198 CapitaLand Ascendas REIT Notes to the Financial Statements 31 December 2025 30. Operating Segments For the purpose of making resource allocation decisions and the assessment of segment performance, the Chief Executive Officer, the Group’s Chief Operating Decision Maker (“CODM”) reviews internal / management reports of its investment properties. This forms the basis of identifying the operating segments of the Group under FRS 108 Operating Segments. Segment revenue comprises mainly income generated from its tenants. Segment net property income represents the income earned by each segment after allocating property operating expenses. This is the measure reported to the CODM for the purpose of assessment of segment performance. In addition, the CODM monitors the nonfinancial assets as well as financial assets attributable to each segment when assessing segment performance. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly management fee, performance fee, trust expenses, finance income, finance costs and related assets and liabilities. Information regarding the Group’s reportable segments is presented in the tables below. Segment results Group Business Space and Life Sciences Industrial and Data Centres Logistics Total 2025 $’000 2024 $’000 2025 $’000 2024 $’000 2025 $’000 2024 $’000 2025 $’000 2024 $’000 Gross rental income 561,476 547,376 396,664 402,469 296,255 294,789 1,254,395 1,244,634 Other income 105,115 106,945 117,884 110,531 61,180 60,936 284,179 278,412 Gross revenue 666,591 654,321 514,548 513,000 357,435 355,725 1,538,574 1,523,046 Property operating expenses (187,709) (194,943) (181,072) (182,177) (102,233) (96,001) (471,014) (473,121) Segment net property income 478,882 459,378 333,476 330,823 255,202 259,724 1,067,560 1,049,925 Net property income margin 71.8% 70.2% 64.8% 64.5% 71.4% 73.0% 69.4% 68.9% Unallocated - Gain on disposal of investment properties 19,281 45,362 - Gain on disposal of a subsidiary 3,538 - - Finance costs, net (277,812) (271,265) - Other net expenses (71,152) (124,444) Net income 741,415 699,578 U nallocated net change in fair value of financial derivatives (105,476) 43,699 N et change in fair value of right-of-use assets (2,794) (3,842) (4,553) (2,371) (2,842) (2,156) (10,189) (8,369) N et change in fair value of investment properties and investment properties under development 112,276 (44,659) 56,696 32,236 25,647 23,265 194,619 10,842 S hare of associated company’s and joint venture’s results 15,117 496 Total return for the year before tax 835,486 746,246 Unallocated tax (expense) / credit (55,770) 17,861 Total return for the year 779,716 764,107
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