19 Annual Report 2025 Assets CLAS’ total asset value stood at S$8.9 billion as at 31 December 2025, 1% higher as compared to S$8.8 billion as at 31 December 2024. The increase in total assets was mainly due to higher portfolio valuation resulting from stronger operating performance. Change in Fair Value of Investment Properties, Land and Buildings and Investment Properties Under Development The net change in fair value of investment properties, land and buildings and investment properties under development has no impact on Stapled Securityholders’ distribution. In accordance with the Code on Collective Investment Schemes issued by the Monetary Authority of Singapore, valuation of CLAS’ properties is to be conducted once every year. Any increase or decrease in fair value is credited or charged to the Statement of Total Return as net appreciation or depreciation on revaluation of investment properties and investment properties under development. The above accounting policy is applicable to all properties, except for The Robertson House by The Crest Collection and five hotels held under CapitaLand Ascott BT Group, which are classified as property, plant and equipment. Property, plant and equipment are measured at cost less accumulated depreciation. Subsequent to recognition, land and buildings are measured at fair value less accumulated depreciation while other plant and equipment are measured at cost less accumulated depreciation. Any surplus arising from revaluation is recognised in Stapled Securityholders’ funds, except when it reverses a previous revaluation deficit on the same asset that was recognised in the Statement of Total Return; in such case, the surplus is recognised in the Statement of Total Return to the extent of the previous deficit. Conversely, any deficit from revaluation is recognised in the Statement of Total Return, except when it reverses a previous revaluation surplus on the same asset; in such case, the deficit is recognised in Stapled Securityholders’ funds to the extent of the previous surplus. As at 31 December 2025, independent full valuations were carried out by the following valuers: • Colliers for the 66 properties in Asia Pacific; • CBRE Limited for the 26 properties in Europe (including UK); and • JLL Valuation & Advisory Services, LLC for the 11 properties in USA (comprising three hotels and eight student accommodation properties). In determining the fair value of the Group’s portfolio, the discounted cash flow method, direct capitalisation method and residual land method were used. The valuation methods used are consistent with that used for the 31 December 2024 valuation and prior years. The Group’s portfolio was revalued at S$7.9 billion, resulting in a surplus of S$129.8 million of which S$128.5 million was recognised in the Consolidated Statement of Total Return and S$1.3 million was recognised in the Asset Revaluation Reserve on the balance sheet in FY 2025. The surplus for FY 2025 resulted mainly from higher valuation of the Group’s properties in France, Japan and South Korea, partially offset by lower valuation of the properties in China, Singapore, UK and Vietnam. The net impact on the Consolidated Statement of Total Return was S$97.8 million (net of tax and non-controlling interests). Capital Management Key Financial Indicators As at 31 Dec 2025 As at 31 Dec 2024 Aggregate Leverage1 (%) 37.7 38.3 Unencumbered Properties as % of Total Property Value (%) 68 69 Interest Cover Ratio2 (times) 3.0 3.1 Effective Interest Rate (%) 2.9 3.0 Weighted Average Debt to Maturity (years) 3.4 3.7 1 As at 31 December 2025, the ratio of net debt to net assets for CapitaLand Ascott REIT Group and CapitaLand Ascott BT Group is 64.0% and 15.8% respectively; the ratio for CLAS is 56.8%. 2 Refers to EBITDA before change in fair value of financial derivatives, change in fair value of investment properties, investment properties under development and assets held for sale, revaluation surplus/(deficit) on land and buildings, and foreign exchange differences over interest expense and distributions on perpetual securities.
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