1Q 2026 Business Updates - Financial Statement

1Q 2026 Business Updates

27 April 2026

CapitaLand Ascott Trust

Table of Contents

1

2

3

4

1Q 2026 Business Updates Key Market Updates Portfolio Updates

Capital & Risk Management

5

6

Looking Ahead Appendix

Largest Lodging Trust in Asia Pacific

Proxy to the travel and living sectors

The United Kingdom

5 properties

China

4 properties

The United States of America

11 properties

Ireland

1 property

Belgium

2 properties

South Korea

2 properties

Spain

1 property

Japan

35 properties

France

12 properties

Germany

5 properties

The Philippines

2 properties

Vietnam

5 properties

Singapore

5 properties1

501 18

Serviced Hotels / Business Residences Hotels

29

Rental Housing

9

Student Accommodation

Malaysia

1 property

Australia

12 properties

Indonesia

3 properties

CLAS' key markets

S$8.9b

Total Assets

>19,0001

Units

1061

Properties

45

Cities in 16 countries

S$3.4b

Market Capitalisation

Notes: Above as at/for period ended 31 Mar 2026

1. Including Somerset Clarke Quay Singapore which is currently under development 4

CapitaLand Ascott Trust's Positioning

Diversified and well-balanced portfolio to deliver sustainable returns;

living sector increased from 17% to 18%

Geographical Allocation

Global in presence, anchored in Asia Pacific

Target Asset Allocation

Living sector

25-30% in rental housing and student accommodation

70-75% in serviced residences and hotels

Hospitality assets

18%

USA

56%

Total Assets

as at

31 Mar 2026

26%

Europe

37%

Hotels

45%

Portfolio Value

as at

31 Mar 2026

18%

Living Sector

11%

Student Accommodation

7%

Rental Housing

Asia Pacific

Serviced Residences

5

1.

1Q 2026

Business Updates

Investing Today to Drive Future Growth

1Q 2026 distribution income remained relatively stable

1Q 2026 gross profit was affected by:

• Closure of The Cavendish London (TCL) for renovations

• Closure of Madison Hamburg for part of the quarter for works at the carpark. The property has reopened, and the remaining works are scheduled to be completed in 2Q 2026

• Negative net impact in 1Q 2026 from acquisitions, divestments and other ongoing AEIs, pending deployment of proceeds and completion of AEIs

  Distribution income in 1Q 2026 remained relatively stable due to:

• Distribution of past divestment gains to mitigate the impact of the TCL AEI and Madison Hamburg works

• Interest savings from lower interest rates

In addition, interest savings from the repayment of higher-interest debt in 2Q 2026 using Citadines Central Shinjuku Tokyo divestment proceeds is expected to mitigate the income lost through divestments and ongoing AEIs

Gross Profit - 1Q 2025 vs 1Q 2026

Total

Top up

Increase Decrease

Note: Acquisitions between 1Q 2025 to 1Q 2026 include: ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae (in Jan 2025) and 6 rental housing properties in Osaka, Kyoto and Tokyo (in Aug 2025 and Feb 2026); Divestments include: Somerset Olympic Tower Tianjin (in Apr 2025) and Citadines Central Shinjuku Tokyo (in Oct 2025). Other AEIs include: ibis Ambassador Seoul Insadong (in 1Q 2025), Sotetsu Grand Fresa Osaka-Namba, Sheraton Tribeca New York Hotel and Citadines Place d'Italie

Paris (in 1Q 2026) 7

2.

Key Market Updates

1Q 2026 Key Markets Performance

RevPAU increased 1% y-o-y excluding TCL (closed for renovation), acquisitions and divestments in 2025

Notes: RevPAU relates to properties under management contracts and MCMGI, excludes master leases, rental housing and student accommodation

1. Same-store RevPAU excludes acquisitions, divestments and/or AEI

2. Same-store RevPAU excludes acquisitions, divestments and/or AEI, and prior year adjustments 9

Australia

Properties continue growth trajectory in 1Q 2026; forward bookings remain healthy

