CityDev C09

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Financials

Annual Report 2025

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Consolidated Statement of Profit or Loss

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Consolidated Statement of Profit or Loss from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Revenue and expenses
Revenue$’000	3,587,092	3,271,197	PDF p. 59
Cost of sales$’000	(2,123,940)	(1,809,260)	PDF p. 59
Gross profit$’000	1,463,152	1,461,937	PDF p. 59
Other income$’000	700,346	272,015	PDF p. 59
Administrative expenses$’000	(613,848)	(574,748)	PDF p. 59
Other operating expenses$’000	(555,835)	(473,537)	PDF p. 59
Profit from operating activities$’000	993,815	685,667	PDF p. 59
Finance
Finance income$’000	94,546	186,637	PDF p. 59
Finance costs$’000	(498,136)	(559,070)	PDF p. 59
Net finance costs$’000	(403,590)	(372,433)	PDF p. 59
Share of results of equity-accounted investees
Share of after-tax (loss)/profit of associates$’000	(35,519)	14,150	PDF p. 59
Share of after-tax profit of joint ventures$’000	216,795	46,641	PDF p. 59
Profit and tax
Profit before tax$’000	771,501	374,025	PDF p. 59
Tax expense$’000	(135,873)	(162,061)	PDF p. 59
Profit for the year$’000	635,628	211,964	PDF p. 59
Profit attributable to owners of the Company
– Ordinary shareholders$’000	620,276	190,849	PDF p. 59
– Preference shareholders$’000	9,407	10,467	PDF p. 59
Subtotal$’000	629,683	201,316	PDF p. 59
Profit attributable
Non-controlling interests$’000	5,945	10,648	PDF p. 59
Profit for the year$’000	635,628	211,964	PDF p. 59
Earnings per share
– Basiccents per share	69.4	21.3	PDF p. 59
– Dilutedcents per share	67.9	21.3	PDF p. 59

Definitions & sources

Original report: PDF p. 59 ↗

The accompanying notes form an integral part of these financial statements. The statement’s cited note references are retained in the original row quotes.

Consolidated Statement of Comprehensive Income

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Consolidated Statement of Comprehensive Income from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Profit for the year
Profit for the year$’000	635,628	211,964	PDF p. 59
Other comprehensive income — Items that will not be reclassified to profit or loss
Defined benefit plan remeasurements$’000	233	3,127	PDF p. 59
Net change in fair value of equity investments at FVOCI$’000	55,905	(7,215)	PDF p. 59
Subtotal$’000	56,138	(4,088)	PDF p. 59
Other comprehensive income — Items that are or may be reclassified subsequently to profit or loss
Effective portion of changes in fair value of cash flow hedges$’000	(12,145)	15,435	PDF p. 59
Net change in fair value of cash flow hedges reclassified to profit or loss$’000	463	(18,915)	PDF p. 59
Exchange differences on hedges of net investment in foreign operations$’000	35,787	4,574	PDF p. 59
Exchange differences on monetary items forming part of net investments in foreign operations$’000	(11,275)	27,660	PDF p. 59
Share of translation differences of equity-accounted investees$’000	23,111	(10,485)	PDF p. 59
Exchange differences reclassified to profit or loss on liquidation of a subsidiary$’000	(1,082)	–	PDF p. 59
Share of other comprehensive income of equity-accounted investees$’000	(11,622)	(299)	PDF p. 59
Translation differences arising on consolidation of foreign operations$’000	(79,927)	(153,507)	PDF p. 59
Subtotal$’000	(56,690)	(135,537)	PDF p. 59
Other comprehensive income
Total other comprehensive income for the year, net of tax$’000	(552)	(139,625)	PDF p. 59
Total comprehensive income
Total comprehensive income for the year$’000	635,076	72,339	PDF p. 59
Total comprehensive income attributable to
Owners of the Company$’000	629,054	77,157	PDF p. 59
Non-controlling interests$’000	6,022	(4,818)	PDF p. 59
Total comprehensive income for the year$’000	635,076	72,339	PDF p. 59

Definitions & sources

Original report: PDF p. 59 ↗

The accompanying notes form an integral part of these financial statements. The statement’s cited note reference is retained in the original row quote.

Statements of Financial Position

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Statements of Financial Position from Annual Report 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Non-current assets
Property, plant and equipment$’000	5,520,539	4,679,867	22,010	30,577	PDF p. 58
Investment properties$’000	6,592,985	6,695,641	33,436	34,011	PDF p. 58
Non-current assets — Investments in
– subsidiaries$’000	–	–	1,950,609	1,950,609	PDF p. 58
– associates$’000	1,256,041	1,305,234	–	–	PDF p. 58
– joint ventures$’000	946,936	1,162,454	37,360	37,360	PDF p. 58
Non-current assets
Financial assets$’000	792,104	780,095	472,986	418,070	PDF p. 58
Derivative financial assets$’000	13,998	8,539	13,822	8,539	PDF p. 58
Other non-current assets$’000	847,427	1,003,453	8,406,708	8,660,230	PDF p. 58
Subtotal$’000	15,970,030	15,635,283	10,936,931	11,139,396	PDF p. 58
Current assets
Development properties$’000	7,144,342	4,850,519	161,687	161,687	PDF p. 58
Contract costs$’000	39,324	48,747	–	–	PDF p. 58
Contract assets$’000	373,905	319,815	–	–	PDF p. 58
Consumable stocks$’000	7,764	8,793	–	–	PDF p. 58
Financial assets$’000	4,713	4,795	90	93	PDF p. 58
Derivative financial assets$’000	8,260	18,070	8,260	16,615	PDF p. 58
Trade and other receivables$’000	1,264,739	1,613,393	8,177,465	7,330,899	PDF p. 58
Cash and cash equivalents$’000	2,059,919	3,001,384	428,262	544,785	PDF p. 58
Subtotal$’000	10,902,966	9,865,516	8,775,764	8,054,079	PDF p. 58
Assets held for sale$’000	176,063	106,088	–	–	PDF p. 58
Subtotal$’000	11,079,029	9,971,604	8,775,764	8,054,079	PDF p. 58
Total assets
Total assets$’000	27,049,059	25,606,887	19,712,695	19,193,475	PDF p. 58
Equity attributable to owners of the Company
Share capital$’000	1,921,457	1,942,362	1,921,457	1,942,362	PDF p. 58
Reserves$’000	7,670,111	7,145,929	5,183,821	5,168,458	PDF p. 58
Subtotal$’000	9,591,568	9,088,291	7,105,278	7,110,820	PDF p. 58
Equity
Non-controlling interests$’000	668,386	220,707	–	–	PDF p. 58
Total equity$’000	10,259,954	9,308,998	7,105,278	7,110,820	PDF p. 58
Non-current liabilities
Interest-bearing borrowings$’000	10,220,530	8,717,481	7,672,641	6,556,534	PDF p. 58
Employee benefits$’000	6,921	6,628	2,885	2,670	PDF p. 58
Lease liabilities$’000	620,180	637,007	7,115	13,948	PDF p. 58
Derivative financial liabilities$’000	12,438	10,128	10,957	8,074	PDF p. 58
Other liabilities$’000	569,446	206,583	682	645,358	PDF p. 58
Provisions$’000	1,299	1,277	–	–	PDF p. 58
Deferred tax liabilities$’000	392,518	415,039	5,100	7,631	PDF p. 58
Subtotal$’000	11,823,332	9,994,143	7,699,380	7,234,215	PDF p. 58
Current liabilities
Trade and other payables$’000	1,151,720	1,112,233	2,051,007	1,048,624	PDF p. 58
Derivative financial liabilities$’000	16,928	7,325	16,928	7,142	PDF p. 58
Contract liabilities$’000	283,735	271,975	–	–	PDF p. 58
Interest-bearing borrowings$’000	3,175,777	4,595,668	2,822,519	3,776,393	PDF p. 58
Lease liabilities$’000	37,870	26,411	6,832	6,482	PDF p. 58
Employee benefits$’000	34,287	33,734	7,834	6,406	PDF p. 58
Provision for taxation$’000	258,290	219,384	2,917	3,393	PDF p. 58
Provisions$’000	4,228	37,016	–	–	PDF p. 58
Subtotal$’000	4,962,835	6,303,746	4,908,037	4,848,440	PDF p. 58
Liabilities directly associated with the assets held for sale$’000	2,938	–	–	–	PDF p. 58
Subtotal$’000	4,965,773	6,303,746	4,908,037	4,848,440	PDF p. 58
Total liabilities
Total liabilities$’000	16,789,105	16,297,889	12,607,417	12,082,655	PDF p. 58
Total equity and liabilities
Total equity and liabilities$’000	27,049,059	25,606,887	19,712,695	19,193,475	PDF p. 58

