Annual financial statement
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NSL LTD (Reg. no.: 196100107C) 1 Half Year Financial Statements Announcement The Company announces the condensed interim consolidated financial statements for the 6 months ended 31 December 2025. A(i) Condensed Interim Consolidated Income Statement for the 6 months ended 31 December 2025 THE GROUP 6 months ended 31.12.2025 31.12.2024 Change S$’000 S$’000 % Sales 4 159,408 179,680 (11) Cost of sales (128,583) (134,882) (5) Gross profit (i) 30,825 44,798 (31) Other income - Interest 5.1,(ii) 850 1,497 (43) - Others 5.1,(ii) 724 635 14 Other losses, net 5.2,(iii) (389) (1,752) (78) Distribution costs (iv) (4,421) (3,951) 12 Administrative expenses (v) (13,114) (15,475) (15) Write-back of loss allowance on trade receivables, net 6.1,(vi) 1,000 58 1,624 Finance costs 6.2,(vii) (445) (702) (37) Share of results of associated companies, net of tax 535 199 169 Profit before income tax 6 15,565 25,307 (38) Income tax expense 7 (5,308) (5,387) (1) Total profit for the financial period 10,257 19,920 (49) Profit attributable to: Equity holders of the Company 10,193 18,935 (46) Profit attributable to non-controlling interest 64 985 (94) 10,257 19,920 (49) Basic and fully diluted earnings per share (cents) 2.73 5.07 (46)
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NSL LTD (Reg. no.: 196100107C) 2 A(ii) Condensed Interim Consolidated Statement of Comprehensive Income for the 6 months ended 31 December 2025 THE GROUP 6 months ended 31.12.2025 31.12.2024 Change S$’000 S$’000 % Total profit for the financial period 10,257 19,920 (49) Other comprehensive income: Items that may be reclassified subsequently to profit or loss: Exchange differences on translating foreign operations - Gain arising during the period 4,151 3,957 5 - Reclassification - 369 (100) 4,151 4,326 (4) Items that will not be reclassified subsequently to profit or loss: Fair value gain/(loss) arising from financial assets at FVOCI* 54 (77) n/m Exchange differences on translating foreign operations attributable to non-controlling interests (22) (184) (88) Other comprehensive income for the period, net of tax 4,183 4,065 3 Total comprehensive income for the period, net of tax 14,440 23,985 (40) Total comprehensive income attributable to: Equity holders of the Company 14,398 23,184 (38) Non-controlling interests 42 801 (95) 14,440 23,985 (40) *Financial assets measured at fair value through other comprehensive income n/m: not meaningful
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NSL LTD (Reg. no.: 196100107C) 3 Notes to the Group’s Income Statement: (i) Gross profit The decline in gross profit for the 6-month period ended 31 December 2025 was mainly due to lower sales in the precast business in Malaysia arising from project delays and weaker performance in the Environmental Services division . These impacts were partially mitigated by improved performance in the precast business in Dubai and the PBU business in Finland. (ii) Other income The decrease in interest income for the 6-month period ended 31 December 2025 was mainly due to lower interest income recorded by the Group as a result of lower surplus cash and interest rates. The increase in other income (“Others”) for the 6-month period ended 31 December 2025 was mainly due to higher scrap sales. (iii) Other losses, net The decrease in net other losses for the 6-month period ended 31 December 2025 was mainly due to write back of impairment of property, plant and equipment from the precast business in Malaysia. (iv) Distribution costs The in crease in distribution costs for the 6 -month period ended 31 December 202 5 was mainly attributable to the precast business in Malaysia due to higher transportation costs. (v) Administrative expenses The decrease in administrative expenses for the 6-month period ended 31 December 2025 was mainly due to lower staff costs and professional fees. (vi) Write-back of loss allowance on trade receivables, net The increase in write-back of loss allowance on trade receivables for the 6-month ended 31 December 2025 was mainly attributable to the precast business in Malaysia. (vii) Finance costs The decrease in finance costs for the 6-month period ended 31 December 2025 was mainly due to the decrease in interest expense of a bank loan in the Environmental Services division which had been fully repaid in September 2024.
