FY2025 Annual Report

‌STEADFAST

TOGETHER

Annual Report 2025

STEADFAST

TOGETHER

"Steadfast Together" aptly encapsulates Boustead's journey in FY2025, celebrating our successes and navigation of challenges as a refortified Group.

Reaping the fruits of our efforts, we have generated respectable performances across most divisions and also transformed our real estate asset management and fund management business through a stake

in Pan-Asian logistics and industrial platform, UIB. We continue to display unity and resilience in an increasingly complex global environment.

The diversity of our businesses has laid strong foundations to overcome persistent geoeconomic and geopolitical tensions, upheavals, strife and wars during recent times. Leveraging our united team and

expertise, we are positioned to seize new opportunities, strengthen our core businesses, and remain adaptable and flexible. Our collaborative steadfastness will ensure Boustead's position as a market leader in the niche areas that we serve.

Scan or download the Annual Report at

https://www.boustead.sg.

01

Contents

Overview

Business Review

Governance, Financial Statements & Other Information

Corporate Profile

Established in 1828, Boustead Singapore Limited (SGX:F9D) is a progressive global Infrastructure-Related Engineering and Technology Group listed on the SGX Mainboard.

As Singapore's oldest continuous business organisation, we focus on the niche engineering and development of key infrastructure to support sustainable shared socio-economic growth. Our strong suite of engineering services under our Energy Engineering Division and Real Estate Solutions Division centres on energy infrastructure and smart, eco-sustainable and future-ready real estate developments.

In addition, we provide technology-driven transformative solutions to

improve the quality of life for all

walks of life. Our Geospatial Division provides professional services

and exclusively distributes Esri ArcGIS technology - the world's leading geographic information

system, smart mapping and location analytics enterprise platform

- to major markets in the Asia Pacific. The enterprise platform develops digital infrastructure solutions and

digital twins, empowering intelligent choices for nations, cities and

communities and helps them address complex challenges both locally and globally. Enhanced planning and

stewardship of vital infrastructure and resources are essential for ensuring economic resilience, safeguarding the environment and maintaining social accountability. Our Healthcare Division provides innovative medical solutions that address age-related chronic

diseases and mobility issues, with a focus on rehabilitative care and sports science in the Asia Pacific.

With a vast global network stretching across Asia, Australia, Europe, Africa and the Americas, we are ready to serve the world. To date, we have an installed project base in 95 countries and territories globally.

Over the years, we have been a recipient of many reputable awards including the prestigious Forbes Asia 200 Best Under A Billion Award. In 2019, we were awarded the Most Transparent Company Award and Sustainability Award (Runner-Up) by the Securities Investors Association (Singapore).

Between 2020 to 2025, we also ranked among Singapore's Best Employers, Singapore's Fastest Growing Companies, Asia-Pacific High-Growth Companies, and Fortune Southeast Asia 500. We were also honoured with the Corporate Excellence & Resilience Award at the Singapore Corporate Awards 2021 Special Edition.

Visit us at https://www.boustead.sg.

RESOLUTE

OVER

in advancing geospatial technology by empowering

7,000

ORGANISATIONS

with cutting-edge smart mapping services and the transformative power of location intelligence.

Our Geospatial Division provides professional services and exclusively distributes Esri ArcGIS technology, the world's leading geographic information system ("GIS"), smart mapping and location analytics enterprise platform to major markets in the Asia Pacific. The enterprise platform develops digital infrastructure solutions and digital twins, empowering intelligent choices for nations, cities and communities and helps them address complex challenges both locally and globally. Enhanced planning and stewardship of vital infrastructure and resources are essential for ensuring economic resilience, safeguarding the environment and maintaining social accountability.

Read more on pages 28 to 39.

OF GLOBAL GDP.

75%

to nearly

The division has delivered GIS multiplier effects that add value in a wide range of sectors that contribute

DEDICATED

to design-and-build highly-specialised industrial facilities with

30

OVER

YEARS OF EXPERIENCE,

we remain committed to creating spaces that meet the evolving needs of diverse clients and sectors.

Our Real Estate Solutions Division (Boustead Projects) provides innovative real estate solutions such as smart, eco-sustainable and future-ready developments for Fortune 500, S&P 500 and Euronext 100 corporations across diverse sectors. These developments are designed to meet Industry 4.0 transformation standards, while simultaneously minimising emissions and resource wastage.

Read more on pages 40 to 49.

22

The division has delivered

%

OF ALL GREEN MARK

PLATINUM-RATED

new private sector developments on industrial-zoned land in Singapore.

