1Q 2025 Business Update

5/7/25, 6:24 PM General Announcement::1Q 2025 Business Update

Issuer & Securities

GENERAL ANNOUNCEMENT::1Q 2025 BUSINESS UPDATE

Issuer/ Manager

THAKRAL CORPORATION LTD

Securities

THAKRAL CORPORATION LTD - SG1AJ2000005 - AWI

Stapled Security

No

Announcement Title

General Announcement

Date &Time of Broadcast

07-May-2025 18:17:47

Status

New

Announcement Sub Title

1Q 2025 Business Update

Announcement Reference

SG250507OTHR8QG7

Submitted By (Co./ Ind. Name)

Anil Daryanani

Designation

Chief Financial Officer

Description (Please provide a detailed description of the event in the box below)

Please refer to attached Business Update and Press Release for 1Q 2025.

Thakral_1Q25_Biz_Update_20250507.pdf

Thakral_PR_1Q2025_20250507.pdf

Total size =1440K MB

https://links.sgx.com/1.0.0/corporate-announcements/4LZ4NHSSV1US8CF1/8968eccf6b98b656615a744842b9aeaaf1df4202778d80190724ea78… 1/1

1Q 2025 BUSINESS UPDATE

7 May 2025

DISCLAIMER

This is a presentation of general information relating to the current activities of Thakral Corporation Ltd (the "Company"). It is given in summary form and does not purport to be complete.

This presentation may contain forward-looking statements which are subject to risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in these forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies, shifts in customer demands, customers and partners, changes in operating expenses, governmental and public policy changes, and the continued availability of financing.

Accordingly, such statements are not and should not be construed as a representation as to the future of the Company, and are not intended to be profit forecasts, estimations or projections of future performance and should not be regarded as such.

No reliance should therefore be placed on these forward-looking statements, which are based on the current views of the management of the Company. The presentation is also not to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. The Company accepts no responsibility whatsoever with respect to the use of this document or any part thereof.

2

THAKRAL AT A GLANCE

Attractive Valuation

6.0%

Dividend Yield^

S$1.32

NAV/Share#

SGX-listed since 1995

S$0.87

Share Price*

S$110.54m

Market Cap*

Dual Growth Drivers Over-50s Lifestyle Resorts in Australia

where demand growth outpaces supply

Strategic expansion in

beauty, fragrance, and drone businesses

*as of 7 May 2025 ^FY2024 dividend and share price as of 31 Dec 2024 #as of 31 March 2025

3

1Q 2025 SNAPSHOT

Profit before interest and tax

S$6.3m

+27.6% YoY

Segment results - Lifestyle

S$3.4m

+0.7% YoY

Segment results - Investments

S$4.7m

+34.5% YoY

Net Asset Value

S$1.32

vs S$1.28 at 4Q2024

GemLife's Occupied Homes

1,862

vs 1,804 at 4Q2024

4

INVESTMENT: GEMLIFE'S STEADY EXPANSION

Achieved settlement of 58 homes in 1Q2025

Growing number of occupied homes leading to higher recurring weekly site fees

1,088

1,449

58 new

homes 1,862

1,804

Target of

6,500

homes within the decade based on current project pipeline

870

530

290

Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Mar 25

Supported by strong demand based on ageing population trend and government incentives

5

INVESTMENT: JAPAN UPDATES

Average occupancy of ~96%+ for 6 commercial buildings in Osaka

High occupancy leads to stable revenues

6

LIFESTYLE: DRIVING SUSTAINABLE GROWTH

Expanding market presence in the drone business compliments stable beauty & fragrance business

7

Drones related accessories, digital action cameras + gimbals

Lifestyle

Increasing retail footprint in Greater China

Portfolio expansion

Equity participation in growing brands

Increasing adoption of drones in the enterprise and agricultural sectors and drone related accessories, digital action cameras, gimbals

Leveraging strategic partnerships in South Asia

• Expanding range of DJI products in South Asia.

• B2B online portal Bharat Skytech - Sale of drone components and batteries, in India.

• Increased stake in Skylark to 23% in FY2024 -advancing software capabilities for drone

applications.

