OUE LJ3

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Financials

Annual Report 2025

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Statements of Financial Position

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Statements of Financial Position from Annual Report 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Assets — Non-current assets
Property, plant and equipment$’000	1,833,246	1,748,114	518,616	540,737	PDF p. 77
Intangible assets and goodwill$’000	58,268	58,403	–	–	PDF p. 77
Investment properties$’000	4,661,251	4,794,695	–	–	PDF p. 77
Investments in subsidiaries$’000	–	–	963,090	940,431	PDF p. 77
Interests in equity-accounted investees$’000	1,151,412	1,368,362	–	–	PDF p. 77
Other investments$’000	132,709	109,894	–	–	PDF p. 77
Deferred tax assets$’000	1,965	2,085	3,926	3,667	PDF p. 77
Other assets$’000	5,698	5,386	992	948	PDF p. 77
Derivative assets$’000	–	2,200	–	–	PDF p. 77
Assets — Non-current assets subtotal
Subtotal$’000	7,844,549	8,089,139	1,486,624	1,485,783	PDF p. 77
Assets — Current assets
Development properties$’000	17,438	18,634	–	–	PDF p. 77
Loans to subsidiaries$’000	–	–	437,894	468,159	PDF p. 77
Other investments$’000	4,103	3,261	–	–	PDF p. 77
Other assets$’000	101,251	99,857	10,821	16,311	PDF p. 77
Inventories$’000	2,553	2,554	157	175	PDF p. 77
Derivative assets$’000	–	260	–	–	PDF p. 77
Trade and other receivables$’000	63,143	57,572	994,054	912,769	PDF p. 77
Cash and cash equivalents$’000	323,630	600,053	101,129	138,396	PDF p. 77
Assets held for sale$’000	3,600	–	–	–	PDF p. 77
Assets — Current assets subtotal
Subtotal$’000	515,718	782,191	1,544,055	1,535,810	PDF p. 77
Assets
Total assets$’000	8,360,267	8,871,330	3,030,679	3,021,593	PDF p. 77
Equity
Share capital$’000	470,546	470,546	470,546	470,546	PDF p. 77
Other reserves$’000	(465,631)	(392,748)	(29,623)	(23,774)	PDF p. 77
Accumulated profits$’000	2,949,565	3,123,326	1,796,016	1,814,367	PDF p. 77
Equity attributable to owners of the Company$’000	2,954,480	3,201,124	2,236,939	2,261,139	PDF p. 77
Perpetual securities$’000	33,282	33,282	–	–	PDF p. 77
Non-controlling interests$’000	1,954,435	2,115,951	–	–	PDF p. 77
Total equity$’000	4,942,197	5,350,357	2,236,939	2,261,139	PDF p. 77
Liabilities — Non-current liabilities
Borrowings$’000	2,159,923	2,928,224	80,589	79,378	PDF p. 78
Lease liabilities$’000	141,093	29,932	578,662	598,045	PDF p. 78
Deferred income$’000	14,953	15,888	–	–	PDF p. 78
Deferred tax liabilities$’000	71,628	74,543	–	–	PDF p. 78
Other payables$’000	39,111	36,769	423	423	PDF p. 78
Derivative liabilities$’000	10,775	2,517	532	165	PDF p. 78
Liabilities — Non-current liabilities subtotal
Subtotal$’000	2,437,483	3,087,873	660,206	678,011	PDF p. 78
Liabilities — Current liabilities
Borrowings$’000	759,980	183,000	50,000	–	PDF p. 78
Lease liabilities$’000	8,662	6,896	29,064	28,320	PDF p. 78
Deferred income$’000	1,981	1,480	–	–	PDF p. 78
Provision$’000	19,974	20,141	–	–	PDF p. 78
Derivative liabilities$’000	3,748	390	–	30	PDF p. 78
Current tax liabilities$’000	38,592	73,437	10,733	11,943	PDF p. 78
Trade and other payables$’000	147,650	147,756	43,737	42,150	PDF p. 78
Liabilities — Current liabilities subtotal
Subtotal$’000	980,587	433,100	133,534	82,443	PDF p. 78
Liabilities
Total liabilities$’000	3,418,070	3,520,973	793,740	760,454	PDF p. 78
Total
Total equity and liabilities$’000	8,360,267	8,871,330	3,030,679	3,021,593	PDF p. 78

Definitions & sources

Original report: PDF p. 77 ↗ PDF p. 78 ↗

Consolidated Statement of Profit or Loss and Other Comprehensive Income

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Consolidated Statement of Profit or Loss and Other Comprehensive Income from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Profit or loss
Revenue$’000	617,036	646,499	PDF p. 78
Cost of sales$’000	(282,976)	(289,959)	PDF p. 78
Gross profit$’000	334,060	356,540	PDF p. 78
Marketing expenses$’000	(13,380)	(12,397)	PDF p. 78
Administrative expenses$’000	(89,955)	(86,908)	PDF p. 78
Other operating expenses$’000	(15,911)	(17,519)	PDF p. 78
Share of results of equity-accounted investees, net of tax$’000	(171,689)	(176,277)	PDF p. 78
Profit or loss subtotal
Subtotal$’000	43,125	63,439	PDF p. 78
Profit or loss
Finance expenses$’000	(154,326)	(171,806)	PDF p. 78
Finance income$’000	13,868	10,431	PDF p. 78
Other losses – net$’000	(68,639)	(187,423)	PDF p. 78
Loss before tax$’000	(165,972)	(285,359)	PDF p. 78
Tax expense$’000	(10,651)	(11,921)	PDF p. 78
Loss after tax$’000	(176,623)	(297,280)	PDF p. 78
Foreign operations
- currency translation differences$’000	(74,795)	(23,637)	PDF p. 78
- currency translation differences reclassified to profit or loss on disposal$’000	5,193	52,545	PDF p. 78
Share of other comprehensive income of equity-accounted investees
- currency translation differences$’000	(10,129)	(27,642)	PDF p. 78
- other reserves$’000	(735)	(1,249)	PDF p. 78
Cash flow hedges
- effective portion of changes in fair value of cash flow hedges$’000	(16,552)	6,626	PDF p. 78
- hedging reserve reclassified to profit or loss$’000	4,886	(3,031)	PDF p. 78
Other comprehensive income — Items that are or may be reclassified subtotal
Subtotal$’000	(92,132)	3,612	PDF p. 78
Other comprehensive income — Items that will not be reclassified subsequently to profit or loss
Share of other reserves of an equity-accounted investee$’000	(1,344)	(1,063)	PDF p. 78
Net change in fair value of investments at fair value through other comprehensive income, net of tax$’000	(2,616)	(679)	PDF p. 78
Other comprehensive income — Items that will not be reclassified subtotal
Subtotal$’000	(3,960)	(1,742)	PDF p. 78
Other comprehensive income
Other comprehensive income, net of tax$’000	(96,092)	1,870	PDF p. 78
Total comprehensive income
Total comprehensive income for the year$’000	(272,715)	(295,410)	PDF p. 78
Loss attributable to
Owners of the Company$’000	(220,862)	(286,760)	PDF p. 79
Attribution
Perpetual securities holders$’000	1,656	1,661	PDF p. 79
Non-controlling interests$’000	42,583	(12,181)	PDF p. 79
Attribution subtotal
Subtotal$’000	(176,623)	(297,280)	PDF p. 79
Total comprehensive income attributable to
Owners of the Company$’000	(279,314)	(299,221)	PDF p. 79
Attribution
Perpetual securities holders$’000	1,656	1,661	PDF p. 79
Non-controlling interests$’000	4,943	2,150	PDF p. 79
Attribution subtotal
Subtotal$’000	(272,715)	(295,410)	PDF p. 79
Earnings per share for loss attributable to the owners of the Company
Basic and diluted earnings per sharecents per share	(29.28)	(35.86)	PDF p. 79

Definitions & sources

Original report: PDF p. 78 ↗ PDF p. 79 ↗

Consolidated statement of changes in equity — FY2025

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Consolidated statement of changes in equity — FY2025 from Annual Report 2025
Metric / unit	2025GroupShare capital	2025GroupOther reserves	2025GroupAccumulated profits	2025GroupTotal attributable to owners of the Company	2025GroupPerpetual securities	2025GroupNon-controlling interests	2025GroupTotal equity	Source
Opening balance
At 1 January 2025$’000	470,546	(392,748)	3,123,326	3,201,124	33,282	2,115,951	5,350,357	PDF p. 79
Total comprehensive income for the year
Loss for the year$’000	–	–	(220,862)	(220,862)	1,656	42,583	(176,623)	PDF p. 79
Other comprehensive income; Foreign operations
- currency translation differences$’000	–	(40,423)	–	(40,423)	–	(34,372)	(74,795)	PDF p. 79
- currency translation differences reclassified to profit or loss on disposal$’000	–	1,806	–	1,806	–	3,387	5,193	PDF p. 79
Other comprehensive income; Share of other comprehensive income of equity-accounted investees
- currency translation differences$’000	–	(9,925)	–	(9,925)	–	(204)	(10,129)	PDF p. 79
- other reserves$’000	–	(1,703)	–	(1,703)	–	(376)	(2,079)	PDF p. 79
Other comprehensive income
Net change in fair value of investments at fair value through other comprehensive income, net of tax$’000	–	(2,604)	–	(2,604)	–	(12)	(2,616)	PDF p. 79
Other comprehensive income; Cash flow hedges
- effective portion of changes in fair value of cash flow hedges$’000	–	(8,090)	–	(8,090)	–	(8,462)	(16,552)	PDF p. 79
- hedging reserve reclassified to profit or loss$’000	–	2,487	–	2,487	–	2,399	4,886	PDF p. 79
Other comprehensive income
Total other comprehensive income, net of tax$’000	–	(58,452)	–	(58,452)	–	(37,640)	(96,092)	PDF p. 79
Total comprehensive income for the year
Total comprehensive income for the year$’000	–	(58,452)	(220,862)	(279,314)	1,656	4,943	(272,715)	PDF p. 79
Transactions with owners; Contributions by and distributions to owners
Own shares acquired$’000	–	(5,849)	–	(5,849)	–	–	(5,849)	PDF p. 80
Dividends paid$’000	–	–	(15,095)	(15,095)	–	(95,632)	(110,727)	PDF p. 80
Capital contribution by non-controlling interests$’000	–	–	–	–	–	1,004	1,004	PDF p. 80
Distribution to perpetual securities holders$’000	–	–	–	–	(1,656)	–	(1,656)	PDF p. 80
Total contributions by and distributions to owners$’000	–	(5,849)	(15,095)	(20,944)	(1,656)	(94,628)	(117,228)	PDF p. 80
Changes in ownership interests in subsidiaries
Acquisition of non-controlling interests of a subsidiary$’000	–	–	–	–	–	(20,715)	(20,715)	PDF p. 80
Changes in ownership interests in subsidiaries without a change in control$’000	–	–	54,098	54,098	–	(51,113)	2,985	PDF p. 80
Total changes in ownership interests in subsidiaries$’000	–	–	54,098	54,098	–	(71,828)	(17,730)	PDF p. 80
Transactions with owners
Total transactions with owners$’000	–	(5,849)	39,003	33,154	(1,656)	(166,456)	(134,958)	PDF p. 80
Other movements
Share of reserves of equity-accounted investees$’000	–	(7,001)	6,517	(484)	–	(3)	(487)	PDF p. 80
Transfer from fair value reserve to accumulated profits$’000	–	(1,581)	1,581	–	–	–	–	PDF p. 80
Closing balance
At 31 December 2025$’000	470,546	(465,631)	2,949,565	2,954,480	33,282	1,954,435	4,942,197	PDF p. 80

