ST Engineering books $667m impairment on iDirect Group

iDirect group's year-on-year revenue and EBITDA declined by 9% and 22% respectively.

Singapore Technologies Engineering (ST Engineering) has announced a $667m non-cash impairment on its iDirect group subsidiary, according to a press release.

The impairment resulted from an assessment that set iDirect's Value in Use (VIU) at $170m as of 30 September 2025, a steep reduction from its previous carrying amount of $837m.

This write-down is attributed to the fast-evolving satcom environment, including the expansion of Non-geostationary Satellite Orbit operators such as Starlink, which has deployed over 2,600 satellites, and Kuiper, with over 150 satellites.

ST Engineering said that it is now evaluating strategic options for the iDirect group to mitigate risks and financial exposures, though no definitive agreement has yet been reached.

iDirect's year-on-year (YoY) revenue and EBITDA declined by 9% and 22% respectively in the first nine months of 2025.

The non-cash impairment will be partially offset by gains of $258m from recent divestments, which generated total cash proceeds of approximately $594m.

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