NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025 42 OPERATING SEGMENTS Information reported to the Board of Directors for the purposes of resource allocation and assessment of segment performances is specifically focused on the functionality of services provided. The following summary describes the operations in each of the Group’s reportable segments: • Property development – develops and purchases properties for sale • Hotel operations – owns and manages hotels • Investment properties – develops and purchases investment properties for lease Others comprises mainly investment in shares, management and consultancy services, and provision of laundry services. None of these segments meet any of the quantitative thresholds for determining reportable segments in 2025 and 2024. Information regarding the results of each reportable segment is included below. Performance is measured based on segment profit before tax, as included in the internal management reports that are reviewed by the Board of Directors. Segment profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Information about reportable segments Property development Hotel operations Investment properties Total Others Total $’000 $’000 $’000 $’000 $’000 $’000 2025 Total revenue (including inter-segment revenue) 1,165,909 1,650,319 524,133 3,340,361 278,545 3,618,906 Inter-segment revenue – (277) (11,236) (11,513) (20,301) (31,814) External revenue 1,165,909 1,650,042^ 512,897 3,328,848 258,244 3,587,092 Profit from operating activities 55,286 394,213 522,181 971,680 22,135 993,815 Share of after-tax profit/ (loss) of associates and joint ventures 198,845 (5,322) 5,255 198,778 (17,502) 181,276 Finance income 43,400 22,066 23,593 89,059 5,487 94,546 Finance costs (115,770) (154,992) (193,258) (464,020) (34,116) (498,136) Net finance costs (72,370) (132,926) (169,665) (374,961) (28,629) (403,590) Reportable segment profit/(loss) before tax 181,761 255,965 357,771 795,497 (23,996) 771,501 Depreciation and amortisation 6,824 124,579 142,910 274,313 15,425 289,738 ^ Hotel operations for 2025 comprise revenue and Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) attributable to hotel rooms owned by the Group of $1,169.6 million and $255.6 million respectively. 226 | CITY DEVELOPMENTS LIMITED
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