Full Year Financial Results for the Year Ended 30 June 2025 - Presentation

FY2025 Financial Results

29 August 2025

Content

1. Group CEO Remarks

2. Financial Highlights

3. Business Highlights

4. Industry Outlook

5. Q&A

   Guoco Tower, Singapore

   
   
   Group CEO Remarks
   
   
   

   3

   
   
   

   Guoco Midtown, Singapore

   
   
   

   FY2025 year in review

   Lentor projects performing well

   Sales status as at 30 June 2025

   100%

   99%

   98%

   Lentor Modern

   Lentor Hills Residences Lentor Central Residences

   Lentor Mansion

   Guoco Midtown integrated development completed

   TOP

   100%

   Achieved for Midtown Modern and Guoco Midtown II

   Sold for Midtown Modern and committed occupancy for Guoco Midtown II

   Commercial projects providing

   stable recurring rental revenue

   281

   230

   170

   126

   115

   FY2021

   FY2022

   FY2023

   FY2024

   FY2025

   Deepened presence in Singapore

   4

   New land plots − Margaret Drive, Faber Walk,

   Tengah Garden Avenue, River Valley Green (Parcel B)

Macro environment

Figures as at 30 June 2025 4

Creating value through our twin-engine growth strategy and end-to-end capabilities

Portfolio of best-in-class investment properties

Stable recurring rental revenue from premium Grade A assets in Singapore and China

Property

Property

Uplifting neighbourhoods

Proficiency in identifying

high-potential sites with strong attributes, and enhancing vibrancy through high-quality developments and placemaking activities

Strong asset management

capabilities

High occupancy rates with diversified tenant base, healthy weighted average lease expiry and positive rental reversions

Investment

Development

Reputable brand

Recognised for high-quality builds and innovative, user-centric designs

Site selection

Planning and design

Property development and investment

Marketing and leasing

Asset and property management

5

Financial Highlights

6

Guoco Tower, Singapore

5%

Revenue

S$1,916m

-17%

Attributable profit

S$107m

-7%

Operating profit

S$299m

FY2025 key financial highlights

0.01x

Debt1-to-assets

0.44x

1 ct/sh

Dividends

7

cts / share

Twin-engine growth strategy underpins results

Operating profit by key business

(S$' million)

FY2024

FY2025

Revenue by key business

(S$' million)

FY2024

FY2025

• Higher revenue for FY2025 was mainly driven by

  • Higher rental revenue from Guoco Tower and Guoco Midtown

  • Progressive recognition of profits from the residential developments in Singapore that are substantially sold

• Singapore operating profit grew 15% to S$382 million for FY2025 from S$332 million for FY2024

  • The higher operating profit from Singapore was offset by an allowance for foreseeable losses made in 2H2025 on China development properties

Property Development Property Investment

Asset profile

Assets by key segments1

Overseas 21%

S$11.88b

Singapore 79%

GuocoLand China breakdown by asset type

Others2 Property

19% Development

50%

S$1.74b

Property Investment 31%

Figures as at 30 June 2025

1 Excludes Others

Growing recurring income base

FY2017

Guoco Tower began operations

FY2022

Guoco Changfeng City (South Tower) began operations

FY2023

Guoco Midtown began operations

FY2024

Guoco Midtown fully operational

FY2025

Guoco Midtown II began operations

S$' million

3,053

70

4,975

115

5,932 6,203

126

170

6,785 6,971

230

281

19%

Recurring income CAGR from FY2017 to FY2025

FY2017 FY2021 FY2022 FY2023 FY2024 FY2025

Investment properties asset value Rental revenue and related income

Creating value for the long term

~S$1.2b

in fair value gains recognised from FY2017 - FY2025

Generating shareholder value through fair value gains of investment properties

59

156 40

249

S$' million

254

143

72

>2x

Growth in asset value from FY2017 - FY2025

197

-8

FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

Prudent capital management

Group loans & borrowings (S$' million)

5,334

5,484

30 June 24

30 June 25

Property Development (Singapore)

Property Development (Overseas) Property Investment

Debt profile backed by high-quality assets in Singapore

• Borrowings are backed by a resilient portfolio of high-quality investment properties with good operating performance and stable, growing recurring cash flows, as well as development projects with strong sales progress

• As development projects are completed, existing property development loans will be progressively paid

• Secured four new green facilities in FY2025 worth S$2.45 billion

• Project loans and borrowings in China was S$120

  million (or 2% of total loans and borrowings)

• Over RMB900 million in sales value achieved in FY2025 improved liquidity and contributed to repayment of loans in China

