OPERATIONS AND FINANCIAL OVERVIEW CASH FLOW AND LIQUIDITY The Group generated a cash outflow from operating activities of S$67.2 million in FY2025 as a result of higher working capital tied up mainly in Electrification projects. The Group’s net debt position was S$163.0 million as at end of December 2025, as compared to S$72.1 million as at end of December 2024. Net gearing and net debt to EBITDA ratio as at 31 December 2025 was 0.59x and 1.95x respectively. ORDER INTAKE The Group reported a 28.3% growth in FY2025 new orders to S$1.0 billion from S$800.7 million in FY2024, underpinned by strong growth in the Electrification and Communications business segments, including an extension to a current contract with an existing hyperscaler customer as well as from major Electrification contracts secured in the United States of Americas (“USA”) for the LNG markets. The Electrification business segment continues to lead the growth in FY2025 order intake, surging 54.6% year-on-year from S$383.8 million in FY2024 to S$593.4 million, which represented about 57.7% of total order intake during the year. Notable contracts secured during FY2025 include four USA contracts worth S$409.4 million for the design and manufacturing of power distribution centres and integration of electrical and control systems and equipment for LNG markets, as well as the design, engineering, fabrication, installation and integration of power management systems and solutions for the data centre market. The Communications business segment contributed about 25.9% of FY2025 total order intake, securing S$266.4 million of new orders in FY2025 as compared to S$230.7 million of new orders in FY2024 which included a major contract worth S$20.1 million for engineering design, installation and ongoing maintenance of advanced communications networks for a major data centre in USA. About S$167.7 million of new orders were secured by the Group’s Automation business segment in FY2025, compared to S$186.2 million in FY2024, contributed about 16.4% of FY2025 total order intake as a result of lower flow orders from the Americas region. S$’000 FY2025 FY2024 Change % Electrification 593,353 383,788 54.6% Communications 266,439 230,701 15.5% Automation 167,680 186,224 -10.0% Total 1,027,472 800,713 28.3% 38 CSE GLOBAL LIMITED
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