Annual Report 2025 CapitaLand Integrated Commercial Trust
Reporting Suite Scan the QR code or visit www.cict.com.sg to view the online reports Independent Market Review 2025 Sustainability Report 2025: To be published by end-April 2026 Seeding Growth, Creating Enduring Value. Grounded in resilience and governance, our values keep us steadfast through business cycles while propelling us to seize opportunities with clarity and confidence. We are advancing through innovation, partnerships, and sustainable growth. With strategic focus and effective execution, we continue to seed new opportunities and strengthen growth engines to deliver enduring value for our stakeholders. Contents Overview 2025 Highlights 2 Financial Highlights 4 ESG Highlights 6 Corporate Governance Highlights 7 Property Portfolio 8 Trust Structure 11 Chairman and CEO Message 12 Business Model 16 Value Creation 18 Board of Directors 24 Management Team 28 Performance Portfolio Valuation 30 Financial Review 32 Capital Management 34 Trading Performance 37 Investor Relations 38 Operations Review 39 Property Details 46 Governance Corporate Governance 72 Risk Management 97 Sustainability Management 103 Financial Statements Financial Statements and Notes 104 Other Information Additional Information: 206 Interested Person Transaction Statistics of Unitholdings 208
Annual Report 2025 1 1 Excluding Bukit Panjang Plaza, which was divested on 27 February 2026. Note: The terms Units and Unitholders refer to the units and unitholders of CICT respectively. Any discrepancies in the table and charts between the listed figures and totals thereof are due to rounding. Where applicable, figures and percentages are rounded to one decimal place. About Us CapitaLand Integrated Commercial Trust (CICT or the Trust) is the first and largest real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) with a market capitalisation of US$14.2 billion or S$18.2 billion as at 31 December 2025. It debuted on SGX-ST as CapitaLand Mall Trust in July 2002 and was renamed CICT in November 2020 following the merger with CapitaLand Commercial Trust. As the largest proxy for Singapore commercial real estate, CICT owns and invests in quality income-producing assets primarily used for commercial (including retail and/or office) purposes, located predominantly in Singapore. CICT’s portfolio comprises 20 properties in Singapore, two properties in Frankfurt, Germany, and three properties in Sydney, Australia with a total property value of S$27.0 billion¹ or US$21.0 billion based on valuations of its proportionate interests in the portfolio as at 31 December 2025. CICT is managed by CapitaLand Integrated Commercial Trust Management Limited (CICTML or the Manager), a wholly owned subsidiary of CapitaLand Investment Limited, a leading global real asset manager with a strong Asia foothold. Values • Winning Mindset • Integrity • Respect • Enterprising Purpose Creating inspiring work-play environments and delightful experiences anchored by a strong environmental, social and governance (ESG) commitment Mission To deliver stable distributions and sustainable total returns to Unitholders Vision Asia’s premier commercial REIT
2 3 Annual Report 2025 CapitaLand Integrated Commercial Trust 2025 Highlights All information for financial year 2025 or as at 31 December 2025, unless otherwise stated. Recognition & Rankings SIAS Investors’ Choice Awards 2025 • Winner - Singapore Corporate Governance Award (REITs and Business Trusts category) Singapore Corporate Awards 2025 • Gold - Best Investor Relations • Gold - Best Annual Report (REITs and Business Trusts category) ASEAN Corporate Governance Awards • One of the Top 5 Public Listed Companies (PLC) in Singapore • Top 50 ASEAN PLC Included in the 2025 Fortune Southeast Asia 500 List Singapore Governance and Transparency Index (SGTI) 2025 Ranked 3rd with an overall score of 104.2 (REIT & Business Trust category) Constituent of the FTSE4Good Index Series since September 2007 Sustainalytics Rated 9.0 - Negligible Risk Included in the 2025 Top Rated ESG Companies List Equileap Ranked first in Singapore for gender equality in 2026 GRESB Real Estate Assessment 2025 • Maintained 5-Star Rating with a score of 92 points • Maintained ‘A’ for GRESB Public Disclosure with a score of 100 points REITs Symposium Award 2025 • Winner - Best Managed REIT Award • Winner - Most Preferred REIT Leadership Award 1 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%). 11.58¢ 6.4% YoY Distribution per Unit S$860.9m 14.4% YoY Distributable Income S$1,189.7m 3.1% YoY Net Property Income Financial Performance Gross Revenue by Geography Singapore 95% Germany 2% Australia 3% S$1,619.2m 3.0 years 0.3 years YoY Weighted Average Lease Expiry S$2.14 0.9% YoY NAV per Unit 96.9% 0.2 ppts YoY Committed Occupancy Portfolio Performance S$27.4b 5.2% YoY Total Portfolio Property Value1 A3 by Moody’s A- by S&P Credit Rating 38.6% 0.1 ppts YoY Aggregate Leverage 3.2% 0.4 ppts YoY Average Cost of Debt Capital Management As at 31 December 2025 63.1% Outstanding sustainability linked/ green loans and green bonds as a proportion of total borrowings Green Financing 25 September 2025 S$300m at 2.25% p.a. due 2032 28 March 2025 S$150m at 3.088% p.a. due 2032
4 5 Annual Report 2025 CapitaLand Integrated Commercial Trust Financial performance for CICT and its subsidiaries (CICT Group) Financial Highlights Net Property Income (S$ million) 1,115.9 27.4 22.7 24.7 24.7 25.5 2021 2022 2023 2024 2025 Total Assets as at 31 December (S$ billion) 1,619.2 1,305.1 1,441.7 1,559.9 1,586.3 Gross Revenue (S$ million) 2021 2022 2023 2024 2025 1,189.7 951.1 1,043.3 1,153.5 2021 2022 2023 2024 2025 Distributable Income (S$ million) 674.7 702.4 715.7 752.2 860.9 2021 2022 2023 2024 2025 CICT Group For the Financial Year 2021 2022 2023 2024 2025 Selected Statement of Total Return and Distribution Data (S$ million) Gross Revenue 1,305.1 1,441.7 1,559.9 1,586.3 1,619.2 Net Property Income 951.1 1,043.3 1,115.9 1,153.5 1,189.7 Distributable Income 674.7 702.4 715.7 752.2 860.9 Selected Statement of Financial Position Data (S$ million) Total Assets 22,741.9 24,666.6 24,739.1 25,513.0 27,431.3 Investment Properties 21,431.1 23,744.8 24,024.9 23,702.3 25,601.6 Total Borrowings 8,177.3 9,585.3 9,477.7 8,945.1 9,989.5 Unitholders’ Funds 13,667.8 14,073.4 14,199.8 15,524.5 16,292.1 Net Asset Value Per Unit (S$) 2.06 2.12 2.13 2.12 2.14 Key Financial Indicators Distribution Per Unit (¢) 10.40 10.58 10.75 10.88 11.58 Management Expense Ratio1 (%) 0.7 0.7 0.7 0.8 0.7 % of Total Assets that are Unencumbered 96.1 93.5 93.7 93.8 90.9 Aggregate Leverage (%) 37.2 40.4 39.9 38.5 38.6 Interest Coverage (times) 4.1 3.7 3.1 3.1 3.7 Average Term to Maturity (years) 3.9 3.9 3.9 3.9 4.0 Average Cost of Debt (%) 2.3 2.7 3.4 3.6 3.2 1 Refers to the expenses excluding property expenses and finance costs but including performance component of management fees, expressed as a percentage of weighted average net assets.