Definitions & sources

Original report: PDF p. 58 ↗

The balance sheet is presented in two facing panels on physical page 58; Group and Company columns are each shown for 2025 and 2024.

Consolidated Statement of Cash Flows

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Consolidated Statement of Cash Flows from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Cash flows from operating activities
Profit for the year$’000	635,628	211,964	PDF p. 62
Cash flows from operating activities — Adjustments for
Depreciation and amortisation$’000	289,738	277,323	PDF p. 62
Dividend income$’000	(5,090)	(5,319)	PDF p. 62
Finance income$’000	(94,546)	(95,870)	PDF p. 62
Finance costs$’000	509,358	559,070	PDF p. 62
Gain on disposal/liquidation of subsidiaries and dilution of interest in an associate (net)$’000	(89,510)	(89,162)	PDF p. 62
Gain on disposal of investments in joint ventures$’000	(475,097)	–	PDF p. 62
Impairment loss/(Reversal of impairment loss) on property, plant and equipment and investment properties (net)$’000	74,908	(40,284)	PDF p. 62
Management fee income received/receivable in the form of units in an associate$’000	(11,643)	(11,255)	PDF p. 62
Profit on sale of property, plant and equipment and investment properties (net)$’000	(106,387)	(138,573)	PDF p. 62
Property, plant and equipment and investment properties written off$’000	540	5,611	PDF p. 62
Share of after-tax loss/(profit) of associates$’000	35,519	(14,150)	PDF p. 62
Share of after-tax profit of joint ventures$’000	(216,795)	(46,641)	PDF p. 62
Tax expense$’000	135,873	162,061	PDF p. 62
Unlabelled adjustments subtotal$’000	682,496	774,775	PDF p. 62
Cash flows from operating activities — Changes in working capital
Development properties$’000	(2,081,299)	69,396	PDF p. 62
Contract costs$’000	9,423	(24,452)	PDF p. 62
Contract assets$’000	(54,090)	617,240	PDF p. 62
Consumable stocks and trade and other receivables$’000	26,995	(313,674)	PDF p. 62
Trade and other payables and provisions$’000	10,958	(84,212)	PDF p. 62
Contract liabilities$’000	11,693	(3,015)	PDF p. 62
Employee benefits$’000	835	7,308	PDF p. 62
Cash flows from operating activities
Cash (used in)/generated from operations$’000	(1,392,989)	1,043,366	PDF p. 62
Tax paid$’000	(118,965)	(113,693)	PDF p. 62
Net cash (used in)/from operating activities$’000	(1,511,954)	929,673	PDF p. 62
Cash flows from investing activities
Acquisition of subsidiaries (net of cash acquired)$’000	(481,379)	(345,583)	PDF p. 62
Deposit placed for acquisition of investment properties$’000	–	(6,865)	PDF p. 62
Deposit placed for acquisition of property, plant and equipment$’000	–	(1,208)	PDF p. 62
Dividends received – associates$’000	46,315	41,383	PDF p. 62
Dividends received – joint ventures$’000	55,665	50,440	PDF p. 62
Dividends received – financial investments$’000	5,090	5,319	PDF p. 62
Increase in investments in joint ventures$’000	(23,706)	(41,244)	PDF p. 62
Return of capital from a joint venture and an associates$’000	20,100	10,932	PDF p. 62
Decrease/(Increase) in amounts owing by equity-accounted investees$’000	332,583	(51,562)	PDF p. 62
Interest received$’000	38,916	78,723	PDF p. 62
Payments for capital expenditure on investment properties$’000	(336,210)	(467,735)	PDF p. 62
Payments for purchase of property, plant and equipment$’000	(507,711)	(185,292)	PDF p. 62
Payments for purchase of investment properties$’000	(160,766)	(214,838)	PDF p. 62
Proceeds from disposal of joint ventures$’000	841,734	–	PDF p. 62
Proceeds from sale of property, plant and equipment and investment properties$’000	463,128	162,752	PDF p. 62
Proceeds from disposal of a subsidiary, net of cash disposed of$’000	91,685	97,167	PDF p. 62
Purchase of financial assets (net)$’000	(6,827)	(131,073)	PDF p. 62
Proceeds from distributions from and redemption of investments in financial assets$’000	42,611	6,170	PDF p. 62
Settlement of financial derivatives$’000	(24,411)	9,521	PDF p. 62
Net cash from/(used in) investing activities$’000	396,817	(982,993)	PDF p. 62
Cash flows from financing activities
Acquisition of non-controlling interests$’000	(18,601)	(73,913)	PDF p. 62
Capital contribution from non-controlling interests$’000	494,743	–	PDF p. 62
Dividends paid$’000	(139,423)	(126,270)	PDF p. 62
Payment of lease liabilities and finance lease payables$’000	(46,000)	(26,871)	PDF p. 62
Interest paid (including amounts capitalised in property, plant and equipment, investment properties and development properties)$’000	(513,640)	(586,853)	PDF p. 62
Net increase/(decrease) in amounts owing to related parties and non-controlling interests$’000	345,037	(97,622)	PDF p. 62
Net (repayment of)/proceeds from revolving credit facilities$’000	(821,669)	291,458	PDF p. 62
Decrease in restricted cash$’000	18,826	3,239	PDF p. 62
Payment of financing transaction costs$’000	(11,985)	(14,331)	PDF p. 62
Purchase of own preference shares$’000	(20,905)	(23,227)	PDF p. 62
Purchase of treasury shares$’000	–	(79,399)	PDF p. 62
Proceeds from bank borrowings$’000	2,463,736	2,366,474	PDF p. 62
Repayment of bank borrowings$’000	(1,372,604)	(1,590,598)	PDF p. 62
Proceeds from issuance of bonds and notes$’000	687,000	1,540,312	PDF p. 62
Repayment of bonds and notes$’000	(643,100)	(890,000)	PDF p. 62
Net cash from financing activities$’000	421,415	692,399	PDF p. 62
Cash and cash equivalents
Net (decrease)/increase in cash and cash equivalents$’000	(693,722)	639,079	PDF p. 62
Cash and cash equivalents at beginning of the year$’000	2,669,652	2,044,198	PDF p. 62
Effect of exchange rate changes on balances held in foreign currencies$’000	(6,984)	(13,625)	PDF p. 62
Cash and cash equivalents at end of the year$’000	1,968,946	2,669,652	PDF p. 62

