- ISOTeam’s FY2025 results fell short of our expectations, with revenue declining 8.4% y-o-y to S$119.2m (11.7% below our forecast) and net profit attributable to shareholders dropping 21.2% y-o-y to S$5.1m (29.2% below forecast).
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- Gross margin improved modestly on better project mix and pricing, but earnings was further weighed down by lower other income and a higher effective tax rate. We view these as timing related execution challenges rather than structural issues.
- As of 27 Aug 2025, ISOTeam’s order book stood at S$181.1m, which is expected to be recognised progressively over the next two years.
Key Developments.
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- ISOTeam also entered into an exclusive partnership with Design@Loft Architects to capture rising demand from the dormitory upgrading segment.
- On the technology front, ISOTeam advanced its BuildTech initiatives, piloting autonomous façade painting drones and indoor robots. These are expected to be commercially deployable by end of 2025, with the potential to cut manpower requirements significantly. These developments provide near-term visibility and long-term scalability.
Structural Tailwinds.
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