6 7 Annual Report 2025 CapitaLand Integrated Commercial Trust ESG Highlights Corporate Governance Highlights Board Composition (9 Directors) Board Independence 67% Independent 33% Non-Independent Age Spread Gender Diversity 5 Males 4 Females Tenure Mix Embracing the Tenets of Sound Corporate Governance1 100% of CICTML Employees Attended Fraud, Bribery & Corruption Awareness Training ~24 Training Hours per Employee 54% Female Representation in Senior Management Level Fostering Positive Change through Social Good1 908 Volunteer Hours by Employees >98% of Employees Attended at Least One ESG Training 100% Supply Chain Vendors Committed to Abide by Supply Chain Code of Conduct Zero Employee Work-related Fatality or Permanent Disability 22% 50 years & below 33% 51-60 years old 45% 61 years & above 11% 0-3 years 56% 3-6 years 33% >6 years Advancing Our Low Carbon Transition1 2030 Targets (reduction targets are based on a 2019 baseline) To Reduce 15% Water Consumption Intensity To Achieve 1 More information will be published in CICT's Sustainability Report 2025 by end-April 2026. Meeting Attendance Committee Composition Audit and Risk Committee 4 Members 100% Independent Executive Committee 3 Members 100% NonIndependent Nominating and Remuneration Committee 3 Members 67% Independent 46% Absolute Scope 1 & 2 GHG Emissions 15% Energy Consumption Intensity 72% Carbon Emissions Intensity co2 20% Waste Intensity in Daily Operations 25% Recycling Rate in Daily Operations 45% Renewable Energy 98.4% Board Meeting 100% Audit and Risk Committee Meetings 100% Nominating and Remuneration Committee Meetings 100% Annual General Meeting
Bukit Panjang Choa Chu Kang Jurong East Orchard Clarke Quay Bishan Bugis Bedok Tampines Marina Bay Tanjong Pagar 8 1 6 11 4 5 2 3 10 2 1 4 1 2 5 9 7 4 3 Dhoby Ghaut 3 6 City Hall 8 9 Annual Report 2025 CapitaLand Integrated Commercial Trust Property Portfolio Singapore Retail 1 Bedok Mall 2 Bugis Junction 3 CQ @ Clarke Quay 4 IMM Building 5 ION Orchard (50% interest) 6 Junction 8 7 Lot One Shoppers’ Mall 8 Tampines Mall 9 Westgate 10 Bugis+ 11 Bukit Panjang Plaza (Divested on 27 February 2026) Office 1 Asia Square Tower 2 2 CapitaGreen 3 CapitaSpring 4 Capital Tower 5 CapitaSky (70% interest) 6 Six Battery Road Integrated Development 1 Funan 2 Plaza Singapura 3 The Atrium@Orchard 4 Raffles City Singapore MRT Station North East Line Light Rail Transit Line East-West Line Circle Line Thomson-East Coast Line North-South Line Downtown Line
10 CapitaLand Integrated Commercial Trust 1 66 Goulburn Street 2 100 Arthur Street 3 101-103 Miller Street and Greenwood Plaza (50% interest) Landmarks Train Station Metro Station CBD: Central Business District 2 1 3 NORTH SYDNEY CBD SYDNEY CBD Sydney Opera House Hyde Park Sydney Town Hall y Harbour Bridge St Mary's Cathedral North Sydney Station Town Gadigal Station Hall Station Sydne Victoria Cross Station Property Portfolio Sydney, Australia Frankfurt Airport Station A3 B43 BANKING DISTRICT DB 4 A5 DB 5 Close proximity between Frankfurt Airport and City Centre Frankfurt Airport Frankfurt Central Station FRANKFURT CBD 4 Gallileo (94.9% interest) 5 Main Airport Center (94.9% interest) Frankfurt Airport Office Submarket Frankfurt CBD S-Bahn DB InterCity Express Motorway / Highway Frankfurt, Germany
11 Annual Report 2025 CapitaLand Integrated Commercial Trust Management Limited HSBC Institutional Trust Services (Singapore) Limited Trust Structure Property Managers 1. Bedok Mall 2. Bugis Junction 3. CQ @ Clarke Quay 4. IMM Building 5. ION Orchard (comprising ION Orchard and ION Orchard Link) (50% interest) 6. Junction 8 7. Lot One Shoppers’ Mall 8. Tampines Mall 9. Westgate 10. Bugis+ 11. Bukit Panjang Plaza (90 out of 91 strata lots)2 1. Asia Square Tower 2 2. CapitaGreen 3. CapitaSpring 4. Capital Tower 5. CapitaSky (70% interest) 6. Six Battery Road 7. Gallileo, Germany (94.9% interest)3 8. Main Airport Center, Germany (94.9% interest)3 9. 66 Goulburn Street, Australia4 10. 100 Arthur Street, Australia4 1. Funan 2. Plaza Singapura 3. The Atrium@Orchard 4. Raffles City Singapore 5. 101-103 Miller Street and Greenwood Plaza, Australia (50% interest)4 Retail Office Integrated Development CapitaLand Retail Management Pte Ltd CapitaLand Commercial Management Pte. Ltd. Orchard Turn Developments Pte. Ltd. (OTD)¹ Unitholders Investment in CICT Distributions Ownership of Assets Net Property Income Trustee Represents Interest of Unitholders Trustee Fees Manager Management Services Management Fees Property Management Services Property Management Fees 1 OTD manages ION Orchard and ION Orchard Link. 2 Sale of 90 out of 91 strata lots in Bukit Panjang Plaza was announced on 14 January 2026 at S$428.0 million and was completed on 27 February 2026. 3 Managed by third party service providers in Germany. 4 Managed by third party service providers in Australia. Properties
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.
