Summary of Results

Consolidated Income and Distribution Statement

N.M. – Not meaningful

Statement of Comprehensive Income

Consolidated Balance Sheet (Group)

Review of performance

FY 2025 vs FY 2024

Total property income increased by INR2.1 billion (12%) to INR19.5 billion mainly due to:

• higher rental income from existing properties compared to last year;
• income contributions from newly completed properties which are fully leased, namely, MTB 6 in ITPB, CyberVale Free Trade Warehousing Zone and Navi Mumbai data centre Tower 1 (partial); and
• full year income contributions from aVance II, Pune and Building Q2 where acquisitions were completed in March 2024 and July 2024 respectively.

In SGD terms, total property income increased by 6% to S$294.4 million.

Total property expenses increased by 2% to INR4.6 billion (S$69.5 million) mainly due to higher property related expenses.

As a result, net property income increased by 16% to INR14.9 billion (S$224.9 million).

Trustee-manager's fees increased by INR248.1 million (16%) to INR1.8 billion (S$26.0 million) in-line with higher net property income and portfolio value as of 31 December 2025.

Other operating expenses increased by INR107.7 million (26%) to INR519.9 million (S$7.9 million) mainly due to higher trust expenses in FY 2025.

Finance costs increased by INR443.3 million (8%) to INR6.1 billion (S$92.1 million) with an increase in borrowing.

Interest income increased by INR545.3 million (16%) to INR4.0 billion (S$60.4 million) due to an increase in interest income from long-term receivables and deposits.

Divestment gain from the disposal of CyberPearl and CyberVale were INR266.9 million (S$4.1 million). Foreign currency translation reserve loss of S$20.3 million only impacts profit and loss in SGD due to accumulated loss resulting from the translation of financial statements denominated in a foreign currency (INR) into the company’s reporting currency (SGD). This was recorded in other comprehensive income and expense off upon divestment.

Net exchange differences and fair value on derivative financial instruments-realised of INR2.5 billion (S$37.2 million) arose mainly from settlement of SGD denominated loans. Realised exchange is recognised when borrowings that are denominated in currencies other than the INR are settled, partially offset by foreign exchange forward contracts entered by the Group to hedge the foreign exchange exposure arising from the income repatriation from India to Singapore.

As a result, ordinary profit before tax was INR8.3 billion in FY 2025. In SGD terms, ordinary profit before tax was S$105.9 million.

Income tax expenses increased by INR7.9 billion. During 2024, there was income tax benefit of INR41.6 million (S$1.0 million) due to the reversal of a portion of the deferred tax liabilities arising from a reduction in capital gain tax rate offset by higher income tax expenses from increased operating profits.

Distribution adjustments:

• Current income tax expenses of INR3.2 billion (S$48.9 million).
• Trustee-manager’s fees of INR856.3 million (S$12.7 million) to be paid in units. The Trustee-manager has elected to receive 50% of its base fee and performance fee in units and 50% in cash; hence 50% of the fees were added back to the income available for distribution.
• Exchange differences arising from refinancing of loans of INR2.5 billion (S$37.9 million) were added back for distribution purposes. This pertained to refinancing of SGDdenominated loans that are not hedged into INR. Exchange differences are recognised when borrowings that are denominated in currencies other than the INR are revalued. The exchange differences are realised when the borrowing matures, are prepaid, or swapped to INR denomination.
• Perpetual securities accrued distribution of INR155.2 million (S$2.2 million) pertains to distribution of the perpetual securities with a rate of 4.4% per annum from the date of issuance to the financial reporting period.
• Income due to non-controlling interests of INR558.8 million (S$8.4 million) was deducted from income available for distribution.

Income available for distribution increased by 23% to IN7.8 billion, mainly due to higher NPI, partially offset by higher net realized foreign exchange differences and fair value on derivative financial instruments, current income tax and trustee-manager’s fees. In SGD terms, income available for distribution increased by 17% to S$118.9 million.

Income available for distribution per unit was INR5.79 or 8.74 S₵. DPU was INR5.21 or 7.87 S₵ after retaining 10% of income available for distribution, representing an increase of 22% and 15% in INR terms and SGD terms respectively.

2H FY 2025 vs 2H FY 2024

Total property income for 2H FY 2025 increased by INR1.0 billion (10%) to INR9.8 billion mainly due to increase income from Building Q2 and newly completed properties and higher rental income from existing properties. In SGD terms, total property income increased by 2% to S$145.1 million.

Total property expenses decreased by 8% to INR2.3 billion (S$33.8 million) mainly due to lower property related expenses.

As a result, net property income for 2H FY 2025 increased by 17% to INR7.6 billion (S$111.3 million).

Trustee-manager’s fees increased by INR113.4 million (14%) to INR901.9 million (S$12.7 million), in-line with higher net property income and portfolio value as of 31 December 2025.

