Slide 1: 1H 2025 Results Presentation
1H 2025 RESULTS PRESENTATION 13 August 2025 The Orie I Singapore Artist’s Impression Artist’s impression Copen Grand I Singapore
Slide 2: Agenda
AGENDA ➢ Overview & Strategic Initiatives ➢ Financial Highlights ➢ Operations Review – Singapore Operations – International Operations – Hospitality Irwell Hill Residences I Singapore
Slide 3: Overview
OVERVIEW The Orie I Singapore Artist’s impression
Slide 4: Financial Highlights 1H 2025
FINANCIAL HIGHLIGHTS 1H 2025 Resilient Performance Financial Highlights 1H 2025 1H 2024 Change Revenue $1.7B $1.6B ▲ 8.0% EBITDA $551.2MM $456.2MM ▲ 21.0% PBT $139.9MM $155.4MM ▼ 10.0% PATMI would have increased 323% to $154.3MM excluding PATMI foreign exchange loss / gain $91.2MM $87.8MM ▲ 3.9% Rev
Slide 5: Financial Highlights 1H 2025
FINANCIAL HIGHLIGHTS 1H 2025 30 Jun 2025 31 Dec 2024 Change Special Interim Dividend NAV1 $10.10 $10.17 ▼ 0.7% 3.0 per share per share cents per share 1H 2024: 2.0 cents per share RNAV $17.48 $17.57 ▼ 0.5% (with FV of IPs) per share per share Share Price Performance RNAV $19.77 (with FV of IPs & Hot
Slide 6: Key Highlights 1H 2025
KEY HIGHLIGHTS 1H 2025 Property Development Investment Properties Hotel Operations Capital Recycling The Orie Sales Gallery City Square Mall M Social Resort Penang South Beach Total sales value: $2.2B1 Resilient portfolio Global RevPAR: 0.5% >$1.5B in contracted in Singapore performance with stron
Slide 7: Global Portfolio Overview as of Jun 2025
GLOBAL PORTFOLIO OVERVIEW AS OF JUN 2025 TOTAL ASSETS SEGMENT ANALYSIS Others Others 5% 17% DP US Singapore 36% IP 7% 40% Assets by Assets by 34% Geography Business Segment $26B China 17% UK Hotel 19% 25% With Fair Value of IPs & Hotels Others Others 5% 17% DP 27% US 6% Assets by Assets by Singapore
Slide 8: GET Strategy
G E T ► STRATEGY ► GROWTH ENHANCEMENT TRANSFORMATION Build Development Portfolio Optimisation Transform Business via Pipeline & Recurring & Operational Efficiency New Platforms Strategic Investments, Fund Management, Income Streams Innovation & Venture Capital Newport Plaza I Singapore 8
Slide 9: Strengthen Residential Pipeline
STRENGTHEN RESIDENTIAL PIPELINE G ➢ Disciplined land replenishment strategy ➢ Secured Lakeside Drive GLS site in 1H 2025 Launched in Jan 2025 – 92% sold to date ➢ Top bidder for 2 EC GLS sites in Aug 2025 The Orie2 (777 units) Targeted Launches Zyon Grand2 Q4 2025 Woodlands Drive 17 EC4 Lakeside Dri
Slide 10: Portfolio Optimisation
E PORTFOLIO OPTIMISATION US Hotel Assets Key Highlight: South Beach Landmark deal based on $2.75B valuation YTD 2025 – Marks one of CDL’s largest divestments • Sales value: $1.38B (50.1% share of the agreed property value) • Represents an approx. 3% premium over the latest >$1.5B valuation of $2.67B
Slide 11: Capital Recycling Strategy
E CAPITAL RECYCLING STRATEGY Active focus on capital recycling & portfolio management $B Active Capital & Portfolio Management 2.4 $2.4B • YTD 2025: Divestments exceeded investments, reflecting the $2.2B Group’s accelerated focus on capital recycling and portfolio 2 optimisation. >$1.5B • Divestment
Slide 12: Industry & Sustainability Recognition
E INDUSTRY & SUSTAINABILITY RECOGNITION Key Highlight: Launch of CDL EcoTrain at City Square Mall LISTED ON 14 LEADING GLOBAL SUSTAINABILITY RATINGS, RANKINGS & INDEXES Singapore’s 1st decommissioned SMRT train cabin repurposed into a solar-powered climate education platform • Innovative, zero-energ