13 Annual Report 2025 contributions from CapitaSpring and 21 Collyer Quay, gross revenue and NPI would have increased by 1.4% and 2.5% YoY, respectively. CICT’s portfolio achieved a high committed occupancy of 96.9% as at 31 December 2025, while tenant retention remained healthy at 83.7% for the retail portfolio and 72.7% for the office portfolio. Retail Operating Performance Our retail portfolio continued to demonstrate strength, achieving high occupancy of 98.7% as at 31 December 2025 and positive rent reversion of 6.6% for FY 2025. Shopper traffic grew 20.5% YoY in FY 2025, or 4.6% YoY excluding ION Orchard. Tenant sales stayed healthy despite a brief moderation in 2Q 2025 due to consumer caution following “Liberation Day” tariffs. Tenant sales per square foot (psf) increased 14.9% YoY, or 1.2% excluding ION Orchard. The higher shopper traffic and tenant sales psf were driven by curated retail mix and concepts, and targeted marketing initiatives. SG60 vouchers distributed by the Singapore Government in July 2025 further boosted essential trades and encouraged household spending. This positive performance underscores the resilience of Singapore’s retail sector and the appeal of our retail portfolio. Office Operating Performance We remain focused on driving healthy occupancies across the portfolio and adapting our approach to ensure effective portfolio management. As at 31 December 2025, our office portfolio remained steady, with committed occupancy at 95.7%, versus 94.8% a year ago. This was supported by strong leasing activity and signs of stabilisation across our overseas portfolio as lease-up progressed. The Australia and Germany portfolios recorded higher occupancies of 91.8% and 91.6%, respectively, as at 31 December 2025, compared to 89.6% and 81.8% a year ago. The committed occupancy for the Germany portfolio also benefitted from the inclusion of Gallileo, following the completed handover of the Phase 1 Asset Enhancement Initiative (AEI) for the office tower to the anchor tenant, European Central Bank (ECB) in December 2025. Our Singapore portfolio continued to register positive rent reversion of 6.6% for FY 2025, reflecting healthy demand from sectors such as Banking, Insurance & Financial Services, Distribution and Trading, and IT and Telecommunications. Seeding Growth, Creating Enduring Value Value creation is a core focus of our growth strategy. A key lever is portfolio reconstitution, through which we recycle capital into higher-yielding opportunities to strengthen long-term growth and resilience. In line with this, we divested our 45% interest in the non-core serviced residence component of CapitaSpring for S$126.0 million5 on 30 May 2025. To further strengthen CICT’s leadership position in Singapore’s commercial real estate market, we acquired the remaining 55% interest in CapitaSpring’s commercial component for S$1,045.0 million6 on 26 August 2025. The acquisition was funded via a S$600 million private placement, which was upsized from S$500 million due to strong investor demand and was 4.9 times oversubscribed. Asset enhancement is another key value creation lever. During the year, we made headway on several AEIs to improve asset relevance, tenant experience and portfolio performance. In Singapore, we completed IMM Building's AEI in 3Q 2025, further strengthening its position as a regional outlet destination. In Germany, Gallileo in Frankfurt has begun contributing income progressively from 4Q 2025 following the Phase 1 handover. Phase 2 handover is targeted in 1Q 2026. We also embarked on new AEIs in 2025. At Tampines Mall, an estimated S$24 million AEI commenced in September 2025 to improve about 50,000 sq ft of net lettable area (NLA) and create a more seamless shopper journey, including a rejuvenated main entrance aligned with the Land Transport Authority’s pedestrianisation plans. Tenant mix optimisation is underway, with new tenants at the newly completed entrance to open progressively from February to April 2026. Completion is on track for 3Q 2026. At Lot One Shoppers’ Mall, an estimated S$37 million AEI commenced in November 2025 to add about 15,000 sq ft of NLA in Basement 2, leveraging the Urban Redevelopment Authority’s surplus carpark conversion scheme. FairPrice will expand into this new space. Separately, a new sheltered bridge linking Keat Hong Community Club to Level 2 of the mall will enhance accessibility. Completion is on track for 1Q 2027. 5 Cushman & Wakefield VHS Pte Ltd had valued the serviced residence (SR) Component of CapitaSpring at S$278.5 million as at 31 December 2024 using the income capitalisation and discounted cashflow methods. The agreed property value of the SR Component was S$280.0 million on a 100% interest basis. 6 Based on 55% of the agreed property value of S$1.9 billion. Savills Valuation and Professional Services (S) Pte Ltd and Knight Frank Pte Ltd had respectively valued the Commercial Component at CapitaSpring at S$1,905.0 million and S$1,895.0 million as at 30 June 2025 using the income capitalisation and discounted cashflow methods.
