AEM Holdings posts S$31 million H1 profit as AI chip demand lifts revenue 30%

KUALA LUMPUR, 13 AUGUST 2026 —

AEM Holdings Ltd reported a net profit of S$31 million for the first half ended June 30, up from S$3.1 million in the first half of 2025.

Earnings per share reached S$0.0979, compared with S$0.0098 in the first half of 2025.

The board declared an interim dividend of S$0.024 per share, payable on 8 September 2026; no dividend was paid in the first half of 2025.

Test-cell solutions revenue jumped 52.5% to S$180.9 million, accounting for 73.2% of total revenue, as demand for highly parallel systems with advanced thermal control increased. External revenue from the contract-manufacturing unit fell 5.7% to S$63.2 million due to weaker orders from oil and gas customers.

The instrumentation segment reported S$3.1 million in revenue, down from S$4.6 million. Device-specific configurables and collaterals reached S$72.3 million in the second quarter, up 12.6% from the first quarter.

Under its “razor-razorblade” model, initial sales of test equipment generate recurring sales of consumables that must be refreshed as customers introduce new devices. AEM said this recurring stream is becoming more important for margin resilience as product ramps mature.

The group raised its full-year revenue guidance to a range of S$630 million to S$680 million, from its previous S$550 million to S$600 million. It also guided for full-year earnings per share of S$0.245 to S$0.275.

AEM attributed the upgrade to ramp-up orders from the fabless AI and HPC customer, adoption of its AMPS test platform by a personal-computer and foundry customer, and planned shipments of its first memory final test handler in the fourth quarter of 2026.

As of 12 August, orders booked for the AMPS platform from the AI and HPC fabless customer and the PC-foundry client pushed the backlog above S$400 million.

Citing industry data, AEM said global test-equipment sales are projected to climb from US$15.3 billion in 2026 to US$20.8 billion in 2028, with test accounting for about 9% of total semiconductor equipment spending. The forecast rise reflects higher test intensity in AI accelerators, memory stacks and heterogeneous chiplet architectures.

Chief executive Samer Kabbani said sequential growth in revenue and profit before tax shows the group’s offerings are well-positioned as AI and HPC reshape test requirements and economics.

“As devices become more complex, power-dense and harder to test, customers increasingly need precise thermal control, highly parallel testing and full-stack integration—capabilities where AEM holds a competitive edge,” Kabbani said.

He outlined five growth areas: personal computers and foundries, AI and HPC, memory, outsourced semiconductor assembly and test providers, and contract manufacturing. With contributions already visible from the first two areas and a long-term partnership with Advanced Semiconductor Engineering, AEM expects momentum to extend through the rest of 2026 and beyond.

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