Statements of Financial Position As at 31 December 2025 Group Company Note 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Non-current assets Property, plant and equipment 5 281,081 102,730 1,346 1,792 Investment properties 6 4,393,083 4,254,759 – – Subsidiaries 26 – – 2,445,092 3,013,381 Associates and joint ventures 7 2,513,456 2,513,473 – – Intangible assets and goodwill 8 66,191 63,155 – – Trade and other receivables 9 18,381 13,820 163,288 – 7,272,192 6,947,937 2,609,726 3,015,173 Current assets Development properties 10 1,025,555 1,051,586 – – Inventories 3,214 500 – – Trade and other receivables 9 331,458 338,429 486,608 228,118 Cash and cash equivalents 11 118,081 107,020 1,635 1,620 1,478,308 1,497,535 488,243 229,738 Total assets 8,750,500 8,445,472 3,097,969 3,244,911 Non-current liabilities Loans and borrowings 12 2,218,388 1,556,095 – 77,632 Lease liabilities 27 183,057 46,228 949 1,268 Trade and other payables 13 255,918 269,881 38,691 310,464 Deferred tax liabilities 14 170,677 175,830 – – 2,828,040 2,048,034 39,640 389,364 Current liabilities Loans and borrowings 12 1,350,900 1,643,302 77,709 – Derivative financial liability 195 – – – Lease liabilities 27 9,114 6,994 319 301 Trade and other payables 13 383,261 384,119 117,357 126,343 Current tax liabilities 11,672 8,310 563 – 1,755,142 2,042,725 195,948 126,644 Total liabilities 4,583,182 4,090,759 235,588 516,008 Net assets 4,167,318 4,354,713 2,862,381 2,728,903 Equity Share capital 15 2,205,290 2,205,290 2,205,290 2,205,290 Other reserves 16 1,062,678 931,546 614,900 484,439 Foreign currency translation reserve 16 (519,478) (408,518) – – Retained earnings 138,866 278,012 42,191 39,174 Equity attributable to owners of the Company 2,887,356 3,006,330 2,862,381 2,728,903 Non-controlling interests 17 1,279,962 1,348,383 – – Total equity 4,167,318 4,354,713 2,862,381 2,728,903 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. The accompanying accounting policies and explanatory notes form an integral part of the financial statements. Consolidated Statement of Profit or Loss For the financial year ended 31 December 2025 Note 2025 2024 $’000 $’000 Revenue 18 179,033 115,919 Cost of sales (129,743) (56,334) Gross profit 49,290 59,585 Other income 19 8,948 96,446 Administrative expenses (64,640) (32,576) Other operating expenses (19) (3,708) Results from operating activities (6,421) 119,747 Finance income 4,041 7,526 Finance costs (140,078) (183,116) Net finance costs 20 (136,037) (175,590) Share of results of associates and joint ventures, net of tax (7,476) 67,312 (Loss)/Profit before tax (149,934) 11,469 Tax (expense)/credit 21 (11,212) 9,035 (Loss)/Profit for the year 22 (161,146) 20,504 (Loss)/Profit for the year attributable to: Owners of the Company (138,952) 10,794 Non-controlling interests 17 (22,194) 9,710 (161,146) 20,504 OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 167 166 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
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