162 CapitaLand Ascendas REIT Notes to the Financial Statements 31 December 2025 9. Investment in an Associate Company and Investment in A Joint Venture Investment in an associate company Group Trust 2025 $’000 2024 $’000 2025 $’000 2024 $’000 At the beginning of the financial year 118,456 111,334 122,903 115,730 Equity injection – 6,834 – 6,834 Directly attributable transaction costs – 339 – 339 Share of post-acquisition profit / (loss) 14,575 (51) – – Share of other comprehensive loss (1,505) – – – At the end of the financial year 131,526 118,456 122,903 122,903 Details of the associate company are as follows: Name of associate company Principal place of business Effective equity held by the Group and the Trust 2025 % 2024 % SPRINT Plot 1 Trust* Singapore 34 34 * Audited by KPMG LLP Singapore. The following information summarises the financial information of the Group’s investment in an associate company based on unaudited management accounts, and the information has been modified for fair value adjustments on acquisition and differences in the Group’s accounting polices: 2025 $’000 2024 $’000 Revenue 18,869 (5) Profit / (loss) after tax 42,867 (149) Other comprehensive loss for the year (4,428) – Total comprehensive income / (loss) for the year 38,439 (149) Non-current assets 907,055 829,767 Current assets 23,136 10,374 Total assets 930,191 840,141 Current liabilities 60,259 34,758 Non-current liabilities 473,020 447,143 Total liabilities 533,279 481,901 Net asset of the associate 396,912 358,240 Proportion of the Group’s interest 34% 34% Group’s share of net assets 134,950 121,802 Other adjustments (3,424) (3,346) Carrying amount of the Group’s interest 131,526 118,456
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