Earnings release
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Page 1 of 4 AEM Holdings Ltd. 52 Serangoon North Ave 4 Singapore 555853 For Immediate Release AEM Reports 9M2025 Results with Strong Execution and Continued Momentum in AI/HPC Segment • The Group reported revenue of S$287.5 million for 9M2025, up 16% year-on-year, driven by a sustained ramp with its major Artificial Intelligence (“AI”) / High-Performance Computing (“HPC”) customer. • Profit before tax (“PBT”) for 9M2025 totalled S$6.2 million, with a PBT margin of 2.2%, reflecting improved product mix and operational leverage. Cashflow generated from operating activities was S$52 million, an increase of S$66.8 million year-on-year. • New customer ramp underway, with revenue from a major AI/HPC customer expected to grow significantly in FY2026. • Equipment evaluation with leading memory customer on track to deliver production units in late FY2026, followed by a ramp in FY2027. Singapore, 12 November 2025 – AEM Holdings Ltd. (“AEM” or “the Group”), a global leader in test innovation, today announced its financial results for the nine months (“9M2025”) ended 30 September 2025. Financial Overview Financial Highlights (S$ ’000) 9M2025 9M2024 Change (%) Revenue 287,535 247,798 16.0 PBT 6,202 896 592.2 PBT margin 2.2% 0.4% 1.8 ppts Net profit/(loss) 4,023 (95) NM1 Net profit/(loss) margin 1.4% (0.0%) 1.4 ppts * ppts: Percentage Points 1 NM: Not Meaningful
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Page 2 of 4 AEM Holdings Ltd. 52 Serangoon North Ave 4 Singapore 555853 For 9M2025, the Group recorded revenue of S$287.5 million, an increase of 16.0% year-on-year. This performance was driven primarily by the ramp into high-volume manufacturing at its major AI / HPC customer, along with the pull-in of orders related to its non-cancellable, long-dated purchase order program with one of the Group’s customers in both 1H2025 and 3Q2025. For 9M2025, the Group’s PBT was S$6.2 million, equating to a PBT margin of 2.2%, up 1.8 percentage points vs. 9M2024. This enhanced profitability was primarily attributed to a more favorable product mix, reflecting higher contributions from advanced test solutions. Segment Performance The Test Cell Solutions (“TCS”) segment delivered revenue of S$182.2 million, accounting for 63.4% of the Group’s total revenue. This represents a 35.5% year-on-year increase, underpinned by the successful production deployment and customer acceptance of the Group’s highly parallel package test solutions, featuring its proprietary PiXLTM thermal technology, which delivers increased test coverage and high-throughput for power-dense AI devices. The Contract Manufacturing (“CM”) segment contributed revenue of S$99.5 million, or 34.6% of the Group’s total revenue. Revenue in this segment declined by 7.9% year-on-year, primarily due to softer end-customer demand amid the ongoing global trade uncertainties. Balance Sheet & Cash Flow Highlights Balance Sheet Highlights (S$ ’000) 30-Sep-25 30-Jun-25 Change (%) Inventories 224,188 245,444 (8.7) Trade and other receivables 173,120 143,395 20.7 Cash and cash equivalents 59,267 59,791 (0.9) Total assets 643,008 633,752 1.5 Trade and other payables 51,100 46,499 9.9 Financial liabilities 74,643 72,932 2.3 Total liabilities 157,392 150,749 4.4 Currency translation reserve (24,086) (23,828) 1.1 Total equity 485,617 483,003 0.5 Net asset value per share (Singapore cents) 152.6 152.3 0.2 Debt / Equity 0.2x 0.2x -
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Page 3 of 4 AEM Holdings Ltd. 52 Serangoon North Ave 4 Singapore 555853 As at 30 September 2025, the Group’s total equity amounted to S$485.6 million, reflecting a 0.5% increase from 30 June 2025. This increase was contributed by net profit for the period and equity movements, which correspondingly increased Net Asset Value (“NAV”) per share by 0.2% to 152.6 Singapore cents. Inventories declined by 8.7% during the period, driven by the fulfilment of orders pulled in under a non-cancellable, long-dated purchase agreement with a key customer. Cash and cash equivalents decreased slightly from 30 June 2025 but the Group’s balance sheet remains robust, positioning it strategically to pursue future growth opportunities. The debt-to-equity ratio remained stable at a prudent 0.2x. Outlook The Group reaffirms its revenue guidance for the second half of 2025, with performance expected to reach the upper end of the guidance range (S$170 million to S$190 million). Demand from the Group’s major AI / HPC customer remains robust, and based on current visibility, its revenue contribution is anticipated to grow significantly in FY2026 as compared to FY2025. Additionally, following the recent purchase order from a leading memory manufacturer for the Group’s memory final test handler, the evaluation program is advancing on track, with first revenues expected in late FY2026 followed by a production ramp in FY2027. AEM’s CEO, Samer Kabbani commented, “Powered by our proprietary PiXLTM thermal platform, advanced automation, and application-specific instrumentation, our new solutions are purpose-built for the AI era, where parallelism, power delivery, and thermal control drive test efficiency. A production ramp at a major AI / HPC customer and strong memory-customer evaluations affirm the value we deliver for next-gen devices.”
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Page 4 of 4 AEM Holdings Ltd. 52 Serangoon North Ave 4 Singapore 555853 About AEM Holdings Ltd. AEM is a global leader in test innovation. We provide the most comprehensive semiconductor and electronics test solutions based on the best-in-class technologies, processes, and customer support. AEM has a global presence across Asia, Europe, and the United States. With manufacturing plants located in Singapore, Malaysia (Penang), Indonesia (Batam), Vietnam, and Finland (Lieto), South Korea, and the United States (San Diego, Tempe) and a global network of engineering support, sales offices, associates, and distributors, we offer our customers a robust and resilient ecosystem of test innovation and support. AEM Holdings Ltd. is listed on the main board of the Singapore Exchange (Reuters: AEM. SI; Bloomberg: AEM SP). AEM’s head office is in Singapore. Issued for and on behalf of AEM Holdings Ltd. By Financial PR Pte Ltd For more information please contact: Kamal SAMUEL / Rishika TIWARI / LIM En Tong Financial PR Pte Ltd Tel: 6438 2990 / Fax: 6438 0064 E-mail: kamal@financialpr.com.sg / rishika@financialpr.com.sg / entong@financialpr.com.sg Disclaimer This is a press release of general information relating to the current activities of AEM Holdings Ltd. (“AEM”). It is given in summary form and does not purport to be complete. This press release may contain forward-looking statements which are subject to risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in these forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies, shifts in customer demands, customers and partners, changes in operating expenses, governmental and public policy changes, and the continued availability of financing. Accordingly, such statements are not and should not be construed as a representation as to the future of AEM, and are not intended to be profit forecasts, estimations or projections of future performance and should not be regarded as such. No reliance should therefore be placed on these forward-looking statements, which are based on the current views of the management of AEM. The press release is also not to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. AEM accepts no responsibility whatsoever with respect to the use of this document or any part thereof.