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Nordic Group (SGX:MR7)'s 1Q26 PATMI met 23% of FY26e forecast. PATMI grew 11.1% y-o-y to S$5mil in 1Q26 driven by margin expansion due to lower finance costs alongside favourable exchange rate effects. With a healthy orderbook of S$213.5mil (+8% y-o-y), there is strong earnings visibility, with potential pipeline conversion from the defence, semiconductor and marine segments.
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Year-to-date contract wins of S$54.5mil were dominated by semiconductor (48%) and marine (15%), with a medium-sized defence contract of between S$6mil - 20mil expected to be awarded.
The positives
(+) Expanding margins.
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Lower finance costs and a favourable US$/S$exchange rate provided additional tailwinds in the quarter. Nordic Group's revenue is expected to ramp up from 2Q26 onwards, particularly from the Thailand precision engineering battery storage contracts.
(+) Stronger net cash position.
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