CONSISTENT 70%

in earning the trust of

OF THE WORLD'S TOP 20 ENERGY CORPORATIONS

through meeting the demanding standards of the energy sector and focusing on its long-term transition.

Our Energy Engineering Division provides critical process technologies and also emissions reduction solutions to the global energy sector, which are important drivers of human well-being, economic development and progress. Process heater systems used in gas processing and hydrogen production are part of a multi-decade energy transition. Heat recovery systems ("HRS") capture thermal energy from high temperature turbine exhaust and flue gases, which is efficiently transferred for use by other utilities, thus reducing the overall energy demand of plants and potentially doubling the operational efficiency of gas-fired turbines.

Read more on pages 50 to 55.

57

The division has delivered HRS with annual thermal energy recovery of over

TERAWATT-HOURS.

UNWAVERING

OVER

in our commitment to patient rehabilitation as the preferred provider of rehabilitative care and sports science solutions to

1,500

HEALTHCARE INSTITUTIONS

and helping to improve healthcare outcomes within the communities we serve.

Our Healthcare Division provides innovative medical solutions that address age-related chronic diseases and mobility issues, with a focus on rehabilitative care and sports science. The division aims to relieve pain points and mitigate resource shortages faced by the healthcare sector with outcome-based solutions promoting efficient recovery of patients and higher productivity of healthcare professionals.

Read more on pages 56 to 59.

FULL-FLEDGED FUNCTIONAL ASSESSMENT CENTRE.

1ST

Singapore's

The division operates

R

p

e

r

p

o

u

v

t

e

a

n

b

l

t

e

r

a

b

c

r

k

a

n

r

e

d

c

a

o

r

n

d

d

B

e

a

d

a

pt

a

b

l

e

p

a

c

t

s

o

n

t

h

e

T

w

e

or

ch

l

n

d

o

i

l

n

o

g

i

c

a

l

t

r

a

n

s

f

o

r

m

a

t

i

o

n

‌The Boustead Way

n

o

C

P

r

o

g

r

e

s

e

y

I

t

n

s

c

li

t

i

e

n

b

g

a

B

e

r

u

i

i

l

s

l

i

t

l

e

n

y

R

e

e

s

s

c

p

a

l

x

n

d

a

R

r

t

E

e

f

s

o

il

e

i

r

e

n

m

s

t

s

P

a

r

p

t

n

a

e

n

r

e

s

d

h

i

c

i

n

p

v

t

s, a es

t

c

q

m

u

e

i

n

s

t

i

s

ti

o

n

s

h

Q

u

ea

a

l

l

t

i

t

h

y

,

a

e

n

n

d

vi s

r

a

S

o

f

n

e

t

m

y

e

e

f

n

B

r

o

C

ta

c

u

l

u

re

,

s

s

v

i

a

t

n

i

e

e

p

o

s

c

s

s

i

s

t

e

iv

m

s

e

i

o

e

m

d

n

e

l

n

v

e

d

a

l

e

u

y

T

p

e

t

r

d

i

c

O

l

h

u

a

s

n

u

a

i

t

Q

m

S

a

f

e

t

y

t

c

u

d

The Boustead Way

e

o

t

oc

a

r

s

t

d

S

re

ha

s

e

l

b

a

n

i

e

a

c

t

n

s

a

u

l

s

a

er

b

v

d

li

r

e

a

D

w

e

r

d

n

a

k

s

i

R

e

s

i

t

d

r

n

e

a

p

g

x

e

n

i

t

r

n

e

e

s

e

es

m

n

r

i

e

g

g

o

g

r

n

a

p

E

d

an

n

m

a

e

u

al

v

c

i

m

o

s

e

on

i

c

g

e

-

i

Mission

To pursue business with a greater purpose - creating sustainable shared socio-economic value through providing progressive, smart, eco-sustainable, emissions reduction and future-ready solutions that empower stakeholders in the markets we serve.

Vision

To be the leading global provider of progressive, smart, eco-sustainable, emissions reduction and future-ready solutions.

Business Model

Corporate Values

Keeping an open mind

We endeavour to push the boundaries of paradigms, research and technologies to improve business performance and sustainability.

Striving for progress

We want to be distinguished for:

• Our sector leadership, client-focus and strong suite of smart, eco-sustainable, emissions reduction and future-ready solutions;

• Our professionalism, financial performance, proven business and management model, and successful growth strategies; and

• Our creation of shared socio-economic value and contribution to economic, environmental and social progress in communities globally.