Definitions & sources

Original report: PDF p. 79 ↗ PDF p. 80 ↗

Consolidated statement of changes in equity — FY2024

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Consolidated statement of changes in equity — FY2024 from Annual Report 2025
Metric / unit	2024GroupShare capital	2024GroupOther reserves	2024GroupAccumulated profits	2024GroupTotal attributable to owners of the Company	2024GroupPerpetual securities	2024GroupNon-controlling interests	2024GroupTotal equity	Source
Opening balance
At 1 January 2024$’000	470,546	(364,949)	3,534,739	3,640,336	33,282	2,208,078	5,881,696	PDF p. 80
Total comprehensive income for the year
Loss for the year$’000	–	–	(286,760)	(286,760)	1,661	(12,181)	(297,280)	PDF p. 80
Other comprehensive income; Foreign operations
- currency translation differences$’000	–	(11,331)	–	(11,331)	–	(12,306)	(23,637)	PDF p. 80
- currency translation differences reclassified to profit or loss on disposal$’000	–	27,460	–	27,460	–	25,085	52,545	PDF p. 80
Other comprehensive income; Share of other comprehensive income of equity-accounted investees
- currency translation differences$’000	–	(27,923)	–	(27,923)	–	281	(27,642)	PDF p. 80
- other reserves$’000	–	(1,670)	–	(1,670)	–	(642)	(2,312)	PDF p. 80
Other comprehensive income
Net change in fair value of investments at fair value through other comprehensive income, net of tax$’000	–	(694)	–	(694)	–	15	(679)	PDF p. 80
Other comprehensive income; Cash flow hedges
- effective portion of changes in fair value of cash flow hedges$’000	–	3,222	–	3,222	–	3,404	6,626	PDF p. 80
- hedging reserve reclassified to profit or loss$’000	–	(1,525)	–	(1,525)	–	(1,506)	(3,031)	PDF p. 80
Other comprehensive income
Total other comprehensive income, net of tax$’000	–	(12,461)	–	(12,461)	–	14,331	1,870	PDF p. 80
Total comprehensive income for the year
Total comprehensive income for the year$’000	–	(12,461)	(286,760)	(299,221)	1,661	2,150	(295,410)	PDF p. 80
Transactions with owners; Contributions by and distributions to owners
Own shares acquired$’000	–	(3,659)	(105,048)	(108,707)	–	–	(108,707)	PDF p. 81
Dividends paid$’000	–	–	(32,775)	(32,775)	–	(92,587)	(125,362)	PDF p. 81
Distribution to perpetual securities holders$’000	–	–	–	–	(1,661)	–	(1,661)	PDF p. 81
Total contributions by and distributions to owners$’000	–	(3,659)	(137,823)	(141,482)	(1,661)	(92,587)	(235,730)	PDF p. 81
Changes in ownership interests in subsidiaries
Acquisition of a subsidiary with non-controlling interests$’000	–	–	–	–	–	200	200	PDF p. 81
Changes in ownership interests in subsidiaries without a change in control$’000	–	65	1,546	1,611	–	(1,890)	(279)	PDF p. 81
Total changes in ownership interests in subsidiaries$’000	–	65	1,546	1,611	–	(1,690)	(79)	PDF p. 81
Transactions with owners
Total transactions with owners$’000	–	(3,594)	(136,277)	(139,871)	(1,661)	(94,277)	(235,809)	PDF p. 81
Other movements
Share of reserves of equity-accounted investees$’000	–	(10,030)	9,910	(120)	–	–	(120)	PDF p. 81
Transfer from fair value reserve to accumulated profits$’000	–	(1,714)	1,714	–	–	–	–	PDF p. 81
Closing balance
At 31 December 2024$’000	470,546	(392,748)	3,123,326	3,201,124	33,282	2,115,951	5,350,357	PDF p. 81

Definitions & sources

Original report: PDF p. 80 ↗ PDF p. 81 ↗

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
Loss for the year$’000	(176,623)	(297,280)	PDF p. 81
Adjustments for
Depreciation for property, plant and equipment$’000	67,745	63,011	PDF p. 81
Impairment loss on development properties$’000	169	1,069	PDF p. 81
Impairment loss on interest in an equity-accounted investee$’000	20,000	–	PDF p. 81
Adjustments on rental straight lining$’000	(5,918)	(6,702)	PDF p. 81
Net change in fair value of investment properties$’000	34,652	163,655	PDF p. 81
Net change in fair value of investments designated at fair value through profit or loss$’000	(919)	736	PDF p. 81
Impairment loss on property, plant and equipment$’000	3,921	1,796	PDF p. 81
Impairment loss / (Write back of impairment loss) on trade and other receivables$’000	687	(541)	PDF p. 81
Bad debts written off$’000	–	260	PDF p. 81
Gain on disposal of an equity-accounted investee$’000	–	(150)	PDF p. 81
Loss on disposal of subsidiaries$’000	11,054	20,300	PDF p. 81
Gain on disposal of property, plant and equipment$’000	(3)	(18)	PDF p. 81
Gain on derecognition of right-of-use assets and lease liabilities$’000	(238)	–	PDF p. 81
Loss on disposal of asset held for sale$’000	–	242	PDF p. 81
Finance expenses$’000	154,326	171,806	PDF p. 81
Finance income$’000	(13,868)	(10,431)	PDF p. 81
Share of results of equity-accounted investees, net of tax$’000	171,689	176,277	PDF p. 81
Tax expense$’000	10,651	11,921	PDF p. 81
Subtotal$’000	277,325	295,951	PDF p. 81
Changes in
- trade and other receivables and other assets$’000	(11,632)	12,541	PDF p. 81
- inventories$’000	1	(241)	PDF p. 81
- development properties$’000	(21)	9,039	PDF p. 81
- trade and other payables and provision$’000	(13,222)	(18,197)	PDF p. 81
- deferred income$’000	(434)	(3,784)	PDF p. 81
Cash flows from operating activities
Cash generated from operations$’000	252,017	295,309	PDF p. 81
Tax paid$’000	(44,814)	(29,574)	PDF p. 81
Net cash from operating activities$’000	207,203	265,735	PDF p. 81
Cash flows from investing activities
Acquisition of interests and capital contribution in equity-accounted investees$’000	(43,258)	(9,858)	PDF p. 82
Acquisition of other investments$’000	(33,089)	(4,528)	PDF p. 82
Additions to property, plant and equipment$’000	(30,374)	(29,711)	PDF p. 82
Additions to investment properties$’000	(12,862)	(10,444)	PDF p. 82
Dividends from
- equity-accounted investees, net of tax$’000	13,574	9,823	PDF p. 82
- other investments$’000	1,708	1,426	PDF p. 82
Cash flows from investing activities
Interest received$’000	9,937	5,530	PDF p. 82
Loans to equity-accounted investees$’000	(5,512)	–	PDF p. 82
Proceeds from repayment of loans from an equity-accounted investee$’000	–	1,200	PDF p. 82
Proceeds from sale of other investments$’000	9,198	7,917	PDF p. 82
Proceeds from disposal of asset held for sale$’000	–	34,857	PDF p. 82
Proceeds from disposal of an investment property$’000	–	1,645	PDF p. 82
Return of capital from an equity-accounted investee$’000	42,100	–	PDF p. 82
Payment of outstanding consideration for the acquisition of a subsidiary$’000	–	(9,319)	PDF p. 82
Acquisition of a subsidiary, net of cash acquired$’000	–	(264)	PDF p. 82
Proceeds from disposal of interest in an equity-accounted investee$’000	–	797	PDF p. 82
Proceeds from disposal of subsidiaries, net of cash disposed$’000	22,440	299,378	PDF p. 82
Proceeds from disposal of property, plant and equipment$’000	48	14	PDF p. 82
Net cash (used in) / from investing activities$’000	(26,090)	298,463	PDF p. 82
Cash flows from financing activities
Acquisition of non-controlling interests$’000	(20,715)	(279)	PDF p. 82
Capital contribution by non-controlling interests$’000	1,004	–	PDF p. 82
Changes in ownership interest in a subsidiary without a change in control$’000	2,985	–	PDF p. 82
Dividends paid$’000	(110,727)	(125,362)	PDF p. 82
Distribution to perpetual securities holders$’000	(1,656)	(1,661)	PDF p. 82
Repurchase of own shares$’000	(5,849)	(108,707)	PDF p. 82
Proceeds from borrowings$’000	719,395	1,559,607	PDF p. 82
Repayment of borrowings$’000	(911,005)	(1,316,135)	PDF p. 82
Principal repayment of leases$’000	(8,089)	(6,819)	PDF p. 82
Finance expense paid$’000	(125,067)	(146,001)	PDF p. 82
Changes in pledged deposits$’000	337	1,789	PDF p. 82
Net cash used in financing activities$’000	(459,387)	(143,568)	PDF p. 82
Cash and cash equivalents reconciliation
Net (decrease) / increase in cash and cash equivalents$’000	(278,274)	420,630	PDF p. 82
Cash and cash equivalents at 1 January$’000	598,498	179,258	PDF p. 82
Effect of exchange rate fluctuations on cash held$’000	2,188	(1,390)	PDF p. 82
Cash and cash equivalents at 31 December$’000	322,412	598,498	PDF p. 82

