1H 2026 Financial Results Webcast Briefing

Ladies and gentlemen, a very good morning to everyone joining us both in person and online. Welcome to SAMCOP Industries' first half 2026 results presentation. I'm Sin Jin from Group Strategic Communications and Portfolio Management. Before we begin, may I kindly request that all mobile phones be switched off or set to the silent mode. Thank you. Joining us on the panel today are our Group CEO, Mr. Wong Kim-In, and our Group CFO, Mr. Eugene Cheng. There will be a question and answer session following the presentation. For those joining us online, please submit your questions via the Q&A box by clicking on the raise hand icon on the webcast page. Without further delay, I will now hand over to Kim-In to begin the presentation. Kim-In, please. Good morning. Welcome to SEI first half 2026 results briefing. Let me begin with the key highlights.

For the first half of 2026, turnover was $3.8 billion, EBITDA $7.68 billion, adjusted EBITDA $947 million. Underlying that profit was $369 million, and this translates into earnings per share of $0.20.7 and annualized group ROE of 13%. We completed the acquisition of a linter in June. We are showing the pro forma financials, and this illustrates the group's earnings profile with a linter included for the full period of the first half. On a pro forma basis, turnover would have been $5.6 billion, EBITDA and adjusted EBITDA would have been $1.2 billion and $1.4 billion respectively. Underlying net profit would have been $558 million with earnings per share of $0.31 and annualized group ROE at 19.1%.

The acquisition of a linter broadens SAMCOP's earnings base and increases the contribution from integrated platforms with recurring cash flows. So in line with our outlook for the full year, we are pleased to increase the interim dividend to $0.11 per share, up from $0.09 a year ago. Allow me to take you through the performance of each of the business segments. First, under gas and related services, for the first half of 2026, underlying net profit for the segment was $285 million. Spark spreads were lower in the first half, and this was partially mitigated by our contracted portfolio. As of June 2026, 80% of SAMCOP's gas-fired generation portfolio, excluding Senokos, is contracted for five years and above. Our overseas assets remain resilient.

In the Middle East, our operations perform well despite ongoing geopolitical tensions. We further expanded our platform in the Middle East through the 2.6 GW TAWILAS-C independent power project in Abu Dhabi. Underpinned by a 21-year PPA and a strong contractual framework, the project will provide long-term earnings visibility and stable cash flows to our overseas portfolio. In the UK, earnings will lower following the closure of one of our industrial customers. We are actively repositioning the Wilton site to capture new demand from data centers and digital infrastructure. Looking ahead, our 600 MW hydrogen-radi power plant remains on track for completion in the fourth quarter of this year. This will enhance our generation capacity and the competitiveness of our generation fleets.

During the period, we also secured 150 MW long-term power purchase agreement with Micron, bringing our total contracted supply to the semiconductor manufacturer to 600 MW. In addition, we announced an agreement to acquire 20% stake in Esther Power, where SAMCOP will be the sole gas supplier to the Esther facilities. In a world where gas and related services remain well-positioned, supported by our contracted base, integrated gas and power capabilities, and growing demand from AI-related industries. The renewable segment faced a challenging first half with underlying net profit of 69 million. In China, generation hours experienced weak wind and solar resources. The tailmen lowered tariffs and the removal of VAT refund on onshore wind projects further impacted the segment.

Our focus remains on discipline, execution and value creation within the portfolio. India remains a bright spot with renewables. We have 3.6 GW of projects with high tariffs secured in the pipeline. Today, the group has a total of 6.6 GW of renewable capacity under construction. As this pipeline comes into operation, it will strengthen the portfolio's earning potential and long-term value. With a sizeable operating base and a strong pipeline under construction, we are now well-positioned to unlock greater value from our investments in the renewable segment. We move on to integrated urban solutions. The IUS segment delivered underlying net profit of 62 million in the first half of 2026.

This mainly reflects the absence of contribution from SAM and VIRO following its divestment in March 2025, partially offset by improved performance from the water business on stronger contribution from industrial water. Our urban business continued to expand its footprint and build recurring income. In Vietnam, we secured six new projects, including the group's gross development land area, to over 18,000 hectares across 31 projects, achieving our 2028 target well ahead of schedule. We are also growing our ready-built facilities portfolio. Gross floor area has grown from 134,000 square metres in 2023 to over 1.1 million square metres as of June 2026. This will strengthen the base for recurring income moving forward.

