Financial Reports

Contents

FIVE-YEAR FINANCIAL SUMMARY & INVESTOR ANALYTICS

Consolidated Financial Summary (US$ million)

Metric	FY2022	FY2023	FY2024	FY2025	FY2026F
Revenue	428.0	468.0	510.0	574.0	620 – 635
YoY Growth	—	9.3%	9.0%	12.5%	8% – 11%
Gross Profit	156.0	172.0	188.0	218.0	240 – 250
Gross Margin	36.4%	36.8%	36.9%	38.0%	38.5% – 39.5%
EBITDA	89.0	98.5	110.0	133.5	155 – 170
EBITDA Margin	20.8%	21.1%	21.6%	23.3%	24% – 27%
EBIT	64.0	72.0	82.0	102.5	120 – 135
Profit for the Year	37.0	43.0	50.0	64.0	75 – 85
Attributable to Owners	34.0	40.0	47.0	60.0	70 – 80

Forecast Logic

FY2026 revenue growth is driven by continued property development revenue recognition, partial-year operating income from newly commissioned hospitality assets, and expansion of aviation advisory programs. Margin expansion reflects operating leverage as capex intensity moderates.

Key Credit & Return Metrics

Ratio	FY2022	FY2023	FY2024	FY2025	FY2026F
Net Debt / EBITDA	6.2x	6.0x	5.7x	5.3x	3.2x – 3.5x
Interest Coverage	3.6x	3.7x	3.9x	4.3x	5.0x – 5.5x
ROE	4.9%	5.3%	5.6%	6.9%	7.8% – 8.5%
ROCE	8.3%	8.7%	9.1%	10.3%	11.0% – 12.0%
Operating Cash Flow	68.0	75.0	82.0	96.0	120 – 135
Free Cash Flow Yield*	(2.1%)	(1.4%)	(0.8%)	(0.5%)	3% – 5%

Investor Interpretation

FY2026 represents an inflection point where leverage declines materially and free cash flow turns positive. Improving interest coverage and ROCE signal enhanced balance sheet resilience and capital efficiency.

Basis of Preparation

The consolidated financial information of Susdev Group has been prepared in accordance with applicable international financial reporting standards and reflects management’s best estimates and judgments. Financial results incorporate normalised adjustments for non-recurring items where applicable.

Revenue Recognition

Revenue from property development is recognised based on the percentage-of-completion method, while hospitality and aviation advisory revenues are recognised as services are rendered. Management believes these methods appropriately reflect the transfer of control and economic benefits.

Liquidity & Going Concern

As at the reporting date, the Group maintains adequate liquidity and committed facilities to meet its obligations as they fall due. Management has assessed the Group’s ability to continue as a going concern and identified no material uncertainties.

Significant Judgements & Estimates

Key areas of estimation include construction cost forecasts, impairment assessments, and fair value assumptions. Actual outcomes may differ from estimates; however, management considers the assumptions reasonable and supportable.

Group Financial Review

Susdev_Group_Annual_Report_2025_Group_Financial_Review_Expanded

Annual Financial Report – FY2025

Consolidated Income Statement (US$ million)

Metric	FY2024	FY2025	Δ US$M	Δ %
Revenue	510.0	574.0	+64.0	+12.5%
Cost of Sales	(322.0)	(356.0)	(34.0)	+10.6%
Gross Profit	188.0	218.0	+30.0	+16.0%
Other Operating Income	6.0	7.5	+1.5	+25.0%
SG&A	(84.0)	(92.0)	(8.0)	+9.5%
EBITDA	110.0	133.5	+23.5	+21.4%
Depreciation & Amortisation	(28.0)	(31.0)	(3.0)	+10.7%
EBIT	82.0	102.5	+20.5	+25.0%
Net Finance Costs	(21.0)	(24.0)	(3.0)	+14.3%
Share of JV/Associates	2.0	2.5	+0.5	+25.0%
Profit Before Tax	63.0	81.0	+18.0	+28.6%
Tax	(13.0)	(17.0)	(4.0)	+30.8%
Profit for the Year	50.0	64.0	+14.0	+28.0%
Attributable to Owners	47.0	60.0	+13.0	+27.7%

Metric	FY2024	FY2025	Δ US$M	Δ %
Revenue	510.0	574.0	+64.0	+12.5%
Cost of Sales	(322.0)	(356.0)	(34.0)	+10.6%
Gross Profit	188.0	218.0	+30.0	+16.0%
Other Operating Income	6.0	7.5	+1.5	+25.0%
SG&A	(84.0)	(92.0)	(8.0)	+9.5%
EBITDA	110.0	133.5	+23.5	+21.4%
Depreciation & Amortisation	(28.0)	(31.0)	(3.0)	+10.7%
EBIT	82.0	102.5	+20.5	+25.0%
Net Finance Costs	(21.0)	(24.0)	(3.0)	+14.3%
Share of JV/Associates	2.0	2.5	+0.5	+25.0%
Profit Before Tax	63.0	81.0	+18.0	+28.6%
Tax	(13.0)	(17.0)	(4.0)	+30.8%
Profit for the Year	50.0	64.0	+14.0	+28.0%
Attributable to Owners	47.0	60.0	+13.0	+27.7%

Detailed Financial Analysis

Revenue Growth
Revenue increased by US$64.0 million (+12.5%), driven by revenue recognition from property development backlog, expansion of hospitality pre-opening services, and growth in aviation advisory contracts. The growth rate exceeded cost growth, allowing margin expansion.

