Annual Report 2025 CapitaLand Investment Limited
Annual Report 2025 1 Seeding Growth, Creating Enduring Value. Grounded in resilience and governance, our values keep us steadfast through business cycles while propelling us to seize opportunities with clarity and confidence. We are advancing through innovation, partnerships and sustainable growth. With strategic focus and effective execution, we continue to seed new opportunities and strengthen growth engines to deliver enduring value for our stakeholders. Contents Overview About Us 01 Performance Highlights 02 Message to Shareholders 04 Board of Directors 08 Management Team 14 Performance Financial Review 16 Business Review 21 Our Stakeholders 33 Governance Corporate Governance 37 Risk Management 63 Financial Statements Financial Statements 69 Other Information Key Management 184 Principal Subsidiaries Property Portfolio 186 Shareholding Statistics 189 Interested Person Transactions 191 Directors Seeking Re-election 192 Corporate Information CapitaLand Investment (CLI) is a leading global real asset manager with a strong Asia foothold. Leveraging over three decades of deep operating expertise and on-the-ground insights, we are well-positioned to deliver diversified investment solutions across more than 270 cities in 45 countries. At the end of 2025, we have S$125 billion in funds under management (FUM) across a high-quality portfolio spanning commercial, lodging and living, logistics and self-storage assets, data centres and real estate credit. We create long-term value by connecting capital with institutional-grade opportunities. Anchored in responsible capital stewardship, we work in partnership with our investors, stakeholders and the communities we serve to build a resilient and sustainable future. Fee Business Our fee business (FRB) comprises fund management and operating businesses that generate recurring fee income from managing and operating assets on behalf of third-party capital partners. Investment Business Our investment business (REIB) comprises balance sheet investments, including directly held assets and strategic stakes in managed funds, which support capital recycling and portfolio optimisation. Investment Properties Income-generating properties held on balance sheet, providing income and pipeline for capital recycling. Stakes in Private and Listed Funds Co-investments alongside capital partners, providing alignment and income contribution. Listed Funds Management Leading REIT franchise managing S$75 billion of FUM across eight listed vehicles. Lodging Management Asset-light lodging platform generating fees through management and franchise contracts. Private Funds Management APAC-focused real assets platform investing across debt and equity strategies, managing S$50 billion of FUM. Commercial Management Active asset and operational management solutions that enhance asset performance and value, as well as generate resilient earnings. Operating Businesses Our Vision The preferred global real asset manager creating sustainable positive impact. Our Mission Creating long-term sustainable returns through responsible capital stewardship and impactful investment in real assets globally. Fund Management About Us
Annual Report 2025 2 3 CapitaLand Investment Limited Performance Highlights 1 Based on the distribution of 0.03 CapitaLand Integrated Commercial Trust (CICT) Units per ordinary share and the closing market price of S$2.10 per CICT Unit on 9 May 2025. 2 Includes mandates awarded in end-2025, subject to completion of documentation. 3 Includes announced acquisitions and divestments not yet completed, committed but undeployed capital for private funds on a leveraged basis, forward purchase contracts, as well as mandates awarded in end-2025, subject to completion of documentation. 4 Includes 40% share of SCCP's fee revenue from March to December 2025. 5 FRR includes fund management, commercial management and lodging management fees earned from the listed and private funds managed by CLI Group. Ratio is computed based on average FUM deployed for the year, and includes SCCP’s proportionate contribution. 6 Gross divestment value is based on agreed property value (100% basis) or sales consideration. 7 On 19 December 2024, CLI sold a 4.88% stake in CapitaLand Ascott Trust (CLAS), leading to the deconsolidation of CLAS as a subsidiary of CLI and its reclassification as an associate. FY 2024 ratios have been rebased to account for CLAS as an associate and debt-related ratios adjusted to exclude lease liability and lease expenses, where applicable. 8 Based on the capacity to raise net debt-to-equity ratio from 0.43 times to 0.9 times as at 31 December 2025. 9 Includes the period when CapitaLand Limited was listed on the Official List of the Singapore Exchange Securities Trading Limited from 2018 until its delisting on 21 September 2021. Financial Highlights 2023 20247 2025 (A) Income Statement (S$ million) Revenue 2,784 2,815 2,133 Fee-Related Revenue (FRR) 1,070 1,169 1,20810 Earnings before interest, tax, depreciation and amortisation (EBITDA) 1,104 1,421 735 Profit after tax and minority interests (PATMI) 181 479 145 comprising Operating PATMI 568 510 539 Portfolio gains 213 230 45 Revaluation (unrealised) and impairment (600) (261) (439) (B) Balance Sheet (S$ million) Investment properties 13,572 4,995 4,605 Associates and joint ventures 13,043 13,652 13,502 Cash and cash equivalents 2,460 2,308 2,022 Other assets 5,058 3,755 4,082 Less: Bank borrowings and debt securities 11,862 7,322 7,824 Other liabilities 4,034 2,977 2,863 Net assets 18,237 14,411 13,524 Equity attributable to owners of the Company 13,961 13,546 12,579 Non-controlling interests and perpetual securities 4,276 865 945 Total equity 18,237 14,411 13,524 (C) Key Performance Metrics Earnings per share (cents) 3.5 9.5 2.9 Return on equity11 (%) 1.2 3.5 1.1 Net asset value per share (S$) 2.74 2.72 2.52 Revenue under management (RUM)12 (S$ billion) 7.8 8.0 8.2 Funds under management (FUM)3 (S$ billion) 99 117 125 All-in FRR-to-FUM5 (bps) 81 85 85 (D) Dividends (cents) Ordinary dividend per share 12.0 12.0 12.0 Special dividend per share - 6.51 - Total dividend per share 12.0 18.5 12.0 S$539M Operating PATMI (FY 2024: S$510M) Improved operating performance year-on-year (YoY), supported by higher fees, lower interest costs and operating expenses; offset by growthfocused expenses. S$145M Total PATMI (FY 2024: S$479M) Down YoY, mainly due to higher revaluation losses from China and lower portfolio gains. 12 Singapore cents Dividend Per Share (FY 2024: 18.5 Singapore cents) Excluding the 6.5 Singapore cents1 special dividend for FY 2024, core dividend was stable YoY. S$6.5B Equity Raised2 (FY 2024: S$3.3B) S$1.6 billion from listed funds and S$4.9 billion from private funds, underpinned by interest across established and thematic strategies. S$3.1B Capital Recycled6 (FY 2024: S$5.5B) Lower YoY, with acceleration planned in FY 2026 in line with portfolio optimisation priorities. S$125B Funds Under Management (FUM)3 (FY 2024: S$117B) Underpinned by larger follow-on funds, strong organic growth and strategic investments in Wingate and SC Capital Partners (SCCP). 3.9% p.a. Implied Interest Cost (FY 2024: 4.4% p.a.7) Fixed rate debt was 72% in FY 2025. S$1.23B Fee-Related Revenue (FRR)4 (FY 2024: S$1.17B) Supported by addition of new private funds and stronger listed funds contributions. FRR-to-FUM ratio5 remained stable at 85 bps. 0.43x Net Debt-to-Equity (FY 2024: 0.35x7) Debt headroom of S$6.4 billion8 to support investments and growth. S$5.7B Sustainability Financing (FY 2024: S$4.3B) Raised approximately S$26 billion in sustainability financing since 20189. S$12M Digital-Led Efficiencies AI-enabled initiatives delivered measurable outcomes, including over S$12 million in revenue uplift for CapitaLand Group. President's Award for the Environment 2025 CapitaLand Group received the highest environmental accolade from Singapore’s Ministry of Sustainability and the Environment. Key Figures for FY 2025 10 Including 40% share of SCCP's fee revenue from March to December 2025, FRR would be S$1,234 million. 11 Computed based on PATMI (after distribution to perpetual securities) over average equity attributable to owners of the Company. 12 Includes the full revenue of CLI's global portfolio, including revenue of its non-consolidated funds and listed real estate investment trusts and business trusts. This is used to derive CLI's carbon intensity by revenue which is calculated by total Scope 1 and 2 carbon emissions from its global portfolio divided by RUM.
