OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX Financial Highlights Financial Review Perennial Holdings reported a revenue of S$179.0 million in FY2025, a 54.4% increase compared to the S$115.9 million in FY2024. This increase was mainly due to higher sales from Eden Residences Capitol and a higher contribution from the new healthcare business in FY2025. In FY2025, the operating segments have been redefined to enhance clarity and transparency, aligning with Perennial Holdings' vision to become a leading global integrated healthcare and real estate company. The operating segments are as follows: • Singapore: This segment includes residential, retail and commercial assets. • China: This segment encompasses retail assets. • Healthcare Business & Healthcarecentric TOD: This includes all medical care and eldercare businesses in Singapore and China, as well as hospitality, large-scale healthcarecentric transit-oriented developments (“TODs”) connected to high-speed railway (“HSR”) stations in China. • Other TOD: This segment covers large-scale, commercial-centric, TODs in China. • Other Markets: This segment empasses assets in emerging markets, including Malaysia and Indonesia. • Corporate & Management: This segment includes fee-based management businesses. SINGAPORE In FY2025, Singapore assets contributed S$104.3 million in revenue, representing 58.3% of total revenue, and an Earnings Before Interest and Tax (“EBIT”) of S$17.6 million. The increase in revenue from Singapore assets was mainly due to higher contributions from the sales of Eden Residences Capitol compared to FY2024. However, EBIT for FY2025 was lower than in FY2024, which had a higher EBIT due to an annual fair value gain of S$113.7 million for Capitol Singapore and a one-time reversal of a tax provision of S$50.0 million from The Skywaters’ reconstruction tax exercise. The reduction in EBIT was partially offset by improved rental income from Perennial Business City. CHINA China assets contributed to approximately 8.0% of Perennial Holdings’ revenue. In FY2025, revenue from China assets stood at S$14.3 million, down from S$26.6 million in FY2024. This decline was primarily attributed to a slowdown in the Chinese market and a reduced contribution from Perennial Jihua Mall, Foshan, which was undergoing asset enhancement initiatives. EBIT from China assets experienced a decrease of S$9.9 million, largely due to the lower revenue and the fair value loss recognised by Perennial Jihua Mall, Foshan, further impacted by the weakening of the RMB. HEALTHCARE BUSINESS & HEALTHCARE-CENTRIC TOD Revenue for the healthcare business reached S$37.5 million in FY2025, representing an increase of 117.9% from S$17.2 million in FY2024. This growth was driven by the progressive commencement of more healthcare operations in the second half of FY2024, which continued to ramp up throughout FY2025. Key projects included the Perennial Medical City and Perennial Eldercare Community in Tianjin and Kunming. EBIT in healthcare declined due to several factors, including the weakening of the RMB and the ramp-up phase of operations. On a proportionate consolidation basis, after considering the effect of lease accounting (IFRS 16), the healthcare business recorded a positive S$15.2 million Earnings Before Interest, Taxes, Depreciation and Amortisation ("EBITDA") in FY2025. OTHER TODS EBIT for Other TODs decreased in FY2025, primarily due to a one-off fair value gain of S$21.4 million that was recognised for the Perennial Hangzhou Cloud Gate Centre in FY2024. OTHER MARKETS EBIT for Other Markets also declined in FY2025, largely due to higher marketing expenses, renovation costs, and interest expense associated with The Light City in Penang, where sales were launched in FY2025. PATMI For the year under review, Perennial Holdings recorded a Loss After Tax and Minority Interest (“PATMI”) of S$139.0 million due to lower EBIT and finance expense incurred to finance project developments and new investments. FY2025 revenue was higher by 54.4% higher, mainly due to the higher revenue recorded from the sales of Eden Residences Capitol and higher contribution from new healthcare business in FY2025. FY2024 EBIT was higher than FY2025 due to annual fair value gain of Capitol of S$113.7m, one-off reversal of tax provision of S$50.0m arising from The Skywaters’ reconstruction tax exercise while FY2025 was impacted by losses from healthcare operations as these businesses are still in their ramp-up phase. PATMI recorded a loss of $139.0m due to lower EBIT in FY2025 as well as interest expense incurred to finance project developments and new investments. FY2025 total assets increased by S$305m or 3.6%, mainly due to land premium paid for Perennial Business City, construction costs incurred for properties under development, recognition of right-of-use assets for new leases and additional plant and equipment from the new healthcare business during the year, partially offset by lower translated asset values due to Renminbi ("RMB") depreciation. There was no proposed dividend per share for FY2025. Net gearing (Debt-to-Equity ratio) rose to 0.83x, primarily driven by increase in drawdown of loans to finance project developments and new investments. FY2025 EPS decreased by 9.01 cents due to lower PATMI. NAV per share decreased by 3.9% to S$1.74 in FY2025 due to lower PATMI and the impact of depreciation of RMB on the translation of net asset value. Revenue EBIT FY2025 S$’000 FY2024 S$’000 Change % FY2025 S$’000 FY2024 S$’000 Change % Singapore 104,293 43,278 141.0 17,632 175,972 (90.0) China 14,251 26,626 (46.5) 5,759 15,712 (63.3) Healthcare Business & Healthcare-centric TOD 37,486 17,202 117.9 (32,778) (25,466) 28.7 Other TODs - - NA 173 21,760 (99.2) Other Markets - - NA (1,028) 2,661 (138.6) Corp & Management 23,003 28,813 (20.2) (3,656) (3,580) 2.1 179,033 115,919 54.4 (13,898) 187,059 (107.4) EARNINGS BEFORE INTEREST AND TAX (“EBIT”) (S$’M) 250.8 135.5 138.5 187.1 -13.9 2023 2021 2022 2024 2025 PROFITAFTERTAXANDMINORITYINTEREST(“PATMI”)(S$’M) 2023 2021 2022 2024 2025 29.1 5.9 9.1 10.8 -139.0 EARNINGS PER SHARE (“EPS”) (CENTS) 1.75 0.36 0.55 0.65 -8.36 2023 2021 2022 2024 2025 REVENUE (S$’M) 2023 2021 2022 2024 2025 200.9 119.9 161.3 115.9 179.0 DEBT EQUITY RATIO (NET OF CASH) (TIMES) 2023 2021 2022 2024 2025 0.74 0.7 0.82 0.71 0.83 ORDINARY DIVIDEND PER SHARE (CENTS) 2023 2021 2022 2024 2025 0.5 0.1 0.2 0.3 0 NET ASSET VALUE (“NAV”) PER SHARE (S$) 2023 2021 2022 2024 2025 1.55 1.82 1.58 1.81 1.74 TOTAL ASSETS (S$’B) 2023 2021 2022 2024 2025 8.3 8.5 8.2 8.4 8.8 35 34 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
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