INEO

SINGAPORE, Oct. 15, 2026 (GLOBE NEWSWIRE) -- INNEOVA Holdings Limited ("INNEOVA Holdings" or the "Company") (Nasdaq: INEO), a Singapore-based provider of Parts Services and Engineering Services for industries where uptime and reliability are mission-critical, today announced its unaudited financial results for the six months ended June 30, 2026. The Company's Report on Form 6-K containing the interim financial statements and related discussion was filed with the U.S. Securities and Exchange Commission (the "SEC") on October 14, 2026. First Half 2026 Financial Highlights (Six months ended June 30, 2026, compared with the six months ended June 30, 2025, unless otherwise stated. All figures in U.S. dollars.) - Revenue of $25.8 million, compared with $30.8 million, a decrease of 16.2%, driven mainly by lower automotive parts demand in Singapore and Southeast Asia, lower engineering project activity in Singapore, and a $1.5 million decline in Middle East revenue attributable to the war in the region. - Gross profit of $5.4 million, compared with $5.9 million. Gross margin expanded to 21.1% from 19.3%. - Parts Services gross profit increased 5.7% to $5.4 million on 13.4% lower revenue, lifting Parts Services gross margin to 22.5% from 18.5%. - Total operating expenses declined 2.1% to $4.7 million. Selling and distribution expenses fell 24.8%, and general and administrative expenses fell 5.0%, partly offset by higher depreciation associated with new facility leases. - Income from operations of $0.7 million, compared with $1.1 million. - Interest expense declined 18.6% to $0.6 million. - Net income of $274,000, or $0.02 per share, compared with $243,000, or $0.02 per share, an increase of 12.8%. - Net cash provided by operating activities of $1.4 million, compared with net cash used in operating activities of $0.3 million. - Customer deposits of $10.5 million at June 30, 2026, compared with $5.6 million at December 31, 2025, representing advance payments received on customer orders. - Bank borrowings of $18.7 million at June 30, 2026, compared with $18.9 million at December 31, 2025, and $22.3 million at December 31, 2024. Management Commentary "The first half of 2026 was about disciplined execution," said Mr. Jimmy Neo, Chief Executive Officer of INNEOVA Holdings. "Revenue was below the prior year as industrial customers stayed cautious and the war in the Middle East reduced our sales in that region by three quarters. Within that environment, the integration of our Automotive and Industrial businesses into a single Parts Services organisation did what we designed it to do. Parts Services gross profit rose 5.7% on 13% less revenue, Group gross margin widened by almost two percentage points, operating expenses came down, and net income rose 13%. We also generated $1.4 million of operating cash flow and nearly doubled customer deposits to $10.5 million, which are advance payments on orders we will fulfil in the coming periods." First Half 2026 Operational Highlights Unified Parts Services organisation. The Group completed the integration of its Automotive and Industrial businesses into a single Parts Services organisation, including the migration of its retail business from the Automotive Division to the Industrial Division, and began integrating the Parts Services and Engineering Services commercial teams. The new structure simplifies customer engagement, improves collaboration across the Group, and provides an operating model that can support regional expansion. Expanded service coverage, improved fulfilment, and productivity initiatives contributed to the reduction in operating expenses during the period. Malaysia regional platform. INNEOVA strengthened its management presence and expanded commercial activities in Malaysia and established Senai, in Johor, as its new regional operations hub, positioning the Group for opportunities arising from the Johor–Singapore Special Economic Zone and broader regional industrial growth. Engineering Services. Engineering Services revenue was $1.7 million, compared with $2.7 million, reflecting lower demand from customers in Singapore, and the segment operated at approximately break-even gross margin. During the period the Group secured new engineering projects in Malaysia and added commercial resources dedicated to higher value-added engineering solutions and equipment lifecycle services. Sustainability and digitalisation. The Group commissioned its solar photovoltaic installation at its Ang Mo Kio facility and began a second installation at Loyang Way. It also expanded its collaboration with Republic Polytechnic through research initiatives