Sime Darby Property : Integrated Annual Report 2025

FRAMEWORK’S CONTENT ELEMENTS

Content Elements 2018 2019 2020 2021 2022 2023 2024	2025
Organisational Overview and External Environment
Governance
Business Model
Risks and Opportunities
Strategy and Resource Allocation
Performance
Outlook
Basis of Presentation

Legend: Fully Complied Partially Complied

COVER RATIONALE

What we build and the spaces we develop influence how people live, work and connect—and with that comes responsibility. With the scale of what we do, we have the ability to influence outcomes beyond the assets themselves. This is what it means to be a Force for Good. Guided by our Purpose—Driving Real Estate as a Value Multiplier for People, Businesses, Economies and the Planet—we leverage our capabilities, capital and partnerships to deliver meaningful, lasting outcomes. Being a Force for Good is not a separate agenda; it is embedded in how we plan, deliver and manage our developments. It reflects the collective effort behind our decisions, supported by the discipline to balance growth with responsibility. This approach drives our ability to create longterm value, ensuring that what we develop today contributes significantly to communities, economies and the environment, both now and for generations to come.

53rd

ANNUAL GENERAL MEETING OF

SIME DARBY PROPERTY

Wednesday, 10 June 2026

9:30 a.m.

KLGCC Convention Centre (formerly known as Sime Darby Convention Centre)

https://investor.boardroomlimited.com/ (Virtual Meeting Platform)

You can find more information online at

https://www.simedarbyproperty.com

Please scan the QR code for the following documents of the Company which are available at

https://www.simedarbyproperty.com/investor-relations/ shareholders

Reporting Suite

Integrated Annual Report 2025

Contents

• Provides a comprehensive overview of the Group’s financial and non-financial performance for 2025, as well as prospects based on our strategy

  Key Standards and Frameworks Applied

  Integrated Reporting Framework

  Malaysian Code on Corporate Governance (MCCG), Securities Commission Malaysia

  Malaysian Financial Reporting Standards (MFRS) Companies Act 2016

  Bursa Malaysia Main Market Listing Requirements Global Reporting Initiative (GRI) Standards 2021 United Nations Sustainable Development Goals (UN SDGs)

  Sustainability Report 2025

  Contents

• Provides a comprehensive overview of the Group’s sustainability performance and initiatives for 2025

Key Standards and Frameworks Applied

Bursa Malaysia Main Market Listing Requirements Global Reporting Initiative (GRI) Standards 2021 United Nations Sustainable Development Goals (UN SDGs)

Bursa Malaysia Main Market Listing Requirements on Sustainability Reporting

National Sustainability Reporting Framework (NSRF) IFRS® Sustainability Disclosure Standards

IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) IFRS S2 Climate-related Disclosures (IFRS S2)

Basis of This Report

Materiality

Disclosures in this Integrated Annual Report have been guided by our material matters, identified through comprehensive stakeholder engagement and internal assessment. These material matters reflect current and emerging risks and opportunities that could impact our capacity to create value and fulfil our Purpose, Vision, Mission and Values.

Scope and Boundary

This Integrated Annual Report covers the activities, initiatives and key events of the Sime Darby Property Group during FY2025, unless otherwise specified. The Group encompasses our subsidiaries, joint ventures and associates.

Assurance

The financial statements included in this Integrated Annual Report have been audited by PricewaterhouseCoopers PLT, Malaysia. In strengthening the credibility of the Sustainability Report 2025, the disclosed information has undergone an internal review by the Group Corporate Assurance Department. In addition, selected sustainability indicators have been subjected to independent limited assurance by PricewaterhouseCoopers PLT in accordance with ISAE 3000 (Revised). The independent limited assurance statement, including the scope, subject matter and conclusion, is presented in the Sustainability Report 2025 on pages

166 to 169.

Forward-looking Statements

This Integrated Annual Report includes forward-looking statements regarding future performance. These statements are based on current assumptions and circumstances, which are subject to change and inherently involve uncertainty. A range of factors may cause actual outcomes to differ materially from those expressed or implied in these forward-looking statements.