14 CapitaLand Integrated Commercial Trust At Raffles City Singapore, upgrading works began in November 2025 to uplift office user experience. This includes refurbishing the Level 1 office lobby, creating end-of-trip facilities with dedicated bicycle parking and amenities, and installing wayfinding on all office floors. The upgrade is on track for completion by 4Q 2026. Overall, total property value grew 5.2% YoY to S$27.4 billion as at 31 December 2025. CICT’s portfolio remains Singapore-centric at 94%, with 3% each in Australia and Germany. Net asset value per Unit increased 0.9% to S$2.14, in line with a year ago. From an income perspective, CICT’s FY 2025 NPI yield was 4.6%. Continued momentum into 2026 Continuing the active portfolio reconstitution, CICT started 2026 with a series of value creation initiatives. In January 2026, CICT was awarded the tender for the mixed-use Hougang Central Government Land Sales (GLS) site which it had submitted with partners including CapitaLand Development. CICT will develop and own 100% of the commercial component, deepening our presence in Singapore and expanding our retail footprint in the northeast. The approximately S$1.1 billion development cost translates to about $3,600 psf and an expected yield on cost of over 5%, which compares favourably with recent retail transactions at the low-tomid 4% level. This allows CICT to shape the mall’s design, positioning, and leasing strategy from inception. Also in January 2026, CICT announced the divestment of Bukit Panjang Plaza7 for S$428.0 million at an exit yield of around the mid-4% level. This forms part of CICT’s broader portfolio reconstitution strategy to redeploy capital into growth opportunities or other strategic purposes. From 3Q 2026, Capital Tower, a Grade A office building, will undergo an approximately S$25 million AEI, which will reposition Level 9 into a community space and create a higher-yielding F&B space with a multi-tenanted retail pavilion on Level 1. Works are to complete in 4Q 2027. Growing Responsibly We are committed to growing CICT responsibly to create long-term value for unitholders. Our portfolio remained 100% green‑rated as at end-2025, reflecting our continued focus on carbon emissions reduction and energy efficiency. During the year, three properties upgraded their building certifications. The Atrium@ Orchard became Singapore’s first operational officeretail building to achieve the Building and Construction Authority’s (BCA) Green Mark Platinum (Super Low Energy), while Asia Square Tower 2 also attained the same certification. In addition, Raffles City Singapore was upgraded to Green Mark Platinum from GoldPLUS. These achievements underscore our commitment to sustainable asset management and operational excellence amid increasingly rigorous BCA standards. Disciplined Capital Management We believe adopting a disciplined and proactive capital management approach will enable us to preserve a strong balance sheet. In an environment of evolving interest rate dynamics and macroeconomic uncertainties, we maintained a healthy and resilient balance sheet through prudent financial stewardship. As at 31 December 2025, CICT’s aggregate leverage was 38.6%, while the average cost of debt fell 0.4% YoY to 3.2%. Fixed rate debt accounted for approximately 74% of our total borrowings, providing stability against market volatility. Our debt maturity profile remained wellstaggered, with an average term-to-maturity of 4 years, mitigating refinancing risks in any single year. A more accommodative interest rate environment in Singapore during 2025 supported our capital management efforts. For our last issuance in September 2025, we secured S$300 million 7-year fixed rate notes at 2.25% per annum. We also continue to diversify funding sources, tapping into sustainability linked and green loan facilities and green bonds. As at end-2025, sustainability linked and green loans and bonds accounted for about 63.1% of the total borrowings. CICT maintained its A3 credit rating with a stable outlook by Moody’s and A- by S&P, reflecting the strength of our balance sheet and sound financial governance. Chairman and CEO Message 7 90 out of 91 strata lots held by CICT.