and AI familiarisation programmes supporting the application of digital tools across forecasting, operations, customer engagement, and engineering services. Second Half 2026 Priorities Management's priorities for the remainder of 2026 are to: - Restore revenue growth through stronger pricing discipline and improved revenue quality. - Complete the commercial integration of the Parts Services and Engineering Services businesses. - Expand Engineering Services and Equipment Solutions as higher-margin growth platforms. - Fully operationalise the Senai regional hub in Johor, Malaysia. - Continue digitalisation, AI adoption, and productivity improvements across the Group. The Company also expects increasing contributions from recently secured engineering projects, strategic partnerships, and regional expansion initiatives as these investments mature. "When we set out our transformation strategy to shareholders last November, we said we would build the platforms first," Mr. Neo continued. "The Senai hub, the commercial integration of Parts Services and Engineering Services, and the new engineering projects in Malaysia are those platforms. Our second-half priorities are to restore revenue growth with stronger pricing discipline, complete the commercial integration, scale Engineering Services and Equipment Solutions as higher-margin businesses, bring Senai fully online, and keep reducing borrowings. We are managing INNEOVA for sustainable earnings and cash generation, not for a single reporting period." First Half 2026 Financial Review Revenue. Revenue for the six months ended June 30, 2026 was $25.8 million, compared with $30.8 million in the prior-year period. Parts Services revenue was $24.1 million, compared with $27.8 million; within Parts Services, Industrial Division revenue increased 3.7% to $16.0 million, reflecting the migration of the retail business from the Automotive Division, while Automotive Division revenue decreased 34.7% to $8.1 million. Engineering Services revenue was $1.7 million, compared with $2.7 million. By geography, Singapore revenue was $11.2 million, compared with $13.5 million; Middle East revenue was $0.5 million, compared with $1.9 million, primarily attributable to the war in the region; and revenue from other countries was $14.2 million, compared with $15.3 million. Gross profit. Gross profit was $5.4 million, compared with $5.9 million, and gross margin expanded to 21.1% from 19.3%. Parts Services gross profit increased to $5.4 million from $5.1 million, with gross margin of 22.5% compared with 18.5%. Engineering Services gross profit was approximately break-even, compared with $0.6 million, or a 21.3% gross margin, in the prior-year period. Operating expenses. Total operating expenses were $4.7 million, compared with $4.8 million. Selling and distribution expenses decreased 24.8% to $0.6 million on lower promotion, marketing, and transportation costs. General and administrative expenses decreased 5.0% to $3.4 million, mainly on lower property-related and miscellaneous expenses, partly offset by higher staff costs. Depreciation increased to $0.7 million from $0.4 million, reflecting new right-of-use assets. Income from operations and net income. Income from operations was $0.7 million, compared with $1.1 million. Interest expense decreased 18.6% to $0.6 million, and the Group recorded a net foreign exchange gain of $18,000, compared with a net loss of $210,000. Income before income taxes was $274,000, compared with $329,000. Net income was $274,000, or $0.02 per basic and diluted share, compared with $243,000, or $0.02 per basic and diluted share, an increase of 12.8%. Balance sheet and cash flow. As of June 30, 2026, the Group had cash, cash equivalents, and restricted cash of $1.0 million, compared with $1.4 million at December 31, 2025. Net cash provided by operating activities was $1.4 million, compared with net cash used of $0.3 million in the prior-year period, reflecting lower receivables and inventories and higher customer deposits. Net cash used in financing activities was $1.7 million, including $1.5 million of repayments to related parties. Customer deposits increased to $10.5 million from $5.6 million at December 31, 2025. Total bank borrowings were $18.7 million, compared with $18.9 million at December 31, 2025. Shareholders' equity increased to $5.2 million from $5.0 million. About INNEOVA Holdings INNEOVA Holdings (formerly known as SAG Holdings Limited) is a leading Singapore-based solution-driven partner for industries where uptime and reliability are mission-critical. By combining deep engineering expertise, digital capabilities, and