CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS AND FULL YEAR ENDED 31 DECEMBER 2025

Condensed Interim Consolidated Financial Statements for the Six Months and Full Year Ended 31 December 2025

Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income

Other Comprehensive Income

Review of Performance

Income statement

The Group’s FY2025 revenue rose 13.8% to USD605.7 million, from USD532 million in FY2024. For 2H2025, Group revenue increased by 3.6% to USD320.2 million, compared to USD309.1 million in 2H2024. The improvement in both periods was driven by higher revenue contributions from all its business segments.

For the Container segment, FY2025 revenue rose 13.6% to USD556.2 million, from USD489.6 million in FY2024. This took into account a 7.9% increase in container volume handled to 2,062,000 TEUs in FY2025, from 1,911,000 TEUs in FY2024, following the introduction of new services in the Far East, the Indian Subcontinent and the Philippines, and additional calls deployed on certain routes to meet customer demand. It also factored in higher average freight rates, as well as selective chartering-out arrangements where certain vessels are deployed to third parties on temporary basis, as part of the Group’s fleet optimisation strategy.

In 2H2025, Container segment revenue increased marginally by 2.5% to USD294.4 million, from USD287.1 million in 2H2024. This was mainly due to the additional revenue from chartering activities and a marginal increase in container volume handled in 2H2025 to 1,073,000 TEUs (2H2024: 1,032,000 TEUs), offset by lower average freight rates year-on-year.

The Bulk & Tanker segment registered an 18.4% increase in revenue to USD30.9 million in FY2025, from USD26.1 million in FY2024. Revenue for 2H2025 also rose 21.6% to USD16.3 million, compared to USD13.4 million in 2H2024. The increase in both periods was primarily due to higher employment days of vessels.

The Logistics segment delivered a 13.5% increase in revenue to USD18.5 million in FY2025, from USD16.3 million in FY2024. 2H2025 revenue rose 11.8% to USD9.5 million, from USD8.5 million in 2H2024. The improvement in the segment’s performance was driven by increase in third-party and fourth-party logistics activities in Indonesia, as well as new fourth-party logistics contracts secured.

Cost of services increased 16.8% to USD501.9 million in FY2025 (FY2024: USD429.7 million), and 14.4% to USD269.1 million in 2H2025 (2H2024: USD235.2 million). The increase was broadly in tandem with the increase in business activity, while factoring in higher charter-hire costs for a larger fleet of container vessels, and higher amortisation of docking costs as several vessels underwent docking during the year, and higher maintenance and repair cost in relation to the two ethylene gas carriers.

Taking above into the consideration, gross profit increased marginally 1.4% to USD103.7 million in FY2025, from USD102.3 million in FY2024. Gross profit for 2H2025 was USD51.1 million, compared to USD73.8 million in 2H2024.

The Group recorded a higher foreign exchange gain of USD1.3 million in FY2025 on the back of stronger Singapore Dollar against the US Dollar, primarily driven by our Singapore Dollar cash balances.

Other operating income declined 21% to USD2.7 million in FY2025, from USD3.5 million in FY2024, mainly due to lower gains from the disposal of aged containers.

Finance expenses rose 21.2% to USD18.1 million in FY2025, from USD14.9 million in FY2024. This was mainly due to higher interest expenses from additional borrowings undertaken in FY2024 for vessel acquisitions, with the full-year interest impact recognised in FY2025, and increased interest on lease liabilities associated with right-ofuse assets.

The Group recorded share of profit of USD4.3 million from its joint venture, compared to a share of loss of USD7.8 million in FY2024 due to the absence of impairment losses incurred in FY2024.

The Group posted net profit of USD76.7 million in FY2025, an 8.3% increase from USD70.8 million in FY2024.

Balance sheet

Property, plant and equipment stood at USD315 million as at 31 December 2025, compared to USD275.7 million as at 31 December 2024. The increase mainly follows the addition of a container vessel into the Group’s fleet in September 2025. Right-of-use assets amounted to USD219.4 million as at 31 December 2025, compared to USD145.2 million as at 31 December 2024, largely due to the recognition of right-of-use assets for eight container vessels following new charter arrangements and lease extensions.

The Group held cash and bank balances of USD350.2 million as at 31 December 2025, versus USD374.5 million as at 31 December 2024, following the use of funds for the acquisition of a container vessel and an investment in convertible notes.

Trade receivables and trade payables were higher as at 31 December 2025, compared to 31 December 2024, in line with the increase in business activity in FY2025.

The increase in current and non-current lease liabilities as at 31 December 2025 is due to the extension of charter commitments for container vessels.

Condensed Interim Statements of Financial Position

Commentary On Next 12 months prospects

Amid evolving global trade patterns, geopolitical developments and a complex supply-demand environment, the Group expects uncertainties in the container shipping market to persist into 2026.

Container freight rates have moderated from previously elevated levels and are expected to remain volatile, with downward pressure potentially arising from the impact of US trade tariffs and ongoing geopolitical tensions. Vessel charter rates are also expected to remain relatively firm due to the limited newbuild additions in 2026. In this environment, the Group believes its fleet profile, disciplined fleet management strategy and focus on service reliability will position it to navigate the prevailing market conditions.

For the Bulk & Tanker segment, the Group expects operational reliability and performance of its gas tankers to stabilise, following the completion of technical rectification works. The vessels remain fully employed, and the Group will continue to focus on improving technical efficiency.

The Logistics segment is expected to continue contributing positively, supported by demand for system-driven fourth-party logistics solutions. The Group will pursue growth through a combination of organic expansion and selective investments that enhance service integration and value creation across its supply chain.

The Group sees longer-term growth opportunities across Asia and selected international markets. It will evaluate these opportunities in a measured and prudent manner, with a focus on disciplined capital allocation. The Group is committed to maintain operational resilience and financial flexibility to respond to market developments while pursuing sustainable growth.