RevPAU (AUD)1

+7%

1Q 2025 1Q 2026

Management Contracts and MCMGI -

SRs S Hotels

• 1Q 2026 RevPAU for properties under management contracts and MCMGI increased 7% y-o-y to AUD 188 on higher ADR led by increased demand during events and concerts, namely the Ashes cricket matches, Ed Sheeran concerts, and the Royal Edinburgh Military Tattoo in Brisbane

• While inbound tourism to Australia in 1Q 2026 was impacted by reduced flight capacity and increased travel costs as a result of the Middle East conflict, CLAS' properties were relatively shielded from the impact as they cater predominantly to domestic guests

• Forward bookings for 2Q 2026 remain healthy and properties are focusing on securing more group business

  Master Leases - SRs

• 1Q 2026 revenue from master leases was 3%

  higher y-o-y due to rent increase

• Discussion on renewal has commenced for the master lease which is expiring in 4Q 2026

  Note:

  1. Pertains to the hotels and SRs under management contracts and MCMGI only

     10

     France
     
     

     Resilient operating performance and outlook; 1Q 2026 revenue lower due to ongoing AEI

     8% of total assets, 11% of 1Q 2026 gross profit: 12 SRs under master lease

Revenue (EUR'mil)

-4%

1Q 2025 1Q 2026

o Excluding Citadines Place d'Italie Paris, revenue from the other 11 properties was stable y-o-y

• Group and long-stay bookings, as well as seasonal European summer demand, are expected to support revenue visibility in 2Q 2026

  11

  Japan
  
  

  Demand from other source markets mitigated impact of travel curbs; outlook for 2Q 2026 healthy

  18% of total assets, 18% of 1Q 2026 gross profit: 2 hotels and 1 student accommodation under master lease;

  1 SR, 2 hotels and 29 rental housing under management contracts

23,0942

RevPAU (JPY)1

23,7832

+3%2

Management Contracts - SRs S Hotels

RevPAU (SGD)1

+2%

1Q 2025 1Q 2026

MCMGI and Management Contracts -

SRs S Hotel

139

RevPAU (GBP)

+1%1

1301

• • On a same-store basis1, 1Q 2026 RevPAU increased 1%, mainly driven by stronger performance at Citadines Holborn-Covent Garden London following the completion of its AEI in 2024

• Limited impact from the Middle East conflict as demand at our properties remains supported by regional and domestic sources

• Operating performance in 2Q 2026 expected to be supported by corporate and transient bookings

  1Q 2025 1Q 2026

  Note:

  1. Excluding TCL which was closed for renovations since Jan 2026 and prior year adjustments

  14

  United States
  
  

  RevPAU of hotels dipped due to AEI; pre-leasing for student accommodation pacing ahead of last year

  18% of total assets, 19% of 1Q 2026 gross profit: 3 hotels and 8 student accommodation under management contracts

RevPAU (USD)1

-1%

1Q 2025 1Q 2026

Management Contracts - Hotels

Management Contracts - Student Accommodation

• CLAS' properties are well located and primarily serve domestic students from reputable universities with strong enrolment demand and low acceptance rates

• For the academic year (AY) 2025-2026 ending Jul 2026, the properties have an average occupancy of c.89% and rent decreased marginally by c.0.9% over the previous AY due to an increase in supply in some markets

• For AY 2026-2027 commencing Aug 2026,

>80% has been pre-leased, pacing ahead of last year, as at Mar 2026; revenue increase is expected

Note:

1. Pertains to the 3 hotels and excludes the student accommodation properties

15

3.

Portfolio Updates

Proactive Investment S Portfolio Reconstitution

Building a stronger portfolio, enhancing the quality and performance of CLAS' properties

Divestments to unlock value

Accretive Investments

in quality properties

• Accretive investments in prime locations within key gateway cities supported by strong demand drivers for travel and/or living

• Selectively undertaking development

projects with attractive stabilised yields

• AEIs provide CLAS with further capacity for growth

Asset Enhancement

to uplift performance and valuations

• Divesting properties which have reached the optimal stage of their life cycle

• Redeploying proceeds into more optimal uses, including investing in higher-yielding properties, funding AEIs and paying down debts with higher interest rates