sustainable practices, INNEOVA delivers integrated solutions that optimise lifecycles, maximise uptime, and extend asset longevity across its Parts Services and Engineering Services business segments. Parts Services: Supporting mission-critical operations with comprehensive parts management and supply solutions to ensure availability, reliability, and maximum uptime. Engineering Services: Providing system lifecycle analysis and MRO services, enhanced by connectivity, digitalisation, and data analytics. INNEOVA enables customers to future-proof assets, achieve maximum uptime, and optimise total cost of ownership (TCO). For more information, visit https://www.inneova.co. Safe Harbor Statement This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the Company's priorities for the second half of 2026; the expected contribution of recently secured engineering projects, strategic partnerships, and the Senai operations hub; the completion and expected benefits of the commercial integration of the Parts Services and Engineering Services businesses; the growth of Engineering Services and Equipment Solutions; planned digitalisation, AI adoption, and sustainability initiatives; and expected trends in demand, pricing, margins, and cash generation. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "position," "potential," "priority," "should," "target," "will," "would," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: demand conditions in the industrial, automotive, marine, construction, and power generation sectors in Singapore, Malaysia, and the Company's other markets; the conflict in the Middle East and other geopolitical developments; pricing pressure, inflation, and tariff and trade policy changes; the Company's ability to complete its organisational and commercial integration and to realise the expected benefits; the execution and timing of its regional expansion in Malaysia; customer concentration and project timing in Engineering Services; fluctuations in foreign currency exchange rates; the Company's indebtedness and access to financing on acceptable terms; and the other risks described under "Risk Factors" in the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2025, filed with the SEC on May 15, 2026, and in its other filings with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and INNEOVA Holdings Limited specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Investor Relations Contact: Matthew Abenante, IRC President Strategic Investor Relations, LLC Tel: 347-947-2093 Email: [email protected] Ivy Lee / Jamie Neo INNEOVA Holdings Limited Tel: +65 6383 7540 Email: [email protected]

SINGAPORE, May 18, 2026 (GLOBE NEWSWIRE) -- INNEOVA Holdings Limited (“INNEOVA Holdings” or the “Company”) (Nasdaq: INEO), a Singapore-based engineering solutions provider focused on maximising uptime, optimising total cost of ownership, and extending asset longevity through sustainable engineering, today announced its audited financial results for the fiscal year ended December 31, 2025. Fiscal 2025 was the first full year of operating under the INNEOVA Holdings brand and the first year that the acquired INNEOVA Engineering business was integrated across the platform. Against a backdrop of softer international demand in the second half of the year, the Company strengthened its operating cash generation, reduced bank borrowings, and executed three strategic milestones — a multi-year overhaul contract win from PSA Singapore, a Hydrogen Pathfinder Pilot with HyCee Pte. Ltd., and, after year-end, a partnership to distribute XCMG electric material handling equipment in Singapore. Key Financial Highlights for Fiscal Year 2025 Revenue: $58.4 million, a 6.9% decrease from $62.7 million in the prior year. The decline was primarily attributable to a $5.7 million reduction in revenue from the Middle East and Other Countries, driven by softer customer demand, partially offset by an increase of approximately $1.4 million in Singapore, where revenue grew across multiple business lines. Gross Profit: $11.2 million, compared to $12.3 million in 2024. Gross profit margin remained largely stable at 19.2%, compared to 19.6% in the prior year, reflecting continued pricing discipline and a favorable mix shift in the On-Highway Business, where segment gross margin expanded to 23.0% from 21.6%. Selling and Distribution Expenses: $1.2 million, a 30.9% decrease from $1.7 million in the prior year, primarily reflecting lower promotion and marketing expenses. Administrative Expenses: $10.1 million, compared to $9.4 million in the prior year. The increase was driven primarily by a $0.6 million increase in legal