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UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS AND FULL YEAR ENDED 30 JUNE 2025

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CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION

Review of Performance of the Group

(a) Others included revenue from home retrofitting business, landscaping works, interior design, mechanical & electrical engineering works, renewable solutions works, vector control services and handyman services.

Condensed Interim Consolidated Statement of Comprehensive income

Revenue

2HY2025 vs 2HY2024

The Group's revenue decreased by $13.6 million or 20.2% from $67.4 million in 2HY2024 to $53.8 million in 2HY2025. Revenue decrease was mainly due to lower revenue generated by the core business segments (R&R, A&A and C&P), partially offset by the increase in revenue from the Others business segment.

FY2025 vs FY2024

The Group's revenue decreased by $11.0 million or 8.4% from $130.2 million in FY2024 to $119.2 million in FY2025. Revenue decrease was mainly due to lower revenue generated by the R&R and C&P segments, partially offset by the increase in revenue from A&A and the Others business segment.

Gross profit and gross profit margin

2HY2025 vs 2HY2024 and FY2025 vs FY2024

The Group's gross profit decreased by $2.7 million from $11.9 million in 2HY2024 to $9.2 million in 2HY2025 and decreased by $1.1 million from $20.2 million in FY2024 to $19.1 million in FY2025 mainly due lower revenue.

Other income

2HY2025 vs 2HY2024 and FY2025 vs FY2024

The Group's other income decreased by $1.9 million from $5.1 million in 2HY2024 to $3.2 million in 2HY2025 and decreased by $2.0 million from $5.7 million in FY2024 to $3.7 million in FY2025 mainly due to one‐off gain on disposal of subsidiary in FY2024.

Marketing and distribution expenses

2HY2025 vs 2HY2024 and FY2025 vs FY2024

The Group's marketing and distribution expenses increased by $0.1 million from $0.3 million in 2HY2024 to $0.4 million in 2HY2025. The Group's marketing and distribution expenses increased by $0.1 million or 14.5% from $0.7 million in FY2024 to $0.8 million in FY2025. The increase was mainly attributable to higher rental of motor vehicles and petrol charges.

General and administrative expenses

2HY2025 vs 2HY2024 and FY2025 vs FY2024

The Group's general and administrative expenses decreased by $0.9 million or 12.4% from $7.5 million in 2HY2024 to $6.6 million in 2HY2025 and decreased by $0.8 million or 5.9% from $13.2 million in FY2024 to $12.4 million in FY2025. The decrease was mainly attributable to the decrease in staff salaries & bonuses and professional fees.

Finance costs

2HY2025 vs 2HY2024 and FY2025 vs FY2024

The Group's finance costs decreased by $0.2 million or 17.4% from $1.2 million in 2HY2024 to $1.0 million in 2HY2025 and decreased by $0.3 million or 11.1% from $2.5 million in FY2024 to $2.2 million in FY2025. This was mainly due to lower interest rates, the refinancing and repayment of bank borrowings.

Impairment loss on receivables and contract assets

2HY2025 vs 2HY2024 and FY2025 vs FY2024

The Group's impairment loss on receivables and contract assets decreased by $1.5 million from $1.6 million in 2HY2024 to $0.1 million in 2HY2025 and decreased by $1.6 million from $1.7 million in FY2024 to $0.1 million in FY2025. This was due to the decrease in credit risk and changes in market conditions that has affected the value of contract assets and receivables.

Other operating expenses

2HY2025 vs 2HY2024 and FY2025 vs FY2024

The Group's other operating expenses decreased by $0.1 million from $0.2 million in 2HY2024 to $0.1 million in 2HY2025 and increased by $0.1 million from $0.5 million in FY2024 to $0.6 million in FY2025. The increase was mainly due to equity‐settled share‐based compensation.

Profit before tax

2HY2025 vs 2HY2024 and FY2025 vs FY2024

As a result of the above, the Group recorded a profit before tax of $6.0 million in 2HY2024 compared to a profit before tax of $4.3 million in 2HY2025 and a profit before tax of $6.7 million in FY2025 compared to a profit before tax of $7.3 million in FY2024.

Tax expenses

2HY2025 vs 2HY2024 and FY2025 vs FY2024

The Group's tax expense decreased by $0.4 million from $0.7 million in 2HY2024 and FY2024 to tax expense of $1.1 million in 2HY2025 and FY2025 mainly due to over‐provision of income tax expenses in 2HY2024 and FY2024 compared to under‐provision of income tax expenses in 2HY2025 and FY2025.

Condensed Interim Statements of Financial Position

Non-current assets

There are no material changes to the non‐current assets.

Current assets

The increase in current assets of $12.1 million or 14.9% from $81.0 million as at 30 June 2024 to $93.1 million as at 30 June 2025 was mainly due to an increase in cash and bank balances and trade and other receivables offset by the decrease in contract assets.

Non-current liabilities

The decrease in non‐current liabilities of $2.6 million or 20.4% from $12.8 million as at 30 June 2024 to $10.2 million as at 30 June 2025 was mainly due to repayment of loans and borrowings and lease liabilities.

Current liabilities

The increase in current liabilities of $9.5 million or 18.1% from $52.7 million as at 30 June 2024 to $62.2 million as at 30 June 2025 was mainly due to increase in borrowings and provision for taxation offset by the decrease in trade and other payables and contract liabilities.

Condensed Interim Consolidated Statement of Cash Flows

Net cash used in operating activities

FY2025

Net cash generated from operating activities amounted to $0.1 million in FY2025 was mainly due to decrease in contract assets which were offset by the decrease in trade and other payables and increase in trade and other receivables.

Net cash used in investing activities

FY2025

Net cash used in investing activities amounted to $0.2 million was mainly due to the purchases of property, plant and equipment.

Net cash used in financing activities

FY2025

Net cash generated from financing activities of $6.5 million in FY2025 was mainly due to drawn down of borrowings and which were offset by repayment of borrowings, interest paid and repayment of lease liabilities.

Commentary

According to the latest statistics released by the Ministry of Trade and Industry on 12 August 2025¹, the construction sector grew 6.0% yoy in the second quarter of 2025, faster than the 4.9% expansion in the first quarter. On a quarter-on‐quarter seasonally‐adjusted basis, the sector grew by 5.7%, which was a reversal from the 2.0% contraction in the previous quarter. Meanwhile, the Building and Construction Authority ("BCA") has projected construction demand to range between S$35.0 billion and S$39.0 billion in 2025, which is between 0.3% to 11.7% higher than pre‐COVID levels in 2019². Over the medium‐term from 2026 to 2029, BCA expects the total construction demand to reach an average of between S$39.0 billion and S$46.0 billion per year. In addition, 55,000 new HDB flats are expected to be launched between 2025 and 2027³, which will add to the steady growth of Singapore's housing supply, and potentially increasing the future pie for players in the estate upgrading and maintenance industry.

As at the date of this announcement, the order book of the Group stands at $181.1 million. The Group will selectively tender for public and private sector projects, taking into consideration the prevailing market conditions including rising manpower and material costs. Accordingly, the Group continues to prioritise cash conservation and cost control.

¹ MTI press release: MTI Upgrades 2025 GDP Growth Forecast to "1.5 to 2.5 Per Cent"
² BCA press release: Construction Demand To Remain Strong For 2025
³ The Straits Times: 55,000 BTO units to be launched from 2025 to 2027, will help moderate HDB resale prices: Minister