Slide 13: Global Living Sector Portfolio – 1H 2025
T GLOBAL LIVING SECTOR PORTFOLIO – 1H 2025 ➢ Building scale to boost recurring income Total GDV Total Units & Beds ➢ Stabilised assets with continued resilient demand across all markets $3.9B ~7,850 SINGAPORE OVERSEAS GDV Units Existing $1.3B ~900 19% Portfolio Occupancy Private Rented Sector (PRS)
Slide 14: Fund Management – Drive AUM Growth
T FUND MANAGEMENT – DRIVE AUM GROWTH KEY INITIATIVES Existing Platforms Strategic Partnerships The Lowry Hotel Concor Park Grow Existing Hotel Cerretani Firenze ‐ Platforms MGallery W Singapore – Sentosa Cove Berlin Campus Decathlon Calais 3 Commercial Assets in Central London Asset Sponsorship St K
Slide 15: Key Priorities
KEY PRIORITIES Strategically focused on capital recycling initiatives and portfolio optimisation – Aligned with our GET Strategy Resilient Portfolio ➢ Investment discipline ➢ Diversification across asset classes and geographies Capital Management ➢ Accelerate capital recycling ➢ Strengthen ROE and s
Slide 16: Financial Highlights
FINANCIAL HIGHLIGHTS Copen Grand I Singapore
Slide 17: Financial Highlights
FINANCIAL HIGHLIGHTS Property Hotel Investment Others Development Operations Properties 1H 1H 1H 1H 1H 1H 1H 1H 2025 2024 2025 2024 2025 2024 2025 2024 Revenue $583MM $469MM Revenue $735MM $746MM Revenue $249MM $248MM Revenue $121MM $100MM PBT $152MM $8MM PBT ($84MM) $23MM PBT $76MM $108MM PBT ($4MM
Slide 18: RevPAR by Region for CDL Group
REVPAR BY REGION FOR CDL GROUP ASIA AUSTRALASIA Singapore Rest of Asia Australasia 171.3 ▼13.6% ▲11.1% 148.0 127.1 ▲1.0% 114.4 103.3 104.3 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 US EUROPE New York Rest of US London Rest of UK and Europe 275.0 ▲0.4% 276.1 214.7 ▼2.0% 210.5 ▲19.4% 162.9 136.4
Slide 19: Key Metrics in Hotel Operations
KEY METRICS IN HOTEL OPERATIONS Room Occupancy Average Room Rate Revenue Per Available GOP Margin Room (RevPAR) % ▼ 0.8% pts $ ▲ 1.7% $ ▲ 0.5% % ▼ 2.1% pts 215.5 219.2 71.8 71.0 154.8 155.6 31.7 29.6 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 1 Room occupancy declined by 0.8% pt
Slide 20: Revenue by Segment
REVENUE BY SEGMENT 1H 2025 1H 2024 Y-o-Y Revenue $1,688MM $1,563MM ▲ 8.0% Property Hotel Investment Others Development Operations Properties $MM ▼1.5% 800 746 735 ▲24.3% 583 600 469 400 ▲0.4% 248 249 200 121 100 0 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 The increase in the pr
Slide 21: EBITDA by Segment
EBITDA BY SEGMENT 1H 2025 1H 2024 Y-o-Y EBITDA $551MM $456MM ▲ 21% Property Hotel Investment Others Development Operations Properties $MM 300 252 250 234 198 200 150 116 94 100 67 50 21 25 0 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 1H 2025 – Investment properties segment is th
Slide 22: PBT by Segment
PBT BY SEGMENT 1H 2025 1H 2024 Y-o-Y PBT $140MM $155MM ▼ 10% Property Hotel Investment Others Development Operations Properties $MM 200 152 150 108 100 76 50 8 23 16 0 (50) (4) (100) (84) (150) 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 Improvement in PBT for property developmen
Slide 23: 1H 2025 Capital Position
1H 2025 CAPITAL POSITION Strong Balance Sheet & Liquidity Position Sufficient Financing Balanced Gearing Liquidity Flexibility Debt Profile Net Gearing1 (include fair value) Total Cash2 Interest Cover Ratio % of Fixed Rate Debt 70% $1.8B 2.4x 43% FY 2024: 69% FY 2024: $2.8B FY 2024: 2.1x FY 2024: 38