4 5 Annual Report 2025 CapitaLand Investment Limited Shaping the Future CapitaLand Investment — a scaled, asset-light, global investment manager anchored by resilient, recurring fee income. Message to Shareholders Lee Chee Koon Group Chief Executive Officer Miguel Ko Chairman Dear Shareholders, 2025 was characterised by uneven global growth, persistent geopolitical uncertainty and shifting market dynamics. In this environment, we maintained disciplined execution in advancing our long-term ambition to shape the Future CapitaLand Investment (CLI) – a scaled, asset‑light global investment manager anchored by resilient, recurring fee income. We strengthened our platform, deepened our investor franchise and sharpened our portfolio, while investing strategically to position CLI for sustainable longterm performance. Advancing a Fee-Led Global Platform During the year, we continued to strengthen the structural drivers of our transformation. Funds under management (FUM) grew 7% YoY to S$125 billion1 as at end-2025, supported by strong fundraising momentum. Total capital raised during the year almost doubled to S$6.5 billion2 from the previous year, reflecting strong investor support for our established REIT franchise, as well as growing demand across our thematic strategies in segments including lodging and living, logistics and self-storage, as well as real estate credit. Operating profit after tax and minority interests (PATMI) rose 6% YoY to S$539 million, driven by higher contributions from our listed funds business, lower interest expenses and improved cost discipline. These were partially offset by growth investments to scale our private funds and lodging management platforms, as well as lower contributions following divestments. Total PATMI for FY 2025 was S$145 million compared with S$479 million in FY 2024, largely due to lower portfolio gains and higher revaluation losses on our China portfolio, reflecting its continued market softness. Total revenue was stable3 at S$2.13 billion, with feerelated revenue contributing S$1.23 billion, a 6% increase YoY. Even as contributions from the real estate investment business moderated following divestments, our earnings mix continues to shift towards higher quality, fee-driven income streams. This underscores our progress towards a more resilient capital-efficient income base. These results reflect sustained, multi-year efforts to build scale, deepen our platform capabilities and strengthen CLI as a partner of choice for investors seeking long-term sustainable returns. The Board has proposed a core dividend of 12.0 Singapore cents per share, subject to shareholders’ approval. Sharpening Portfolio through Disciplined Capital Allocation CLI's listed REITs and business trusts remain a cornerstone of our platform, underpinning recurring fee growth and long-term value creation. In FY 2025, our Singapore-listed funds delivered total unitholder returns4 of between 15.6% and 29.9%, generally outperforming the FTSE ST REIT Index return of 16.9%. This reflects the strength and competitiveness of our REIT franchise, supported by disciplined asset management and operational excellence. Our listed funds pursued disciplined, value-led growth, achieving approximately S$3.7 billion in acquisitions while actively reconstituting their portfolios and recycling S$1.5 billion of capital during the year. We will continue to pursue organic growth and evaluate new opportunities, including potential REIT listings in strategic markets to further strengthen earnings resilience and platform depth. As we continue to drive capital efficiency, we will accelerate divestments, while maintaining disciplined and value-accretive deployment. In FY 2025, we achieved S$3.1 billion5 of gross divestments, lower than the S$5.5 billion5 in the previous year, reflecting softer market conditions and the higher proportion of remaining assets in China. As we look to improve long-term returns for investors, we will accelerate capital recycling, including evaluating portfolio and structural solutions for our China assets. The successful listing of our maiden C‑REIT and the launch of our first onshore RMB Master Fund with a leading domestic insurance partner have created scalable pathways to support ongoing capital recycling efforts, aligned with our domestic‑for‑domestic strategy. 1 Includes announced acquisitions and divestments not yet completed, committed but undeployed capital for private funds on a leveraged basis, forward purchase contracts, as well as mandates awarded in end-2025, subject to completion of documentation. 2 Includes mandates awarded in end-2025, subject to completion of documentation. 3 After adjusting for the effect of CapitaLand Ascott Trust deconsolidation in FY 2024. 4 Source: Bloomberg, based on total return for FY 2025 assuming dividend reinvestment. Refers only to CLI-sponsored REITs listed on the Singapore Exchange. 5 Gross divestment value is based on agreed property values (100% basis) or sales considerations.