15 Annual Report 2025 ▲ CEO of CICT, Mr Tan Choon Siang (second from left), receiving the Singapore Corporate Governance Award at the SIAS Investors’ Choice Awards 2025 from Mr Gan Kim Yong, Deputy Prime Minister of Singapore (third from left), Mr David Gerald, Founder, President and CEO of SIAS (far right), and Mr Oliver Siah, Co-Founder and Group Managing Director of Fraxtor Private Limited (far left) Driving Momentum for the Future Our commitment to delivering value to unitholders remains steadfast. In 2026, we will explore strategic acquisitions and divestments aligned with long-term objectives, while driving sustainable growth through active portfolio, cost and capital management. With robust liquidity and financial prudence, CICT is well-positioned to navigate market cycles, support AEIs, and pursue strategic investments that create long-term value for our unitholders. Recognising your Trust and Support We extend our heartfelt appreciation to our Board, unitholders, tenants, partners, and employees for their trust and unwavering support. Your continued confidence empowers us to remain agile and responsive amid evolving market conditions and advance our shared vision. Together, we remain committed to building a sustainable and resilient future. Teo Swee Lian Chairman Tan Choon Siang Chief Executive Officer Sincerely, 27 February 2026
16 17 Annual Report 2025 CapitaLand Integrated Commercial Trust Our Mission & Vision To be Asia’s premier commercial REIT and deliver stable distributions and sustainable total returns to Unitholders Environment 1. Climate resilience 2. Resource efficiency & 2030 Sustainability Master Plan Manage Invest/ Divest Enhance How We Create Value Value Drivers ESG Management Stakeholder Engagement Capital Management Investment & Divestment Asset & Portfolio Management People & Structure Performance against benchmarks Financial 1. Net property income 2. Distributable income 3. Distribution per Unit 4. Capital management & financial indicators Stakeholders & Communities 1. Customer experience 2. Stakeholder engagement 3. Safety, health & well-being Properties 1. Portfolio occupancy 2. Tenant retention 3. Social integration Our Resources Business Model Sustainable returns High standards of governance & accountability Quality assets & differentiated offerings The Value We Create Portfolio resilience, resource efficiency & innovation Partner of choice, thriving communities & high performance culture Our Competitive Advantage Leadership Growth Partnership Resilience
18 19 Annual Report 2025 CapitaLand Integrated Commercial Trust Value Creation Value Creation Journey Divestment of the Serviced Residence (SR) Component of CapitaSpring A • Divested 45% interest in the SR Component of CapitaSpring to RP Riverside II (B.V.I.) Limited and YTL Riverside Pte. Ltd. at an estimated exit yield of 3.6%1 • Agreed property value: S$280.0 million2 on a 100% basis • Completion: 30 May 2025 1 Based on the annualised net property income for the financial quarter ended 31 March 2025 and the agreed property value of the SR Component. 2 Cushman & Wakefield VHS Pte. Ltd. had valued the SR Component of CapitaSpring at S$278.5 million as at 31 December 2024 using the income capitalisation and discounted cashflow methods. CICT Value Creation Strategy 01 03 02 04 Capital Management Prudent cost management and agile capital management to enhance financial flexibility Sustainability Operational efficiencies and sustainability initiatives to meet CLI Sustainability Master Plan 2030 targets Portfolio Management Proactive portfolio and asset management to drive higher occupancy and rents while managing operating cost Value Creation Disciplined portfolio reconstitution and proactive AEI to optimise portfolio and/or unlock value Divestment of Bukit Panjang Plaza • Divested Bukit Panjang Plaza1 to SG Bravo Retail Property Pte. Ltd. at an exit yield around the mid-4% level2 • Agreed property value: S$428.0 million3 • Completion: 27 February 2026 1 90 out of 91 strata lots held by CICT. 2 Based on FY 2024 net property income adjusted for one-offs and deduction of lease payments for right-of-use assets. 3 Cushman & Wakefield VHS Pte. Ltd. had valued the property at S$389.0 million as at 31 December 2025 using the income capitalisation and discounted cashflow methods. Acquisition of the Remaining 55% interest in the office and retail component (Commercial Component) of CapitaSpring B • Acquired 55% interest in the Commercial Component of CapitaSpring from Glory Office Pte. Ltd. and MEA Commercial Holdings Pte. Ltd. at an entry yield of low 4% • Agreed property value: S$1,900.0 million on a 100% basis1 • Acquisition financed via S$600 million private placement to institutional investors at S$2.11 per Unit • Completion: 26 August 2025 1 Savills Valuation and Professional Services (S) Pte Ltd and Knight Frank Pte Ltd had respectively valued the Commercial Component of CapitaSpring at S$1,905.0 million and S$1,895.0 million as at 30 June 2025 using the income capitalisation and discounted cashflow methods.
20 21 Annual Report 2025 CapitaLand Integrated Commercial Trust ▲ Greenfield Hougang Central Site from Google street view Development of the Commercial Component at Hougang Central Site C On 14 January 2026, CICT was awarded the Hougang Central GLS site as part of a consortium that includes CapitaLand Development. CICT will develop and own 100% of the commercial component, which will be the largest mall in Hougang with about 300,000 sq ft of NLA. The mall is part of a mixed‑use development that also includes approximately 830 residential units. The commercial component will be fully integrated with Hougang MRT, a new bus interchange and a town plaza. This marks a significant milestone for CICT as it reinforces its foothold in its core market of Singapore, while expanding its retail footprint into Singapore’s northeast region within an underserved catchment. The project offers an attractive expected yield on cost of over 5%¹, which compares favourably with recent transactions of operating assets in the market. Importantly, participating at the development phase allows CICT to shape the mall’s design, positioning, and leasing strategy from the outset, unlocking Hougang’s untapped potential given its relatively low private retail space per capita and sizeable population. 