Slide 1: FY 2025 Results Presentation
FY 2025 Results Presentation 27 February 2026 Zyon Grand I Singapore Artist’s impression
Slide 2: Agenda
Agenda ▪ Performance Highlights ▪ Financial Highlights ▪ Operations Review ➢ Singapore Operations ➢ International Operations ➢ Hospitality The Orie I Singapore Artist’s impression
Slide 3: Performance Highlights
Performance Highlights Zyon Grand I Singapore Artist’s impression
Slide 4: Key Highlights FY 2025
Key Highlights FY 2025 1 Disciplined Capital Recycling 2 Strong Execution Record SG residential sales value Achieved ~$2B in contracted divestments $4.35B Highest in the Group’s history ▪ Divestments outpaced acquisitions ▪ Proceeds selectively redeployed: 1,657 13% 3 SG 1 UK hotel units sold2 marke
Slide 5: Financial Highlights FY 2025
Financial Highlights FY 2025 Key Performance Highlights Revenue EBITDA $3.6B $1.5B ▲ 9.7% ▲ 43.1% The Orie sales gallery Tembusu Grand FY 2024: $3.3B FY 2024: $1.0B ➢ Revenue: Increased 9.7% to $3.6B, with property development being the largest contributor to revenue growth. The increase was support
Slide 6: Financial Highlights FY 2025
Financial Highlights FY 2025 Key Performance Highlights NAV1 Total Dividend $10.74 NAV ▲ mainly due to capital recycling gains from the IP and Hotel Ops 28.0 Comprises: • Special Interim Ordinary Dividend: – 3.0 cents per share segments which crystallised in the NAV, cents per share • Proposed Final
Slide 7: Global Portfolio Overview
Global Portfolio Overview Segment Analysis as of 31 Dec 2025 Total Assets Segment Analysis Others Others 16% 6% US DP 7% IP Assets by SG Assets by 39% 30% Geography 41% Business $27B China Segment 16% UK Hotel 20% 25% With Fair Value of IPs & Hotels Others Others 5% 16% DP US 29% 6% Assets by Assets
Slide 8: Unlocking Value: Strategic Divestments FY 2025
Unlocking Value Strategic Divestments FY 2025 Japan US Key Highlight: South Beach Landmark deal based on $2.75B valuation – Marks one of CDL’s largest divestments • Sales value: $1.38B (50.1% share of the agreed property value) Comfort Inn Near Vail Beaver Bespoke Hotel Osaka Shinsaibashi • Represen
Slide 9: Capital Recycling Focus
Capital Recycling Focus Divestments > Investments in 2025 ➢ Successful execution of capital recycling strategy ➢ Reflects enhanced focus on portfolio optimisation $B Strategic Investments in 2025 2.4 $2.4B $2.2B ~$2B 2 $1.7B 1.6 London hotel Lakeside Drive Woodlands Drive 17 EC GLS site GLS site 1.2
Slide 10: Singapore Residential Launch Pipeline
Singapore Residential Launch Pipeline ➢ Disciplined land replenishment strategy Recent Launches ➢ Secured 3 GLS sites in 2025 and 1 GLS site in Feb 2026 Launch date % sold4 The Orie2 (777 units) Jan 2025 95% Targeted Launches Zyon Grand2 (706 units) Oct 2025 87% Lakeside Drive Q3 2026 Newport Reside
Slide 11: Latest Residential Launch Jan 2026
Latest Residential Launch Jan 2026 Newport Residences – Ultra-Luxury Residence in Prime District 2 Location Tenure Equity Stake Total Units Total Units Sold1 Site Area (sq ft) Total Saleable Area (sq ft) 80 Anson Road Freehold 100% 246 162 (66%) 54,802 206,621 Strong debut for 2026’s 1st CCR launch
Slide 12: Singapore Commercial FY 2025 Performance Highlights
Singapore Commercial FY 2025 Performance Highlights ➢ Secured ~738,000 sq ft of new leases and renewals ➢ Completed 2 Asset Enhancement Initiatives (AEIs) Driving Portfolio Performance through AEIs Republic Plaza Tower 2 City Square Mall Committed Occupancy1 98.7% ➢ Strong leasing momentum Artist’s
Slide 13: Global Hotel Portfolio Refurbishments & Developments FY 2025
Global Hotel Portfolio Refurbishments & Developments FY 2025 ➢ Opened 2 refurbished hotels in Penang and New York in 2025 ➢ Good progress on ongoing projects in California and London – expected opening in 2026 Completed: 2 Revamped M Social Hotels Ongoing M Social Resort Penang M Social Hotel New Yo