Growth plans for drone business

Enterprise and Agriculture sectors

Bharat Skytech

Skylark

FINANCIAL RESULTS

INCOME STATEMENT HIGHLIGHTS

Strong revenue growth across key segments

ppts = Percentage Points

Higher profit before interest and tax due to higher revenue and share of profits from associates.

Increased contributions from GemLife.

Compression due to volume sales.

Significant growth in the Lifestyle business revenue.

Guide to Thakral's I/S

Key Drivers

Lower operating profit is mainly due to Nespresso's operational and staffing costs.

9

Profitability was impacted due to losses in foreign exchange and higher income tax

REVENUE BREAKDOWN BY SEGMENT

~97% of 1Q 2025 revenue was contributed by Lifestyle business

60.0

Total Revenue

76.0

Key Takeaways

-10%

1.9

57.9

74.0

S$ mil

(1Q 2025 vs 1Q 2024)

1Q 2024 1Q 2025

Investment (INV) Lifestyle (LIFE)

Note: Revenue from the Investment Segment does not include business activities from its associates and joint ventures

10

SEGMENTAL RESULTS BREAKDOWN

Significant growth in Investment segment

6.3

Total Segment Results

7.5

-0.6

-0.5

1Q 2024

1Q 2025

3.2

3.4

3.4

Key Takeaways

S$ mil

(1Q 2025 vs 1Q 2024)

INV (Group) INV (Associates) LIFE (Group) Others

11

REVENUE BREAKDOWN BY GEOGRAPHY

Growth in key geographies due to stronger consumer demand in 1Q 2025

33.6

41.1

60.0

Total Revenue

76.0

3.2

0.6

1.5

+56%

1.5

+30%

+22%

3.6

0.2

Key Takeaways

S$ mil

(1Q 2025 vs 1Q 2024)

1Q 2024 1Q 2025

South Asia Greater China North America Australia Japan Others

12

BALANCE SHEET HIGHLIGHTS

Key Drivers

Mainly from partial settlement of accrued expenses and increase in other receivables

* Inclusive of trust receipts and bank and other borrowings

13

For IR enquiries, please contact

kamal@financialpr.com.sg rishika@financialpr.com.sg tevinder@financialpr.com.sg

THAKRAL CORPORATION LTD

(Incorporated in the Republic of Singapore on 7 October 1993) (Company Registration No. 199306606E)

FOR IMMEDIATE RELEASE

Thakral's 1Q 2025 revenue increases by 27% to S$76 million, driven by Lifestyle segment

• The Lifestyle segment, comprising beauty and fragrance business in Greater China and the drone businesses in South Asia, achieved revenue growth of 27.8% to S$74.0 million.

• Share of profits from associates of S$3.2 million, an 80.7% increase year-on-year.

• GemLife continues strong momentum supported by high demand for over-50s lifestyle resorts.

• Growth to continue across core markets, led by store expansion in Greater China, broader DJI offerings in South Asia, increasing settlements at GemLife, and strategic initiatives in India with Nespresso, Bharat Skytech and Skylark Drones.

FINANCIAL SNAPSHOT

*Before foreign exchange (loss) gain

Singapore, 07 May 2025 - SGX Mainboard-listed Thakral Corporation Ltd ("Thakral" or the "Group") announced unaudited updates for the 3 months ended 31 March 2025 ("1Q2025"). 1Q2025 revenue rose 26.6% year-on-year ("yoy") to S$76 million, and net profit attributable to shareholders amounted to S$3.4 million.

Lifestyle business continues to drive revenue growth

Revenue from the Lifestyle business grew by 27.8% to S$74.0 million for 1Q2025 compared to S$57.9 million in the previous corresponding quarter. Demand for the Group's portfolio of beauty and fragrance brands remained strong across Greater China, including Hong Kong and Macau, where it operates 31 stores in premium malls and department stores.

