Boustead Singapore LimitedSGX: F9D

FY2025 Longevity Report

· MarketScreener

AN ENDURING CORPORATE LEGACYABOUT CREATING SUSTAINABLE SHARED SOCIO-ECONOMIC VALUE

FY2025 LONGEVITY REPORT

/ THE BOUSTEAD WAY /

Boustead Singapore Limited

FY2025 Sustainability Report





INTRODUCTION

LONGEVITY REPORTING FRAMEWORK

PURSUING BUSINESS WITH A GREATER PURPOSE

DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

OTHER INFORMATION

‌CORPORATE PROFILE TABLE OF CONTENTS

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 socioeconomic 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.

SECTION 1 - INTRODUCTION

Corporate Profile 1

Defining Longevity 2

Chairman's Longevity Message 3

FY2025 Environmental, Social & Governance Highlights 5

The Boustead Way, Mission, Vision & Business Model 7

  1. About this Report 10

  2. Board Longevity Statement 12

  3. Corporate Stewardship & Strategies 13

  4. Environmental, Social & Governance Materiality Assessment 17

  5. Multi-Year Longevity Performance Summary 26

SECTION 2 - PURSUING BUSINESS WITH A GREATER PURPOSE

The Boustead Way 32

  1. Knowledge-Driven Organisation 33

  2. Smart, Eco-Sustainable, Emissions Reduction & Future-Ready Solutions 33

  3. Quality & Transformation 45

  4. FY2025 Direct Economic Value Generation & Distribution 54

SECTION 3 - DEVELOPING OUR BEST ASSET - BOUSTEAD MEN & WOMEN

A People-to-People Business 55

  1. Code of Conduct 55

  2. Team Development Programme 58

  3. Positive Work Environment 65

  4. Supply Chain Management 68

SECTION 4 - CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

Planet Earth 70

  1. Environmental Stewardship 71

  2. Legal & Regulatory Compliance 78

  3. Climate Reporting Framework 81

  4. Community Development 98

  5. Conclusion 100

OTHER INFORMATION

Key Membership Associations & Programmes 101

GRI Content Index 102

Acknowledgements 108

INTRODUCTION

LONGEVITY REPORTING FRAMEWORK

PURSUING BUSINESS WITH A GREATER PURPOSE

DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

OTHER INFORMATION

‌DEFINING LONGEVITY

LONGEVITY

  1. A long individual life; great duration of individual life.

  2. The length or duration of life.

  3. Length of service, tenure; seniority.

- Dictionary.com1

/ Boustead International

Heaters' age and counting /



28 YEARS

14 YEARS

Average lifespan

of S&P 500

/ Boustead Controls & Electrics'

age and counting /

37 YEARS

48 YEARS / Geospatial Division's age and counting /

37 YEARS / BMEC's age and counting /

197 YEARS

/ Boustead Group's age and counting /

corporation2 29 YEARS /

Boustead Projects' age and counting /

Welcome to the Boustead Singapore Limited FY2025 Longevity Report.

With our time-honoured age of close to two centuries, our reference to sustainability reporting as 'Longevity Reporting' is deeply rooted in our all-encompassing, holistic approach to business and how we view our place in the world. As an organisation, we have enjoyed not only a long history but also a long life in service. As a responsible global corporate citizen, we are highly

contemplative about how our actions 'ripple upon the pond of life'.

Even as we have survived numerous global crises which may change

the way we operate, one thing is indelible - our distinct brand of entrepreneurialism, institutionalised in a corporate culture that links back to Boustead's earliest days of trading. Our embrace of the Boustead Way prioritises the pursuit of business with a greater purpose. It is about creating

sustainable shared socio-economic value instead of maximising short-term profit; promoting adaptability and resilience; and favouring longevity over sentimentality. It is also a position, a

value, a commercial sensibility that runs through every layer of our organisation.

In this report, we hope that you gain an in-depth understanding of how we are fundamentally robust, remain progressive and resilient, ensure our longevity and protect the viability and

long-term value of our businesses and the wider ecosystem that we are interconnected with. We also share how this translates to delivering sustainable shared socio-economic

value and progress to key stakeholders, along with the communities that we reside in and our collective home -Planet Earth. Our performance, policies and practices on material economic, environmental, social and governance topics are explained.

  1. "Longevity." Dictionary.com, https://www.dictionary.com/browse/longevity. Accessed 31 March 2025.

  2. Handscomb, Christopher and Shail Thaker. "Activate Agility: The Five Avenues to Success." McKinsey & Company, 1 February 2018, https://www.mckinsey.com/capabilities/people-and-organizational-performance/ our-insights/the-organization-blog/activate-agility-get-these-five-things-right. Accessed 31 March 2025.

INTRODUCTION

LONGEVITY REPORTING FRAMEWORK

PURSUING BUSINESS WITH A GREATER PURPOSE

DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

OTHER INFORMATION

‌CHAIRMAN'S LONGEVITY MESSAGE



Dear Fellow Stakeholders,

I am pleased to present to you the Boustead Singapore Limited FY2025 Longevity Report 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 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.

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.

As we celebrate our successes and navigation of challenges as a refortified Group, we remain together steadfast and united 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.

Navigating Sustainability & Climate Issues

Progressing our longevity and sustainability journey, which began in FY2018, we have commenced

disclosing climate-related requirements aligned with 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 in the last financial year with the Real Estate Solutions Division, where the bulk of our physical assets reside and the most emissions-intensive activities take place.

Across our three business divisions - Geospatial, Energy Engineering and Healthcare - we concluded that physical risks such as precipitation

pattern changes, floods and increased rainfall, and increased mean temperatures may result in operational disruptions, direct and indirect financial risks, operational costs, asset damage and impacts on revenue, profit and productivity, particularly under the

Hot House Scenario (global average temperatures rise more than 3°C).

Among transition risks, carbon pricing, new emissions and climate-related regulations on existing products and services, and sector stigmatisation

are likely to have the largest financial impact, particularly under the Orderly Scenario (global average temperatures rise less than 2°C).

Through the exercise we have also identified a number of climate-related opportunities such as utilisation of

INTRODUCTION

LONGEVITY REPORTING FRAMEWORK

PURSUING BUSINESS WITH A GREATER PURPOSE

DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

OTHER INFORMATION

efficient production and distribution processes, and lower emission or renewable energy sources, among others. 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.

Purpose-Driven & People-Worthy Business

An organisation is only as good as the people who drive both meaning and purpose and exemplify its values, which is why Boustead Men and Women guided by the Boustead Way remain

at the heart of our continued success. We invest in their growth, safety and well-being while cultivating a forward-looking, progressive culture that reflects

our mission and values. Our people are our strength today - they will also be the champions of our transition to a low-emissions future. Across the globe, our teams have contributed to complex urban planning, smart cities and infrastructure projects that align with

the global shift towards decarbonisation and more sustainable economies.

This report is intended to give you an in-depth understanding of how we

remain progressive and resilient, ensure our longevity and protect the viability and long-term value of our businesses and the wider ecosystem that we are interconnected with. We also share how this translates to delivering sustainable shared socio-economic value and

progress to key stakeholders, along with the communities that we reside in and our collective home - Planet Earth. When reviewed in conjunction with our financial performance, you should come away with a holistic impression of not only Boustead but the ecosystems - small and large -that we are an integral part of.

Thank you for entrusting us with the role of being a responsible global corporate citizen, one which we hope to honour for many more centuries to come. This journey is an ultramarathon, one which we will continue running and hope to have you join, even if

only for part of the way. Thank you for supporting the Boustead Way. Have an enjoyable and insightful read.