Over Boustead's enduring heritage of almost two centuries, we have been delivering sustainable shared socio-economic value and progress to key stakeholders globally. We owe our success to our experienced and versatile teams who possess

Adhering to the highest standards of honourable conduct

We believe in conducting business honourably. We are committed

to building a climate of fairness, honesty, trust and sincerity with all key stakeholders.

in-depth domain expertise and tremendous international experience and generally undertake the high value-added activities across the engineering and technology value chains, guided by the Boustead Way.

As a knowledge-driven organisation, we employ a business model with inbuilt exportability and flexibility, which has enabled us to adapt our operations to diverse situations and widespread geographic markets covering 95 countries and territories globally.

Respecting our team and stakeholders

We believe in creating a positive work environment that promotes creativity, excitement and growth, and makes our team feel cared for, challenged, empowered and respected because they are our best asset - they are Boustead.

Creating the ideal environment for them to thrive in will eventually translate to

delivering sustainable shared socio-economic value and

progress to key stakeholders.

Upholding excellence

We aim to deliver excellence in everything we do.

At our core are Boustead Men and Women, guided by the Boustead Way, and fortified by our fundamental principles and strong human-centric corporate values. Over time, we

Servicing our clients

We aim to gain an in-depth understanding of our clients' needs so that we are able to deliver progressive answers to them in the dynamic global business environment.

have established our reputation for integrity, quality, reliability and trust, which together with our corporate values and business drivers, help us to achieve our long-term objectives to be adaptable and resilient, deliver sustainable shared socio-economic value and progress, and create positive impacts on the world. We are a responsible global corporate citizen with a greater purpose in mind.

Prioritising safety

We believe in making safety an inherent part of our solutions and the environment we operate in.

P

o

s

i

t

i

o

n

i

n

g

n

c

e

p

l

e

Achieving Our Mission, Vision & Long-Term Objectives

In order to achieve our mission, vision and

long-term objectives,

we rely on our business drivers: business

platforms, strategies

• World-class teams

• Empowering culture

• Fair and

  non-discriminatory employment practices

• Ability to attract, develop, motivate and retain talent

• Industry technical experts

People

• Extensive track record

• Delivery of

  world-class projects

• Solutions in geospatial, real estate, energy and healthcare sectors

• Commitments to Quality, Environmental, Health, and Safety ("QEHS") performance

r

o

f

r

e

P

e

c

n

a

m

and business model value chain - guided by the Boustead Way, along with our fundamental principles and strong human-centric corporate values.

a

n

d

p

r

e

s

e

P

e

o

Business Platforms

Positioning and presence

• Successful spotting and positioning on megatrends

• Global view with local market knowledge

• Focus on

  socio-economic development

  in high-growth markets

• Broad coverage of sectors

• Installed project base in 95 countries and territories

• More than 8,500 clients globally

Performance

Business Model Value Chain

R

p

r

e

o

p

u

v

t

e

a

n

b

t

l

r

e

a

b

c

r

a

n

c

h

n

o

o

r

l

o

m

g

a

i

t

c

i

a

o

l

n

1

k

r

e

d

a

T

e

n

s

f

Uphold our excellent reputation

c

o

n

r

d

d

P

a

r

t

t

r

a

for integrity, quality, reliability and trust.

e

c

n

d

a

n

l

a

a

b

k

d

s

r

i

a

R

w

e

r

f

Q

o

E

c

H

u

S

s

n

n

E

a

m

Strategies

2

a

n

e

n

r

d

s

h

i

i

n

p

v

s

,

es

Design smart, eco-sustainable,

a

t

c

m

q

u

e

i

n

emissions reduction and future-ready solutions that

s

i

t

t

s

i

o

n

s

meet Industry 4.0 transformation standards.

e

s

i

d

t

r

n

e

a

p

g

x

e

n

i

t

r

n

e

e

e

n

i

g

3

m

e

g

a

Commit to operational

excellence through undertaking technology-driven design,

process, detailed and value

engineering, project management, QEHS supervision, installation,

commissioning and training.

4

Deliver efficiency, performance

and shared socio-economic value to clients.

5

Generate revenue, profit and cash

flow in a sustainable manner.

6

Be adaptable and resilient,

deliver sustainable shared socio-economic value and

progress, and create positive impacts on the world.

