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AEM FY2025 Results A E M | 2 5 F e b r u a r y 2 0 2 6 | I n v e s t o r U p d a t e Positioned at the Intersection of AI/HPC Growth & Advanced Test
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A E M | 2 5 F e b r u a r y 2 0 2 6 | I n v e s t o r U p d a t e This is a presentation 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 presentation 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 presentation 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. In this presentation, all $ dollar amounts are in Singapore dollars unless otherwise specified. Disclaimer 2
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A E M | 2 5 F e b r u a r y 2 0 2 6 | I n v e s t o r U p d a t e FY2025 Key Highlights S$399.3M Revenue +5% vs FY2024 +S$133.6M Operating Cashflow +S$151.2M vs FY2024 S$460M to S$510M FY2026 Revenue Guidance S$21.3M Profit Before Tax (PBT) +52% vs FY2024 +1.6pts vs FY20245.3% of Revenue • FY2025 delivered revenue growth, margin expansion, and improved cash generation • Strong ramp from AI/HPC customers drove Test Cell Solutions growth • Balance sheet strengthened with increased operating cashflow, decreased debt, resulting in resumption of dividend payments • Between 15-28% top-line growth for FY2026 reflects continued AI/HPC momentum 3
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A E M | 2 5 F e b r u a r y 2 0 2 6 | I n v e s t o r U p d a t e Investment Thesis Test Complexity Increasing AI/HPC device complexity leads to rising testing requirements and increasing test intensity Earnings Leverage Increased scale drives improved operating leverage & cash generation 2 AEM Differentiation Innovating high parallel test solutions that deliver cost-efficient, leading-edge capabilities to address test needs. AI/HPC Growth Agentic AI is driving structural growth with 50% year-on-year growth forecasted by BoA* for AI semiconductor devices 1 3 4 * Bank of America’s Semiconductor Outlook – December 2025 - https://news.futunn.com/en/post/66356665/bofa-2026-semiconductor-outlook-ai-infrastructure- upgrade-as-a-key?level=1&data_ticket=1772006785974295 4
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A E M | 2 5 F e b r u a r y 2 0 2 6 | I n v e s t o r U p d a t e Market Tailwinds: Agentic AI Driving AI/HPC and CPU Demand Source: Coherent Market Insights 0 5 10 15 20 25 30 2025 2033 Global Data Center CPU Market 2025 vs 2033 (US$B) Source: AMD Source: Intel x86 Devices: ~75-85% Market Share Source: AWS ARM Devices: ~15-25% Market Share 5
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A E M | 2 5 F e b r u a r y 2 0 2 6 | I n v e s t o r U p d a t e Market Tailwinds: Accelerating AI/HPC Complexity Increasing Test Intensity Chiplet Count Increasing Power Delivery / Removal Challenges CoT* Increasing – Longer Test Times, More Insertions Capacity & Factory Footprint Challenges * CoT: Cost of Test >100 chiplets and IP zones per package Single Chip Design Multi Chip Module Multi Chiplet System 6
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A E M | 2 5 F e b r u a r y 2 0 2 6 | I n v e s t o r U p d a t e Market Tailwinds: Test Challenges Driving Increased Content per AEM System • Test complexity and decreased test coverage from Final Test is driving a significant portion of test content from Final Test into alternative test insertions throughout the manufacturing process → AEM’s high-parallel test solutions are being driven to increase overall test content addressed per system 7
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A E M | 2 5 F e b r u a r y 2 0 2 6 | I n v e s t o r U p d a t e AEM’s “Follow the Chiplet” ethos enables the Group’s ”razor / razorblade” model while driving its ”land & expand” strategy Package Test: Shift test content to optimize for coverage and COT Test 1.5 UpgradesTest 2.0 Platforms High Parallel Slot Based Logic FT Handler Memory FT Handler Single Column Mid/High HD Test Boards Multi Column Mid/High Power LFF Test Boards Thermal Socket Layout Kit SLT Thermal EngineConfigurable Test Slot TAU TBU 8