Page 1 of 4

Thakral Corporation Ltd

Company Registration No. 199306606E Press Release - 1Q2025 Business Update

The Group's drone business, including accessories, action cameras, gimbals, and other products from DJI, continued to gain strong traction in South Asia, further deepening Thakral's partnership with DJI, the global leader in drone technology. The region is seeing an expanding range of applications for drones across sectors such as agriculture, construction, environmental monitoring, cartography, and enterprise operations, as well as growing use in media, broadcasting, and content creation.

The Group's strategic investment in India with Bharat Skytech, a B2B online portal, continues to see growing momentum under the country's "Make in India" initiatives. The Group's investment in Skylark Drones is also progressing well, positioning Thakral to further strengthen its presence in South Asia's fast-evolving drone landscape.

The Group launched India's first Nespresso boutique at Select Citywalk in New Delhi, marking a key milestone for the brand's entry into the market. Alongside the boutique, Thakral is expanding Nespresso's presence in India through its e-commerce platform and B2B channels, including corporate and hospitality partnerships.

Stronger contributions from associates driven by GemLife and Japan properties

The share of profit from associates rose 80.7% to S$3.2 million, led by higher contributions from the Group's Investments segment, particularly GemLife and its commercial properties in Japan.

GemLife continued to see robust demand from the over-50s lifestyle segment. It achieved the settlement of 58 homes in 1Q2025, bringing total occupied homes to 1,862 across 10 resorts as of 31 March 2025.

In addition to the development profit from settlements, GemLife also experienced growth in recurring revenue driven by the collection of site fees from a larger portfolio of homes.

The Group continues to report high occupancy at its commercial properties in Japan. Average occupancy across the six buildings came at over 96% leading to stable revenues.

For 1Q2025, gross profit rose 16.1% yoy to S$12.9 million, while gross margin declined from 18.5% to 17.0%, mainly due to product mix. Nespresso is off to a good start, attracting keen interest from all sectors. As it is in the early start-up stage, the quarterly figures include early capital expenditure as well as team setup costs. Attributable profit was mainly affected by a

Page 2 of 4

Thakral Corporation Ltd

Company Registration No. 199306606E Press Release - 1Q2025 Business Update

foreign exchange loss of S$0.48 million, compared to a gain of S$0.79 million in 1Q2024, and an 81.3% increase in income tax to S$1.16 million.

"We are pleased with the continued momentum across our core segments, particularly the strong performance of our Lifestyle and Investment businesses," said Group CEO and Executive Director, Inderbethal Singh Thakral. He added, "The revenue growth reflects the strength of our diversified portfolio and our ability to respond to evolving market needs. With expanding retail operations in Greater China, a broader DJI product offering in South Asia, robust growth in over-50s living through GemLife, and strategic investments in India through Bharat Skytech, Skylark Drones, and Nespresso, we are firmly positioned to drive long-term value and sustainable growth. While we continuously monitor global trade policies, barring unforeseen circumstances, we currently do not expect the US tariffs to have a material direct effect on our financial results."

END

About Thakral Corporation Ltd

Thakral Corporation Ltd is listed on the SGX Mainboard since December 1995. The Group's core business comprises a growing investment portfolio in Australia, Japan and Singapore. Investments in Australia include the development and management of over-50s lifestyle resorts under the GemLife brand. The Japanese investment portfolio consists of landmark commercial buildings in Osaka, the country's second largest city.

The Group also invests in the management and marketing of leading beauty, fragrance and lifestyle brands in Asia, serving customers directly through retail flagship stores, multi-brand specialty retailers and e-commerce platforms.

Furthermore, the Group makes strategic investments in new economy ventures that complement its existing business relationships and networks, including acting as a cornerstone investor or participating in early funding. These investments aim to harness potential synergies and explore new business opportunities.

For more information, please visit https://www.thakralcorp.com.

Page 3 of 4

Thakral Corporation Ltd

Company Registration No. 199306606E Press Release - 1Q2025 Business Update

Release issued on behalf of Thakral Corporation Ltd by Financial PR

For more information, please contact:

Kamal SAMUEL: kamal@financialpr.com.sg Rishika TIWARI: rishika@financialpr.com.sg Tevinder SINGH: tevinder@financialpr.com.sg

Tel: (65) 6438 2990

Page 4 of 4