6 7 Annual Report 2025 CapitaLand Investment Limited Message to Shareholders Scaling Lodging Management as a Long-Term Growth Engine Through The Ascott Limited (Ascott), our lodging management business continues to scale as a core asset‑light growth engine for CLI. In FY 2025, we achieved record signings of approximately 19,000 units, expanding our global footprint to more than 176,000 units across over 230 cities in more than 40 countries. This momentum underscores the appeal of Ascott's brands, the strength of our owner partnerships and sustained demand for our diversified lodging offerings. With a sizeable pipeline that will open progressively from 2026, this fee-based business provides a clear and growing recurring income stream. Fee revenue reached S$350 million in FY 2025, representing a six-year compound annual growth rate of about 15%, positioning Ascott well towards its S$500 million fee revenue target as pipeline projects turn operational. We will continue to invest in long-term growth as we advance towards becoming the preferred hospitality company, expanding into higher-yielding segments such as resorts and branded residences, while strengthening our franchise platform, conversion capabilities and distribution network. Unlocking AI-Driven Value and Strengthening Sustainability Technology and AI continue to enhance platform performance as we embed digital capabilities across our businesses to strengthen decision making, improve operational efficiency and drive investor-focused outcomes. In FY 2025, our AI-enabled initiatives delivered measurable outcomes, including a revenue uplift exceeding S$12 million across the CapitaLand Group, with capabilities being integrated into core workflows across fund management, as well as commercial and lodging management. To sustain this momentum, we continue to invest in an AI-ready workforce through partnerships with industry leaders such as Microsoft Singapore and Workforce Singapore. At the same time, we are implementing advanced agentic AI capabilities to further improve endto-end workflows and enhance execution at scale across the organisation. Sustainability remains integral to how we invest, operate and create long-term value. In FY 2025, CLI, together with our listed funds, secured S$5.7 billion in sustainable finance, bringing cumulative sustainable financing to approximately S$26 billion since 2018. We also strengthened our sustainability approach through enhancements to our Climate Transition Plan and Net Zero Glide Path. We also introduced our Return on Sustainability framework, a data-driven tool that enables more rigorous evaluation of the financial impact of decarbonisation and green investments, ensuring sustainable long-term economic value creation. Reinforcing our focus on responsible growth, our continued inclusion in major global sustainability indices affirms our commitment to high environmental, social and governance standards and performance. Shaping the Future CLI Looking ahead, we will continue to grow third-party capital and expand recurring fee income. This is supported by sustained demand for our thematic investment strategies and the continued scaling of our fund management business. At the same time, we will sharpen our portfolio and accelerate capital recycling efforts, particularly in China, as we move to become more asset-light. Lodging management will remain a key long-term growth engine, supported by the expansion of our operational breadth and depth. We remain well-positioned with financial flexibility to pursue strategic opportunities that broaden institutional reach, enhance capabilities and reinforce long-term earnings durability. Our balance sheet remains resilient, with approximately S$6.4 billion6 of debt headroom, providing capacity to seed new funds, deepen platform capabilities, as well as pursue partnerships and acquisitions aligned with our strategic priorities. Acknowledgements Our progress in FY 2025 reflects the collective efforts of our people across markets, whose dedication and discipline continue to drive us forward. We are also grateful to our Board for their sound guidance and constructive oversight, which provide a strong foundation for growth. We extend our deepest appreciation to Mr Chaly Mah, who will retire from the Board at the next Annual General Meeting. His wisdom and steady counsel have been invaluable in shaping CLI’s transformation. Most importantly, we thank our shareholders for your continued trust and support. We remain committed to executing with discipline, growing sustainably and shaping the Future CLI to deliver enduring value. Yours sincerely, Miguel Ko Lee Chee Koon Chairman Group Chief Executive Officer 13 March 2026 CLI successfully listed CapitaLand Commercial C-REIT, China’s first international-sponsored retail C-REIT, on the Shanghai Stock Exchange in September 2025. As part of our commitment to responsible growth, we support the well-being of the communities we serve through active engagement. 6 Based on the capacity to raise net debt-to-equity ratio from 0.43 times to 0.9 times as at 31 December 2025.
8 9 Annual Report 2025 CapitaLand Investment Limited Board of Directors • Bachelor of Arts in Economics, University of Massachusetts, Boston, USA • Master of Business Administration, Suffolk University, USA • Certified Public Accountant by the State of New Hampshire Board of Accountancy, New Hampshire, USA Date of first appointment as a Director 2 June 2021 Date of appointment as Chairman 2 June 2021 Date of last re-election as a Director 29 April 2025 Length of service as a Director (as at 31 December 2025) 6 years 4 months1 Board committees serving on • Executive and Sustainability Committee (Chairman) • Executive Resource and Compensation Committee (Member) • Nominating Committee (Member) Present principal commitments • CapitaLand Investment Limited (Chairman) • CapitaLand Group Pte. Ltd.2 (Deputy Chairman) Other major appointments • CapitaLand Hope Foundation (Chairman) • CLA Real Estate Holdings Pte. Ltd. (Deputy Chairman) • Temasek International Advisors Pte. Ltd. (Corporate Advisor) Past directorship in other listed company held over the preceding five years • CapitaLand Limited3 (Chairman) Awards • Lifetime Achievement Award in 2021 (Hotel Investment Conference Asia Pacific - HICAP) • Lifetime Achievement Award in 2012 (China Hotel Investment Conference, Shanghai) • Regional Hotel Chief of the Year in 2007 and 2008 (voted by the readers of Travel Weekly) • Visionary Leader in 2007 (Travel Weekly Asia Industry Awards) • Global Award in 2007 (World Travel Mart in London) • Bachelor of Science, National University of Singapore • Advanced Management Program, Harvard Business School, USA Date of first appointment as a Director 3 June 2021 Date of last re-election as a Director 25 April 2024 Length of service as a Director (as at 31 December 2025) 8 years 4 months1 Board committees serving on • Executive Resource and Compensation Committee (Member) • Nominating Committee (Chairman) Present directorship in other listed company • DBS Group Holdings Ltd. Present principal commitments (other than directorship in other listed company) • CapitaLand Investment Limited (Lead Independent Director) • Central Provident Fund Board (Board Member) • Non-Resident Ambassador of the Republic of Singapore to the Republic of Colombia • Queensway Secondary School (Member of School Advisory Committee) • Temasek International Advisors Pte. Ltd. (Senior International Advisor) Other major appointment • CapitaLand Hope Foundation (Director) Past directorship in other listed company held over the preceding five years • CapitaLand Limited3 As the Lead Independent Director, Mr Anthony Lim is available to shareholders if they have concerns that could not be resolved through the normal channels of the Chairman or Group Chief Executive Officer, or where such contact is inappropriate. Mr Lim may be contacted at notify.secretariat@capitaland.com. • Bachelor of Commerce, University of Melbourne, Australia • Fellow, Institute of Chartered Accountants, Australia and New Zealand • Fellow, Certified Practising Accountants, Australia • Fellow, The Institute of Singapore Chartered Accountants • Fellow, Association of Chartered Certified Accountants, UK Date of first appointment as a Director 2 June 2021 Date of last re-election as a Director 25 April 2023 Length of service as a Director (as at 31 December 2025) 8 years 11 months1 Board committees serving on • Audit Committee (Chairman) • Executive and Sustainability Committee (Member) Present directorship in other listed company • Netlink NBN Management Pte. Ltd. (Manager of Netlink NBN Trust) (Chairman) Present principal commitments (other than directorship in other listed company) • National Environment Agency (Chairman) • Surbana Jurong Private Limited (Chairman) Other major appointments • Flipkart Private Limited (Director) • Monetary Authority of Singapore (Director) • National University of Singapore (Member of the Board of Trustees) • Non-Resident Ambassador of the Republic of Singapore to the Republic of Costa Rica • SG Eco Fund (Member of the Board of Trustees) Past directorship in other listed company held over the preceding five years • CapitaLand Limited3 Awards • Public Service Star (BBM) Singapore National Day Award 2022 • Public Service Medal (PBM) Singapore National Day Award 2014 Miguel Ko, 73 Chairman Non-Executive Non-Independent Director Lee Chee Koon, 51 Group Chief Executive Officer Executive Non-Independent Director Anthony Lim Weng Kin, 67 Lead Independent Director Non-Executive Independent Director Chaly Mah Chee Kheong, 70 Non-Executive Independent Director • Bachelor of Science in Mechanical Engineering, National University of Singapore • Master of Science in Advanced Mechanical Engineering, Imperial College London, UK Date of first appointment as a Director 1 July 20194 Date of last re-election as a Director 25 April 2024 Length of service as a Director (as at 31 December 2025) 7 years1 Board committee serving on • Executive and Sustainability Committee (Member) Present principal commitment • CapitaLand Investment Limited (Group Chief Executive Officer and Executive Director) Other major appointments • CapitaLand Group Pte. Ltd.2 (Director) • CapitaLand Hope Foundation (Director) • Inland Revenue Authority of Singapore (Director) • St. Joseph’s Institution International Elementary School Ltd (Member of the Board of Governors) • St. Joseph’s Institution International Ltd (Member of the Board of Governors) Past directorships in other listed companies held over the preceding five years • CapitaLand Limited3 • Managers of Ascott Residence Trust5 Awards • Industry Figure of the Year - Asia Pacific at the PERE Global Awards 2024 • Outstanding Chief Executive of the Year at the Singapore Business Awards 2022 1 Includes the relevant period of service as a director of CapitaLand Limited (now known as CapitaLand Group Pte. Ltd.) and for Mr Lee Chee Koon, excludes his period of service as a Director of the Company (then known as CapitaLand Financial Limited) during the period from 1 May 2018 to 15 September 2018. 2 Previously known as CapitaLand Limited, which was delisted from the Official List of the Singapore Exchange Securities Trading Limited on 21 September 2021. 3 CapitaLand Limited was delisted from the Official List of the Singapore Exchange Securities Trading Limited on 21 September 2021. 4 Mr Lee Chee Koon was a Director of the Company (then known as CapitaLand Financial Limited) for a brief period from 1 May 2018 to 15 September 2018, when it was a wholly owned subsidiary of CapitaLand Limited (now known as CapitaLand Group Pte. Ltd.). 5 Managers of Ascott Residence Trust (now known as CapitaLand Ascott Trust) comprising Ascott Residence Trust Management Limited (now known as CapitaLand Ascott Trust Management Limited) (Manager of Ascott Real Estate Investment Trust (now known as CapitaLand Ascott Real Estate Investment Trust), or “CLAS REIT”) and Ascott Business Trust Management Pte. Ltd. (now known as CapitaLand Ascott Business Trust Management Pte. Ltd.) (Trustee-Manager of Ascott Business Trust (now known as CapitaLand Ascott Business Trust), or “CLAS BT”). Ascott Residence Trust (now known as CapitaLand Ascott Trust) is a stapled group comprising CLAS REIT and CLAS BT with effect from 31 December 2019.