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NSL LTD (Reg. no.: 196100107C) 4 B Condensed Interim Statements of Financial Position as at 31 December 2025 THE GROUP THE COMPANY As at As at As at As at Note 31.12.25 30.06.25 31.12.25 30.06.25 S$’000 S$’000 S$’000 S$’000 Equity Share capital 14 193,839 193,839 193,839 193,839 Reserves 110,177 101,657 9,216 6,186 Shareholders’ equity 304,016 295,496 203,055 200,025 Non-controlling interests (i) (3,917) (4,181) - - Total equity 300,099 291,315 203,055 200,025 Current Assets Inventories (ii) 50,820 38,649 - - Receivables, prepayments and other current assets (iii) 127,661 93,168 44,669 41,766 Other investments at amortised cost 751 751 751 751 Tax recoverable 558 23 - - Cash and bank balances (iv) 127,049 150,444 51,715 70,454 306,839 283,035 97,135 112,971 Non-Current Assets Property, plant and equipment 11,(v) 89,487 82,842 172 201 Right-of-use assets (vi) 27,257 26,368 300 112 Investments in subsidiaries - - 36,231 36,231 Investments in associated companies (vii) 10,836 10,226 - - Long term receivables (iii) - - 99,668 90,589 Financial assets, at FVOCI 10 491 437 491 437 Other investments at amortised cost 994 994 994 994 Intangible assets 12 1,510 1,597 115 - Deferred tax assets 2,498 2,433 22 17 Other non-current assets 60 58 - - 133,133 124,955 137,993 128,581 Total Assets 439,972 407,990 235,128 241,552 Current Liabilities Borrowings 13,(viii) (690) (664) - - Trade, other payables and other current liabilities (ix) (113,374) (90,942) (22,626) (31,956) Lease liabilities 13,(x) (4,124) (2,637) (298) (114) Current income tax liabilities (2,688) (2,400) (290) (598) Deferred income (29) (28) - - (120,905) (96,671) (23,214) (32,668) Non-Current Liabilities Provision for retirement benefits (4,904) (4,495) - - Deferred tax liabilities (1,817) (1,899) - - Borrowings 13,(viii) (335) (676) - - Lease liabilities 13,(x) (8,563) (9,591) - - Deferred income (369) (374) - - Other non-current liabilities (2,980) (2,969) (8,859) (8,859) (18,968) (20,004) (8,859) (8,859) Total Liabilities (139,873) (116,675) (32,073) (41,527) Net Assets 300,099 291,315 203,055 200,025 *Financial assets measured at fair value through other comprehensive income
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NSL LTD (Reg. no.: 196100107C) 5 Explanatory notes on consolidated statements of financial position (i) Non-controlling interests The change was mainly due to the minority share buyout in Bold Hill Sdn . Bhd. in the 6-month period ended 31 December 2025. (ii) Inventories The increase in inventories was mainly due to higher finished goods in the precast business in Malaysia. (iii) Receivables, prepayments and other current assets The increase was mainly due to higher revenue in the precast business in Malaysia and Dubai in the last few months for the 6-month period ended 31 December 2025. (iv) Cash and bank balances The decrease at the Group level was mainly due to capital expenditure on property, plant and equipment and cash used in operations. The decrease at the Company level was mainly due to the repayment of loan to subsidiaries and dividends to shareholders. (v) Property, plant and equipment The increase was mainly due to additions of property, plant and equipment , offset against the depreciation for the 6-month period ended 31 December 2025. (vi) Right-of-use assets The increase was mainly due to additions of right-of-use assets, offset against the depreciation for the 6-month period ended 31 December 2025. (vii) Investment in associated companies The increase in associated companies was mainly due to the share of profits of Planergo Pte Ltd and Southern Rubber Works Sdn Bhd in the 6-month period ended 31 December 2025. (viii) Borrowings The decrease in total borrowings was mainly due to the partial repayment of borrowings in the P BU business in Finland. (ix) Trade, other payables and other current liabilities The increase was mainly driven by higher business volume in the precast business in Dubai. (x) Lease liabilities The increase was mainly attributable to additions of leases, offset against the lease payments made during the 6-month period ended 31 December 2025.
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NSL LTD (Reg. no.: 196100107C) 6 C Condensed Interim Statement of Changes in Equity Attributable to Equity Holders of the Company Foreign Currency Fair General Non- Share Revenue Translation Value and other controlling interests Total Equity Capital Reserve Reserve Reserve Reserves Total THE GROUP S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 6 months ended 31 December 2025 Balance as at 1 July 2025 193,839 106,703 (8,342) 2,911 385 295,496 (4,181) 291,315 Profit for the period - 10,193 - - - 10,193 64 10,257 Other comprehensive income/(loss) for the period - - 4,151 54 - 4,205 (22) 4,183 Total comprehensive income for the period - 10,193 4,151 54 - 14,398 42 14,440 Dividends paid - (5,603) - - - (5,603) - (5,603) Disposal of NCI - (275) - - - (275) 222 (53) Balance as at 31 December 2025 193,839 111,018 (4,191) 2,965 385 304,016 (3,917) 300,099
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NSL LTD (Reg. no.: 196100107C) 7 Attributable to Equity Holders of the Company Foreign Currency Fair General Non- Share Revenue Translation Value and other controlling interests Total Equity Capital Reserve Reserve Reserve Reserves Total THE GROUP S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 6 months ended 31 December 2024 Balance as at 1 July 2024 193,839 83,211 (11,061) 3,381 97 269,467 (5,562) 263,905 Profit for the period - 18,935 - - - 18,935 985 19,920 Other comprehensive losses for the period - - 3,957 (77) - 3,880 (184) 3,696 Total comprehensive income/(loss) for the period - 18,935 3,957 (77) - 22,815 801 23,616 Disposal of a subsidiary - - - - - - 225 225 Balance as at 31 December 2024 193,839 102,146 (7,104) 3,304 97 292,282 (4,536) 287,746
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NSL LTD (Reg. no.: 196100107C) 8 Share Revenue Fair Value Capital Reserve Reserve Total THE COMPANY S$’000 S$’000 S$’000 S$’000 6 months ended 31 December 2025 Balance as at 1 July 2025 193,839 5,760 426 200,025 Total comprehensive income for the period - 8,579 54 8,633 Dividends paid - (5,603) - (5,603) Balance as at 31 December 2025 193,839 8,736 480 203,055 6 months ended 31 December 2024 Balance as at 1 July 2024 193,839 5,820 491 200,150 Total comprehensive loss for the period - (974) (77) (1,051) Balance as at 31 December 2024 193,839 4,846 414 199,099