Definitions & sources

Original report: PDF p. 81 ↗ PDF p. 82 ↗

Five-Year Financial Summary — Group turnover

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Five-Year Financial Summary — Group turnover from Annual Report 2025
Metric / unit	2025Group	2024Group	2023Group	2022Group	2021Group	Source
Group turnover
- Investment properties and fund managementS$’000	192,154	207,452	204,719	189,383	195,516	PDF p. 6
- HospitalityS$’000	219,955	230,191	205,393	142,623	57,581	PDF p. 6
- Development propertiesS$’000	281	9,375	9,791	2,704	1,701	PDF p. 6
HealthcareS$’000	152,668	152,161	162,063	122,359	31,248	PDF p. 6
OthersS$’000	51,978	47,320	41,133	34,051	14,760	PDF p. 6
TotalS$’000	617,036	646,499	623,099	491,120	300,806	PDF p. 6

Definitions & sources

Original report: PDF p. 6 ↗

Five-year turnover share by business segment

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Five-year turnover share by business segment from Annual Report 2025
Metric / unit	2025Group	2024Group	2023Group	2022Group	2021Group	Source
Group turnover
- Investment properties and fund management%	31	32	33	38	65	PDF p. 6
- Hospitality%	36	36	33	29	19	PDF p. 6
- Development properties%	–	1	1	1	1	PDF p. 6
Healthcare%	25	24	26	25	10	PDF p. 6
Others%	8	7	7	7	5	PDF p. 6
Total%	100	100	100	100	100	PDF p. 6

Definitions & sources

Original report: PDF p. 6 ↗

Five-Year Financial Summary — Group profit and loss

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Five-Year Financial Summary — Group profit and loss from Annual Report 2025
Metric / unit	2025Group	2024Group	2023Group	2022Group	2021Group	Source
Group financial summary
Profit before interest, tax and other gainsS$’000	43,125	63,439	289,401	345,234	313,419	PDF p. 6
(Loss)/Profit attributable to owners of the CompanyS$’000	(220,862)	(286,760)	81,079	189,857	80,943	PDF p. 6

Definitions & sources

Original report: PDF p. 6 ↗

Five-Year Financial Summary — Group balance sheet

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Five-Year Financial Summary — Group balance sheet from Annual Report 2025
Metric / unit	2025Group	2024Group	2023Group	2022Group	2021Group	Source
Group financial summary
Investment propertiesS$’000	4,661,251	4,794,695	5,321,509	5,404,659	4,568,462	PDF p. 6
Development propertiesS$’000	17,438	18,634	29,041	37,967	27,530	PDF p. 6
Investments in equity-accounted investeesS$’000	1,151,412	1,368,362	1,580,142	1,521,522	1,668,203	PDF p. 6
Property, plant and equipmentS$’000	1,833,246	1,748,114	1,790,928	1,760,752	1,651,297	PDF p. 6
Cash and cash equivalentsS$’000	323,630	600,053	182,602	327,846	518,858	PDF p. 6
Other investmentsS$’000	136,812	113,155	117,906	171,696	378,494	PDF p. 6
Other assetsS$’000	236,478	228,317	244,774	262,626	218,655	PDF p. 6
Total assetsS$’000	8,360,267	8,871,330	9,266,902	9,487,068	9,031,499	PDF p. 6
Equity attributable to owners of the CompanyS$’000	2,954,480	3,201,124	3,640,336	3,688,470	3,849,956	PDF p. 6
Perpetual securitiesS$’000	33,282	33,282	33,282	33,282	–	PDF p. 6
Non-controlling interestsS$’000	1,954,435	2,115,951	2,208,078	2,252,297	1,869,442	PDF p. 6
Borrowings
- CurrentS$’000	759,980	183,000	31,346	578,643	418,781	PDF p. 6
- Non-currentS$’000	2,159,923	2,928,224	2,842,190	2,388,483	2,406,062	PDF p. 6
Group financial summary
Other liabilitiesS$’000	498,167	409,749	511,670	545,893	487,258	PDF p. 6
Total equity and liabilitiesS$’000	8,360,267	8,871,330	9,266,902	9,487,068	9,031,499	PDF p. 6

Definitions & sources

Original report: PDF p. 6 ↗

Five-Year Financial Summary — per-share data and ratio

3 metrics

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Five-Year Financial Summary — per-share data and ratio from Annual Report 2025
Metric / unit	2025Group	2024Group	2023Group	2022Group	2021Group	Source
Group financial summary
Earnings per sharecents per share	(29.3)	(35.9)	9.6	22.0	9.2	PDF p. 6
Net asset per shareSGD per share	3.93	4.23	4.31	4.35	4.41	PDF p. 6
Gearing ratio%	53%	47%	46%	45%	41%	PDF p. 6

Definitions & sources

Original report: PDF p. 6 ↗

Five-Year Financial Summary — dividends per share

4 metrics

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Five-Year Financial Summary — dividends per share from Annual Report 2025
Metric / unit	2025Group	2024Group	2023Group	2022Group	2021Group	Source
Group financial summary
- Interim dividendcents per share	1.0	1.0	1.0	1.0	1.0	PDF p. 6
- Special dividendcents per share	–	–	2.0	–	–	PDF p. 6
- Final dividendcents per share	1.0	1.0	1.0	1.5	1.0	PDF p. 6
Total dividendcents per share	2.0	2.0	4.0	2.5	2.0	PDF p. 6

Definitions & sources

Original report: PDF p. 6 ↗

Material completed investment properties — open market values at 31 December

36 metrics

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Material completed investment properties — open market values at 31 December from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Real Estate
Mandarin GalleryS$’000	438,000	451,000	PDF p. 98
One Raffles PlaceS$’000	1,930,000	1,926,300	PDF p. 98
OUE Downtown (comprising OUE Downtown 1 & 2, and Downtown Gallery)S$’000	1,112,000	1,120,000	PDF p. 98
OUE Twin Peaks (comprising 22 units (2024: 23 units) held as investment properties)S$’000	45,205	50,210	PDF p. 98
Healthcare
Elysion GakuenmaeS$’000	13,280	14,168	PDF p. 98
Elysion Mamigaoka / Mamigaoka AnnexS$’000	18,094	19,360	PDF p. 98
Hikari Heights Varus FujinoS$’000	13,612	14,784	PDF p. 98
Hikari Heights Varus IshiyamaS$’000	6,972	7,506	PDF p. 98
Hikari Heights Varus KotoniS$’000	55,112	58,784	PDF p. 98
Hikari Heights Varus Makomanai-KoenS$’000	39,840	42,504	PDF p. 98
Hikari Heights Varus Tsukisamu-KoenS$’000	5,652	6,063	PDF p. 98
Imperial Aryaduta Hotel & Country ClubS$’000	–	27,723	PDF p. 98
Loyal Residence AyaseS$’000	9,628	10,208	PDF p. 98
Medical Rehabilitation Home Bon Séjour KomakiS$’000	13,363	14,168	PDF p. 98
Mochtar Riady Comprehensive Cancer CentreS$’000	116,976	127,803	PDF p. 98
Orchard AmanohashidateS$’000	7,354	7,814	PDF p. 98
Orchard Kaichi NorthS$’000	11,205	11,968	PDF p. 98
Orchard Kaichi WestS$’000	3,893	4,127	PDF p. 98
Precious Homes @ Bukit MerahS$’000	6,800	7,500	PDF p. 98
Precious Homes @ Bukit PanjangS$’000	7,550	8,100	PDF p. 98
Siloam Hospitals BaliS$’000	58,803	64,245	PDF p. 98
Siloam Hospitals Baubau & Lippo Plaza BaubauS$’000	22,416	23,858	PDF p. 98
Siloam Hospitals Kebon JerukS$’000	67,586	70,345	PDF p. 98
Siloam Hospitals Kupang & Lippo Plaza KupangS$’000	46,904	49,843	PDF p. 98
Siloam Hospitals Labuan BajoS$’000	9,686	10,542	PDF p. 98
Siloam Hospitals Lippo CikarangS$’000	47,589	50,065	PDF p. 98
Siloam Hospitals Lippo VillageS$’000	148,209	162,487	PDF p. 98
Siloam Hospitals MakassarS$’000	60,939	66,563	PDF p. 98
Siloam Hospitals Manado & Hotel Aryaduta ManadoS$’000	79,372	79,365	PDF p. 98
Siloam Hospitals PurwakartaS$’000	21,766	22,601	PDF p. 98
Siloam Hospitals TB SimatupangS$’000	39,134	42,802	PDF p. 98
Siloam Hospitals YogyakartaS$’000	17,759	19,641	PDF p. 98
Siloam SriwijayaS$’000	24,878	22,015	PDF p. 98
The Lentor ResidenceS$’000	14,300	14,800	PDF p. 98
Varus Cuore Sapporo Kita /AnnexS$’000	24,651	26,312	PDF p. 98
Varus Cuore YamanoteS$’000	9,296	9,944	PDF p. 98

Definitions & sources

Original report: PDF p. 98 ↗

Investment properties carrying-value rollforward — FY2025

8 metrics

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Investment properties carrying-value rollforward — FY2025 from Annual Report 2025
Metric / unit	2025GroupCompleted investment properties	2025GroupInvestment properties under development	2025GroupTotal investment properties	Source
Group investment properties
At 1 January 2025S$’000	4,666,763	127,932	4,794,695	PDF p. 97
AdditionsS$’000	11,875	76	11,951	PDF p. 97
Disposal of a subsidiaryS$’000	(25,743)	–	(25,743)	PDF p. 97
Reclassification to asset held for saleS$’000	(3,600)	–	(3,600)	PDF p. 97
Net change in fair valueS$’000	(28,799)	(5,853)	(34,652)	PDF p. 97
Effect of movements in exchange ratesS$’000	(77,413)	(9,905)	(87,318)	PDF p. 97
Adjustments on rental straight liningS$’000	5,918	–	5,918	PDF p. 97
At 31 December 2025S$’000	4,549,001	112,250	4,661,251	PDF p. 97