‌Global Presence

95

Installed project base in

countries and territories

FY2025 order backlog of

S$349m*

North America

Canada

United States of America

Latin America & Caribbean

Argentina Bolivia Brazil Chile

Dominican Republic Guyana

Mexico

Netherlands Antilles Peru

Suriname

Europe Eastern Europe Hungary Poland Slovakia

Northern Europe Denmark England

Finland Ireland Isle of Man Lithuania Norway Scotland Sweden Wales

Geospatial Division

Projects ongoing in FY2025

Projects track record

Southern Europe

Cyprus Greece Italy Spain Turkey

Western Europe

Austria Belgium France

Real Estate Solutions Division

Projects ongoing in FY2025

Projects track record

Energy Engineering Division

Projects ongoing in FY2025

Projects track record

Latin America & Caribbean

S$7 million

order backlog

North America

S$48 million

order backlog

Germany Netherlands Switzerland

Healthcare Division

Projects ongoing in FY2025

Projects track record

* Order backlog as announced in FY2025 financial results announcement.

Africa Eastern Africa Mozambique Tanzania

North Africa Algeria Egypt Tunisia

Middle Africa

Angola

Equatorial Guinea Gabon

Republic of Congo

Western Africa Cote d'Ivoire Ghana Mauritania Nigeria Senegal

Southern Africa

South Africa

Asia Middle East Bahrain Jordan Kuwait Oman Qatar

Saudi Arabia

United Arab Emirates

Central Asia Azerbaijan Kazakhstan Turkmenistan

South Asia Bangladesh India Maldives Pakistan

Sri Lanka

East Asia China Hong Kong Japan Macau

South Korea

South East Asia Brunei Indonesia Malaysia Philippines Singapore Thailand

Timor-Leste Vietnam

Australia & Oceania

Australia

New Caledonia New Zealand Papua New Guinea

Europe

S$1 million

order backlog

Africa

S$21 million

order backlog Asia

S$271 million

order backlog

Australia & Oceania

order backlog

‌Overall Financial Performance

Group Revenue

S$527.1 million

FY2024: S$767.6 million

Year-on-year:

31%

Group Operating Profit*/** S$106.6 million FY2024: S$81.7 million

Year-on-year:

30%

Group Profit before Income Tax** S$123.3 million FY2024: S$100.4 million

Year-on-year:

23%

Group Engineering Contracts Secured S$377 million FY2024: S$159 million

Year-on-year:

137%

25%

32% 38%

42%

30%

2%

<1%

45%

43%

23%

19%

57%

43%

Geospatial Division

Real Estate Solutions Division

Energy Engineering Division

Healthcare Division

Group Headquarters

Group Revenue (S$'m)

Group Operating Profit (S$'m)

Group Net Profit (S$'m)

767.6

213.4

113.1

685.7

631.8

561.6

527.1

106.6

81.7

45.8

54.5

95.0

64.2

45.3

30.6

FY21 FY22 FY23 FY24 FY25

FY21 FY22 FY23 FY24 FY25

FY21 FY22 FY23 FY24 FY25

Basic Earnings per Share (cents)

23.3

Net Asset Value per Share (cents)

Gross Dividend per Share (cents)

8.0

7.5***

5.5

2

4.0 4.0

4

1

118.3

105.8

92.3

89.9

94.9

.0

19.6

13.4

9.4

6.3

.0

FY21 FY22 FY23 FY24 FY25

FY21 FY22 FY23 FY24 FY25

.5

FY21 FY22 FY23 FY24 FY25

FY2025 special dividend per share (proposed) FY2025 final dividend per share (proposed) FY2025 interim dividend per share (paid)

* Group or division operating profit is defined as profit before interest and income tax including share of results of associates and joint ventures but excluding currency exchange gains/losses and dividend income.

** Pie charts for Group Operating Profit and Group Profit before Income Tax exclude loss-making divisions.

*** Includes proposed final dividend of 4.0 cents per share and special dividend of 2.0 cents per share.

Notes:

1. Based on profit attributable to equity holders of the Company divided by equity attributable to equity holders of the Company.

2. Based on profit attributable to equity holders of the Company divided by the weighted average number of ordinary shares in issue during the financial year ended 31 March.

3. Based on equity attributable to equity holders of the Company divided by the number of ordinary shares in issue at the end of the financial year ended 31 March.

4. Based on total borrowings divided by total equity.

‌Division Financial Performance

Geospatial

Our Geospatial Division provides professional services and exclusively distributes Esri ArcGIS technology - the world's leading geographic information system ("GIS"), smart mapping and location analytics enterprise platform - along with related GIS solutions.

