Exhibit 99.1

Announces Unaudited Financial Results For the Six Months Ended June 30, 2025

PRELIMINARY NOTE

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes that appear in Form-20 filed to the SEC on May 15, 2025. In addition to historical consolidated financial information, the following discussion contains forward-looking statements the reflect our plans, estimates, and beliefs. Our actual results could differ materiality from those discussed in the forward-looking statements. Factors that could cause or contribute to these difference include those discussed below and elsewhere in this report. All amounts included herein with respect to the six months ended June 30, 2025 and 2024 (“Interim Financial Statements”) are derived from our unaudited condensed consolidated financial statements for the six months ended June 30, 2025 and 2024 included elsewhere in this report. These Interim Financial Statements have been prepared in accordance with U.S Generally Accepted Accounting Principles, or U.S. GAAP.

FBS GLOBAL LIMITED

TABLE OF CONTENTS

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus. This discussion and analysis and other parts of this prospectus contain forward-looking statements based upon current beliefs, plans and expectations that involve risks, uncertainties and assumptions. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under “Risk Factors” and elsewhere in this prospectus. You should carefully read the “Risk Factors” section of this prospectus to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements.

Overview

We are a Singapore based green building contractor and an established interior fit-out specialist with a track record of over 20 years in institutional, residential, commercial and industrial building projects. As a green contractor focused on environmentally sound practices, we aim to bid tenders for green building projects, use green construction methods and green materials for our construction projects, including design, supply and installation of ceilings, partitions, timber deck, carpet, lead lining, acoustic wall paneling, built-in furniture as well as mechanical and electrical services of a building. Green construction methods and materials will lead to the reduction in energy, water and material resource usage in construction projects. and hence reduce the potential environmental impact. We also seek to use green materials that are made of recycled or recyclable materials and/or sustainably sourced materials.

We also try to recommend and introduce green features to the buildings we construct. Green buildings are generally more energy efficient than conventional buildings. Some of the key features that might be commonly found in green buildings are:

We are engaged in interior fitting-out works for mixed developments, private residential developments, hospitals and commercial developments. Notable projects in the last five years include Marina One, a mixed development at Marina Bay, Sengkang General Hospital, Outram Community Hospital and South Beach Development, a mixed development at downtown Singapore. Our main construction projects during the last five years include two industrial buildings, two private residential properties and an additional and alterations, or A&A, project to a hotel.

Results of Operations

Comparison of Six Months Ended June 30, 2024 and 2025

Our unaudited consolidated results of operations for the six months ended June 30, 2024 and 2025, respectively, are summarized below:

Revenue

Our revenue is derived mainly from the following revenue streams: (i) construction contracts and (ii) sales of construction materials.

The following table presents revenue by major revenue type for the six months ended June 30, 2024 and 2025, respectively:

For all major revenue types, revenue is derived from individual contracts/projects on a non-recurring basis. Revenue is recognized by reference to the stage of completion of the contract activity, using the input method, whereby the actual construction costs to date was compared to the total budgeted costs for a project to estimate the revenue recognized.

The total revenue decrease by approximately S$488,000, or 5.9% from approximately S$8.3 million for the six months ended June 30, 2024 to approximately S$7.8 million (US$6.0 million) for the six months ended 30, 2025. The decrease was primarily the result of fewer progress claimed due to few projects were in beginning stage for the period.

The revenue from construction contracts decreased by approximately S$540,000, or 6.5% from approximately S$8.3 million for the six months ended June 30, 2024 to approximately S$7.8 million (US$6.0 million) for the six months ended June 30, 2025. Total number of projects that contributed to the revenue from construction contracts was 17 for the six months ended June 30, 2025 as compared to 15 for the six months ended June 30, 2024. Although there were more projects for the six months ended June 30, 2025, fewer projects were in the beginning stage for the period which resulted in a decrease in revenue as compared to the six months ended June 30, 2024.

The revenue generated by sales of construction materials increased by approximately S$52,000, or 100.0% from approximately S$0 for the six months ended June 30, 2024 to S$52,000 (US$39,000) for the six months ended June 30, 2025. The increase in sales of construction material was mainly related to the construction projects in Singapore and there were demands of material that required at sites.

The major factors affecting our revenue include the following:

Please refer to the section entitled “Risk Factors” of this Offer Document for a more comprehensive discussion of other factors which may affect our business operations and financial performance.

Cost of revenue

Our cost of revenue refers to direct costs incurred in the process of carrying out project activities. It includes subcontracting costs, direct material costs, labor cost, equipment rental costs and overhead costs. When it is probable that total contract costs will exceed total contract value, the expected loss is recognized as an expense immediately.

