OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX Financial Review TOTAL ASSETS Total assets as at 31 December 2025 of S$8.8 billion was S$305.0 million or 3.6% higher than 31 December 2024. The increase is mainly due to land premium paid for Perennial Business City, construction incurred for property under development, recognition of right-of-use (“ROU”) assets for new leases and additional plant and equipment arising from the new healthcare business during the year, offset by lower translation of asset value due to depreciation of RMB. Perennial Holdings’ business focuses on healthcare and eldercare, with its TOD projects located in close proximity to or directly connected to various strategically located HSR stations. These projects contribute to approximately 66.5% of the Company’s total assets. In FY2025, 29.0% of Perennial Holdings’ assets are in the healthcare and eldercare sector, while 37.5% of assets are in the Company’s commercial TOD sector. China and Singapore remain Perennial Holdings’ core markets, with assets in these two countries accounting for approximately 74.1% and 23.6% of total assets, respectively. As at 31 December 2025, Perennial Holdings’ investment properties held by subsidiaries included Perennial Jihua Mall, Foshan; Perennial Qingyang Mall, Chengdu; Perennial International Health and Medical Hub (“PIHMH”) Chengdu; Plot C of Perennial Healthcare City Chengdu; Plots 3 and 4 of Perennial Healthcare City Xi’an; Perennial Healthcare City Chongqing and The SkySail, Beijing, in China, as well as Perennial Business City and Capitol Singapore (excluding Eden Residences Capitol) in Singapore. Perennial Holdings’ investment in associated companies and joint ventures includes investments in Shenyang Longemont Shopping Mall, Shenyang Super Outlet+ Mall, Shenyang Longemont Offices, Perennial Hangzhou Cloud Gate Centre, Plot D2 of Perennial Healthcare Ciy Chengdu and Beijing Tongzhou Integrated Development Phase 2, all of which are in China; The Skywaters, Golden Mile Singapore, CHIJMES, Caldecott and Forett at Bukit Timah in Singapore; The Light City in Penang, Malaysia; The Sanctuary Collection in Greater Jakarta, Indonesia; investments in eldercare management services through Shanghai Renshoutang Eldercare Group and investments in Perennial Living in Singapore. Projects held by Perennial HC Holdings Pte Ltd, a joint venture led by Perennial Holdings, include Perennial Healthcare City Tianjin and Perennial Healthcare City Kunming. The joint venture develops large-scale healthcare-centric TODs in close proximity or seamlessly connected to major transportation hubs, such as HSR stations in China. Investments in hospitality, comprising multi-brands held by Perennial HC Hospitality Pte Ltd, a joint venture led by Perennial Holdings have progressively commenced operations at Perennial Healthcare City Tianjin and Perennial Healthcare City Kunming. Development properties comprised mainly Plot 5 of Perennial Healthcare City Xi’an, Plot 13 of The SkySail, Beijing and Eden Residences Capitol. SHAREHOLDERS’ EQUITY Perennial Holdings’ reserves comprised revenue reserves, capital reserves, foreign currency translation reserve and other reserves such as equity compensation reserve and statutory reserve. The decrease in reserves was mainly attributable to the decline in foreign currency translation reserves due to the depreciation of RMB against the Singapore Dollar (“SGD”) by 3.0% over the 12-month period. LOANS AND BORROWINGS As at 31 December 2025, Perennial Holdings’ gross borrowings stood at S$3.6 billion. The Company’s net borrowings were S$3.5 billion after taking into account the cash and cash equivalents of approximately S$0.1 billion. The net debt-equity ratio was 0.83 times as at 31 December 2025 (31 December 2024: 0.71 times), primarily driven by increased loan drawdowns to finance project development. 63.0% of total debt was secured, with the balance under the unsecured debt category. 88.7% of the borrowings were on floating rate, while the balance of 11.3% was on fixed rate. CAPITAL MANAGEMENT As at 31 December 2025, Perennial Holdings had a total asset size of S$8.8 billion supported by a strong equity base of S$4.2 billion and debt of S$3.6 billion. The Company adopts a prudent capital management approach and actively monitors its cash flows, funding needs and debt maturity profile on an ongoing basis. Throughout the years, Perennial Holdings has expanded and strengthened its network of banking partners. Leveraging support from these financial institutions, Perennial Holdings successfully utilised a range of banking facilities to advance its strategic and investment goals. Perennial Holdings has also diversified its sources of funding beyond the conventional bank borrowings and tapped into the debt market, such as issuances of mediumterm notes (“MTN”). DEBT PROFILE Perennial Holdings’ borrowings are predominantly denominated in SGD with 83.3% in SGD, 3.6% in HKD and 13.1% in RMB. Where practicable, Perennial Holdings will borrow in the same functional currencies required of its overseas projects to achieve a natural foreign currency hedge. The weighted average interest rate on its borrowings for the financial year was about 4.3% (FY2024: 5.7%) per annum, while the weighted average debt maturity profile as at end December 2025 was 1.82 years. About S$1.3 billion in loans will mature in 2026. The loans due in 2026 comprised S$0.5 billion in secured loans and S$0.8 billion in unsecured loans. Perennial Holdings has commenced active discussions with the relevant lenders to refinance the loans due in the next six months. 2025 2024 2023 2022 2021 (S$ million) Profit or Loss Revenue 179.0 115.9 200.9 161.3 119.9 Earnings Before Interest and Tax (13.9) 187.1 250.8 138.5 135.5 Profit After Tax and Minority Interest (139.0) 10.8 29.1 9.1 5.9 Financial Position Investment properties 4,393.1 4,254.8 4,148.3 4,385.9 4,230.3 Development properties 1,025.5 1,051.6 1,023.5 1,067.0 1,189.7 Associates and joint ventures 2,513.5 2,513.5 2,481.5 2,297.6 2,315.4 Cash and cash equivalents 118.1 107.0 216.4 94.8 99.2 Other assets 700.3 518.6 389.8 399.5 653.1 Total assets 8,750.5 8,445.5 8,259.6 8,244.8 8,487.7 Equity attributable to owners of the Company 2,887.4 3,006.3 2,573.0 2,631.6 3,029.1 Total borrowings 3,569.3 3,199.4 3,153.4 3,320.1 3,223.8 Non-controlling interests and other liabilities 2,293.8 2,239.7 2,533.2 2,293.1 2,234.8 Total equities & liabilities 8,750.5 8,445.5 8,259.6 8,244.8 8,487.7 Financial Ratios Earnings per share (cents) NM1 0.65 1.75 0.55 0.36 Net asset value per share (S$) 1.738 1.809 1.548 1.584 1.823 Return on equity (%) NM 0.4 1.1 0.3 0.2 Return on total assets (%) NM 2.2 3.0 1.7 1.7 Debt equity ratio (net of cash) (times) 0.83 0.71 0.74 0.82 0.70 Interest cover (times)2 0.4 1.3 2.1 1.6 2.4 Dividend Ordinary dividend per share (cents) - 0.3 0.5 0.2 0.1 5-Year Financial Summary Loans and Borrowings FY2025 Secured 63.0% Unsecured 37.0% LOANS Floating 88.7% Fixed 11.3% BORROWINGS 1 Not meaningful 2 Consists of adjustment made for cash set aside for interest servicing. Debt Maturity Profile (As at 31 December 2025) 3,500 3,000 2,500 2,000 1,500 1,000 500 0 >2029 383 Total 3,550 2026 1,291 2028 599 2027 1,277 S$’M MTN Singapore Loan China Loan 37 36 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
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