This division has over 7,000 clients including key government agencies and organisations in eight countries in the Asia Pacific.

Division Revenue S$221.4 million FY2024: S$212.7 million

Year-on-year: 4%

Division Operating Profit* S$51.9 million

FY2024: S$40.5 million

Year-on-year: 28%

Division Team Members

716

FY2024: 726

Year-on-year: 1%

Read more on pages 28 to 39.

Real Estate Solutions

Our Real Estate Solutions Division (Boustead Projects) provides innovative real estate

solutions for smart, eco-sustainable and future-ready developments.

This division has undertaken over 230 projects totalling over 3,700,000 square metres of real estate in four countries in the Asia Pacific.

Division Revenue S$134.3 million FY2024: S$369.5 million

Year-on-year: 64%

Division Operating Profit* S$37.8 million

FY2024: S$17.5 million

Year-on-year: 117%

Division Contracts Secured S$214 million

FY2024: S$81 million

Year-on-year: 164%

Division Team Members

202

FY2024: 166

Year-on-year: 22%

Read more on pages 40 to 49.

* Group or division operating profit is defined as profit before interest and income tax including share of results of associates and joint ventures but excluding currency exchange gains/losses and dividend income.

Energy Engineering

Our Energy Engineering Division provides critical process technologies and also emissions reduction solutions to the global energy sector.

This division has undertaken over 1,300 projects in 93 countries and territories globally.

Division Revenue S$158.9 million FY2024: S$174.4 million

Year-on-year: 9%

Division Operating Profit* S$26.8 million

FY2024: S$31.2 million

Year-on-year: 14%

Division Contracts Secured S$163 million

FY2024: S$78 million

Year-on-year: 109%

Division Team Members

347

FY2024: 329

Year-on-year: 5%

Read more on pages 50 to 55.

Healthcare

Our Healthcare Division provides innovative medical solutions that address age-related chronic diseases and mobility issues, with a focus on rehabilitative care and sports science.

This division's clients include over 1,500 hospitals, nursing homes and outpatient centres in the

Asia Pacific.

Division Revenue S$12.1 million FY2024: S$10.6 million

Year-on-year: 15%

Division Operating Profit/(Loss)* (S$1.3 million)

FY2024: (S$0.2 million)

Division Team Members

70

FY2024: 67

Year-on-year: 4%

Read more on pages 56 to 59.

Suppliers

Purchases Supplier payments Other operating expenses

Indirect jobs for communities where we operate

Team

Salaries

Defined contribution plans

Share-based compensation Other benefits Direct jobs for

communities where we operate

Lenders and Investors

Interest paid to lenders Dividends paid to shareholders

S$296.5 million 53% of EV

S$131.6 million 24% of EV

S$27.6 million 5% of EV

Governments Communities

Corporate taxes for funding basic Community service government services and sponsored Philanthropic donations

economic, ESG and climate-related Indirect jobs for communities where programmes we operate

Indirect jobs for communities where we operate

S$27.9 million 5% of EV

S$0.22 million

<1% of EV

Direct EV Retained

Reinvestment in core businesses Future acquisitions and investments

Future provided payments to governments, lenders and investors

S$68.9 million 12% of EV

‌Not all profit is equal. Profits involving a social purpose represent

a higher form of capitalism, one that creates a positive cycle of company and community prosperity.

- Professor Michael Porter

Shared Socio-Economic Value Creation and Distribution in FY2025

Over Boustead's enduring heritage,

we have continued to perform our role as a responsible global corporate citizen, incubating and growing businesses with a greater purpose - creating sustainable shared socio-economic value in the process - and developing trusted relationships with key stakeholders globally. We have generated and distributed tremendous direct economic value ("EV") and environmental, social and governance ("ESG") benefits to key stakeholders.

With the exception of a single year, our continuous profitability every year since our current leadership took over in FY1997 has enabled us to

reinvest in creating sustainable shared socio-economic value and delivering progress, laying the cornerstones for our long-term success and longevity.

In FY2025, S$552.7 million in direct EV was generated, which was shared

among key stakeholders as shown here.

By Gender, Age & Category

By Gender

Male Female

FY2025

FY2024

69%

68%

FY2025

FY2024

31%

32%

Eco-Sustainable and Emissions Reduction Solutions in Action We have delivered numerous transformative projects, and eco-sustainable and emissions reduction solutions around the world which continue to be part

of the transition to low emission economic activities. These projects provide significant shared economic and ESG benefits to clients every year, while contributing positively to the environment and community ecosystems around them. Under the

Building & Construction Authority ("BCA") Green Mark Certification Scheme, Boustead Projects has delivered numerous Green Mark Platinum ("GMP")-rated business park and industrial developments, including Singapore's first logistics facility and

first building in the industrial real estate sector to have achieved both the Green Mark Platinum Super Low Energy and five badges under the evolved

BCA Green Mark 2021 ("GM: 2021").

