data analytics to enhance our offerings. By harnessing internal synergies and forging strategic partnerships, we accelerate innovation, expand our reach and deliver smarter solutions faster. This approach empowers us to create greater OUR INNOVATION APPROACH Deepen Capability Building Deep Tech and Core Engineering Capabilities Strategic Innovation Units Drive Innovation Culture Internal Innovation Programmes Broaden Outreach to Leverage External Capabilities Research Translation @ ST Engineering Corporate Venture Unit Commercially Viable Product Development R&D Activity Funding Sources Classification in Financial Statements 2024 Research Projects Internal/ External Research, design and development expenses $189.8m1 Development Projects/ IP Rights and Licenses Internal/ External Capitalised development expenditure, commercial/intellectual property rights and licenses $65.6m2 Customer Funded R&D Projects External part of Cost of Sales $164.6m Total R&D $420.0m R&D Intensity over Revenue 3.7% OUR R&D INVESTMENT Our R&D approach is strategic and driven by business and product roadmaps, ensuring targeted investments that deliver differentiated products and solutions while supporting our growth. value for our customers, offering more efficient, tailored and impactful solutions to meet their evolving needs. 1 See Note B3 in Notes to Financial Statements on page 148 2 See Note C3 in Notes to Financial Statements on page 168 - 169 22 ST ENGINEERING | ANNUAL REPORT 2024
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