TOMORROW’S POSSIBILITIES ENGINEERING ANNUAL REPORT 2025
CORPORATE PROFILE CSE Global is a leading systems integrator providing electrification, communications and automation solutions across various industries globally. At CSE Global, we pride ourselves as a trusted, lifelong partner to our customers who always has their interests at heart. Leveraging our engineering experience, technology and diverse skill sets across our global network, we design and build customised, integrated systems for our clients that solve their problems. Our integrated systems – from electrification to communications or automation systems – sit at the heart of every infrastructure and are mission-critical in nature. With highly attuned engineering capabilities at our core, we have successfully delivered complex, large-scale projects amidst the most challenging conditions. Our technologies are designed to reduce waste, allow for greener, smarter processes and are built to last. Listed on the Singapore Exchange since 1999 and with our presence across 14 countries, 61 offices, and close to 2,000 employees across the globe, we enjoy long-standing relationships with a sizeable customer base comprising large government organisations and renowned brands. Over the years, we have built a workplace culture and management style that is people-centric, supportive and collaborative with employee well-being and people improvement as our key focus. Our passion for our work has resulted in a consistent profit track record for the past three decades, as we continue to pursue operational excellence to achieve sustainable growth and enhanced shareholder returns. CSE Global – Customer Satisfaction Everytime. CSE Global Limited (CSE) is a global technologies company listed on the Singapore Stock Exchange, with an international presence spanning the Americas, Asia Pacific, Europe, Middle East and Africa regions. ≈ 2,000 EMPLOYEES 61 OFFICES
CONTENTS Corporate Profile 1 Message to Stakeholders 4 Board of Directors 10 Key Management 17 Our Solutions 20 Group Structure 27 Corporate Information 28 Global Presence 29 Financial Highlights 34 Operations and Financial Overview 36 Report on Corporate Governance 39 Risk Governance and Internal Control 61 Sustainability Report 74 Financial Statements 103 Statistics of Shareholdings 184 Notice of Annual General Meeting 187 Additional Information on Re-Appointment 193 of Directors Proxy Form United States Mexico United Kingdom China Taiwan India New Zealand Australia Malaysia Indonesia Singapore ANNUAL REPORT 2025 1
FOUNDATION OF INNOVATION Engineering capability that powers today — designing what comes next. At the core of CSE Global is a strong foundation of engineering expertise, technical rigour and project delivery excellence. Built over decades across electrification, communications and automation, this foundation enables the Group to design, integrate and deliver complex systems with precision and reliability. It is this depth of capability that underpins every solution — providing the confidence to innovate, scale and engineer tomorrow’s possibilities. 2 CSE GLOBAL LIMITED
ANNUAL REPORT 2025 3
MESSAGE TO STAKEHOLDERS OUR BUSINESS MIX HAS DIVERSIFIED SIGNIFICANTLY, ENABLING THE GROUP TO REMAIN RELEVANT ACROSS ECONOMIC CYCLES WHILE POSITIONING ITSELF TO CAPTURE LONG-TERM STRUCTURAL GROWTH OPPORTUNITIES. S$968.9 MILLION REVENUE FY2024: S$861.2 million S$37.5 MILLION NET PROFIT FY2024: S$26.3 million* Left: LIM BOON KHENG Group Managing Director/Chief Executive Officer Right: EUGENE PAUL LAI CHIN LOOK Chairman * FY2024 net profit included exceptional item of US$8.0 million arbitration settlement (S$10.4 million) 4 CSE GLOBAL LIMITED
Dear Stakeholders, FY2025 marked another year of steady progress for CSE Global. Through disciplined execution and a resilient operating model, the Group navigated a challenging macroeconomic environment characterised by persistent inflationary pressures, evolving trade policies and ongoing supply chain constraints. Supported by robust risk mitigation measures and a highly capable team, we emerged stronger and well-positioned for future growth. DIVERSIFIED PLATFORM POSITIONED FOR STRUCTURAL GROWTH Over the years, CSE Global has evolved in tandem with the industries we serve. Our business mix has diversified significantly, enabling the Group to remain relevant across economic cycles while positioning itself to capture long-term structural growth opportunities. Today, we deliver Electrification, Communications and Automation solutions to customers across data centres, energy, utilities, transport, mining and government infrastructure. This diversification and agility remain a core strength of the Group. Leveraging deep domain expertise and innovative engineering capabilities, we continue to support our customers and communities as a trusted partner—delivering solutions that address today’s challenges while anticipating tomorrow’s needs. PERFORMANCE VALIDATED BY EXECUTION AND MARKET RECOGNITION The confidence placed in us by our customers and partners, together with the strength of our diversified business model, has been reflected in the accolades received during the year. CSE Global was named among the 100 Fastest Growing Companies in Singapore for the second consecutive year by The Straits Times and Statista, highlighting a compound annual growth rate of 22.5% in revenues between FY2021 and FY2024. The Group was also ranked No. 381 on the Fortune Southeast Asia 500 list and featured on the FT HighGrowth Companies Asia-Pacific 2025 ranking by The Financial Times and Statista. In addition, CSE Global was recognised at The Edge Singapore Billion Dollar Club 2025, receiving the Highest Growth in Profit After Tax Over Three Years award within the Technology sector under the Centurion Category. These recognitions reflect the dedication of our people, the trust of our customers, and the continued support of our shareholders and partners. Built on strong foundations, CSE Global is well-positioned to build on its current momentum. ACHIEVING NEW PERFORMANCE MILESTONES In FY2025, the Group achieved a significant milestone by securing more than S$1 billion of new orders, reinforcing the value we deliver to customers while enhancing earnings visibility. We ended the year with a robust order book of S$709.5 million, supported by sustained demand across the Electrification and Communications business segments. The Electrification segment continued to benefit from strong demand across power, energy transition and data centre infrastructure, contributing approximately 57.7% of new orders during the year. The Communications segment recorded healthy order inflows driven by growing demand for critical communications solutions, while the Automation segment maintained stable order momentum. Against this backdrop, the Group demonstrated financial resilience. Revenue reached an all-time high of S$968.9 million, representing a 12.5% year-on-year increase driven primarily by the Electrification and Communications segments. Net profit increased 42.3% year-on-year to S$37.5 million, reflecting steady operating performance and improved efficiency. MESSAGE TO STAKEHOLDERS ANNUAL REPORT 2025 5