Gross Profit & Margin Expansion
Gross margin improved from 36.9% to 38.0%. This reflects:

Better project cost control in township construction
Higher-margin fee income in hospitality
Improved pricing discipline

EBITDA Performance
EBITDA grew 21.4%, significantly outpacing revenue growth. EBITDA margin improved to 23.3%, demonstrating operational leverage as fixed costs were absorbed across a larger revenue base.

Net Profit Growth
Net profit attributable to owners increased 27.7%, supported by:

Controlled financing costs despite higher gross debt
Strong operating income
Stable tax structure

Hospitality Segment

Revenue & EBITDA (US$M)

Indicator	FY2024	FY2025	YoY
Revenue	186.0	214.0	+15.1%
EBITDA	58.0	72.0	+24.1%
EBITDA Margin	31.2%	33.6%	↑

| Revenue | 186.0 | 214.0 | +15.1% |
| EBITDA | 58.0 | 72.0 | +24.1% |
| EBITDA Margin | 31.2% | 33.6% | ↑ |

Segment Analysis

Hospitality growth in FY2025 was primarily fee-driven, reflecting the Group’s asset-light strategy during the commissioning phase of new properties. Margin expansion was supported by procurement optimisation, standardised pre-opening frameworks, and tight cost controls. This approach preserves capital while establishing recurring income streams for post-opening operations.

Revenue Composition (US$M)

Category	FY2024	FY2025	Δ
Pre-opening Service Fees	22.0	26.0	+4.0
Management & Branding Income	6.0	7.5	+1.5
Other Hospitality Services	5.0	6.5	+1.5

Property Development

Revenue & EBITDA (US$M)

Indicator	FY2024	FY2025	YoY
Revenue	300.0	332.0	+10.7%
EBITDA	46.0	54.0	+17.4%
EBITDA Margin	15.3%	16.3%	↑

| Revenue | 300.0 | 332.0 | +10.7% |
| EBITDA | 46.0 | 54.0 | +17.4% |
| EBITDA Margin | 15.3% | 16.3% | ↑ |

Key Project KPIs – FY2025

Project	Presales	Backlog YE2025	Gross Margin
Merevillé Peninsula Phase 1	412.0	388.0	33%
Marina Bay Residences	—	—	28%

Segment Analysis

The backlog of US$388.0 million provides revenue visibility into FY2026–2027, reducing earnings volatility.

Property Development remained a core earnings pillar. Strong presales at Merevillé Peninsula Phase 1 provided revenue visibility beyond FY2025, while disciplined construction execution supported stable margins despite inflationary pressures on materials and labour.

Aviation Insights

Revenue & EBITDA (US$M)

Indicator	FY2024	FY2025	YoY
Revenue	24.0	28.0	+16.7%
EBITDA	6.0	7.5	+25.0%
EBITDA Margin	25.0%	26.8%	↑

| Revenue | 24.0 | 28.0 | +16.7% |
| EBITDA | 6.0 | 7.5 | +25.0% |
| EBITDA Margin | 25.0% | 26.8% | ↑ |

Program Revenue Mix (US$M)

Program	FY2024	FY2025	EBITDA Margin
GBA 2035 Aviation Model	10.0	12.5	42%
APAC A-CDM Rollout	8.0	10.0	38%
Other Advisory Programs	6.0	5.5	35%

Segment Analysis

Aviation Insights remained a high-margin, capital-light business. Completion of the GBA 2035 aviation model strengthened the Group’s advisory credentials, while the A-CDM rollout established a multi-year revenue pipeline with annuity characteristics. This segment enhances earnings quality and reduces overall capital intensity.

Debt Maturity Profile

Debt Maturity Ladder (US$ million)

Year	Maturity Amount
2026	168
2027	210
2028	256
2029	192
2030+	192
Total	1,018

Management Analysis

The Group maintains a well-staggered debt maturity profile, with no excessive concentration in any single year. Peak maturities in 2027–2028 are aligned with expected commissioning of major assets and presales collections, mitigating refinancing risk.

