31 Annual Report 2025 Valuation By Geography Portfolio As at 31 Dec 2024 (S$ million) As at 31 Dec 2025 (S$ million) Variance (S$ million) Variance (%) Range of Capitalisation Rates as at 31 Dec 2025 (%) Singapore 24,607.4 25,857.8 1,250.4 5.1 Retail: 4.35 - 6.203 Office: 3.15 - 3.85 Hospitality: 4.80 Australia 749.2 716.4 (32.8) (4.4) Retail: 6.50 Office: 6.63 - 7.25 Germany 678.4 823.2 144.9 21.4 Office: 4.65 - 5.354 Total1 26,034.9 27,397.52 1,362.5 5.2 Figures may not add up due to rounding. 1 On a like-for-like basis, excluding CapitaSpring’s 45% interest as at 31 December 2024 and 100% interest as at 31 December 2025, total portfolio property value increased by 1.5%. 2 Portfolio property value as at 31 December 2025. Includes CICT’s proportionate interest in Gallileo and Main Airport Center (94.9%, respectively), CapitaSky (70%), 101-103 Miller Street & Greenwood Plaza (50%) and ION Orchard (50%). 3 Excludes warehouse. 4 Refers to exit capitalisation rate at the end of discounted cashflow period. An annual independent valuation of CICT’s Singapore properties as at 31 December 2025 was conducted by CBRE Pte. Ltd., Colliers International Consultancy & Valuation (Singapore) Pte Ltd, Cushman & Wakefield VHS Pte. Ltd., Jones Lang LaSalle Property Consultants Pte Ltd, Knight Frank Pte Ltd , and Savills Valuation and Professional Services (S) Pte Ltd. For Germany properties, by Knight Frank Valuation & Advisory GmbH & Co. KG and for Australia properties, by Cushman & Wakefield (Valuations) Pty Ltd. None of the valuers has assessed a property for more than two consecutive financial years. The methodologies applied included the discounted cash flow analysis and/or the income capitalisation method. The Singapore portfolio recorded a healthy uplift in valuations as at 31 December 2025, underpinned by the acquisition of 55% interest in the Commercial Component of CapitaSpring and most properties showing YoY gains supported by positive rental reversions, active cost management and overall stronger operating fundamentals across retail and office assets. Retail properties with ongoing and completed AEI saw a commendable uplift in values. Office properties such as CapitaGreen recorded a valuation gain of S$29.0 million (+1.7%) during the year, underpinned by improved operating performance and sustained demand for premium office space. Office properties remained resilient as the portfolio benefitted from the sustained demand for premium office space. The Germany portfolio recorded a 21.4% YoY increase in valuation, primarily driven by Gallileo following the progressive completion of its AEI and the successful handover of the property to the ECB. This uplift was partially offset by a decline in the valuation of Main Airport Center, mainly attributable to lower occupancy level. The Australian portfolio registered a 4.4% YoY decrease in valuation. This was largely due to a modest expansion in capitalisation rates for the North Sydney assets. In addition, the depreciation of the Australian dollar against the Singapore dollar in FY 2025, compared with FY 2024, exerted further downward pressure on portfolio valuation. 8 Valuation for Main Airport Center (94.9% interest) was EUR201.2 million as at 31 December 2025. S$ value was derived from a conversion rate of EUR1 = S$1.509. 9 Valuation for 66 Goulburn Street was A$239.0 million as at 31 December 2025. S$ value was derived from a conversion rate of A$1 = S$0.848. 10 Valuation for 100 Arthur Street was A$286.0 million as at 31 December 2025. S$ value was derived from a conversion rate of A$1 = S$0.848. 11 Plaza Singapura and The Atrium @ Orchard are classified as an integrated development. 12 Valuation for Raffles City Singapore as at 31 December 2025 was uplifted due to improved operating performance largely driven by the retail and hotel components. 13 Not meaningful as Raffles City Singapore comprises retail and office components, hotels and convention center. 14 Valuation for 101-103 Miller Street & Greenwood Plaza (50% interest) was A$319.5 million as at 31 December 2025. S$ value was derived from a conversion rate of A$1 = S$0.848.
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