12 CapitaLand Integrated Commercial Trust Chairman and CEO Message Teo Swee Lian Chairman Non-Executive Independent Director Tan Choon Siang Chief Executive Officer Executive Non-Independent Director Dear Unitholders, Staying Focused in a Year of Transition Singapore’s economy grew by 5.0% in 2025 according to the Ministry of Trade and Industry Singapore, exceeding official forecasts driven by strong fundamentals and proactive policies. Inflation remained subdued, with core inflation averaging between 0.5% and 1% for the year. Singapore’s interest rates tapered off faster than most economies, and the Singapore dollar stayed strong, reinforcing the country’s reputation as a safe haven for investors. Against this backdrop, CICT is well-positioned to leverage Singapore’s strengths, with its portfolio predominantly anchored in the city state. We remain committed to delivering sustainable returns for CICT while navigating an evolving global landscape with discipline and agility. Strong FY 2025 Performance CICT posted a strong year-on-year (YoY) performance for FY 2025, despite the challenging market environment. The stellar growth was supported by income contributions of ION Orchard for the full FY 20251 and the step-up acquisition of the remaining 55% interest in CapitaSpring2, as well as the focused asset management and proactive capital management by the team. We delivered a higher FY 2025 distributable income of S$860.9 million, an increase of 14.4% YoY, while distribution per unit (DPU) rose 6.4% YoY to 11.58 cents, reflecting a distribution yield of 4.8%3 and a total return of 29.9%4 for FY 2025. Gross revenue grew 2.1% YoY to S$1,619.2 million and net property income (NPI) rose 3.1% YoY to S$1,189.7 million. Excluding the 1 Completed the acquisition of 50% interest in ION Orchard on 30 October 2024. 2 Completed the acquisition of the remaining 55% interest in CapitaSpring’s Commercial Component on 26 August 2025. 3 Based on the closing price of S$2.39 per unit on 31 December 2025. 4 Based on Bloomberg as at 31 December 2025, assuming dividends are reinvested.
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