Directors’ Responsibility Statement

The Board of Directors (“Board”) of Sime Darby Property is responsible for the integrity of our Integrated Annual Report 2025. In the Board’s opinion, the report provides a fair assessment of the Group’s performance and addresses all key matters material to our ability to create value. This report was approved by the Board on 13 April 2026.

Dato’ Rizal Rickman Ramli

Non-Independent Non-Executive Chairman

Dato’ Seri Azmir Merican

Group Managing Director & Chief Executive Officer

Feedback

We welcome all enquiries, comments and feedback on our Integrated Annual Report in order to clarify issues and to further improve our reporting. Please channel your

feedback or query to:

Group Corporate Communications

Level 2, Block G, No. 2

Jalan PJU 1A/7A, Ara Damansara

PJU 1A, 47301 Petaling Jaya, Selangor Tel : +603-7849 5000

Email : group.communications@simedarbyproperty.com

Regulators

Prioritised UN SDGs

Our sustainability approach is guided by the United Nations’ Sustainable Development Goals (“UN SDGs”). We have prioritised goals most relevant to our business, stakeholders and long-term value creation, focusing our efforts and disclosures on areas where we can drive the greatest impact.

Vendors

Media

Key Risks

R1 Market Risk

R7

R2

Development

& Product Strategy

Project Development & Execution

R8

Talent & Resource Management

Legal/Regulatory & Contractual Compliance

R3

R9 Competition

R4 Safety & Health

R5

R10 Climate Risk

Supply Chain &

Cybersecurity

R11

Its Related Human Rights Risk

R6

Joint Ventures, Collaborations & Strategic Partnerships

Water Management

Navigation Icons

The Capitals We Use and Affect

Financial Capital

Intellectual Capital

Manufactured Capital

Social and Relationship Capital

Human Capital

Natural Capital

Material Matters

Economic

Innovation

Governance

Anti-bribery and Corruption

Data Privacy and Cybersecurity

Environmental

Energy and Carbon

Urban Biodiversity

Circularity

Investors and Analysts

Debt Providers

Climate Resilience

Social

Community Experience

Diversity and Inclusion

Responsible Supply Chain

Occupational Health and Safety

Labour Standards and Practices

Key Strategic Priorities Stakeholders

Broaden Income Streams

Develop New Capabilities

Deepen Competencies

Digital Transformation

Employees

Customers

8-21

SECTION 1

Basis of This Report

Contents

LEADERSHIP INSIGHTS

8 Message From Our Chairman

14 Group Managing Director & Chief Executive Officer’s Review

INTEGRATED ANNUAL REPORT 2025

SECTION 2 22-43

OVERVIEW OF SIME DARBY PROPERTY

22 Who We Are | Our Purpose | Our Vision

Our Mission | Our Presence | Our Core Values

– A Force for Good: Real Estate as a Value Multiplier

26 What We Do: Core Business Segments

30 SHIFT25: 2021-2025 Strategic Achievements

32 Attractive Investment Proposition

1. Awards & Recognitions

2. Our Competitive Advantage

35 Indices Representation & Credit Ratings

36 Group Corporate Structure – Operating Entities

38 Our Distinctive Developments

42 2025 Key Significant Events

VALUE CREATION

44 Our Approach to Value Creation

46 Our Value Creating Business Model

50 Stakeholder Engagement & Value Creation

59 How We Distribute Value Created

SECTION 4 62-193

60 Stakeholders Scorecard

MANAGEMENT DISCUSSION AND ANALYSIS

Strategic Review

62 Material Matters

69 Operating Landscape

• Market Review and Outlook

• Global Megatrends & Opportunities

  125 Key Risks and Mitigation

  139 Our Strategy

  145 Key Performance Indicators

  Performance Review

  150 Financial Performance

• Group Chief Financial Officer’s Financial Review

• 5-Year Financial Summary

• 5-Year Financial Highlights

• Simplified Statements of Financial Position

• Quarterly Performance

• Statement of Value Added & Value Distribution

• Financial Calendar

166 Investor Information

• Investor Relations

• Share Price Performance

Operations Review

172 Property Development

182 Investment & Asset Management

190 Leisure

SUSTAINABILITY STATEMENT

194 Sustainability Statement

207 Bursa Malaysia Prescribed Table

LEADERSHIP

208	Corporate Information
209	Board Composition
210	Board of Directors’ Profiles
223	Executive Leadership Composition
224	Executive Leadership Profiles
234	Organisation Structure