MESSAGE TO STAKEHOLDERS Despite ongoing volatility in the operating environment, gross margins remained stable at 27.0%. This underscores the Group’s prudent project selection, disciplined execution, and strong cost control. Our recurring income streams, arising from the conversion of larger projects into flow contracts upon completion (“Flow Business”), continued to provide earnings stability. The Flow Business accounted for approximately 71% of FY2025 revenue, underpinned by long-standing customer relationships. The Group generated a cash outflow from operating activities of S$67.2 million in FY2025 as a result of funding the growth 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, with adequate headroom to support ongoing investments and growth initiatives. STRATEGIC POSITIONING FOR GROWTH In November 2025, we announced the proposed issuance of 63.0 million new warrants to Amazon.com NV Investment Holdings LLC (“Amazon”), with potential proceeds of up to S$48.3 million. Full vesting of the warrants is subject to qualifying payments of US$1.5 billion for the purchase of products and services by or on behalf of Amazon and its affiliates by 9 November 2030. This marks a significant step towards the Group's strategy to pursue growth in Electrification, including data centres, with a significant contract win from a leading hyperscaler. Amazon’s interest provides strong validation of our capabilities in delivering best-in-class services and integrating synergistic acquisitions. The acquisition of Chicago Communications, completed in 2025, further strengthened our presence in the U.S. communications market. Electrification remains a key growth engine, with data centre infrastructure—including hyperscale and AI data centres—now contributing approximately 14% of Group revenue and expected to grow in significance. Alongside data centres, the Group continues to remain active across liquefied natural gas, oil and gas, utilities, mining and government infrastructure. While uncertainties are expected to persist into 2026, the Group remains well-positioned to capitalise on opportunities arising from structural shifts across the industries we serve. BUILDING FOR SUSTAINABLE GROWTH CSE Global continues to pursue a clear, multi-pronged growth strategy—organically through our strong customer base and selectively through strategic acquisitions. Our focus remains on megatrends including digitalisation, urbanisation, artificial intelligence and decarbonisation, while deepening customer relationships and expanding solution capabilities. This strategy continued to deliver results in FY2025, with the Group serving high-demand sectors such as data centres, utilities, transport and energy infrastructure. We will continue to optimise operations and integrate recent acquisitions to realise synergies and enhance profitability. Supported by a healthy balance sheet, the Group is well-positioned to fund future growth. Our acquisition strategy is guided by two core priorities—deepening our presence in key markets, particularly the U.S. and Australia, and broadening our Electrification and Communications offerings. We remain disciplined and selective, focusing on value-accretive opportunities aligned with our long-term objectives. Looking ahead, the Group continues to plan capacity expansion prudently. We have acquired approximately 71 acres of land in the U.S. to support long-term operational needs, taking a measured approach to scaling. UPHOLDING STRONG CORPORATE GOVERNANCE Corporate governance remains a fundamental pillar supporting the Group’s ability to deliver sustainable value. Our governance framework is designed to support disciplined execution, sound risk management and transparent decision-making. In recognition of these efforts, CSE Global significantly improved its ranking by 56 positions to 168th in the 2025 Singapore Governance and Transparency Index (SGTI) General Category. Supported by an experienced Board and management team, we remain committed to maintaining high standards of transparency, accountability and oversight as the Group continues to grow. 6 CSE GLOBAL LIMITED
EMPOWERING PEOPLE, CREATING POSITIVE IMPACT Our people remain central to CSE Global’s long-term success. With close to 2,000 employees across 14 countries and 61 offices worldwide, our workforce enables us to deliver reliable and innovative engineering solutions. We have a stable and experienced team, with many employees having been with the Group for several years. We continue to invest in talent development and upskilling, fostering a collaborative and innovative culture grounded in quality, safety and execution discipline. As we expand in key markets such as the U.S. and Australia, we remain committed to nurturing strong local teams. Beyond our workforce, we are focused on delivering positive outcomes for the communities in which we operate. Across our operations, we continue to enhance resource efficiency and manage our environmental footprint in a measured manner. The Group continued to implement practical measures to enhance energy efficiency across its facilities. The Group has begun transitioning to cleaner energy sources by phasing in electric vehicles. These initiatives reflect the Group’s intent to balance operational efficiency with environmental responsibility. By embedding sustainable considerations into day-to-day operations, the Group continues to strengthen business resilience while supporting long-term, sustainable growth. Through our corporate social responsibility initiatives, we support community engagement, employee volunteerism and social causes across our markets. These initiatives are guided by an understanding of the communities we serve and are designed to create tangible, positive outcomes while fostering a culture of shared responsibility among our team. BY EMBEDDING SUSTAINABLE CONSIDERATIONS INTO DAY-TO-DAY OPERATIONS, THE GROUP CONTINUES TO STRENGTHEN BUSINESS RESILIENCE WHILE SUPPORTING LONG-TERM, SUSTAINABLE GROWTH. MESSAGE TO STAKEHOLDERS ANNUAL REPORT 2025 7