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

INTRODUCTION

LONGEVITY REPORTING FRAMEWORK

PURSUING BUSINESS WITH A GREATER PURPOSE

DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

OTHER INFORMATION

‌FY2025 ENVIRONMENTAL, SOCIAL & GOVERNANCE HIGHLIGHTS

At Boustead, sustaining our longevity is an ongoing journey, one in which we strive to remain progressive and resilient, especially amid challenging times. Embracing the spirit of the Boustead Way, we are glad to have contributed to the advancement of our longevity and also that of the sectors where we operate, with the following key achievements in FY2025.

FY2025 Environmental, Social & Governance Highlights

Empowering businesses with

geo-enabled climate reporting and analysis



Esri Australia partnership with • Platform supports secure, cloud-ClimSystems and SLR to integrate based climate-related reporting advanced geospatial technology with regularly updated climate with climate modelling expertise, datasets, aligned with global Australia sustainability reporting standards

  • Collaboration delivers unified • Solution empowers stakeholders platform for users to visualise across sectors to assess climate-future climate scenarios such as related risks spatially, generate temperature rise and sea-level compliance-ready reports and change directly within spatial build long-term adaptation

maps strategies

Enriching children's lives Singapore's first full-suite



with comprehensive health Functional Assessment Centre management

Children's Integrated Sports & Functional Assessment Centre Health Centre, China ("FAC"), Singapore

  • Beijing Pukang set up • BMEC operates Singapore's first Children's Integrated Sports full-suite FAC, located at Changi & Health Centre at Capital General Hospital

    Institute of Pediatrics in Beijing • Objectively and scientifically

    measures patient's level of

  • Centre provides comprehensive function, mobility and ability to and systematic health perform daily tasks including work

    management services for and sports activities

    children and adolescents • Provides outcome assessments through in-depth integration of based on pre-operation and post-sports and medical care operation periodic reviews

    • 550 patients attended to over past two years

Specific positive impacts in following areas:

Economic

Environmental

Social

Governance



INTRODUCTION

LONGEVITY REPORTING FRAMEWORK

PURSUING BUSINESS WITH A GREATER PURPOSE

DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

OTHER INFORMATION

FY2025 Environmental, Social & Governance Highlights (cont'd)

Greening Singapore's industrial real estate landscape



36 Tuas Road, Singapore

  • Boustead Projects completed • Caters to modern supply chain and redevelopment of 36 Tuas manufacturing needs, particularly Road, first logistics warehouse for temperature-sensitive products to achieve both Green Mark and processes

    Platinum Super Low Energy and

    five BCA Green Mark 2021 badges • Project demonstrates how building (Whole Life Carbon, Resilience, design can:

    Intelligence, Health & Wellbeing, - Build climate resilience; Maintainability) - Mitigate climate-related risks;

    - Achieve highest levels of

  • Features best-in-class systems energy efficiency that can achieve up to 42.6%

energy savings, including climatic responsive facade, high-efficiency air distribution, hybrid cooling and solar power generation

Lowering emissions in energy sector



Major retrofit project on vacuum Heat recovery systems distillation unit (VDU), Belgium

  • BIH's key heat recovery systems

  • Boustead International Heaters ("HRS") include waste heat ("BIH") involved in major retrofit recovery units, once through project for integration of advanced steam generators and heat air preheater and burner system recovery steam generators

  • Retrofit enables client to achieve • Captures thermal energy from greater thermal efficiency, while high temperature turbine substantially reducing emissions exhaust and flue gases, which

    is efficiently transferred for use

  • Project also improves energy by other utilities infrastructure to be hydrogen

firing-ready, thereby reducing • Since inception, BIH has been environmental impacts contracted to deliver 243 HRS

with annual thermal energy recovery capacity of 57.2 terawatt-hours

Specific positive impacts in following areas:

Economic

Environmental

Social

Governance



INTRODUCTION

LONGEVITY REPORTING FRAMEWORK

PURSUING BUSINESS WITH A GREATER PURPOSE

DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

OTHER INFORMATION

‌THE BOUSTEAD WAY, MISSION, VISION & BUSINESS MODEL



The Boustead Way

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INTRODUCTION

LONGEVITY REPORTING FRAMEWORK

PURSUING BUSINESS WITH A GREATER PURPOSE

DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

OTHER INFORMATION

Business Model

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

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.

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 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.

Corporate Values

  1. 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 socioeconomic value and contribution to economic, environmental and social progress in communities globally.

  2. 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.

  3. Keeping an open mind

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

  4. 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.

  5. Upholding excellence

    We aim to deliver excellence in everything we do.

  6. 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.

  7. Prioritising safety

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

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 and

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

INTRODUCTION

LONGEVITY REPORTING FRAMEWORK

PURSUING BUSINESS WITH A GREATER PURPOSE

DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

OTHER INFORMATION

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

  • 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

    People

  • World-class teams

  • Empowering culture

  • Fair and non-discriminatory employment practices

  • Ability to attract, develop, motivate and retain talent

  • Industry technical experts

Strategies

Reputable brand and proven track record

With an enduring brand heritage, we have established reputable positions in a broad range of sectors, bringing together in-depth domain expertise and proven technologies in over 1,500 projects in 95 countries and territories.

Risk and reward balance

We are vigilant in ensuring that our strategies to enhance key

stakeholders' shared socio-economic value are well-supported by sound risk management.

Partnerships, acquisitions and investments

Our continuous search for strategic partnerships, catalytic acquisitions and investments is aimed at accelerating our business expansion, enhancing capabilities, broadening revenue streams and driving sustainable growth.

QEHS focus

We strive to achieve the highest standards in QEHS, for the well-being and protection of every individual. We are a leader and active participant in QEHS and ISO programmes.

Engineering and management expertise

Our teams offer in-depth domain expertise and deliver value engineering, helping clients to achieve highly effective and cost competitive

solutions that raise efficiency and sustainability, while reducing

emissions and eliminating wastage.

Technological transformation

We aim to incorporate transformative technologies into our solutions and be a market leader in the world of Industry 4.0.

Business Model Value Chain

Uphold our excellent reputation for integrity, quality, reliability and trust.

Commit to operational excellence

Design smart, eco-sustainable, emissions reduction and future-ready solutions that meet Industry

4.0 transformation standards.

through undertaking technology-driven design, process, detailed and value engineering, project management, QEHS supervision, installation, commissioning and training.

Deliver efficiency, performance and shared socio-economic value to clients.

Generate revenue, profit and cash flow in a sustainable manner.

Be adaptable and resilient, deliver sustainable shared socio-economic value and progress, and create positive impacts on the world.

INTRODUCTION

LONGEVITY REPORTING FRAMEWORK

PURSUING BUSINESS WITH A GREATER PURPOSE

DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

OTHER INFORMATION

‌SECTION 1 - LONGEVITY REPORTING FRAMEWORK

SECTION 1 MATERIAL ESG TOPICS & APPLICABLE GRI STANDARDS

This section covers the following material ESG topics and applicable GRI Standards:

  • About this report

    GRI Standards

    / 2-1 / 2-2 / 2-3 / 2-4 / 3-1 / 3-2 /

  • Business model, strategies and outlook

    GRI Standards

    / 2-6 / 2-23 /

  • Corporate governance

    GRI Standards

    / 2-1 / 2-9 / 2-10 / 2-11 / 2-12 / 2-13 / 2-14 /

    / 2-15 / 2-16 / 2-17 / 2-18 / 2-19 / 2-20 /

  • Environmental, social and governance materiality assessment

GRI Standards

/ 2-12 / 2-13 / 2-29 / 3-2 /

  1. ABOUT THIS REPORT

    1. Report Period & Scope

      This is the Boustead Singapore Limited FY2025 Longevity Report, an annual publication dedicated to providing a more holistic review of our performance, especially covering nonfinancial areas such as environmental, social and governance ("ESG") topics that are material to our business and key stakeholders. This report covers our ESG performance under all four core divisions - Geospatial, Real Estate Solutions, Energy Engineering and Healthcare - including our Group Headquarters, administrative offices, significant project sites under our

      control and management, and managed real estate in all major geographic markets where we have a significant presence: Singapore, Australia, Bangladesh, China, India, Indonesia, Malaysia, Thailand, Saudi Arabia, UAE, UK, US and Vietnam, unless otherwise indicated.

