ValueMax Group Income Statement

Financials in millions SGD. Fiscal year is January - December.

Millions SGD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	553.13	456.18	331.04	287.06	275.51
Revenue Growth (YoY)	21.25%	37.80%	15.32%	4.19%	-0.22%
Cost of Revenue	385.55	326.37	230.81	204.9	200.43
Gross Profit	167.58	129.81	100.22	82.17	75.09
Selling, General & Admin	53.11	44.87	39.69	36.31	32.44
Other Operating Expenses	-4.19	-4.24	-3.77	-5.8	-4.37
Operating Expenses	48.92	40.63	35.91	30.51	28.07
Operating Income	118.67	89.18	64.31	51.65	47.01
Interest Expense	-8.2	-8.94	-6.6	-3.13	-2.36
Interest & Investment Income	0.21	0.34	0.61	0.72	0.58
Earnings From Equity Investments	11.61	6.27	5.34	4.26	3.91
Currency Exchange Gain (Loss)	0.56	0.61	-0.24	-0.17	-
EBT Excluding Unusual Items	122.85	87.46	63.43	53.33	49.14
Gain (Loss) on Sale of Investments	-	10.14	-	-	-
Asset Writedown	-	-0.02	-	-	-
Other Unusual Items	0.33	-	-	-	0.46
Pretax Income	123.18	97.58	63.43	53.33	49.6
Income Tax Expense	19.59	13.81	9.9	8.3	7.51
Earnings From Continuing Operations	103.58	83.76	53.53	45.03	42.09
Minority Interest in Earnings	-1.5	-0.93	-0.68	-0.6	-0.58
Net Income	102.08	82.83	52.85	44.43	41.51
Net Income to Common	102.08	82.83	52.85	44.43	41.51
Net Income Growth	23.24%	56.73%	18.97%	7.02%	22.55%
Shares Outstanding (Basic)	915	847	753	715	651
Shares Outstanding (Diluted)	948	925	753	715	651
Shares Change (YoY)	2.47%	22.85%	5.24%	9.97%	15.24%
EPS (Basic)	0.11	0.10	0.07	0.06	0.06
EPS (Diluted)	0.11	0.09	0.07	0.06	0.06
EPS Growth	20.20%	27.64%	13.04%	-2.68%	6.35%
Free Cash Flow	-170.53	-67.71	-1.69	-164.55	-157.13
Free Cash Flow Per Share	-0.18	-0.07	-0.00	-0.23	-0.24
Dividend Per Share	0.039	0.027	0.022	0.020	0.019
Dividend Growth	44.78%	21.82%	10.00%	6.38%	4.44%
Gross Margin	30.30%	28.46%	30.28%	28.62%	27.25%
Operating Margin	21.45%	19.55%	19.43%	17.99%	17.06%
Profit Margin	18.45%	18.16%	15.96%	15.48%	15.07%
Free Cash Flow Margin	-30.83%	-14.84%	-0.51%	-57.32%	-57.03%
EBITDA	120.59	90.77	65.89	53.21	48.6
EBITDA Margin	21.80%	19.90%	19.90%	18.54%	17.64%
D&A For EBITDA	1.92	1.59	1.57	1.56	1.59
EBIT	118.67	89.18	64.31	51.65	47.01
EBIT Margin	21.45%	19.55%	19.43%	17.99%	17.06%
Effective Tax Rate	15.91%	14.16%	15.61%	15.56%	15.14%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.