Our projects typically do not allow for any adjustments to the contract value in the event there is an escalation in our costs during the course of the project. Any increase in those costs will be borne by us and will have an impact on our eventual profit margins. Additional costs due to additional work from variation orders have to be borne by us until customers make payment in respect of such variation orders.

The breakdown of our cost of revenue for the six months ended June 30, 2024 and 2025 is set out below:

The total cost of revenue decreased by approximately S$0.7 million, or 9.2% from approximately S$7.2 million for the six months ended June 30, 2024 to approximately S$6.5 million (US$4.9 million) for the six months ended June 30, 2025.

The cost of revenue for subcontracting decreased by approximately S$1 million, or 37.1% from approximately S$2.7 million for the six months ended June 30, 2024 to approximately S$1.7 million (US$1.3 million) for the six months ended June 30, 2025. The decrease in the cost of revenue associated with subcontracting costs is a result of undertaking fewer new projects during the six months ended June 30, 2025.

The cost of material increased by approximately S$184,000, or 7.4% from approximately S$2.5 million for the six months ended June 30, 2024 to approximately S$2.7 million (US$2.0 million) for the six months ended June 30, 2025. The increase of cost of material costs was due to the inflation and the initial startup stage of few projects during the six months ended June 30, 2025.

The cost of direct labor increased by approximately S$66,000, or 5.4% from approximately S$1.2 million for the six months ended June 30, 2024 to approximately S$1.3 million (US$1 million) for the six months ended June 30, 2025. The increase in the cost of direct labor was due to the same reason as the addition in subcontracting costs: the Company undertook more new projects during the six months ended June 30, 2025.

The cost of equipment rental decreased by approximately S$43,000, or 36.9% from approximately S$117,000 for the six months ended June 30, 2024 to approximately S$74,000 (US$56,000) for the six months ended June 30, 2025. The decrease in equipment rental costs was due to few of the projects completed during the financial period and the new projects are not required extra equipment for the six months ended June 30, 2025.

The cost of overhead increased by approximately S$145,000, or 23.9% from approximately S$608,000 for the six months ended June 30, 2024 to approximately S$754,000 (US$573,000) for the six months ended June 30, 2025. The increase of cost of overhead was the result of increase warehouse rent which mainly come from a project at T301.

The breakdown of our cost of revenues by revenue types is set out below:

Total cost of revenue from construction contracts decreased by approximately S$690,000, or approximately 9.6% from approximately S$7.2 million for the six months ended June 30, 2024 to approximately S$6.5 million (US$4.9 million) for the six months ended June 30, 2025. The decrease was mainly due to the Company undertaking fewer new projects during the six months ended June 30, 2025.

Our cost of revenue is mainly dependent on the following factors:

Our cost of revenue is affected by, inter alia, the following factors:

Please refer to the section entitled “Risk Factors” in this Offer Document for other factors which may affect our cost of sales.

Gross Profit

Our gross profit from our major revenue type is summarized as follows:

Our gross profit increased by approximately S$0.17 million, or 15% from approximately S$1.2 million for the six months ended June 30, 2024 to approximately S$1.35 million (US$1 million) for the six months ended June 30, 2025. The increase was mainly due to the high gross profit margin from a project ICA A&A as compared to the six months ended June 30, 2024.

Gross profit from construction contracts increased by approximately $0.15 million, or 13% from approximately S$1.2 million for the six months ended June 30, 2024 to approximately S$1.3 million (US$1 million) for the six months ended June 30, 2025. The increase was partly due to the decrease in unit subcontracting and labor costs and partly due to increase in revenue generated from relatively smaller sized projects undertaken in 2025, as compared to 2024.

Gross profit from sales of construction materials increased by approximately S$22,000 or 100.0% from approximately S$0 for the six months ended June 30, 2024 to approximately S$22,000 (US$17,000) for the six months ended June 30, 2025. The increase was mainly due to the increase in corresponding revenue resulting from the more of material demand.

The gross profit margin increased by 3.1% from 14.1% for the six months ended June 30, 2024 to 17.2% for the six months ended June 30, 2025. This increase was primarily due to decrease in cost of revenue of the six months ended June 30, 2025, the subcontracting cost decrease due to the Company undertaking fewer new projects at the beginning stage during the six months ended June 30, 2025.

Operating Expenses

Our operating expenses consist of general administrative expenses. General administrative expenses mainly comprised directors’ remuneration, staff costs, professional fees, depreciation, rental expenses, property-related expenses such as property tax and maintenance fees and upkeep of motor vehicles.

The breakdown of the general and administration expenses is shown as follows:

Our general and administration expenses decreased by approximately S$56,000, or 4.9% from approximately S$1.1 million for the six months ended June 30, 2024 to approximately S$1.1 million (US$826,000) for the six months ended June 30, 2025. The decrease was mainly due to the decrease in professional fees and administrative expenses of approximately S$86,000 and S$91,000 respectively for the six months ended June 30, 2025.