Note:

Calculations are based on BCA Green Mark Certification Scheme assessments at the time when the GMP was awarded to a specific building, with the main conversion calculations based on the Energy Market Authority's Singapore Energy Statistics 2024 and PUB's Water Price Revisions 2025. Other supplementary conversion calculations are based on the US Environmental Protection Agency's greenhouse gas equivalencies calculator.

Note:

Calculations are based on contractual specifications, with the main conversion calculations based on the UK Government Department for Business, Energy & Industrial Strategy's Digest of UK Energy Statistics (DUKES) 2024 and Quarterly Energy Prices 2024. Other supplementary conversion calculations are based on the US Environmental Protection Agency's greenhouse gas equivalencies calculator.

In the global energy sector, Boustead International Heaters' heat recovery

systems ("HRS") capture thermal energy from high temperature turbine exhaust and flue gases generated

by processes, which is efficiently transferred for use by other utilities, thus reducing overall energy demand of plants and potentially doubling gas

turbine efficiency, instead of allowing this thermal energy to be lost to the atmosphere. In FY2025, our clients and their surrounding ecosystems enjoyed estimated benefits as shown here.

Number of Properties with Solar Energy Systems Capacity

FY2025 FY2024 FY2023 FY2022 FY2021

10

9

5

1

1

Number of Properties with Electric Vehicle Charging Capacity

FY2025 FY2024 FY2023 FY2022 FY2021

5

4

3

1

0

Strategic Partnerships for Environmental Sustainability

In preparation for a net zero emissions future, our Real Estate Solutions Division strongly encourages tenants to select renewable energy solutions that can be installed at our properties, should they find them beneficial for their operations. Tenants do not fund capital and operating expenditures for these solutions such as rooftop solar energy systems or electric vehicle charging stations but instead purchase the generated power at commercially agreed tariff rates, as set by strategic

partners and external service providers.

During FY2025, we continued to market renewable energy providers to tenants and introduce electric vehicle charging solutions at our properties. At the end of FY2025, 10 properties in Singapore had operational solar energy capacity, compared to nine properties at the end of FY2024; while five properties

in Singapore had operational electric vehicle charging stations, compared to four properties at the end of FY2024, as shown here.

‌Group at a Glance

Socio-Economic & Sustainability Awards over Past Decade

2025

Awards

• Boustead awarded ESBN Asia-Pacific Green Deal Badge under United Nations ESCAP Sustainable Business Network

  2024 • Boustead continuation on SGX Fast Track Programme

  2023

• Boustead ranked in Singapore's Best Employers 2023

• Boustead Projects awarded Silver EcoVadis Medal under EcoVadis Sustainability Assessment

  2022 • Boustead Projects awarded SkillsFuture Employer Award (Gold) at SkillsFuture Employer Awards 2022

  2021

• Boustead named on SGX Fast Track Programme

• Boustead awarded Corporate Excellence & Resilience Award, Mid Cap Category at Singapore Corporate Awards ("SCA") 2021 Special Edition

• Boustead Projects awarded Corporate Excellence & Resilience Award, Small Cap Category at SCA 2021 Special Edition

• Boustead Projects named as Finalist at Tripartite Alliance Award 2021

• Boustead Projects named as SkillsFuture Singapore Queen Bee

• Boustead ranked in Singapore's Best Employers 2021

  2020 • Boustead ranked in Singapore's Best Employers 2020

  2019

• Boustead Projects named on SGX Fast Track Programme

• Boustead awarded Most Transparent Company (Winner), Industrials Category at Securities Investors Association (Singapore) Investors' Choice Awards ("SIAS ICA") 2019

• Boustead awarded Sustainability Award (Runner-Up), Mid Cap Category at SIAS ICA 2019

• Boustead awarded Best Liquidity & Investments Solution Regional at The Asset Triple A Treasury, Trade, Supply Chain & Risk Management Awards 2019

• Boustead Singapore Limited FY2018 Longevity Report and Boustead Projects Limited FY2018 Longevity Report nominated Asia's Best First Time Sustainability Report Finalists at Asia Sustainability Reporting Awards 2018