MESSAGE TO STAKEHOLDERS During the year, we participated in 10 charitable events in the U.S. and supported numerous sponsorship initiatives benefiting local non-profit organisations and community programmes that positively impacted the lives of many. Our support spanned a broad range of causes, including healthcare, education, youth development, disaster relief, veterans’ support services, and community enrichment. In Australia, CSE Global continued to deepen its community engagement by providing donations and gifts to charitable and not-for-profit organisations during FY2025. Our support spanned healthcare, mental health, community sports, and education including educational funding at the University of Technology Sydney. In Singapore, we granted bursaries to local education institutions, supported employees’ families with education-related expenses, and made donations to various community organisations. We remain dedicated to upholding strong corporate social responsibility principles and supporting underprivileged communities, while fostering meaningful impact through employee volunteerism. Beyond our ongoing efforts, existing initiatives, we continue to explore additional avenues to broaden and strengthen our positive contributions across our global operations. CONSISTENT RETURNS AND LONG-TERM VALUE CREATION CSE Global has delivered close to 40 years of uninterrupted profitability, anchored by disciplined execution and a resilient business model. In 2025, the Board announced the adoption of a dividend guidance that aims to provide shareholders of the Company with a target annual payout of minimum 50% of the Group’s consolidated net profit attributable to equity holders of the Company in respect of future financial years. This is a balanced approach between providing immediate returns to Shareholders whilst retaining sufficient earnings to fund future growth. On the back of the Group’s FY2025 performance, the Board has recommended a final one-tier tax-exempt dividend of 1.46 Singapore cents per ordinary share, subject to shareholders’ approval at the upcoming Annual General Meeting. Together with the interim dividend of 1.14 Singapore cents per ordinary share, total dividends for FY2025 amount to 2.6 Singapore cents per ordinary share. This marks an 8.3% year-on-year rise in the total dividend declared, underscoring the Group’s commitment to delivering consistent shareholder returns. For FY2025, the Group achieved a total shareholder return of 143.6%, supported by share price appreciation and increased dividends, including the proposed final dividend. The Group remains committed to sharing the fruits of its growth with shareholders, while balancing returns and reinvestment to support future growth. BEYOND OUR ONGOING EFFORTS, EXISTING INITIATIVES, WE CONTINUE TO EXPLORE ADDITIONAL AVENUES TO BROADEN AND STRENGTHEN OUR POSITIVE CONTRIBUTIONS ACROSS OUR GLOBAL OPERATIONS. 8 CSE GLOBAL LIMITED
BOARD RENEWAL AND APPRECIATION Our achievements in FY2025 would not have been possible without the contributions of many. We would like to express our sincere appreciation to our Board of Directors for their guidance and stewardship, to our customers and business partners for their continued support and trust, and to our shareholders for their confidence in CSE Global. On behalf of the Board and CSE Global, we express our appreciation to Mr Tan Teck Koon for his leadership and service during his tenure as Chairman and Director, as well as Mr Derek Lau Tiong Seng and Dr Lee Kong Ting for their contributions over the years. Mr Tan Teck Koon has been succeeded by Mr Eugene Lai, who was appointed as Board Chairman and NonExecutive Non-Independent Director of the Company with effect from 10 December 2025. His strong credentials are expected to enhance and complement the Board's existing diversity of skills, thereby contributing meaningfully to the Board's deliberations and overall effectiveness and bringing invaluable insights to the Company and the Board. We are also pleased to welcome Mr Ravinder Singh as Non‑Executive Non‑Independent Director, effective 1 July 2025. He brings with him valuable expertise and deep experience in the engineering space to the Group. We extend our heartfelt appreciation to our management team and employees for their dedication and contributions throughout FY2025. Their collective efforts have been instrumental in driving our performance. Despite ongoing global uncertainties, we remain confident in the Group’s fundamentals, sustainable business model and strong order book. CSE Global is well‑positioned to pursue technology‑driven growth in FY2026 and beyond, while creating long‑term value for all stakeholders. EUGENE PAUL LAI CHIN LOOK Chairman LIM BOON KHENG Group Managing Director/ Chief Executive Officer MESSAGE TO STAKEHOLDERS ANNUAL REPORT 2025 9
BOARD OF DIRECTORS EUGENE PAUL LAI CHIN LOOK, 62 CHAIRMAN NON-EXECUTIVE NON-INDEPENDENT DIRECTOR Mr Eugene Lai is currently Chairman of CSE Global Limited, Heliconia Capital Management Pte Ltd and Boardroom Pte Ltd and non-executive director of 65 Equity Partners Pte Ltd and CapitaLand Investment Limited. He has extensive experience in private equity, investment banking and business, including as Managing Director & Co-Managing Partner of Southern Capital Group, where he was from 2007 to 2022, Managing Director of JP Morgan, CEO of The Ascott Group Limited and Managing Director of the Carlyle Group Asia. Mr Lai has served on the boards of several SGX-listed companies as well as non-profit organizations. Date of first appointment as a director 10 December 2025 Date of last re-election as a director Not applicable Board Committee Membership Remuneration Committee (Member) Nominating Committee (Member) Academic & Professional Qualification • Bachelor of Laws (First Class Honours), The London School of Economics & Political Science, London University • Master of Laws, Harvard University • Masters in Christian Studies (Cum Laude), Biblical