CSE Global Limited 3Q2025 Financial Update: Key Insights for Investors
CSE Global Limited Records S\$146.1 Million in New Orders for 3Q2025: Detailed Investor Update
Date: 11 November 2025
Company: CSE Global Limited
Location: Singapore
Key Highlights
- New Orders: CSE Global secured S\$146.1 million in new orders for the third quarter of 2025.
- Order Book: Closing order book stood at S\$467.5 million as at 30 September 2025, down 26.2% year-on-year.
- Business Segments:
- Electrification: S\$48.0 million in new orders (32.8% of total). Excluding two large 3Q2024 contracts, this segment grew 20.2% year-on-year.
- Communications: S\$75.2 million in new orders (51.5% of total), up 24.2% year-on-year, driven by acquisitions in the USA.
- Automation: S\$22.9 million in new orders (15.7% of total), down 52.1% year-on-year due to absence of greenfield oil & gas orders.
- Revenue: S\$257.7 million for 3Q2025, up 20.5% year-on-year.
- Foreign Exchange Impact: Unfavourable FX movements, mainly USD and AUD, negatively affected results.
- Strategic Direction: Focused on growth sectors aligned with global megatrends, disciplined tendering, and long-term value creation.
Detailed Financial Performance
| Metric |
3Q2025 (S\$’000) |
3Q2024 (S\$’000) |
Change (%) |
9M2025 (S\$’000) |
9M2024 (S\$’000) |
Change (%) |
| Opening Order Book |
573,754 |
692,318 |
-17.1% |
672,587 |
730,597 |
-7.9% |
| Order Intake |
146,098 |
186,654 |
-21.7% |
512,753 |
565,377 |
-9.3% |
| Revenue |
257,721 |
213,909 |
+20.5% |
698,597 |
642,788 |
+8.7% |
| FX Translation |
5,351 |
(31,485) |
N.M. |
(19,261) |
(19,608) |
-1.8% |
| Ending Order Book |
467,482 |
633,578 |
-26.2% |
467,482 |
633,578 |
-26.2% |
Segmental Analysis
| Business Segment |
3Q2025 (S\$’000) |
3Q2024 (S\$’000) |
Change (%) |
9M2025 (S\$’000) |
9M2024 (S\$’000) |
Change (%) |
| Electrification |
47,991 |
78,295 |
-38.7% |
178,860 |
243,942 |
-26.7% |
| Communications |
75,179 |
60,541 |
+24.2% |
211,278 |
174,998 |
+20.7% |
| Automation |
22,928 |
47,818 |
-52.1% |
122,615 |
146,437 |
-16.3% |
Management Commentary
Mr Lim Boon Kheng, Group Managing Director and CEO, remarked that despite an uncertain global environment, CSE Global’s underlying operations are robust. He emphasised a disciplined approach to tendering and project selection, ensuring quality execution and sustainable returns. The company’s strategic focus remains on sectors supported by global megatrends, which will help build resilience and drive long-term value creation for shareholders.
Key Issues for Shareholders & Potential Price Sensitivities
- Order Book Decline: The ending order book declined significantly (-26.2% y-o-y), reflecting both higher revenue recognition and lower new orders. This may raise concerns about future revenue visibility.
- Segmental Performance: Electrification and Automation segments saw notable declines, while Communications grew strongly. The shift in segment contributions could signal changing business dynamics and risk exposure.
- Foreign Exchange Impact: Unfavourable currency movements (USD, AUD) affected the company’s reported figures. Continued volatility could impact future results.
- Acquisitions: Growth in Communications is attributed to recent US acquisitions, suggesting ongoing M&A activity could be a catalyst for future growth or risk.
- No Material Financial Impact: Management stated these developments are not expected to materially impact net tangible assets per share or earnings per share for the current year. However, investors should monitor future updates closely for any changes.
About CSE Global
CSE Global is a leading systems integrator with solutions in electrification, communications, and automation across various industries. With a presence in 15 countries, 61 offices, and over 2,000 employees, the company serves large government and corporate clients globally. CSE Global has a strong profit track record and is listed on the Singapore Exchange since 1999. The company continues to emphasise operational excellence and sustainable growth.
Investor Contact: CDR Consultancy
Chia Hui Kheng / Sarah Tan
Tel: (65) 6534 5122
Email: [email protected]
Disclaimer
This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult their financial advisors before making investment decisions. The information provided is based on publicly available disclosures and may be subject to change.
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