      This report contains five years of data on material ESG topics and is aligned with our financial reporting period from 1 April 2024 to 31 March 2025 ("FY2025"). Our previous report was aligned with our financial reporting period from 1 April 2023 to 31 March 2024 ("FY2024") and was issued on 12 July 2024. Our inaugural report

      was issued on 22 November 2018. We voluntarily disclosed five years of

      historical data for comparison as we believe in upholding high standards of accurate, consistent, sincere, timely and transparent disclosure that provides clarity on our ESG performance and trends over time.

      For context, this report should be read in conjunction with the Boustead Singapore Limited FY2025 Annual Report that is available at www. boustead.sg/reports-suite. While the governance topic has not been fully discussed in this report, our latest Corporate Governance Report ("CG Report") is available in its full text

      within the Boustead Singapore Limited FY2025 Annual Report from pages 73 to 109.

      The terms 'Longevity' and 'Sustainability' are interchangeable.

    2. Report Content

      Content in this report was defined by identifying and prioritising our material ESG topics through an ESG materiality assessment process that is aligned with the requirements of GRI Universal Standards 2021, as well as climate-related requirements under the IFRS S2 Climate-Related Disclosures issued by the International Sustainability Standards Board ("ISSB"). Efforts were

      made to ensure that material ESG topics are reflective of the current ESG topics that are material to our business and key stakeholders. Data collection on

      material ESG topics is also supported by our operations teams that oversee the certification and implementation of ISO 9001 Quality Management Systems, ISO 14001 Environmental Management Systems, ISO/IEC 27001 Information Security Management Systems, ISO 45001 Occupational Health & Safety Management Systems and other key programmes such as the Building & Construction Authority Construction Quality Assessment System, Green & Gracious Builder Scheme and Green Mark Certification Scheme, and Workplace Safety & Health Council bizSAFE Programme.

      Boustead Singapore Limited has reported in accordance with the GRI Universal Standards 2021 for the period from 1 April 2024 to 31 March 2025. The respective GRI Standards that have been applied are available in the GRI Content Index listed on pages 102 to 107. Apart from GRI Universal Standards 2021, this report also integrates our Climate Reporting Framework with our climate-focused report aligned with IFRS S2 and the

      Task Force on Climate-Related Financial Disclosures ("TCFD") References have also been made to the United Nations Sustainable Development Goals.

      GRI Standards has been selected and used within our Longevity Reporting Framework since our inaugural report because it represents not only the

      INTRODUCTION

      LONGEVITY REPORTING FRAMEWORK

      PURSUING BUSINESS WITH A GREATER PURPOSE

      DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

      CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

      OTHER INFORMATION

      first global sustainability reporting framework but is independent and continues to be the only sustainability reporting framework that can demonstrate widespread global adoption. According to the KPMG Survey of Sustainability Reporting 2022, a total of 5,800 corporations

      representing 78% of the world's 250 largest corporations and 68% of the 100 largest corporations in 58 countries, use GRI.1 GRI Standards are aligned with best practices, comprehensive, flexible, regularly updated, robust and provide

      a good base of ESG performance comparison across organisations of all sizes and diverse sectors, allowing for organisations to select the appropriate standards to collect and measure

      ESG performance on a wide variety of ESG topics. Therefore, GRI Standards demonstrate strong alignment and excellent presentation capabilities for the ESG topics that are material to our business and key stakeholders.

      As part of continuous efforts to track developments in global sustainability standards, as well as meeting an enhanced sustainability reporting regime required by SGX RegCo, this report has commenced aligning our Climate Reporting Framework with IFRS S2.

      This report fully complies with the requirements of the SGX-ST Listing Rules Practice Note 7.6 Sustainability Reporting Guide.

      Where the relevant material ESG topics have already been discussed in detail in the Boustead Singapore Limited FY2025 Annual Report, we shall make reference to such discussions without directly repeating them in this report.

      Data is presented using standard international units of measurement, with conversion factors mentioned in relevant sections. Monetary values are presented in our functional reporting currency, Singapore dollars, unless otherwise indicated.

      Our Board has reviewed and approved this report before its circulation.

    3. Report Boundaries

      This report covers Boustead and all non-dormant subsidiaries globally including our Group Headquarters and subsidiaries within all four core divisions - Geospatial, Real Estate Solutions, Energy Engineering and Healthcare. For a complete list of our significant subsidiaries as at 31 March 2025, please refer to the Boustead

      Singapore Limited FY2025 Annual Report from pages 180 to 183.

      This report also covers all non-dormant associates and joint ventures where we are entirely responsible

      for management, unless otherwise indicated. For a complete list of our significant associates and joint ventures as of 31 March 2025, please refer to the Boustead Singapore Limited FY2025 Annual Report from pages 170 to 178.

      This report does not cover the activities of associates and joint ventures where we have either joint or no responsibility for management, as such activities

      fall beyond our ability to unilaterally influence ESG performance, policies and practices.

      We have not sought external assurance for this report. However, internal review of our Longevity Reporting Framework processes is conducted.

    4. Accessibility

      In line with our commitment to environmental sustainability, this report has been issued in digital format only. This report and previous reports are

      available online at https://www.boustead.sg/ reports-suite.

    5. Feedback Channel

      We welcome comments and feedback from our stakeholders in relation to this report and our performance, policies and practices discussed in this report. If you have any comments or feedback,

      please email ir.team@boustead.sg.

      Boustead Singapore Limited Company Registration Number: 197501036K

      82 Ubi Avenue 4

      #08-01 Edward Boustead Centre Singapore 408832

      Main: +65 6747 0016

      Fax: +65 6741 8689

      https://www.boustead.sg

1. "GRI: First, and Foremost." KPMG Survey of Sustainability Reporting 2022, KPMG International Ltd, October 2022, page 24, assets.kpmg.com/content/dam/kpmg/se/pdf/komm/2022/Global-Survey-of-Sustainability-Reporting-2022.pdf. Accessed 31 March 2025.

INTRODUCTION

LONGEVITY REPORTING FRAMEWORK

PURSUING BUSINESS WITH A GREATER PURPOSE

DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

OTHER INFORMATION

  1. ‌BOARD LONGEVITY STATEMENT

    Our Board is committed to ensuring our longevity including upholding our longstanding position as Singapore's oldest continuous business organisation. This includes reviewing performance, policies and practices in relation to material environmental, social and governance ("ESG") topics including climate-related topics. Part of our Board's overall responsibility is

    to provide oversight over major climate-related decision-making to manage climate-related opportunities and risks.

    Our Board is assisted in this by the appointed Group Longevity Reporting Champion & Lead ("Group Champion"), who is advised by our Executive Directors and extended leadership team in Group Headquarters. The Group Champion coordinates the implementation of the Longevity Reporting Framework and Climate

    Reporting Framework with our Business Unit Longevity Reporting Champions and IFRS S2/TCFD Project Team,

    who are advised by their extended leadership teams and coordinate the implementation of the frameworks across major business units. Our Board is further assisted by robust existing systems including audit; compliance; enterprise risk; financial; HR; IT; operational; quality, environmental, health and safety ("QEHS") systems.

    Our Board assesses major opportunities and risks presented by material ESG and climate-related topics, which helps to determine the appropriate strategies, policies and practices to provide the adaptability and flexibility to seize opportunities to deliver sustainable shared socio-economic value and progress, while being well-supported

    Longevity Reporting Structure

    Board of Directors

    Group Longevity Reporting Champion & Lead

    Group Advisory Panel

    (Group Headquarters)

    Business Unit Longevity Reporting Champions

    Business Unit Advisory Panel

    (Business Unit Leadership)

    Business Unit Business Development Longevity Reporting

    Business Unit Legal

    Longevity Reporting

    Business Unit Finance

    Longevity Reporting

    Business Unit Operations Longevity Reporting

    Business Unit HR

    Longevity Reporting

    Business Unit QEHS

    Longevity Reporting

    Business Unit IT

    Longevity Reporting

    by sound risk management. Our risk appetite considers material ESG and climate-related topics that may affect reputational risk, ethical and moral considerations, human rights, and have significant financial and non-financial implications.

