Consolidated Statement of Changes in Equity (continued) Consolidated Statement of Cash Flows For the financial year ended 31 December 2025 For the financial year ended 31 December 2025 Attributable to owners of the Company Share capital Other reserves Foreign currency translation reserve Retained earnings Total Noncontrolling interests Total equity $’000 $’000 $’000 $’000 $’000 $’000 $’000 Transactions with owners, recognised directly in equity Contributions by and distributions to owners Dividends (note 16) – – – – – (29,446) (29,446) Capital injection by noncontrolling interests – – – – – 20,110 20,110 Remeasurement of convertible bonds (Note 12) – 816 – – 816 479 1,295 Transfer to other reserves – 194 – (194) – – – Non-reciprocal capital contribution from immediate holding company – 130,461 – – 130,461 – 130,461 Total contributions by and distributions to owners – 131,471 – (194) 131,277 (8,857) 122,420 Total transactions with owners – 131,471 – (194) 131,277 (8,857) 122,420 At 31 December 2025 2,205,290 1,062,678 (519,478) 138,866 2,887,356 1,279,962 4,167,318 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. Note 2025 2024 $’000 $’000 Cash flows from operating activities (Loss)/Profit before tax (149,934) 11,469 Adjustments for: Amortisation of intangible assets 8 – 2,170 Change in fair value of investment properties 6 1,839 (45,464) Depreciation of property, plant and equipment 5 25,556 4,463 Foreign currency exchange (gain)/loss (net) (9,633) 4,028 Impairment losses on trade and other receivables 23 781 179 Net gain on liquidation of associates – (306) Net finance costs 20 136,037 175,590 Property, plant and equipment written off 20 – Reversal of long-term incentive plan 22 – (3,070) Share of results of associates and joint ventures, net of tax 7,476 (67,312) 12,142 81,747 Changes in: - development properties 14,456 (29,569) - inventories (2,560) (490) - trade and other receivables (40,178) (40,729) - trade and other payables 28,834 21,331 Cash generated from operations 12,694 32,290 Tax paid (7,653) (12,283) Net cash generated from operating activities 5,041 20,007 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 173 172 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
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