Slide 14: Global Living Sector Portfolio FY 2025
Global Living Sector Portfolio FY 2025 ➢ Building scale to boost recurring income Total GDV Total Units & Beds ➢ Stabilised assets with continued resilient ~$3.7B ~7,600 demand across all markets SINGAPORE OVERSEAS GDV Units Existing $1.3B 926 19% Portfolio Occupancy Private Rented Sector (PRS) Purp
Slide 15: Legacy UK Development Platform
Legacy UK Development Platform Artist’s Impression Sold Development Sites & Residential Projects (Acquired from 2013 to 2017) Ransome’s Wharf Pavilion Road Stag Brewery Development House Teddington Riverside Chesham Street 148 out of 224 units unsold1 3 out of 6 units unsold1 Sold for £69.1MM in 202
Slide 16: Industry & Sustainability Recognition
Industry & Sustainability Recognition FY 2025 Key Highlights KEY INDUSTRY ACCOLADES IN 2025 Donation to Singapore Institute of Technology (SIT) Overall Sector Winner Quality Excellence Award WSH Developer Award Top Developer (Real Estate); (13th consecutive win) (13th win) (9th consecutive win) Best
Slide 17: Sustainable Shareholder Returns
Sustainable Shareholder Returns Enhanced Dividend Policy – Strengthen Alignment with Shareholders’ Interests Enhanced Dividend Policy FY 2025 FY 2025 payout ratio 40% The Group is committed to delivering sustainable shareholder Total Comprises: returns with active capital recycling, effective capita
Slide 18: Value Creation
Value Creation Dividend payout ratio Capital ≥35% Capital Recycling of reported PATMI Management Portfolio Recurring Optimisation Income Sustainable Shareholder Fund Returns Diversification Management Environmental I Social I Governance ROE Sustainability
Slide 19: Financial Highlights
Financial Highlights Piccadilly Grand I Singapore
Slide 20: Financial Highlights FY 2025
Financial Highlights FY 2025 FY 2024 ($MM) FY 2025 ($MM) y-o-y ➢ Revenue growth across all business segments Revenue 3,271 3,587 ▲9.7% ➢ Strong EBITDA growth of 43.1% y-o-y, led by Investment Properties segment EBITDA 1,024 1,465 ▲43.1% ➢ PBT doubles to $772MM, led by Property Development segment PB
Slide 21: Segmental Analysis Revenue
Segmental Analysis Revenue FY 2025 FY 2024 y-o-y Revenue $3,587MM $3,271MM ▲ 9.7% Revenue Contribution by Segment Property Hotel Investment Others Development Operations Properties Others (7%) $MM Investment Property 3,200 Properties Development (14%) (33%) 2,800 2,400 FY 2025 2,000 Total 1,622 1,65
Slide 22: Segmental Analysis EBITDA
Segmental Analysis EBITDA FY 2025 FY 2024 y-o-y EBITDA $1,465MM $1,024MM ▲43.1% EBITDA Contribution by Segment Property Hotel Investment Others Development Operations Properties Others (1%) Property $MM Development 670 (18%) 700 600 Investment 514 Properties FY 2025 500 468 (46%) Total 381 $1,465MM
Slide 23: Segmental Analysis PBT
Segmental Analysis PBT FY 2025 FY 2024 y-o-y PBT $772MM $374MM ▲106.3% Property Hotel Investment Others Development Operations Properties $MM 400 358 300 256 182 193 200 146 100 19 16 0 (24) (100) FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 • Property Development segment: PBT imp
Slide 24: Prudent Capital Management
Prudent Capital Management As of 31 Dec 2025 FY 2024 cash included $0.7B set Well-Spread Debt Maturity Profile aside for the Key Credit Metrics FY 2024 FY 2025 payment of the Group’s 51% Total Gross Borrowings: $13.4B Net Gearing1 interest in 69% 71% Others (5.7%) (include fair value) Shanghai Xinti
Slide 25: Capital Management – High Natural Hedge
Capital Management – High Natural Hedge As of 31 Dec 2025 Substantially 77% natural hedge for the key geographical markets the Group operates in GBP RMB USD JPY AUD Natural Hedge Natural Hedge Natural Hedge Natural Hedge Natural Hedge 99% 57% 43% 92% 64% S$MM 6,000 5,308 5,236 5,000 4,329 4,000 3,00
Slide 26: Operations Review
Operations Review Union Square | Singapore Artist’s impression
Slide 27: Singapore Operations: Property Development