1 Based on the valuer’s estimated net income, assuming completion of the commercial component and taking into consideration the estimated total development cost of the commercial component. Overall Development Details: • Site Area: 504,820 sq ft • Land Use: Mixed-use development comprising a commercial and residential development integrated with a bus interchange • Plot Ratio: 2.5 • Tenure: 99-year leasehold • Tender Price: ~S$1.5 billion Commercial Component (100% interest held by CICT): • NLA: ~300,000 sq ft • Total Development Cost: ~S$1.1 billion • Yield on Cost: Over 5%1 • Funding: Internal funds and external borrowings • Expected Completion: 2030 / 2031 Ongoing AEI D Lot One Shoppers’ Mall Creating value through an increase in NLA, focusing on daily essentials and shopper convenience • Additional NLA from AEI: ~15,000 sq ft • Estimated cost: S$37 million • Target return on investment (ROI): >7% • Duration: 4Q 2025 to 1Q 2027 • Works: − Creation of NLA mainly from leveraging Urban Redevelopment Authority’s (URA) surplus carpark conversion scheme − Introducing curated daily essentials and convenience-focused offerings at Basement 2, anchored by FairPrice’s expansion from Basement 1 − Enhancing connectivity to Level 2 via a new sheltered bridge linking Keat Hong Community Club across Choa Chu Kang Avenue 4 to the mall • Mall remains open and operational throughout the AEI ▲ Artist’s impression of the new pedestrian overhead bridge at Level 2 linking to Keat Hong Community Club ▲ Artist’s impression of the new F&B units at Basement 2 Tampines Mall Uplifting asset value and enhancing asset potential • NLA undergoing works: ~50,000 sq ft • Estimated cost: S$24 million • Target ROI: ~7% • Duration: 4Q 2025 to 3Q 2026 ▲ Artist’s impression of the enhanced main entrance featuring a straight passage from the planned pedestrianised street along with refreshed offerings • Works: − Rejuvenate the main entrance for a seamless shopper journey, in conjunction with the Land Transport Authority plans to pedestrianise the street between the main entrance and MRT station − Refresh tenant mix and expand product offerings through improved space reconfiguration − Enhance shopper convenience with the inclusion of accessible changing room • Exciting mix of new tenants include: Casa Vostra, Yeah Gelato, Shiseido, Braun Buffel, Meilleur Moment • Existing tenants refreshing their fitout include: Breadtalk, Toastbox, L'Occitane, Running Lab, Goldheart and SK Jewellery • Mall remains open and operational throughout the AEI Value Creation
22 23 Annual Report 2025 CapitaLand Integrated Commercial Trust Value Creation E Raffles City Tower Enhancing overall user experience by refreshing key touchpoints and creation of end-of-trip facilities • Duration: 4Q 2025 to 4Q 2026 ▲ Artist’s impression of the refreshed Level 1 office lobby • Works: − Refurbish Level 1 office lobby to elevate user experience for a refreshed and spacious environment − Create end-of-trip facilities with dedicated bicycle parking and amenities for our tenants − Improve transfer floor lift lobbies and install wayfinding on all floors to tie in seamlessly with the ongoing lift enhancements ▲ Artist’s impression of the end-of-trip facilities Ongoing Upgrading Upcoming AEIs F Capital Tower Repositioning Level 9 into a community space and creating higher-yielding F&B space at ground floor • Estimated cost: S$25 million • Duration: 3Q 2026 to 4Q 2027 • Level 1 Urban Plaza Enhancement: − Development of a new 7,750 sq ft, two-storey, multi‑tenanted pavilion to elevate the overall F&B experience ▲ Artist’s impression of proposed retail pavilion at Urban Plaza − Creating an inviting landscape for tenants and public to gather, interact, and unwind in the communal space − Enhancing Capital Tower as a vibrant, tenantand-community centric landmark in the Tanjong Pagar precinct • Level 9 Reconfiguration: − Establishing CBD’s first workplace mental wellness centre for working adults and their families − Partnering with TOUCH Community Services and CapitaLand Hope Foundation under the URA's Community/Sports Facilities Scheme (CSFS) − Championing social causes and strengthening community engagement to advance well-being and social inclusivity Completed AEIs IMM Building Strengthening IMM Building’s position as a regional outlet destination • Total cost: S$48 million • Outlet Stores: >100 • Completed and handed over to tenants, income contribution started progressively from 3Q 2025 Gallileo, Frankfurt, Germany • Total cost: ~EUR180 million • Completed progressive handover of Phase 1 (office tower) to ECB in December 2025. • Target handover of phase 2: 1Q 2026 • Income contribution is progressive from 4Q 2025 ▲ Gallileo's facade ▲ Refreshed drop-off point at IMM Building ▲ Revamped F&B zone at IMM Building G
24 CapitaLand Integrated Commercial Trust Board of Directors Stephen Lim Beng Lin Non-Executive Independent Director Teo Swee Lian Chairman Non-Executive Independent Director Leo Mun Wai Non-Executive Independent Director Quek Bin Hwee Non-Executive Independent Director Janine Gui Siew Kheng Non-Executive Non-Independent Director Front Row (Seated left to right) Back Row (Standing left to right) Tan Choon Siang Chief Executive Officer Executive Non-Independent Director Jeann Low Ngiap Jong Non-Executive Independent Director Jonathan Yap Neng Tong Non-Executive Non-Independent Director Tan Boon Khai Non-Executive Independent Director
25 Annual Report 2025 • Bachelor of Science in Mathematics, Imperial College of Science and Technology, University of London, UK • Master of Science in Applied Statistics, University of Oxford, UK Date of first appointment as a Director 12 April 2019 Date of appointment as Chairman 12 April 2019 Length of service as a Director (as at 31 December 2025) 6 years 8 months Board Committee served on Nominating and Remuneration Committee (Chairman) Present directorships in other listed companies • Singapore Post Limited • HSBC Holdings PLC Present principal commitments (other than directorships in other listed companies) • CapitaLand Integrated Commercial Trust Management Limited (Chairman) • CSCC Agape Fund, Caritas Singapore Community Council Limited (Member of the Board of Trustees) • Clifford Capital Holdings Pte. Ltd. (Director) Past directorships in listed companies held over the preceding three years • AIA Group Limited • Singapore Telecommunications Limited Awards • The Public Administration Medal (Gold) (Bar) (2012) • The Public Administration Medal (Gold) (2006) • The Public Administration Medal (Silver) (1999) • Master of Science in Economics from Massachusetts Institute of Technology, United