Slide 24: Prudent Capital Management – June 2025
PRUDENT CAPITAL MANAGEMENT – JUNE 2025 Balanced debt Balanced debt High Level of expiry profile currency mix Natural Hedge Well-Spread Debt Maturity Profile Debt Currency Mix 4,000 28% Bonds Others (6.4%) 3,500 130 25% JPY (6.4%) Loans 825 3,000 200 RMB (3.6%) 818 Debt $ (MM) 20% 2,500 459 17% 685 U
Slide 25: CDL Group – Natural Hedge 2025
CDL GROUP – NATURAL HEDGE 2025 Substantially 74% natural hedge for the key geographical markets the Group operates in GBP RMB USD JPY AUD Natural Hedge Natural Hedge Natural Hedge Natural Hedge Natural Hedge 99% 54% 51% 85% 65% S$MM 5,000 4,781 4,731 4,375 4,000 3,000 2,342 1,821 2,000 931 964 821 1
Slide 26: Operations Review
OPERATIONS REVIEW Union Square | Singapore Artist’s Impression
Slide 27: Singapore Operations – Property Development
SINGAPORE OPERATIONS PROPERTY DEVELOPMENT Irwell Hill Residences | Singapore
Slide 28: Singapore Property Development – Price Index
SINGAPORE PROPERTY DEVELOPMENT Property Price Index – Residential (2015 – Q2 2025) Q2 2025 Price Increase All Residential (+3.4% y-o-y) In Q2 2025, residential prices increased by 1.0% q-o-q, expanding from the 0.8% Q2 25: 213.2 220 increase in Q1 2025. 200 180 160 140 120 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 29: Singapore Property Development
SINGAPORE PROPERTY DEVELOPMENT ➢ The private residential Property Price Index (PPI) registered a 1.0% increase in Q2 2025, up from a 0.8% rise in the preceding quarter. In 1H 2025, PPI registered a 1.8% increase and 3.4% growth y-o-y. ➢ Developers sold 4,587 units (excl. ECs) in 1H 2025, marking a 1
Slide 30: Singapore Property Development – Residential Units Sold
SINGAPORE PROPERTY DEVELOPMENT Residential Units Sold1 1H 2024 1H 2025 Sales Value Units Sold 903 $2.20B 90.4% y-o-y 53.6% y-o-y 864,764 1H 2025 Highlights ➢ Sales performance was driven by the launch of The Orie in Jan – project 680,632 is 92% sold to date 588 $1.16B Artist’s Impression No. of Un
Slide 31: Singapore Property Development – Launched Projects
SINGAPORE PROPERTY DEVELOPMENT Resilient Sales for 1H 2025 Launched Project and Existing Inventory ➢ Sold 903 units with total sales value of $2.20B for 1H 20251 Artist’s Impression Steady Sales for Launches from 2019 Launch Year Project Location Tenure Total Units Total Units Sold2 % Sold2 2025 The
Slide 32: Inventory of Launched Residential Projects
SINGAPORE PROPERTY DEVELOPMENT Inventory of Launched Residential Projects – As of 30 Jun 2025 CDL’s Share Units Total Unsold Project Equity Stake Total Units of Unsold Sold Inventory Inventory St. Regis Residences Singapore 33% 173 170 3 1 One Shenton 100% 341 333 8 8 Cliveden at Grange 100% 110 48
Slide 33: Residential Launch in Jan 2025
RESIDENTIAL LAUNCH IN JAN 2025 The Orie – First Residential Launch in Toa Payoh since 2016 Location Tenure Equity Stake Total Units Total Units Sold1 Site Area (sq ft) Total Saleable Area (sq ft) Lorong 1 Toa Payoh 99-year 50% 777 714 169,458 694,075 777-unit luxury residence in the established Toa
Slide 34: Residential Launch in Q4 2025