Definitions & sources

Original report: PDF p. 97 ↗

Investment properties carrying-value rollforward — FY2024

9 metrics

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Investment properties carrying-value rollforward — FY2024 from Annual Report 2025
Metric / unit	2024GroupCompleted investment properties	2024GroupInvestment properties under development	2024GroupTotal investment properties	Source
Group investment properties
At 1 January 2024S$’000	5,153,042	168,467	5,321,509	PDF p. 97
AdditionsS$’000	12,361	128	12,489	PDF p. 97
Disposal of a subsidiaryS$’000	(311,136)	–	(311,136)	PDF p. 97
DisposalS$’000	(1,645)	–	(1,645)	PDF p. 97
Reclassification to asset held for sale 2S$’000	–	(34,521)	(34,521)	PDF p. 97
Net change in fair valueS$’000	(160,235)	(3,420)	(163,655)	PDF p. 97
Effect of movements in exchange ratesS$’000	(32,326)	(2,722)	(35,048)	PDF p. 97
Adjustments on rental straight liningS$’000	6,702	–	6,702	PDF p. 97
At 31 December 2024S$’000	4,666,763	127,932	4,794,695	PDF p. 97

Definitions & sources

Original report: PDF p. 97 ↗

Investment property rental income and direct operating expenses

2 metrics

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Investment property rental income and direct operating expenses from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Investment properties — profit or loss
Rental incomeS$’000	280,042	296,229	PDF p. 97
Direct operating expenses (including repairs and maintenance expense) arising from investment properties that generate rental incomeS$’000	50,461	61,754	PDF p. 97

Definitions & sources

Original report: PDF p. 97 ↗

Company investments in subsidiaries

3 metrics

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Company investments in subsidiaries from Annual Report 2025
Metric / unit	2025Company	2024Company	Source
Company investments in subsidiaries
Equity investment at costS$’000	1,021,358	998,719	PDF p. 101
Less: impairment lossS$’000	(58,268)	(58,288)	PDF p. 101
SubtotalS$’000	963,090	940,431	PDF p. 101

Definitions & sources

Original report: PDF p. 101 ↗

Company loans to subsidiaries

3 metrics

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Company loans to subsidiaries from Annual Report 2025
Metric / unit	2025Company	2024Company	Source
Company loans to subsidiaries
Loans to subsidiariesS$’000	802,670	810,226	PDF p. 101
Less: impairment lossS$’000	(364,776)	(342,067)	PDF p. 101
SubtotalS$’000	437,894	468,159	PDF p. 101

Definitions & sources

Original report: PDF p. 101 ↗

Interests in equity-accounted investees

7 metrics

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Interests in equity-accounted investees from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Interests in equity-accounted investees
Interests in associatesS$’000	749,167	907,038	PDF p. 101
Interests in joint venturesS$’000	391,216	430,148	PDF p. 101
Less: impairment loss – interests in associatesS$’000	(20,000)	–	PDF p. 101
Less: impairment loss – interests in joint venturesS$’000	(9,135)	(9,135)	PDF p. 101
SubtotalS$’000	1,111,248	1,328,051	PDF p. 101
Loans to joint ventures and an associateS$’000	40,164	40,311	PDF p. 101
SubtotalS$’000	1,151,412	1,368,362	PDF p. 101

Definitions & sources

Original report: PDF p. 101 ↗

Gemdale Properties and Investment — summarised comprehensive income

5 metrics

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Gemdale Properties and Investment — summarised comprehensive income from Annual Report 2025
Metric / unit	2025GPI investee	2024GPI investee	Source
Gemdale Properties and Investment — summarised comprehensive income
RevenueS$’000	1,544,421	2,455,079	PDF p. 102
Loss after taxS$’000	(626,092)	(765,637)	PDF p. 102
Other comprehensive incomeS$’000	21,071	(37,737)	PDF p. 102
Total comprehensive incomeS$’000	(605,021)	(803,374)	PDF p. 102
Dividends received by the GroupS$’000	–	792	PDF p. 102

Definitions & sources

Original report: PDF p. 102 ↗

Gemdale Properties and Investment — summarised financial position

7 metrics

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Gemdale Properties and Investment — summarised financial position from Annual Report 2025
Metric / unit	2025GPI investee	2024GPI investee	Source
Gemdale Properties and Investment — summarised financial position
Non-current assetsS$’000	6,978,636	7,995,601	PDF p. 102
Current assetsS$’000	4,499,387	6,446,685	PDF p. 102
Non-current liabilitiesS$’000	(4,223,581)	(4,425,046)	PDF p. 102
Current liabilitiesS$’000	(4,011,963)	(6,108,648)	PDF p. 102
Net assetsS$’000	3,242,479	3,908,592	PDF p. 102
Attributable to investee’s shareholdersS$’000	2,638,542	3,278,535	PDF p. 102
Attributable to NCIS$’000	603,937	630,057	PDF p. 102

Definitions & sources

Original report: PDF p. 102 ↗

Group carrying amount of interest in Gemdale — rollforward

9 metrics

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Group carrying amount of interest in Gemdale — rollforward from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Group carrying amount of interest in Gemdale — rollforward
Group’s interest in net assets of investee at beginning of the yearS$’000	826,791	1,064,927	PDF p. 102
- Loss after taxS$’000	(181,676)	(210,356)	PDF p. 102
- Other comprehensive incomeS$’000	(3,404)	(26,884)	PDF p. 102
- Total comprehensive incomeS$’000	(185,080)	(237,240)	PDF p. 102
Additional interest acquiredS$’000	30,324	–	PDF p. 102
Changes in other reservesS$’000	154	(104)	PDF p. 102
Dividends received during the yearS$’000	–	(792)	PDF p. 102
Impairment lossS$’000	(20,000)	–	PDF p. 102
Carrying amount of interest in investee at end of the yearS$’000	652,189	826,791	PDF p. 102

Definitions & sources

Original report: PDF p. 102 ↗

Group interest in Gemdale — net-assets reconciliation

4 metrics

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Group interest in Gemdale — net-assets reconciliation from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Group interest in Gemdale — net-assets reconciliation
Group’s interest in net assets of investee at end of the yearS$’000	767,040	826,791	PDF p. 102
Fair value adjustment on additional interest acquiredS$’000	(94,851)	–	PDF p. 102
Impairment lossS$’000	(20,000)	–	PDF p. 102
Carrying amount of interest in investee at end of the yearS$’000	652,189	826,791	PDF p. 102

Definitions & sources

Original report: PDF p. 102 ↗

Immaterial associates — aggregate carrying amount and share of results

4 metrics

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Immaterial associates — aggregate carrying amount and share of results from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Immaterial associates — aggregate carrying amount and share of results
Carrying amount of interests in immaterial associatesS$’000	76,978	80,247	PDF p. 102
- Loss after taxS$’000	(2,927)	(3,932)	PDF p. 102
- Other comprehensive incomeS$’000	(283)	167	PDF p. 102
- Total comprehensive incomeS$’000	(3,210)	(3,765)	PDF p. 102

Definitions & sources

Original report: PDF p. 102 ↗

Associates financial guarantees — expiry

2 metrics

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Associates financial guarantees — expiry from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Associates financial guarantees — expiry
Within one yearS$’000	245	133	PDF p. 102
Between two to five yearsS$’000	744	529	PDF p. 102

Definitions & sources

Original report: PDF p. 102 ↗

Immaterial joint ventures — carrying amount, commitments and share of results

5 metrics

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Immaterial joint ventures — carrying amount, commitments and share of results from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Immaterial joint ventures — carrying amount, commitments and share of results
Carrying amount of interests in immaterial joint venturesS$’000	382,081	421,013	PDF p. 102
Group’s share of joint ventures’ capital commitmentsS$’000	5,132	316	PDF p. 102
- Profit after taxS$’000	12,914	38,011	PDF p. 102
- Other comprehensive incomeS$’000	(8,521)	(3,237)	PDF p. 102
- Total comprehensive incomeS$’000	4,393	34,774	PDF p. 102

Definitions & sources

Original report: PDF p. 102 ↗

Other investments — non-current

5 metrics

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Other investments — non-current from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Non-current financial assets — FVTPL
- Convertible loan to an equity-accounted investeeS$’000	1,996	–	PDF p. 103
Non-current financial assets — FVOCI
- QuotedS$’000	53,062	50,102	PDF p. 103
- UnquotedS$’000	44,769	28,305	PDF p. 103
- Interests in limited partnershipsS$’000	32,882	31,487	PDF p. 103
Non-current financial assets — Total
SubtotalS$’000	132,709	109,894	PDF p. 103

Definitions & sources

Original report: PDF p. 103 ↗

Other investments — current

3 metrics

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Other investments — current from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Current financial assets — FVTPL
- Equity investments - quotedS$’000	3,824	2,850	PDF p. 103
Current financial assets — FVOCI
- Interests in limited partnershipsS$’000	279	411	PDF p. 103
Current financial assets — Total
SubtotalS$’000	4,103	3,261	PDF p. 103

Definitions & sources

Original report: PDF p. 103 ↗

Development properties carrying values

7 metrics

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Development properties carrying values from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Development properties carrying values
Completed propertyS$’000	7,198	7,198	PDF p. 106
Less: impairment lossS$’000	(1,317)	(1,136)	PDF p. 106
SubtotalS$’000	5,881	6,062	PDF p. 106
Land costS$’000	13,356	14,547	PDF p. 106
Less: impairment lossS$’000	(1,799)	(1,975)	PDF p. 106
SubtotalS$’000	11,557	12,572	PDF p. 106
SubtotalS$’000	17,438	18,634	PDF p. 106

Definitions & sources

Original report: PDF p. 106 ↗

Development property impairment allowance rollforward

5 metrics

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Development property impairment allowance rollforward from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Development property impairment allowance rollforward
At 1 JanuaryS$’000	3,111	3,748	PDF p. 106
Impairment lossS$’000	169	1,069	PDF p. 106
UtilisedS$’000	–	(1,659)	PDF p. 106
Effects of movements in exchange ratesS$’000	(164)	(47)	PDF p. 106
At 31 DecemberS$’000	3,116	3,111	PDF p. 106