Other Incomes (expenses)

Our other incomes (expenses) consist of interest expenses, finance cost, other income, and foreign exchange gain (loss). Other incomes (expenses) decreased by approximately S$88,000, or 128% from income approximately S$69,000 for the six months ended June 30, 2024 to loss approximately S$19,000 (US$15,000) for the six months ended June 30, 2025.

Interest expenses decreased by approximately S$32,000, or 76% from approximately S$43,000 for the six months ended June 30, 2024 to approximately S$10,000 (US$8,000) for the six months ended June 30, 2025. The decrease was primarily due to the finance leases were almost settled during the financial period.

Finance expense decreased by approximately S$1,000, or 41.3% from approximately S$3,000 for the six months ended June 30, 2024 to approximately S$1,900 (US$1,500) for the six months ended June 30, 2025. The decrease was primarily due to the decrease in bank charges for transaction activities.

Other income, consisting mainly of compensation from a legal case, decreased by approximately S$15,000, or 14.4% from approximately S$111,000 for the six months ended June 30, 2024 to approximately S$95,000 (US$72,000) for the six months ended June 30, 2025. The decrease was primarily due to the compensation from a legal case in prior period for the six months ended June 30, 2025.

Foreign exchange (loss) gain decreased approximately S$100,000, or 2,985.3% from a gain of approximately S$4,000 for the six months ended June 30, 2024 to loss of approximately S$100,000 (US$77,000) for the six months ended June 30, 2025. The exchange rate differences were the result of current account of the company that were denominated in USD as compared to the Company’s books and records using SGD.

Income tax expense

Our income tax expense decreased by approximately S$79,000, or 100% from approximately S$79,000 for the six months ended June 30, 2024 to approximately S$0 (US0) for the six months ended June 30, 2025. This increase was primarily due to the increase in the above mentioned factors resulting from increase in income before provisions for income taxes.

Net income

As a result of the foregoing, we reported a net income of S$24,664 for the six months ended June 30, 2024, as compared to net income of S$243,980 (US$185,425) for the six months ended June 30, 2025, an increase of S$219,316 or 889.2%.

Earnings per Share

Our earning per share increased by approximately S$0.02, or 100.0% from approximately (S$0.00) for the six months ended June 30, 2024 to approximately 0.02 (US$0.01) for the six months ended June 30, 2025. The computation of earnings per share is based on 11,250,000 and 13,500,000 shares for six months ended June 30, 2024 and June 30, 2025 respectively of the total issued and outstanding shares of our Ordinary Shares.

Capital Commitments

As of June 30, 2025, December 31, 2024, our Group did not have any material capital commitments.

Contingent Liabilities

As of June 30, 2025, December 31, 2024, we did not have any other material contingent liabilities except as disclosed above. See Contingencies.

Foreign Exchange Risk

The functional currency of our Group is the Singapore dollar. The only previous foreign exchange loss was due to a former customer’s invoices denominated in USD whom we no longer have business with.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements including arrangements that would affect our liquidity, capital resources, market risk support and credit risk support or other benefits

FBS GLOBAL LIMITED

Unaudited Condensed Consolidated Balance Sheets

See accompanying notes to unaudited condensed consolidated financial statements

FBS GLOBAL LIMITED

Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income

See accompanying notes to unaudited condensed consolidated financial statements

FBS GLOBAL LIMITED

Unaudited Condensed Statements of Changes in Shareholders’ Equity

For the six months ended June 30, 2024

For the six months end June 30, 2025

See accompanying notes to unaudited condensed consolidated financial statements

FBS GLOBAL LIMITED

Unaudited Condensed Consolidated Statement of Cash Flows

The following table provides a reconciliation of cash and restricted cash reported within the statement of financial position that sum to the total of the same amounts shown in the statement of cash flows:

See accompanying notes to unaudited condensed consolidated financial statements

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

1. Organization and Business Description

Organization and Nature of Operations

FBS Global Limited is a holding company which was incorporated on March 10, 2022 under the laws of Cayman Islands as an exempted company with limited liability (“FBS Cayman” or “the Company”). It is a holding company with no business operation.

On February 7, 2025, the Company closed its Initial Public Offering (“IPO”) of 2,250,000 ordinary shares. The shares were priced at $4.50 per share and the gross proceeds of this offering was $10,125,000. The shares were previously approved for listing on the Nasdaq Capital Market and commenced trading under the ticker symbol “FBGL” on February 7, 2025.