Definitions & sources

Original report: PDF p. 62 ↗

Significant non-cash transactions disclosed on physical page 63: in 2025, dividends of $512,000 were paid by a subsidiary to non-controlling interests in additional subsidiary shares, and management fee income of $11,643,000 was received and receivable in associate units. In 2024, dividends of $596,000 were similarly paid in additional shares, management fee income of $11,255,000 was received and receivable in associate units, and office units valued at $124,623,000 were transferred in settlement for amounts owing to a non-controlling interest in connection with the acquisition of Shenzhen Longgang's remaining 35% equity stake. Statement footer: “The accompanying notes form an integral part of these financial statements.”

5-Year Financial Highlights

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5-Year Financial Highlights from Annual Report 2025
Metric / unit	2021For the financial year	2022For the financial year	2023For the financial year	2024For the financial year	2025For the financial year	Source
For the financial year
Revenue$’million	2,626	3,293	4,941	3,271	3,587	PDF p. 8
Profit before tax$’million	215	1,857	473	374	772	PDF p. 8
Profit for the year attributable to owners of the Company (PATMI)$’million	85	1,285	317	201	630	PDF p. 8
At 31 December
Property, plant and equipment$’million	5,362	4,061	4,213	4,680	5,521	PDF p. 8
Investment properties$’million	4,983	4,967	6,291	6,696	6,593	PDF p. 8
Development properties$’million	5,839	5,958	4,878	4,851	7,144	PDF p. 8
Cash and bank balances (including restricted deposits in other non-current assets and bank balances in assets held for sale)$’million	2,191	2,370	2,511	3,086	2,130	PDF p. 8
Other assets$’million	5,505	5,625	6,341	6,294	5,661	PDF p. 8
Total assets$’million	23,880	22,981	24,234	25,607	27,049	PDF p. 8
Equity attributable to owners of the Company$’million	8,401	9,216	9,180	9,088	9,592	PDF p. 8
Non-controlling interests$’million	918	348	359	221	668	PDF p. 8
Borrowings$’million	11,140	9,669	11,626	13,313	13,396	PDF p. 8
Other liabilities$’million	3,421	3,748	3,069	2,985	3,393	PDF p. 8
Total equity and liabilities$’million	23,880	22,981	24,234	25,607	27,049	PDF p. 8
Per share
Basic earnings (cents)cents	7.9	140.3	33.6	21.3	69.4	PDF p. 8
Net asset value ($)$	9.26	10.16	10.12	10.17	10.74	PDF p. 8
Per share; Ordinary dividend
- finalcents	8.0	8.0	8.0	8.0	25.0	PDF p. 8
Per share — Dividends, Ordinary dividend
- special interimcents	3.0	12.0	4.0	2.0	3.0	PDF p. 8
- special finalcents	1.0	8.0	–	–	–	PDF p. 8
Per share; Distribution in specie
b) Distribution in speciecents	20.2	–	–	–	–	PDF p. 8
Per share
Preference dividend (net)cents	3.9	3.9	3.9	3.9	3.9	PDF p. 8
Financial ratios
Return on equity (%)%	1.0	13.9	3.5	2.2	6.6	PDF p. 8
Net gearing ratio (%)²%	99	84	103	117	116	PDF p. 8
Net gearing ratio if fair value gains on investment properties are taken into consideration (%)%	61	51	61	69	71	PDF p. 8
Interest cover ratios (times)⁴times	3.0	9.8	2.8	2.1	3.6	PDF p. 8

Definitions & sources

Original report: PDF p. 8 ↗

¹ Final tax-exempt (one-tier) ordinary dividends proposed for financial year ended 31 December 2025 will be subject to the approval of the ordinary shareholders at the forthcoming Annual General Meeting.

² Excludes fair value gains on investment properties as the Group’s accounting policy is to state its investment properties at cost less accumulated depreciation and accumulated impairment losses.

³ Based on CDL Hospitality Trusts' unit price of $1.27 on 25 May 2022.

⁴ Excluding non-cash impairment losses and/or reversals of impairment losses for properties, plant and equipment, and investment properties.

Physical page 8 visually prints FY2025 ordinary final dividend as 25.0 with superscript footnote 1, and FY2021 distribution in specie as 20.2 with superscript footnote 3; the text layer fuses each marker to the number. Values are withheld from numeric cells pending geometry verification.