Singapore Operations Property Development Zyon Grand I Singapore Artist’s impression
Slide 28: Singapore Residential Property Market
Singapore Residential Property Market Property Price Index – Residential (2015 – 2025) Q4 2025 Price Increase All Residential (+3.3% y-o-y) In Q4 2025, residential prices increased by 0.6% q-o-q, moderating from the 0.9% Q4 25: 216.4 220 increase in the previous quarter. 200 180 160 140 120 Q1 Q2 Q3
Slide 29: Singapore Private Residential Property Market 2025
Singapore Private Residential Property Market 2025 Property Price Index (PPI) Sales Volume ‒ Q4: 0.6% q-o-q ( 0.9% q-o-q in Q3) ‒ 2025: 10,815 units (excl. 1,630 ECs) ‒ 2025: 3.3% y-o-y ‒ Lower interest rates boosted demand ➢ Despite the extension of Seller’s Stamp Duty to a 4-year holding peri
Slide 30: Singapore Property Development FY 2025
Singapore Property Development FY 2025 Performance Highlights Strong sales performance was mainly driven Total Sales Value Total Units Sold1 by 2 successful launches: $4.35B 1,657 RECORD Highest in the Group’s history The Orie (777 units) ▲ 46.6% ▲ 11.3% Launched in Jan (FY 2024: $2.97B) (FY 2024: 1
Slide 31: Singapore Property Development Performance Overview
Singapore Property Development Performance Overview Steady Sales for Launches from 2019 Completed Projects in 2025 Launch Year Project Location Tenure Total Units Units Sold2 % Sold2 ➢ Copen Grand (TOP: Apr) 2026 Newport Residences Anson Road Freehold 246 162 66% ➢ Piccadilly Grand (TOP: Sep) Zyon G
Slide 32: Singapore Property Development Inventory
Singapore Property Development Inventory As of 31 Dec 2025 Total Unsold CDL’s Share of Project Equity Stake Total Units Units Sold Inventory Unsold Inventory One Shenton 100% 341 333 8 8 Cliveden at Grange 100% 110 49 61 61 UP@Robertson Quay 100% 70 62 8 8 Artist’s impression Boulevard 88 40% 154 14
Slide 33: Singapore Operations: Asset Management
Singapore Operations Asset Management City Square Mall I Singapore
Slide 34: Singapore Commercial Market
Singapore Commercial Market Property Price Index – Commercial (2015 – 2025) 150 Office Retail 140 Q4 2025 Price Decrease (-2.1% y-o-y) In Q4 2025, office prices decreased by 130 0.7% q-o-q, compared to the 0.2% decrease in the previous quarter. 120 110 Q4 25: 110.7 Q4 25: 101.4 100 Q4 2025 Price Inc
Slide 35: Singapore Commercial Market
Singapore Commercial Market Property Rental Index – Commercial (2015 – 2025) Q4 2025 Rental Increase 250 (+0.3% y-o-y) In Q4 2025, office rents increased by Office Retail 0.4% q-o-q, compared with the 0.1% decline in the previous quarter. 200 Q4 25: 200.6 150 100 Q4 25: 80.6 Q4 2025 Rental Increase
Slide 36: Singapore Commercial Portfolio Occupancy
Singapore Commercial Portfolio Occupancy As of 31 Dec 2025 ➢ Resilient committed occupancy and well-balanced lease expiry profile ➢ Supports income stability and safeguards portfolio performance across market cycles Office Space Lease Expiry Profile (by % GR) Office 1 24.6% 29.3% 30.7% 97.8% 15.4% C
Slide 37: Singapore Commercial Portfolio Trade Mix
Singapore Commercial Portfolio Trade Mix As of 31 Dec 2025 ➢ Diversified tenant profile maintained across the portfolio ➢ Functions as a hedge against market volatility and strengthens long-term performance Office Retail The Group’s diversified trade mix contributes to portfolio resilience The Group
Slide 38: International Operations
International Operations The Octagon I Birmingham
Slide 39: International Operations Australia
International Operations Australia Focus on Residential Developments across Eastern Seaboard Queensland Victoria BTS BTS Artist’s Impression Fitzroy Fitzroy Brickworks Park1 ➢ Sold 64% of the total 56 units. ➢ Sold 94% of 158 units. ➢ Construction commenced Q4 2023, estimated ➢ Stage 1 (107 apartmen
