FY 2025 Full-Year Financial Results Webcast Briefing

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Testing one, two, three, four, five. Testing one, two, three, four, five. Ladies and gentlemen, a very good morning to everyone joining both in-person and on the web.

Welcome to SAMCOP Industries' full year 2025 results presentation. My name is Sin Jin from Group Strategic Communications and Portfolio Management. Before we begin, may I request that all mobile phones be switched off or set to the silent mode. And if you feel unwell at any point, please approach our staff for assistance. Joining us on the panel today are our group CEO, Mr. Wong Kim-in, and our group CFO, Mr. Eugene Cheng. There will be a question and answer session following the presentation. Without further delay, I will now hand over to Kim-in to begin the presentation. Kim-in, please. Thanks, Jin. Good morning. Very happy Lunar New Year to everyone. Let me now quickly get into the results of 2025. Now, before I begin, I want to also set the stage. Compared to 2024,

we have had those of you who have been following us would know that we have significant hit win in 2025. The margins in Singapore has been under low pressure with the increase in the supply in the Singapore market. That's the first one. In our UK, margins and volume also come under pressure. China renewables continue to face heavy curtailment as well as pricing pressure. So despite those headwinds, we were able to offset the impact from those and came out in a resilient outcome which is, you can call it flat, but it is not without effort that we can get to the $1 billion mark. So for consecutive years we stayed at that level and that has given us the confidence to come out and say, hey look, the underlying cash flow and the business is strong and resilient and actually the cash flow is growing. And because of that, we convinced the board to allow us to increase the dividend.

It's just an indication. It's not much of an increase to 25 cents. We recognise that we lack our peer group in terms of dividend pay out. But now again we are operating at this one billion dollar platform. This new normal that may not be new, it's been three years, but I think everybody is convinced that we have that underlying capability to increase our dividend, to close the gap between our sales and our peer group. So the idea is that in terms of returns, one can look forward to dividend. And then the second thing is that in terms of growth, we show you that in the year we are pending the completion of a major acquisition in Australia, opening up a new market for growth, a new platform for growth that is of scale. So returns and growth, that's the message. If I want you to take away two messages, please, those will be the two messages. So

now let me go through some of the details in 2025 performance. The turnover was 5.8 billion, the EBITDA 2 billion, underlying net profit 1 billion. So, you know, easy to remember, 621. That's how I remember the minus around numbers. Underlying earnings per share, 56.4 cents, ROE 18.2%. So as I mentioned just now, we propose a final dividend of 16 cents, bringing a total of the year to 25 cents. This is compared to 2024 to 23 cents. It's a 9% increase. And again, like I say, we recognize the gap in terms of payout ratio and dividend yield from our peer group. And the idea, the intent is that over time, you know, we're very comfortable and confident that we can close that gap. Then into the business segments, under gas

and related services, earnings of the group continue to be anchored by guests and related. Within the segment, the Singapore portfolio contributed $538 million in net profit or 77% of the GRS segments net profit. A combination of long-term contracted portfolio as well as the incremental contribution from Sanoko Energy provided the anchor for the earnings in 2025. During the year, in the last year, we secured 370 megawatts of long-term contracts, of which 150 megawatts was from Micron, which we announced in January this year. So we continue to execute this strategy to capture demand from data centers and high tech manufacturing customers. As of February 2026, right now, close to 80% of SAMCOP's portfolio is contracted for five

years and above, while the SANOCO Energy's portfolio contracts are short term. So in 2026, just to go a bit further, 5% of the SAMCOP portfolio will have to be re-contracted, Well, about 50% of Senoko energy's portfolio must be re-contracted. So we expect that, of course, lower blended sparks spread for the new contracted volumes. So 50% of Senoko, 5% of the Senko portfolio. So this impact will be partially offset by operational and financial synergies from both portfolios. Then in the fourth quarter of this year, 2026, the commissioning of the 600-megawatt hydrogen ready power plant is expected to take place. It is highly efficient and that will enhance our fuel and cost efficiency of the entire

