LIMITED AGM2026
Annual General Meeting
FRIDAY | 24 APRIL 2026 | 2:00 PM
OUE LIMITED | AGM2026
Agenda
1) OUE Group Over the Years
-
Update on Strategic Initiatives
4) ESG Update
- Financial Highlights
2006 Onwards: Asset Transformation
Highly Transformative Actions to Unlock Value of Our Assets
2009
2011
MANDARIN HOTEL LOBBY
MANDARIN GALLERY
OVERSEAS UNION HOUSE
OUE BAYFRONT
Conversion of Mandarin Hotel's lobby into a four-storey luxury mall with 152-metre frontage on Orchard Road
Re-developed Overseas Union House into an 18-storey premium Grade-A office building with stunning views of Marina Bay
2013 Onwards: Establishment of REITs
Recycling Stabilised Assets and Growing Funds Under Management
2019
Initial portfolio: Mandarin Orchard and Mandarin Gallery
Acquisition of Crowne Plaza Changi Airport
Acquisition of Crowne Plaza Changi Airport Extension
Creation of one of the Largest Diversified Singapore REITs
2013 2014 2015 2016 2018
Acquisition of
Total Assets1
Initial portfolio:
OUE Bayfront and Lippo Plaza Shanghai
Acquisition of One Raffles Place
OUE Downtown (Office)
24
S$2.3B
12
S$4.6B
+ =
9
S$6.9B
H - R E I TCE- NR EL AI TR G E D C - R E I
T
H-TRUST C-REIT OUE REIT
1 As at 31 March 2019, announcement date of merger. Figures in circle represent ranking of REIT by total assets in Singapore
2017 Onwards: Diversification Into Healthcare
Creation of OUE's Second Engine of Growth
2017 2018
2019 Onwards: Asset Recycling and Balance Sheet Optimisation
Divesting Non-Core Assets to Strengthen Balance Sheet
2019
2020
Marina Mandarin Hotel and Marina Square Mall (30%)
S$390m
Oakwood Premier OUE Singapore
S$278m
US Bank Tower
US$430m (~S$591m)
OUE's NET GEARING RATIO
61%
41%
Total Value Unlocked: S$1,259m
2018 2021
OUE Group Today
Leading Asia-Pacific Real Estate and Healthcare Group, Based in Singapore
REAL ESTATE
OUE Bayfront
Crowne Plaza Changi Airport
Mandarin Gallery
Develops, invests and manages real estate assets across commercial, hospitality, retail and residential sectors
HEALTHCARE
Shenzhen China Merchants - Lippo Prince Bay Hospital
Changshu China Merchants-Lippo Obstetrics & Gynaecology Hospital
Operating Room at Cura Day Surgery Centre
Owns, operates and invests in high-quality
healthcare assets across the fast-growing Asia Pacific region
OTHERS (RESTAURANTS)
Chatterbox Café in Japan
Dining room of VUE
Restaurants, cafes and bars, from fine-dining and bespoke, to fast and casual, in 5 Asian markets1
.
1 As at 31 March 2026
Breakdown by Business Segments and Geography (2025)
TOTAL TURNOVER
BY BUSINESS SEGMENTS
OTHERS
TOTAL ASSETS
OTHERS
HEALTHCARE S$153M
S$52M 8%
REAL ESTATE S$412M
67%
INVESTMENT PROPERTIES &
HEALTH
S$1. 16
S$0.4B
CARE
3B
%
Y
5%
REAL ESTATE S$6.7B
79%
25% Total Turnover
S$617M
FUND MANAGEMENT
S$192M 31%
HOSPITALITY S$220M
36%
DEVELOPMENT
PROPERTIES S$0.7B
8%
HOSPITALIT S$1.8B
21%
Total Assets
S$8.4B
INVESTMENT PROPERTIES &
FUND MANAGEMENT S$4.2B
9%
Total Assets
S$8.4B
50%
BY GEOGRAPHY
INDONESIA S$83M
13%
JAPAN S$13M 2%
CHINA S$4M 1%
SINGAPORE S$517M 84%
CHINA S$0.7B
INDONESIA S$1.1B
13%
JAPAN S$0.3B 3%
OTHERS S$0.1B 1%
SINGAPORE S$6.2B
Total Turnover
S$617M
74%
Agenda
1) OUE Group Over the Years2) Update on Strategic Initiatives
3) Financial Highlights
Update on Strategic Initiatives
DELIVERING SUSTAINABLE GROWTH AND LONG-TERM VALUE CREATION
Executing an "Asset Right" Business Model
Building a Pan-Asian Healthcare Platform
Proactive & Prudent Capital Management
Own a diversified portfolio of best-in-
class real estate assets with a focus on developed markets
Grow FUM from the current S$7.3B through capital partnerships
