Head Investor Relations
(65) 6722 1818
ST Engineering - a diversified global technology, defence and engineering group which is delivering sustainable yield and growth.
Anchored in long‑term government and commercial customer programmes and supported by a strong order book that provides future revenue and earnings visibility.
Revenue
$12.3b
↑9% FY2024: $11.3b
EBITDA(BOP1)
$1,774.1m
↑10% FY2024: $1,614.3m
Profit Before Tax(BOP1)
$1,039.5m
↑20% FY2024: $862.7m
Net Profit(BOP1)
$850.8m
↑21% FY2024: $702.3m
EPS(BOP1)
27.28¢2
↑21% FY2024: 22.53¢
Gross Debt/EBITDA(BOP1)
2.7
FY2024: 3.6
Order Book
$34.5b
1 Base Operating Performance (BOP) refers to reported financial results adjusted to exclude (i) gains on divestments of subsidiary, LeeBoy, and divestments of shareholding interests in CityCab, STARCO and SPTel, and (ii) one-off impairment losses related to iDirect group and Jet-Talk.
2 The reported values were: earnings per share of 14.84 cents and return on equity of 18.0%.
| Clear Revenue Visibility | Lifecycle Value Capture | Tech & Engineering Advantage | Structural Growth Drivers | Disciplined Capital Allocation |
ST Engineering’s businesses are anchored in long-term government and commercial customer programmes, with a strong order book that provides multi-year revenue and earnings visibility.
The Group’s portfolio spans the commercial aerospace, defence & public security and smart city domains. The mix of domains, as well as commercial and government businesses, reduces reliance on any single market and supports earnings resilience across economic cycles.
Technology and engineering define ST Engineering’s competitive differentiation, combining deep engineering expertise with advanced digital capabilities, including AI, data analytics and cybersecurity. These capabilities enable the delivery of large-scale, mission‑critical solutions and scalable, integrated offerings across the Group’s businesses, enhancing its ability to address complex customer challenges.
ST Engineering is well positioned to benefit from structural demand across its core markets, including aviation fleet growth, increasing defence spending, urbanisation and digitalisation. Its growth is supported by targeted investments in capability, capacity and technology, alongside expansion in international markets and adjacent segments. Opportunities in international defence, LEAP engine MRO and smart mobility domains provide tailwinds for earnings and cash flow growth.
Disciplined capital allocation supports the Group’s growth and earnings profile, with continued reinvestment in core businesses and emerging opportunities, balanced with active portfolio management, including divestments of non-core assets to recycle capital and sharpen strategic focus. This positions the Group to deliver its “yield cum growth” proposition and sustainable total shareholder returns over the long term.
Aviation lifecycle solutions spanning airframe, engine & component MRO, nacelle and composite structures production, and passenger-to-freighter aircraft conversion programmes. This segment also includes an Aviation Asset Management business.
The business combines deep MRO capabilities with OEM production in nacelles and structures, enabling participation across the aircraft lifecycle. This positions the Group to capture value from both recurring maintenance demand and long‑term platform production programmes.
Mission‑critical capabilities supporting defence readiness, public safety and security through government programmes across land, sea, air and space.
The business is anchored in long‑term government programmes that are less correlated to economic cycles, providing resilience to revenues and earnings. As a strategic partner to Singapore, ST Engineering supports national capability development and operational readiness.
International defence drives growth, with expansion focused on technology collaboration, localisation and partnerships to build capabilities within host countries. This approach is aligned with customer priorities to develop domestic capabilities and strengthen supply chain resilience.
Comprising:
Solutions supporting smart mobility, urban infrastructure and digital connectivity, enabling safer, more efficient and resilient cities.
The Smart City business is supported by structural urbanisation, connectivity and digitalisation trends. The intersection of these trends increases demand for smart mobility, integrated infrastructure and digital connectivity. The business is moving up the value chain in Smart Mobility (rail and road), taking on increasingly larger and more turnkey prime contractor roles.
Growth is driven by network synergies arising from cross-selling, expansion into new markets and adjacent segments, and deeper penetration within existing markets. In addition, the Digital Business is poised for further growth, supported by digital and AI adoption, as well as advanced cybersecurity demand.
ST Engineering’s capital allocation approach prioritises sustainable growth in total shareholder returns across business cycles.
Reinvesting operational cash flows for growth
Prioritise investments in core businesses and growth areas, including R&D, capacity expansion, technology and programme execution, to strengthen long‑term competitiveness.
Consistent shareholder returns
Grow dividend per share in line with net profit growth, supported by strong and recurring operational cashflow.
Capital structure management
Optimise the balance sheet, including the weighted average cost of capital (WACC) and debt management.
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