Calepin des entreprises international 2026 VA.pdf — page 196

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ST ENGINEERING
Business trends
	
 ST Engineering revenues increased 11.6% in local currency in 2024, to SGD 11.3 billion (€7,798 million). 
The two main divisions, Defence & Public Security (encompassing most of the group’s defence activities, 
+16.1%) and Commercial Aerospace (+12.3%), recorded the strongest growth. On the other hand, revenues 
in the Urban Solutions & Satcom division (mainly civil-oriented, but also including the group’s space activities) 
grew by only 0.7%.
	
 ST Engineering and Saab Australia partnered in May 2025 to develop scalable and adaptable support systems 
for field hospitals deployed in armed conflicts, peacekeeping missions or humanitarian aid operations.
Home market
	
 The result of the consolidation of Singapore’s defence industry, ST Engineering is the leading supplier to the 
Ministry of Defence of Singapore.
	
 The group’s Hunter tracked armoured fighting vehicle, in its engineering vehicle version (HT-AEV), entered 
service with the Singapore Army in January 2025. 
	
 In May 2025, the Ministry of Defence of Singapore awarded ST Engineering a contract to supply an underwater 
mine countermeasure suite, including unmanned surface and underwater vehicles and a C2 centre. 
The USVs and UUVs will be equipped with mine detection and classification sensors and will transmit 
information securely to the C2 centre. In addition, the UUVs will have mine identification and neutralisation 
systems. Deliveries will begin in 2027.
	
 In April 2025, ST Engineering began steel cutting for the second of six Multi-Role Combat Vessels at the Benoi 
shipyard. The first MRCV was launched in October 2025.
Export markets
	
 The group is struggling to win international contracts. In recent years, it submitted (with local partners) its 
Bronco, Hunter and Terrex land vehicles for the Cold Weather All-Terrain Vehicle (U.S. Army), Mobile Protected 
Firepower (U.S. Army) and Land 400 Phase 2 (Australian Army) programmes respectively, but was not 
selected.
	
 In November 2024, Exail selected ST Engineering’s iDirect Europe subsidiary to produce the electronic 
systems for the unmanned underwater vehicles that will accompany the 12 future City-class mine warfare 
vessels for the Belgian and Dutch navies being built by Kership (a joint venture between Naval Group and 
Piriou).
	
 The group entered into a strategic partnership with Kazakhstan Paramount Engineering in December 2024 for 
the local production, with its technical assistance from the end of 2025, of its Terrex 8x8 wheeled amphibious 
armoured vehicle, which will operate under the name Barys A. The first vehicle was unveiled in April 2025.
	
 The first of four Falaj-3-class OPV 60 offshore patrol vessels, named Altaf, entered service with the United Arab 
Emirates Navy in February 2025. ST Engineering designed the vessels (derived from the Fearless-class) and 
provided technical assistance to ADSB (a subsidiary of EDGE Group), which is building them locally.
Technology and Innovation
	
 Self-financed R&D expenditure amounted to SGD 190 million (€131 million) in 2024, representing 1.7% of 
revenues.
	
 In 2025, the Satellite Communications Centre of Excellence of the iDirect Europe subsidiary, based in 
Sint-Niklaas (Belgium), moved into phase 2 of the European Protected Waveform (EPW) project, led by the 
Belgian Ministry of Defence. This project, funded by the European Union, aims to develop a solution that 
guarantees the security and interoperability of military and government communications, particularly through 
the future European IRIS2 satellite constellation.	
	
STRATEGIC HIGHLIGHTS