and professional fees associated with the Company’s first full year of compliance costs as a Nasdaq-listed entity, and a $0.3 million increase in staff costs. Net Loss: $0.4 million, compared to net income of $0.4 million in 2024. The change reflects lower revenue, higher administrative expenses associated with public-company compliance, and increased other expenses, partially offset by a $0.7 million income tax benefit primarily attributable to a deferred tax provision. Net Cash Provided by Operating Activities: $4.4 million, an increase of approximately 75% from $2.5 million in the prior year. The improvement was driven by a $3.2 million reduction in accounts receivable and continued working capital discipline. Bank Borrowings: $18.9 million as of December 31, 2025, a reduction of approximately $3.4 million from $22.3 million as of December 31, 2024, reflecting net repayments during the year. Operational Highlights and Recent Developments Acquisition of INNEOVA Engineering Pte. Ltd. (April 30, 2025): INNEOVA Holdings completed the acquisition of INNEOVA Engineering, extending the Company’s platform from parts distribution into system lifecycle analysis, MRO services, and turnkey engineering solutions. The new segment contributed $4.6 million in revenue for fiscal 2025. Hydrogen Pathfinder Pilot with HyCee Pte. Ltd. (September 25, October 10, and October 14, 2025): INNEOVA Engineering signed a Memorandum of Understanding and subsequently a Strategic Cooperation Agreement with HyCee Pte. Ltd., a joint venture of Jiangsu Guofu Hydrogen Energy Equipment Co. Ltd., to advance the deployment of a Hydrogen Pathfinder Pilot in Singapore. The partnership supports Singapore’s National Hydrogen Strategy, which targets net-zero emissions by 2050 and contemplates hydrogen supplying a meaningful share of the nation’s power needs over the long term. Multi-Million Dollar PSA Singapore Contract (October 23, 2025): INNEOVA Engineering was awarded a multi-year overhaul tender valued in the multi-million dollar range from PSA Singapore, a leading global port operator. The award marks the third consecutive overhaul tender granted to INNEOVA Engineering by PSA since 2018, building on a relationship spanning more than 20 years. CEO Letter to Shareholders (November 18, 2025): Jimmy Neo, Chief Executive Officer, issued a letter to shareholders titled “Charting INEO’s Next Chapter: Powering a Sustainable and Intelligent Future,” outlining the Company’s strategic priorities, transformation framework, and long-term value-creation roadmap. XCMG Electric Material Handling Equipment Distribution Partnership (January 21, 2026): After year-end, INNEOVA Engineering was granted a partnership to distribute XCMG electric material handling equipment in Singapore, marking the Company’s strategic expansion from parts and services into full unit sales. INNEOVA Engineering has established a near-term target of 30 electric forklift units, supported by accelerating demand for electrified material handling solutions aligned with Singapore’s Green Plan 2030. Management Commentary “Fiscal 2025 was a year of platform-building,” said Mr. Jimmy Neo, Chief Executive Officer of INNEOVA Holdings. “We completed the integration of INNEOVA Engineering, secured our third consecutive multi-year tender from PSA Singapore, and signed a Strategic Cooperation Agreement with HyCee that positions us as a pathfinder for hydrogen adoption in Singapore. The XCMG distribution partnership announced in January 2026 extends that work into electric material handling. While softer international demand in the second half of the year weighed on consolidated revenue, our operating cash flow rose to $4.4 million from $2.5 million, and we reduced bank borrowings by $3.4 million. Forward Outlook “We are entering 2026 with a more diversified revenue base, a lower-leverage balance sheet, and a clearer engineering story. We continue to expand into infrastructure space and build on the following areas: Increased recurring engineering services revenue mix expansion - the Company continued to strengthen long-term maintenance partnerships across mission-critical industries. Platform for lifecycle solutions - Improved service delivery capabilities through investments in engineering support and technical operations, and long-term service contracts create opportunities for the Company to expand into higher-value lifecycle solutions. Operational Improvement - Continued execution of operational efficiency initiatives focused on procurement optimization, inventory management, and cost discipline. Margin Improvement - Maintained focus on margin improvement initiatives