    Other than financial targets, our Board and Remuneration Committee may set key ESG targets for Executive Directors to meet annually, which

    are directly tied to remuneration packages. Our Executive Directors have further set key ESG targets for Business Unit Heads to meet annually, in relation to their business units and which are directly tied to remuneration packages. Business Unit Heads also set key ESG targets for their functional heads to meet annually, in relation to their functional roles and which are directly tied to remuneration packages. Examples of such ESG targets include improving eco-sustainability, QEHS, team development and technology performance, policies and practices.

    INTRODUCTION

    LONGEVITY REPORTING FRAMEWORK

    PURSUING BUSINESS WITH A GREATER PURPOSE

    DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

    CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

    OTHER INFORMATION

  2. ‌CORPORATE STEWARDSHIP & STRATEGIES

    1. Corporate Stewardship for Longevity

      Our Board is collectively responsible

      Board & Board Committee Oversight Responsibilities & Key Terms of Reference

      6 4 2 1 3 5 7 8



      Independent director
      Non-independent director

      Board

      for our corporate stewardship, overall leadership, management, strategies, controls and long-term success. In line with this, our Board also oversees performance, policies and practices in relation to ESG and climate-related

      topics and considers ESG and climate-related topics integrally with all other aspects of their collective responsibility.

    2. Corporate Governance

      Our Board is committed to maintaining a high standard of corporate governance and transparency within the Group, in line with the principles set out in the Code of Corporate Governance 2018 ("CG Code") and the accompanying SGX Practice Guidance, which forms part of our continuing obligations to the SGX Mainboard Listing Rules. This establishes and maintains our Group's ethical, legal and business environment to enhance the interests of all key stakeholders.

      Made up of well-respected and experienced business and academic leaders of diverse backgrounds, three-fifths of our Board is independent, with all three Board Committees headed by an independent non-executive director.

      • Corporate governance

      • Ethics, corporate values, culture and standards

      • Sustainability performance

        Audit & Risk Committee

        Nominating Committee

        Remuneration Committee

        members and senior management team

        • Appointments and reappointments of external auditors

        • Internal controls

        • External and internal audit plans and results

        • External and internal audit functions

        • Enterprise risk management

        • Interested person transactions and conflict of interest

        • Internal investigations and whistleblowing

        • Annual reports and financial statements

        • Regulatory filings

        • Appointments and reappointments of Board Directors, Board Committee

        • Board and senior management team succession

        • Board performance

        • Board professional development and training programmes

        • Board independence and conflict of interest

        • Remuneration policies and packages of Board Directors and senior management team

        • Service contracts of senior management team

        • Senior management team performance

      • Risk appetite and internal controls

        7 4 5 6 8



        Our Board currently comprises:

        1. Wong Fong Fui Chairman &

          Group Chief Executive Officer

        2. Wong Yu Loon Executive Director &

          Deputy Group Chief Executive Officer

          • Corporate strategies and policies

          • Annual operating and capital budgets

          • Business affairs and senior management team performance

          • Financial performance

            1 6 7 8



        3. Wong Yu Wei Executive Director &

          Group Chief Operating Officer

        4. Mak Lye Mun

          Lead Independent Director

        5. Dr Tan Khee Giap

          Independent Non-Executive Director

          • Annual reports and financial statements

          • Shareholder meetings

          • Dividend payments and distributions

          • Material acquisitions and disposals of assets

            5 4 7 8



        6. Liak Teng Lit

          Independent Non-Executive Director

        7. Chong Lit Cheong

          Independent Non-Executive Director

        8. Professor Yong Kwet Yew Independent Non-Executive Director

        INTRODUCTION

        LONGEVITY REPORTING FRAMEWORK

        PURSUING BUSINESS WITH A GREATER PURPOSE

        DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

        CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

        OTHER INFORMATION

        More information on the individual profiles of our directors is available within the Boustead Singapore Limited FY2025 Annual Report from pages 60 to 63.

        Our latest CG Report outlines our corporate governance practices

        with specific reference made to the principles and guidelines of the CG Code and accompanying SGX Practice Guidance. Our latest CG Report is available in its full text within the Boustead Singapore Limited FY2025 Annual Report from pages 73 to 109 and is referenced in this report.

    3. Overall ESG Recognition

      While gaining overall ESG recognition from key stakeholders is not an end in itself, it indicates that we are moving in the right direction as a responsible global corporate citizen. We have been recognised for our performance, policies and practices in relation to

      overall management of ESG topics as shown on pages 14 to 16.

      Overall ESG Achievements & Significance over Past Decade

      Achievements Significance

      Jun 2025

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

      Jan 2024

      Boustead continuation on SGX Fast Track Programme, SGX RegCo

      Apr 2023

      Boustead ranked in Singapore's Best Employers 2023, Statista and The Straits Times

      Feb 2023

      Boustead Projects awarded Silver EcoVadis Medal under EcoVadis Sustainability Assessment

      Nov 2022

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

      Nov 2021

      Boustead named on SGX Fast Track Programme, SGX RegCo

      Nov 2021

      • Recognised for commitment to support sustainability in Asia Pacific

      • Continuously recognised among only 88 SGX-listed corporations on programme for listed issuers publicly recognised for high corporate governance standards and good compliance track record

      • Prioritised clearance for corporate action submissions

      • Recognised among 250 most attractive employers in Singapore to work for and ranked 155th overall

      • Based on over 200,000 evaluations for 1,700 corporations in 26 sectors

      • Recognised among top 25% and ranked 88th percentile for sustainability among rated corporations globally

      • Judged by EcoVadis, world's largest and most trusted provider of business sustainability ratings with global network of more than 100,000 corporations rated in 200 sectors and 175 countries

      • Recognised among only 28 corporations for exemplary championing of skills mastery and lifelong learning

      • Recognised on programme for listed issuers publicly recognised for high corporate governance standards and good compliance track record

      • 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

      • Recognised among only 26 listed corporations for exemplary best practices in corporate governance and showing leadership, innovation and resilience during pandemic

      INTRODUCTION

      LONGEVITY REPORTING FRAMEWORK

      PURSUING BUSINESS WITH A GREATER PURPOSE

      DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

      CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

      OTHER INFORMATION

      Overall ESG Achievements & Significance over Past Decade (cont'd)

      Achievements Significance

      Aug 2021

      Boustead Projects named as Finalist at Tripartite Alliance Award 2021, Tripartite Alliance for Fair & Progressive Employment Practices

      Jul 2021

      Boustead Projects named as SkillsFuture Singapore ("SSG") Queen Bee

      Apr 2021

      Boustead ranked in Singapore's Best Employers 2021, Statista and The Straits Times

      Apr 2020

      Boustead ranked in Singapore's Best Employers 2020, Statista and The Straits Times

      Nov 2019

      Boustead Projects named on SGX Fast Track Programme, SGX RegCo

      Sep 2019

      Apr 2019

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

      • Recognised among only 29 finalists for exemplary employers that implement fair, responsible and progressive employment practices

      • Presented by Tripartite Alliance partners: Ministry of Manpower, National Trades Union Congress and Singapore National Employers Federation

      • Recognised as national leader taking on leading role to champion skills development in small and medium-sized enterprises ("SMEs")

      • 1st SSG Queen Bee for built environment sector

      • SSG Queen Bees provide skills advisory and support to guide SMEs in identifying and acquiring the skills needed for business transformation