Consolidated Statement of Changes in Equity (2025)

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Consolidated Statement of Changes in Equity (2025) from Annual Report 2025
Metric / unit	2025Group; Share capital	2025Group; Treasury shares	2025Group; Capital reserve	2025Group; Fair value reserve	2025Group; Hedging reserve	2025Group; Other reserves	2025Group; Share option reserve	2025Group; Foreign currency translation reserve	2025Group; Accumulated profits	2025Group; Total attributable to owners of the Company	2025Group; Non-controlling interests	2025Group; Total equity	Source
Movements in equity
At 1 January 2025$’000	1,942,362	(79,399)	271,528	61,627	3,216	21,702	417	(573,581)	7,440,419	9,088,291	220,707	9,308,998	PDF p. 60
Total comprehensive income for the year
Profit for the year$’000	–	–	–	–	–	–	–	–	629,683	629,683	5,945	635,628	PDF p. 60
Other comprehensive income
Defined benefit plan remeasurements$’000	–	–	–	–	–	–	–	–	214	214	19	233	PDF p. 60
Changes in fair value of equity investments at FVOCI$’000	–	–	–	55,905	–	–	–	–	–	55,905	–	55,905	PDF p. 60
Effective portion of changes in fair value of cash flow hedges$’000	–	–	–	–	(12,145)	–	–	–	–	(12,145)	–	(12,145)	PDF p. 60
Net change in fair value of cash flow hedges reclassified to profit or loss$’000	–	–	–	–	463	–	–	–	–	463	–	463	PDF p. 60 Label p. 60
Exchange differences on hedges of net investment in foreign operations$’000	–	–	–	–	–	–	–	35,787	–	35,787	–	35,787	PDF p. 60 Label p. 60
Exchange differences on monetary items forming part of net investments in foreign operations$’000	–	–	–	–	–	–	–	(11,275)	–	(11,275)	–	(11,275)	PDF p. 60 Label p. 60
Exchange differences reclassified to profit or loss on liquidation of a subsidiary$’000	–	–	–	–	–	–	–	(1,082)	–	(1,082)	–	(1,082)	PDF p. 60 Label p. 60
Share of translation differences of equity-accounted investees$’000	–	–	–	–	–	–	–	23,111	–	23,111	–	23,111	PDF p. 60
Share of other comprehensive income of equity-accounted investees$’000	–	–	–	–	(11,622)	–	–	–	–	(11,622)	–	(11,622)	PDF p. 60 Label p. 60
Translation differences arising on consolidation of foreign operations$’000	–	–	–	–	–	–	–	(79,985)	–	(79,985)	58	(79,927)	PDF p. 60 Label p. 60
Total other comprehensive income$’000	–	–	–	55,905	(23,304)	–	–	(33,444)	214	(629)	77	(552)	PDF p. 60
Total comprehensive income for the year$’000	–	–	–	55,905	(23,304)	–	–	(33,444)	629,897	629,054	6,022	635,076	PDF p. 60
Contributions by and distributions to owners
Capital contribution by non-controlling interests (net)$’000	–	–	–	–	–	–	–	–	–	–	495,255	495,255	PDF p. 60
Dividends paid to owners of the Company 35$’000	–	–	–	–	–	–	–	–	(107,681)	(107,681)	–	(107,681)	PDF p. 60
Dividends paid to non-controlling interests$’000	–	–	–	–	–	–	–	–	–	–	(32,254)	(32,254)	PDF p. 60
Share-based payment transactions$’000	–	–	–	–	–	–	66	–	–	66	–	66	PDF p. 60
Purchase and cancellation of preference shares 19$’000	(20,905)	–	–	–	–	–	–	–	–	(20,905)	–	(20,905)	PDF p. 60
Total contributions by and distributions to owners$’000	(20,905)	–	–	–	–	–	66	–	(107,681)	(128,520)	463,001	334,481	PDF p. 60
Changes in ownership interests in subsidiaries
Changes in interests in subsidiaries without loss of control 39$’000	–	–	2,743	–	–	–	–	–	–	2,743	(21,344)	(18,601)	PDF p. 60
Total changes in ownership interests in subsidiaries$’000	–	–	2,743	–	–	–	–	–	–	2,743	(21,344)	(18,601)	PDF p. 60
Total transactions with owners$’000	(20,905)	–	2,743	–	–	–	66	–	(107,681)	(125,777)	441,657	315,880	PDF p. 60
Transfers$’000	–	–	–	–	–	1,818	–	–	(1,818)	–	–	–	PDF p. 60
At 31 December 2025$’000	1,921,457	(79,399)	274,271	117,532	(20,088)	23,520	483	(607,025)	7,960,817	9,591,568	668,386	10,259,954	PDF p. 60

Definitions & sources

Original report: PDF p. 60 ↗

Component columns retained in the original printed order.

Consolidated Statement of Changes in Equity (2024)