10 11 Annual Report 2025 CapitaLand Investment Limited Board of Directors • Bachelor of Arts in Economics, University of Cambridge, UK • Master of Science in Economics, London School of Economics, UK • Master of Science in Management, University of Stanford, USA Date of first appointment as a Director 2 June 2021 Date of last re-election as a Director 29 April 2025 Length of service as a Director (as at 31 December 2025) 8 years 4 months6 Board committees serving on • Audit Committee (Member) • Risk Committee (Member) Present principal commitments • Seviora Capital Pte. Ltd. (Director and CEO) • Seviora Holdings Pte. Ltd. (Director and CEO) Other major appointments • Azalea Asset Management Pte. Ltd. (Chairman) • FFMC Holdings Pte. Ltd. (Director) • Fullerton Fund Management Company Ltd. (Director) • Innoven Capital Pte. Ltd. (Director) • Pavilion Capital International Pte. Ltd. (Director) • SeaTown Holdings Pte. Ltd. (Chairman) • St. Joseph’s Institution International Elementary School Ltd (Member of the Board of Governors) • St. Joseph’s Institution International Ltd (Member of the Board of Governors) • St. Joseph’s Institution International Preschool Ltd (Member of the Board of Governors) Past directorship in other listed company held over the preceding five years • CapitaLand Limited7 • Bachelor of Applied Science in Computer Engineering, Nanyang Technological University, Singapore Date of first appointment as a Director 1 January 2022 Date of last re-election as a Director 29 April 2025 Length of service as a Director (as at 31 December 2025) 4 years Board committees serving on • Executive and Sustainability Committee (Member) • Nominating Committee (Member) Present principal commitments • Business China (Director) • MPCi (Founding Managing Partner) • MPC Management Pte. Ltd. (CEO) Other major appointments • EDBI Pte. Ltd. (Director) • Nanyang Technological University (Member of the Board of Trustees) • Bachelor of Science in Biology, University of Dayton, Ohio, USA • Master of Business Administration in Finance, Fordham University, New York, USA Date of first appointment as a Director 1 January 2022 Date of last re-election as a Director 29 April 2025 Length of service as a Director (as at 31 December 2025) 4 years Board committees serving on • Audit Committee (Member) • Executive and Sustainability Committee (Member) Present principal commitment • LAPIS Global Limited (Director and CEO) Past directorship in other listed company held over the preceding five years • Aseana Properties Limited • Bachelor of Science in Microbiology, University of British Columbia, Canada • Master of Business Administration in Finance, University of British Columbia, Canada Date of first appointment as a Director 1 June 2021 Date of last re-election as a Director 25 April 2024 Length of service as a Director (as at 31 December 2025) 4 years 7 months6 Board committees serving on • Executive Resource and Compensation Committee (Chairman) • Risk Committee (Member) Present principal commitment • Standard Chartered Bank (CEO of Wealth & Retail Banking and ASEAN, South Asia, Greater China & North Asia) Other major appointments • Hype Records Pte Ltd (Director) • Trust Bank Singapore Limited (Chairman) Past directorship in other listed company held over the preceding five years • CapitaLand Limited7 Gabriel Lim Meng Liang, 50 Non-Executive Non-Independent Director David Su Tuong Sing, 54 Non-Executive Independent Director Helen Wong Siu Ming, 69 Non-Executive Independent Director Judy Hsu Chung Wei, 62 Non-Executive Independent Director 6 Includes the relevant period of service as a director of CapitaLand Limited (now known as CapitaLand Group Pte. Ltd.). 7 CapitaLand Limited was delisted from the Official List of the Singapore Exchange Securities Trading Limited on 21 September 2021.
12 13 Annual Report 2025 CapitaLand Investment Limited Board of Directors • Bachelor of Science in Accounting, Pennsylvania State University, University Park, USA • Master of Business Administration (Finance), University of Denver, USA • Advanced Management Program, Harvard Business School Date of first appointment as a Director 1 January 2023 Date of last re-election as a Director 25 April 2023 Length of service as a Director (as at 31 December 2025) 3 years Board committees serving on • Audit Committee (Member) • Risk Committee (Chairman) Present directorship in other listed company • Bursa Malaysia Berhad (Chairman) Past directorships in other listed companies held over the preceding five years • CelcomDigi Berhad • Lotus Technology Inc. • Malayan Banking Berhad • PT Bank Maybank Indonesia Tbk Awards • Winner of The William “Bill” Seidman Awards for Lifetime Achievement in Leadership in the Financial Services Industry at The Asian Banker Leadership Achievement Awards 2022 • Outstanding CEO & Value Creator by The Edge Billion Ringgit Club in 2021 • CNBC Asia Business Leader Award for Corporate Social Responsibility in 2015 • Bachelor of Arts (Honours) in Mathematics and Economics, University of Cambridge, UK • Master of Arts in Mathematics and Economics, University of Cambridge, UK Date of first appointment as a Director 1 January 2024 Date of last re-election as a Director 25 April 2024 Length of service as a Director (as at 31 December 2025) 2 years Board committees serving on • Executive Resource and Compensation Committee (Member) • Risk Committee (Member) Present principal commitment • Dalton Investments LLC (Chairman) Other major appointment • Federal Reserve Bank of New York (Member of Investor Advisory Committee on Financial Markets) Award • President’s Scholarship and Overseas Merit Scholarship from the Government of Singapore • Bachelor of Arts in Natural Science - Engineering Science, University of Oxford, UK Date of first appointment as a Director 1 January 2025 Date of last re-election as a Director 29 April 2025 Length of service as a Director (as at 31 December 2025) 1 year Board committees serving on • Audit Committee (Member) • Nominating Committee (Member) Other major appointments • Avanda Investment Management Pte. Ltd. (Director) • Mellford Pte. Ltd. (Advisor) • Peachwood & Co Pte. Ltd. (Director) • Straits Real Estate Pte. Ltd. (Director) Past directorships in other listed companies held over the preceding five years • Banyan Tree Holdings Limited • Sembcorp Industries Ltd • Bachelor of Laws (First Class Honours), The London School of Economics and Political Science, University of London, UK • Master of Laws, Harvard University, USA • Masters in Christian Studies (Cum Laude), Biblical Graduate School of Theology, Singapore • Previously admitted to the Roll of Solicitors, England & Wales, New York State Bar, Singapore Bar and Malaysian Bar Date of first appointment as a Director 1 January 2025 Date of last re-election as a Director 29 April 2025 Length of service as a Director (as at 31 December 2025) 1 year Board committees serving on • Executive Resource and Compensation Committee (Member) • Risk Committee (Member) Present directorship in other listed company • CSE Global Limited (Chairman and Director) Present principal commitments (other than directorship in other listed company) • Boardroom Pte. Ltd. (Chairman and Director) • Heliconia Capital Management Pte. Ltd. (Chairman and Director) • 65 Equity Partners Pte. Ltd. (Director) Past directorship in other listed company held over the preceding five years • Paragon REIT Management Pte. Ltd. (Manager of Paragon REIT) Tan Sri Abdul Farid Alias, 58 Non-Executive Independent Director Belita Ong, 68 Non-Executive Independent Director Tham Kui Seng, 68 Non-Executive Independent Director Eugene Lai, 62 Non-Executive Independent Director