      • Recognised among 200 most attractive employers in Singapore to work for and ranked 40th overall; 1st in sector category for Business Services & Supplies (including Real Estate)

      • Based on over 200,000 evaluations for 1,700 corporation in 26 sectors

      • Recognised among 150 most attractive employers in Singapore to work for and ranked 38th overall; 2nd in sector category for Business Services & Supplies (including Real Estate)

      • Based on over 160,000 evaluations for 1,800 corporations in 26 sectors

      • Recognised on programme for listed issuers publicly recognised for high corporate governance standards and good compliance track record

      • 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

      • Recognised for excellent standards of corporate disclosure and sustainability reporting respectively

      • Recognised for Asia's best treasury solution

      INTRODUCTION

      LONGEVITY REPORTING FRAMEWORK

      PURSUING BUSINESS WITH A GREATER PURPOSE

      DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

      CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

      OTHER INFORMATION

      Overall ESG Achievements & Significance over Past Decade (cont'd)

      Achievements Significance

      Mar 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

      Sep 2017

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

      May 2017

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

      May 2017

      Dec 2016

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

      Jul 2016

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

      Nov 2015

      Boustead awarded Singapore Golden Jubilee Business Award, Accounting & Corporate Regulatory Authority, DP Information Group and Singapore Business Federation

      • Inaugural Boustead Singapore Limited FY2018 Longevity Report and Boustead Projects Limited FY2018 Longevity Report nominated among only eight Asia's Best First Time Sustainability Report Finalists

      • Recognised for excellent standards of corporate governance

      • Recognised for attaining robust business fundamentals and meeting standards for good business performance based on global benchmarks in areas including leadership, customers, strategy, people and process, knowledge and results

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

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

      • Ranked Singapore's best managed small cap and 3rd best investor relations team respectively

      • Nominated among only five finalists for Singapore's best investor relations team

      • Recognised best chief financial officer

      • Recognised among best 50 Singapore corporations who achieved and contributed to Singapore's progress and success over past half-century since independence

      INTRODUCTION

      LONGEVITY REPORTING FRAMEWORK

      PURSUING BUSINESS WITH A GREATER PURPOSE

      DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

      CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

      OTHER INFORMATION

  3. ‌ENVIRONMENTAL, SOCIAL & GOVERNANCE MATERIALITY ASSESSMENT

    Boustead conducted an ESG materiality assessment process that is aligned with the requirements of GRI Universal Standards 2021 in order to determine material ESG topics that should be included in this report. ESG topics

    are considered to be material if they may have a significant impact on our business and ability to achieve our long-term objectives to be adaptable

    and resilient, deliver sustainable shared

    socio-economic value and progress, and create positive impacts. The views of both external and internal stakeholders are taken into account when determining material ESG topics.

    To ensure that material ESG topics remain updated in our assessment process, we periodically review current and emerging megatrends, changes

    in the geoeconomic, geopolitical, regulatory and ESG landscapes in the geographic markets and sectors where we operate.

    1. Key Stakeholder Engagement We define key stakeholders as groups that our business may have a significant impact on or vice versa, and those

      with a vested interest in our business conduct. After a thorough review, nine key stakeholders were identified, along with their significance, conversations and channels of communication, as shown on pages 17 to 19.

      In FY2025, most conversations with key stakeholders were in relation

      to geoeconomic and geopolitical

      complexities, and the impact on all four core divisions - Geospatial, Real Estate Solutions, Energy Engineering and Healthcare - as well as how our response to these issues would impact key stakeholders. This was consistent across almost all key stakeholders.

      Key Stakeholders, Significance, Conversations & Engagement Channels

      Key Stakeholders

      Significance

      Conversations

      Engagement Channels

      Board and Team

      Boustead Men and Women are our best asset. Attracting, developing and retaining our team is a core priority given our knowledge-driven business model, which generally focuses on high value-added activities across

      the engineering and technology value chains. These activities include design, engineering, project management, technology solutions implementation and the application of proprietary domain expertise that extends over

      a global network of key stakeholder relationships. Creating the ideal environment for our team to thrive will eventually translate to the delivery of sustainable shared socio-economic value and progress.

      • Board of Directors

      • Managers

      • Executives

      • Non-executives

      • Economic performance

      • Business model, strategy and outlook ("Business approach")

      • Smart, eco-sustainable, emissions reduction and future-ready solutions ("Solutions")

      • Corporate governance

      • Legal and regulatory compliance

      • Talent acquisition, development and retention ("Talent management")

      • Succession planning

      • QEHS

      • Data and information security

      • Responsible communications

      • Climate change

      • Board meetings

      • Townhalls

      • Newsletters

      • Communications and meetings

      • QEHS meetings and toolbox sessions

      • Team training sessions

      • Cloud-based technology platforms

      • Code of Conduct

      • Team Development Programme

      • Open door policy

      • Performance appraisals

      • Team surveys

      • Whistleblowing mechanism

      • Websites and social media channels

      INTRODUCTION

      LONGEVITY REPORTING FRAMEWORK

      PURSUING BUSINESS WITH A GREATER PURPOSE

      DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

      CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

      OTHER INFORMATION

      Key Stakeholders, Significance, Conversations & Engagement Channels (cont'd)

      Key Stakeholders Significance Conversations Engagement Channels

      Clients

      We aim to gain an in-depth understanding of clients' needs so that we are able to deliver progressive answers to them in the dynamic global business environment. Collaborating with clients allows us to push the boundaries of paradigms, research and technologies to help them to improve business performance and sustainability.

      Strategic Partners

      Working with like-minded and reputable partners globally has allowed us to

      pool complementary capabilities and expertise to widen our offerings and take on larger-scale projects, while reducing different types of risk. Our partnerships with technology principals that offer proven transformative technologies also ensure that we remain progressive.

      Suppliers

      We have a global network of major suppliers that supports the manufacturing and fabrication of

      solutions according to our designs. Major suppliers are selected based on prequalification assessments that

      include technology solutions, QEHS and other ESG factors, along with the cost-value proposition.

      Lenders

      We have several principal bankers and lenders who support our business through the provision of bank loans and trade finance.

      • Direct clients

      • End-user clients (clients of clients)

      • Economic performance

      • Solutions

      • Legal and regulatory compliance

      • Talent management

      • QEHS

      • Data and information security

      • Climate change

      • Communications and meetings

      • Project site visits

      • Tenant policies and surveys

      • Annual reports ("ARs") and longevity reports ("LRs")

      • Newsletters and email blasts

      • Podcasts and whitepapers

      • Events, tradeshows and user conferences

      • Websites and social media channels

      • Product principals

      • Technology partners

      • Associates

      • Joint ventures

      • Co-investment partners

      • Economic performance

      • Business approach

      • Solutions

      • Corporate governance

      • Legal and regulatory compliance

      • QEHS

      • Data and information security

      • Climate change

      • Communications and meetings

      • Project site visits

      • ARs and LRs

      • Newsletters and email blasts

      • Quarterly reports and updates

      • Podcasts and whitepapers

      • Events, tradeshows and user conferences

      • Websites and social media channels

      • Consultants

      • Subcontractors

      • Suppliers

      • Economic performance

      • Business approach

      • Solutions

      • Legal and regulatory compliance

      • QEHS

      • Data and information security

      • Climate change

      • Communications and meetings

      • Supplier audits and prequalification

      • WSH Advocate and training sessions

      • QEHS meetings and toolbox sessions

      • Newsletters and email blasts

      • Websites and social media channels

      • Banks

      • Financial institutions

      • Trustees

      • Economic performance

      • Business approach

      • Solutions

      • Corporate governance

      • Legal and regulatory compliance

      • QEHS

      • Climate change

      • Communications and meetings

      • ARs and LRs

      • Semi-annual financial results announcements

      • Websites and social media channels

      INTRODUCTION

      LONGEVITY REPORTING FRAMEWORK

      PURSUING BUSINESS WITH A GREATER PURPOSE

      DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

      CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

      OTHER INFORMATION

      Key Stakeholders, Significance, Conversations & Engagement Channels (cont'd)

      Key Stakeholders Significance Conversations Engagement Channels

      Investors

      As owners, shareholders share in our mission, vision, corporate values and goal to be a responsible global corporate citizen with a greater purpose in mind.