across core engineering and parts services operations. Annual Report Now Available On May 15, 2026, the Company filed its Annual Report on Form 20-F with the Securities and Exchange Commission, which can be accessed at www.sec.gov or by clicking here. About INNEOVA Engineering INNEOVA Engineering is an engineering solutions provider offering system lifecycle analysis and turnkey solutions across transport, healthcare, defence, utilities, and facility management. The Company delivers integrated services—including cooling systems, flow management, and fleet maintenance— all designed to maximise asset uptime and longevity through innovation, reliability, and sustainability across Asia. Committed to optimising total cost of ownership (TCO) and future-proofing essential infrastructure, INNEOVA Engineering ensures operations remain resilient from concept to maintenance. About XCMG (XuZhou Construction Machinery Group) XCMG is a leading global manufacturer of construction and industrial machinery, consistently ranked among the world’s top construction equipment companies. With a strong focus on innovation, safety, and sustainability, XCMG offers a comprehensive portfolio spanning lifting, earthmoving, road machinery, and industrial vehicles, including electric material-handling equipment. XCMG operates in more than 190 countries and regions worldwide, supporting customers with advanced manufacturing, digitalisation, and low-carbon solutions. About INNEOVA HoldingsINNEOVA Holdings (formerly known as SAG Holdings Limited) is a leading Singapore-based solution-driven partner for industries where uptime and reliability are mission-critical. By combining deep engineering expertise, digital capabilities, and sustainable practices, INNEOVA delivers integrated solutions that optimise lifecycles, maximise uptime, and extend asset longevity across its Parts Services and Engineering Services business segments. Parts Services: Supporting mission-critical operations with comprehensive parts management and supply solutions to ensure availability, reliability, and maximum uptime. Engineering Services: Providing system lifecycle analysis and MRO services, enhanced by connectivity, digitalisation, and data analytics. INNEOVA enables customers to future-proof assets, achieve maximum uptime, and optimise total cost of ownership (TCO). For more information, visit https://www.inneova.co. Safe Harbor StatementStatements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include but are not limited to, statements relating to the expected trading commencement and closing dates. The words “anticipate,” “believe,” “seeks,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the preliminary prospectus led with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and INNEOVA Holdings Limited specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Investor Relations Contact: Matthew Abenante, IRC President Strategic Investor Relations, LLC Tel: 347-947-2093 Email: [email protected] Ivy Lee / Jamie Neo INNEOVA Holdings Limited Tel: +65 6383 7540 Email: [email protected]

SINGAPORE, Sept. 30, 2025 (GLOBE NEWSWIRE) -- INNEOVA Holdings Limited (“INNEOVA Holdings” or the “Company”) (Nasdaq: INEO), a Singapore-based solutions provider focused on maximising uptime, optimising total cost of ownership, and extending asset longevity through sustainable engineering, today announced its unaudited financial results for the six months ended June 30, 2025. Key Financial Highlights for the First Half of 2025 Revenue: $30.8 million, a 10.3% increase from $27.9 million in the prior year period. The increase was primarily driven by the acquisition of the INNEOVA Engineering Division, which contributed approximately $2.7 million, as well as growth in other revenue streams, such as shipping charges. Gross Profit: $5.9 million, a 2.2% increase from $5.8 million in the first half of 2024. The gross profit margin was 19.3%, compared to 20.8% in the previous year, reflecting the integration of new business segments and slight variations in the product mix. Operating Income: $1.1 million, compared to $1.8 million in the prior year period. This decrease reflects higher administrative and selling expenses associated with the recent acquisition and ongoing compliance costs. Net Income: $0.2 million, compared to $1.7 million in the first half of 2024. The reduction in net income was primarily due to increased operating expenses, higher interest costs, and foreign exchange losses. Operational Highlights and Recent Developments During the first half of 2025, INNEOVA Holdings continued to advance its strategic initiatives, building on momentum from