Notes to the Financial Statements For the financial year ended 31 December 2025 27. LEASES (continued) Leases as lessor (continued) Operating lease The Group leases out its investment properties. The Group has classified these leases as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets. Note 6 sets out information about the operating leases of investment properties. Rental income from investment properties recognised by the Group during 2025 was $79.0 million (2024: $84.8 million). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date. Group 2025 2024 $’000 $’000 Less than one year 63,406 67,154 One to two years 52,600 59,737 Two to three years 44,415 50,263 Three to four years 32,929 43,059 Four to five years 25,735 36,134 More than five years 89,860 113,079 Total 308,945 369,426 28. COMMITMENTS At the reporting date, the Group has the following commitments in respect of: Group 2025 2024 $’000 $’000 (a) Capital and development expenditures contracted but not provided for 482,417 516,368 (b) Capital contributions in joint ventures 102,053 151,397 584,470 667,765 29. COMPARATIVE FIGURES The financial statements of Perennial Holdings Private Limited for the year ended 31 December 2024, were audited by another auditor who expressed an unmodified opinion on those statements on 17 March 2025. Supplemental Information For the financial year ended 31 December 2025 INTERESTED PERSON TRANSACTIONS Interested person transactions carried out during the financial year are as follows: Name of Interested Person Nature of Relationship Aggregate value of all interested person transactions during the financial year under review S$’000 Wilmar International Limited (“WIL”) and its associates Controlling shareholder 4,757 OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 237 236 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
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