Graduate School of Theology, Singapore • Previously admitted to the Roll of Solicitors, England and Wales, New York State Bar, Singapore Bar and Malaysian Bar Present Directorship CSE Global Limited Heliconia Capital Management Pte Ltd Boardroom Pte Ltd 65 Equity Partners Pte Ltd CapitaLand Investment Limited Present Principal Commitments Boardroom Pte Ltd - Chairman and Director Heliconia Capital Management Pte Ltd - Chairman and Director Past Directorship held over the preceding five years Adventa Capital Pte Ltd Apex Business Outsourcing Apex Secretarial Investments Awesome Apparels Limited Crux Constellation Pte Ltd F.O.S. Investments Limited Greatearth Pte Ltd Hyde Park Sq Ltd Ledgen Singapore Pte Ltd (f.k.a Ecovis Bizcorp Pte Ltd) Maestro Group Holdings Limited Perfect Grace Puncak Pratama Holdings Limited Safe Hands Investments Pte Ltd Safety First Investments Pte Ltd SCG+ Private Limited SCM III Limited SCM IV Limited Sentral Nusantara Holdings Limited Simpang Usaha Holdings Limited Southern Capital Equity Limited Southern Capital Partners III Limited Southern Capital Partners IV Limited Star Learners Group Pte Ltd Steeple Nusantara Investments Limited Sufficient Grace Pte Ltd Towering Heights Investments Limited Tumbuh Abadi Holdings limited Union EC Holdings Limited Union EC Investments (Cayman) Limited Universal EC Investments Pte Ltd PARAGON REIT Management Pte Ltd (the Manager of PARAGON REIT) Past Principal Commitment held over the preceding five years Southern Capital Group Pte Ltd - Managing Director and Co-Managing Partner 10 CSE GLOBAL LIMITED
LIM BOON KHENG, 59 GROUP MANAGING DIRECTOR/ CHIEF EXECUTIVE OFFICER EXECUTIVE DIRECTOR Mr Lim Boon Kheng joined CSE Global Limited in 1999 as the Group Financial Controller. Prior to that, Mr Lim began his career in 1990 as an accountant with ULC Systems (FE) Pte Ltd. He then joined Singapore Technologies Pte Ltd in 1991 as an accountant and was promoted to various positions in the organisation. He is concurrently the Managing Director of CSE Global (Asia) Pte Ltd. Date of first appointment as a director 13 August 2013 Date of last re-election as a director 29 April 2024 Board Committee Membership Nil Academic & Professional Qualification Bachelor of Accountancy, National University of Singapore Present Directorship CSE Global Limited Blackstar Services, LLC (United States) Converge Resources, Inc (United States) CSE (Americas) Pte Ltd CSE (Americas), Inc (United States) CSE Communications & Security Pte Ltd CSE Communications & Security Sdn Bhd (Malaysia) CSE Crosscom (International) Pte Ltd CSE Crosscom UK Limited (United Kingdom) CSE Crosscom USA, Inc (United States) CSE-EIS Pte Ltd CSE Global (Americas) Pte Ltd CSE Global (Asia) Pte Ltd CSE Icon, Inc (United States) CSE New Zealand Ltd (New Zealand) CSE Systems & Engineering (India) Private Limited (India) CSE W-Industries, Inc (United States) CSE-EIS (Malaysia) Sdn Bhd (Malaysia) CSE-Global (Australia) Pty Ltd (Australia) CSE-Hankin (China) Co Ltd CSE-Hankin (Singapore) Pte Ltd CSE-Hankin Inc (United States) CSE-IAP Pte Ltd CSE-ITS Pte Ltd CSE Technologies Pte Ltd Gulf Coast Power & Control of Louisiana, LLC (United States) Grid Communications Pte Ltd Innovative Automation Solutions Sdn Bhd Transtel Engineering (Nigeria) Ltd (Nigeria) Volta, LLC (United States) W-Industries of Louisiana, LLC (United States) W-Industries of Texas, LLC (United States) Present Principal Commitments Group Managing Director/Chief Executive Officer, CSE Global Limited Past Directorship held over the preceding five years CC American Oilfield, LLC (United States) CSE Crosscom Pty Ltd (Australia) CSE-Comsource Pty Ltd (Australia) CSE-Transtel Pty Ltd (Australia) CSE Transtel India Private Limited (India) CSE-Uniserve Corporation Pty Ltd (Australia) CSE-Uniserve Pty Ltd (Australia) Logic Technologies Pty Ltd (formerly known as Astib Group Pty Ltd) (Australia) Transtel Engineering (Tianjin) Co Ltd (China) Transtel Engineering Thailand Ltd (Thailand) Transtel Engineering PNG Limited (Papua New Guinea) Volta Properties, LLC (United States) Volta Services, LLC (United States) Volta Technologies, LLC (United States) Past Principal Commitment held over the preceding five years Nil BOARD OF DIRECTORS ANNUAL REPORT 2025 11
TAN CHIAN KHONG, 69 LEAD INDEPENDENT DIRECTOR Mr Tan Chian Khong has approximately 35 years of experience in the audit industry in Singapore. He joined Ernst & Young LLP (then known as Turquands Ernst & Whinney) in 1981 and was a partner for 20 years until his retirement in June 2016. Date of first appointment as a director 19 February 2019 Date of last re-election as a director 21 April 2025 Board Committee Membership Audit and Risk Committee (Chairman) Nominating Committee (Chairman) Academic & Professional Qualification • Bachelor of Accountancy, National University of Singapore • Master of Business Administration, University of South Australia • Master of International Environmental Management, University of Adelaide • Member of the American Institute of Certified Public Accountants • Fellow, Institute of Singapore Chartered Accountants • Fellow, CPA Australia Present Directorship CSE Global Limited SMRT Corporation Ltd Hong Leong Asia Ltd The Straits Trading Company Limited Gambling Regulatory Authority of Singapore Banyan Tree Holdings Limited Agency for Science, Technology and Research (as Audit Committee member) Present Principal Commitments Nil Past Directorship held over the preceding five years Trailblazer Foundation Ltd Alliance Bank Malaysia Berhad Past Principal Commitment held over the preceding five years Nil BOARD OF DIRECTORS 12 CSE GLOBAL LIMITED