14 15 Annual Report 2025 CapitaLand Investment Limited Management Team Country Heads Aylwin Tan Chief Customer Solutions Officer Ervin Yeo Group Chief Strategy Officer CEO, Commercial Management Lee Chee Koon Group Chief Executive Officer (CEO) Andrew Lim Group Chief Operating Officer (COO) CEO, Real Estate, Private Funds Kevin Goh CEO, Lodging Management Kishore Moorjani CEO, Alternatives, Private Funds Chairman, India Janine Gui Chief Merger & Acquisitions Officer Paul Tham Group Chief Financial Officer Quah Ley Hoon Group Chief Corporate Officer Suzanne Spells Group General Counsel Tan Tze Wooi Group Chief Risk Officer Andrew Jasudasen Chief Sustainability & Sustainable Investments Officer Ho Mei Shih Group Head, Procurement Melvin Song Head, Group Tax Anna Choo Head, Group Treasury Innes Smith Group Head, Compliance Tan Swee Chuan Group Financial Controller Grace Chia Group Head, Investor Relations & Communications Jenny Tan Head, Group Internal Audit Wong Hwee Lim Group Head, Digital & Technology Angelo Scasserra CEO, Australia Hideto Yamada CEO, Japan Matthew Sohn CEO, Korea Olivier Ghattas Advisor, Middle East Puah Tze Shyang CEO, China Patricia Goh CEO, Southeast Asia (SEA) Global Head, Logistics & Self-Storage Valeri Wai Managing Director (MD) & COO, Europe Phan Dang CEO, USA 1 CLI has a 40% stake in SC Capital Partners Group (SCCP), which owns 87.6% of Japan Hotel REIT Advisors Co., Ltd., the sponsor of Japan Hotel REIT. 2 CLI has a 40% stake in SCCP. Private Funds Management Alan Tan MD & Head, Capital Raising Nick Jacobson Chairman, Wingate Group Holdings Wang Chen Cherry MD & Head, Portfolio & Fund Management, China Rahul Bharara Global Head, Lodging & Living CIO, Australia Yvonne Siew MD & Head, Product Development & Wealth Markets Arjun Pandit MD, Private Funds (Credit) Devashish Gupta MD, Private Funds (Data Centre) Hardik Gesota MD, Private Funds (India) Harry Yan MD & Head, SEA Logistics Kevin Chee MD, Private Funds (CapitaLand Open End Real Estate Fund) Mak Hoe Kit MD, Lodging Private Equity Funds Suchad Chiaranussati Chairman & Founder, SC Capital Partners Group2 Sumit Gera CEO, Business Park (India) Operating Platforms Lodging Management Beh Siew Kim Chief Financial & Sustainability Officer, Lodging MD, Japan & Korea David Mansfield MD, Australasia Wong Kar Ling Chief Strategy Officer MD, SEA Serena Lim Chief Growth Officer Joseph Wong MD, China Lee Ngor Houai MD, Europe Leong Teng Wui Chief Design & Technical Officer Tan Bee Leng Chief Commercial Officer and MD, Digital Ventures, CLI Tan Tze Shang MD, Special Projects and Senior Advisor to Ascott China Vincent Miccolis MD, Middle East, Africa & Turkey Haslam Preeston Chief Corporate Officer Deputy MD, SEA Commercial Management Loh Chee Seng MD & Head, Commercial Management (China) Selina Ng MD, Retail Management (Malaysia) Sharon Teo MD, Workspace Management (Singapore) Tan Mui Neo MD, Retail Management (Singapore) Kenny Khow MD, Global Data Centre Toh Yee-Shui MD, Asset Management (Singapore) Aloke Bhuniya CEO, Logistics (India) Surajit Chatterjee MD & Head, Data Centre (India) Key Management Personnel and Corporate Heads Listed Funds Management Gauri Shankar Nagabhushanam CEO, CapitaLand India Trust Management Pte. Ltd. Ho Mei Peng Head, Listed Funds - Investor Relations Gerry Chan CEO, CapitaLand China Trust Management Limited Hiroyuki Aoki President & CEO, Japan Hotel REIT Advisors Co., Ltd.1 Kara Wang Chief Investment Officer (CIO), CapitaLand Commercial C-REIT Serena Teo CEO, CapitaLand Ascott Trust Management Limited Tan Choon Siang CEO, CapitaLand Integrated Commercial Trust Management Limited Yeow Kit Peng Head, Listed Funds - Capital Markets William Tay CEO, CapitaLand Ascendas REIT Management Limited Yong Su-Lin CEO, CapitaLand Malaysia REIT Management Sdn. Bhd. Business Parks, Logistics and Data Centres Detailed profiles of CLI's key management personnel are available on CLI's website at www.capitalandinvest.com.
16 17 Annual Report 2025 CapitaLand Investment Limited CapitaLand Investment (CLI) recorded a stronger Operating PATMI of S$539 million for FY 2025, a 6% YoY increase from S$510 million in FY 2024. The improvement was driven by higher contributions from the listed funds management business, lower interest costs and reduced operating expenses. These were partially offset by growth-related expenses to scale the private funds management and lodging management businesses, as well as lower investment business contributions following divestments. Total PATMI for FY 2025 was S$145 million compared to S$479 million in FY 2024. The decline was mainly due to lower portfolio gains and higher revaluation losses on CLI’s China portfolio, reflecting its continued market softness. Operating PATMI Portfolio Gains Revaluation/ Impairment Total PATMI ↓68% YoY ↓70% YoY ↑6% YoY ↓80% YoY Revenue by Operating Segments Following the divestment of a 4.88% stake in CapitaLand Ascott Trust (CLAS) in December 2024, CLAS has been reclassified from a subsidiary to an associate. Adjusting for the effect of CLAS deconsolidation, revenue for FY 2025 remained broadly stable YoY. The absence of contributions from divested properties was largely offset by revenue recognised from the sale of a strata retail component of a project in China as well as higher contributions from renovated lodging properties in REIB. In addition, FRB recorded fee revenue growth across all segments, supported by higher fees from new funds and management contracts, asset acquisitions by existing funds and increased eventdriven fees. By geographical segment, CLI’s two core markets, Singapore and China, accounted for 52% of total revenue in FY 2025. The remaining revenue was contributed by other developed markets at 34% and other emerging markets at 14%. EBITDA by Operating Segments Adjusting for the effect of CLAS deconsolidation, EBITDA for FY 2025 declined 29% from FY 2024, mainly due to higher unrealised revaluation losses on investment properties in China and lower portfolio gains from asset recycling. Operating EBITDA for the year was S$1,149 million, marginally lower than S$1,161 million in FY 2024. The decrease was primarily attributable to the loss of contributions from divested properties in Singapore, the US and China; reduced stakes in CapitaLand Integrated Commercial Trust (CICT) and CLAS; and share of higher mark-to-market derivatives and foreign exchange losses from the REITs. These were partially mitigated by higher lodging contributions relating to master leases with CLAS1, increased fees from listed funds management and lower operating expenses. 