Slide 1: Centurion Corporation 3Q 2025 Business Updates
Centurion Corporation 3Q 2025 Business Updates 13th November 2025 Centurion Corporation Limited 1
Slide 2: Disclaimer
DISCLAIMER This Presentation should be read in conjunction with the Company’s Business Updates for the three months and nine months ended 30 September 2025. This presentation and the accompanying presentation materials (if any) (“Presentation”) are made for informational purposes, without regard to
Slide 3: Contents
Contents 1 Business Highlights 2 Business Outlook 3 Looking Ahead Centurion Corporation Limited 3
Slide 4: Business Highlights
Business Highlights Centurion Corporation Limited 4
Slide 5: Centurion owns, develops, and manages Living Sector assets across six countries
Centurion owns, develops, and manages Living Sector assets across six countries globally Purpose-Built Worker Purpose-Built Student Build-To-Rent (BTR) Accommodation (PBWA) Accommodation (PBSA) Accommodation Pioneer in living accommodation sector since 2011 – one of the only specialized living sec
Slide 6: Key 2025 Milestones & Achievements
Key 2025 Milestones & Achievements Key Milestone on 25 September 2025 Inclusion in 3 Key Market Indices Successful listing of Centurion Accommodation Real Estate Investment Trust (“CAREIT”) Broad Market Index iEdge Singapore Singapore Small Cap Index on the Main Board of the Singapore Exchange (BMI)
Slide 7: Living Sector Assets Under Management
Living Sector Assets Under Management S$2.7b Assets Under Management c.77,803 43 operational properties 15 cities operational beds and in 6 countries apartments United Kingdom United States 2,782 beds 663 beds HK SAR, China Xiamen, China 539 beds 400 apartments 114 beds Purpose-Built Worker Singapor
Slide 8: Performance Highlights
Performance Highlights Revenue by Business Segment Revenue 9M 2025 9M 2024 Others Others 1% 0% 3Q 2025 S$67.5m PBSA PBSA 23% 9% from S$62.1m in 3Q 2024 21% 9M 2025 S$208.3m PBWA PBWA 12% from S$186.5m in 9M 2024 78% 77% Financial Occupancy PBWA Revenue by Country 90% for 9M 2025 9M 2025 9M 2024 US,
Slide 9: Performance Highlights
Performance Highlights 12% increase in 9M 2025 revenue YoY 9% increase in 3Q 2025 revenue YoY Higher contributions mainly from positive rental revisions across all PBWAs and PBSAs strong occupancies across all Singapore PBWAs and UK PBSAs new revenue stream that came into operations Partially
Slide 10: Prudent capital management and ample liquidity
Prudent capital management and ample liquidity1 Total Assets Total Borrowings Cash S$3.2b S$713m S$434m Net Average Gearing Debt Ratio Maturity 10%2 Interest Coverage Ratio 5 years 4.3x3 1 Consolidated financials of the Group include Centurion Accommodation REIT Centurion Corporation Limited 2 Net g
Slide 11: Westlite Accommodation Business Outlook
Our Purpose-Built Worker Accommodation Westlite Accommodation Business Outlook Centurion Corporation Limited 11
Slide 12: Healthy and Supportive Industry Fundamentals
Healthy and Supportive Industry Fundamentals Positive regulatory and demand-supply factors drive growth of PBWA sector and asset class Growing awareness of the need for improved welfare of migrant worker populations • increased government legislation and regulatory controls requiring employers to
Slide 13: Singapore Worker Accommodation Landscape
Singapore Worker Accommodation Landscape Work Permit Holders Work Permit Holders Current Demand1 Construction, Marine Shipyard and Process(CMP) Sectors Service, Manufacturing (Non-CMP) Sectors c. 841k (460k) (381k) TOLQ Others PBWA Short Term PBWA QBD FCD Current Supply2 (146.1k) (102.5k) (31k) (160
Slide 14: Worker Accommodation Portfolio - Singapore
Worker Accommodation Portfolio - Singapore 6 Purpose-Built Dormitories (PBD) assets with c.29,182 beds 4 Quick Build Dormitories (QBD) assets with c.7,256 beds CAREIT* Total Capacity: c.36,438 Westlite Woodlands Westlite 4,100 beds Kranji Way 30 yrs wef 2013 1,300 beds 3+1+2.3 yrs wef 2020 CAREIT* W
Slide 15: Worker Accommodation Outlook - Singapore
Worker Accommodation Outlook - Singapore Singapore Average financial occupancy remained resilient at 99% for 9M 2025 • demand and supply dynamics for PBWAs continue to be positive1 • the Building and Construction Authority (BCA) forecasts up to $53 billion in construction contracts for 2025, with
Slide 16: Worker Accommodation Portfolio - Malaysia
Worker Accommodation Portfolio - Malaysia 14 operating assets with capacity of c. 35,970 beds Westlite Westlite Tampoi Westlite Bukit Minyak Harum Megah PKNS Petaling 5,790 beds Senai Airport City Jaya 3,321 beds 15 yrs wef 2024 1,088 beds 6,044 beds 15 yrs wef 2024 freehold 21+9 yrs wef 2020 Harum
Slide 17: Worker Accommodation Outlook - Malaysia
Worker Accommodation Outlook - Malaysia Malaysia Average financial occupancy* declined to 83% in 9M 2025 from 90% in 9M 2024 • short-term headwinds from the foreign worker cap1 • under Malaysia’s 13th Plan, the government targets reducing foreign labour to 10% of the total workforce by 2030 and 5%
Slide 18: Diversified, Stable Customer Base
