CHAIRMAN’S STATEMENT “Despite macroeconomic challenges, the CDL Group delivered a strong set of results for FY 2025. The tripling of PATMI underscores the resilience of our core business segments and the tangible progress we have made in sharpening execution, strengthening capital discipline and crystallising value across our portfolio. With a strong foundation, renewed focus and clear priorities, the Group is poised to build on this momentum and continue creating long-term value for our shareholders.” Kwek Leng Beng Executive Chairman Dear Shareholders, 2025 was a defining year for the CDL Group – one that reinforced disciplined execution, meaningful progress and alignment with shareholders. The CDL Group delivered a strong set of results for FY 2025, with net profit tripling to $629.7 million (FY 2024: $201.3 million), supported by robust residential sales in Singapore and accelerated capital recycling initiatives. Revenue increased 9.7% to $3.6 billion (FY 2024: $3.3 billion). The property development segment was the largest contributor to revenue growth, increasing 24.1% for FY 2025, driven by higher contributions from Singapore projects such as The Myst, Norwood Grand and Union Square Residences, as well as the sale of the Ransome’s Wharf site in London and the office component of Hong Leong City Center in Suzhou. Our investment properties and hotel operations segments also remained resilient, recording revenue growth of 2.7% and 1.7%, respectively. The Group maintained a strong financial position with cash reserves of $2.1 billion, and cash and undrawn committed credit facilities totalling $4.2 billion as of 31 December 2025. After factoring in fair value on investment properties, net gearing stood at 71% (FY 2024: 69%), due to acquisitions completed during the year. Our balance sheet remains healthy, supported by a well-spread-out debt maturity profile. Average borrowing costs declined to 3.7% (FY 2024: 4.4%), following easing interest rates across the Group’s operating markets. As of 31 December 2025, the Group’s Net Asset Value (NAV) per share stood at $10.74 (31 December 2024: $10.17). Notably, the Group adopts the policy of stating our investment and hotel properties at cost less accumulated depreciation and impairment losses. Had fair value gains been factored in on our investment and hotel properties, the Group’s Revalued NAV (RNAV) per share would be $20.16 (31 December 2024: $19.86). ROBUST OPERATING PERFORMANCE Our business segments delivered a solid operating performance in FY 2025. In Singapore, the Group and our joint venture associates sold 1,657 units, including Executive 14 | CITY DEVELOPMENTS LIMITED
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