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Consolidated Statement of Changes in Equity (2024) from Annual Report 2025
Metric / unit	2024Group; Share capital	2024Group; Treasury shares	2024Group; Capital reserve	2024Group; Fair value reserve	2024Group; Hedging reserve	2024Group; Other reserves	2024Group; Share option reserve	2024Group; Foreign currency translation reserve	2024Group; Accumulated profits	2024Group; Total attributable to owners of the Company	2024Group; Non-controlling interests	2024Group; Total equity	Source
Movements in equity
At 1 January 2024$’000	1,965,589	–	231,426	68,842	6,993	24,651	293	(457,318)	7,340,013	9,180,489	358,855	9,539,344	PDF p. 61
Total comprehensive income for the year
Profit for the year$’000	–	–	–	–	–	–	–	–	201,316	201,316	10,648	211,964	PDF p. 61
Other comprehensive income
Defined benefit plan remeasurements$’000	–	–	–	–	–	–	–	–	3,098	3,098	29	3,127	PDF p. 61
Changes in fair value of equity investments at FVOCI$’000	–	–	–	(7,215)	–	–	–	–	–	(7,215)	–	(7,215)	PDF p. 61
Effective portion of changes in fair value of cash flow hedges$’000	–	–	–	–	15,435	–	–	–	–	15,435	–	15,435	PDF p. 61
Net change in fair value of cash flow hedges reclassified to profit or loss$’000	–	–	–	–	(18,915)	–	–	–	–	(18,915)	–	(18,915)	PDF p. 61 Label p. 61
Exchange differences on hedges of net investment in foreign operations$’000	–	–	–	–	–	–	–	4,574	–	4,574	–	4,574	PDF p. 61 Label p. 61
Exchange differences on monetary items forming part of net investments in foreign operations$’000	–	–	–	–	–	–	–	27,660	–	27,660	–	27,660	PDF p. 61 Label p. 61
Share of translation differences of equity-accounted investees$’000	–	–	–	–	–	–	–	(10,485)	–	(10,485)	–	(10,485)	PDF p. 61
Share of other comprehensive income of equity-accounted investees$’000	–	–	–	–	(297)	(2)	–	–	–	(299)	–	(299)	PDF p. 61 Label p. 61
Translation differences arising on consolidation of foreign operations$’000	–	–	–	–	–	–	–	(138,012)		(138,012)	(15,495)	(153,507)	PDF p. 61 Label p. 61
Total other comprehensive income$’000	–	–	–	(7,215)	(3,777)	(2)	–	(116,263)	3,098	(124,159)	(15,466)	(139,625)	PDF p. 61
Total comprehensive income for the year$’000	–	–	–	(7,215)	(3,777)	(2)	–	(116,263)	204,414	77,157	(4,818)	72,339	PDF p. 61
Contributions by and distributions to owners
Capital contribution by non-controlling interests (net)$’000	–	–	–	–	–	–	–	–	–	–	596	596	PDF p. 61
Dividends paid to owners of the Company 35$’000	–	–	–	–	–	–	–	–	(99,866)	(99,866)	–	(99,866)	PDF p. 61
Dividends paid to non-controlling interests$’000	–	–	–	–	–	–	–	–	–	–	(27,000)	(27,000)	PDF p. 61
Share-based payment transactions$’000	–	–	–	–	–	–	124	–	–	124	–	124	PDF p. 61
Purchase of treasury shares$’000	–	(79,399)	–	–	–	–	–	–	–	(79,399)	–	(79,399)	PDF p. 61
Purchase and cancellation of preference shares 19$’000	(23,227)	–	–	–	–	–	–	–	–	(23,227)	–	(23,227)	PDF p. 61
Total contributions by and distributions to owners$’000	(23,227)	(79,399)	–	–	–	–	124	–	(99,866)	(202,368)	(26,404)	(228,772)	PDF p. 61
Changes in ownership interests in subsidiaries
Changes in interests in subsidiaries without loss of control 39$’000	–	–	33,013	–	–	–	–	–	–	33,013	(106,926)	(73,913)	PDF p. 61
Total changes in ownership interests in subsidiaries$’000	–	–	33,013	–	–	–	–	–	–	33,013	(106,926)	(73,913)	PDF p. 61
Total transactions with owners$’000	(23,227)	(79,399)	33,013	–	–	–	124	–	(99,866)	(169,355)	(133,330)	(302,685)	PDF p. 61
Transfers$’000	–	–	7,089	–	–	(2,947)	–	–	(4,142)	–	–	–	PDF p. 61
At 31 December 2024$’000	1,942,362	(79,399)	271,528	61,627	3,216	21,702	417	(573,581)	7,440,419	9,088,291	220,707	9,308,998	PDF p. 61

Definitions & sources

Original report: PDF p. 61 ↗

Component columns retained in the original printed order.

Basic earnings per share calculation — profit numerator

3 metrics

Units appear below each metric. Scroll to compare years

Basic earnings per share calculation — profit numerator from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Basic EPS numerator
Profit attributable to owners of the Company$’000	629,683	201,316	PDF p. 94
Dividends on non-redeemable convertible non-cumulative preference shares$’000	(9,407)	(10,467)	PDF p. 94
Profit attributable to ordinary shareholders after adjustment for non-redeemable convertible non-cumulative preference dividends$’000	620,276	190,849	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Basic earnings per share calculation — weighted average shares

1 metrics

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Basic earnings per share calculation — weighted average shares from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Basic EPS denominator
Weighted average number of ordinary shares during the yearshares	893,401,730	896,873,407	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Basic earnings per share calculation

1 metrics

Units appear below each metric. Scroll to compare years

Basic earnings per share calculation from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Basic EPS
Basic earnings per sharecents per share	69.4	21.3	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Diluted earnings per share calculation — profit numerator

3 metrics

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Diluted earnings per share calculation — profit numerator from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Diluted EPS numerator
Profit attributable to ordinary shareholders after adjustment for non-redeemable convertible non-cumulative preference dividends$’000	620,276	190,849	PDF p. 94
Dividends on non-redeemable convertible non-cumulative preference shares$’000	9,407	–	PDF p. 94
Profit attributable to owners of the Company$’000	629,683	190,849	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Diluted earnings per share calculation — weighted average shares

3 metrics

Units appear below each metric. Scroll to compare years

Diluted earnings per share calculation — weighted average shares from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Used in calculation of basic earnings per share; diluted EPS denominator
Weighted average number of ordinary sharesshares	893,401,730	896,873,407	PDF p. 94
Diluted EPS denominator
Potential ordinary shares issuable under non-redeemable convertible non-cumulative preference sharesshares	34,401,967	–	PDF p. 94
Weighted average number of ordinary shares and potential shares assuming full conversion of preference sharesshares	927,803,697	896,873,407	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Diluted earnings per share calculation

1 metrics

Units appear below each metric. Scroll to compare years

Diluted earnings per share calculation from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Diluted EPS
Diluted earnings per sharecents per share	67.9	21.3	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

For the year ended 31 December 2024, diluted EPS equals basic EPS because conversion of the non-redeemable convertible non-cumulative preference shares was considered anti-dilutive.

2025 Highlights — headline metrics

12 metrics

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2025 Highlights — headline metrics from Annual Report 2025
Metric / unit	20252025 highlights	Source
2025 highlights
REVENUE$ billion	3.6	PDF p. 8
EBITDA$ billion	1.5	PDF p. 8
PATMI$ million	629.7	PDF p. 8
BASIC EARNINGS PER SHAREcents per share	69.4	PDF p. 8
NET ASSET VALUE (NAV)$ per share	10.74	PDF p. 8
REVALUED NAV (RNAV)$ per share	17.99	PDF p. 8
NET GEARING RATIO%	71	PDF p. 8
INTEREST COVERtimes	3.6	PDF p. 8
CASH AND UNDRAWN COMMITTED CREDIT FACILITIES$ billion	4.2	PDF p. 8 Label p. 8
DIVIDEND PER SHAREcents per share	28.0	PDF p. 8
CLOSING SHARE PRICE$ per share	8.00	PDF p. 8
TOTAL SHAREHOLDER RETURN (TSR)%	62.0	PDF p. 8 Label p. 8

Definitions & sources

Original report: PDF p. 8 ↗

The highlight cards also print selected 2024 comparison values and percentage changes; those remain in the source row quotes and are not treated as additional 2025 cells.