Slide 40: 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: ➢ Comprises high-end residential apartments with 648 units, Grade A office space and 5-star hotel in a 250m tall tower Hong Leong City Center ➢ Construction has
Slide 41: International Operations Japan
International Operations Japan Strong Performance Underscores Resilient Japan PRS 26 freehold residential properties in Tokyo (866 units) 9 freehold residential properties in Osaka (797 units) 1 freehold residential property in Saitama (115 units) Horie Lux Pregio Joto Chuo B-Proud Tenmabashi QUALIT
Slide 42: International Operations UK
International Operations UK Residential Portfolio London 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 First operational asset i
Slide 43: International Operations UK: PBSA Portfolio
International Operations UK Purpose-Built Student Accommodation (PBSA) Portfolio ➢ 6 strategically located assets ➢ 2,368 beds across 5 cities Sycamore House, Leeds Infinity, Coventry Trinity View, Coventry (117 beds) (505 beds) (614 beds) Altura, Birmingham (435 beds) Leeds Birmingham Coventry Arti
Slide 44: Commercial Portfolio Occupancy UK
Commercial Portfolio Occupancy UK As of 31 Dec 2025 ➢ Resilient committed occupancy: 91.1% (11.6% pts y-o-y) 3 Commercial Assets in Central London with strong office backfilling ➢ Solid WALE: 5.8 years signals portfolio stability St Katharine Docks 91.1 % 69.4% Committed Occupancy ~1.1MM sq ft 12.4
Slide 45: Commercial Portfolio Trade Mix UK
Commercial Portfolio Trade Mix UK As of 31 Dec 2025 ➢ Well-diversified tenant mix across both the office and retail portfolio Office Retail Mainly anchored by established corporate tenants Largely made up of essential trades supporting office tenants, from Telecommunications & Media, Financial Servi
Slide 46: Hospitality
Hospitality M Social Hotel New York Downtown | US
Slide 47: Hotel Operations Trading Performance FY 2025
Hotel Operations Trading Performance FY 2025 FY 2025 FY 2024 Change $MM $MM % Revenue 1,650.0 1,622.1 1.7 PBT 256.0 193.4 32.3 EBITDA 513.5 381.1 34.7 Mixed Global Performance Amid Regional Headwinds: M Social Hotel New York Downtown • Stronger performance from US, Europe and Australasia was partial
Slide 48: Hotel Operations (2H 2025 vs 2H 2024)
Hotel Operations (2H 2025 vs 2H 2024) Occupancy, Average Room Rate, and RevPAR and GOP Margin by Region for CDL Group Room Occupancy Average Room Rate RevPAR GOP 2H 2025 2H 2024 Incr / (Decr) 2H 2025 2H 20241 Incr / (Decr) 2H 2025 2H 20241 Incr / (Decr) 2H 2025 2H 2024 Incr / (Decr) % % % pts $ $ %
Slide 49: Hotel Operations (2025 vs 2024)
Hotel Operations (2025 vs 2024) Occupancy, Average Room Rate, and RevPAR and GOP Margin by Region for CDL Group Room Occupancy Average Room Rate RevPAR GOP FY 2025 FY 2024 Incr/(Decr) FY 2025 FY 20241 Incr/(Decr) FY 2025 FY 20241 Incr/(Decr) FY 2025 FY 2024 Incr/(Decr) % % % pts $ $ % $ $ % % % % pt
Slide 50: CDL Hospitality Trusts (CDLHT)
CDL Hospitality Trusts (CDLHT) FY 2025 Trading Performance FY 2025 FY 2024 Change $MM $MM % Gross Revenue 267.6 260.3 2.8 Net Property Income (NPI) 129.7 135.2 (4.1) Performance Overview: ➢ Gross revenue growth was led by the UK, Japan, and Australia, with the UK benefiting from inorganic contributi
Slide 51: CDLHT – FY 2025 Performance Overview
CDLHT – FY 2025 Performance Overview YoY change in Country Remarks RevPAR (%) Despite a moderation in full-year RevPAR performance, the Singapore Hotels achieved a 1.6% y-o-y improvement in 2H 2025, buoyed by high- profile events such as the World Aquatics Championships, Formula 1 Singapore Grand Pr
Slide 52: 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 53: Our Vision, Mission and Values
OUR VISION: We aim to be recognised by customers, employees and peers as an innovative creator of quality and sustainable spaces. OUR MISSION: C onceptualise spaces and solutions R espect planet Earth E ncourage diversity of people and ideas A dvance the communities we operate in T ake prudent risk