GOVERNANCE

236 Corporate Governance Overview Statement

• Nomination and Remuneration Committee Report

• Audit Committee Report

• Group Corporate Assurance Department

• Risk Management Committee Report

287 Statement on Risk Management and Internal Control

301 Additional Compliance Information

FINANCIAL STATEMENTS

307	Statement of Responsibility by the Board of Directors
308	Directors’ Report
312	Statement by Directors
312	Statutory Declaration
313	Independent Auditors’ Report
321	Statements of Profit or Loss
322	Statements of Comprehensive Income
323	Statements of Financial Position
325	Statements of Changes in Equity
327	Statements of Cash Flows
330	Notes to the Financial Statements

ADDITIONAL INFORMATION

422 Analysis of Shareholdings

424 List of Material Properties Held by the Group

426 Corporate Directory

427 Notice of Annual General Meeting

432 Statement Accompanying Notice of the Fifty-Third Annual General Meeting

433 Administrative Details Proxy Form

Message

From Our

Chairman

Sime Darby Property’s performance in 2025 reflects the strength of these foundations. We recorded our highest profit before tax of RM803.4 million, alongside revenue of RM4.2 billion, supported by continued demand across our core developments and disciplined financial management.

Dear Stakeholders,

The year 2025 was significant for Sime Darby Property, marking the culmination of our SHIFT25 strategy. More importantly, it signals a clear shift in the Group’s direction, as we continue to expand beyond property development into a diversified real estate company. This progress has been shaped not by any single milestone, but by the

consistency of execution and the strength of outcomes delivered over the course of SHIFT25.

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This performance underscores how the Group has evolved in both capability and direction. Beyond delivering record sales of RM4.2 billion through our Property Development segment, an important shift has been in the broadening of our portfolio and the strengthening of our recurring income base. Our Investment & Asset Management segment recorded its strongest performance to date, while the official launch of Elmina Lakeside Mall and the recent opening of KLGCC Mall – our third wholly owned mall -further reflected the growing depth and diversity of the Group’s portfolio.

Taken together, these developments represent meaningful progress in our transition towards a diversified real estate company – one that is better positioned to sustain performance across market cycles through a more balanced and resilient earnings profile. This has also translated into stronger shareholder value creation, with the Group’s market valuation improving to approximately RM10 billion and price-to-book ratio strengthening to about 1.0x.

Over the past three years, we have delivered annualised Total Shareholder Return (“TSR”) of 49.7%, alongside a total dividend payout of RM217.6 million for the year. This performance was recognised at The Edge Billion Ringgit Club 2025, where Sime Darby Property received the award for Highest Returns to Shareholders Over Three Years in the Property Sector (RM3 billion and above market capitalisation category).

Over the past three years, we have delivered annualised Total Shareholder Return (“TSR”) of 49.7%, alongside a total dividend payout of RM217.6

million for the year

Total Dividend Payout

Sustainability Statement

Leadership

RM217.6 million

Beyond the headline figures, what is more important is what they represent: a business that is more resilient, diversified, and better positioned for long-term value creation.

Leadership Insights

Overview of Sime Darby Property

Value Creation

Management Discussion and Analysis

Essentially, this evolution remains grounded in the Group’s Purpose: Driving Real Estate as a Value Multiplier for People, Businesses, Economies and the Planet. The true measure of this lies in the value we create—and in 2025, as in previous years, that value has been both tangible and meaningful. In this context, the Group’s role extends beyond development, guided by a clear objective to operate as a Force for Good—ensuring that growth is undertaken responsibly and delivers measurable outcomes over the long term.