prior periods. Key achievements include: Rebranding to INNEOVA Holdings Limited: Effective April 28, 2025, the Company changed its name from SAG Holdings Limited to INNEOVA Holdings Limited, with its Nasdaq ticker symbol changing to "INEO". This rebranding emphasizes the Company's focus on engineering innovation and sustainable solutions. Acquisition of INNEOVA Engineering Pte. Ltd.: On April 30, 2025, INNEOVA Holdings completed the acquisition of INNEOVA Engineering Pte. Ltd. This strategic addition enhances the Company’s engineering capabilities, expands its service offerings into customized systems integration, and supports growth in sustainable infrastructure and mobility solutions. The division contributed approximately $2.7 million in revenue during the period. Geographic and Segment Performance: Revenue from Singapore increased by approximately 29.9% to $13.5 million, driven by the INNEOVA Engineering acquisition and higher demand in the INNEOVA Automotive Division. The INNEOVA Industrial Division maintained stable performance, while contributions from other countries supported overall revenue growth. "We are thrilled with the strong revenue growth in the first half of 2025, fueled by the successful integration of our INNEOVA Engineering Division," said Mr. Jimmy Neo, Chief Executive Officer. "Our rebranding and strategic acquisition have solidified our position as a leader in innovative and sustainable engineering solutions. We are committed to executing our growth strategy, optimizing operations, and delivering long-term value to our shareholders in this dynamic global environment." About INNEOVA Holdings Limited. INNEOVA Holdings is a leading Singapore-based solution-driven partner for industries where uptime and reliability are mission-critical. By combining deep engineering expertise, digital capabilities, and sustainable practices, INNEOVA delivers integrated solutions that optimise lifecycles, maximise uptime, and extend asset longevity across its Parts Services and Engineering Services business segments. Parts Services: Supporting mission-critical operations with comprehensive parts management and supply solutions to ensure availability, reliability, and maximum uptime. Engineering Services: Providing system lifecycle analysis and MRO services, enhanced by connectivity, digitalisation, and data analytics. INNEOVA enables customers to future-proof their assets, achieve maximum uptime, and optimize total cost of ownership (TCO). For more information, visit https://www.inneova.co. Safe Harbor Statement Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include but are not limited to, statements relating to the expected trading commencement and closing dates. The words “anticipate,” “believe,” “seeks,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the preliminary prospectus led with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and INNEOVA Holdings Limited specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Investor Relations Contact: Matthew Abenante, IRC President Strategic Investor Relations, LLC Tel: 347-947-2093 Email: [email protected] Ivy Lee / Jamie Neo INNEOVA Holdings Limited Tel: +65 6383 7540 Email: [email protected] *** tables follow *** INNEOVA HOLDINGS LIMITED AND SUBSIDIARIES UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Currency expressed in United States Dollars (“US$”)) INNEOVA HOLDINGS LIMITED AND SUBSIDIARIES UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Currency expressed in United States Dollars (“US$”)) INNEOVA HOLDINGS LIMITED AND SUBSIDIARIES UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Currency expressed in United States Dollars (“US$”))

SINGAPORE, May 19, 2025 (GLOBE NEWSWIRE) -- INNEOVA Holdings Limited (Nasdaq: INEO, "INNEOVA Holdings" or the "Company"), a leading Singapore-based provider of high-quality Original Equipment Manufacturer ("OEM"), third-party branded, and in-house branded replacement parts for motor vehicles and non-vehicle combustion engines, today announced its financial results for the fiscal year ended December 31, 2024. Key Financial Highlights for Fiscal Year 2024 Revenue: $58.3 million, a 2.0% decrease from $59.5 million in the prior year. The decrease was primarily due to reduced demand in the Singapore local market. Gross Profit: $10.9 million, comparable to $10.9 million in 2023. The gross profit margin improved slightly to 18.7% from 18.3% in the previous year, demonstrating the Company's ability to maintain pricing discipline amid market challenges. Operating Income: $0.8 million, compared to $2.5 million in the previous year. This decrease in income reflects increased