The accompanying consolidated financial statements reflect the activities of FBS Cayman and the following entity:

Schedule of Consolidated Financial Statements Reflect the Activities of FBS Cayman

2. Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The accompanying unaudited interim condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”) The results of operations for the six months ended June 30, 2025 are not necessarily indicative of results to be expected for any other interim period or for the full year of 2025. Accordingly, these statements should be read in conjunction with the Company’s audited consolidated financial statements and note thereto as of and for the year ended December 31, 2024 in Form 20-F.

The condensed consolidated financial statements include the financial statements of the Company and its wholly owned subsidiary. All intercompany transactions and balances among the Company and its subsidiary have been eliminated upon consolidation.

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

Use of Estimates and Assumptions

The preparation of consolidated financial statements in conformity with U.S. GAAP requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Significant estimates required to be made by management, include, but are not limited to, the allowance for expected credit losses, the determination of the useful lives of property and equipment, impairment of long-lived assets, allowance for deferred tax assets, uncertain tax position, right-of-use assets, financing lease liabilities, revenue recognition and contingencies. Actual results could differ from those estimates.

Foreign Currency Translation and transaction

The Company uses Singapore Dollars (“SGD”) as its reporting currency. The functional currency of the Company in Cayman and British Virgin Island is U.S. dollar and the subsidiary which incorporate in Singapore and Hong Kong are Singapore Dollars and U.S. dollar respectively which are their respective local currencies based on the criteria of ASC 830, “Foreign Currency Matters”.

Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange in place at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statement of operations.

Assets and liabilities of the Company translated from their respective functional currencies to the reporting currency at the exchange rates at the balance sheet dates, equity accounts are translated at historical exchange rates and revenues and expenses are translated at the average exchange rates in effect during the reporting period. The resulting foreign currency translation adjustment are recorded in other comprehensive income (loss).

Convenience translation

Translations of balances in the unaudited condensed consolidated balance sheets, consolidated statements of income and consolidated statements of cash flows from SGD into USD as of and for the six months ended June 30, 2025 are solely for the convenience of the reader and were calculated at the rate of SGD 1.00 to USD 0.76, representing the noon buying rate in The City of New York for cable transfers of SGD as certified for customs purposes by the Federal Reserve Bank of New York on the last trading day of June 30, 2025. No representation is made that the SGD amounts represent or could have been, or could be, converted, realized or settled into USD at that rate, or at any other rate.

Fair Value of Financial Instruments

The fair value of a financial instrument is defined as the exchange price that would be received from an asset or paid to transfer a liability (as exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The carrying amounts of financial assets and liabilities, such as cash, accounts receivable, prepayments and other current assets, accounts payable, and other current liabilities, approximate their fair values because of the short maturity of these instruments and market rates of interest.

ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

The Company considers the carrying amount of its financial assets and liabilities, which consist primarily of accounts receivable, contract assets, due from related parties, financing lease, prepayments and other current assets, accounts payable, contract liabilities, income taxes payable, due to related parties, loan from related party, accrued expenses and other current liabilities approximate the fair value of the respective assets and liabilities as of June 30, 2025 and December 31, 2024 due to their short-term nature.

Cash and Restricted Cash

Cash includes cash on hand and demand deposits in accounts maintained with commercial banks that can be added or withdrawn without limitation and have original maturities of less than three months. The Company maintains the bank accounts in Singapore. Cash balances in bank accounts in Singapore with maximum amount of SGD 75,000 are insured under the Deposit Protection Scheme introduced by the Singapore Government. Cash balances in bank accounts in Singapore are not otherwise insured by the Federal Deposit Insurance Corporation or other programs.

Restricted cash consisted of deposit which is required to be withheld in the bank by the Company to compensate the customer in case of breach of contract.

Accounts Receivable, net

Accounts receivable are recognized and carried at original invoiced amount. From January 1, 2023, the Company adopted ASU 2016-13 Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments, which replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, including accounts receivable.

As of June 30, 2025 and December 31, 2024, the Company did not record credit losses.

The Company uses simplified flow rate matrix approach to estimate expected credit losses for the accounts receivable. The allowance for expected credit losses is estimated for accounts receivable that share similar risk characteristics based on a collective assessment using a combination of measurement models and management judgment. The approach considers factors including historical ageing schedule and forward-looking macroeconomic conditions.

Prepayments

Prepayments represent advance payments made to the service providers for future services. Prepayments are short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired. The Company considers the assets to be impaired if the realizability of the prepayments becomes doubtful. As of June 30, 2025 and December 31, 2024, there was no allowance recorded as the Company considers all of the prepayments fully realizable.

Other receivables – related parties

Other receivables - related parties represent amounts owed to a company by its related parties. Related parties can include affiliated companies, parent companies, subsidiaries, directors, officers, or shareholders. The Company considers the assets to be impaired if the realizability of the receivables becomes doubtful.