Financial Statements

Additional Information

Governance

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Message From Our Chairman

CREATING VALUE FOR PEOPLE

One of the most meaningful ways in which we create value is through the delivery of homes that meet the needs of a broad spectrum of Malaysians. In 2025, we launched approximately 2,865 units across our townships, ranging from affordable homes to higher-end offerings, catering to Malaysians across different life stages and lifestyle needs. This breadth of offering reflects our role not only as a developer, but as a long-term builder of communities, ensuring that access to quality housing remains inclusive and responsive to evolving needs.

Our commitment to quality continues to be reflected in both customer responses and industry recognition. In 2025, Sime Darby Property was named The Edge’s Top Property Developer for the second consecutive year, alongside recognition for Best in Qualitative Attributes, including quality, innovation and sustainable development practices. At the same time, our leadership and developments were recognised at the FIABCI Malaysia Property Awards, where Dato’ Seri Azmir Merican was honoured as Property CEO of the Year, reflecting the collective efforts of the team and the strength of the organisation.

Beyond the homes we build, we continue to create value through structured community initiatives that support inclusive and sustainable livelihoods. Through our flagship Economic Empowerment Programme (“EEP”), we supported microentrepreneurs in building sustainable livelihoods to grow their businesses. In 2025, EEP participants recorded an average income growth of 242%, with 79% achieving monthly earnings of RM7,643, demonstrating the tangible impact of these efforts.

In 2025, Sime Darby Property was named The Edge’s Top Property Developer for the second consecutive year, alongside recognition for Best in Qualitative Attributes, including quality, innovation and sustainable development

practices.

More broadly, our community initiatives continued to make a meaningful difference, reaching over 76,000 beneficiaries through targeted programmes, and more than 360,000 individuals through donations and sponsorships, supported by total contributions of RM24.9 million. These efforts -spanning education, community support, environmental stewardship and partnerships – reflect our commitment to uplifting lives and fostering resilient, inclusive communities.

Within the Group, we invest significantly in our people, recognising that a resilient and capable workforce is fundamental to sustaining long-term performance. In response to rising living costs, we have ensured that all employees are paid above the minimum wage of RM2,700, reinforcing our commitment to financial stability and employee well-being.

This is complemented by continued investments in capability development, leadership programmes, and employee engagement, ensuring that our workforce remains equipped to support the Group’s evolving business model. These efforts are anchored in a shared culture guided by our TEAM Values: Together we do what’s right; We lead with Excellence; We embrace new Approaches; and We Make things happen.

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Sime Darby Property partnered with SD Guthrie to develop a next-gen industrial corridor linking industrial

activities in Selangor

In parallel, we are supporting Malaysia’s growing position as a regional digital hub through the development of data centre facilities in Elmina Business Park for a leading multinational technology company. This strengthens Selangor’s attractiveness as a key destination for digital infrastructure and high-value investments, in line with the country’s broader economic ambitions.

Leadership Insights

Overview of Sime Darby Property

Value Creation

Looking ahead, the full development of Elmina Business Park is expected to create approximately 35,000 job opportunities, reflecting the long-term economic impact of our integrated approach to township and industrial development.

Management Discussion and Analysis

CREATING VALUE FOR BUSINESSES & THE ECONOMY

Sustainability Statement

Given our more than 50-year history, Sime Darby Property has played an integral role in shaping the physical and economic landscape in Malaysia, through the creation of integrated townships and business ecosystems. Our developments enable economic activity, generate employment, and support a wide network of contractors, consultants and partners across the value chain.

Across our townships, our retail and commercial developments serve as important platforms for business activity, supporting a diverse mix of tenants ranging from local entrepreneurs to established brands. These developments contribute to the vibrancy of our townships, creating opportunities for businesses to grow while enhancing connectivity between where people live, work, and spend their time.

At the same time, our industrial and logistics offerings across key growth corridors, including the Klang Valley and Negeri Sembilan, continue to support Malaysia’s evolving economic priorities. Strong take-up rates across our industrial parks reflect sustained demand from both local and international businesses, reinforcing the relevance of our integrated, well-located developments.