NG SHIN EIN, 51 NON-EXECUTIVE INDEPENDENT DIRECTOR Ms Ng Shin Ein was appointed to the Board in July 2020 and was last re-elected as a Director on 20 April 2023. She brings with her a blend of legal, finance and diplomatic experience. Ms Ng is a legally trained private equity entrepreneur and co-founder of Gryphus Capital, a pan-Asian private equity firm. Prior to this, Ms Ng spent a number of years at the Singapore Exchange where she was responsible for developing Singapore’s capital market and bringing foreign companies to list in Singapore. Additionally, she was part of the Singapore Exchange’s IPO Approval Committee, where she contributed industry perspectives and acted as a conduit between the market and regulators. Ms Ng Shin Ein was admitted as an advocate and solicitor of the Singapore Supreme Court in 1998 and practiced as a corporate lawyer in Messrs Lee & Lee. Whilst at Messrs Lee & Lee, she advised clients on joint ventures, mergers and acquisitions and fundraisings. Ms Ng has served on boards of companies listed on Nasdaq, the Singapore Exchange and the Australian Stock Exchange. She has steered some of these companies through their IPOs and seen others through their privatisations. She presently serves on the board of Singapore Land Group Limited and also on the Board of Governors of the Singapore International Foundation. In 2015, Ms Ng was awarded the Friend of Labour award for her service as a board member of Fairprice. Apart from corporate boards, Ms Ng serves as Singapore’s Non-Resident Ambassador to the Republic of Hungary. In 2021, Ms Ng was awarded the Commander’s Cross, Order of Merit, the second highest civilian state award of Hungary. Date of first appointment as a director 1 July 2020 Date of last re-election as a director 20 April 2023 Board Committee Membership Audit and Risk Committee (Member) Remuneration Committee (Member) Academic & Professional Qualification • Degree in Law (LLB Honours), Queen Mary and Westfield College, University of London • Postgraduate Diploma in Singapore Law, National University of Singapore Present Directorship* CSE Global Limited Singapore International Foundation Global Esports Federation Singapore Land Group Limited * Listed Companies and Non-Profit organisations Present Principal Commitments Investments Past Directorship held over the preceding five years Avarga Limited Dreamscape Networks Limited Eu Yan Sang International Ltd Middle East Institute NTUC Fairprice Cooperative Limited Working Capital Partners Ltd Yanlord Land Group Limited StarHub Ltd Grab Holdings Inc Past Principal Commitment held over the preceding five years Nil BOARD OF DIRECTORS ANNUAL REPORT 2025 13
WONG SU YEN, 55 NON-EXECUTIVE INDEPENDENT DIRECTOR Ms Wong Su Yen brings over 30 years of experience in driving business strategy, strategic talent development, organisational transformation, operations re-design and risk management. Ms Wong has served on the Boards of multiple publicly-listed, family-controlled, private equity-held, government-linked, and not-for-profit organisations in Australia, India, Indonesia, Myanmar, Singapore and the United States. She is an Independent Director of First Resources Ltd, and City Developments Limited. She is the Immediate Past Chairperson of the Singapore Institute of Directors. She has also been appointed by The Honourable the Chief Justice of Singapore to the Inquiry Panel for a two-year term from 1 December 2025. Previously, Ms Wong was the CEO of the Human Capital Leadership Institute, and prior to that, she was Chairman (Singapore) for Marsh & McLennan Companies and Senior Partner and Managing Director, Southeast Asia at Mercer. Before joining Mercer, she held various roles in leading strategy consulting firm, Oliver Wyman, and was the Asia Managing Partner for the Communications, Information and Entertainment practice. Date of first appointment as a director 1 July 2020 Date of last re-election as a director 20 April 2023 Board Committee Membership Remuneration Committee (Chairman) Nominating Committee (Member) Academic & Professional Qualification • Bachelor of Arts (summa cum laude) in Music and Computer Science, Linfield University • Master of Business Administration, University of North Carolina at Chapel Hill • Fellow and Senior Accredited Director, Singapore Institute of Directors • Member of the Young Presidents’ Organisation • Member of the Australian Institute of Corporate Directors Present Directorship CSE Global Limited First Resources Ltd City Developments Limited James Cook University Pte Ltd James Cook University Element Fleet Sourcing Pte Ltd PeopleStrong Pte Ltd The Teng Ensemble Ltd National Kidney Foundation Bronze Phoenix Pte Ltd Present Principal Commitments Bronze Phoenix Pte Ltd Past Directorship held over the preceding five years Yoma Strategic Holdings Ltd Infocomm Media Development Authority CPA Australia PeopleStrong HR Services Pvt. Ltd. Nera Telecommunications Ltd NTUC First Campus Singapore Institute of Directors Pegasus Asia Past Principal Commitment held over the preceding five years Nil BOARD OF DIRECTORS 14 CSE GLOBAL LIMITED
TANG WAI LOONG KENNETH, 56 NON-EXECUTIVE INDEPENDENT DIRECTOR Mr Tang Wai Loong Kenneth was appointed to the Board in April 2024. Mr Tang is a corporate lawyer in private practice and is the senior partner of Chang See Hiang & Partners. He has over 25 years of experience in active legal practice and his main areas of practice are mergers and acquisitions, corporate finance, listed company advisory work and general corporate law advice. Date of first appointment as a director 29 April 2024 Date of last re-election as a director 21 April 2025 Board Committee Membership Audit and Risk Committee (Member) Academic & Professional Qualification • Bachelor of Laws (Honours), University of Newcastle upon Tyne, United Kingdom • Master of Laws, University of London (King’s College London) • Master of Business Administration, University of London (Imperial College London) • Master of Science (Finance), Baruch College, The City University of New York • Advocate and Solicitor, Supreme Court of Singapore • Barrister, Middle Temple • Solicitor, England and Wales • Attorney and Counselor-at-law, New York • Fellow, Singapore Institute of Arbitrators • Fellow, Chartered Institute of Arbitrators • Accredited Mediator, Chartered Institute of Arbitrators Present Directorship CSE Global Limited Brillante Marketing Pte Ltd Powermatic Data Systems Limited Present Principal Commitments Senior Partner, Chang See Hiang & Partners Past Directorship held over the preceding five years Willas-Array Electronics (Holdings) Limited Past Principal Commitment held over the preceding five years Nil BOARD OF DIRECTORS ANNUAL REPORT 2025 15