Definitions & sources

Original report: PDF p. 106 ↗

Cash balances and reconciliation to cash-flow cash

5 metrics

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Cash balances and reconciliation to cash-flow cash from Annual Report 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Cash balances and reconciliation to cash-flow cash
Cash at bank and on handS$’000	209,251	163,389	86,422	57,683	PDF p. 107
Time deposits with financial institutionsS$’000	114,379	436,664	14,707	80,713	PDF p. 107
SubtotalS$’000	323,630	600,053	101,129	138,396	PDF p. 107
Deposits pledgedS$’000	(1,218)	(1,555)	–	–	PDF p. 107
Cash and cash equivalents in the statement of cash flowsS$’000	322,412	598,498	101,129	138,396	PDF p. 107

Definitions & sources

Original report: PDF p. 107 ↗

EPS loss attributable to ordinary shareholders

1 metrics

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EPS loss attributable to ordinary shareholders from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
EPS loss attributable to ordinary shareholders
Loss attributable to owners of the CompanyS$’000	(220,862)	(286,760)	PDF p. 117

Definitions & sources

Original report: PDF p. 117 ↗

Weighted average ordinary shares for EPS

3 metrics

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Weighted average ordinary shares for EPS from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Weighted average ordinary shares for EPS
Issued ordinary shares at 1 Januarythousand shares	756,342	843,680	PDF p. 117
Effect of own shares held and cancellation of own shares acquiredthousand shares	(2,053)	(44,096)	PDF p. 117
Weighted average number of ordinary shares during the yearthousand shares	754,289	799,584	PDF p. 117

Definitions & sources

Original report: PDF p. 117 ↗

Basic and diluted EPS

1 metrics

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Basic and diluted EPS from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Basic and diluted EPS
Basic earnings per share (cents per share)cents per share	(29.28)	(35.86)	PDF p. 117

Definitions & sources

Original report: PDF p. 117 ↗

Dividends paid by Company to owners

4 metrics

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Dividends paid by Company to owners from Annual Report 2025
Metric / unit	2025Group and Company	2024Group and Company	Source
Dividends paid by Company to owners
Interim dividend of 1.0 cent (2024: 1.0 cent) per ordinary share in respect of current yearS$’000	7,532	7,564	PDF p. 117
Final dividend of 1.0 cents (2024: 1.0 cents) per ordinary share in respect of prior yearS$’000	7,563	8,404	PDF p. 117
Special dividend of 2.0 cents per ordinary share in respect of prior yearS$’000	–	16,807	PDF p. 117
SubtotalS$’000	15,095	32,775	PDF p. 117

Definitions & sources

Original report: PDF p. 117 ↗

Dividends paid by subsidiaries to non-controlling interests

10 metrics

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Dividends paid by subsidiaries to non-controlling interests from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Dividends paid by subsidiaries to non-controlling interests
Distribution of 1.65 cents (2024: 1.78 cents) per qualifying First REIT unit in respect of current yearS$’000	18,947	20,441	PDF p. 117
Distribution of 0.58 cents (2024: 0.62 cents) per qualifying First REIT unit in respect of prior yearS$’000	6,660	7,120	PDF p. 117
Distribution of 0.98 cents (2024: 0.93 cents) per qualifying OUE REIT unit in respect of current yearS$’000	27,652	26,241	PDF p. 117
Distribution of 1.13 cents (2024: 1.04 cents) per qualifying OUE REIT unit in respect of prior yearS$’000	31,884	29,345	PDF p. 117
Final dividend of 16.0 cents (2024: 16.0 cents) per ordinary share of a subsidiary of OUE REIT in respect of prior yearS$’000	6,400	6,400	PDF p. 117
Special dividend paid by subsidiaries of OUE Healthcare Limited in respect of current yearS$’000	1,400	–	PDF p. 117
Interim dividend paid by subsidiaries of OUE Healthcare Limited in respect of current yearS$’000	2,046	2,387	PDF p. 117
Final dividend paid by subsidiaries of OUE Healthcare Limited in respect of prior yearS$’000	350	321	PDF p. 117
Interim dividend paid by subsidiaries of OUE Healthcare Limited in respect of prior yearS$’000	293	332	PDF p. 117
SubtotalS$’000	95,632	92,587	PDF p. 117

Definitions & sources

Original report: PDF p. 117 ↗

Final dividend proposed after reporting date — not provided for

1 metrics

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Final dividend proposed after reporting date — not provided for from Annual Report 2025
Metric / unit	2025Group and Company	2024Group and Company	Source
Final dividend proposed after reporting date — not provided for
Final dividend of 1.0 cent (2024: 1.0 cent) per ordinary shareS$’000	7,511	7,563	PDF p. 117

Definitions & sources

Original report: PDF p. 117 ↗

Group property, plant and equipment — Cost FY2025

6 metrics

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Group property, plant and equipment — Cost FY2025 from Annual Report 2025
Metric / unit	2025GroupLeasehold land and buildings	2025GroupLeasehold improvements	2025GroupFreehold premises	2025GroupPlant, machinery and office equipment	2025GroupFurniture and fittings	2025GroupMotor vehicles	2025GroupConstruction and renovation in progress	2025GroupRight-of-use assets	2025GroupTotal	Source
Cost
At 1 January 2025S$’000	1,725,622	208,839	944	33,223	16,571	4,370	33,940	89,148	2,112,657	PDF p. 93
AdditionsS$’000	–	5,676	–	2,600	4,585	286	23,213	122,092	158,452	PDF p. 93
Disposals / Written offS$’000	–	(755)	–	(250)	(31)	(439)	–	(1,816)	(3,291)	PDF p. 93
ReclassificationS$’000	–	(26)	–	–	–	–	(72)	98	–	PDF p. 93
Exchange differencesS$’000	(11)	(26)	–	(43)	(99)	(3)	(402)	(142)	(726)	PDF p. 93
At 31 December 2025S$’000	1,725,611	213,708	944	35,530	21,026	4,214	56,679	209,380	2,267,092	PDF p. 93

Definitions & sources

Original report: PDF p. 93 ↗

Group property, plant and equipment — Cost FY2024

8 metrics

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Group property, plant and equipment — Cost FY2024 from Annual Report 2025
Metric / unit	2024GroupLeasehold land and buildings	2024GroupLeasehold improvements	2024GroupFreehold premises	2024GroupPlant, machinery and office equipment	2024GroupFurniture and fittings	2024GroupMotor vehicles	2024GroupConstruction and renovation in progress	2024GroupRight-of-use assets	2024GroupTotal	Source
Cost
At 1 January 2024S$’000	1,726,694	199,203	944	30,028	14,811	3,627	34,307	84,861	2,094,475	PDF p. 93
Acquisition of a subsidiaryS$’000	–	–	–	–	437	–	–	–	437	PDF p. 93
AdditionsS$’000	–	4,768	–	3,614	1,601	764	5,769	5,702	22,218	PDF p. 93
Disposals / Written offS$’000	–	(1,255)	–	(380)	–	–	(1)	(1,394)	(3,030)	PDF p. 93
Disposal of subsidiariesS$’000	(1,088)	–	–	(212)	(79)	(21)	–	–	(1,400)	PDF p. 93
ReclassificationS$’000	–	6,123	–	178	(178)	–	(6,123)	–	–	PDF p. 93
Exchange differencesS$’000	16	–	–	(5)	(21)	–	(12)	(21)	(43)	PDF p. 93
At 31 December 2024S$’000	1,725,622	208,839	944	33,223	16,571	4,370	33,940	89,148	2,112,657	PDF p. 93

Definitions & sources

Original report: PDF p. 93 ↗

Group property, plant and equipment — Accumulated depreciation / impairment losses FY2025

7 metrics

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Group property, plant and equipment — Accumulated depreciation / impairment losses FY2025 from Annual Report 2025
Metric / unit	2025GroupLeasehold land and buildings	2025GroupLeasehold improvements	2025GroupFreehold premises	2025GroupPlant, machinery and office equipment	2025GroupFurniture and fittings	2025GroupMotor vehicles	2025GroupConstruction and renovation in progress	2025GroupRight-of-use assets	2025GroupTotal	Source
Accumulated depreciation / impairment losses
At 1 January 2025S$’000	219,984	27,963	364	19,673	10,718	3,578	31,152	51,111	364,543	PDF p. 94
Depreciation (note 31)S$’000	41,106	13,242	19	3,025	1,805	224	–	9,543	68,964	PDF p. 94
Provision for impairment lossS$’000	–	3,151	–	68	169	–	–	533	3,921	PDF p. 94
Disposals / Written offS$’000	–	(712)	–	(163)	(15)	(439)	–	(1,751)	(3,080)	PDF p. 94
ReclassificationS$’000	–	(66)	–	–	–	–	–	66	–	PDF p. 94
Exchange differencesS$’000	(11)	–	–	(39)	(12)	(3)	(401)	(36)	(502)	PDF p. 94
At 31 December 2025S$’000	261,079	43,578	383	22,564	12,665	3,360	30,751	59,466	433,846	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Group property, plant and equipment — Accumulated depreciation / impairment losses FY2024

7 metrics

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Group property, plant and equipment — Accumulated depreciation / impairment losses FY2024 from Annual Report 2025
Metric / unit	2024GroupLeasehold land and buildings	2024GroupLeasehold improvements	2024GroupFreehold premises	2024GroupPlant, machinery and office equipment	2024GroupFurniture and fittings	2024GroupMotor vehicles	2024GroupConstruction and renovation in progress	2024GroupRight-of-use assets	2024GroupTotal	Source
Accumulated depreciation / impairment losses
At 1 January 2024S$’000	179,295	17,948	345	17,280	9,160	3,417	31,171	44,931	303,547	PDF p. 94
Depreciation (note 31)S$’000	41,249	10,835	19	2,885	1,641	191	–	6,191	63,011	PDF p. 94
Provision for impairment lossS$’000	–	435	–	78	6	–	–	1,277	1,796	PDF p. 94
Disposals / Written offS$’000	–	(1,255)	–	(380)	–	–	–	(1,348)	(2,983)	PDF p. 94
Disposal of subsidiariesS$’000	(557)	–	–	(185)	(88)	(30)	–	–	(860)	PDF p. 94
Exchange differencesS$’000	(3)	–	–	(5)	(1)	–	(19)	60	32	PDF p. 94
At 31 December 2024S$’000	219,984	27,963	364	19,673	10,718	3,578	31,152	51,111	364,543	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Group property, plant and equipment — Carrying amounts FY2023