Additional Information

Collectively, these developments contribute to employment creation at scale, supporting a broad base of economic activity across our townships and business parks.

The development of data centre facilities in Elmina Business Park supports Malaysia’s growing position as a regional data hub

Financial Statements

Leadership

Governance

The Board is also encouraged by Sime Darby Property’s partnerships with SD Guthrie to develop a next-gen industrial corridor linking industrial activities with the Selangor State’s port-city ambitions, aligning with Malaysia’s New Industrial Master Plan and our shared vision to multiply long-term stakeholder value. This holistic development corridor will enable efficient supply chain clustering, stimulate regional enterprise, and generate sustainable socioeconomic value for surrounding communities.

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Message From Our Chairman

CREATING VALUE FOR THE PLANET

Sustainability remains a central part in how Sime Darby Property plans, develops and manages its assets. As expectations around climate resilience and responsible development continue to evolve, the Group remains committed to embedding sustainability into its long-term strategy and decision-making.

Our approach is anchored on collaboration, recognising that meaningful progress requires partnerships across the public and private sectors. During the year, we continued to advance initiatives across renewable energy, urban biodiversity and sustainable development, reflecting our commitment to building more resilient and future-ready communities.

Urban biodiversity remains a defining focus for the Group. Through ongoing initiatives and platforms such as our inaugural Urban Biodiversity Conference, we are contributing to a broader dialogue on integrating nature into urban development, while supporting more sustainable approaches to placemaking.

These efforts are supported by a strengthened sustainability framework under our Sustainability Strategy and Roadmap 2030 (“SSR2030”), which provides a clearer structure, accountability and alignment with the Group’s long-term priorities. The Board, together with the Board Sustainability Committee, continues to play an active role in guiding this agenda, ensuring that sustainability considerations are integrated into strategic decision-making and risk management.

GOVERNANCE

The Group continues to operate within a well-established governance framework, supported by clear structures, defined accountabilities and robust systems of risk management and internal control. During the year, there were no material changes to the Group’s governance structure, Board committees or delegated authorities, reflecting the strength and maturity of our existing framework.

This stability is complemented by a disciplined approach to oversight across key areas, including financial and capital management, major investments and transactions, enterprise risk, regulatory developments, and health, safety and sustainability matters. These remain central to the Board’s responsibilities as the Group navigates an evolving operating environment.

At the same time, the Group has implemented targeted enhancements to strengthen governance practices in specific areas. These include improvements to conflict-of-interest management protocols, the formalisation of sustainability governance under SSR2030, and a continued strengthening of risk and compliance oversight, including greater focus on climate-related risks.

These efforts were recognised during the year when Sime Darby Property was named the Industry Excellence Award winner (Property) at the National Annual Corporate Governance & Sustainability Awards (“NACGSA”) 2025, and ranked among the Top 5 overall Public Listed Companies in Malaysia, making it the highest-ranked property developer on the list. This recognition reflects the strength of the Group’s governance practices and its continued commitment to high standards of accountability and sustainability.

TEAM Sime Darby Property participating in a tree-planting activity in the City of Elmina

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Leadership Insights

Overview of Sime Darby Property

Value Creation

Ranked among the Top 5 overall Public Listed Companies in Malaysia at the National Annual Corporate Governance & Sustainability

Awards (“NACGSA”) 2025.

The Board remains actively engaged in providing oversight and constructive challenge, supported by a culture of openness, accountability and continuous improvement. This ensures that governance remains not only robust in structure, but effective in practice, supporting disciplined execution and long-term value creation.

ACKNOWLEDGEMENTS

Sime Darby Property’s ongoing transformation and continued progress into a diversified real estate player are made possible by the collective contributions of all our stakeholders.

To our shareholders: thank you for your continued trust and confidence in the Group. Your support remains fundamental to our ability to grow and deliver long-term value.

I would also like to extend my appreciation to the Government and regulatory authorities, our business partners, customers, and the communities we serve, for your continued support and collaboration.