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NSL LTD (Reg. no.: 196100107C) 9 D Condensed Interim Consolidated Statement of Cash Flows THE GROUP 6 months ended 31.12.2025 31.12.2024 S$’000 S$’000 Cash Flows from Operating Activities Profit for the financial period 10,257 19,920 Adjustments for: Income tax expense 5,308 5,387 Amortisation of intangible assets 254 231 Amortisation of deferred income (12) (52) Depreciation of property, plant and equipment 5,658 5,618 Depreciation of right-of-use assets 1,688 1,660 Interest expense 445 702 Interest income (850) (1,497) Write back of impairment loss on property, plant and equipment, net (438) - Write back of impairment loss on right-of-use assets, net (335) - Write back of impairment on intangible assets, net (10) - Gain on disposal including write-off of property, plant and equipment, net (12) 6 Loss on disposal of a subsidiary - 215 Provision for retirement benefits, net 459 289 Share of results of associated companies, net of tax (535) (199) Exchange differences and other adjustments 1,283 1,314 Operating cash flows before working capital changes 23,160 33,594 Changes in working capital, net of effects from disposal of subsidiaries: Inventories (12,171) (5,160) Receivables, prepayments and other assets (34,492) (29,591) Deferred income 6 9 Trade and other payables 20,251 21,186 Cash (used in)/generated from operations (3,246) 20,038 Income tax paid (3,545) (4,608) Retirement benefits paid (89) (74) Net cash (used in)/provided by operating activities (6,880) 15,356 Cash Flows from Investing Activities Net cash inflow from disposal of subsidiaries - 381 Dividend received from associated companies - 102 Advances to a joint venture - (487) Proceeds from disposal of property, plant and equipment 12 5 Additions of property, plant and equipment (10,524) (4,740) Additions of intangible assets (149) (102) Interest received 850 1,476 Net cash used in investing activities (9,811) (3,365) Cash Flows from Financing Activities Repayment of borrowings (325) (8,118) Principal payment of lease liabilities (1,052) (1,215) Proceeds received from financial institutions under a supplier finance arrangement - 4,709 Repayments to financial institutions under a supplier finance arrangement - (6,686) Interest paid (445) (702) Withdrawal of bank deposits pledged 17,577 - Dividends paid to shareholders (5,603) - Net cash provided by/(used in) financing activities 10,152 (12,012) Net decrease in cash and cash equivalents (6,539) (21) Cash and cash equivalents at beginning of the period 124,930 94,550 Effects of exchange rate changes on cash and cash equivalents 721 371 Cash and cash equivalents at end of the period 119,112 94,900
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NSL LTD (Reg. no.: 196100107C) 10 THE GROUP 6 months ended 31.12.2025 31.12.2024 S$’000 S$’000 Cash and cash equivalents at end of the financial period comprise: - Cash and bank balances 127,049 120,400 - Less: bank deposits pledged (7,937) (25,500) 119,112 94,900 Analysis of Consolidated Statement of Cash Flows The Group recorded a negative operating cash flow of S $6.9 mil in the 6-month period ended 31 December 2025, as compared to S$15.4 mil in the 6-month period ended 31 December 2024. The decrease in operating cash flow is mainly due to net outflow o f S$26.4 mil in the 6 -month period ended 31 December 2025 as compared to net outflow of S$13.6 mil in the 6-month period ended 31 December 2024 from working capital changes during the period. Net cash used in investing activities in the 6-month period ended 31 December 2025 was higher at S$ 9.8 mil as compared to S$3.4 mil in the 6 -month period ended 31 December 2024 . The net outflow was mainly attributable to additions of property, plant and equipment. Net cash provided by financing activities in the 6-month period ended 31 December 2025 was higher at S$10.2 mil as compared to net outflow of S$12.0 mil in the 6-month period ended 31 December 2024 . The net inflow was mainly attributable to withdrawal of bank deposits previously pledged. Overall, the Group recorded a net cash outflow of S$ 6.5 mil in the 6-month period ended 31 December 2025 , as compared to S$0.02 mil in the 6 -month period ended 31 December 2024 . The Group’s cash and cash equivalents including bank deposits pledged, stood at S$127.0 mil as at 31 December 2025.
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NSL LTD (Reg. no.: 196100107C) 11 E Notes to the Condensed Interim Financial Statements 1 Corporate information NSL Ltd. (the “Company”) is incorporated and domiciled in Singapore and whose shares are publicly traded on the Mainboard of the Singapore Exchange . These condensed interim financial statements as at and for the 6-month period ended 31 December 2025 comprise the Company and its subsidiaries (collectively, the “Group”). The principal activities of the Company are the provision of management services and investment holding. The principal activities of its subsidiaries are mainly manufacturing and sale of building materials, oil and petroleum related products and provision of environmental services. 2 Basis of preparation The condensed interim financial statements for the 6-month period ended 31 December 2025 have been prepared in accordance with Singapore Financial Reporting Standards (International) (“SFRS(I)”) 1-34 Interim Financial Reporting issued by the Accounting Standards Council Singapore. The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance of the Group since the last annual financial statements for the year ended 30 June 2025. The accounting policies adopted are consistent with those of the previous financial year which were prepared in accordance with SFRS(I)s. The condensed interim financial statements are presented in Singapore Dollar which is the Company’s functional currency. 2.1 New and amended standards adopted by the Group A number of amendments to Standards have become applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting those standards. 2.2 Use of judgements and estimates The preparation of condensed interim financial statements in conformity with SFRS(I) requires management to exercise its judgement in the process of applying the Group’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions. Although these estimates are based on management’s best knowledge of current events and actions, actual results may ultimately differ from those estimates. The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the financial year ended 30 June 2025. 3 Seasonal operations The Group’s businesses are not affected by seasonal or cyclical factors during the financial period.
