First Sponsor (ADN) H2 2025 earnings summary

Executive summary

• FY2025 net loss was S$78.8m, mainly from derivative losses and non-cash impairment/fair value charges; adjusted net profit was S$20.3m. 2H2025 net loss was S$97.7m, with adjusted net profit of S$5.6m.

• Recommended final tax-exempt dividend of 3.69 Singapore cents/share; total FY2025 dividend would be 4.79 cents/share, up 3% YoY, if approved.

• PRC development sales remained weak, but largely completed construction reduced cash-flow pressure and allowed a longer-term sales approach.

• Cash and available undrawn committed facilities exceeded S$520m at year-end; net gearing was 0.56x.

Financial highlights

• Revenue was S$137.8m in 2H2025, down 4.7% YoY, and S$291.7m for FY2025, down 8.1%; gross profit fell 3.1% and 9.7%, respectively.

• Attributable loss was S$97.7m in 2H2025 and S$78.8m for FY2025, versus profits of S$81.1m and S$93.0m; basic EPS was (9.18) and (8.02) cents, respectively.

• Lower PRC development sales and a smaller PRC financing loan book weighed on revenue; stronger European hotel performance supported property-holding revenue.

Outlook and guidance

• Tapestry Hilton Milan began operations on 30 January 2026; Prins Hendrikkade, Drive Tower and Live Tower are expected to complete in FY2026.

• Sydney House is expected to complete in 3Q2027; construction was 67% complete as of 17 February 2026, with owner-management planned for its hotel.

• Meerparc construction is expected to start in 2H2027, subject to planning procedures and a building permit; redevelopment is expected to complete in FY2030.

• The PRC asset share is expected to decline gradually as development assets are sold and activities expand in Europe, mainly the Netherlands, and Australia.