RESIDENTIAL LAUNCH IN Q4 2025 Zyon Grand – New Luxury Residence in District 3 Location Tenure Equity Stake Total Units Site Area (sq ft)1 Total Saleable Area (sq ft)1 Zion Road 99-year 50% 706 164,560 Approx. 641,179 Iconic 706-unit residences – Part of a vibrant integrated development jointly Artis
Slide 35: Singapore Operations – Asset Management
SINGAPORE OPERATIONS ASSET MANAGEMENT City Square Mall I Singapore
Slide 36: Singapore Commercial Market – Price Index
SINGAPORE COMMERCIAL MARKET Property Price Index – Commercial (2015 – Q2 2025) 150 Office Retail 140 Q2 2025 Price Decrease (-1.3% y-o-y) In Q2 2025, office prices decreased by 130 1.1% q-o-q, compared to 0.2% decrease in Q1 2025. 120 110 Q2 25: 111.7 Q2 25: 100.4 100 Q2 2025 Price Increase 90 (+2.4
Slide 37: Singapore Commercial Market – Rental Index
SINGAPORE COMMERCIAL MARKET Property Rental Index – Commercial (2015 – Q2 2025) Q2 2025 Rental Decrease 250 (-1.4% y-o-y) In Q2 2025, office rents decreased by Office Retail 0.3% q-o-q, compared with the 0.3% increase in Q1 2025. 200 Q2 25: 200.0 150 100 Q2 25: 79.4 Q2 2025 Rental Increase 50 (+1.3%
Slide 38: Singapore Commercial Portfolio Occupancy
SINGAPORE COMMERCIAL PORTFOLIO OCCUPANCY As of 30 Jun 2025 Stable occupancy across the commercial portfolio1 this quarter reflects the strength of its lease management strategy, with a spread-out expiry profile that positions the portfolio well for sustained performance. Office Space Lease Expiry Pr
Slide 39: Singapore Commercial Portfolio Trade Mix
SINGAPORE COMMERCIAL PORTFOLIO TRADE MIX As of 30 Jun 20251 The Group’s diversified tenant profile continues to drive stable income streams and strengthen long-term performance. Office: A varied trade mix across office tenants contributes to portfolio resilience and mitigates concentration risk. Ret
Slide 40: Portfolio Enhancement Initiatives
PORTFOLIO ENHANCEMENT INITIATIVES Investment in targeted placemaking and asset enhancement initiatives (AEIs) Republic Plaza Tower 2 City Square Mall Committed occupancy 96.9% Phased AEI near completion Phased AEI in final stages ➢ Upgraded lobbies and common areas ➢ New tenants progressively fittin
Slide 41: International Operations
INTERNATIONAL OPERATIONS The Junction I Leeds
Slide 42: International Operations Australia
INTERNATIONAL OPERATIONS AUSTRALIA Focus on Developments across Eastern Seaboard of Australia New South Wales BTS Queensland BTS ➢ Waterbrook Bowral, a 135-unit retirement housing project, has sold 74% of the available villas in the first phase. Artist’s Impression Artist’sImpression Artist’s Impres
Slide 43: International Operations China
INTERNATIONAL OPERATIONS CHINA Focus on Tier 1 and Tier 2 Cities Suzhou (苏州) Shenzhen(深圳) Landmark waterfront mixed-use development site: ➢ 6 towers of high-end residential apartments ➢ Grade A office space and 5-star Hong Leong City Center (丰隆城市中心) hotel in a 250-metre tall tower ➢ Construction has
Slide 44: International Operations Japan
INTERNATIONAL OPERATIONS JAPAN Continue to Grow our Japan PRS Footprint with New Investments 26 freehold residential properties in Tokyo (866 units)1 9 freehold residential properties in Osaka (797 units) 1 freehold residential property in Saitama (115 units) Horie Lux Pregio Joto Chuo B-Proud Tenma
Slide 45: International Operations UK
INTERNATIONAL OPERATIONS UK London Residential PRS PRS PRS PP Artist’s Impression The Joinery, Manchester The Junction, Leeds Artist’s Impression Artist’s Impression (261 units) (665 units) The Yardhouse, White City Morden Wharf, Greenwich Construction in progress for a First operational asset in th