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NSL LTD (Reg. no.: 196100107C) 12 4 Segment and revenue information Operating segments of the Group are determined based on the Group’s internal reporting structure. Segment information is presented on the same basis as the internal management reports used by the senior management of the Group in making strategic decisions. In determining the operating segments, the Group has considered primarily the industries the Group’s companies are operating in and their contribution to the Group. The Group operates mainly in the manufacturing and sale of building materials, provision of environmental services and sale of related products, as well as operations in the manufacturing and sale of refractory materials. Accordingly, these activities are grouped into separate operating segments within the three main divisions: Precast & Prefabricated Bathroom Unit (“PBU”), Environmental Services and Chemicals. Operating segment classified as “Investment Holding & Others” relates to the Group’s remaining assets, comprising mainly of holding investments and the operation of a marina club, which is not a significant component of this segment. Inter-segment transactions are determined on an arm’s length basis. The performance of the segments is measured in a manner consistent with that in the consolidated income statement. The Group executive management assesses the performance of the operating segments based on a measure of profit/(loss) before taxation for continuing operations. Information regarding the Group’s operating segments is presented in the following table.
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NSL LTD (Reg. no.: 196100107C) 13 4.1 Reportable segments The information for the reportable segments for the 6-month period ended 31 December 2025 is as follows: Precast & PBU Environmental Services Chemicals Investment Holding and Others Total S$’000 S$’000 S$’000 S$’000 S$’000 Revenue External sales 130,717 21,735 1,820 5,136 159,408 Inter-segment sales - - 958 1 959 Total revenue 130,717 21,735 2,778 5,137 160,367 Elimination - - (958) (1) (959) 130,717 21,735 1,820 5,136 159,408 Profit/(loss) before taxation 20,156 (4,356) 1,037 (1,272) 15,565 Interest income 410 8 3 429 850 Interest expense (271) (104) (68) (2) (445) Write-back of loss allowance on trade receivables, net 989 - 1 10 1,000 Depreciation of property, plant and equipment (2,208) (2,945) (13) (492) (5,658) Depreciation of right-of-use assets (625) (400) (453) (210) (1,688) Amortisation - Intangible assets (88) (152) - (14) (254) - Deferred income - - - 12 12 Share of results of associated companies, net of tax - - 138 397 535 Segment assets 287,949 57,716 10,746 83,561 439,972 Segment assets include: Investment in associated companies 11 - 3,508 7,317 10,836 Additions to: - Property, plant and equipment 8,353 2,149 2 20 10,524 - Right-of-use assets 1,626 - - 359 1,985 - Intangible assets 19 - - 130 149 Segment liabilities 114,809 15,963 4,240 4,861 139,873
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NSL LTD (Reg. no.: 196100107C) 14 The information for the reportable segments for the 6-month period ended 31 December 2024 is as follows: Precast & PBU Environmental Services Chemicals Investment Holding and Others Total S$’000 S$’000 S$’000 S$’000 S$’000 Revenue External sales 139,693 32,072 2,286 5,629 179,680 Inter-segment sales - - 523 17 540 Total revenue 139,693 32,072 2,809 5,646 180,220 Elimination - - (523) (17) (540) 139,693 32,072 2,286 5,629 179,680 Profit/(loss) before taxation 24,872 2,825 (605) (1,785) 25,307 Interest income 722 - 2 773 1,497 Interest expense (361) (251) (88) (2) (702) Write-back of/(loss) allowance on trade receivables, net 83 (1) (2) (22) 58 Depreciation of property, plant and equipment (1,847) (3,195) (41) (535) (5,618) Depreciation of right-of-use assets (381) (628) (456) (195) (1,660) Amortisation - Intangible assets (100) (131) - - (231) - Deferred income - - - 52 52 Share of results of associated companies, net of tax 2 - (299) 496 199 Segment assets 154,225 34,095 21,660 207,533 417,513 Segment assets include: Investment in associated companies 11 - 3,104 8,216 11,331 Additions to: - Property, plant and equipment 2,555 2,024 18 143 4,740 - Right-of-use assets 139 129 - 327 595 - Intangible assets 42 60 - - 102 Segment liabilities 98,970 19,171 5,681 5,945 129,767