Prudent capital management

Debt1-to-assets ratio remains steady

Debt1 / Assets

0.47

0.45

0.46

0.43

0.43

0.44

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

Total Equity2 (S$' million)

4,692

4,745

4,679

4,521

4,407

FY2021

FY2022

FY2023

FY2024

FY2025

Attributable equity

Perpetual securities

4,000

407

4,340

181

4,271

408

4,284

408

4,337

408

1 Debt is defined as total loans and borrowings

Business Highlights

14

Lentor Modern, Singapore

Business highlights

Guoco Tower Completed Committed occupancy: 100%

20 Collyer Quay Completed Committed occupancy: 98%1

Guoco Midtown Completed Committed occupancy: 100%

Midtown Modern

Completed

100% sold

Midtown Bay Completed 64% sold

Guoco Midtown II

Completed Retail committed

occupancy: 100%

CBD

Transforming neighbourhoods with a portfolio of high-quality, user-centric developments in Singapore

Lentor Modern Target completion: 3Q 2025

100% sold

Retail committed occupancy:

85%2

Lentor Hills Residences Target completion: 2H 2026

99% sold

Lentor Mansion Target completion: 1H 2028

98% sold

Lentor Central Residences Target completion: 2H 2028

99% sold

Lentor

Figures as at 30 June 2025

List of properties not exhaustive

1 Includes pre-committed leases and leases under offer

GUOCO MIDTOWN: A Flagship Integrated Development

16

Soon-to-be-opened overhead link bridge will connect Guoco Midtown and Guoco Midtown II to Marina Centre

Continued strong demand for best-in-class investment properties

30 June 2024

Completed and under development

•

•

•

•

•

•

•

•

•

•

Guoco Tower

Guoco Midtown

Guoco Midtown II (retail) 20 Collyer Quay

Lentor Modern (retail) Guoco Changfeng City DC Mall

Menara Guoco Menara HLX Plaza Zurich

S$6.79b

S$6.97b

30 June 2025

Singapore

• Offices achieved 100% commitment rate, positive rental reversions, and healthy weighted average lease expiry of 3.021 years

• Strong rental rates of S$12 - S$14+ psf/month for premium Grade A offices at Guoco Tower and Guoco Midtown

• Strong retail leasing activity with 100% commitment rate at Guoco

  Tower, Guoco Midtown and the newly-completed Guoco Midtown II

  China

• Shanghai's Guoco Changfeng City (South Tower) achieved a

  commitment rate of 92% to date

• Leasing activities at the North Tower have been advancing steadily, with commitment rate reaching 34% to date

• Tenants include major domestic players and MNCs from the USA, Austria and the Netherlands

  Unique leasing strategy provides resilience

  • Diversified tenant base across industries boosts portfolio resilience and lowers concentration risk

  
  
  

  20.8%

  2.8%

  13.2%

  3.0%

  Automotive
  
  
  
  
  
  Banking & Finance
  
  
  Chemical/ Energy/ Oil & Gas
  
  
  Commodities & Trading
  
  
  FMCG
  
  
  Hospitality
  
  
  Insurance
  
  
  Investment Services & Consultancy
  
  

  • Stable, recurring income from rental revenue

  
  
  

  0.4%

  7.3%

  4.2%

  5.2%

  4.6%

  Blended tenant mix by NLA1

  9.0%

  6.0%

  1.5%

  3.9%

  Legal
  
  
  Management Consultancy
  
  
  Manufacturing
  
  
  Media
  
  
  Medical/Pharmaceutical
  
  
  Others
  
  
  Real Estate
  
  
  Services
  
  
  Shipping
  
  

  0.5%

  6.1%

  2.3%

  0.2%

  9.1%

  Telecommunication/IT/Software & Technology
  
  

  1 Blended for Guoco Tower and Guoco Midtown

  Widening our foothold with sustained investments in land sites with strong attributes and catchment in Singapore

  FY 2022

  FY 2023

  FY 2024

  FY 2025

  FY 2026

  
  
  

  Jul'21: Acquired 1st site in Lentor Lentor Modern, a mixed-use

  development with 605 units and a retail mall

  Jan'22: Acquired 2nd site in Lentor Lentor Hills Residences with 598 units

  Sep'22: Launched

  
  
  

  Lentor Modern

  Apr'23: Acquired 3rd Lentor site Lentor Mansion with 533 units

  Jul'23: Launched Lentor Hills Residences

  
  
  

  Sep'23: Acquired 4th

  Lentor site

  Lentor Central Residences with 477 units

  Mar'24: Launched

  Lentor Mansion

  
  
  

  Apr'24: Acquired Upper Thomson (Parcel B) site Springleaf Residence with 941 units