States • Bachelor of Science in Economics from Massachusetts Institute of Technology, United States Date of first appointment as a Director 1 May 2025 Length of service as a Director (as at 31 December 2025) 8 months Board Committee served on Executive Committee (Member) Present directorship in other listed company Nil Present principal commitment • CapitaLand Integrated Commercial Trust Management Limited (CEO and Executive Director) Past directorship in listed company held over the preceding three years • CapitaLand Malaysia REIT Management Sdn. Bhd. • Bachelor of Accountancy (Honours), University of Singapore • Chartered Accountant of Singapore Date of first appointment as a Director 3 November 2020 Length of service as a Director (as at 31 December 2025) 5 years 2 months Board Committee served on Audit and Risk Committee (Chairman) Present directorships in other listed companies • IHH Healthcare Berhad • SIA Engineering Company Limited Present principal commitments (other than directorships in other listed companies) • Certis Cisco Security Pte. Ltd. (Director) • Marelli Holdings Co., Ltd. (Director) Past directorships in listed company held over the preceding three years Nil Awards • The Public Service Star (BBM) (2017) • The Public Service Medal (PBM) (2012) Teo Swee Lian, 66 Chairman Non-Executive Independent Director Tan Choon Siang, 49 Chief Executive Officer Executive Non-Independent Director Quek Bin Hwee, 68 Non-Executive Independent Director
26 CapitaLand Integrated Commercial Trust Board of Directors • Bachelor of Accountancy, National University of Singapore • Master of Finance, International Finance, RMIT University, Singapore Date of first appointment as a Director 1 January 2021 Length of service as a Director (as at 31 December 2025) 5 years Board Committee served on Audit and Risk Committee (Member) Present directorship in other listed company Nil Present principal commitment Nil Past directorship in listed company held over the preceding three years Nil • Bachelor of Accountancy (Honours), National University of Singapore • Fellow of the Institute of Singapore Chartered Accountants Date of first appointment as a Director 16 August 2021 Length of service as a Director (as at 31 December 2025) 4 years 5 months Board Committee served on Audit and Risk Committee (Member) Present directorships in other listed companies • Advanced Info Service Public Company Limited • Aztech Global Ltd • Hong Leong Finance Limited Present principal commitments (other than directorships in other listed companies) • Advanced Wireless Network Co., Ltd. (Director) • Singapore Telecommunications Limited (Senior Advisor) Other major appointments • Prison Fellowship Singapore Limited (Director) • Seventy Times Seven (Management Committee Member) • The Turning Point (Executive Committee Member) Past directorship in listed company held over the preceding three years • Intouch Holdings Public Company Awards • Best Chief Financial Officer (Singapore & Southeast Asia), Corporate-Institutional Investor Awards (2012) • Best Chief Financial Officer (Singapore), Asian Excellence Recognition Awards (2012) • Best Chief Financial Officer, Singapore Corporate Awards (2010) • Bachelor of Science, Electrical and Electronics Engineering, University of Birmingham, UK • Master in Business Administration and Management, General, Imperial College London, UK Date of first appointment as a Director 16 August 2021 Length of service as a Director (as at 31 December 2025) 4 years 5 months Board Committee served on Nominating and Remuneration Committee (Member) Present directorship in other listed company • PT Diamond Food Indonesia Tbk (Independent Commissioner) Present principal commitments (other than directorships in other listed companies) • ESP Aspire Holding Pte. Ltd. (Director) • SQL View Pte Ltd (CEO and Managing Director) Past directorship in listed company held over the preceding three years Nil Awards • The Meritorious Service, NTUC May Day Awards (2021) • Friend of Labour, NTUC May Day Awards (2018) • IT Person of the Year, Singapore Computer Society IT Leader Awards (2007) • National Youth Award (1993) Leo Mun Wai, 59 Non-Executive Independent Director Jeann Low Ngiap Jong, 65 Non-Executive Independent Director Stephen Lim Beng Lin, 67 Non-Executive Independent Director
27 Annual Report 2025 • Bachelor of Laws (First Class), University of Nottingham, UK • Advocate & Solicitor Date of first appointment as a Director 25 April 2022 Length of service as a Director (as at 31 December 2025) 3 years 8 months Board Committee served on Audit and Risk Committee (Member) Present directorship in other listed company Nil Present principal commitments (other than directorships in other listed companies) • Therme Group Services (Singapore) Pte Ltd (CEO) • Singapore Aerospace Manufacturing Pte Ltd (Director and Member of Audit Committee) • Stellar Ace Pte. Ltd. (Director) • Stellar Ace Outdoor Pte. Ltd. (Director) • Btan Corporate Advisory Pte. Ltd. (Director) Past directorship in listed company held over the preceding three years • China-Singapore Suzhou Industrial Park Development Group Co., Ltd • Bachelor of Science in Estate Management (Honours), National University of Singapore • Master of Science in Project Management, National University of Singapore Date of first appointment as a Director 10 October 2019 Length of service as a Director (as at 31 December 2025) 6 years 2 months Board Committees served on Executive Committee (Chairman) Nominating and Remuneration ( Member) Present directorship in other listed company Nil Present principal commitment • CapitaLand Group Pte. Ltd. (CEO, CapitaLand Development and Executive Non-Independent Director) Other major appointment • PUB, Singapore’s National Water Agency (Director) Past directorships in listed companies held over the preceding three years • CapitaLand India Trust Management Pte. Ltd. (trustee-manager of CapitaLand India Trust) • CapitaLand Malaysia REIT Management Sdn. Bhd. (manager of CapitaLand Malaysia Trust) • Bachelor of Accountancy (Honours), Nanyang Technological University, Singapore • Member of the Institute of Singapore Chartered Accountants Date of first appointment as a Director 25 July 2022 Length of service as a Director (as at 31 December 2025) 3 years 5 months Board Committee served on Executive Committee (Member) Present directorship in other listed company Nil Present principal commitment • CapitaLand Investment Limited (Chief M&A Officer (CLI)) Past directorship in listed company held over the preceding three years Nil Tan Boon Khai, 52 Non-Executive Independent Director Jonathan Yap Neng Tong, 58 Non-Executive Non-Independent Director Janine Gui Siew Kheng, 46 Non-Executive Non-Independent Director