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NSL LTD (Reg. no.: 196100107C) 15 4.2 Disaggregation of revenue 1. At a point in time 2. Over time Total S$’000 3. S$’000 S$’000 4. The Group 5. 6. Six months ended 31 December 2025 7. Manufacturing and sale of building materials 8. - Singapore 25,102 9. 295 25,397 - Malaysia 22,094 10. - 22,094 - United Arab Emirates 6,263 11. 50,892 57,155 - Finland 12,864 12. - 12,864 - Norway 6,504 13. - 6,504 - Others 6,703 14. - 6,703 79,530 15. 51,187 130,717 Provision of environmental services and sale of related products 1. - Singapore 5,408 2. 16,053 21,461 - Malaysia 157 3. - 157 - Others 117 4. - 117 5,682 5. 16,053 21,735 Manufacturing and sale of refractory materials 1. - Singapore 119 2. 178 297 - Malaysia 525 3. - 525 644 4. 178 822 Others 1. - Singapore 2,022 2. 1,327 3,349 Rental income on operating lease (Singapore) 1. 2,785 2. 159,408
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NSL LTD (Reg. no.: 196100107C) 16 At a point in time 16. Over time Total S$’000 17. S$’000 S$’000 18. The Group 19. 20. Six months ended 31 December 2024 21. Manufacturing and sale of building materials 22. - Singapore 21,494 23. 510 22,004 - Malaysia 63,704 24. - 63,704 - United Arab Emirates 1,173 25. 30,180 31,353 - Finland 11,839 26. - 11,839 - Norway 7,037 27. - 7,037 - Other parts of Europe 3,756 28. - 3,756 109,003 29. 30,690 139,693 Provision of environmental services and sale of related products 6. - Singapore 6,958 7. 24,903 31,861 - Malaysia 7 8. - 7 - Others 204 9. - 204 7,169 10. 24,903 32,072 Manufacturing and sale of refractory materials 5. - Singapore 1,394 6. - 1,394 - Malaysia 892 7. - 892 2,286 8. - 2,286 Others 3. - Singapore 2,286 4. 1,354 3,640 Rental income on operating lease (Singapore) 3. 1,989 4. 179,680
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NSL LTD (Reg. no.: 196100107C) 17 5. Other income and other losses - net 5.1 Other income THE GROUP Change 6 months ended 31.12.2025 31.12.2024 S$’000 S$’000 % Interest income Financial assets measured at amortised cost - Fixed deposits 790 1,491 (47) - Other investments 60 6 900 (i) 850 1,497 (43) Sale of scrap 527 450 17 Government grants 74 - n/m Other income 123 185 (34) 724 635 14 1,574 2,132 (26) (i) The decrease was mainly due to lower interest income recorded by the Group as a result of lower surplus cash and interest rates. 5.2 Other losses, net THE GROUP Change 6 months ended 31.12.2025 31.12.2024 S$’000 S$’000 % Currency exchange loss, net (i) (1,183) (1,535) (23) Gain/(loss) on disposal of property, plant and equipment, net 12 (6) n/m Write-back of impairment loss on property, plant and equipment, net (ii) 438 - n/m Write-back of impairment loss on right-of-use assets, net (ii) 335 - n/m Write-back of impairment loss on intangible assets, net (ii) 10 - n/m Loss on disposal of a subsidiary - (215) 100 Miscellaneous (1) 4 n/m (389) (1,752) (78) (i) Currency exchange loss was mainly from the precast business in Malaysia. (ii) Write-back of impairment loss on property, plant and equipment, right -of-use assets and intangible assets was attributable to precast business in Malaysia.
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NSL LTD (Reg. no.: 196100107C) 18 6. Profit before income tax 6.1 Significant items THE GROUP Change 6 months ended 31.12.2025 31.12.2024 % S$’000 S$’000 Amortisation of deferred income (i) 12 52 (77) Amortisation of intangible assets (254) (231) 10 Depreciation of property, plant and equipment (5,658) (5,618) 1 Depreciation of right-of-use assets (1,688) (1,660) 2 Allowance for stock obsolescence, net (ii) (237) (38) 524 Write-back of impairment loss on property, plant and equipment, net 438 - n/m Write-back of impairment loss on right-of-use assets, net 335 - n/m Write-back of impairment loss on intangible assets, net 10 - n/m Write-back of loss allowance on trade receivables, net (iii) 1,000 58 1,624 (i) Amortisation of deferred income was mainly attributable to Raffles Marina Ltd. (ii) Allowance for stock obsolescence was mainly attributable to the precast business in Malaysia. (iii) The increase in write -back of loss allowance on trade receivables in the 6 -month period ended 31 December 2025 was mainly attributable to the precast business in Malaysia. 6.2 Finance costs THE GROUP Change 6 months ended 31.12.2025 31.12.2024 % S$’000 S$’000 Interest expense - Bank borrowings (i) (16) (227) (93) - Lease liabilities (305) (410) (26) - Others (ii) (124) (65) 91 (445) (702) (37) (i) The decrease in finance costs was mainly due to the decrease in interest expense of a bank loan in the Environmental Services division which had been fully repaid in September 2024. (ii) The increase in other interest expense was mainly due to higher retention sums from increased sales in precast business in Dubai.