As of June 30, 2025 and December 31, 2024, the Company did not record an allowance for expected credit losses.

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

Lease

The Company adopted ASU 2016-02 Leases (Topic 842) (“Topic 842”) issued by the FASB.

The Company determines whether an arrangement is or contain a lease at inception. The Company classifies a lease as a finance lease when the lease meets any of the following criteria at lease commencement:

All leases of the Company are currently classified as financing leases. The Company recognizes a lease in the financial statement when the arrangement either explicitly or implicitly involves property, plant or equipment (“PP&E”), the contract terms are dependent on the useful life of the PP&E, and the Company have the ability or right to control the PP&E or to direct others to control the PP&E and receive the majority of the economic benefits of the assets. Financing lease liability, current, and financing lease liability, non-current in the Company’s consolidated balance sheets.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. The financing lease ROU assets and lease liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term.

The Company applied its interest rate based on the actual incremental borrowing rate from the leasing contract that is available at lease commencement date in determining the lease interest expense. The Company’s lease terms may include options to extend or terminate the lease. Lease expenses for lease payments are recognized on a straight-line basis over the lease term, under depreciation expenses.

The Company reviews the impairment of its financing lease assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of financing lease liabilities in the tested asset group and include the associated financing lease payments in the undiscounted future pre-tax cash flows.

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

Property and Equipment, net

Property and equipment are stated at cost, net of accumulated depreciation. Depreciation and amortization are provided for on a straight-line basis over the estimated useful lives of the related assets as follows:

Schedule of Property Plant and Equipment Net of Accumulated Depreciation

Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operations and comprehensive income (loss) in other income or expenses.

The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

Deferred Offering Cost

Deferred offering costs consist of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the initial public offering. These costs, together with the underwriting discounts and commissions, will be charged to permanent equity upon completion of the initial public offering. Should the initial public offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to expenses.

During the six months ended June 30, 2025, the Company charged all the amount SGD1,253,443 (USD 952,617) of deferred offering costs directly to the additional paid-in capital at the closing of the IPO.

Impairment of Long-Lived Assets

The Company reviews the recoverability of its long-lived assets, such as property and equipment, whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. There were no impairment losses on long-lived assets for the years ended June 30, 2025 and December 31, 2024.

Revenue Recognition

The Company adopted the revenue standard Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when the Company satisfies a performance obligation.

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

The Company enters into agreements with customers that create enforceable rights and obligations and for which it is probable that the Company will collect the consideration to which it will be entitled as services transfer to the customer. It is customary practice for the Company to have the agreements with its customers in writing. The Company recognizes revenue based on the consideration specified in the applicable agreement.

Projects with performance obligations recognized over time that have revenue recognized to date in excess of cumulative billings are reported on the Company’s consolidated balance sheets as “Contract assets”. Contract retentions, included in contract assets, represent amounts withheld by clients, in accordance with underlying contract terms, until certain conditions are met or the project is completed.

The Company will recognize the revenue of sales of construction material when the performance obligation is satisfied by transferring a promised good or service to the customer. Control of the goods is transferred to the customer, generally on delivery of the goods.

Revenue from service orders is recognized when the entity satisfied the performance obligation at a point in time generally as the services are provided.

The contracts which the Company enters into with the clients are fixed price and provide for milestone billings based upon the attainment of specific project objectives to ensure the Company meets its contractual requirements. Additionally, contracts may include retentions or holdbacks paid at the end of a project to ensure that Company meets the contract requirements. The Company does not assess whether a contract contains a significant financing component if the Company expects, at contract inception, that the period between payment by the customers and the transfer of promised services to the customers will be less than one year.

Since the Company has concluded that the promises to be delivered on the contract would be one single performance obligation, no allocation of the transaction price is required and expected. As a professional interior design and fit-out service provider, the Company recognizes revenue based on the Company’s effort or inputs to the satisfaction of a performance obligation over time as work progresses because of the continuous transfer of control to the customer and the Company’s right to bill the customer as costs are incurred.

The Company’s contract with the customer has payment terms specified based upon certain conditions completed. The Company will submit monthly progress claim to the customer, and after the Company received the certified interim progress certificate, the Company will issue a tax invoice to the customer. The final tax invoice is generally issued after the project completion and agreed by customer and the Company. As the Company’s customers are required to pay the Company at different billing stages over the contract period, as such, the Company believes the progress payments limit the Company’s exposure to credit risk and that the Company would be able to collect substantially all of the consideration gradually at different stages. The timing of the satisfaction of the Company’s performance obligations is based upon the cost-to-cost measure of progress method, which is generally different than the timing of unconditional right of payment, and is based upon certain conditions completed as specified in the contract. The timing between the satisfaction of the Company’s performance obligations and the unconditional right of payment would contribute to contract assets and contract liabilities.

