16 CapitaLand Ascott Trust Financial Review Revenue and Gross Profit CLAS’ revenue of S$837.6 million for the financial year ended 31 December 2025 (FY 2025) comprised S$113.1 million (14% of total revenue) from properties under master leases, S$230.2 million (27%) from properties under management contracts with minimum guaranteed income (MCMGI) and S$494.3 million (59%) from properties under management contracts. The revenue from management contracts comprised S$400.0 million from hospitality properties (serviced residences and hotels) and S$94.3 million from living sector properties (rental housing and student accommodation). Revenue for FY 2025 increased by S$28.1 million as compared to the previous financial year ended 31 December 2024 (FY 2024). The increase in revenue was mainly due to higher revenue of S$25.5 million from the existing properties and additional contribution of S$29.0 million from the five properties acquired during FY 2025 and full year contribution from the two properties acquired in FY 2024. The contribution from the acquisitions had more than offset the decrease in revenue of S$26.4 million from the divestment of 10 properties during FY 2025 and FY 2024. CLAS’ portfolio occupancy was 80% in FY 2025. Revenue per available unit (RevPAU) increased by 3%, from S$156 in FY 2024 to S$161 in FY 2025. CLAS’ gross profit of S$385.3 million for FY 2025 comprised S$103.9 million (27% of total gross profit) from properties under master leases, S$91.8 million (24%) from properties under MCMGI and S$189.6 million (49%) from properties under management contracts. For the management contracts, the gross profit from hospitality properties was S$134.9 million and the gross profit from living sector properties amounted to S$54.7 million. CLAS’ stable income sources (which include master leases, MCMGI and living sector properties) contributed about 65% of CLAS’ gross profit for FY 2025. For the properties under master leases, revenue and gross profit were higher in FY 2025 mainly due to contribution from lyf Funan Singapore (acquired on 31 December 2024), Japan (higher variable rent), and France (higher rent from rent indexation, higher variable rent and appreciation of EUR against SGD). These increases were partially offset by the divestment of a property in Japan in March 2024. For the properties under MCMGI, both revenue and gross profit were higher as compared to last year due to stronger operating performance from most countries, in particular UK (driven by stronger performance at Citadines HolbornCovent Garden London post asset enhancement initiative). Revenue from management contracts was higher due to stronger performance from most countries and contributions from the acquisition of two hotels in Japan (acquired in January 2025) and three rental housing properties in Japan (acquired in August 2025). These increases were partially offset by the divestment of seven properties in Australia, Japan and Singapore in FY 2024 and divestment of two properties in China and Japan during FY 2025. Gross profit was lower by 3% due to property tax adjustments in FY 2024 and FY 2025. Excluding the property tax adjustments, gross profit would have been 0.5% lower YoY. Local Currency FY 2025 FY 2024 Revenue (million) Gross Profit (million) Revenue (million) Gross Profit (million) Master Leases Australia AUD 12.6 11.2 12.2 11.0 France EUR 23.9 21.7 23.6 21.5 Germany EUR 11.8 11.1 11.4 10.7 Japan JPY 3,215.0 2,983.2 2,904.8 2,664.8 Singapore S$ 11.4 10.5 - - South Korea KRW 11,294.3 10,668.2 10,818.0 10,268.7 Management Contracts with Minimum Guaranteed Income Australia AUD 27.2 8.3 24.8 8.3 Belgium EUR 13.0 4.4 12.1 3.5 Ireland EUR 13.8 4.4 14.2 4.7 Singapore S$ 54.8 20.6 53.2 19.0 Spain EUR 7.9 3.8 7.4 3.6 United Kingdom GBP 58.9 26.6 55.3 25.0
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