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NSL LTD (Reg. no.: 196100107C) 19 6.3 Related party transactions In addition to the related party information disclosed elsewhere in the condensed consolidated financial statements, the Group has the following significant transactions with related parties on terms agreed between the parties: THE GROUP 6 months ended 31.12.2025 31.12.2024 S$’000 S$’000 With a common controlling shareholder and entities related thereof Sales 58 3 Purchases 4,681 4,260 With associated companies Sales - 1,396 7. Income tax expense THE GROUP 6 months ended Change 31.12.2025 31.12.2024 % S$’000 S$’000 Taxation charge for the financial period comprises: - Current year taxation (5,327) (5,388) (1) - Over provision in respect of prior years 19 1 1,800 (5,308) (5,387) (1) 8. Dividends THE GROUP AND THE COMPANY 6 months ended 31.12.2025 31.12.2024 S$’000 S$’000 Ordinary dividends paid Final dividend of 1.5 cents in respect of the previous financial year (6 months ended 31 December 2024: Final dividend in respect of the previous financial year) 5,603 -
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NSL LTD (Reg. no.: 196100107C) 20 9. Net Asset Value THE GROUP THE COMPANY 31.12.2025 30.06.2025 31.12.2025 30.06.2025 S$ S$ S$ S$ Net asset value per ordinary share based on total number of issued shares excluding treasury shares as at the end of the reporting period 0.81 0.79 0.54 0.54 10. Financial assets, at FVOCI THE GROUP AND THE COMPANY 31.12.2025 30.06.2025 S$’000 S$’000 Listed securities in Singapore 491 437 10.1 Fair value measurement The table below presents assets and liabilities measured at fair value and classified by level of the following fair value measurement hierarchy: (a) quoted price in active markets for identical assets and liabilities (Level 1); (b) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); and (c) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). Level 1 Level 2 Level 3 Total S$'000 S$'000 S$'000 S$'000 THE GROUP AND THE COMPANY 31 December 2025 Assets Financial assets, at FVOCI 491 - - 491 30 June 2025 Assets Financial assets, at FVOCI 437 - - 437
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NSL LTD (Reg. no.: 196100107C) 21 11 Property, plant and equipment THE GROUP 31.12.2025 30.06.2025 S$’000 S$’000 Additions 10,524 9,133 Disposals and write off (789) (6,323) 12 Intangible assets THE GROUP 31.12.2025 30.06.2025 S$’000 S$’000 Acquired intangible assets 1,510 1,597 12.1 Acquired intangible assets THE GROUP THE COMPANY 31.12.2025 30.06.2025 31.12.2025 30.06.2025 S$’000 S$’000 S$’000 S$’000 Cost Balance as at 1 July 2025/1 January 2024 9,782 8,603 322 322 Additions 149 1,131 129 - Disposal (208) (134) (208) - Currency realignment 129 182 - - Balance as at 31 December 2025/ 30 June 2025 9,852 9,782 243 322 Accumulated amortisation and impairment loss Balance as at 1 July 2025/1 January 2024 8,185 7,299 322 322 Amortisation charge 254 740 14 - Disposal (208) (26) (208) - Write-back of impairment loss (10) - - - Currency realignment 121 172 - - Balance as at 31 December 2025/ 30 June 2025 8,342 8,185 128 322 Net Book Value as at 31 December 2025/30 June 2025 1,510 1,597 115 -
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NSL LTD (Reg. no.: 196100107C) 22 13 Borrowings Amount repayable in one year or less, or on demand As at 31-Dec-2025 As at 30-June-2025 Secured Unsecured Secured Unsecured S$’000 S$’000 S$’000 S$’000 4,814 - 3,301 - Amount repayable after one year As at 31-Dec-2025 As at 30-June-2025 Secured Unsecured Secured Unsecured S$’000 S$’000 S$’000 S$’000 8,898 - 10,267 - Included in the Group’s property, plant and equipment, right -of-use assets and cash and bank balances are property, plant and equipment and right-of-use assets of subsidiaries of net book value of S$14,608,000 (3 0 June 2025: S$ 14,777,000), and deposits of S$ 7,937,000 ( 30 June 2025 : S$25,514,000) charged by way of debentures to banks for overdraft and term loan facilities granted. Included in secured borrowings are current lease liabilities of S$ 4,124,000 ( 30 June 2025 : S$2,637,000) and non -current lease liabilities of S$ 8,563,000 (30 June 2025 : S$9,591,000) which are secured over the right-of-use assets of S$21,622,000 (30 June 2025: S$12,681,000). 14 Share capital THE GROUP AND THE COMPANY 31-Dec-2025 30-June-2025 Number of shares ’000 Amount $’000 Number of shares ’000 Amount $’000 Balance at beginning and end of financial year/period 373,558 193,839 373,558 193,839 As at 31 December 2025, the Company’s issued share capital (excluding treasury shares) comprises 373,558,237 (3 0 June 2025 : 373,558,237). The Comp any did not hold any treasury shares and subsidiary holdings as at 31 December 2025 and 30 June 2025. 15 Subsequent events There are no known subsequent events which have led to adjustments to this set of condensed interim financial statements.