Headline metrics — FY2024 comparisons

12 metrics

Units appear below each metric. Scroll to compare years

Headline metrics — FY2024 comparisons from Annual Report 2025
Metric / unit	2024Group; printed headline comparison	Source
FY2024 headline comparisons
REVENUE$ billion	3.3	PDF p. 8
EBITDA$ billion	1.0	PDF p. 8
PATMI$ million	201.3	PDF p. 8
BASIC EARNINGS PER SHAREcents per share	21.3	PDF p. 8
NET ASSET VALUE (NAV)$ per share	10.17	PDF p. 8
REVALUED NAV (RNAV)$ per share	17.57	PDF p. 8
NET GEARING RATIO%	69	PDF p. 8
INTEREST COVERtimes	2.1	PDF p. 8
CASH AND UNDRAWN COMMITTED CREDIT FACILITIES$ billion	4.5	PDF p. 8 Label p. 8
DIVIDEND PER SHAREcents per share	10.0	PDF p. 8
CLOSING SHARE PRICE$ per share	5.11	PDF p. 8
TOTAL SHAREHOLDER RETURN (TSR)%	(21.7)	PDF p. 8 Label p. 8

Definitions & sources

Original report: PDF p. 8 ↗

Metric units and definition follow their own headline cards. Net gearing and RNAV include fair value gains on investment properties; interest cover excludes noncash property impairment losses/reversals.

Headline metrics — changes from FY2024

12 metrics

Units appear below each metric. Scroll to compare years

Headline metrics — changes from FY2024 from Annual Report 2025
Metric / unit	2025Change from FY2024; decrease for cash and undrawn committed facilities	Source
Printed changes from FY2024 to FY2025
REVENUE%	9.7	PDF p. 8
EBITDA%	43.1	PDF p. 8
PATMI%	212.8	PDF p. 8
BASIC EARNINGS PER SHARE%	225.8	PDF p. 8
NET ASSET VALUE (NAV)%	5.6	PDF p. 8
REVALUED NAV (RNAV)%	2.4	PDF p. 8
NET GEARING RATIOpercentage points	2	PDF p. 8
INTEREST COVERtimes	1.5	PDF p. 8
CASH AND UNDRAWN COMMITTED CREDIT FACILITIES%	6.7	PDF p. 8 Label p. 8
DIVIDEND PER SHARE%	180.0	PDF p. 8
CLOSING SHARE PRICE%	56.6	PDF p. 8
TOTAL SHAREHOLDER RETURN (TSR)percentage points	83.7	PDF p. 8 Label p. 8

Definitions & sources

Original report: PDF p. 8 ↗

Positive printed magnitudes retain the original arrow direction in row notes. Percentage changes, percentage-point changes and times are distinct units.

Where the money comes from

Segment information

By business

Operating segments by business segment, year ended 31 December 2025 15 lines

Operating segments by business segment, year ended 31 December 2025
Item / unit	2025Property development	2025Hotel operations	2025Investment properties	2025Total of reportable segments	2025Others	2025Total	Source
Revenue
Total revenue (including inter-segment revenue)$'000	1,165,909	1,650,319	524,133	3,340,361	278,545	3,618,906	PDF p. 115
Inter-segment revenue$'000	–	(277)	(11,236)	(11,513)	(20,301)	(31,814)	PDF p. 115
Results
Profit from operating activities$'000	55,286	394,213	522,181	971,680	22,135	993,815	PDF p. 115
Share of after-tax profit/ (loss) of associates and joint ventures$'000	198,845	(5,322)	5,255	198,778	(17,502)	181,276	PDF p. 115
Finance income$'000	43,400	22,066	23,593	89,059	5,487	94,546	PDF p. 115
Finance costs$'000	(115,770)	(154,992)	(193,258)	(464,020)	(34,116)	(498,136)	PDF p. 115
Net finance costs$'000	(72,370)	(132,926)	(169,665)	(374,961)	(28,629)	(403,590)	PDF p. 115
Reportable segment profit/(loss) before tax$'000	181,761	255,965	357,771	795,497	(23,996)	771,501	PDF p. 115
Other
Depreciation and amortisation$'000	6,824	124,579	142,910	274,313	15,425	289,738	PDF p. 115
Other material non-cash items
Impairment losses reversed/(recognised) on property, plant and equipment and investment properties$'000	–	2,746	(74,324)	(71,578)	(3,330)	(74,908)	PDF p. 115
Allowance made for foreseeable losses on development properties$'000	(80,459)	–	–	(80,459)	–	(80,459)	PDF p. 115
Assets
Other segment assets$'000	9,473,320	6,430,711	7,767,080	23,671,111	1,128,818	24,799,929	PDF p. 115
Reportable segment assets$'000	10,429,116	6,845,730	8,167,687	25,442,533	1,560,373	27,002,906	PDF p. 115
Liabilities
Reportable segment liabilities$'000	5,970,369	3,877,549	6,042,393	15,890,311	247,986	16,138,297	PDF p. 115
Capital expenditure
Additions to non-current assets**$'000	11,402	485,441	563,752	1,060,595	46,123	1,106,718	PDF p. 115

Notes

Hotel operations external revenue ^: for 2025 comprise revenue and EBITDA attributable to hotel rooms owned by the Group of $1,169.6 million and $255.6 million respectively.

** Non-current assets include property, plant and equipment, investment properties, investments in associates and joint ventures, and intangible assets.

Others comprises mainly investment in shares, management and consultancy services, and provision of laundry services. Performance is measured based on segment profit before tax.

Deferred tax assets 29,967; Tax recoverable 16,186; Total assets 27,049,059; Deferred tax liabilities 392,518; Provision for taxation 258,290; Total liabilities 16,789,105 (reconciling items, only in Total column).

Operating segments by business segment, year ended 31 December 2024 (Group, comparative) 16 lines