The Company uses the ratio of actual costs incurred to total estimated costs since costs incurred (an input method) represent a reasonable measure of progress towards the satisfaction of a performance in order to estimate the portion of revenue earned. This method faithfully depicts the transfer of value to the customer when the Company is satisfying a performance obligation that entails a number of interrelated tasks or activities for a combined output that requires the Company to coordinate the work of employees and subcontractors. Contract costs typically include direct labor, subcontract and consultant costs, materials and indirect costs related to contract performance. Changes in estimated costs to complete these obligations result in adjustments to revenue on a cumulative catch-up basis, which causes the effect of revised estimates to be recognized in the current period. Changes in estimates can routinely occur over the contract term for a variety of reasons including, changes in scope, unanticipated costs, delays or favorable or unfavorable progress than original expectations. When the outcome of the contract cannot be reasonably measured, revenue is recognized only to the extent of contract costs incurred that are expected to be recovered.

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

When the current estimates of the total amount of consideration expected to be received in exchange for transferring promised goods or services to the customer, and contract cost indicate a loss, a provision for the entire loss on the contract is made as soon as the loss become evident. An adjustment is also made to reflect the effects of the customer’s credit risk. The loss on a contract is reported as an additional contract cost (an operating expense), and not as a reduction of revenue or a non-operating expense.

The Company’s contracts may contain variable consideration in the form of unpriced or pending change orders or claims that either increase or decrease the contract price. Variable consideration is generally estimated using the expected value method but may from time to time be estimated using the most likely amount method depending on the circumstance. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration are based upon historical experience and known trends.

The following table presents revenue classified by timing of revenue recognition for the six months ended June 30, 2024 and 2025, respectively:

Schedule of Timing of Revenue Recognition 

The following table presents revenue by major revenue type for the six months ended June 30, 2025 and 2024, respectively:

Schedule of Major Revenue

Warranty

The Company generally provides limited warranties for work performed under its contracts. At the time a sale is recognized, the Company records estimated future warranty costs under ASC 460. Such estimated costs for warranties are estimated at completion and these warranties are not service warranties separately sold by the Company. Generally, the estimated claim rates of warranty are based on actual warranty experience or Company’s best estimate. There were no such reserves for the six months ended June 30, 2024 and 2025, because the Company’s historical warranty expenses were immaterial to the Company’s consolidated financial statements.

Contract Assets and Contract Liabilities

Projects with performance obligations recognized over time that have revenue recognized to date in excess of cumulative billings are reported on consolidated balance sheets as “Contract assets”. Contract retentions, included in contract assets, represent amounts withheld by clients, in accordance with underlying contract terms, until certain conditions are met or the project is completed. Provisions for estimated losses of contract assets on uncompleted contracts are made in the period in which such losses are determined.

Contract assets have billing term with unconditional right to be billed beyond one year are classified as non-current assets.

Contract liabilities on uncompleted contracts represent the amounts of cash collected from clients, billings to clients on contracts in advance of work performed and revenue recognized and provisions for losses. The majority of these amounts are expected to be earned within twelve months and are classified as current liabilities.

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

Income Taxes

The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases.

Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. The Company has recognized deferred tax assets for temporary differences, operating losses and tax credit carryforwards. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. The accruals for deferred tax assets and liabilities, including deferred income tax assets and liabilities, are subject to significant judgment and are reviewed and adjusted routinely based on changes in facts and circumstances. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes”, prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.

The Company believes there were no uncertain tax positions at June 30, 2024 and 2025, respectively. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months. The Company is not currently under examination by an income tax authority, nor has been notified that an examination is contemplated.

(Loss) earnings per share

The Company computes earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS are computed by dividing income available to ordinary shareholders of the Company by the weighted average ordinary shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares. For the six months ended June 30, 2025 and 2024, there were no dilutive shares.

Comprehensive Income (Loss)

Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, gains and losses that under U.S. GAAP are recorded as an element of shareholders’ equity but are excluded from net income.

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

Commitments and Contingencies

In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

If the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

Related parties

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence, such as a family member or relative, shareholder, or a related corporation.

Significant Risks

Currency Risk

The Company’s operating activities are transacted in S$. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. The Company considers the foreign exchange risk in relation to transactions denominated in SGD with respect to USD is significant.

