First Sponsor (ADN) Q3 2025 TU earnings summary

Executive summary

• PRC project presales and sales remained weak amid subdued sentiment; largely completed projects no longer pose material cashflow pressure, allowing a long-term sales approach.

• Sydney House Residences launched presales in late September with satisfactory results; construction was 59% complete as at 21 October and remains on schedule for 3Q2027 completion.

• European property operating income improved slightly in 3Q2025, while refurbishment disruption at Le Méridien Frankfurt weighed on hotel results.

Financial highlights

• European portfolio operating income was €14.9m in 3Q2025, up 1.3% YoY; excluding Le Méridien Frankfurt, it rose 6.3% to €15.3m.

• European hotel revenue was €33.91m in 3Q2025, down 3.5% YoY; EBITDA was €7.91m, down 2.0%. Excluding Le Méridien Frankfurt, EBITDA rose 7.3% to €8.23m.

• Chengdu Wenjiang hotels recorded 3Q2025 revenue of RMB17.21m, down 13.0% YoY, and EBITDA of RMB2.29m, down 33.8%; 9M EBITDA was RMB10.07m, broadly stable YoY.

Outlook and guidance

• Sydney House is expected to complete in 3Q2027; its hotel and retail components are 90.5%-owned, and 241 residences are 39.9%-owned.

• Dreeftoren office completion is expected in 2Q2026 and residential completion in 4Q2026; the Puccini Hotel Milan is expected to open in late 2025 or early 2026.

• Meerparc planning procedures are expected to start in 1H2026, with construction anticipated in 2H2027, subject to planning completion and building permit approval.

• The Fenggang land tender is anticipated no earlier than 2H2026; rezoning at Time Zone is expected to complete in the later part of 4Q2025.