Operating segments by business segment, year ended 31 December 2024 (Group, comparative)
Item / unit	2024Property development	2024Hotel operations	2024Investment properties	2024Total of reportable segments	2024Others	2024Total	Source
Revenue
Total revenue (including inter-segment revenue)$'000	939,438	1,622,391	510,686	3,072,515	231,484	3,303,999	PDF p. 116
Inter-segment revenue$'000	–	(276)	(11,041)	(11,317)	(21,485)	(32,802)	PDF p. 116
Results
Profit from operating activities$'000	96,144	274,789	301,307	672,240	13,427	685,667	PDF p. 116
Share of after-tax profit/(loss) of associates and joint ventures$'000	43,837	(10,505)	25,014	58,346	2,445	60,791	PDF p. 116
Finance income$'000	61,367	92,137	13,592	167,096	19,541	186,637	PDF p. 116
Finance costs$'000	(182,835)	(162,976)	(193,810)	(539,621)	(19,449)	(559,070)	PDF p. 116
Net finance (costs)/income$'000	(121,468)	(70,839)	(180,218)	(372,525)	92	(372,433)	PDF p. 116
Reportable segment profit before tax$'000	18,513	193,445	146,103	358,061	15,964	374,025	PDF p. 116
Other
Depreciation and amortisation$'000	4,146	116,849	141,485	262,480	14,843	277,323	PDF p. 116
Other material non-cash items
Impairment losses reversed/(recognised) on property, plant and equipment and investment properties$'000	–	55,458	(19,513)	35,945	4,339	40,284	PDF p. 116
Allowance made for foreseeable losses on development properties$'000	(4,236)	–	–	(4,236)	–	(4,236)	PDF p. 116
Assets
Investments in associates and joint ventures$'000	796,642	574,637	657,076	2,028,355	439,333	2,467,688	PDF p. 116
Other segment assets$'000	8,548,148	5,633,209	7,876,650	22,058,007	1,031,676	23,089,683	PDF p. 116
Reportable segment assets$'000	9,344,790	6,207,846	8,533,726	24,086,362	1,471,009	25,557,371	PDF p. 116
Liabilities
Reportable segment liabilities$'000	6,053,893	3,606,802	5,546,596	15,207,291	456,175	15,663,466	PDF p. 116
Capital expenditure
Additions to non-current assets**$'000	4,630	177,435	736,179	918,244	51,178	969,422	PDF p. 116

Notes

^ Hotel operations for 2024 comprise revenue and EBITDA attributable to hotel rooms owned by the Group of $1,137.1 million and $301.4 million respectively.

** Non-current assets include property, plant and equipment, investment properties, investments in associates and joint ventures, and intangible assets.

Deferred tax assets 35,414; Tax recoverable 14,102; Total assets 25,606,887; Deferred tax liabilities 415,039; Provision for taxation 219,384; Total liabilities 16,297,889 (reconciling items, Total column only).

By geography

Geographical segments, 2025 3 lines

Geographical segments, 2025
Item / unit	2025Singapore	2025United States	2025United Kingdom	2025China	2025Other countries	2025Total	Source
Geographical segments
Revenue$'000	1,530,850	487,708	709,213	169,384	689,937	3,587,092	PDF p. 116
Non-current assets#$'000	3,525,876	1,481,195	4,135,311	1,795,558	3,409,865	14,347,805	PDF p. 116
Reportable segment assets$'000	11,087,398	1,780,265	5,308,948	4,328,874	4,497,421	27,002,906	PDF p. 116

Notes

# Include property, plant and equipment, investment properties, investments in associates and joint ventures, prepayments (non-current portion) and intangible assets.

Geographical segments, 2024 (Group, comparative) 3 lines

Geographical segments, 2024 (Group, comparative)
Item / unit	2024Singapore	2024United States	2024United Kingdom	2024China	2024Other countries	2024Total	Source
Geographical segments
Revenue$'000	1,252,227	485,126	600,467	344,865	588,512	3,271,197	PDF p. 116
Non-current assets#$'000	3,671,499	1,655,664	3,434,085	1,717,046	3,398,584	13,876,878	PDF p. 116
Reportable segment assets$'000	10,639,073	1,917,776	4,672,774	3,769,587	4,558,161	25,557,371	PDF p. 116

Notes

# Include property, plant and equipment, investment properties, investments in associates and joint ventures, prepayments (non-current portion) and intangible assets.

Debt

Borrowings

Liquidity risk maturity - Group 31 December 2025 (undiscounted contractual cash flows)

Liquidity risk maturity - Group 31 December 2025 (undiscounted contractual cash flows)
Item / unit	2025Group carrying amount	2025Group contractual cash flows	2025Group within 1 year	2025Group after 1 year but within 5 years	2025Group after 5 years	Source
Non-derivative financial liabilities
Interest-bearing borrowings$'000	13,396,307	(14,331,368)	(3,956,966)	(10,367,265)	(7,137)	PDF p. 102
Lease liabilities$'000	658,050	(1,189,698)	(61,405)	(167,609)	(960,684)	PDF p. 102

Notes

Gross and undiscounted, include contractual interest payments; variable-rate interest reflects market forward rates at period end.

Liquidity risk maturity - Group 31 December 2024

Liquidity risk maturity - Group 31 December 2024
Item / unit	2024Group carrying amount	2024Group contractual cash flows	2024Group within 1 year	2024Group after 1 year but within 5 years	2024Group after 5 years	Source
Non-derivative financial liabilities
Interest-bearing borrowings$'000	13,313,149	(14,000,845)	(5,125,319)	(8,792,768)	(82,758)	PDF p. 102
Lease liabilities$'000	663,418	(1,228,164)	(50,444)	(166,388)	(1,011,332)	PDF p. 102

Notes

Gross and undiscounted, include contractual interest payments.

Liquidity risk maturity - Company 31 December

Liquidity risk maturity - Company 31 December
Item / unit	2025Company carrying amount	2025Company contractual cash flows	2025Company within 1 year	2025Company after 1 year but within 5 years	2025Company after 5 years	2024Company carrying amount	2024Company contractual cash flows	2024Company within 1 year	2024Company after 1 year but within 5 years	2024Company after 5 years	Source
Non-derivative financial liabilities
Interest-bearing borrowings$'000	10,495,160	(11,216,888)	(3,086,365)	(8,130,523)	–	10,332,927	(11,058,031)	(4,051,417)	(7,006,614)	–	PDF p. 103
Lease liabilities$'000	13,947	(14,308)	(7,106)	(7,202)	–	20,430	(21,239)	(6,931)	(14,308)	–	PDF p. 103

Notes

Gross and undiscounted, include contractual interest payments.

Borrowing notes 4 tables

Interest-bearing borrowings

Interest-bearing borrowings
Item / unit	2025Group	2024Group	2025Company	2024Company	Source
By type
Term loans$'000	8,902,997	8,362,956	7,260,103	6,962,618	PDF p. 86
Bonds and notes$'000	3,506,934	3,488,341	2,433,426	2,233,752	PDF p. 86
Bank loans$'000	943,131	1,184,514	801,631	1,136,557	PDF p. 86
Bank overdrafts$'000	43,245	277,338	–	–	PDF p. 86
Current/non-current
Non-current$'000	10,220,530	8,717,481	7,672,641	6,556,534	PDF p. 86
Current$'000	3,175,777	4,595,668	2,822,519	3,776,393	PDF p. 86

Notes

Total interest-bearing borrowings: Group 13,396,307 (2024: 13,313,149); Company 10,495,160 (2024: 10,332,927).

Information about exposure to interest rate, foreign currency and liquidity risks is included in note 41.