Concentration and Credit Risk

Financial instruments that potentially subject the Company to the concentration of credit risks consist of cash and accounts receivable. The maximum exposures of such assets to credit risk are their carrying amounts as of the balance sheet dates. The Company deposits its cash with financial institutions located in Singapore. As of December 31, 2024 and June 30, 2025, SGD 2,983,600 and SGD 6,968,031 (USD 5,295,704) were deposited with financial institutions located in Singapore. The Deposit Protection Scheme introduced by the Singapore Government insured each depositor at one bank for a maximum amount of SGD75,000. Otherwise, these balances are not covered by insurance. The unsecured deposited amount as of December 31, 2024 and June 30, 2025 will be SGD 2,833,600 and SGD 6,893,031 (USD 5,238,704). The Company believes that no significant credit risk exists as these financial institutions have high credit quality and the Company has not incurred any losses related to such deposits.

For the credit risk related to accounts receivable, the Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. The Company establishes an allowance for expected credit losses based upon estimates, factors surrounding the credit risk of specific customers and other information. The allowance amounts were immaterial for all periods presented. The management believes that its contract acceptance, billing, and collection policies are adequate to minimize material credit risk. Application for progress payment of contract works is made on a regular basis. The Company seeks to maintain strict control over its outstanding receivables. Overdue balances are reviewed regularly by the Directors.

For the six months ended June 30, 2024 and 2025, all of the Company’s assets were located in Singapore and all of the Company’s revenue were derived from its subsidiary located in Singapore. The Company has a concentration of its revenue and accounts receivable with specific customers and purchases and accounts payable with specific suppliers.

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

For the six months ended June 30, 2024, four customers accounted for approximately 25%, 19%, 18% and 13% of the Company’s total revenue, respectively. For the six months ended June 30, 2025, two customers accounted for approximately 68 and 24% of the Company’s total revenue, respectively.

As of December 31, 2024, three customers’ accounts receivable accounted for approximately 70%, 11%, and 10% of the total accounts receivable, respectively.

As of June 30, 2025, three customers’ account receivables accounted for approximately 56%, 21% and 17% of total accounts receivable, respectively.

For the six months ended June 30, 2024, one supplier accounted for approximately 15% of the Company’s total purchases. For the six months ended June 30, 2025, five suppliers accounted for approximately 16%, 9%, 8%, 7% and 7% of the Company’s total purchases.

As of December 31, 2024, three supplier’s accounts payable accounted for approximately 31%, 20% and 13%, respectively of the total accounts payable and five suppliers’ accounts payable accounted for approximately 38%, 19%, 12%, 10% and 5% of the total accounts payable as of June 30, 2025, respectively.

Interest rate risk

Fluctuations in market interest rates may negatively affect the Company’s financial condition and results of operations. The Company is exposed to floating interest rate risk on cash deposit and floating rate borrowings, and the risks due to changes in interest rates is not material. The Company has not used any derivative financial instruments to manage the interest risk exposure.

Recently Accounting Pronouncements

The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company, or EGC, and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024.

In March 2024, the FASB issued ASU No. 2024-02, which removes references to the Board’s concepts statements from the FASB Accounting Standards Codification (the “Codification” or ASC). The ASU is part of the Board’s standing project to make “Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance, and other minor improvements.” The Company’s management does not believe the adoption of ASU 2024-02 will have a material impact on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires that an entity disclose, in the notes to financial statements, specified information about certain costs and expenses. The amendment in the ASU is intended to enhance the transparency and decision usefulness to better understand the major components of an entity’s income statement. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of the new standard on its consolidated financial statements which is expected to result in enhanced disclosures.

Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have a material impact on the condensed consolidated financial position, statements of operations and cash flows.

3. Accounts Receivable, net

Accounts receivable, net consisted of the following as of:

Schedule of Accounts Receivable

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

4. Contract Assets/(Liabilities)

Contract assets consisted of the following:

Schedule of Contract Assets

Movement of the allowance for contract assets were as follows:

Schedule of Allowance for Contract Assets

Contract liabilities consisted of the following:

Schedule of Contract Liabilities

Contract liabilities related to contracts are balances due to customers under contracts. These arise if a particular milestone payment exceeds the revenue recognized to date under the cost-to-cost method.

The movement in contract liabilities is as follows:

Schedule of Movement in Contract Liabilities 

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

5. Prepayments and Other Current Assets

Prepayments and other current assets consisted of the following:

Schedule of Prepayments and Other Current Assets

6. Property, plant and equipment

Property and equipment, stated at cost less accumulated depreciation and amortization, consisted of the following:

Schedule of Property, Plant and Equipment

Depreciation expenses of property and equipment totaled SGD 83,195 and SGD 84,983 (USD 64,587) for the six months ended June 30, 2024 and 2025, respectively.

7. Investment under equity method

Components of investment under equity method are as follows:

Schedule of Investment Under Equity Method

8. Leases

Financing leases as lessee

As of December 31, 2024 and June 30, 2025, the Company has financing leases with the financial institutions on its consolidated balance sheets for hire purchase of motor vehicle.