fleet. During the year 2025, we've also secured long-term PPA for SAMCOP Salala, independent water and power plant. This 10-year contract will commence from April 2027. The previous contract, which is currently running, is of a 15-year contract and will expire in April. So we secured another 10 years and that will provide the stability coming in from the contribution of Oman. So the Middle East is entering a new phase of rising energy demand driven by industrial and digital hubs that require reliable uninterrupted power. We have extensive experience operating critical power and water infrastructure in the region, and we will selectively pursue growth opportunities in the Middle East. Moving on to renewables, during the year we maintain

the pace of growth in the selected geographies, adding 3.6 gigawatts of new capacity to our portfolio, compared to the end of 2024. The earnings from the renewable segment increase 5% year on year. This is despite the contribution from China renewables declining to $74 million, from $89 million in 2024. In India, we have seen improved contribution from the existing fleets, as well as from newly commissioned megawatts. During the year, the pipeline continues to grow in renewables. We acquired 300 megawatts of solar capacity and secured 1.5 gigawatts of green fuel winds, comprising hybrid projects, round-the-clock projects, firm and dispatchable renewable energy projects.

We are actively exploring capital recycling options in India. In the Middle East, we successfully entered the wind market in Oman with 125 megawatts green fuel development project underpinned by a 20-year PPA. In Singapore, we were awarded solar projects totaling 236 megawatt peak, including two floating solar projects reinforcing our position as the country's leading floating solar energy player. In Southeast Asia, we completed the acquisition of 49 megawatts hydro project in Vietnam and a 280 megawatt solar and energy storage portfolio in Indonesia, which is currently under construction. So our total group renewable capacity is now 20.4 gigawatts, of which 5.4 gigawatts are secured, either under construction or under advanced development.

This 5.4 gigawatts of new capacity will progressively come online between 2006 and 2030. Integrated urban solutions, the net profit for the IUS segment was stable. Earnings from our water segment was stable while contribution from the other divisions were lower due to the absence of contribution from same waste or same environment. Obviously we closed the deal to divest same waste in February, March 2025 so it's been some time. So compared to 2020, the contribution from same waste is of course no longer. The urban business continues to secure new industrial projects, bringing our total gross development land area to over 16,000 hectares. In Vietnam, we secured four new investment licenses, and this brings the total number

of projects in Vietnam to 22. In Indonesia, we are developing the 500-hectare candle industrial park phase two. that phase one is almost mature and most of the land has been sold. So now we're moving on to phase two with 500 hectare. And we are also progressing on the development of the 100 hectare 10BC innovation district in Bataan. We have also doubled our leasable gross floor area to 1.1 million square metres from half a million square metres in 2024. So this occupancy rate of our operational industrial properties increased to 96% from 76% as of the end of 2024. So in terms of both growth in square metres and also in terms of occupancy rate, the IUS

team has done well to improve the performance. So this will particularly this area will further strengthen our recurring income coming up from IUS. So we will continue to review and sharpen our portfolio as we did through the sale of same waste and the divestment of municipal water business in China during the year. The long term fundamentals of SAMCOC is very strong. We are in the right places. We have got secured cash flow through contracts with high quality customers. And later, Eugene will show you the underlying cash flow coming from the Singapore portfolio. And then post completion, the Alinta portfolio is actually very, very robust. But in the near term, we are facing some headwinds, which shouldn't be new.

These are the things that we experienced in 2024, but in 2025, or rather in 2025 and in 2026, we want to flag that in front of you and give you a little bit more color what we will do about them. In Singapore, with a new supply coming on stream, we can naturally expect the worst bug spreads. And since 2023, you know that we have been transforming our portfolio by leveraging our position as an integrated gas and power player, as well as the largest renewable player in Singapore to secure long-term contracts. So what was previously a very merchant heavy portfolio is now a largely contracted one. Of course, I'm speaking about the same portfolio, not the Senoko energy portfolio. Now, Senoko energy, we will go in there and try to add value as we did with our own portfolio. But the good thing is that we got it at a price, at an investment level, that is very