1 metrics

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Group property, plant and equipment — Carrying amounts FY2023 from Annual Report 2025
Metric / unit	2023GroupLeasehold land and buildings	2023GroupLeasehold improvements	2023GroupFreehold premises	2023GroupPlant, machinery and office equipment	2023GroupFurniture and fittings	2023GroupMotor vehicles	2023GroupConstruction and renovation in progress	2023GroupRight-of-use assets	2023GroupTotal	Source
Carrying amounts
At 1 January 2024S$’000	1,547,399	181,255	599	12,748	5,651	210	3,136	39,930	1,790,928	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Group property, plant and equipment — Carrying amounts FY2024

1 metrics

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Group property, plant and equipment — Carrying amounts FY2024 from Annual Report 2025
Metric / unit	2024GroupLeasehold land and buildings	2024GroupLeasehold improvements	2024GroupFreehold premises	2024GroupPlant, machinery and office equipment	2024GroupFurniture and fittings	2024GroupMotor vehicles	2024GroupConstruction and renovation in progress	2024GroupRight-of-use assets	2024GroupTotal	Source
Carrying amounts
At 31 December 2024S$’000	1,505,638	180,876	580	13,550	5,853	792	2,788	38,037	1,748,114	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Group property, plant and equipment — Carrying amounts FY2025

1 metrics

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Group property, plant and equipment — Carrying amounts FY2025 from Annual Report 2025
Metric / unit	2025GroupLeasehold land and buildings	2025GroupLeasehold improvements	2025GroupFreehold premises	2025GroupPlant, machinery and office equipment	2025GroupFurniture and fittings	2025GroupMotor vehicles	2025GroupConstruction and renovation in progress	2025GroupRight-of-use assets	2025GroupTotal	Source
Carrying amounts
At 31 December 2025S$’000	1,464,532	170,130	561	12,966	8,361	854	25,928	149,914	1,833,246	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Company property, plant and equipment — Cost FY2025

4 metrics

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Company property, plant and equipment — Cost FY2025 from Annual Report 2025
Metric / unit	2025CompanyFreehold premises	2025CompanyPlant, machinery and office equipment	2025CompanyFurniture and fittings	2025CompanyMotor vehicles	2025CompanyRight-of-use assets	2025CompanyTotal	Source
Cost
At 1 January 2025S$’000	944	11,903	5,850	4,212	722,742	745,651	PDF p. 94
AdditionsS$’000	–	126	340	286	9,681	10,433	PDF p. 94
DisposalsS$’000	–	–	–	(331)	–	(331)	PDF p. 94
At 31 December 2025S$’000	944	12,029	6,190	4,167	732,423	755,753	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Company property, plant and equipment — Cost FY2024

3 metrics

Units appear below each metric. Scroll to compare years

Company property, plant and equipment — Cost FY2024 from Annual Report 2025
Metric / unit	2024CompanyFreehold premises	2024CompanyPlant, machinery and office equipment	2024CompanyFurniture and fittings	2024CompanyMotor vehicles	2024CompanyRight-of-use assets	2024CompanyTotal	Source
Cost
At 1 January 2024S$’000	944	10,769	5,840	3,448	722,742	743,743	PDF p. 94
AdditionsS$’000	–	1,134	10	764	–	1,908	PDF p. 94
At 31 December 2024S$’000	944	11,903	5,850	4,212	722,742	745,651	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Company property, plant and equipment — Accumulated depreciation FY2025

4 metrics

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Company property, plant and equipment — Accumulated depreciation FY2025 from Annual Report 2025
Metric / unit	2025CompanyFreehold premises	2025CompanyPlant, machinery and office equipment	2025CompanyFurniture and fittings	2025CompanyMotor vehicles	2025CompanyRight-of-use assets	2025CompanyTotal	Source
Accumulated depreciation
At 1 January 2025S$’000	364	8,966	5,142	3,431	187,011	204,914	PDF p. 94
DepreciationS$’000	19	439	133	216	31,747	32,554	PDF p. 94
DisposalsS$’000	–	–	–	(331)	–	(331)	PDF p. 94
At 31 December 2025S$’000	383	9,405	5,275	3,316	218,758	237,137	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Company property, plant and equipment — Accumulated depreciation FY2024

3 metrics

Units appear below each metric. Scroll to compare years

Company property, plant and equipment — Accumulated depreciation FY2024 from Annual Report 2025
Metric / unit	2024CompanyFreehold premises	2024CompanyPlant, machinery and office equipment	2024CompanyFurniture and fittings	2024CompanyMotor vehicles	2024CompanyRight-of-use assets	2024CompanyTotal	Source
Accumulated depreciation
At 1 January 2024S$’000	345	8,606	5,006	3,256	155,264	172,477	PDF p. 94
DepreciationS$’000	19	360	136	175	31,747	32,437	PDF p. 94
At 31 December 2024S$’000	364	8,966	5,142	3,431	187,011	204,914	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Company property, plant and equipment — Carrying amounts FY2023

1 metrics

Units appear below each metric. Scroll to compare years

Company property, plant and equipment — Carrying amounts FY2023 from Annual Report 2025
Metric / unit	2023CompanyFreehold premises	2023CompanyPlant, machinery and office equipment	2023CompanyFurniture and fittings	2023CompanyMotor vehicles	2023CompanyRight-of-use assets	2023CompanyTotal	Source
Carrying amounts
At 1 January 2024S$’000	599	2,163	834	192	567,478	571,266	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Company property, plant and equipment — Carrying amounts FY2024

1 metrics

Units appear below each metric. Scroll to compare years

Company property, plant and equipment — Carrying amounts FY2024 from Annual Report 2025
Metric / unit	2024CompanyFreehold premises	2024CompanyPlant, machinery and office equipment	2024CompanyFurniture and fittings	2024CompanyMotor vehicles	2024CompanyRight-of-use assets	2024CompanyTotal	Source
Carrying amounts
At 31 December 2024S$’000	580	2,937	708	781	535,731	540,737	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Company property, plant and equipment — Carrying amounts FY2025

1 metrics

Units appear below each metric. Scroll to compare years

Company property, plant and equipment — Carrying amounts FY2025 from Annual Report 2025
Metric / unit	2025CompanyFreehold premises	2025CompanyPlant, machinery and office equipment	2025CompanyFurniture and fittings	2025CompanyMotor vehicles	2025CompanyRight-of-use assets	2025CompanyTotal	Source
Carrying amounts
At 31 December 2025S$’000	561	2,624	915	851	513,665	518,616	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Group right-of-use asset rollforward — FY2025

8 metrics

Units appear below each metric. Scroll to compare years

Group right-of-use asset rollforward — FY2025 from Annual Report 2025
Metric / unit	2025GroupLand use rights	2025GroupRetail space	2025GroupOffice space	2025GroupTotal	Source
Group right-of-use assets within PPE
At 1 JanuaryS$’000	25,148	7,070	5,819	38,037	PDF p. 95
AdditionsS$’000	103,032	6,150	12,910	122,092	PDF p. 95
Derecognition of right-of-use assetsS$’000	–	(4)	(61)	(65)	PDF p. 95
DepreciationS$’000	(1,636)	(2,818)	(5,089)	(9,543)	PDF p. 95
Impairment lossS$’000	(533)	–	–	(533)	PDF p. 95
ReclassificationS$’000	–	–	32	32	PDF p. 95
Exchange differencesS$’000	(50)	(48)	(8)	(106)	PDF p. 95
At 31 DecemberS$’000	125,961	10,350	13,603	149,914	PDF p. 95

Definitions & sources

Original report: PDF p. 95 ↗

Group right-of-use asset rollforward — FY2024

7 metrics

Units appear below each metric. Scroll to compare years

Group right-of-use asset rollforward — FY2024 from Annual Report 2025
Metric / unit	2024GroupLand use rights	2024GroupRetail space	2024GroupOffice space	2024GroupTotal	Source
Group right-of-use assets within PPE
At 1 JanuaryS$’000	26,104	4,653	9,173	39,930	PDF p. 95
AdditionsS$’000	20	4,322	1,360	5,702	PDF p. 95
Derecognition of right-of-use assetsS$’000	–	–	(46)	(46)	PDF p. 95
DepreciationS$’000	(418)	(1,175)	(4,598)	(6,191)	PDF p. 95
Impairment lossS$’000	(557)	(720)	–	(1,277)	PDF p. 95
Exchange differencesS$’000	(1)	(10)	(70)	(81)	PDF p. 95
At 31 DecemberS$’000	25,148	7,070	5,819	38,037	PDF p. 95

Definitions & sources

Original report: PDF p. 95 ↗

Company right-of-use asset rollforward — FY2025

4 metrics

Units appear below each metric. Scroll to compare years

Company right-of-use asset rollforward — FY2025 from Annual Report 2025
Metric / unit	2025CompanyHotel property	2025CompanyOffice space	2025CompanyTotal	Source
Company right-of-use assets within PPE
At 1 JanuaryS$’000	532,682	3,049	535,731	PDF p. 95
AdditionsS$’000	–	9,681	9,681	PDF p. 95
DepreciationS$’000	(28,698)	(3,049)	(31,747)	PDF p. 95
At 31 DecemberS$’000	503,984	9,681	513,665	PDF p. 95

Definitions & sources

Original report: PDF p. 95 ↗

Company right-of-use asset rollforward — FY2024

3 metrics

Units appear below each metric. Scroll to compare years

Company right-of-use asset rollforward — FY2024 from Annual Report 2025
Metric / unit	2024CompanyHotel property	2024CompanyOffice space	2024CompanyTotal	Source
Company right-of-use assets within PPE
At 1 JanuaryS$’000	561,380	6,098	567,478	PDF p. 95
DepreciationS$’000	(28,698)	(3,049)	(31,747)	PDF p. 95
At 31 DecemberS$’000	532,682	3,049	535,731	PDF p. 95

Definitions & sources

Original report: PDF p. 95 ↗

Group hotel properties — open market values

2 metrics

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Group hotel properties — open market values from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
99-year lease from 1 July 1957
Hilton Singapore OrchardS$’000	1,273,000	1,318,500	PDF p. 95
74-year lease from 1 July 2009
CPCA — Crowne Plaza Changi AirportS$’000	511,000	520,000	PDF p. 95