Term loans

Term loans
Item / unit	2025Group	2024Group	2025Company	2024Company	Source
Term loans
Secured$'000	280,533	522,564	–	–	PDF p. 86
Unsecured$'000	8,622,464	7,840,392	7,260,103	6,962,618	PDF p. 86

Notes

Total term loans: Group 8,902,997 (2024: 8,362,956); Company 7,260,103 (2024: 6,962,618). Obtained from banks and financial institutions.

Group secured term loans bore interest at 2.25% to 4.60% (2024: 1.65% to 5.42%) per annum as at 31 December 2025. Included is $125.6 million (2024: $192.4 million) also secured by guarantees from intermediate and/or immediate holding companies. Secured by mortgages on property, assignment of sale, lease and insurance proceeds, and pledge on cash deposits of $73.4 million (2024: $92.6 million).

Group unsecured term loans bore interest at 1.17% to 5.33% (2024: 0.87% to 6.41%) per annum; Company unsecured term loans bore interest at 1.17% to 5.33% (2024: 0.87% to 6.41%) per annum as at 31 December 2025.

Covenants complied with; loans classified as non-current as at 31 December 2025 and 2024.

Bonds and notes

Bonds and notes
Item / unit	2025Group	2024Group	2025Company	2024Company	Source
Bonds and notes
Secured$'000	1,073,508	1,254,589	–	–	PDF p. 87
Unsecured$'000	2,433,426	2,233,752	2,433,426	2,233,752	PDF p. 87

Notes

Total bonds and notes: Group 3,506,934 (2024: 3,488,341); Company 2,433,426 (2024: 2,233,752).

Secured: JPY bond $82 million [JPY10,000 million] (2024: $86 million) interest 1.20% to 1.86% (2024: 0.46% to 0.85%), matures March 2030; $425 million [JPY51,740 million] (2024: $447 million) bonds at 1.03% (2024: 0.78%), maturing December 2031; $570 million (2024: $700 million) secured MTNs, 3 series, 3.14% to 3.73% (2024: 1.65% to 3.73%), maturing June 2027 to August 2029; $26 million [JPY3,000 million] bond at 1.50% as at 2024 redeemed December 2025.

Unsecured: $2,440 million (2024: $2,240 million) MTNs, 9 series (2024: 8), interest 2.00% to 4.14% (2024: 2.00% to 4.14%), maturing March 2026 to December 2030 (2024: January 2025 to October 2029), under $5.0 billion MTN programme.

Bank loans (repayable within 1 year)

Bank loans (repayable within 1 year)
Item / unit	2025Group	2024Group	2025Company	2024Company	Source
Bank loans repayable within 1 year
– secured$'000	445	470	–	–	PDF p. 87
– unsecured$'000	942,686	1,184,044	801,631	1,136,557	PDF p. 87

Notes

Total bank loans: Group 943,131 (2024: 1,184,514); Company 801,631 (2024: 1,136,557).

Group secured bank loans bore interest at 2.28% (2024: 2.40%) per annum; Group unsecured 1.72% to 5.00% (2024: 3.73% to 6.00%); Company unsecured 2.20% to 4.77% (2024: 4.73% to 5.76%) as at 31 December 2025.

Payout

Dividends & distributions

Dividends declared and proposed

Item	Value	Period / scope	Source
Final tax exempt (one-tier) ordinary dividend of 25.0 cents (2024: 8.0 cents) per ordinary share	25.0 cents per share	FY2025 proposed, one-tier tax-exempt; comparative FY2024 8.0 cents	PDF p. 95
Record date for proposed 2025 Final Ordinary Dividend*	4 May 2026	FY2025 final ordinary dividend	PDF p. 38
Proposed payment of 2025 Final Ordinary Dividend*	19 May 2026	FY2025 final ordinary dividend	PDF p. 38
Special interim tax exempt (one-tier) ordinary dividend paid of 3.0 cents (2024: 2.0 cents) per ordinary share in respect of the current financial year	3.0 cents per share	FY2025 paid; comparative FY2024 2.0 cents	PDF p. 95
Record date for Special Interim Ordinary Dividend	20 August 2025	FY2025 special interim ordinary dividend	PDF p. 38
Payment of Special Interim Ordinary Dividend	5 September 2025	FY2025 special interim ordinary dividend	PDF p. 38
Final tax exempt (one-tier) ordinary dividend paid of 8.0 cents (2024: 8.0 cents) per ordinary share in respect of the previous financial year	8.0 cents per share	FY2024 final dividend paid in 2025; comparative 8.0 cents paid in 2024 (FY2023)	PDF p. 95
Non-cumulative tax exempt (one-tier) preference dividend paid of 1.93 cents (2024: 1.94 cents) per preference share	1.93 cents per preference share	FY2025 paid; comparative 1.94 cents	PDF p. 95
Non-cumulative tax exempt (one-tier) preference dividend paid of 1.96 cents (2024: 1.96 cents) per preference share	1.96 cents per preference share	FY2025 paid; comparative 1.96 cents	PDF p. 95

Payout

Item	Value	Period / scope	Source
total ordinary dividend	28.0 cents per share	FY2025 total ordinary dividend; comparative FY2024 10.0 cents per share	PDF p. 37
dividend payout ratio	40%	FY2025	PDF p. 37

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Auditor’s report

Audit & risk signals

Audit opinion

Item	Value	Period / scope	Source
Audit firm	KPMG LLP	Group and Company, FY2025	PDF p. 57
Engagement partner	Koh Wei Peng	Group and Company, FY2025	PDF p. 57

Key audit matters

Item	Value	Period / scope	Source
Valuation of hotel assets	The Group has significant hotel assets classified as property, plant and equipment which are carried at cost less accumulated	Group, FY2025	PDF p. 56
Valuation of development properties	We focused our work on development properties with low margins.	Group, FY2025	PDF p. 56

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

How to read these figures

Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.

Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.

Amounts retain the source row units: primary financial statements are SGD thousands, the five-year summary amounts are SGD millions, and per-share/percentage/times metrics have separate printed units.

The report contains Group profit or loss, comprehensive income, changes in equity and cashflow statements, and Group and Company statements of financial position. No separate Company profit or loss, comprehensive income, changes in equity or cashflow statement is presented in this report.

Five-year figures are the comparisons printed in the 2025 annual report. Proposed final ordinary dividends, cash dividends and distributions in specie are distinguished. Original dashes and the original blank accumulated-profits cell in the FY2024 equity statement remain nonnumeric.

RNAV and the headline 71% net gearing ratio include fair value gains on investment properties; the five-year table also separately reports 116% gearing under cost-based accounting. Interest cover excludes noncash property impairment/reversals as defined in the source footnote.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.