  17

  Divestments and Acquisitions from 2024 to YTD 2026

  Divesting at premium to book, re-investing into quality, higher-yielding properties

  Divestments

2025

• ibis Styles Tokyo Ginza

• Chisun Budget Kanazawa Ekimae

• Pre de Cort Nishikyogoku

• Pregio Esaka South

• Splendide Namba West

• Remaining 10% stake in

Standard at Columbia

• lyf Funan Singapore

2024

• Teriha Ocean Stage

• Citadines Central Shinjuku Tokyo

2025

• Somerset Olympic Tower Tianjin

Completed over S$800 mil in divestments

at up to 100% premium to book

Completed accretive acquisitions of c.S$600 mil in quality assets at higher yields

18

Acquisition of 3 Japan Rental Housing Properties in Feb 2026

Strengthening CLAS' stable income stream for resilience

JPY4.6 bil

(S$38.3 mil)

Acquisition price

4.1%

NOI Entry Yield in FY 2025

Accretive acquisition of rental housing in Southern Kanagawa, Greater Tokyo

CLAS' portfolio value

Note: Based on an exchange rate of JPY1 to S$0.008402 unless stated otherwise

19

Asset Enhancement S Development Initiatives

Uplifting the value and profitability of properties in prime locations of key gateway cities

• CLAS completed 2 projects in 2025 and has 4 ongoing AEIs in 2026

• Aside from TCL, the 3 properties currently undergoing AEI remain operational and continue to contribute income, albeit with reduced room inventory

  Completed in 2025 Ongoing / Planned

  Citadines République Paris

  2Q 2025 to 4Q 2025 (Completed)

  
  
  

  Sydney Central Hotel

  Under review

The Cavendish London

1Q 2026 to 2027 (Ongoing)

Sotetsu Grand Fresa Osaka-Namba

4Q 2025 to 4Q 2026 (Ongoing)

Sheraton Tribeca

New York Hotel

1Q 2026 to 3Q 2026 (Ongoing)

Citadines Place d'Italie Paris

1Q 2026 to 1Q 2027 (Ongoing)

• Total capital expenditure for the 4 ongoing AEIs + remaining capital expenditure for the Somerset Clarke Quay Singapore redevelopment is c.S$260 mil, of which CLAS'

  investment is c.S$180 mil; the remaining will be funded by the master lessee or operator of the properties

• Given the uncertain global outlook, CLAS will monitor the macroeconomic situation, lodging demand and renovation costs, and may adjust the AEI schedules

Notes:

Timelines are subject to change 20

Images for The Cavendish London and Sydney Central Hotel are artist's impressions

Sustainability Highlights

In alignment with CapitaLand Investment's 2030 Sustainability Master Plan (SMP)

Sustainability ratings S accolades

Performance S reporting

• Global Sustainability Yearbook

  S&P Global Sustainability Yearbook 2025 and 2026

• Global Listed Sector Leader - Hotel

  GRESB for the 5th consecutive year in 2025

• Ranked 1

  Singapore Governance and Transparency Index (REITs and

  Business Trusts) for the 5th consecutive year in 2025

• Upgraded to 'AA' in Mar 2026

  MSCI ESG Ratings

• 'Negligible' ESG risk rating

  Sustainalytics

• Constituent of

iEdge-UOB APAC Yield Focus Green REIT Index; and

iEdge-OCBC Singapore Low Carbon Select 50 Capped Index

• c.70% of CLAS' gross floor area green certified as at Dec 2025

  • Met 50% target in 2025, and on track to meet 100% target in 2030

• Continue to work towards 2030 reduction targets

  • Carbon emissions intensity by 72%

  • Energy consumption intensity by 15%

  • Water consumption intensity by 15%

    (using 2019 as a base year)

• Fostering a positive and proactive safety culture with zero fatality, permanent disability or major injury

  Sustainable

  finance

• c.S$830 mil in sustainable financing to date

  Sustainability reporting

• CLAS' sustainability report is externally assured in accordance with

ISAE 30001

Note:

1. Limited assurance on the CLAS Sustainability Report, selected Global Reporting Initiative Sustainability Reporting Standards disclosures and sustainability linked bonds' key performance indicators, performed in accordance with International Standard on

Assurance Engagement 3000 Assurance Engagements other than Audits or Reviews of Historical Financial Information (ISAE 3000) 21

4.