Management Discussion and Analysis

Sustainability Statement

My sincere gratitude and thanks go to my fellow Board members for their guidance and stewardship, particularly as the Group continues to evolve and strengthen its position.

Leadership

Governance

I would also like to record our appreciation to Tan Sri Jaganath Derek Steven Sabapathy, who retired from the Board on 30 September 2025. His contributions and counsel over the past 11 years as Non-Independent Non-Executive Director have been invaluable to the Board and the Group.

Financial Statements

To our management team and employees across Sime Darby Property, your commitment, professionalism and focus have been instrumental in delivering the progress achieved not only in 2025, but throughout the SHIFT25 journey.

Additional Information

As we move forward, we do so with a stronger foundation and a clearer sense of direction, as we continue to build on the momentum of SHIFT25 and embark on the next phase of the Group’s growth with SHIFT32.

DATO’ RIZAL RICKMAN RAMLI

Chairman

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Group Managing Director & Chief Executive Officer’s Review

Dear Stakeholders,

FY2025 marked another defining year for Sime Darby Property, delivering record financial and operational performance and culminating in the successful execution of our SHIFT25 transformation journey. The Group achieved its highest profit before tax (“PBT”) of RM803.4 million, with revenue of RM4.2 billion and operating profit of RM895.3 million.

Profit after tax and minority interest (“PATAMI”) rose to RM517.7 million, reflecting the resilience, consistency, and quality of our earnings.

This performance reflects consistent growth over the SHIFT25 period, with revenue, operating profit and PATAMI growing at a CAGR of 17%, 30% and 37%, respectively.

Our Property Development segment remained the core driver of performance, achieving record sales of RM4.2 billion, supported by launches with a combined Gross Development Value (“GDV”) of RM3.6 billion. This momentum is further underpinned by unbilled sales of RM3.9 billion, providing earnings visibility over the next three years.

When we introduced SHIFT25 in 2021, we set out to reposition Sime Darby Property from a pure play property developer to a real estate company with recurring income. I am pleased to share that we were able to achieve our key targets, strengthening our core development business while expanding our recurring income portfolio and improving earnings visibility. This has translated into a meaningful uplift in shareholder value, with an average market capitalisation of approximately RM10 billion in 2025 and a Total Shareholder Return of 18.7% over the 5-year strategy period.

As we conclude SHIFT25 from a position of strength, our focus now shifts toward building on these foundations to drive our next phase of growth and long-term value creation.

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Leadership Insights

PERFORMANCE HIGHLIGHTS & STRATEGIC EXECUTION

Overview of Sime Darby Property

Our performance reflects disciplined execution, strengthened capital allocation, and a more diversified portfolio that is better positioned to deliver both growth and resilience.

Operational & Financial Performance

• Record Group PBT of RM803.4 million

• Revenue of RM4.2 billion and operating profit of RM895.3 million

• Property Development sales at an all-time high of RM4.2 billion

• Unbilled sales of RM3.9 billion, strengthening earnings visibility

  Portfolio Expansion & Recurring Income Growth

• Investment & Asset Management delivered RM183.9 million revenue and RM48.1 million PBT, its strongest performance to date

• Opening of KLGCC Mall, now 90% occupied, reinforcing retail portfolio strength

• Continued progress under the RM1 billion Industrial Development Fund (“IDF”):

  • Metrohub 1 & 2 fully operational and occupied

  • Metrohub 4 on track for completion (Q3 2026)

    Strategic Partnerships & Growth Corridors

• The second data centre project commenced construction in Q4 2025, as part of a long-term agreement to develop data centre facilities in Elmina Business Park

• Collaboration with SD Guthrie to unlock ~5,000 acres along Selangor’s southwest corridor

• Development of Vision Business Park (“VBP”) in Malaysia Vision Valley (“MVV”) 2.0, expected to generate ~15,000 jobs

• Partnership with a local retail and wholesale chain:

  • RM450 million automated distribution centre

  • 786,000 sq. ft. facility with 15-year lease with completion targeted in Q3 2027