28 29 Annual Report 2025 CapitaLand Integrated Commercial Trust Management Team Tan Choon Siang Chief Executive Officer (CEO) Wong Mei Lian Chief Financial Officer (CFO) Choon Siang is responsible for leading the management team in the planning and execution of CICT’s value creation and growth strategy, including matters relating to operations, environmental, social and governance aspects of the business. Choon Siang has more than 23 years of experience in financial management, investment, corporate finance, treasury and investment banking, including about ten years of management level experience in the real estate and REIT industry. His senior leadership positions at CapitaLand Group include the CEO of CapitaLand Malaysia REIT Management Sdn Bhd and CFO of CapitaLand India Trust Management Pte Ltd. Choon Siang holds a Master of Science in Economics and a Bachelor of Science in Economics from the Massachusetts Institute of Technology, United States. Mei Lian heads the Finance team which is responsible for financial reporting, accounting, taxation, treasury and capital management functions of CICT. The Finance team also works closely with the Investment and Portfolio Management teams to support the requirements of investment assessments and adopts a proactive capital management strategy to optimise portfolio value. Mei Lian has held senior financial leadership roles in various companies and has more than 26 years of experience in corporate finance and treasury, with over 21 years in the real estate and REIT industry. Mei Lian graduated with a Bachelor of Business Administration from the National University of Singapore. Lee Yi Zhuan Head, Portfolio Management Yi Zhuan heads the Portfolio Management team, overseeing both the Singapore and overseas portfolios, and is responsible for portfolio performance and value creation. The team develops and executes portfolio asset strategies, including redevelopments and asset enhancement initiatives, to improve portfolio value and also works closely with asset managers and property managers to optimise asset performance. Yi Zhuan has more than 17 years of experience in real estate, including development and asset management. He holds a Bachelor of Science in Real Estate (Honours) from the National University of Singapore, and a Bachelor of Science in Banking and Finance (Honours) from the University of London. Jacqueline Lee Head, Investment Jacqueline heads the Investment team and is responsible for value creation, including developing and executing CICT’s investment and portfolio reconstitution strategy in Singapore and overseas. The Investment team identifies, evaluates, proposes and executes appropriate acquisitions, divestments and other portfolio reconstitution/optimisation initiatives to enhance CICT’s portfolio value. Jacqueline has more than 26 years of experience in real estate and the Singapore REIT industry, including investment, portfolio and asset management, mergers and acquisitions, development of mixed-use projects, engineering and business valuation. She holds a Master of Business Administration from the University of Sydney, Australia, and a Master of Arts and a Bachelor of Arts (Honours) in Engineering Science from the University of Oxford, United Kingdom.
30 CapitaLand Integrated Commercial Trust Portfolio Valuation Portfolio valuation was S$27.4 billion as at 31 December 2025, an increase of 5.2% YoY. The growth in value was largely due to the better performance of the Singapore portfolio, driven by the acquisition of 55% interest in the Commercial Component of CapitaSpring and the uplift in Galliileo's valuation. Valuation as at 31 Dec 2024 (S$ million) Valuation as at 31 Dec 2025 (S$ million) Variance (S$ million) Valuation as at 31 Dec 2025 (S$ per sq ft NLA) Retail Bedok Mall 815.0 827.0 12.0 3,710 Bugis Junction 1,141.0 1,155.0 14.0 2,940 CQ @ Clarke Quay 411.0 413.0 2.0 1,429 IMM Building 763.0 790.01 27.0 826 ION Orchard (50%) 1,849.0 1,855.2 6.3 5,944 Junction 8 815.0 815.0 0.0 3,2442 Lot One Shoppers’ Mall 564.0 584.03 20.0 2,9972 Tampines Mall 1,151.0 1,158.0 7.0 3,253 Westgate 1,127.0 1,140.0 13.0 2,8472 Bugis+ 359.0 362.0 3.0 1,8772 Bukit Panjang Plaza4 389.0 389.0 0.0 2,9352 Subtotal 9,384.0 9,488.2 104.3 Office Asia Square Tower 2 2,245.0 2,252.0 7.0 2,911 CapitaSpring5 N.A. 1,900.0 N.A. 2,820 CapitaGreen 1,689.0 1,718.06 29.0 2,470 Capital Tower 1,463.0 1,471.0 8.0 2,004 Six Battery Road 1,608.0 1,623.0 15.0 3,277 CapitaSky (70%) 884.1 887.6 3.5 2,444 Gallileo, Germany (94.9%) 363.7 519.77 156.0 1,239 Main Airport Center, Germany (94.9%) 314.7 303.58 (11.2) 489 66 Goulburn Street, Australia 205.5 202.89 (2.7) 825 100 Arthur Street, Australia 261.0 242.610 (18.4) 833 Subtotal 9,034.0 11,120.2 2086.2 Integrated Development (ID) CapitaSpring (45%)5 926.3 N.A. N.A. N.A. Funan 849.0 852.0 3.0 1,6592 Plaza Singapura11 1,441.0 1,443.0 2.0 2,972 The Atrium@Orchard11 786.0 789.0 3.0 2,1572 Raffles City Singapore 3,332.0 3,434.012 102.0 N.M.13 101-103 Miller Street and Greenwood Plaza, Australia (50%) 282.7 271.114 (11.6) 1,085 Subtotal 7,617.0 6,789.1 (828.0) Grand total 26,034.9 27,397.5 1,362.5 Figures may not add up due to rounding. 1 Valuation for IMM Building as at 31 December 2025 was uplifted due to an increase in value post-AEI, improvements in rents and higher occupancy. 2 Excludes CSFS area. 3 Valuation for Lot One Shoppers’ Mall as at 31 December 2025 increased due to the expected expansion in NLA from the conversion of surplus carpark lots. 4 Completed the sale of 90 out of 91 strata lots in Bukit Panjang Plaza for S$428.0 million on 27 February 2026. 5 The property has been reclassified under Office following the divestment of the SR Component on 30 May 2025 and the acquisition of the remaining 55% interest in the Commercial Component on 26 August 2025. 6 Valuation for CapitaGreen as at 31 December 2025 was uplifted due to improved operating performance. 7 Valuation for Gallileo (94.9% interest) was EUR344.5 million as at 31 December 2025. S$ value was derived from a conversion rate of EUR1 = S$1.509.
31 Annual Report 2025 Valuation By Geography Portfolio As at 31 Dec 2024 (S$ 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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