  2017 • Boustead Projects awarded Singapore Corporate Governance Award, Newly Listed Category at SIAS ICA 2017

  • Boustead Projects awarded Singapore Quality Class Certification in Enterprise Singapore Business Excellence Framework

  • Boustead ranked Best Small-Cap in Singapore in FinanceAsia's Asia Best Companies 2017

  • Boustead ranked Best at Investor Relations (3rd) in Singapore in FinanceAsia Asia's Best Companies 2017

    2016

• Boustead awarded Certificate for Excellence and nominated as Best in Country: Singapore at IR Magazine Awards & Conference South East Asia 2016

• Loh Kai Keong, Executive Director & Group Chief Financial Officer (retired) awarded Best CFO, Mid Cap Category at SCA 2016

2015 • Boustead awarded Singapore Golden Jubilee Business Award

‌Chairman's Message

WONG FONG FUI

Chairman &

Group Chief Executive Officer

Dear Fellow Shareholders,

I am pleased to present to you the Boustead Singapore Limited FY2025 Annual Report: Steadfast Together for the financial year ended 31 March 2025.

The year under review remained challenging, with an uncertain global economic environment fuelled

by formidable geoeconomic and geopolitical headwinds. Nonetheless, the Group has together remained steadfast by delivering a set of commendable results with net

profit attributable to you, our fellow shareholder, being 48% higher

year-on-year at S$95.0 million. For a comparative review, after adjusting for other gains/losses and impairments, all net of non-controlling interests, net profit would have been 8% higher year-on-year.

The Group secured approximately S$377 million in new engineering contracts and major variations in FY2025

- more than double the figure secured in FY2024. The Geospatial Division also performed well with record-breaking revenue.

With good profitability and as a show of appreciation for shareholders' unwavering support, your Board has proposed a final ordinary dividend of 4.0 cents per share, as well as a

special dividend of 2.0 cents per share, with the option for the dividends to

be taken in cash and/or scrip, for shareholders' approval. This takes the total dividend proposed and paid for FY2025 to 7.5 cents per share, which is significantly higher than the 5.5 cents paid for FY2024.

FY2025 - Steadfast Together

The theme this year reflects Boustead's journey in unity and resilience during turbulent times. There is a constant need for us to adapt and remain agile, to navigate the dynamic industry landscapes of today.

A notable highlight for the year under review is the transfer of the Boustead Projects real estate asset management and fund management business to UIB, in return for a share of a regional Pan-Asian logistics and industrial platform with broader geographical diversification and an announced US$3.5 billion (~S$4.7 billion) in assets under management. As part of the transaction, Boustead Projects received about 20% shareholding in UIB - a platform which is expected to add value over the long-term.

Despite a drop in revenue by the Group this year, largely due to lower order backlog carried forward at the end of FY2024 for both the Real

Estate Solutions Division and Energy Engineering Division, not only has the Group delivered robust profit margins, but also pulled together to secure

S$377 million in new engineering contracts and major variations

- double the figure secured in FY2024.

An Agile Group with Four Business Divisions

Although global inflation has stabilised and interest rates have eased slightly, the global landscape continues to remain highly

uncertain and volatile, plagued by intensification in geopolitical conflicts and tariff wars. Market

analysts have cautioned that the US could face inflationary pressures due to higher tariffs, while indicators point to potentially slower growth in China. Elevated geopolitical tensions and a protectionist trading environment threaten global

manufacturing supply chains and

may cause energy market disruptions which would impact the core businesses of our Group.

The Geospatial Division delivered another record-breaking revenue that was 4% higher year-on-year at

S$221.4 million, surpassing last year's record of crossing the S$200 million-mark for the first time. Operating profit

was 28% higher year-on-year at S$51.9 million. This year, we made good progress in expansion of the business in the emerging markets of Malaysia and Indonesia, which continue to carry vast growth potential. Retaining and attracting the right talent continues

to be one of our primary focuses, in ensuring that the division realises its full growth potential.

With a significantly lower order backlog carried forward from FY2024, revenue for the Real Estate Solutions Division (Boustead Projects) declined significantly by 64% year-on-year to S$134.3 million. However, operating profit was 117% higher year-on-year at S$37.8 million, due to a one-off S$29.0 million gain on the non-cash transfer of the Boustead Projects real estate asset management and fund management business to UIB, in exchange for shareholding in UIB. With increasing competition and escalating costs in the industrial real estate sector, we continue to explore opportunities and partnerships such as UIB, which hold much potential

in further value unlocking for the business on the horizon.

