CSE Global Limited Reports Strong 3Q2025 Revenue Growth Driven by Electrification Segment

Date: 19 November 2025

Company: CSE Global Limited (SGX: 544)

Location: Singapore

Key Highlights from 3Q2025 Interim Business Update

• Revenue surged 20.5% year-on-year to S\$257.7 million in 3Q2025 (from S\$213.9 million in 3Q2024), driven primarily by the Electrification business segment in the Americas.
• Healthy order book at S\$467.5 million as at 30 September 2025, although this is a 26.2% decrease from the previous year’s S\$633.6 million.
• Order intake declined 21.7% year-on-year in 3Q2025 to S\$146.1 million, and down 9.3% for the first nine months of 2025 to S\$512.8 million.
• Significant strategic development: On 10 November 2025, CSE Global entered into a strategic transaction with Amazon.com, Inc., aimed at strengthening their commercial relationship and unlocking new data centre business opportunities. This move aligns with CSE’s Electrification and Communications-focused initiatives, potentially opening up new high-growth markets.

Detailed Segment Performance

Electrification

• Revenue: Up 39.9% year-on-year in 3Q2025 to S\$146.7 million (9M2025: S\$361.4 million, +12.4%).
• Growth was mainly due to progressive revenue recognition from two major projects in the Americas region secured in 2024.
• New Orders: S\$48.0 million in 3Q2025 (down 38.7% y-o-y); for 9M2025, order intake decreased 26.7% to S\$178.9 million.
• This segment contributed 56.9% of Group revenue in 3Q2025 and 32.8% of total order intake.

Communications

• Revenue: Stable at S\$61.7 million in 3Q2025 (9M2025: S\$189.7 million, +8.2%).
• Despite currency headwinds, the business showed resilience.
• Order Intake: Jumped 24.2% y-o-y in 3Q2025 to S\$75.2 million; 9M2025 order intake up 20.7% to S\$211.3 million.
• Communications accounted for 23.9% of 3Q2025 Group revenue and 51.5% of total order intake for the quarter.

Automation

• Revenue: Rose 4.4% y-o-y in 3Q2025 to S\$49.4 million (9M2025: S\$147.5 million, +1.1%).
• Order Intake: Declined 52.1% y-o-y in 3Q2025 to S\$22.9 million; 9M2025 order intake down 16.3% to S\$122.6 million.
• This segment contributed 19.2% of 3Q2025 revenue and 15.7% of order intake during the quarter.

Potentially Price-Sensitive Information

• Major Revenue Growth: The Group’s strong revenue growth, especially from Electrification, is a key positive signal for investors.
• Strategic Transaction with Amazon: The newly announced collaboration with Amazon.com, Inc. to target data centre business opportunities represents a significant future growth catalyst and aligns with global megatrends in electrification and AI. This could be a material event with potential to move the share price, especially as data centre electrification and communications are high-growth areas.
• Order Intake and Book Decline: Despite robust revenues, both order intake and order book have declined meaningfully, which could signal a potential slowdown in future revenue unless replenished by new large contracts.

Company Overview

CSE Global is a Singapore-listed, leading systems integrator specializing in electrification, communications, and automation solutions. The company operates across 15 countries with 61 offices and over 2,000 employees, serving a diverse base of large government and enterprise customers. Its technologies are mission-critical to infrastructure, focused on sustainable, greener, and smarter processes, and have enabled CSE to maintain a consistent profit track record for three decades.

Conclusion for Investors

Investors should note the strong revenue momentum led by Electrification, the strategic tie-up with Amazon targeting the fast-growing data centre segment, and the resilient Communications segment performance. However, the declining order book and intake warrant close monitoring as they may impact future growth unless offset by new large-scale project wins. The Amazon strategic transaction, in particular, is a major development that could drive future share price appreciation if successfully executed.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors are advised to conduct their own due diligence and consult their financial advisors before making investment decisions. The author and publisher accept no liability for any loss arising from the use of this information.

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