RAVINDER SINGH S/O HARCHAND SINGH, 61 NON-EXECUTIVE NON-INDEPENDENT DIRECTOR Mr Ravinder Singh previously served as Group Chief Operating Officer, Technology & Innovation, and President, Defence & Public Security at ST Engineering and currently serves as an Advisor. Before Mr Singh joined ST Engineering, he was with the Singapore Armed Forces for 36 years, where he last served as Chief of Army. Prior to that, he was Deputy Secretary (Technology) in the Ministry of Defence. Date of first appointment as a director 1 July 2025 Date of last re-election as a director Not applicable Board Committee Membership Audit and Risk Committee (Member) Academic & Professional Qualification • Bachelor of Arts in Engineering Science (First Class Honours), University of Oxford • Master of Arts in Engineering Science, University of Oxford • Master of Science in Management from Sloan School, MIT • Advance Management Program, Wharton Business School Present Directorship CSE Global Limited Nanyang Polytechnic Defence Science Organisation Home Team Science & Technology Agency Strides Technology Pte Ltd Thinkpalm Pte Ltd Present Principal Commitments Thinkpalm Pte Ltd – Deputy Chairman Past Directorship held over the preceding five years Experia Events Pte Ltd Singapore Airshow & Events Pte Ltd ST Engineering Satellite Systems Pte Ltd ST Engineering North America Government, Inc ST Engineering Geo-Insights Pte Ltd Vision Technologies Electronics, Inc ST Engineering Defence Aviation Services Pte Ltd ST Engineering Marine Ltd ST Engineering Land Systems Ltd InnoEdge Labs Pte Ltd ST Engineering Digital Systems Pte Ltd Institute (TDSI) Management Board Singapore Institute of Technology – Board of Trustee, Finance Committee, Remuneration and Nominating Committee National Environment Agency Board and Board Human Resource Committee Ministry of Education – Council of the Board for the Teaching and Testing of South Asian Languages Agency for Science, Technology and Research Past Principal Commitment held over the preceding five years Nil BOARD OF DIRECTORS 16 CSE GLOBAL LIMITED
KEY MANAGEMENT EDDIE FOO, 54 Mr Eddie Foo is the Group Chief Financial Officer of the Company. Mr Foo is responsible for the Group’s overall financial strategy and management, corporate finance and treasury management, tax and investor relations. Mr Foo has over 30 years of financial management, corporate finance and merger and acquisitions experience in listed and multinational companies. Prior to joining CSE Global, Mr Foo was the Group CFO of ECS Holdings Limited, a public listed company on SGX. Mr Foo holds a Bachelor degree in Accountancy from the Nanyang Technological University and is both an Australian registered Certified Public Accountant and a Chartered Accountant registered with the Institute of Singapore Chartered Accountants. ROY ROWE, 68 Mr Rowe was appointed as CEO of the CSE Global Australia and New Zealand operations in 2011. Mr Rowe is also CEO for CSE’s global communications and security business, CSE Crosscom. Mr Rowe has over 30 years’ experience working in the mining, oil and gas, construction and infrastructure industries delivering engineering, and integration solution. DONNIE SMITH, 53 Mr Smith was appointed as the Chief Executive Officer of CSE Americas Inc. in May 2018 and is concurrently the President and Chief Operating Officer of CSE W-Industries of Louisiana, a wholly owned subsidiary company of CSE Global Ltd since November 2014. Mr Smith has over 25 years of Upstream Oil & Gas experience, including his 13 years’ working experience from 2005 to 2018 as President and Operations Manager of Control Concepts & Technology, a CSE W-Industries company. ANNUAL REPORT 2025 17
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SCALING CONNECTED INFRASTRUCTURE Networks, data and communications — connecting people, places and possibilities. As infrastructure grows in scale and complexity, connectivity becomes critical. CSE Global designs and integrates resilient electrification, communications and control systems that enable infrastructure to perform reliably across networks, sites and regions. From data centres to mission-critical facilities, these connected systems provide the backbone for scalable, secure and future-ready operations. ANNUAL REPORT 2025 19
ELECTRIFICATION COMMUNICATIONS AUTOMATION OUR SOLUTIONS CREATING MISSION CRITICAL SOLUTIONS FOR HIGH INTEGRITY ENVIRONMENTS OVER 3 DECADES 20 CSE GLOBAL LIMITED
POWER SYSTEMS PROTECTION & CONTROL SOLUTIONS CSE designs and develops solutions to meet specific customer requirements that satisfy market requirements. CSE’s established solutions include: • Power system protection and control • Automation and communications systems for substations and switchyards • Power asset management, monitoring and diagnostics • Power transformers for renewable energy generation and storage • Motor starting equipment and management • Electrical equipment sales, maintenance and onsite servicing • Device data collection, analytics and advisory DATA CENTRE SOLUTIONS CSE provides data centre electrification solutions to power 24x7 operations with switchgears, remote power panels (RPPs), busway, and prefabricated modular solutions in modular eHouses and skids. ELECTRICAL EQUIPMENT CENTRES CSE provides design, procurement and integration of various electrical equipment in an enclosure, such as HVAC systems, fire & gas detection systems, UPS systems, switchgears, battery systems, and protection and control panels. ELECTRIFICATION FACILITATING THE GREEN TRANSITION TOWARDS A SUSTAINABLE ECONOMY CSE has grown to become the preferred solutions provider for the design, engineering, procurement, and integration of highly complex electrical distribution and power systems for the data centre, industrial, manufacturing, and utility/energy markets. With its broad array of products and considerable experience as a systems integrator, CSE is building the electricity grid of the future: innovative, reliable, and sustainable. OUR SOLUTIONS ANNUAL REPORT 2025 21