The following table shows financing lease liabilities from the financial institutions, and the associated financial statement line items as follows:

 Schedule of Finance Lease

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of December 31, 2024 and June 30, 2025, leased assets which are included in the “Property, plant and equipment” of the unaudited condensed consolidated balance sheet of following:

 Schedule of Finance Lease Asset

Information relating to financing lease activities during the six months ended June 30, 2024 and 2025 are as follows:

 Schedule of Financing Lease Expenses

Operating leases as lessee

The Company enter a 24 months lease agreement with the related party on January 1, 2024 to rent the warehouse for storage purpose with a monthly rental fee at SGD 60,000.00 (USD 44,400). As of June 30, 2024, the Company has operating leases on its consolidated balance sheets rentals of leasehold buildings.

The following table shows operating lease liabilities and the associated financial statement line items:

 Schedule of Operating Lease Liabilities

As of December 31, 2024 and June 30, 2025, “Right-of-use assets, net” consisted of the following:

 Schedule of Operating Lease Liabilities - Right of use Assets, Net

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

Information related to operating lease activities during the periods are as follows:

 Schedule of Operating Lease Activities

Future operating lease payments as of June 30, 2025 are detailed as follows:

Schedule of Operating Lease Payments

9. Accrued Expenses and Other Current Liabilities

Components of accrued expenses and other current liabilities are as follows:

Schedule of Accrued Expenses and Other Current Liabilities

10. Bank Borrowings

Components of bank borrowings are as follows:

Schedule of Bank Borrowings

Interest expenses pertaining to the above bank borrowings for the six months ended June 30, 2024 and June 30, 2025 amounted to SGD 41,599 and SGD 9,327 (USD 7,088), respectively.

Components of bank borrowings interest are as follows as of June 30:

Schedule of Bank Borrowings Interest

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

Maturities of the bank borrowings were as follows:

Schedule of Maturities Bank Borrowings

11. Income Taxes

Cayman Islands and British Virgin Islands

Under the current laws of the Cayman Islands and the British Virgin Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends by the Company to its shareholders, no Cayman Islands and BVI withholding tax will be imposed.

Singapore

In accordance with the relevant tax laws and regulations of Singapore, a company registered in Singapore is subject to income taxes at a flat rate of 17%.

Schedule of Relevant Tax Laws and Regulations

The following table reconciles Singapore statutory rates to the Company’s effective tax:

Schedule of Reconciles Singapore Statutory Rates

The Company measures deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets and liabilities at the applicable tax rates. Components of the Company’s deferred tax asset and liability are as follows:

Deferred tax assets as below,

Schedule of Deferred tax Assets and Liability

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

Uncertain tax positions

The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2024 and June 30, 2025, the Company did not have any significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income taxes for the six months ended June 30, 2024 and 2025. The Company also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from June 30, 2025.

12. Related Party Balance and Transactions

The following is a list of related parties which the Company has transactions with:

A Joint-Venture (JV) incorporated in Sri Lanka in year 2017 to bid a local project, FBS SG holding 30% shares of the JV. The Company started transferring the share to 3rd party in late 2019, however due to Covid-19 pandemic, the share transfer is still pending for the local secretary to execute. Currently, FineBuild only supply material to the JV.

A related company under common control with FBS SG as Mr. Kelvin Ang (also known as Poh Guan Ang) acts as the sole director in this company.

A related company under common control with FBS SG as Mr. Kelvin Ang acts as the sole director in this company.

Present sole director and shareholder of FBS Global Limited.

Project director of FBS Global Limited.

As of December 31, 2024 and June 30, 2025, the balances of Accounts receivable – related party were as follows:

Schedule of Accounts Receivable Related Party and Allowance for Credit Loss

FBS GLOBAL LIMITED

Notes to Condensed Consolidated Financial Statements (Unaudited)

Movement of the allowance of expected credit losses were as follows:

As of December 31, 2024 and June 30, 2025, the balances of other receivables-related parties were as follows:

Schedule of Other Receivable Related Party Allowance for Credit Loss 

Movements of the allowance for expected credit losses were as follows:

As of December 31, 2024 and June 30, 2025, the balances of amount due to related parties were as follows:

Schedule of Due to Related Parties and Related Party Transactions 

FBS GLOBAL LIMITED

Notes to Interim Condensed Consolidated Financial Statements (Unaudited)

The Company enter a 24 months lease agreement with the related party on January 1, 2024 to rent the warehouse for storage purpose with a monthly rental fee at SGD 60,000.00 (USD 44,400). The Company accounts for the leases in accordance with ASC 842. The Company’s underlying warehouse were classified as operating leases, and the related lease liabilities were recorded under operating lease liabilities – related party (see Note 8).