Value creation through asset recycling and transformational thinking
1
Capitalise on healthcare secular growth
trends
Anchor on Singapore's medical excellence to expand regionally
Healthcare partnerships to realize synergistic benefits
2
Prudent and disciplined capital
management
Resilient balance sheet
Maintain strong access to funding
3
OUE REIT: Portfolio Optimisation
Timely Divestment of Lippo Plaza Shanghai and Strategic Investment in Salesforce Tower in Sydney, Australia
OPTIMISED PORTFOLIO THROUGH DIVESTMENT OF LIPPO PLAZA SHANGHAI
STRATEGIC EXPANSION INTO SYDNEY'S CBD PRIME OFFICE VIA ACQUISITION OF 19.9% IN SALESFORCE TOWER
Challenging macro environment
Low yield amidst competitive leasing market with new supply
Aged asset, requiring heavy capital expenditure
Shortening leasehold tenure
Geopolitical stability, strong governance and deep real estate market liquidity
Favourable macro backdrop Scarce core prime CBD location Rare freehold asset
Excellent ESG credentials
Hotel Indigo Changi Airport (HICA): On Schedule, On Budget
Partnering with Tokyo Century to Expand FUM
OUE and Tokyo Century marked the groundbreaking of HICA on 29 May 2025
Artist's impression of sectional perspective of 'Floating Forest' from
level 2 to rooftop
OUE retains majority and controlling stake in HICAGrow FUM and earn recurring asset management fees for 100% of HICA Strengthen balance sheet through asset capital partnerships
Solidify OUE's incumbent position at Changi Airport, a leading global aviation hub
Development Site Progress as at Q1 2026
First REIT: Pivoting From Emerging To Developed Markets
Strategic Divestment of Indonesian Assets at Premium to Valuation
DIVESTING EMERGING MARKET ASSETS AND REDEPLOY INTO DEVELOPED MARKETS
Challenging macroeconomic environment in IndonesiaEliminate IDR FX volatility as headwind to distribution and gearing
Aged asset, requiring high capex to maintain
Limited long-term growth potential
Greater macroeconomic and geopolitical certaintyEnhanced currency stability and foreign exchange resilience
Higher-quality tenants with stronger credit profiles
Improved property liquidity and valuation transparency
Attractive risk-adjusted returns with reduced equity risk premiums
OUEH: Continued Momentum in Singapore and China
Capitalising on Healthcare Secular Growth Trends
2022
2023 2024
2025
2026
Strategic investment in O2 Healthcare Group (O2)
Injection of 12 nursing homes in Japan into First REIT
Privatisation of Healthway Medical Corporation (HMC)
Opening of Changshu China Merchants-Lippo Obstetrics & Gynaecology Hospital
HMC opened Cura Day Surgery at Camden Medical Centre
O2 acquired 60% of Rehab Matters Private Ltd
Increased stake in OUE Healthcare
Launched O2 SleepWell Laboratory at Cura Day Surgery Centre
Launched Health Screening Centre and TCM in Wuxi Xi Nan Hospital
Opening of Prince Bay Hospital in
Shenzhen, China
Partnered with Chinese University of Hong Kong to operate an International Medical Centre in Prince Bay Hospital
Proactive & Prudent Capital Management
Extended Maturities, Reduced Pricing and Increased Proportion of Green Financing
CAPITAL MANAGEMENT
JUL
AUG
OCT
53.2%
Net Gearing
FY2024: 47.5%
72%Green Financing
FY2024: 64%
OUE obtained Hotel Indigo Changi Airport S$130m Green Loan Facility, the first financing for a zero-energy hotel in Singapore
OUE REIT
completed S$830m OUE
Bayfront refinancing with Green Loan, leveraging on the property's recent BCA Green Mark certification upgrade from Gold to Platinum
OUE REIT issued S$150m 7-year Green Notes at 2.75%, the lowest coupon rate and longest tenure for OUE Group
4.2% p.a.Average Cost of Borrowings
FY2024: 4.9% p.a.