230 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FRB: Stronger listed funds contribution; offset by higher growth expenses resulting in slight decline overall. REIB: Higher YoY supported by lower interest and operating costs; offset by reduced contribution from divested assets. Gains from India and Japan divestments and the Synergy-SilverDoor lodging merger; offset by China divestment losses. Divestment gains in FY 2024 included ION Orchard in Singapore and India business parks. Higher revaluation losses mainly from China, reflecting continued market softness; offset by gains in Singapore and India. Stronger Operating PATMI; offset by lower portfolio gains and higher revaluation losses from the China portfolio. (55) 215 510 539 350 257 332 F ee Business (FRB) Investment Business (REIB) Corporate and Others (50) FY 2025 479 145 FY 2024 (439) (261) S$ million FRB REIB operating REIB non-operating Corporate and elimination FY 20242 FY 2024 FY 2025 Group EBITDA (S$ million) (425) 742 735 432 (14) 758 1,041 436 (23) (130) (23) (30) 1,038 1,421 436 1 Following the deconsolidation of CLAS, the master lease rental expenses were replaced by depreciation and interest, resulting in a higher reported EBITDA. 2 Adjusted for CLAS deconsolidation. Financial Review 45 FRB REIB Corporate and elimination Group Revenue (S$ million) (96) (125) (218) FY 20242 FY 2024 FY 2025 1,021 2,133 1,208 1,095 2,139 1,169 1,864 2,815 1,169
18 19 Annual Report 2025 CapitaLand Investment Limited Financial Review The growth in FRR in FY 2025 was supported by both event-driven and recurring fee income, underpinned by the increase in funds under management4 (FUM) from new funds and asset acquisitions from existing funds, as well as fees from new management contracts. EBITDA for FY 2025 remained stable YoY as the higher fee revenue was offset by higher growth-related expenses incurred by private funds management and lodging management. Overall, EBITDA margin remained broadly stable at 36% in FY 2025 (FY 2024: 37%). FUM4 grew by S$8 billion during the year to reach S$125 billion as at 31 December 2025 (31 December 2024: S$117 billion). Growth in FUM was driven by the establishment of new private funds, the launch of CapitaLand Commercial C-REIT in September 2025, acquisitions undertaken by listed funds, and additional capital raised from existing funds. Investment Business (REIB) REIB revenue for FY 2025 declined to S$1,021 million5 mainly due to the effects of the deconsolidation of CLAS and the absence of contribution from divested properties, partially mitigated by the sale of a strata retail component of a project in China and higher contributions from renovated lodging properties. In addition to lower revenue, EBITDA for FY 2025 was further impacted by higher unrealised revaluation losses on investment properties in China and lower portfolio gains from asset recycling. Adjusting for the effect of CLAS deconsolidation, operating EBITDA for FY 2025 was marginally lower YoY, reflecting the loss of contributions from divested properties, reduced stakes in CICT and CLAS, as well as higher share of markto-market derivatives and foreign exchange losses from REITs. These were partially mitigated by higher contribution from lodging business relating to the master leases with CLAS and lower operating expenses. CLI’s Financial Position As at 31 December 2025, CLI’s total assets amounted to S$24 billion (FY 2024: S$25 billion). Equity-accounted associates and joint ventures accounted for 56% of total assets, while investment properties stood at 19%. Geographically, Singapore and China collectively made up approximately 67% of the CLI’s total asset base. Cash and cash equivalents stood at S$2.0 billion (FY 2024: S$2.3 billion). Net debt (defined as bank borrowings and debt securities, less cash and cash equivalents) increased by S$0.8 billion to S$5.8 billion as at 31 December 2025. The increase was primarily due to higher net drawdowns of bank loans and the issuance of sustainability-linked bonds, partially offset by a reduction in borrowings following the divestment of subsidiaries. Shareholders’ Equity As at 31 December 2025, CLI’s issued and paid-up ordinary share capital (excluding treasury shares) comprised approximately 5.0 billion shares amounting to S$10.8 billion. Its total reserves decreased from S$2.8 billion in FY 2024 to S$1.8 billion in FY 2025, mainly due to the distribution of ordinary cash dividends and a special distribution in specie, as well as losses in hedging and foreign exchange translation reserves. These declines were partially offset by net profits generated during the year. Total shareholders’ funds as at 31 December 2025 stood at S$12.6 billion (FY 2024: S$13.5 billion). Dividends The Board of Directors of CLI has proposed a tax-exempt ordinary dividend of 12.0 Singapore cents per share, amounting to a payout of approximately S$599 million6. The proposed dividend, subject to shareholders’ approval, is supported by healthy operating cashflows of S$935 million7 generated during the year (FY 2024: S$1,002 million). 4 Includes announced acquisitions and divestments not yet completed, committed but undeployed capital for private funds on a leveraged basis, forward purchase contracts, as well as mandates awarded in end-2025, subject to completion of documentation. 5 Lodging operations contributed S$554 million to REIB revenue in FY 2025, of which 12% was contributed by room rental from owned properties. 6 Based on the number of issued shares (excluding treasury shares) as at 31 December 2025. 7 Includes dividends received from associates, joint ventures and other investments. EBITDA by Geography Group EBITDA by Geography (S$ million) FY 2024 FY 20242 FY 2025 EBITDA from Singapore declined mainly due to lower revaluation gains on investment properties, dilution losses arising from the reduced stakes in CICT and CapitaLand Ascendas REIT (CLAR) and a lower share of results from ION Orchard in Singapore following the divestment of CLI’s direct stake to CICT in 2024. These were partially mitigated by the absence of losses recognised from the divestment of CLI's stake in CLAS in 2024, as well as higher event-driven fees. EBITDA from China fell largely due to higher unrealised revaluation losses on investment properties as challenging market conditions continued to weigh on rental rates and occupancies. In addition, the Group incurred losses from asset recycling activities in 2025, compounded by the absence of contributions from properties that have been divested. Contributions from other developed and emerging markets were also lower YoY due to the deconsolidation of CLAS, divestments completed during the year and the impact of investment property revaluations. 3 Includes 40% share of SC Capital Partner’s fee revenue from March to December 2025, amounting to approximately S$7 million and S$19 million for listed and private funds management respectively. Listed Funds Management Private Funds Management Commercial Management Total +8% YoY +24% YoY +1% YoY Lodging Management +2% YoY +6% YoY FY 2024 FY 2024 FY 2024 31% FY 2024 28% FY 2024 37% FY 2025 FY 2025 FY 2025 34% FY 2025 23% FY 2025 36% 318 122 1513 386 389 343 350 1,169 1,2343 3443 281 303 106 123 323 335 1,096 1,150 37 41 16 28 20 15 73 84 EBITDA Margin FY 2024: 50% | FY 2025: 47% Segment Performance Fee Business (FRB) Fee Related Revenue (FRR) by Segments (S$ million) Event Driven Recurring 637 276 250 699 446 305 687 288 (29) (22) (428) 88 Singapore Other developed markets China Other emerging markets