ELECTRIFICATION FACILITATING THE GREEN TRANSITION TOWARDS A SUSTAINABLE ECONOMY CSE has grown to become the preferred solutions provider for the design, engineering, procurement, and integration of highly complex electrical distribution and power systems for the data centre, industrial, manufacturing, and utility/energy markets. With its broad array of products and considerable experience as a systems integrator, CSE is building the electricity grid of the future: innovative, reliable, and sustainable. ELECTRIC VEHICLE CHARGING INFRASTRUCTURE SOLUTIONS CSE designs, engineers and integrates charging station systems to the grid as well as optimises substation capacity for transmission and distribution of power. CSE provides solutions to reduce overloading of local substations and manage the strain on the distribution network, including transformers, power lines, and associated equipment, especially in situations when multiple EVs are charging in a specific area which can cause localized grid congestion. The sizing of the local distribution infrastructure is critical in order to handle the peak demand from EV charging, to reduce voltage fluctuations and power line losses, and ensure power quality. RENEWABLES ENERGY SOLUTIONS CSE supplies and installs a large portfolio of innovative and diversified solar energy solutions. From engineering consultancy to fabrication, CSE’s turnkey solutions include turning existing commercial spaces into sustainable power sources and building entirely off-grid complexes. UTILITY SOLUTIONS CSE provides solutions for the automation of substations, integrating protection relays, protection and control IEDs (intelligent electronic devices), remote terminal units, termination cabinets, DC power systems, power switching equipment, security system, generator and building utilities including cooling systems, to support the electricity transmission and distribution network. CSE’s solutions help to increase the transmission and distribution’s network power quality, continuity of service and grid’s stability as well as to optimize operation of the electric system. OUR SOLUTIONS 22 CSE GLOBAL LIMITED
OUR SOLUTIONS COMMUNICATIONS Partnering the world’s most advanced technology manufacturers to design state-of-the-art communications network systems to ensure safety, improve performance and maintain critical operations. TWO-WAY RADIO COMMUNICATIONS CSE designs, installs and maintains two-way radio communications for both permanent and temporary locations. Its solutions offerings range from equipment rental, service and maintenance through to turnkey system design and management. CSE’s twoway radio systems offer the latest in personnel safety management and personnel tracking, location and “man down” alert systems. CONVENTIONAL & TRUNKED RADIO SYSTEMS Conventional two-way radio networks have evolved into complex digital trunked systems providing highly reliable, secure communications that can be delivered across a single site, along a corridor hundreds of kilometres long, through an underground tunnel or even linking multiple sites. These systems not only provide two-way voice communications but are now an integral part of companies OH&S policy, providing GPS tracking, man down emergency alarm and many other features including wireless data messaging. CSE has many years of experience in this area having designed, constructed and commissioned both analogue and digital trunked radio systems (TETRA and APC025) that now support many thousands of terminals. VSAT SATELLITE COMMUNICATIONS NETWORKS VSAT satellite systems are typically used in remote areas where conventional telecommunications are not accessible, or to backup other communications to form high reliability networks. The systems can be scaled to provide complete corporate facilities or only emergency fallback. CSE can provide VSAT systems for voice, data, remote monitoring and video conferencing. We can also provide the bandwidth or space segment required for a complete turnkey solution. FIBRE OPTIC SYSTEMS Fibre optic networks offer the highest throughput of all commonly used forms of communications. The networks are also more secure and reliable than copper or wireless networks. CSE has the capability to design, construct and commission fibre optic networks for hazardous and industrial applications. MICROWAVE RADIO SYSTEMS Microwave radio systems can provide point-to-point or pointto-multipoint communications. CSE provides complete system engineering for microwave systems. Our services include, site surveys, path analysis, spectrum planning, equipment recommendations and construction. Our system design can also incorporate solar and emergency diesel power as well as structural analysis and construction of towers. ANNUAL REPORT 2025 23
OUR SOLUTIONS COMMUNICATIONS Partnering the world’s most advanced technology manufacturers to design state-of-the-art communications network systems to ensure safety, improve performance and maintain critical operations. PUBLIC ADDRESS & GENERAL ALARM SYSTEMS (PAGA) These are essential safety systems which alert personnel within a plant in the event of an emergency. CSE builds and engineers the systems to individual client requirements as this may require integrating the PAGA system with many different legacy plant systems. As part of the design work, CSE can also perform sound analysis and coverage studies to ensure audible, clear sound coverage is achieved in all areas where personnel need to be alerted. CCTV, ACCESS CONTROL & FIDS SYSTEMS CSE can provide high-quality CCTV systems designed for remote monitoring of plant and equipment as well as providing surveillance for security applications. Our systems are designed to comply with the highest intrinsic safety standards for operating in hazardous areas. TELEPHONE NETWORKS Plant-wide telephone networks connected to, or integrated with, large corporate telephony networks are essential infrastructure for almost all industrial plants. As part of our overall solutions, CSE can work with clients to design telephony systems for greenfield sites incorporating the latest IP technology or integrate legacy TDM or circuit switched technology into new networks. LAN/WAN NETWORKS Local and wide area networks are the key to underlying infrastructure required to support plant-wide data communications. They enable computers and other devices to communicate with servers, company intranets and the internet. CSE provides design and construction services for LAN and WAN networks using fibre, copper, wireless or combinations or these mediums. CSE works with clients to ensure the design is engineered to meet their reliability requirements, this may include multiple levels of-redundancy, fire resistant materials, etc. IP-BASED NETWORKS IP (Internet Protocol) is the dominant standard used by almost all equipment vendors as the default communications protocol. CSE provides IP network designs for clients enabling IP devices to communicate with other devices while protecting them from unauthorised access. The network design can incorporate automatic failover switching, remote monitoring and traffic reporting. SCADA & TELEMETRY NETWORKS CSE understands the special requirements for SCADA and Telemetry networks. While these networks are rapidly moving to a common IP protocol they still require a higher level of engineering than corporate data networks. CSE has a sound record in the design and construction of high reliability SCADA/ Telemetry networks, including the integration of legacy serial systems with IP-based systems. 24 CSE GLOBAL LIMITED