Capital S Risk Management

Capital Management

CLAS' discipline and prudence positions it well to weather global uncertainties

S$1.14

NAV per Stapled Security

49%

Total assets in foreign currency hedged

0.4% (loss)

Impact of foreign exchange after hedges

on gross profit for 1Q 2026

38.9%

Gearing1 (c.S$1.9 bil

debt headroom2)

68%

of property value unencumbered

c.S$1.51 bil

Interest cover

3.0X4

Sensitivity analysis on interest cover

• 10% decrease in EBITDA

• 100 bp increase in interest rate

2.7X

2.2X5

Total available funds comprising

c.S$539 mil in cash on-hand and

2.8%

per annum

Low effective borrowing cost

Sensitivity analysis on DPS

• 100 bp increase in interest rate6

Decrease of

0.28 cents7

c.S$972 mil in available credit facilities3

BBB

(Stable Outlook)

Fitch Ratings

Notes: Above as at/for period ended 31 Mar 2026

1. The ratio of net debt to net assets for CapitaLand Ascott REIT Group and CapitaLand Ascott Business Trust Group is 68.2% and 19.2% respectively; the ratio for CLAS is 60.8%

2. Refers to the amount of additional debt before reaching aggregate leverage of 50%

3. Balances as at 31 Mar 2026; includes committed credit facilities amounting to c.S$500 mil

4. In accordance with the Monetary Authority of Singapore's revised Code on Collective Investment Schemes dated 28 Nov 2025

5. Assuming 100 bp increase in the interest rate of all debt and perpetual securities

6. Based on floating rate borrowings as at 31 Mar 2026 and fixed rate borrowings due in 2026 23

7. Based on additional interest expense per annum and number of stapled securities in issue as at 31 Mar 2026

Capital Management 74% : 26% c.78% 3.1 years

Bank loans : Medium Term Notes Total debt on fixed rates Weighted average debt to maturity

Debt maturity profile (S$'mil) Debt breakdown by currency

KRW

Key Updates

• Decrease in effective borrowing cost from 2.9% p.a. as at 31 Dec 2025 to

  2.8% p.a. as at 31 Mar 2026; effective borrowing cost expected to remain relatively stable for 2026

• Total debt on fixed rates at c.78% as

  21%

  24%

  689

  19%

  637

  12%

  382

  791

  24%

  787

  at 31 Mar 2026; CLAS typically maintains 70%-80% of its debt on fixed interest rates to mitigate exposure to interest rate volatility

  SGD 15%

  GBP 10%

  1%

  EUR 17%

  JPY 40%

  USD 17%

  • Given the recent market volatility, we will monitor the market closely and evaluate the different options for the upcoming loans to be refinanced in 2026

2026 2027 2028 2029 2030 and

after

Bank loans Medium Term Notes (MTN)

Note: Above as at 31 Mar 2026

24

5.

Looking Ahead

Resilience Amid Macroeconomic Uncertainties

CLAS' diversification and stable income sources cushion the impact from geopolitical tensions

Global uncertainties could lead to…

…reduced lodging demand

…higher costs

…interest rate and

foreign currency volatility

Mitigated by…

• Diversified guest mix across corporate, leisure, international and domestic segments

  • Demand remains broadly resilient across most markets

  • Middle East travellers make up only c.2% of guest profile1

  • Moderation in international travel due to higher airfares may be partially offset by stronger domestic and regional demand

• Stable income sources comprise 60% - 70%

  of CLAS' gross profit

  • Average length of stay of CLAS' portfolio was

c.2 months in FY 2025

• Living sector is counter-cyclical and resilient through market cycles

• Master leases and MCMGI offer downside

protection

• Limited exposure to energy price volatility

  • Master leases: operating costs are largely borne by the lessees

  • Living sector: utility costs are borne by the tenants

  • Management contracts / MCMGI: where possible, CLAS has secured fixed rates with energy brokers or negotiated utility contracts