Diversified, Stable Customer Base Revenue Breakdown by Industry Segment Service Others Commercial 2% 1% 1% Engineering 4% Construction Marine Oil & Gas 7% Manufacturing Manufacturing Construction Marine 7% 56% Engineering Commercial Service Oil & Gas 22% Others More than 2,137 customers in Singapo
Slide 19: Worker Accommodation Portfolio and Outlook - HK SAR, China
Worker Accommodation Portfolio and Outlook - HK SAR, China 1 asset with capacity of c.539 beds Sheung Shui Westlite Sheung Shui 539 beds 5.9 + 5 yrs wef 2024 Hong Kong SAR, China Centurion expanded into the China PBWA market with a master lease asset- Westlite Sheung Shui • Master Lease secured in
Slide 20: dwell Student Living Business Outlook
Our Purpose-Built Student Accommodation dwell Student Living Business Outlook Centurion Corporation Limited 20
Slide 21: Healthy and Supportive Industry Fundamentals
Healthy and Supportive Industry Fundamentals Resilient in-demand asset class with positive demand-supply dynamics Investment appetite for student housing on the rise • strong global investments in student housing - annual investment in UK rose 14% to £3.87 billion in 20241 • underpinned by expecta
Slide 22: Student Accommodation Portfolio – United Kingdom
Student Accommodation Portfolio – United Kingdom 10 operating assets with capacity of c.2,782 beds Presence in five major cities with well-known universities CAREIT* CAREIT* dwell dwell dwell MSV MSV South Garth Heads 982 beds 362 beds 181 beds freehold freehold 125 yrs wef 1995 CAREIT* CAREIT* dwel
Slide 23: Student Accommodation Outlook – United Kingdom
Student Accommodation Outlook – United Kingdom United Kingdom Average financial occupancy slightly declined to 97% in 9M 2025, as compared to 99% in 9M 2024 • demand and supply imbalance continues to drive high financial occupancy • financial occupancy has now moderated to normal levels Revenue
Slide 24: Student Accommodation Portfolio – Australia
Student Accommodation Portfolio – Australia 2 operating assets with capacity of c.897 beds 1 asset under development with capacity of c.732 beds CAREIT^ dwell East End Adelaide 300 beds freehold CAREIT^ EPIISOD Macquarie Park Sydney** 732 beds Sydney freehold Adelaide Melbourne dwell Village Melbour
Slide 25: Student Accommodation Outlook - Australia
Student Accommodation Outlook - Australia Australia Average financial occupancy decreased to 92% in 9M 2025, from 95% in 9M 2024 • investor confidence remains strong due to buoyant student demand, with rise in international student enrolments above pre-pandemic levels1 • the pipeline of PBSA beds
Slide 26: Student Accommodation Portfolio – US & HK SAR, China
Student Accommodation Portfolio – US & HK SAR, China 3 operating assets in US with capacity of c.663 beds 2 operating assets in HK SAR, China with capacity of c.114 beds United States* Hong Kong SAR, China** dwell The Statesider dwell 226 beds dwell dwell The Towers on College & Prince Edward freeho
Slide 27: Student Accommodation Outlook – US & HK SAR, China
Student Accommodation Outlook – US & HK SAR, China United States Centurion US Student Housing Fund portfolio assets continue to deliver healthy and stable occupancy • the Fund reached term in November 2024 • dwell Tenn Street was sold in 2Q 2023, Logan Square and Stadium View in 2Q 2024 and Colleg
Slide 28: Centurion-Cityhome Business Outlook
Our Build-To-Rent Accommodation Centurion-Cityhome Business Outlook Centurion Corporation Limited 28
Slide 29: BTR Accommodation Portfolio and Outlook
BTR Accommodation Portfolio and Outlook 1 operating asset in Xiamen, China with capacity of c.400 apartments Centurion-Cityhome Gaolin (51% owned) 400 apartments Xiamen Xiamen, China The Group entered the Xiamen’s BTR market with Centurion-Cityhome Gaolin o became operational in 2025 with c.400 ap
Slide 30: Looking Ahead
Looking Ahead Centurion Corporation Limited 30
Slide 31: Growth Strategy
Growth Strategy Strategic focus for growth of living sector business in a prudent manner Organic Portfolio Asset Light Growth Growth Strategies Enhance project returns through Drive growth through strategic Grow fee-based income from asset selective AEIs across existing acquisitions and develo
Slide 32: Assets Under Management Growth Across Owned, Operated and Managed Assets
Assets Under Management Growth Across Owned, Operated and Managed Assets 7,874 beds were added to the portfolio in FY 2025 Net bed capacity growth in FY 2025 is expected to be c.8,918 beds 90,000 400 400 400 80,000 4,986 6,057 4250 4,456 400 70,000 6,396 4,501 5,218 6,433 6,080 3,208 5,348 60,000 5,
Slide 33: Portfolio Growth and Enhancements Pipeline
Portfolio Growth and Enhancements Pipeline PBWA (CCL) PBSA (CCL) Malaysia Australia AEI in progress at Westlite Johor Tech Park, with c.360 beds added in 1H 2025, Redevelopment of dwell Village Melbourne City carpark into a new c.644-bed c.360 beds added in 3Q 2025, and a further c.150 beds to b
Slide 34: Cautiously Optimistic Outlook
Cautiously Optimistic Outlook 1 Optimizing Operating Performance 2 Enhancing Portfolio Value The Group continues to deliver high occupancies with Centurion actively pursues opportunities to redevelop and healthy rental revisions. Positive demand-supply enhance its portfolio assets to meet evolving r
Slide 35: Centurion Corporation Limited
Centurion Corporation Limited 35