      Ultimately, profit-driven motivations need to be aligned with our strong human-centric corporate values and allow us to deliver on our long-term objectives.

      Media

      The media continues to share our corporate story with the world, from economic performance to milestone achievements. As unofficial historians of our performance, the media helps us to stay on track.

      Governments and Regulators

      Apart from being clients in certain divisions, governments and regulators provide business licences to operate.

      Local Communities

      Local communities may be direct beneficiaries of gainful employment or community development programmes that we provide, or indirect beneficiaries of projects undertaken for end-user clients that benefit those communities. Local communities provide social licences to operate.

      • Institutional investors

      • Research analysts

      • Retail investors

      • Economic performance

      • Business approach

      • Solutions

      • Corporate governance

      • Talent management

      • Succession planning

      • Legal and regulatory compliance

      • QEHS

      • Data and information security

      • Responsible communications

      • Climate change

      • Communications and meetings

      • Investor conferences

      • Shareholder general meetings

      • ARs and LRs

      • Semi-annual financial results announcements

      • Websites and social media channels

      • Mainstream journalists

      • Online social media influencers

      • Economic performance

      • Business approach

      • Solutions

      • Corporate governance

      • Legal and regulatory compliance

      • QEHS

      • Responsible communications

      • Climate change

      • Communications and meetings

      • Media briefings and interviews

      • ARs and LRs

      • Semi-annual financial results announcements

      • Websites and social media channels

      • Government ministries

      • Government agencies

      • Regulators

      • Corporate governance

      • Legal and regulatory compliance

      • Corporate taxes and relevant taxes

      • Talent management

      • QEHS

      • Data and information security

      • Responsible communications

      • Climate change

      • Communications and meetings

      • Management participation in government consultations and on industry panels

      • ARs and LRs

      • Websites and social media channels

      • Citizens

      • Communities surrounding projects

      • Beneficiaries of philanthropic contributions

      • Indirect beneficiaries of projects undertaken for end-user clients

      • Solutions

      • Legal and regulatory compliance

      • QEHS

      • Responsible communications

      • Climate change

      • Communications and meetings

      • Community programmes

      • ARs and LRs

      • Websites and social media channels

      INTRODUCTION

      LONGEVITY REPORTING FRAMEWORK

      PURSUING BUSINESS WITH A GREATER PURPOSE

      DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

      CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

      OTHER INFORMATION

    2. Material ESG Topics

      In 2017, we conducted materiality

      Materiality Assessment Process

      assessment workshops with our key team members including senior management teams and functional heads at major business units, who acted as proxies for the nine key

      stakeholders that have been identified, and highlighted and prioritised material

      Stage 1 Identification of key stakeholders by our

      Group Headquarters and major business units

      Stage 2

      Identification of potential ESG topics by our Group Headquarters and major business units

      Stage 3

      Prioritisation of material ESG topics by our Group Headquarters and major business units

      Stage 4

      Consolidation and validation of material ESG topics for reporting

      ESG topics of relevance to these key stakeholders. Following completion of the workshops, we consolidated and validated 12 material ESG topics

      Material ESG Topics Validated



      High

      13

      1 2 3 4

      5 6 7 8

      9 10 11 12

      Importance to external stakeholders

      for inclusion initially. Community development - although not material - was included among the initial ESG topics due to its significance to the business environment. Another material ESG topic that was added in FY2020 but subsequently dropped in FY2024 is COVID-19 and infectious disease outbreaks. In addition, the

      material ESG topic of the environment has been updated to affirmatively include climate change, which had already been highlighted as an emerging ESG megatrend in the inaugural Boustead Singapore Limited FY2018 Longevity Report. In FY2024, our Climate Reporting Framework was launched based on the TCFD and in FY2025, evolved to be aligned with IFRS S2 Climate-Related Disclosures (successor to the TCFD).

      In FY2025, conversations with and feedback from key stakeholders continued to affirm the validity of the reported material ESG topics.

      Low

      Legend Material Not material

      but added for reporting due to significance to business environment

      Importance to internal stakeholders

      High

      ESG Topics

      1



      Business model, strategies and outlook

      2



      Corporate governance

      3



      Smart, eco-sustainable, emissions reduction and future-ready solutions

      4



      5



      6



      7



      Quality and transformation Economic performance Business ethics

      Data and information security

      8



      Talent acquisition, development and retention

      9



      Succession planning



      1. Health and safety



      2. Environment and climate change



        13



      3. Legal and regulatory compliance Community development

      INTRODUCTION

      LONGEVITY REPORTING FRAMEWORK

      PURSUING BUSINESS WITH A GREATER PURPOSE

      DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

      CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

      OTHER INFORMATION

      Material ESG Topics Boundaries, Impacts & Disclosures

      Material ESG Topics

      Boundaries & Impacts

      GRI Standard Disclosures

      Addressed in this Report

      Business model, strategies and outlook

      Section 1: Introduction

      Corporate governance

      Section 1: Introduction

      Smart, eco-sustainable, emissions reduction and future-ready solutions

      Section 2: Pursuing Business with a

      Greater Purpose

      Quality and transformation

      Section 2: Pursuing Business with a

      Greater Purpose

      Economic performance

      Section 2: Pursuing Business with a

      Greater Purpose

      Business ethics

      Section 3: Developing Our Best Asset -Boustead Men & Women

      Data and information security

      Section 3: Developing Our Best Asset -Boustead Men & Women

      Talent acquisition, development and retention

      Section 3: Developing Our Best Asset -Boustead Men & Women

      Succession planning

      Section 3: Developing Our Best Asset -Boustead Men & Women

      Health and safety

      Section 3: Developing Our Best Asset -Boustead Men & Women

      Environment and climate change

      Section 4: Conserving Our Collective Home - Planet Earth

      Legal and regulatory compliance

      Section 4: Conserving Our Collective Home - Planet Earth

      • Most key stakeholders

      • General disclosures

      • Most key stakeholders

      • General disclosures

      • Most key stakeholders

      • General disclosures

      • Most key stakeholders

      • General disclosures

      • Most key stakeholders

      • General disclosures

      • Economic performance

      • Most key stakeholders

      • General disclosures

      • Customer privacy

      • Board and team

      • Clients

      • Strategic partners

      • Suppliers

      • Investors

      • Governments and regulators

      • General disclosures

      • Customer privacy

      • Board and team

      • Investors

      • Governments and regulators

      • General disclosures

      • Employment

      • Occupational health and safety

      • Training and education

      • Board and team

      • Investors

      • General disclosures

      • Employment

      • Training and education

      • Most key stakeholders

      • General disclosures

      • Occupational health and safety

      • Most key stakeholders

      • General disclosures

      • Energy

      • Water and effluents

      • TCFD

      • Most key stakeholders

      • General disclosures

      • Customer privacy

      INTRODUCTION

      LONGEVITY REPORTING FRAMEWORK

      PURSUING BUSINESS WITH A GREATER PURPOSE

      DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

      CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

      OTHER INFORMATION









    3. Opportunities & Risks









      We are vigilant in ensuring that our strategies to enhance key stakeholders' shared socio-economic value are well-supported by sound risk management. Our material ESG and climate-













      related topics present us with both opportunities (if the right approaches to managing these topics are embraced) and risks (if these topics are neglected), which are supplemented by our existing robust systems, Enterprise Risk Management Framework, Longevity Reporting Framework and Climate Reporting Framework.