Definitions & sources

Original report: PDF p. 95 ↗

Where the money comes from

Segment information

By business

Operating segments – Group, year 18 lines

Operating segments – Group, year
Item / unit	2025Real Estate – Investment Properties and Fund Management – Singapore	2025Real Estate – Investment Properties and Fund Management – Others	2025Real Estate – Hospitality	2025Real Estate – Development Properties	2025Real Estate – Segment Subtotal	2025Healthcare	2025Others	2025Reportable Segments	2025Elimination and unallocated items	2025Total	2024Real Estate – Investment Properties and Fund Management – Singapore	2024Real Estate – Investment Properties and Fund Management – Others	2024Real Estate – Hospitality	2024Real Estate – Development Properties	2024Real Estate – Segment Subtotal	2024Healthcare	2024Others	2024Reportable Segments	2024Elimination and unallocated items	2024Total	Source
Revenue
External revenue$'000	192,115	39	219,955	281	412,390	152,668	51,969	617,027	9	617,036	185,142	22,310	230,191	9,375	447,018	152,161	46,996	646,175	324	646,499	PDF p. 131
Inter-segment revenue$'000	2,621	–	2,979	–	5,600	–	139	5,739	(5,739)	–	2,421	–	2,384	–	4,805	–	180	4,985	(4,985)	–	PDF p. 131
Revenue – Segment revenue (including inter-segment revenue)
segment revenue)$'000	194,736	39	222,934	281	417,990	152,668	52,108	622,766	(5,730)	617,036	187,563	22,310	232,575	9,375	451,823	152,161	47,176	651,160	(4,661)	646,499	PDF p. 131
Results
Segment profit / (loss)1$'000	126,752	(926)	47,728	(181,753)	(8,199)	79,832	(2,303)	69,330	(26,205)	43,125	142,051	16,820	55,770	(210,874)	3,767	88,098	(2,225)	89,640	(26,201)	63,439	PDF p. 131
Depreciation of property, plant and equipment
and equipment$'000	(955)	(3)	(52,212)	(4)	(53,174)	(3,492)	(10,804)	(67,470)	(275)	(67,745)	(1,173)	(7)	(51,976)	(4)	(53,160)	(2,885)	(6,589)	(62,634)	(377)	(63,011)	PDF p. 131
Results
Finance expenses$'000	(98,201)	–	(166)	–	(98,367)	(33,300)	(1,929)	(133,596)	(20,730)	(154,326)	(116,218)	(18)	–	–	(116,236)	(35,278)	(1,512)	(153,026)	(18,780)	(171,806)	PDF p. 131
Finance income$'000	4,959	2,563	99	2	7,623	538	2,067	10,228	3,640	13,868	3,086	757	86	15	3,944	684	1,466	6,094	4,337	10,431	PDF p. 131
Share of results of equity-accounted investees, net of tax
investees, net of tax$'000	6,398	–	–	(181,676)	(175,278)	(2,801)	6,390	(171,689)	–	(171,689)	30,484	–	–	(210,356)	(179,872)	(1,731)	5,326	(176,277)	–	(176,277)	PDF p. 131
Other material items – Net change in fair value of investment properties
properties$'000	(25,274)	(583)	–	–	(25,857)	(8,795)	–	(34,652)	–	(34,652)	(15,808)	(135,156)	–	–	(150,964)	(12,691)	–	(163,655)	–	(163,655)	PDF p. 131
Other material items – Loss on disposal of subsidiaries
subsidiaries$'000	–	(3,649)	–	–	(3,649)	(7,405)	–	(11,054)	–	(11,054)											PDF p. 131
Other material items – Impairment loss on interest in an equity-accounted investee
investee$'000	–	–	–	(20,000)	(20,000)	–	–	(20,000)	–	(20,000)											PDF p. 131
Other material items – Impairment loss on property, plant and equipment
and equipment$'000	–	–	–	–	–	(533)	(3,388)	(3,921)	–	(3,921)	–	–	–	–	–	–	(1,796)	(1,796)	–	(1,796)	PDF p. 131
31 December – Reportable segment assets
assets2$'000	3,682,199	158,496	1,797,659	17,793	5,656,147	1,212,944	79,236	6,948,327	260,528	7,208,855	3,616,178	516,966	1,713,744	19,222	5,866,110	1,289,682	68,964	7,224,756	278,212	7,502,968	PDF p. 131
31 December – Interests in equity-accounted investees
investees$'000	334,941	–	–	652,189	987,130	101,817	62,465	1,151,412	–	1,151,412	376,336	–	–	826,791	1,203,127	101,652	63,583	1,368,362	–	1,368,362	PDF p. 131
31 December – Reportable segment liabilities
liabilities$'000	1,978,398	2,329	160,559	63	2,141,349	595,104	21,292	2,757,745	660,325	3,418,070	2,229,326	167	44,182	379	2,274,054	590,129	18,035	2,882,218	638,755	3,520,973	PDF p. 131
31 December
Capital expenditure$'000	8,140	109	26,396	–	34,645	5,353	7,561	47,559	752	48,311	6,518	129	3,946	–	10,593	6,521	9,984	27,098	1,909	29,007	PDF p. 131
Other material items – Net change in fair value of investments designated at fair value through profit or loss
profit or loss$'000											–	–	–	–	–	–	–	–	(736)	(736)	PDF p. 131
Other material items – (Loss) / gain on disposal of subsidiaries
subsidiaries$'000											–	(20,346)	–	–	(20,346)	46	–	(20,300)	–	(20,300)	PDF p. 131

Notes

1 Segment profit / (loss) is defined as profit / (loss) before interest, tax and other gains / (losses) - net

2 Excluding interests in equity-accounted investees

Labels wrapped across lines in the source; section field gives the full label.

Reconciliation of reportable segment revenue, profit, assets and liabilities – Group 29 lines

Reconciliation of reportable segment revenue, profit, assets and liabilities – Group
Item / unit	2025Group	2024Group	Source
Revenue
Total revenue for reportable segments$'000	622,766	651,160	PDF p. 132
Unallocated amounts$'000	9	324	PDF p. 132
Elimination of inter-segment revenue$'000	(5,739)	(4,985)	PDF p. 132
Consolidated total revenue$'000	617,036	646,499	PDF p. 132
Profit or loss – Total profit or loss before interest, tax and other losses for reportable segments
other losses for reportable segments$'000	69,330	89,640	PDF p. 132
Profit or loss
Elimination of inter-segment profits$'000	(350)	(102)	PDF p. 132
Finance expenses$'000	(154,326)	(171,806)	PDF p. 132
Finance income$'000	13,868	10,431	PDF p. 132
Other losses – net$'000	(68,639)	(187,423)	PDF p. 132
Unallocated corporate expenses$'000	(25,855)	(26,099)	PDF p. 132
Consolidated loss before tax$'000	(165,972)	(285,359)	PDF p. 132
Assets
Total assets for reportable segments$'000	6,948,327	7,224,756	PDF p. 132
Interests in equity-accounted investees$'000	1,151,412	1,368,362	PDF p. 132
Elimination of inter-segment balances$'000	(92)	(92)	PDF p. 132
Assets – Other unallocated amounts
- Property, plant and equipment$'000	14,632	8,055	PDF p. 132
- Cash and cash equivalents$'000	82,323	120,313	PDF p. 132
- Trade and other receivables$'000	1,260	1,286	PDF p. 132
- Other investments$'000	85,276	70,624	PDF p. 132
- Other assets$'000	75,164	75,941	PDF p. 132
- Deferred tax assets$'000	1,965	2,085	PDF p. 132
Assets
Consolidated total assets$'000	8,360,267	8,871,330	PDF p. 132
Liabilities
Total liabilities for reportable segments$'000	2,757,745	2,882,218	PDF p. 132
Liabilities – Other unallocated amounts
- Borrowings$'000	528,499	476,301	PDF p. 132
- Trade and other payables$'000	11,393	11,080	PDF p. 132
- Lease liabilities$'000	9,681	3,199	PDF p. 132
- Derivative liabilities$'000	532	195	PDF p. 132
- Current tax liabilities$'000	38,592	73,437	PDF p. 132
- Deferred tax liabilities$'000	71,628	74,543	PDF p. 132
Liabilities
Consolidated total liabilities$'000	3,418,070	3,520,973	PDF p. 132

Notes

The subtotal 8,099,739 / 8,593,118 under assets is unlabelled and not extracted.

By geography

Geographical information – Group 6 lines

Geographical information – Group
Item / unit	2025Revenue	2024Revenue	2025Non-current assets	2024Non-current assets	Source
Geographical information
Singapore$'000	516,512	522,339	5,850,756	5,837,810	PDF p. 132
The PRC$'000	4,179	26,130	690,854	871,058	PDF p. 132
Japan$'000	13,354	13,392	235,081	247,711	PDF p. 132
Indonesia$'000	82,991	84,638	909,090	994,950	PDF p. 132
Others$'000	–	–	18,396	18,045	PDF p. 132
Geographical information (unlabelled total row)
Total$'000	617,036	646,499	7,704,177	7,969,574	PDF p. 132

Notes

1 Non-current assets relate to the carrying amount of property, plant and equipment, intangible assets and goodwill, investment properties and investments in equity-accounted investees.

There was no customer which accounted for 10% or more of the Group’s total revenue in 2025 and 2024.

The total row has no printed label.

Debt

Borrowings

Terms and debt repayment schedule (interest rate, maturity, currency)

Terms and debt repayment schedule (interest rate, maturity, currency)
Item / unit	2025Nominal interest rate range (2025)	2025Year of maturity (2025)	2025Group, $'000	2024Group, $'000	2025Company, $'000	2024Company, $'000	Source
Secured bank loans
- JPY%, year, $'000	1.31	2026	13,728	14,486	–	–	PDF p. 111
Secured TMK bonds and term loan
- JPY%, year, $'000	1.50	2030	96,242	102,602	–	–	PDF p. 111
Guaranteed bonds
- SGD%, year, $'000	3.25	2027	98,757	97,762	–	–	PDF p. 111

Notes

2024 comparatives printed in source: Unsecured bank loans SGD 4.03% – 4.89%, maturity 2025 – 2029; Secured bank loans SGD 4.09% – 5.97%, 2025 – 2027; Secured bank loans JPY 1.00% – 1.31%, 2026; Unsecured notes SGD 3.50% – 4.10%, 2025 – 2031; Secured TMK bonds and term loan JPY 1.50%, 2030; Guaranteed bonds SGD 3.25%, 2027.