Other operating expenses increased by INR58.9 million (24%) to INR303.0 million (S$4.5 million) mainly due to higher trust expenses in 2H FY 2025.

Finance costs remained at INR3.0 billion (S$44.0 million).

Interest income increased by INR517.3 million (32%) to INR2.2 billion (S$31.8 million) mainly due to an increase in interest income from long-term receivables and deposits.

Divestment gain from the disposal of CyberPearl and CyberVale were INR266.9 million (S$4.1 million). Foreign currency translation reserve loss of S$20.3 million was recorded with the divestment.

Net exchange differences and fair value on derivative financial instruments-realised INR976.0 million (S$14.2 million) arose mainly from the settlement of SGD-denominated loans.

As a result, ordinary profit before tax was INR4.8 billion in 2H FY 2025. In SGD terms, ordinary profit before tax was S$51.5 million.

Income tax expenses increased by INR9.0 billion (S$136.7 million) mainly due to 2024 there is income tax benefit of INR2.3 billion (S$36.7 million) recognized from the reversal of a portion of the deferred tax liabilities arising from a reduction in capital gain tax rate offset by higher income tax expenses from increased operating profits.

Distribution adjustments item with a total of (INR807 million) or S$7.7 million for 2H 2025 are similar nature to the full financial year.

Income available for distribution for 2H FY 2025 increased by 33% to INR4.0 billion, mainly due to higher NPI, lower net finance expenses (including perpetual securities accrued distribution) partially offset by higher net realized foreign exchange differences & fair value on derivative financial instruments and current income tax expenses. In SGD terms, income available for distribution increased by 25% to S$59.2 million.

Income available for distribution per unit for 2H FY 2025 was INR2.95 or 4.33 S₵. DPU was INR2.65 or 3.90 S₵ after retaining 10% of income available for distribution, representing an increase of 32% and 22% in INR terms and SGD terms respectively.

2H FY 2025 vs 1H FY 2025

Total property income for 2H FY 2025 increased by 2% to INR9.8 billion (S$145.1 million) mainly due to additional income contribution from newly completed properties and existing properties.

Total property expenses for 2H FY 2025 remain at INR2.3 billion (S$33.8 million).

As a result, net property income for 2H FY 2025 is INR7.6 billion. In SGD terms, net property income is S$111.3 million.

Income available for distribution for 2H FY 2025 increased by 4% to INR4.0 billion, mainly due to higher NPI and lower net finance expenses (including perpetual securities accrued distribution) offset by increase in current income tax. In SGD terms, income available for distribution decreased by 1% to S$59.3 million.

Income available for distribution per unit for 2H FY 2025 was INR2.95 or 4.33S₵. DPU was INR2.65 or 3.90S₵, after retaining 10% of income available for distribution. This is higher by 3% in INR and lower by 2% in SGD terms respectively when compared to 1H FY 2025.

Commentary

Based on the market research report by CBRE South Asia Pvt Ltd (CBRE) for the period ended 31 December 2025, some of the key highlights (compared to the period ended 30 June 2025) include:

Bangalore

• In Whitefield (the micro-market where ITPB is located), vacancies decreased to 17.0% as of 31 December 2025, from 18.8% as of 30 June 2025, due to strong lease take-up. Average rents remained stable in both non-SEZ and SEZ sectors. CBRE expects rents to increase due to strong leasing demand.

Chennai

• In Old Mahabalipuram Road Zone 1 (the micro-market where ITPC is located), vacancy decreased slightly to 5.5% as of 31 December 2025, from 5.8% as of 30 June 2025, due to sustained lease take-up. CBRE expects rental values to increase in the coming quarters.

Hyderabad

• In IT Corridor I¹¹ (the micro-market where ITPH, CyberPearl and aVance Hyderabad are located), vacancy increased to 15.9% as of 31 December 2025, from 14.6% as of 30 June 2025, largely due to new supply addition. CBRE expects rental values to remain stable in the SEZ sector, while rental values in non-SEZ sector are expected to increase in the coming quarters.

Pune

• In Hinjawadi (the micro-market where aVance I, Pune, aVance II, Pune, and ITPP-H are located), vacancy decreased to 30.0% as of 31 December 2025, from 31.0% as of 30 June 2025, due to increased leasing activity amidst negligible supply addition. CBRE expects rental values to remain stable in the coming quarters.

Mumbai

• In Navi Mumbai (the micro-market where Building Q1 and Building Q2 are located), vacancy decreased to 22.5% as of 31 December 2025, from 24.9% as of 30 June 2025, due to strong leasing demand amidst negligible supply addition. Rents across all sectors remained stable, and CBRE expects rental values to also remain stable in the coming quarters.

The performance of CLINT is influenced by its tenants’ business performance and outlook, condition of each city’s real estate market and global economic conditions. CLINT will continue to focus on enhancing the competitiveness of its properties to distinguish itself from competitors, while maintaining financial discipline, and seeking growth opportunities.