  Aug'24: Acquired Margaret Drive site Penrith with 462 units

  
  
  

  Nov'24: Acquired Faber

  Walk site

  Faber Residence with 399 units

  Jan'25: Acquired Tengah Garden Avenue site (~860 units)

  Feb'25: Acquired River Valley Green (Parcel B) site (455 units)

  Mar'25: Launched Lentor

  Central Residences

  Aug'25: Launched

  Springleaf Residence

  Upcoming Launches

  • Margaret Drive

  • Faber Walk

  • River Valley Green (Parcel B)

  • Tengah Garden

    Avenue

    SPRINGLEAF RESIDENCE:

    First high-rise development in Springleaf with a biodiversity-sensitive design approach

    • Developed by GuocoLand−Hong

      Leong JV (60:40)

    • 941-units across five 25-storey towers and a conserved four-storey building, which was part of the former Upper Thomson Secondary School

    • Less than 2-min walk to Springleaf

      MRT station

    • Launched in August 2025 with over 92% units sold over the launch weekend

Transforming neighbourhoods with upcoming launches

Faber Walk

• Developed by GuocoLand−TID−Hong Leong JV (50:40:10)

• Near established schools and key business hubs

• Walking distance to future Jurong Town Hall MRT on JRL

• Waterfront development next to the Pandan River

River Valley Green (Parcel B)

• Developed by GuocoLand

• High-end waterfront development comprising two towers with commercial shops on the first floor

• Directly connected to Great World MRT and Great World shopping mall

Margaret Drive

• Developed by GuocoLand-Hong Leong-Hong Realty JV (30:35:35)

• Walking distance to Queenstown MRT station

• Connected to the Alexandra Canal Linear Park and Alexandra-Queensway Park Connector

Tengah Garden Avenue

• Developed by GuocoLand-Hong Leong-CSC Land JV (20:60:20)

• Tengah's first private mixed-use development comprising residential towers with integrated retail amenities

• Connected to the future Hong Kah MRT on JRL

21

COMMITTED TO SUSTAINABLE DEVELOPMENTS

22

Guoco Midtown, Singapore

Driving sustainability through biophilic and sustainable designs, reducing energy and resource usage, and sustainable building practices

Guoco Tower, Singapore

Guoco Midtown & Midtown Bay, Singapore

Guoco Midtown II & Midtown Modern, Singapore

Guoco Changfeng City, China

Lentor Modern, Singapore

Lentor Mansion, Singapore

Springleaf Residence, Singapore

Faber Walk, Singapore

River Valley Green (Parcel B), Singapore

23

List of properties not exhaustive

1 Upon completion

Industry Outlook

Singapore

• Singapore's GDP grew by an average of 4.3% in 1H 20251. This positive outlook is tempered by potential risks from global geopolitical and trade tensions.

• Buying demand from homeowners remains resilient, supported by a healthy labour market and moderating interest rates.

• Price growth was moderated in the private residential property market, as 2Q 20251 saw prices rising by 1.0% quarter-on-quarter, a modest increase compared to the end of 2024.

  Springleaf Residence, Singapore

• The office market in Singapore showed resilience, particularly in the core CBD.

• Effective rents for Grade A offices increased slightly, and the vacancy rate improved, indicating a healthy demand for high-quality spaces that is driven by a notable "flight to quality" trend, where companies are moving to buildings with superior features.

  1 Based on calendar year

  Overseas

  CHINA

• China's economy grew 5.2% year-on-year in 2Q 20251, in line with the government's target of 5.0%. Key lending rates have been maintained at record lows.

• Recent data suggests a slowing decline in new home prices, and a sustainable recovery will be dependent on the overall economy and consumer confidence improving.

• Shanghai's office vacancy rate increased to 22.4% in 2Q 20251 due to an increase in new office supply, putting pressure on rents. New office supply is expected to continue entering the market over the rest of 2025.

• China authorities have begun scaling back land sales, encouraging the return of undeveloped plots, and promoting the

  conversion of existing office supply to alternative uses, to gradually reduce new office supply entering the market.

  MALAYSIA

• Malaysia's GDP growth forecasted was adjusted down due to a slowing global economy. Overnight Policy Rate was

  reduced to 2.75% in July to support steady economic growth amid moderate inflation.

• In 1Q 20251, Malaysia's property market dipped with transaction values and volumes falling year-on-year, though residential construction activity increased. The commercial office market in Greater Kuala Lumpur continues to face challenges.

Q&A

Appendix

Revenue by business unit

Profit/(Loss) before tax by business unit

N/M: Not meaningful