The Group is also heartened to have secured two sizeable design-and-build contracts towards the end of FY2025, which brought the division's order backlog to healthier levels than the previous year.

At the Energy Engineering Division, despite a global drive for energy security, revenue and operating profit were 9% and 14% lower year-on-year at S$158.9 million and S$26.8 million respectively, on a lower order backlog carried forward at the end of FY2024. In 1H FY2025, there was a tapering of global energy prices and order intake remained muted due to unfavourable market demand for projects, which carried into 2H FY2025, albeit with moderate business activity, particularly for long-cycle capital projects. Backed by a healthy order backlog, the division remains focused on exploring the diversification of its products and

sectors, including contributing to the continued energy transition,

in delivering complementary products and technology.

For the Healthcare Division, the past year under review saw an improvement in the performance of BMEC, which operates in Singapore, Malaysia and Thailand. BMEC reported an operating profit of S$0.7 million, improving from a loss of S$0.2 million a year ago.

However, our 50%-owned associate in China, Beijing Pukang, which was acquired in 2018, incurred significant losses this year. This is due to new

government policies which restrict the imports of foreign medical devices and equipment used in public hospitals.

Our share of the loss in Beijing Pukang was S$2.0 million, resulting in an overall loss of S$1.3 million for the division. As mentioned during our FY2024 annual general meeting, management continues to hold a long-term view of this business and notes that it may take a considerably

longer time for this division to provide meaningful contributions to the Group.

Navigating Sustainability and Climate Issues

Progressing our longevity and sustainability journey, which began

in FY2018, we have commenced disclosing climate-related requirements under the IFRS S2 Climate-Related Disclosures issued by the International Sustainability Standards Board. In FY2025, we completed our climate scenario analyses and emissions measurements for the three remaining business divisions, having commenced with the Real Estate Solutions Division in the last financial year. We are not ready to commit to net-zero targets at this point in time, as we are still assessing the way forward that is pragmatic and feasible.

The Boustead Way remains our enduring compass, guiding the Group steadfastly and paving the way forward in today's ever-evolving world. While the future is uncertain, what is certain is the spirit that defines us - one of tenacity and pride in excellence. It is this spirit, embodied by Boustead Men and Women across all divisions, that has seen us through past trials and will continue to propel us forward.

A Word of Appreciation

I would like to extend my heartfelt gratitude to our management and team across the world for their invaluable contributions. Boustead is built on the strength of our people, and it is because of their passion and dedication that we have been able to overcome adversity together as a Group. I also wish to express my

appreciation to our Board of Directors for their guidance, which continues to steer us towards even greater heights.

A special thank you to our key stakeholders - clients, business partners, associates, bankers, suppliers, government agencies and you, our valued shareholders - for your continued trust and support. I look forward to engaging with you at our upcoming Annual General Meeting.

May you and your loved ones enjoy good health and peace. Thank you once again for partnering with us in our pursuit of business with a greater purpose.

Wong Fong Fui

Chairman &

Group Chief Executive Officer

‌Geospatial

Esri Australia, Esri Bangladesh, Esri Indonesia, Esri Malaysia, Esri Singapore, and Boustead Geospatial Technologies ("BGT") are the Geospatial Division's key brands. These businesses and brands provide professional services and exclusively distribute Esri ArcGIS technology, the world's leading geographic information system ("GIS"), smart mapping and location analytics enterprise platform to major markets in the Asia Pacific. The enterprise platform develops digital infrastructure solutions and digital twins, empowering intelligent choices for nations, cities and communities, and helps them address complex challenges both locally and globally. Enhanced planning and stewardship of vital infrastructure and resources are essential for ensuring economic resilience, safeguarding the environment and maintaining social accountability.

Performance Highlights

Division Revenue

S$221.4 million

Year-on-year:

4%

170.4 168.3 168.0

212.7 221.4

FY21 FY22 FY23 FY24 FY25

Division Operating Profit*

S$51.9 million

Year-on-year:

28%

42.0

36.8

40.5

32.2

51.9

> 160

ACTIVE ENTERPRISE AGREEMENTS

forming part of the division's recurring income streams and ability to significantly influence clients' adoption of geospatial technology.

FY21 FY22 FY23 FY24 FY25

> 7,000

CLIENTS

including key government agencies and commercial organisations in eight countries in the Asia Pacific.

* Division operating profit is defined as profit before interest and income tax including share of results of associates and joint ventures but excluding currency exchange gains/losses and dividend income.