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NSL LTD (Reg. no.: 196100107C) 23 F Other Information 1. Audit The figures have neither been audited nor reviewed by auditors. 2. Review Report The condensed consolidated statements of financial position of NSL Ltd and its subsidiaries as at 31 December 2025 and the related condensed interim consolidated income statement and other comprehensive income, condensed interim consolidated statement of changes in equity and condensed interim consolidated statement of cash flows for the 6 -month period then ended and certain explanatory notes have not been audited or reviewed. 3. A review of the performance of the group Group Overview THE GROUP 6 months ended 31.12.2025 31.12.2024 Change S$’000 S$’000 % Group Turnover 159,408 179,680 (11) Group profit before tax 15,565 25,307 (38) Group profit attributable to equity holders of the Company 10,193 18,935 (46) 6-month period ended 31.12.2025 (2H-2025) vs 6-month period ended 31.12.2024 (2H-2024) Group turnover in 2H-2025 was S$159.4 mil, a 11% decrease from S$179.7 mil in 2H-2024, mainly attributable to lower revenue in the precast business in Malaysia and Environmental Services division. The Group reported a lower profit before tax of S$15.6 mil in 2H-2025, compared to $25.3 mil in 2H- 2024. After considering income tax and non -controlling interests, the Group reported a profit attributable to equity holders of S$10.2 mil in 2H-2025 as compared to S$18.9 mil in 2H-2024. Below is a summary of the performance of the Group by business divisions: Turnover THE GROUP 6 months ended 31.12.2025 31.12.2024 Change S$’mil S$’mil (%) Precast & PBU 130.7 139.7 (6) Environmental Services 21.7 32.1 (32) Chemicals 1.8 2.3 (22) Others 5.2 5.6 (7) 159.4 179.7 (11)
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NSL LTD (Reg. no.: 196100107C) 24 6-month period ended 31.12.2025 (2H-2025) vs 6-month period ended 31.12.2024 (2H-2024) Precast & Prefabricated Bathroom Unit (“PBU”) Turnover of the Precast & PBU division decreased by 6% from S$139.7 mil in 2H -2024 to S$130.7 mil in 2H-2025 mainly due to lower sales in the precast business in Malaysia arising from project delays, partially mitigated by improved performance in the precast business in Dubai and the PBU business in Finland. Environmental Services Turnover of the Environmental Services division decreased by 32% from S$32.1 mil in 2H -2024 to S$21.7 mil in 2H-2025 as a result of decreased turnover in the industrial wastewater business. Chemicals Turnover of the Chemicals division declined by 22% from S$2.3 mil in 2H-2024 to S$1.8 mil in 2H- 2025 mainly due to the exit of roadstone business in 1H-2025 and, shutdown of refractory operations and sales in Singapore in 2H-2025. Attributable profit/(loss) before tax THE GROUP 6 months ended 31.12.2025 31.12.2024 Change S$’mil S$’mil % Precast & PBU 20.2 24.9 (19) Environmental Services (4.4) 2.8 n/m Chemicals 0.9 (0.3) n/m Associate performance 0.5 0.2 150 Others (1.6) (2.3) (31) 15.6 25.3 (38) n/m: not meaningful 6-month period ended 31.12.2025 (2H-2025) vs 6-month period ended 31.12.2024 (2H-2024) Precast & Prefabricated Bathroom Unit (“PBU”) The Precast and PBU division profit before tax decreased by 19% to S$ 20.2 mil in 2H-2025 from S$24.9 mil in 2H-2024 mainly due to lower contribution from precast business in Malaysia, mitigated by improved performance in the precast business in Dubai and the PBU business in Finland. Environmental Services The Environmental Services division reported a loss before tax of S$4.4 mil in 2H-2025 as compared to a profit before tax of S$2.8 mil in 2H-2024. The decrease was mainly contributed by the loss of key customer in industrial wastewater business, and lower sales volume of refined fuel oil and de - slopping business. Chemicals The Chemicals division recorded a higher profit before tax of S$0.9 mil in 2H-2025 as compared to a loss before tax of S$0.3 mil in 2H-2024 mainly due to the exit of loss-making roadstone business. Others The Others division recorded a lower loss before tax of S$1.6 mil in 2H-2025 compared to a loss before tax of S$2.3 mil in 2H-2024 mainly due to lower operating costs.
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NSL LTD (Reg. no.: 196100107C) 25 4. Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results Not applicable. 5. A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 month s The performance of the precast business is likely to remain satisfactory underpinned by order books in Singapore, Malaysia and Dubai barring unforeseen project delays. The performance of the PBU business in Finland continues to be affected by the weak housing market in Finland. The Environmental Services division is facing challenging market conditions and will continue to focus its efforts to ramp up capacity utilisation to improve performance of its industrial wastewater business. 6. If no dividend has been declared/recommended, a statement to that effect (a) Current Financial Period Reported On Any interim / final dividend declared / recommended for the current financial year reported on? Name of Dividend Interim Dividend FY2026 Dividend Type Cash Dividend amount per share S$0.02 per ordinary share Tax Rate Exempt – one tier (b) Corresponding Period of the Immediately Preceding Financial Year Any dividend declared for the corresponding period of the immediately preceding financial year? Name of Dividend Interim Dividend FY2025 Final Dividend FY2025 Dividend Type Cash Cash Dividend amount per share S$0.03 per ordinary share S$0.015 per ordinary share Tax Rate Exempt – one tier Exempt – one tier Date paid 11 June 2025 26 November 2025 (c) Date Payable The payment of the Interim Dividend FY2026 will be on 18 March 2026 or such other date to be determined by the Directors. (d) Books Closure Date Notice is hereby given that, the Register of Members and Share Transfer Books of the Company will be closed from 5.00 p.m. 24 February 2026 to 5.00 p.m. 3 March 2026 for the preparation of dividend warrants. Duly completed transfers received by the Company’s share registrar, B.A.C.S. Private Limited at 77 Robinson Road #06-03 Robinson 77 Singapore 068896, up to the close of business at 5.00 p.m. on 24 February 2026 will be registered to determine shareholders’ entitlement to the Interim Dividend FY2026.