Slide 46: International Operations UK – PBSA
INTERNATIONAL OPERATIONS UK Purpose-Built Student Accommodation (PBSA) Portfolio comprises 2,368 beds across 6 assets with an average occupancy of 90% for Academic Year 2024/20251 Sycamore House, Leeds Infinity, Coventry Trinity View, Coventry (117 beds) (505 beds) (614 beds) Altura, Birmingham (435
Slide 47: UK Commercial Portfolio Occupancy
INTERNATIONAL OPERATIONS UK Commercial Portfolio Occupancy (as of 30 Jun 2025) The committed occupancy of the Group’s UK commercial portfolio rose to 85.1% from 79.5%*, driven primarily by the expansion of existing office tenants and new leases committed in the office segment. The portfolio’s WALE r
Slide 48: UK Commercial Portfolio Trade Mix
INTERNATIONAL OPERATIONS UK Commercial Portfolio Trade Mix (as of 30 Jun 2025) A well-balanced tenant mix across both the office and retail commercial portfolios. Office: A stable tenant profile comprising established corporate tenants, primarily from the Telecommunications & Media, Financial Servic
Slide 49: Hospitality
HOSPITALITY M Social Resort Penang
Slide 50: Hotel Operations – Trading Performance
HOTEL OPERATIONS – TRADING PERFORMANCE 1H 2025 1H 2024 Change $MM $MM % Revenue 735.3 745.7 (1.4) PBT (84.4) 23.0 NM* EBITDA 94.3 116.0 (18.7) M Social Resort Penang Trading performance impacted by macroeconomic headwinds: • Gross revenue decline due to softer performance in most portfolio markets,
Slide 51: Hotel Operations (1H 2025 vs 1H 2024)
HOTEL OPERATIONS (1H 2025 vs 1H 2024) Hotel Occupancy, Average Room Rate, and RevPAR and GOP Margin by Region for CDL Group Room Occupancy Average Room Rate RevPAR GOP 1H 2025 1H 2024 Incr / (Decr) 1H 2025 1H 20241 Incr / (Decr) 1H 2025 1H 20241 Incr / (Decr) 1H 2025 1H 2024 Incr / (Decr) % % % pts
Slide 52: Hotel Refurbishment Initiatives
HOTEL REFURBISHMENT INITIATIVES Continued investment in strategic refurbishments and new developments Asia Global M Social Brand Expansion M Social Resort Penang New York Conversion of Millennium Downtown New York (569 rooms) to M Social New York Downtown in progress. Cost: US$49MM (approx. $63MM) C
Slide 53: CDL Hospitality Trusts (CDLHT)
CDL HOSPITALITY TRUSTS (CDLHT) Trading Performance 1H 2025 1H 2024 Change $MM $MM Gross Revenue 125.1 127.3 (1.8%) Net Property Income (NPI) 58.6 66.5 (11.9%) Amid macroeconomic uncertainty, most markets saw softer performances, except for Japan, Australia and the UK. Due to ongoing renovations, W S
Slide 54: CDL Hospitality Trusts (CDLHT)
CDL HOSPITALITY TRUSTS (CDLHT) y-o-y Country change in Remarks RevPAR (%) The Singapore hotels registered a 14.2% y-o-y decline in RevPAR for 1H 2025, driven by a strong base effect from the prior year which had seen robust demand from large-scale events in Q1, as well as subdued corporate demand du
Slide 55: Disclaimer
Disclaimer: This document may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions
Slide 56: www.cdl.com.sg
OUR VISION: OUR MISSION: OUR VALUES: C onceptualise spaces and solutions We aim to be recognised by INNOVATION customers, employees and R espect planet Earth peers as an innovative COLLABORATION E ncourage diversity of people and ideas creator of quality and sustainable spaces. A dvance the communit