2.7 times
Interest Coverage Ratio
FY2024: 2.4 times
OUE REIT
BBB-
Investment grade credit rating assigned by S&P Global Ratings
81%Unsecured Debt
FY2024: 81%
Improved Debt Maturity Profile
Balancing Sources of Funds
(S$'Million)
1,200
31 Dec 2022
1,092
100
350
580
200
992
702
270
380
250
3
3-
20
1,052
(S$'Million)
1,200
31 Dec 2025
1,000
800
1,000
800
2022 | 2025 | |
Loan | 70% | 49% |
Bonds | 30% | 51% |
761
664
601
350
200
500
354
-
300
411
150
354
401
107
-107
300
164
-
150
-
600 600
400 400
200 200
-
% of Debt Maturing
2023 2024 2025 2026 2027
19% 0% 36% 35% 9%
-
% of Debt Maturing
2026 2027 2028 2029 2030 2031 203226% 23% 12% 20% 4% 10% 5%
Agenda
-
OUE Group Over the Years
3) Financial Highlights
- Update on Strategic Initiatives
2025 Key Operational and Financial Highlights
FINANCIAL PERFORMANCE
SIZEABLE FUM AND STRONG LIQUIDITY
OPERATIONAL HIGHLIGHTS
S$617.0M
Revenue
-S$220.9M
Attributable Loss
S$8.4B
Total Assets
S$7.3B
Funds under Management
Office
95.4%
Committed Occupancy
Hospitality
S$281
Revenue Per Available Room
S$207.2M
Net Cash from Operating Activities
S$901M
Cash + Available Committed Facilities
Retail
97.7%
Committed Occupancy
Gemdale Properties and Investment Corp (Gemdale)
Leading Chinese property company listed on Stock Exchange of Hong Kong Limited
Develops, owns, operates/sells commercial, industrial parks and residential properties
29.1% associate company of OUE
China Economy/Property Sector
Grew 5% in 2025, est. 4.5% to 5%
growth in 2026
Introduced stimulus measures to boost domestic consumption
Reduced downpayment ratio
Reduced policy rate and banks' reserve ratio
Central government provided funding to local governments
Acquired unsold properties and repurposed for rental housing
Land swap for prime residential land
COMMERCIAL
Gemdale Viseen Tower
Gemdale's Operating and Balance Sheet Resilience
Majority in Tier 1 and 2 cities
49% of gross profits from investment properties
Well-spread debt maturities, ~ 6% due in 2026
Complies with financial covenants
Strong support from banks
OUE's Considerations
No plans to further increase stake
Long-term view on China
Does not rely on Gemdale's dividends to meet debt obligations, operational needs or dividends
BUSINESS PARK
Viseen Software Park
Shareholder Returns
Sustainable Shareholder' Returns While Maintaining Conservative Balance Sheet
Share Price Performance
Total Shareholder Returns for 2025: 18.9%2.0 cents
Paid Dividend per Share1
S$1.11 as of 22 April 2026
S$0.95 as of 23 April 2025
S$21M
Capital Return to Shareholders2
+16.8%
1 Based on dividends paid in FY2025
2 Includes share buyback and dividends paid in FY2025
Shareholder Returns
80
Total Ordinary and Special Dividends Paid
Divestments of UOB
70 shares and Hotel
Negara
Cumulative Dividends since 2006: $1.89 per shareDIVIDEND PER SHARE (CENTS)
60
Divestment of assets to
50 OUE Hospitality Trust
(OUE H-Trust)
40
Full year contributions of DBS Towers,
30 Mandarin Gallery and
OUE Bayfront
Distribution-in-specie of OUE H-Trust
OUE Bayfront Divestment to OUE C-REIT
Crowne Plaza Changi Airport Divestment to OUE H-Trust
Crowne Plaza Changi Airport Extension
60th Anniversary Special Dividend
OUE Downtown (Office) to OUE C-REIT
Marina Mandarin Hotel and Marina Square Mall and Oakwood Premier
20 Divestment to OUE H-Trust
OUE Singapore
Divestments
10
-
2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | YTD | |||
2026 | |||||||||||||||||||||||
2006 - | |||||||||||||||||||||||
Cents | 2006 | 2007 | 2008 | 200G | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 201G | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | YTD 2026 | YTD 2026 | |
Ordinary | 2 | 2 | 3 | - | 2 | 4 | 6 | 4 | 3 | 2 | 2 | 3 | 3 | 2 | 1 | 2 | 2 | 3 | 2 | 2 | 1 | 51 | |
Special | 69 | - | - | - | - | - | 8 | 25 | 14 | 3 | 2 | - | - | 11 | 4 | - | - | - | 2 | - | - | 137 | |
Total | 71 | 2 | 3 | - | 2 | 4 | 14 | 29 | 17 | 5 | 4 | 3 | 3 | 13 | 5 | 2 | 2 | 3 | 4 | 2 | 1 | 189 | |
Agenda
- OUE Group Over the Years
-
Update on Strategic Initiatives
- Financial Highlights
Progressing on ESG Targets
Scope 1 & 2 GHG emissions1
21%
2030 Target: 40%Water intensity2
24%2030 Target: 25%
Non-hazardous waste intensity2
9%2030 Target: 15%
Recycling rate
8%
2030 Target: 12.5%Tenant satisfaction rate
86%
2030 Target: 80%Awards & Recognition in 2025
OUE Bayfront OUE Downtown
GSTC Certification & Singapore Hotel Sustainability Award 2025
Crowne Plaza Changi Airport
Hilton Singapore Orchard
1 From FY2023 baseline, for commercial properties
2 From FY2017 baseline, for commercial properties
LIMITED AGM2026
Annual General Meeting
THANK YOU
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OUE Ltd. published this content on April 27, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 27, 2026 at 02:14 UTC.