20 21 Annual Report 2025 CapitaLand Investment Limited Business Review Treasury Highlights 2024 2025 Unutilised bank facilities and funds available for use (S$ million)8 8,120 7,117 Unutilised debt securities capacity (S$ million) 5,634 5,676 Net debt9 / Equity (times) 0.35 0.43 Interest cover ratio (times)10 3.711 4.2 Implied interest cost (per annum)9 4.4%11 3.9% Secured debt ratio 23% 19% Bank borrowings / Debt securities 78% / 22% 76% / 24% Average debt maturity 3.7 years 3.1 years Fixed / Floating rate debt 73% / 27% 72% / 28% Capital Management CLI is in a strong liquidity position with S$7,117 million, comprising S$2,022 million of cash and cash equivalents and S$5,095 million in available undrawn bank facilities. As at 31 December 2025, the unutilised debt securities capacity stood at S$5,676 million. Net gearing as at end-2025 was higher at 0.43 times as compared to 0.35 times as at end-2024, mainly as a result of net drawdown of bank loans, the issuance of sustainability-linked bonds and lower revenue reserves. CLI’s interest cover ratio (ICR) was 4.2 times. The higher ICR in 2025 was mainly due to lower net interest expense albeit lower profits from the loss of contribution from divested properties which was partially mitigated by higher contribution from lodging, higher fees from listed funds management and lower operating expenses. Finance costs for CLI were S$323 million for FY 2025. This was approximately 36% lower compared to S$507 million in FY 2024, mainly due to the deconsolidation of CLAS and divested subsidiaries, interest savings from loan repayments funded by divestment proceeds and lower interest rates. Implied interest cost for FY 2025 improved to 3.9% per annum as compared to 4.4% per annum for FY 2024. Funding Sources and Interest Rate Profile As at 31 December 2025, 76% of CLI’s total debt was funded by bank borrowings and the balance of 24% was funded through debt securities. Fixed rate borrowings constituted 72% of the portfolio, with the balance on a floating rate basis. A high percentage of fixed rate funding is maintained for funding cost certainty. In managing its interest rate profile, CLI takes into account the interest rate outlook, the holding periods of its investment portfolio, the timing certainty of its planned divestments and operating cashflow generated from operations. Debt Maturity Profile As part of its financing strategy, CLI regularly reviews its loan portfolio, taking into account divestment and investment plans, the interest rate outlook and the prevailing credit market conditions. In its review, CLI aims to mitigate refinancing risks, diversify its sources of funding and extend its maturity profile where possible. Debt12 Maturity Profile (S$ billion) 0.6 2026 1.6 2027 2028 2.7 2029 1.5 2030 2031 and beyond 0.5 0.9 Financial Review 8 Includes S$7,784 million and S$6,492 million of Group's cash and unutilised committed and uncommitted bank facilities of CLI's treasury vehicles for 2024 and 2025 respectively. 9 Excludes lease liabilities. 10 Excludes unrealised revaluation/impairment and interest expense for lease liabilities. 11 After adjusting for the deconsolidation of CLAS for FY 2024. 12 Debt excludes lease liabilities. Fee Business S$125B Funds Under Management (FUM)1 S$1.23B Fee-Related Revenue (FRR) S$6.5B Capital Raised Across Listed and Private Funds2 CapitaLand Investment (CLI)’s shift towards a fee income-driven model continued to gather pace, contributing more than half of its total revenue in FY 2025. CLI is the largest REIT manager in Asia Pacific (APAC) by market capitalisation. Listed funds management anchors the platform, with S$75 billion in FUM1 across eight listed funds in Singapore, Malaysia, China and Japan. Private funds management broadens CLI’s reach into institutional and private capital through thematic strategies, with fundraising doubling to S$4.9 billion2 in FY 2025. Commercial management generates steady recurring fees through active asset management, sustaining income and enhancing asset values across the fund platforms, while lodging management delivers asset-light growth at scale, with a record 19,000 units signed in FY 2025. Together, the four segments generated S$1.23 billion in FRR, with total FUM1 reaching S$125 billion in FY 2025. The all-in FRR-to-FUM3 ratio held steady at 85 bps, while the fund management FRR-to-FUM3 ratio improved to 52 bps from 48 bps in FY 2024, reflecting the growing contribution of private funds management and the addition of SC Capital Partners (SCCP). 1 Includes announced acquisitions and divestments not yet completed, committed but undeployed capital for private funds on a leveraged basis, forward purchase contracts, as well as mandates awarded in end-2025, subject to completion of documentation. 2 Includes mandates awarded in end-2025, subject to completion of documentation. 3 FRR includes fund management, commercial management and lodging management fees earned from the listed and private funds managed by CLI Group. Ratio is computed based on average FUM deployed for the year, and includes SCCP’s proportionate contribution. 4 Includes SCCP and Wingate post completion. Steady Progress towards S$200B FUM Target Funds Under Management FY 2028 S$200B Key Growth Drivers FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 31 31 38 47 50 S$91B S$92B S$99B S$117B4 +S$5B +S$3B 60 61 61 70 75 Listed Funds • Listing of CLCR • S$3.7B acquisitions • S$1.6B equity raised • Growth from existing portfolios Private Funds • S$4.9B2 equity raised • Larger followon funds • Contributions from platform acquisitions • Continue organic growth momentum and pursue new opportunities, including new REIT listings • Scale third-party capital and reinforce a resilient recurring fee base • Accelerate growth to deepen capabilities and expand growth platforms in priority areas Private Funds Listed Funds S$125B1
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