Total row printed as 2,919,903 3,111,224 130,589 79,378.

Intra-group financial guarantees (Company) expiry: within one year 215,403 (2024: 84,940); between two to five years 312,920 (2024: 451,057); total 528,323 (2024: 535,997), $'000.

Liquidity risk – contractual maturities, Group, 31 December

Liquidity risk – contractual maturities, Group, 31 December
Item / unit	2025Group carrying amount, $'000	2025Group contractual cash flows, $'000	2025Group within 1 year, $'000	2025Group within 2 to 5 years, $'000	2025Group more than 5 years, $'000	2024Group carrying amount, $'000	2024Group contractual cash flows, $'000	2024Group within 1 year, $'000	2024Group within 2 to 5 years, $'000	2024Group more than 5 years, $'000	Source
Group 31 December Non-derivative financial liabilities
Lease liabilities$'000	149,755	(338,766)	(14,222)	(38,767)	(285,777)	36,828	(71,531)	(8,348)	(9,469)	(53,714)	PDF p. 121
Borrowings$'000	2,919,903	(3,168,887)	(867,166)	(1,835,786)	(465,935)	3,111,224	(3,516,191)	(334,743)	(2,756,099)	(425,349)	PDF p. 121

Notes

Contractual maturities of financial liabilities including estimated interest payments and excluding netting agreements; undiscounted cash flows on earliest possible contractual maturity.

Same basis as 2025 table.

Liquidity risk – contractual maturities, Company, 31 December

Liquidity risk – contractual maturities, Company, 31 December
Item / unit	2025Company carrying amount, $'000	2025Company contractual cash flows, $'000	2025Company within 1 year, $'000	2025Company within 2 to 5 years, $'000	2025Company more than 5 years, $'000	2024Company carrying amount, $'000	2024Company contractual cash flows, $'000	2024Company within 1 year, $'000	2024Company within 2 to 5 years, $'000	2024Company more than 5 years, $'000	Source
Company 31 December Non-derivative financial liabilities
Lease liabilities$'000	607,726	(800,615)	(48,404)	(186,808)	(565,403)	626,365	(838,737)	(48,334)	(180,000)	(610,403)	PDF p. 122
Borrowings$'000	130,589	(134,157)	(61,673)	(72,484)	–	79,378	(86,962)	(32,408)	(54,554)	–	PDF p. 122

Notes

Same basis as Group table.

Borrowing notes 2 tables

Borrowings (current and non-current, secured and unsecured)

Borrowings (current and non-current, secured and unsecured)
Item / unit	2025Group, $'000	2024Group, $'000	2025Company, $'000	2024Company, $'000	Source
Non-current
Secured bank loans$'000	92,336	332,496	80,589	79,378	PDF p. 110
Non-current (Secured Tokutei Mokuteki Kaisha (“TMK”) bonds and term loan)
bonds and term loan$'000	95,411	101,722	–	–	PDF p. 110
Non-current
Unsecured notes$'000	1,045,081	1,243,305	–	–	PDF p. 110
Guaranteed bonds$'000	98,757	97,762	–	–	PDF p. 110
Unsecured bank loans$'000	828,338	1,152,939	–	–	PDF p. 110
Non-current subtotal (unlabelled)$'000	2,159,923	2,928,224	80,589	79,378	PDF p. 110
Current
Secured bank loans$'000	259,851	56,855	–	–	PDF p. 110
Secured TMK bonds$'000	831	880	–	–	PDF p. 110
Unsecured notes$'000	349,492	99,765	–	–	PDF p. 110
Unsecured bank loans$'000	149,806	25,500	50,000	–	PDF p. 110
Current subtotal (unlabelled)$'000	759,980	183,000	50,000	–	PDF p. 110

Notes

Amounts in $'000. Note references (i) secured TMK bonds, (ii) unsecured notes, (iii) guaranteed bonds as printed.

TMK bonds issued by a subsidiary of the Group and due in June 2030.

Unsecured notes: $397,910,000 (2024: $396,923,000) 2 series issued by a wholly-owned subsidiary under unsecured $3 billion Multicurrency Debt Issuance programme, redeemable 2026 and 2029; $847,750,000 (2024: $946,147,000) 5 series (2024: 6) under $2 billion Multicurrency Debt Issuance programme, maturities between 2026 and 2031; $148,913,000 (2024: $nil) 1 series at fixed 2.75% under $2 billion Euro Medium Term Note programme, maturity 2032.

Guaranteed bonds: $100,000,000 at 3.25% due April 2027 issued by First REIT, guaranteed by Credit Guarantee and Investment Facility (Asian Development Bank trust fund).

Group is required to comply with financial covenants (net gearing, consolidated net tangible assets, interest coverage ratio) and complied throughout the year.

Subtotal rows are unlabelled in the source.

Interest rate profile of borrowings (fixed vs variable, notional amount)

Interest rate profile of borrowings (fixed vs variable, notional amount)
Item / unit	2025Group notional amount, $'000	2024Group notional amount, $'000	2025Company notional amount, $'000	2024Company notional amount, $'000	Source
Fixed rate instruments
Borrowings$'000	(1,611,303)	(1,568,888)	–	–	PDF p. 123
Variable rate instruments
Borrowings$'000	(1,325,593)	(1,566,331)	(131,000)	(80,000)	PDF p. 123

Notes

All of the Group's and the Company's financial assets and liabilities at floating rates are repriced at intervals of 6 months or less.

Interest rate swaps (Group notional 749,000 in 2025; 862,500 in 2024) are shown separately in the source and not extracted here.

Payout

Dividends & distributions

Dividends declared and proposed

Item	Value	Period / scope	Source
- Interim dividend	1.0 cents per share	FY2025 (2024 comparative 1.0)	PDF p. 6
Final dividend of 1.0 cent (2024: 1.0 cent) per ordinary share1	1.0 cent	FY2025 proposed after reporting date, exempt (one-tier); 2024 comparative: 1.0 cent	PDF p. 117
Total dividend	2.0 cents per share	FY2025 (2024 comparative 2.0)	PDF p. 6
- Special dividend	– cents per share	FY2025 and FY2024 (none); 2023: 2.0	PDF p. 6

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

REIT, bank & sector ratios

Key metrics

REIT metrics

Item	Value	Period / scope	Source
First REIT DPU	2.17 Singapore cents	First REIT (subsidiary healthcare REIT) FY2025 vs FY2024 (2.36 Singapore cents)	PDF p. 27
Net Asset Value per unit	24.97 Singapore cents	First REIT as at 31 December 2025 vs 31 December 2024 (28.60 Singapore cents) · As at 2025-12-31	PDF p. 27
proportion of debt on fixed rates or hedged	46.1%	First REIT as at 31 December 2025 · As at 2025-12-31	PDF p. 27
Gearing ratio	42.1%	First REIT as at 31 December 2025; described as rising slightly from prior year (comparative not printed) · As at 2025-12-31	PDF p. 27
interest coverage ratio	3.7x	First REIT FY2025	PDF p. 27
Cost of debt	4.5%	First REIT FY2025 vs FY2024 (5.0%)	PDF p. 27
committed occupancy rates	100.0%	First REIT FY2025	PDF p. 27

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
Engagement partner	Tan Kar Yee, Linda	Group and Company, year ended 31 December 2025	PDF p. 77
Opinion	properly drawn up in accordance with the provisions of the Companies Act 1967	Group and Company, year ended 31 December 2025	PDF p. 75

Key audit matters

Item	Value	Period / scope	Source
Valuation of investment properties	Investment properties represent the most significant asset item on the	Group, 31 December 2025 · As at 2025-12-31	PDF p. 75
Valuation of interest in an equity-accounted investee	Valuation of interest in an equity-accounted investee	Group, 31 December 2025 · As at 2025-12-31	PDF p. 75
Valuation of interest in an equity-accounted investee	GPI continued to be adversely affected by the sustained downturn in the PRC property sector, and its share price	Group, 31 December 2025 · As at 2025-12-31	PDF p. 75

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.

The PDF uses two printed pages per physical PDF page. Each row is bound to its correct left/right source column and physical PDF page.

Comprehensive income and attribution/EPS are presented once; previous overlapping duplicate tables are omitted. Group equity continuation pages are joined within the same year, with separate capital, reserves, owners, perpetual-security and non-controlling-interest components.

Five-year turnover amounts and percentage shares are separate tables. The source dash for 2025 development-property turnover share is qualified as less than 0.1%, not zero.

Five-year gearing ratio: net borrowings divided by total equity less intangible assets and goodwill. Per-share units are stated per row; summary EPS is rounded to one decimal cent.

The material completed investment-property valuation schedule is not the complete investment-property carrying-value rollforward. One Raffles Place values are based on an 81.54% interest. Imperial Aryaduta Hotel & Country Club was disposed on 4 December 2025; its 2025 source dash is retained.

GPI summarised financial statements describe the investee, not OUE consolidated revenue or assets. Group share of GPI results, carrying-value rollforward and net-assets reconciliation are separately labelled. No negative goodwill was recognised for FY2025 after the provisional purchase-price allocation was finalised.

The proposed final dividend was proposed after the reporting date and has not been provided for; it is separate from dividends paid. Subsidiary distributions to non-controlling interests are separate from dividends to OUE ordinary shareholders. Cash-flow cash excludes pledged deposits, while balance-sheet cash includes them. EPS denominator is in thousand ordinary shares; EPS is in cents per share.

Right-of-use assets are included within property, plant and equipment, and must not be added again to total assets. FY2025 Group gross depreciation is S$68.964m, including S$1.219m capitalised into construction/renovation in progress; depreciation recognised in profit or loss is S$67.745m. Opening carrying amounts at 1 January 2024 represent the 31 December 2023 closing balance.

Hotel-property open market values are valuation disclosures, not carrying amounts. FY2025 open market value S$1,784m versus net book value S$1,632.157m; S$151.843m valuation surplus is not recognised in the financial statements.

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