Interest Rate & FX Sensitivity

Interest Rate Sensitivity

Rate Shock	Δ Interest Expense	Δ Profit After Tax
+100 bps	+7.0	(5.6)
+200 bps	+14.5	(11.3)

A 100bps increase in interest rates would reduce profit after tax by approximately US$5.6 million, which remains manageable relative to FY2025 earnings.

FX Exposure & Translation Sensitivity

Currency	Debt %	Revenue %	±5% Equity Impact
VND	22%	30%	(18.0)
CNY	28%	26%	(22.0)
SGD	18%	22%	(12.0)
MYR	12%	12%	(8.0)

FX volatility primarily impacts equity translation rather than operating profit, given natural hedging between revenue and cost bases.

Segment Contribution Overview

Segment Contribution – FY2025

Revenue Contribution

Property Development: 57.8%
Hospitality: 37.3%
Aviation Insights: 4.9%

EBITDA Contribution

Hospitality: 53.9%
Property Development: 40.4%
Aviation Insights: 5.7%

Risk Factors by Segment

Hospitality

Ramp-up risk during initial opening phase, occupancy volatility, and staffing availability.

Property Development

Construction cost inflation, regulatory approvals, and presales conversion risk.

Aviation Insights

Dependency on government and institutional budgets, project timing risk.

Financial Outlook & Guidance 2026

Group Financial Guidance

Metric	FY2026 Guidance
Revenue Growth	+8% – +11%
EBITDA Margin	24% – 27%
Net Debt / EBITDA	↓ từ 3.8x → ~3.2x
Undrawn Liquidity	≥ US$300M

Segment Outlook 2026

Hospitality Segment Outlook 2026

In FY2026, the Hospitality segment is expected to transition from a commissioning-driven revenue structure toward a more balanced mix of operating income and recurring management fees. As key assets move into full operational phase, occupancy ramp-up and average daily rate (ADR) optimisation will become the primary drivers of performance.

Margin normalisation is anticipated as operating expenses stabilise post-opening. While initial ramp-up volatility remains a factor, disciplined cost management and brand positioning are expected to support sustainable EBITDA margins in the low-to-mid 30% range. The segment will increasingly contribute stable cash flow rather than pre-opening fee income.

Property Development Segment Outlook 2026

Property Development is expected to remain the core earnings driver in FY2026, supported by revenue recognition from the US$388 million backlog at year-end 2025. Construction progress milestones will continue to unlock revenue under percentage-of-completion accounting.

Selective new phase launches are planned, aligned with demand conditions and capital discipline. While construction cost pressures may persist, improved procurement frameworks and economies of scale are expected to preserve gross margins in the high-20% to low-30% range.

Cash collection from presales is projected to strengthen the Group’s deleveraging trajectory, contributing to a reduction in Net Debt / EBITDA toward internal target levels.

Aviation Insights Segment Outlook 2026

Aviation Insights is positioned for steady expansion in FY2026, driven by the continuation of A-CDM implementation programs and follow-on advisory mandates from regional aviation authorities. The segment’s asset-light structure enables high operating leverage and minimal capital requirements.

Multi-year advisory contracts are expected to enhance revenue predictability and strengthen earnings quality. As aviation infrastructure investment resumes across Asia-Pacific, the segment is strategically aligned to capture long-term structural growth opportunities.

MULTI-YEAR FINANCIAL COMPARISON (US$ million)

Consolidated Income Overview

Metric	FY2022	FY2023	FY2024
Revenue	428.0	468.0	510.0
Cost of Sales	(272.0)	(296.0)	(322.0)
Gross Profit	156.0	172.0	188.0
SG&A	(70.0)	(78.0)	(84.0)
EBITDA	89.0	98.5	110.0
EBIT	64.0	72.0	82.0
Net Finance Costs	(18.0)	(19.5)	(21.0)
Profit Before Tax	48.0	55.0	63.0
Profit for the Year	37.0	43.0	50.0
Attributable to Owners	34.0	40.0	47.0

Margin Trend Analysis

Metric	FY2022	FY2023	FY2024
Gross Margin	36.4%	36.8%	36.9%
EBITDA Margin	20.8%	21.1%	21.6%
Net Margin	8.6%	9.2%	9.8%

Capital Structure Overview

Metric	FY2022	FY2023	FY2024
Total Assets	1,865	2,020	2,185
Net Debt	548	590	632
Shareholders’ Equity	720	782	845
ROE	4.9%	5.3%	5.6%

Multi-Year Interpretation

Between FY2022 and FY2024, Susdev Group demonstrated consistent revenue growth and gradual margin expansion. EBITDA margin improved steadily, reflecting scaling benefits and operational efficiency. Net profit attributable to owners increased at a compounded pace, indicating strengthening earnings quality prior to the FY2025 investment peak.

Management Closing Statement

FY2026 will mark the transition from peak investment to commissioning and cash generation. Susdev Group enters the next phase with strengthened earnings quality, diversified revenue streams, and a disciplined capital framework.