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+S$133.6M Operating Cashflow A E M | 2 5 F e b r u a r y 2 0 2 6 | I n v e s t o r U p d a t e FY2025 Key Financial Highlights +S$151.2M vs FY2024 S$399.3M Revenue +5% vs FY2024 S$21.3M Profit Before Tax (PBT) +52% vs FY2024 +1.6pts vs FY2024 5.3% of Revenue S$102.5M Gross Profit +5% vs FY2024 Flat pt vs FY2024 25.7% of Revenue 9
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A E M | 2 5 F e b r u a r y 2 0 2 6 | I n v e s t o r U p d a t e Revenue Mix: FY2025 vs. FY2024 TCS revenue came in at S$251.4M, contributing to 63% of revenue in FY2025, driven primarily by equipment sales 251.4 231.0 8.4 8.0 139.5 141.4 399.3 380.4 FY2025 FY2024 Total Revenue Mix (S$M) Test Cell Solutions Instrumentation Contract Manufacturing 119.1 105.1 83.5 73.3 48.8 52.6 251.4 231.0 FY2025 FY2024 Test Cell Solutions Revenue Mix (S$M) Test & Automation Equipment Consumables Services 35% 63% 2% 37% 2% 61% 19% 33% 48% 45% 32% 23% 10
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A E M | 2 5 F e b r u a r y 2 0 2 6 | I n v e s t o r U p d a t e Balance Sheet A robust balance sheet with low debt • As at end-December 2025, net assets were valued at S$499.3M, up from end-December 2024, contributed mainly by net profit for the period, partially offset by foreign exchange loss in translation of USD- denominated assets • As a result, NAV per share increased to 157 cents vs. 155 cents at end-December 2025 • Inventories decreased primarily from customer’s pull-in of long-dated, non-cancellable purchase orders • The Group has proposed a final dividend of 1.3 Singapore cents per ordinary share for FY2025 As at Dec. ’25 Dec. ‘24 Change S$M S$M % Cash 77.3 43.8 76.5 Inventories 227.0 296.8 (23.5) Loans & borrowings 16.4 94.4 (82.6) Net assets 499.3 492.3 1.4 In SG cents NAV per share 157 155 1.3 Debt / Equity 0.03X 0.2X - 11
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A E M | 2 5 F e b r u a r y 2 0 2 6 | I n v e s t o r U p d a t e Significantly Stronger Cash Position YoY, Positive Free Cash Flow S$112.1M Operating Cash Flow +S$133.6M applied to loan repayments and share re-purchase Operating Activities Inflow: S$133.6M Investing Activities Outflow: S$21.5M Financing Activities Outflow: S$79.7M Key points: Positive Free Cash flow* of S$112.1M generated in FY25: Operating activities inflow of S$133.6M from: • Inflows: i. EBITDA S$46.6M ii. Decrease in inventories S$65.7M iii. Increase in payables S$21.2M Investing Activities net outflow of S$21.5M from: i. Additions to intangible assets from R&D S$13.4M ii. Capex, net of disposals S$8.5M Financing Activities outflow of S$79.7M from: • Increase of subsidiary interests from NCI S$1.6M • Net loan repayment S$67.5M • Interest expense & lease obligations S$8.7M • Share re-purchase S$1.9M FY2025 FY2024 Beginning Cash 43.8 101.8 Profit after tax 17.1 11.6 Depreciation & amortisation 24.6 24.5 Changes in working capital & others 91.9 (53.6) Capital expenditure, net of disposals (8.5) (4.0) Additions of intangible assets (13.4) (18.3) Interest income 0.4 1.0 Disposal of investments - 12.5 Share re-purchase (1.9) - Borrowings, lease & other financing, net (76.2) (32.0) Acquisition of subsidiary’s interests from NCI (1.6) (0.7) Proceeds from ESOS exercised - 1.0 Effect of FX translation 1.1 0.0 Ending Cash 77.3 43.8 Net Cash 74.3 (28.9) * Free cash flow = Cash inflow from operating activities S$133.6M – Cash outflow from investing activities S$21.5M 12
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Thank You A E M | 2 5 F e b r u a r y 2 0 2 6 | I n v e s t o r U p d a t e Investor Relations Contact Samir MOWLA samir.mowla@aem.com.sg Financial PR Pte Ltd Kamal SAMUEL / Rishika TIWARI / LIM En Tong Tel: 6438 2990 / Fax: 6438 0064 kamal@financialpr.com.sg rishika@financialpr.com.sg entong@financialpr.com.sg