Looking ahead, we expect a strong second half from higher land sales. In Kendall Industrial Park, Indonesia, 40 hectares of land sales have already been secured and are expected to be recognised upon handover in the later part of the year. Within the water business, we continue to sharpen our portfolio and focus on areas where we see stronger returns. During the period, we completed the divestment of municipal water in Qingzhou. This is our second municipal water exit in China since December 25. As you can see, we remain focused on growing the urban portfolio and its recurring income while optimising our water portfolio to build stronger earnings base for the segment. For Alinta, the acquisition of Alinta Energy was completed in June 2026,

adding a high-quality integrated energy platform in Australia to the group. In this slide, we are showing Alinta's first half performance to provide a clearer view of the strength and earnings capacity of the business. Alinta delivered a strong first half with underlying net profit increasing to $231 million from $101 million a year ago. This was supported by a high thermal fleet availability. Alinta has the lowest cost generation base in all of Australia through its fleet of generation plants, particularly Luyang B co-facility in Victoria. During the first half of 26, Alinta also strengthened its long-term gas position. It secured two new long-term gas supply contracts with Chevron and LNG Japan in Western Australia. The business also benefited from strong portfolio management, capturing value through portfolio flexibility across generation and retail markets.

Alinta's first half performance reflects the strength of its integrated platform. Looking ahead, its strong generation, retail and development capabilities are expected to strengthen Samcoff's earnings base, enhance recurring cash flows and add further resilience to Samcoff's diversified portfolio. I would like to touch on this growing wave and some people call tsunami of AI and data center demand. As you all know, AI and data center growth is increasingly becoming relevant to our portfolio. New data center bids require both power supply reliability and a credible pathway to low carbon energy. This plays to Samcoff's strength given our integrated energy portfolio and the suite of lower carbon solutions. In Singapore, we are a trusted partner to data center and digital infrastructure customers with over 1 GW of power purchase agreement secured.

I am pleased to share that with the latest development, Senoko has entered into an arrangement with Micron for the development of a direct connection infrastructure. As you know, Senoko and Micron, their facilities are next to each other in the northern part of Singapore. So this direct connection infrastructure is an important step for Senoko to support the power supply needs of Micron's advanced wafer fabrication facility, the current as well as future development. Other than Singapore, in the UK, our Wilton site provides a strong platform for data center development. Phase one with 200 MW of data center capacity is currently under planning. Wilton might be the only one, if not one of very, very few platforms that is able to deliver 280 MW by 2028.

Many players have land, but in order to secure power to the land, it will take them into the 2030s before the commissioning of any data centers that will come along. So Wilton in the UK has a very precious commodity in the form of the powered land that is available by 2028 and in utility scale of 280 MW. So the site is very well positioned with immediate grid connection, ready infrastructure, as well as water availability.

I spoke about Singapore and UK, and in Australia, Alinta adds a coast-to-coast integrated energy platform with 3.4 GW of operational, thermal and renewables capacity. In generation, retail and development capabilities position Alinta very well to serve growing AI-driven power demand. And closer to home across ASEAN, we have established data center footholds in Vietnam and Indonesia. In Vietnam, we received investment approval to develop a data center within Saigon High Tech Park, very near to Ho Chi Minh City. In fact, it is in Ho Chi Minh City. In Indonesia, we've told you that Batam is an emerging location for data centers supported by its connectivity to Singapore with submarine cable networks. So across all these markets, we have got platforms, ready platforms that are able to capture the structural growth in digital infrastructure demand,

leveraging on our existing power, renewables and urban capabilities. The second half of the year will start with a very positive note. For the gas and related services in July, it was a very strong month. You said prices in Singapore averaged $240 per megawatt hour. And this, of course, creates opportunities for our GRS team to capture value from the sport market. And this is, of course, markedly improved from the first half. Alinta also delivered a strong performance in July across both the east and west coast markets of Australia during this peak winter period.

The business should continue to benefit from favorable market conditions as well as resilient customer growth. In India, our renewables business also performed well, supported by higher wind resource across the entire portfolio. So these are all developments that underscore our confidence in the group's outlook for the full year. I want to emphasize on the strength of that confidence, the board has supported us to increase our dividend to $0.11, despite a weaker performance in the first half. This is part of our effort in recognition that our dividend payout is lagging our peer group and is part of this recognition to level up to our peer group in terms of the dividend payout going forward.

I will now hand over to Eugene. He will tell you more about the financials and the details before we go into Q&A. Thanks. Thank you, Kimin. Now, we move on to the first slide. So on an overall basis, all the factors that Kimin talked about flowed through into our underlying net profit, which are purely on a reported performance basis. Our underlying net profit was down 25% from $491 million to $369 million. I think from a pro forma perspective, if we have seen what Alinta would have contributed to kind of show what a full first half run rate would have been for us this year, that would have been $558 million. Now, there are a few items below the underlying net profit to take note. I think in terms of the DP and Forex loss, the Indian rupee continued to depreciate slightly against the Singapore dollar and hence a $57 million mark to market loss, markedly lower than last year.