Slide 1: 1Q 2025 Investor Briefing
EXPANDING HORIZONS SUSTAINING GROWTH 1Q 2025 INVESTOR BRIEFING 20 May 2025
Slide 2: Disclaimer
DISCLAIMER This is a presentation of general information relating to the current activities of Thakral Corporation Ltd (the “Company”). It is given in summary form and does not purport to be complete. This presentation may contain forward-looking statements which are subject to risks and uncertainti
Slide 3: Thakral at a Glance
THAKRAL AT A GLANCE SGX-listed since 1995 Attractive Valuation S$0.83 S$105.46m 6.0% S$1.32 Share Price* Market Cap* Dividend Yield^ NAV/Share# Dual Growth Drivers Over-50s Lifestyle Strategic expansion in Resorts in Australia beauty, where demand growth fragrance, and outpaces supply drone business
Slide 4: Driving Growth on All Fronts
DRIVING GROWTH ON ALL FRONTS Positioning for long-term success through Investments & Lifestyle expansion Investments Lifestyle Growth Drivers GemLife Growth Drivers Growing demand for over-50s housing. Beauty & Fragrance DJI Drones Recurring Income Steady growth with Exclusive distributor an expandi
Slide 5: Investments
INVESTMENTS
Slide 6: GemLife – Premium Over-50s Lifestyle Resort
GEMLIFE – PREMIUM OVER-50s LIFESTYLE RESORT A unique business model - Developer and operator 31.7% 13 10 1,862 6,500 Australia Thakral’s stake Resorts Occupied Resorts Occupied Homes* Pipeline of Homes *as of 31 Mar 2025 Japan Benefitting from Two Streams of Revenue Footprint across Eastern Australi
Slide 7: GemLife – 1Q 2025 Updates
GEMLIFE – 1Q 2025 UPDATES Delivered 58 homes in 1Q 2025 Growing number of occupied homes leading to higher Australia recurring weekly site fees 58 new homes 1,804 1,862 Target of 6,500 Japan 1,449 1,088 homes 870 based on current project pipeline Greater China 530 290 Dec-19 Dec-20 Dec-21 Dec-22 Dec
Slide 8: GemLife – Homes and Facilities
GEMLIFE – HOMES AND FACILITIES Our residents enjoy luxury living with an active lifestyle The Gem Cut | Apr 2025 https://www.youtube.com/watch?v=6BBQc1MMjfU Australia Japan Greater China South Asia India 8
Slide 9: Japan Commercial Properties
JAPAN COMMERCIAL PROPERTIES Average occupancy of 96%+ for 6 commercial buildings in Osaka Australia Yotsubashi East Building 100% Yotsubashi Nakano Building 93% Yotsubashi Grand Building 100% Japan India 50%-owned 56%-owned 50%-owned 55%-owned 55%-owned 55%-owned Greater L: 861 sqm L: 806 sqm China
Slide 10: India Real Estate and Healthcare
INDIA REAL ESTATE AND HEALTHCARE Capitalising on one of the world’s fastest growing real estate markets Australia Japan India Artist Impression • Located in Gurugram – Prime real-estate Greater 21 Acres China hub adjacent to the capital. Land area for real-estate and healthcare • Fast growing city w
Slide 11: Lifestyle
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Slide 12: Beauty & Fragrance stores across Greater China
BEAUTY & FRAGRANCE 31 stores across Greater China Australia Multi-brand beauty retailers and Mono-brand stores and counters New portfolio additions concept stores Japan India Greater China Brand Portfolio Additions: South Asia Atelier Cologne, Miu Miu, Juliette Has a Gun & Yue Sai 12
Slide 13: DJI Drones - Exclusive Distributor
DJI DRONES - EXCLUSIVE DISTRIBUTOR Expanded product range and wider adoption in South Asia Australia DJI is the world’s largest Thakral is the exclusive distributor in drone manufacturer 7 countries across South Asia Japan > 70% India Market Share* Greater China South Asia *Source: CNBC 13
Slide 14: DJI Drones – 1Q 2025 Updates
DJI DRONES – 1Q 2025 UPDATES Strong growth driven by rising adoption across industries Expanding range of drones, digital action cameras, gimbals, AV products, and related accessories Australia Japan India Greater China DJI Ronin 4D-8K DJI Mic 2 DJI Osmo Action 5 Pro DJI AIR 3S Next-generation Pocke
Slide 15: Emerging Drone Businesses in India