      In addition, on 1 January 2016, the UN rolled out 17 Sustainable Development Goals ("SDGs"). The SDGs universally apply to all countries with the aim

















      of mobilising all stakeholders -governments, civil societies, the private sector and others - to collectively contribute to end poverty, fight inequality and tackle climate change through: economic growth, social inclusion and environmental protection.





      We have summarised opportunities and risks from material ESG topics including how we can contribute to achieving all 17 SDGs through our business and performance, policies and practices in relation to material ESG topics, as shown on this page. Separately, the Working Committee of the UN Committee of Experts

      on Global Geospatial Information



















      Geospatial
      Real Estate Solutions
      Energy Engineering



















      Healthcare

      INTRODUCTION

      LONGEVITY REPORTING FRAMEWORK

      PURSUING BUSINESS WITH A GREATER PURPOSE

      DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

      CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

      OTHER INFORMATION

      Management ("UN-GGIM") developed 14 global fundamental geospatial data themes, from geographical names, addresses to land parcels, imagery and infrastructure, and demonstrated how they fundamentally underpin the

      achievement of all 17 SDGs, which can be accessed here. The UN-GGIM is the apex intergovernmental body that discusses, enhances and coordinates global geospatial information management activities by member

      states at the highest level. The UN-GGIM also works with governments to make joint decisions and set directions on the use of geospatial information within global and national policy frameworks, and to develop effective

      strategies to build geospatial capacity in developing countries.

      Material ESG Topics Opportunities, Risks & United Nations Sustainable Development Goals

      Material ESG SDGs

      Topics Opportunities Risks Supported

      Business model, strategies and outlook

      / All /

      Corporate governance, policies and practices

      / 16 /

      Smart, eco-sustainable, emissions reduction and future-ready solutions

      / All /

      Quality and transformation

      delivery of sustainable shared socio-economic value

      / All /

      • Enable adaptability, flexibility and capability to seize good opportunities in timely manner

      • Generate reasonable free cash flow, sustainable shared socioeconomic value and progress

      • Sector cycle recovery in global energy sector may be derailed by climate change, geoeconomic and geopolitical complexities

      • Business model may be disrupted by climate change, disruptive technologies, loss of technology distributorships, sector cycles, megatrends and supply chain issues

      • Set ethical, legal, compliance and business framework to enable us to continue role as responsible global corporate citizen pursuing business with greater purpose in mind

      • Uphold human rights

      • Under-compliance may create greater risks in all areas

      • Over-compliance may restrict adaptability, flexibility and unnecessarily restrict resources

      • Boost natural demand for solutions aligned with technological transformation, climate action and ESG programmes, particularly for geospatial technology, smart, eco-sustainable and future-ready real estate developments, construction technology ("ConTech"), real estate technology ("PropTech"), heat recovery systems and healthcare technology ("MedTech")

      • Demand may decline for specific solutions misaligned with technological transformation, climate action and ESG programmes, particularly for equipment used by energy sector, non-eco-sustainable developments and wasteful infrastructure construction

      • Strengthen market leadership positions in high value-added sectors

      • Gain competitive advantages through technology-driven design, productivity, cost and technology improvements

      • Widen offerings and solutions

      • Help clients to successfully shift to Industry 4.0 transformation standards

      • Business model may be disrupted by climate change, disruptive technologies, loss of technology distributorships, sector cycles, megatrends and supply chain issues

      • Market leadership positions and competitiveness may be eroded

      • Inability to uphold quality and transformation may impede

      INTRODUCTION

      LONGEVITY REPORTING FRAMEWORK

      PURSUING BUSINESS WITH A GREATER PURPOSE

      DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

      CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

      OTHER INFORMATION

      Material ESG Topics Opportunities, Risks & United Nations Sustainable Development Goals (cont'd)

      Material ESG SDGs

      Topics Opportunities Risks Supported

      Economic performance

      / 8 / 9 /

      Business ethics

      / 12 / 16 /

      Data and information security

      / 12 / 16 /

      Talent acquisition, development and retention

      / 3 / 5 /

      / 8 / 10 /

      Succession planning

      socio-economic value

      / 5 / 8 /

      / 10 /

      • Provide capital to incubate and grow new and existing businesses

      • Build goodwill and trust with multiple key stakeholders

      • Generate reasonable free cash flow, sustainable shared socioeconomic value and progress

      • Business model may be disrupted by climate change, disruptive technologies, loss of technology distributorships, sector cycles, megatrends and supply chain issues

      • Loss of economic performance may impede delivery of sustainable shared socio-economic value

      • Build goodwill and trust with multiple key stakeholders

      • Uphold human rights

      • Unethical behaviour may undo goodwill and trust with multiple key stakeholders and/or may result in significant fines, imprisonment, lawsuits, loss of economic performance and severe reputational damage

      • Build goodwill and trust with multiple key stakeholders, especially clients, governments and regulators

      • Ensure data governance and integrity, particularly through deployment of geospatial technology, integrated digital delivery, 7D building information modelling, smart building solutions, ConTech, PropTech and MedTech

      • Cyberattacks, hacking, phishing and ransomware strategies are more sophisticated and may pose greater threats to even extremely secure IT networks

      • Data and information security breaches may result in significant fines, losses of sensitive proprietary data and information, and affect competitiveness

      • Compromised data governance and integrity may undo goodwill and trust with multiple key stakeholders

      • Create positive work environment that promotes creativity, excitement and growth, and makes our team feel cared for, challenged, empowered and respected

      • Deliver sustainable shared socio-economic value and progress

      • Safeguard domain expertise

      • Uphold human rights

      • Aggressive competitors may poach talent

      • Domain expertise may be lost

      • Hiring and retraining costs may be more expensive in both monetary terms and time

      • Loss of talent may impede delivery of sustainable shared socio-economic value

      • Provide talent with career prospects and ability to scale into leadership positions

      • Safeguard domain expertise

      • Provide corporate stability and continuity in execution of strategies

      • Earmarked leadership talent may leave or be poached due to misperceptions about career prospects or misaligned expectations

      • Domain expertise may be lost

      • Hiring and retraining costs may be more expensive in both monetary terms and time

      • Loss of talent may impede delivery of sustainable shared

      INTRODUCTION

      LONGEVITY REPORTING FRAMEWORK

      PURSUING BUSINESS WITH A GREATER PURPOSE

      DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

      CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

      OTHER INFORMATION

      Material ESG Topics Opportunities, Risks & United Nations Sustainable Development Goals (cont'd)

      Material ESG SDGs

      Topics Opportunities Risks Supported

      Health and safety

      / 3 / 8 /

      / 11 / 12 /

      / 17 /

      Environment and climate change

      / All /

      Legal and regulatory compliance

      / 12 / 16 /

      Community development

      / All /

      • Promote what is essential to longevity, which is prioritisation of life over profit

      • Attract new talent and retain existing talent

      • Uphold human rights

      • Health and safety practices may be impacted by climate change

      • Stricter legal and regulatory frameworks for health and safety issues may raise compliance costs

      • Business licences to operate may be revoked under extreme non-compliance, resulting in existential threat

      • Non-compliance may result in significant fines, imprisonment, lawsuits, loss of economic performance and severe reputational damage

      • Boost natural demand for solutions aligned with climate action and environmental programmes, particularly for geospatial technology, smart, eco-sustainable and future-ready real estate developments, and heat recovery systems

      • Save costs over long-term

      • Accelerate technological transformation

      • Demand may decline for specific solutions misaligned with climate action and environmental programmes, particularly for equipment used by energy sector, non-eco-sustainable developments and wasteful infrastructure construction

      • Business licences to operate may be revoked under extreme non-compliance, resulting in existential threat

      • Non-compliance may result in significant fines, imprisonment, lawsuits, loss of economic performance and severe reputational damage

      • Climate-related physical risks and transitional risks may result in loss of economic performance