administrative expenses and selling and distribution costs. Net Income: $0.008 million, compared to $1.6 million in 2023. The reduction in net income was primarily due to higher administrative expenses. Operational Highlights and Recent Developments Throughout 2024 and early 2025, INNEOVA Holdings achieved several key milestones that position the Company for future growth. These include: Successful Initial Public Offering (IPO): Formerly known as SAG Holdings Limited, the Company announced the pricing of its IPO on October 22, 2024, and the closing on October 24, 2024 (as detailed in press releases dated October 22 and 24, 2024). This marked a significant step in its growth trajectory, with shares trading on the Nasdaq Capital Market under the symbol "SAG" at the time. Fulfilment Center at INNEOVA Facility: On November 13, 2024, INNEOVA Industrial Pte Ltd (formerly known as Filtec Private Limited), a wholly-owned subsidiary, announced the completion of automation technology implementation in its distribution center, leveraging advanced robotics and digital solutions to enhance operational efficiency. Rebranding to INNEOVA Holdings Limited: Effective April 28, 2025, the Company changed its name from SAG Holdings Limited to INNEOVA Holdings Limited, with its Nasdaq ticker symbol changing to "INEO". This rebranding reflects the Company's enhanced focus on engineering excellence and innovative solutions. Acquisition of INNEOVA Engineering Pte. Ltd.: On April 30, 2025, INNEOVA Holdings announced the completed acquisition of INNEOVA Engineering Pte. Ltd. This strategic move strengthens the Company’s engineering capabilities, accelerates growth in sustainable solutions, and expands its offerings into a comprehensive, full-chain solution from components supply to customized engineering and systems integration. "We believe that =the 2024 fiscal year and the beginning of 2025 mark a period of profound transformation and foundational growth for INNEOVA," said Mr. Jimmy Neo, Chief Executive Officer. "We are pleased with our progress in key strategic areas, including our successful IPO, our strategic rebranding to INNEOVA, and the recent acquisition of INNEOVA Engineering. These milestones underscore our commitment to innovation and expanding our capabilities in sustainable engineering. While we acknowledge the prevailing global economic uncertainties that have impacted our financial results, our performance demonstrates our business model's resilience and our team's dedication. We remain optimistic about our prospects for the remainder of 2025 as we continue executing our growth strategy and delivering value to our shareholders." About INNEOVA Holdings INNEOVA Holdings (formerly SAG Holdings Limited) is a leading Singapore-based provider of high-quality OEM, third-party branded, and in-house replacement parts for motor vehicles and non-vehicle combustion engines. On-Highway (INNEOVA Automotive): We provide an extensive range of genuine OEM and aftermarket parts for passenger vehicles, trucks, and buses. Our offerings include parts from manufacturers' brands, trusted third-party labels, and our in-house brands. Off-Highway (INNEOVA Industrial): Catering to industries like construction, marine, power generation, mining, and transportation, we offer specialized spare parts focusing on filtration systems, lubricants, batteries, and internal combustion engine components. Engineering Services (INNEOVA Engineering): We provide system lifecycle analysis and engineering services for infrastructure and mobility platforms to generate innovative and sustainable solutions for maximum uptime and optimal total cost of ownership for our customers. Driven by Uptime, Delivered Through Expertise. Our unwavering commitment to quality seeks to ensure that our customers experience maximum uptime, enhanced performance, and reduced total cost of ownership throughout the lifecycle of their machines. For more information, visit https://www.inneova.co. Safe Harbor Statement Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include but are not limited to, statements relating to our expectations regarding future growth and performance. The words “anticipate,” “believe,” “seeks,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of our disclosure documents filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and INNEOVA Holdings Limited specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Investor Relations Contact: Matthew Abenante, IRC President Strategic Investor Relations, LLC Tel: 347-947-2093 Email: [email protected] Ivy Lee / Jamie Neo INNEOVA Holdings Limited Tel: +65 6383 7540 Email: [email protected]