OUR SOLUTIONS AUTOMATION Streamlining, improving and automating processes to maximise efficiency and reduce the need for human intervention. PROCESS CONTROL SYSTEM CSE provides process control solutions that utilise supervisory control and data acquisition systems (SCADA), distributed control systems (DCS), programmable logic controllers (PLCs), motors, drives and plant transducers. Client processes are wholly dependent on the control system. WELLHEAD CONTROL SYSTEM CSE provides hydraulic and/or pneumatic solutions to control dry wellhead valves and flowlines, in single or multi-headed wellhead systems. The wellhead control panel logic is often interfaced to and or controlled by the facility safety system. SUBSEA CONTROL SYSTEM CSE has been providing Subsea Control systems since 1995 and is known as one of the premier suppliers of Subsea control systems around the world, especially in the Western hemisphere. Our products and services include: • Engineering FEED and Interface Management service provided to Subsea Equipment Vendors and Operators • Master Control Station (MCS): PLC-based control system that monitors and controls the entire subsea field and interfaces it with the facility Control and Safety system and Historian. • Hydraulic Power Unit (HPU): HPU skid is responsible for providing reliable and clean hydraulic fluid at high pressures to the subsea controllers/actuators. • Topsides Umbilical Termination Assembly (TUTA): Interfaces the subsea umbilical with all topsides controls, utilities, and Chemical Injection lines. SCADA Recognised as one of the market leaders, CSE has supplied SCADA systems to a wide range of industries through the world. CSE’s SCADA system integrates a real time database with business systems to provide totally managed asset-base solutions and automated predictive based decisions. • Intervention and Workover Control System (IWOCS): This typically includes HPU and Operator cabin designed to be deployed in harsh hazardous area on the drilling rigs along with all the associated Subsea control panels such as the MCS and EPU. • Fully managed Maintenance and lifeof-the-field support contracts. SAFETY SHUTDOWN SYSTEM CSE has supplied many different types of safety critical systems utilising a range of technologies from relays and solid state (hardwired systems) through to redundant PLC, DCS and TMR system architecture (software based systems). Over time, these systems have evolved with advances in both the technology and the methods of implementation and validation. Our safety critical systems – Emergency Shutdown Systems, Process Shutdown Systems and Integrated Control & Safety Systems – are implemented to ensure protection of plant and personnel in potentially hazardous environments. FIRE & GAS DETECTION SYSTEM Fire and Gas Detection systems are of paramount importance to project plant, production and personnel. CSE specialises in the provision and implementation of high integrity fire and gas detection systems to significantly reduce the risk of incidents. CSE offers a range of solutions to monitor combustible gas, toxic gas, smoke and fire through the production facility, and provide control action for suppression, alarming and process shutdown. ANNUAL REPORT 2025 25
OUR SOLUTIONS AUTOMATION Streamlining, improving and automating processes to maximise efficiency and reduce the need for human intervention. PROCESS SKID SYSTEM CSE’s chemical injection system, which consists of the skid assembly housing pumps, reservoirs, measurement and control devices and distribution circuitry, is used to disperse a wide array of treatment chemical into the production flow lines. REAL-TIME INFORMATION SYSTEM CSE provides a range of Real-time Information Systems (RtIS) solutions and services that are used by customers worldwide in the monitoring, analysis, automation and optimisation of their production processes. These RtIS solutions deliver timely and accurate plant information to the desktops of personnel in various disciplines, such as operations, process, engineering, maintenance and quality, thereby ensuring that informed business decisions are made in real time. INTELLIGENT TRANSPORT SYSTEM (ITS) Intelligent Transport System (ITS) is an application of advanced technologies such as electronics, communication, control and information technology for the benefit for more effective transportation. CSE has built up and established its competency and capability to provide intelligent transportation solutions such as: • Electronic Road Pricing System (Congestion Charging) • Electronic Toll Collection System • Motorway and Tunnel Management System • Urban Traffic Control System • Communication Backbone System • Electronic Information Display System MULTIPLE HEARTH FURNACE CSE’s Multiple Hearth Furnace is a fully developed product which has established market recognition and product acceptance in municipal and industrial markets. The multi hearth is extremely flexible making it highly advantageous for use in several thermal processing areas. FLUID BED INCINERATOR The fluid bed incinerator provides an environmentally sound method of reducing wastewater sludge, hazardous wastes and liquid wastes to a sterile, insert ash. Typically the ash is approximately 5% of the volume of feed, significantly extending the life of existing landfill and reducing the cost of their operation. CARBON & ENERGY RECOVERY SYSTEMS CSE combines state-of-the-art carbonisation, activation, waste heat recovery and power generation technologies to provide a sustainable solution for production of wood lump charcoal, activated carbon and electricity. ROTARY KILN INCINERATOR Horizontal refractory-lined steel chamber which rotates on a slight incline and is capable of incinerating a wide variety of hazardous and non-hazardous waste materials. The rotary kiln can accept a wide variety of wastes such as containerised solids, bulk solids, drums, contaminated soils, spent catalysts, in addition to sludges and liquids. 26 CSE GLOBAL LIMITED
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