  • Electricity cost accounted for around 4% of CLAS'

    operating cost in FY 2025

• CLAS' predominantly long-stay portfolio has a leaner cost structure compared to full-service hospitality properties

• CLAS' properties have the flexibility to adjust room rates to mitigate inflationary pressures

• Potential delay in rate cuts due to higher inflation is mitigated by CLAS' high proportion of debt effectively on fixed rates, for a weighted average of c.3.1 years

• Average cost of debt is low at 2.8% p.a. and

  interest cover is healthy at 3.0 times

• The strengthening of some currencies balances out the weakening of others

• CLAS adopts a natural hedge by borrowing in the currency of the underlying assets and hedging instruments are used where appropriate

Note:

1. Based on available data of Ascott-managed properties in FY 2025 26

How Our Key Markets are Positioned

Near-term impact of the Middle East conflict currently assessed as low to medium for CLAS properties;

electricity cost accounted for c.4% of CLAS' operating cost in FY 2025

Note: ML - Master Lease; MC - Management Contract; MCMGI - Management Contract with Minimum Guaranteed Income; Above as at/for period ending 31 Mar 2026, unless otherwise stated

27

Roadmap to a Stronger Portfolio

CLAS' existing pipeline of AEI and development projects provides capacity for future growth

Enhancing the Portfolio - AEIs and Development

Contribution from Completed Projects

• Contribution from newly

Contribution from

• Sotetsu Grand Fresa Osaka-Namba

• The Cavendish London (TCL)

• Sheraton Tribeca New York Hotel

• Citadines Place d'Italie Paris

• Redevelopment of former Somerset Liang Court Singapore to Somerset Clarke Quay Singapore

  redeveloped Somerset Clarke

  Quay Singapore

  • Higher contribution expected from completed AEIs, including TCL

    Completed Projects

    • Higher contribution expected from AEIs completed in 2027

    • Stabilised performance of Somerset Clarke Quay Singapore

2026 2027 2028

Note:

Timelines are subject to change 28

Celebrating Two Decades of Strength and Stewardship

Proactive investment and portfolio management

Strengthening portfolio quality and long-term income growth

Delivering stable distributions

• CLAS is committed to distributing stable distributions through enhancing distribution income from its operating performance and distributing non-periodic and/or divestment gains when appropriate

• Healthy financial position supports disciplined capital management

as CLAS executes its growth strategies

Disciplined

capital management

• Accretive acquisitions, strategic divestments and targeted asset enhancements

• Progressing towards CLAS' medium-term portfolio allocation

  of 25%-30% in the living sector, and 70-75% in hospitality assets

• Strengthening presence in key markets

• Recycling capital from divestments

Largest lodging Trust in Asia Pacific

Proxy to the travel and living sectors

CLAS Today Strategic Priorities Ahead

Resilience from diversification

Balancing stable income

with growth potential

29

6.

Appendix

Diversified Portfolio with Mix of Stable and Growth Income Streams

28 Master Leases1

and 12 MCMGI2

47% Management Contracts

Living Sector

(37 rental housing

and student accommodation)

20%

1Q 2026

Gross Profit

of Hospitality Properties (29 serviced residences and hotels)

33%

Notes: Above as at 31 Mar 2026. Excludes Somerset Clarke Quay Singapore which is currently under development

1. Includes Eslead College Gate Kindaimae, a student accommodation in Japan under master lease

2. Management contracts with minimum guaranteed income (MCMGI)

31

Well-staggered Master Lease Expiry

2031 and beyond

2030

2029

2028

2027

2026

2%

8%

4%

7%

3%

76%

Lease expiry for master leases1

(as at 31 Mar 2026)

• In 2026, there is one master lease in Australia expiring in 4Q

Note:

1. Percentage of gross rental income for master leases expiring at respective years over the total gross rental income for all master leases 32

Thank You

For enquiries, please contact: Ms Denise Wong, Senior Director, Listed Funds - Investor Relations

Email: ask-us@capitalandascotttrust.com

CapitaLand Ascott Trust Management Limited CapitaLand Ascott Business Trust Management Pte. Ltd. Tel: (65) 6713 2888 | Fax: (65) 6713 2999

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