      • Build goodwill and trust with multiple key stakeholders, especially governments and regulators

      • Deliver sustainable shared socio-economic value and progress

      • Uphold human rights

      • Stricter legal and regulatory frameworks for socio-economic issues may raise compliance costs, in line with global ESG and climate change recognition and increased cross-border cooperation between jurisdictions

      • Business licences to operate may be revoked under extreme non-compliance, resulting in existential threat

      • Non-compliance may result in significant fines, imprisonment, lawsuits, loss of economic performance and severe reputational damage

      • Build goodwill and trust with communities, who are providers of future talent

      • Gain support of communities for projects

      • Uphold human rights

      • Poor socio-economic performance may hamper ability to contribute to community development, both directly and indirectly

      INTRODUCTION

      LONGEVITY REPORTING FRAMEWORK

      PURSUING BUSINESS WITH A GREATER PURPOSE

      DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

      CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

      OTHER INFORMATION

  4. ‌MULTI-YEAR LONGEVITY PERFORMANCE SUMMARY

Units of

Certifications for / Contracts in

  • 15 GMP

Prior to

Measurement FY2021 FY2022 FY2023 FY2024 FY2025

Smart, Eco-Sustainable, Emissions Reduction and Future-Ready Solutions Performance

#

  • 1 GMP

  • 1 GMP

  • 1 GMP PE

    • 1 GMP

  • 1 GMP

  • 1 GMP SLE

  • 12 GMP

  • 1 GMP PE

  • 2 GMP SLE

42-44

GWh

4.2

6.9

5.8

2.0

4.9

44.1

68.0

GWh

0.6

Solar ready

roof

0.5

+ Solar ready

2.0

2.9

3.6

9.6

cu m ('000)

0.7

0.0

18.4

0.0

18.9

131.7

169.6

#

12

5

10

6

7

203

243

42

TWh

4.3

1.4

2.1

1.4

3.1

45.0

57.2

Green Mark Platinum-rated developments Certified

developments

FY2021 Total Pages

Expected annual energy savings

Expected annual renewable energy

Expected annual water savings

Heat recovery systems Contracted units

Expected annual thermal energy recovery

roof

Green Mark Rating

GMP PE: Green Mark Platinum Positive Energy GMP SLE: Green Mark Platinum Super Low Energy GMP: Green Mark Platinum

INTRODUCTION

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DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

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OTHER INFORMATION

1.5 MULTI-YEAR LONGEVITY PERFORMANCE SUMMARY (cont'd)

Units of Measurement

FY2021

FY2022

Group Performance

FY2023 FY2024

FY2025

5-Year Averages

Comparable

Sectors National Averages Averages

Targets

Pages

Operational Performance

Team Development Programme

Annual team growth rate

% growth in year-end headcount

-2

2

3

15

4

4.4

n.a. 1.2

n.a.

60

Monthly team hiring rate

% of average headcount

2.0

2.6

2.6

1.9

1.9

2.2

2.1 2.0

n.a.

61

Monthly team turnover rate

% of average headcount

1.7

2.4 •

2.5 •

1.7 •

1.7 •

2.0

1.4 1.3

SMT: ≤1.7

64

Performance appraisals rate

% of year-end headcount

91

83 •

86 •

87 •

82 •

86

n.a. n.a.

PT: ≥ 85

62

Average annual training hours per team member

# of hours

8.9

12.3 •

29.5 •

33.9 •

34.9 •

23.9

n.a. n.a.

SMT: ≥ 35.0

63

Re-employment

# of team members

13

14

16

15

13

14

n.a. n.a.

n.a.

63-64

Succession planning

% of key executives

covered by named deputy or

successor

80

100 •

100 •

100 •

100 •

96

n.a. n.a.

PT: 100

64

Types of Targets

SMT: Short-to-medium-term target (FY2030) PT: Perpetual target 5YA: Target based on 5-year average

Achievement of Prevailing Targets

  • Not in line with target • Approaching target and/or improving • In line with target

INTRODUCTION

LONGEVITY REPORTING FRAMEWORK

PURSUING BUSINESS WITH A GREATER PURPOSE

DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

OTHER INFORMATION

1.5 MULTI-YEAR LONGEVITY PERFORMANCE SUMMARY (cont'd)

Group Performance

Comparable

Units of 5-Year Sectors National

Measurement FY2021 FY2022 FY2023 FY2024 FY2025 Averages Averages Averages Targets Pages

Operational Performance

Workplace Safety and Health Performance

Average annual # of days 2.4 3.8 • 4.4 • 4.3 • 4.9 • 4.0

medical leave taken per team member

n.a. n.a. SMT: ≤ 4.0

67

Accident frequency rate among team and suppliers

# of accidents per 1.3 1.4 • 1.3 • 0.9 • 1.4 1.3

million man-hours

n.a. n.a. n.a.

68

# of accidents per 272 288 274 161 278 255

100,000 workers

388 601 n.a.

Accident severity # of lost man-days 10 *669 • 12 • *759 • 39 298

rate among team per million man-and suppliers hours

n.a. n.a. n.a.

68

Occupational # of occupational 0.0 0.0 • 0.0 • 0.0 • 46.3 • 9.3

disease incidence disease cases per rate among team 100,000 workers and suppliers

24.4 20.0 PT: 0

68

Fatalities and high # of fatalities and 0 1 • 0 • 1 • 0 • 0.4

consequence high consequence

injuries among injuries team and suppliers

n.a. n.a. PT: 0

67

Types of Targets

SMT: Short-to-medium-term target (FY2030) PT: Perpetual target 5YA: Target based on 5-year average

Achievement of Prevailing Targets

  • Not in line with target • Approaching target and/or improving • In line with target

* Excluding fatality, adjusted accident severity rate would be 11 lost man-days in FY2022 and 7 lost man-days in FY2024.

INTRODUCTION

LONGEVITY REPORTING FRAMEWORK

PURSUING BUSINESS WITH A GREATER PURPOSE

DEVELOPING OUR BEST ASSET -BOUSTEAD MEN & WOMEN

CONSERVING OUR COLLECTIVE HOME - PLANET EARTH

OTHER INFORMATION

1.5 MULTI-YEAR LONGEVITY PERFORMANCE SUMMARY (cont'd)

Group Performance

Comparable

Units of 5-Year Sectors National

Measurement FY2021 FY2022 FY2023 FY2024 FY2025 Averages Averages Averages Targets Pages

Operational Performance

Environmental Stewardship

Average annual energy usage intensity:

E&C projects

kWh per sq m of 242.4 114.0 184.5 67.3 91.8 140 •

constructed GFA

n.a. n.a. SMT: ≤ 150 (5YA)

74-75

MJ per sq m of 872.6 410.5 664.3 242.1 330.6 504.0 •

constructed GFA

n.a. n.a. SMT: ≤ 540 (5YA)

Non-construction projects

MWh per team 2.7 1.9 1.6 2.8 0.3 1.9

member

n.a. n.a. n.a.

74

GJ per team 9.9 7.0 5.7 10.1 1.0 6.7

member

n.a. n.a. n.a.

Engineering and administrative offices, and warehouses

MWh per team 1.6 1.5 • 1.4 • 1.5 • 1.6 • 1.5

member

n.a. n.a. SMT: ≤ 1.5

75

GJ per team 5.8 5.3 • 5.1 • 5.3 • 5.8 • 5.5

member

n.a. n.a. SMT: ≤ 5.4

Managed kWh per sq m of 85.7 90.1 • 118.0 • 123.9 • 104.7 • 104.5

multi-tenanted GFA

properties in Singapore

142 n.a. SMT:

Better than 2nd quartile of comparable buildings

76-77

Types of Targets

SMT: Short-to-medium-term target (FY2030) PT: Perpetual target 5YA: Target based on 5-year average

Achievement of Prevailing Targets

  • Not in line with target • Approaching target and/or improving • In line with target

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