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NSL LTD (Reg. no.: 196100107C) 26 In respect of the ordinary shares of the Company held in securities accounts with The Central Depository (Pte) Limited (“CDP”), the Interim Dividend FY2026 will be paid by the Company to CDP which will in turn distribute the dividend entitlements to shareholders. 7. Interested Person Transactions (“IPTs”) The Group has obtained a general mandate from shareholders of the Company for IPTs in the Extraordinary General Meeting held on 28 October 2025. 8. Confirmation pursuant to the Rule 705(5) in accordance with Appendix 7.2 We confirm on behalf of the Directors of the Company, that, to the best of their knowledge, nothing has come to the attention of the Board of Directors of the Company which may render the interim financial results f rom 1 July 2025 to 31 December 202 5 to be false or misleading, in any material aspect. 9. Confirmation that issuer has procured undertakings from all its directors and executive officers (in the format set out in Appendix 7.7) under Rule 720(1) The Company has procured undertakings from all directors and executive officers (in the format set out in Appendix 7.7) under Rule 720(1).
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NSL LTD (Reg. no.: 196100107C) 27 10. Disclosures on Acquisition and Realisation of Shares pursuant to 706A The movement of the company’s shareholdings in subsidiary from 1 July 2025 up to date of this announcement are as follows: Company Name Place of Incorporation Issued and Paid-up Capital Principal Activities Interest Held by the Group Bold Hill Trading Sdn. Bhd. Malaysia MYR 250,000 Real estate activities on a fee or contract basis. On 29 December 2025, the Group increased its shareholding from 70% to 100% through its indirectly owned subsidiary, Limetreat Trading Co. Sdn Bhd’s acquisition of 75,000 ordinary shares in Bold Hill Trading Sdn. Bhd. for a cash consideration of MYR 75,000. 11. In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments Not applicable. CONFIRMATION BY THE BOARD The Board of Directors of the Company hereby confirm that, to the best of their knowledge, nothing has come to their attention which may render the unaudited consolidated financial results for the six-month period ended 31 December 2025 to be false or misleading. BY ORDER OF THE BOARD LIM Su-Ling Company Secretary 11 February 2026
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NSL LTD (Reg. no.: 196100107C) 28 Forward-Looking Statements This release may contain forward-looking statements which may be identified by phrases that the Company or Management or Directors “expects”, “believes” “anticipates” “foresees” or “forecasts”. These forward - looking statements, if any, are based on curren t expectations and assumptions that are subject to risks and uncertainties. Actual performance, outcome or financial results post the date of this release may differ materially from those expressed in this release. Some factors that may affect the actual performance of the NSL Ltd and its group of companies may include, without limitation, political, economic, geographical, climatic, social and health conditions in the countries where the NSL Ltd and its group of companies, its customers or its suppliers operate; armed conflict or the effects of terrorist activities or war, acts of God, tsunami, earthquake, natural disasters, diseases, floods, effects of global climatic change in any part of the world which may cause disruption in manufacture, supply (availability and costs) of raw or intermediate materials, power, water, fuel, crude oil, import, export, transportation network necessary for the acquisition and supply of goods and services or financial markets; currency fluctuations; fluctuations in the price of raw materials, power, water, fuel, crude oil or demand for natural rubber; volatility of financial markets; general industry conditions, interest rate trends, cost of borrowings and capital availability, intense competition from other companies and venues for the production, sale/distribution of goods and services of the NSL Ltd and its group of companies, changes in industry or mar ket capacity or demands; obsolete inventory, market acceptance or rejection of new goods and services, continued market acceptance of existing goods and services of the NSL Ltd and its group of companies; risk of unanticipated increased costs of power, oil , fuel, crude oil or utilities to operate its various plants; continued ability of NSL Ltd and its group of companies to retain market size and competitiveness for its goods and services; the effect of changes to policies /regulations whether or not resulting in imposition or lifting of anti-dumping duties in countries which the NSL Ltd and its group of companies operate, industrial accident(s) in any facility(ies) of NSL Ltd and its group of companies and their effects; unavailability of insurance, adverse results on litigation or debt recovery, implementation of operating cost structure that is aligned with revenue growth; avian flu, swine flu, monkeypox, coronaviruses (including but not limited to MERS -CoV, SARS-CoV, SARS-CoV-2 and 2019 - nCoV) and their effects; coup d’etat, civil unrest, civil uprisings, revolutions, demonstrations, protests in any part of the world where NSL Ltd and its group of companie s operate; any factor which may cause revenues and income to fall short of anticipated levels; ability to develop manufacture and market products and services in a rapidly changing environment; management retention and succession; changes in operating expe nses, including employee wages, benefits and training, and governmental and public policy changes. This statement only relates to information available as at the date of release and you are cautioned to seek professional advice from your stock broker, sol icitor, accountant or other professional adviser if you are in any doubt as to the meaning of anything herein.