EMERGING DRONE BUSINESSES IN INDIA Capitalising opportunities in enterprise and agriculture drones Leveraging strategic partnerships in the drone ecosystem Australia Consumer Japan New Segments India Agriculture Greater China Bharat Skytech Skylark Drones • B2B business serving drone • Increased sta
Slide 16: Nespresso Distribution in India
NESPRESSO DISTRIBUTION IN INDIA Nespresso’s first boutique launched in 1Q2025 Australia Retail Boutique At Select Citywalk, New Delhi Japan India E-commerce Platform Enhanced accessibility and reach Greater China B2B Sales Hotels, restaurants and corporate South offices Asia 16
Slide 17: Financial Results
del i } THAKRAL CORPORATION LTD FINANCIAL RESULTS
Slide 18: 1Q 2025 Snapshot
1Q 2025 SNAPSHOT Revenue: S$76.0m +26.6% YoY Profit before interest and Segment results - Lifestyle Segment results - Investments tax S$6.3m S$3.4m S$4.7m +27.6% YoY +0.7% YoY +34.5% YoY Net Asset Value GemLife’s Occupied Homes S$1.32 1,862 vs S$1.28 at 4Q2024 vs 1,804 at 4Q2024 18
Slide 19: Income Statement Highlights
INCOME STATEMENT HIGHLIGHTS Strong revenue growth across key segments 1Q 2025 1Q 2024 YoY Guide to Key Drivers (S$’000) (S$’000) Change Thakral’s I/S Revenue 75,962 59,998 26.6% Significant growth in the Lifestyle Lifestyle business revenue. Business Gross profit 12,908 11,119 16.1% (~97%) Compressi
Slide 20: Revenue Breakdown by Segment
REVENUE BREAKDOWN BY SEGMENT ~97% of 1Q 2025 revenue was contributed by Lifestyle business 60.0 Total Revenue 76.0 Key Takeaways (1Q 2025 vs 1Q 2024) Lifestyle • Strong demand for the Group’s beauty and fragrance business in Greater China. • Expanding product range, including accessories S$ mil fro
Slide 21: Segmental Results Breakdown
SEGMENTAL RESULTS BREAKDOWN Significant growth in Investment segment 6.3 Total Segment Results 7.5 Key Takeaways (1Q 2025 vs 1Q 2024) LIFE (Group) +1% 3.4 • Robust demand and ongoing expansion of the Group’s beauty and fragrance business in Greater China. 3.4 S$ mil • Increased adoption of drones i
Slide 22: Revenue Breakdown by Geography
REVENUE BREAKDOWN BY GEOGRAPHY Growth in key geographies due to stronger consumer demand in 1Q 2025 60.0 Total Revenue 76.0 Key Takeaways (1Q 2025 vs 1Q 2024) 3.6 North America & Others 0.2 1.5 • Expansion of building materials and other 11.7 trade products. 3.2 0.6 +56% S$ mil 1.5 7.5 17.8 Greater
Slide 23: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS Key Drivers 31 MAR 2025 31 DEC 2024 QoQ Selected Items Only (S$’000) (S$’000) Change Mainly from partial settlement of accrued Cash and bank balances 10,897 12,673 -14.0% expenses and increase in other receivables Associates 134,349 129,694 +3.6% Total Assets 366,604 359,513
Slide 24: Attractive Valuation with Strong Growth
ATTRACTIVE VALUATION WITH STRONG GROWTH Trading at 0.63x Price to Book (S$) 1.4 1.32 1.2 1.28 1.17 1 P/B 0.63x 0.8 0.83 0.6 0.4 0.2 0 NAV/Share (Dec'23) NAV/Share (Dec'24) NAV/Share (Mar'25) Share Price# #Share price as on 19 May 2025 24
Slide 25: Good Investor Returns
GOOD INVESTOR RETURNS Strong capital gains and stable dividends over the past years 0.9 0.83 5 7.2 7.5 7.4 6.7 6 10 0.8 0 0.5 cent 0.7 4 Special 0.64 Dividend -10 0.6 0.59 0.6 -20 3 0.5 0.46 -30 0.41 0.4 4.5 -40 2 4.0 4.0 4.0 -50 0.3 3.0 Annualised return over 5 years = 22.44%* -60 0.2 1 -70 0.1 0 -
Slide 26: For IR enquiries, please contact
For IR enquiries, please contact kamal@financialpr.com.sg shivam@financialpr.com.sg rishika@financialpr.com.sg
Slide 27: Appendix: Lifestyle Business - Overview
APPENDIX LIFESTYLE BUSINESS - OVERVIEW Businesses Sales Geography Structure Management of leading beauty, fragrance and lifestyle brands across e-commerce and offline retail channels, both direct-to- Greater China, Global 100% subsidiary consumer and via key account retailers E-commerce platform for
Slide 28: Appendix: Investment Business - Overview
APPENDIX INVESTMENT BUSINESS - OVERVIEW Businesses Geography Structure Over-50s lifestyle resorts development and operation (GemLife) Australia 31.7% associate Real estate investments Japan Pooled investment vehicles (Japan Office Buildings (Totaling 39,894 sqm) + 1 Hotel) Commercial real estate inv