    Brand Evolution

    Value Creation

• Launch of refreshed corporate brand identity

  • Reflects a balance between heritage and a forward-looking, future-ready positioning

    Management Discussion and Analysis

  • Reinforces trust while signalling growth ambitions and a more progressive organisation

    Headline Awards & Recognition

    Our performance and progress were affirmed through key industry recognitions, including:

• No. 1 Property Developer, The Edge Top Property Developers Awards 2025 (second consecutive year)

• Highest Returns to Shareholders (3-Year), The Edge Billion Ringgit Club Awards 2025

  Sustainability Statement

• Responsible Developer: Building Sustainable Development Award 2025, The Edge Malaysia Best Managed & Sustainable Property Awards (“BMSPA”) 2025

• Property CEO of the Year, FIABCI Malaysia Property Awards

• Platinum Award (4th consecutive year), Putra Brand Awards

Leadership

Governance

Full list of awards is presented in the Awards section of this Annual Report.

Financial Statements

Additional Information

15

Group Managing Director & Chief Executive Officer’s Review

OUR POSITIONING IN A RESILIENT & EVOLVING MARKET

Malaysia’s economy remained resilient in 2025, supported by GDP growth of 5.2%, lower inflation at 1.4%, and a 25-basis-point reduction in the Overnight Policy Rate to 2.75%. This translated into continued strength across the property market, with transaction values growing 4.1% year-on-year, reflecting sustained confidence and positive sentiment.

Within this environment, demand remained firm for well-located, high-quality developments, particularly within industrial and integrated township segments. At the same time, increasing supply and cost pressures have introduced a more competitive operating landscape.

Against this backdrop, Sime Darby Property’s positioning is anchored on three key strengths.

First, portfolio diversification. Our balance across township development, industrial, and income-generating assets allows us to capture growth opportunities while mitigating cyclical volatility. This enables us to sustain performance even as market conditions evolve.

Second, integrated development ecosystems. Our townships are designed not as standalone projects, but as interconnected environments that combine residential, commercial, and industrial components. This enhances long-term value, strengthens demand resilience, and aligns with how communities and businesses increasingly operate.

Third, disciplined execution and partnerships. Through structured capital allocation and strategic collaborations, we are able to unlock land value, accelerate development, and scale efficiently without overextending capital. This is particularly relevant in capital-intensive segments such as industrial, logistics, and data infrastructure.

Importantly, structural demand drivers—such as supply chain reconfiguration, e-commerce growth, and industrial expansion—continue to support the long-term outlook of the industrial and logistics segment, reinforcing our strategic focus in this space.

SEGMENT OVERVIEW

PROPERTY DEVELOPMENT

The Property Development segment continues to anchor Group performance, supported by a diversified product mix and strong take-up across key townships.

The industrial segment remains the largest contributor, accounting for RM1.5 billion or 36% of total sales, reflecting sustained demand for logistics and industrial facilities. Residential landed contributed RM1.1 billion (26%), residential high-rise RM1.0 billion (24%), and commercial RM537.9 million (13%).

Across launches, industrial led with RM1.3 billion (37% of GDV), followed by residential landed at RM1.3 billion (36%), high-rise at RM520.6 million (15%), and commercial at RM434.0 million (12%).

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Leadership Insights

INVESTMENT & ASSET MANAGEMENT

Overview of Sime Darby Property

The segment continues to scale as a key pillar of recurring income, supported by a clear strategy and a strong foundation to deliver sustainable performance.

With Assets Under Management of RM2.8 billion, further strengthened by two long-term data centre leases valued at RM7.6 billion, the segment supports the Group’s longterm objective of achieving a 70:30 recurring income mix.

Value Creation

Management Discussion and Analysis

Growth is driven by strong retail performance, high occupancy of logistics assets, and expansion of asset classes, including the second data centre and build-to-suit industrial facilities. These initiatives strengthen income visibility while improving overall earnings quality.

Sustainability Statement

Leadership

KLGCC Mall, Sime Darby Property’s third wholly owned mall

During the year, we also accelerated land monetisation through the activation of new townships including Vision Business Park in MVV 2.0 and Bandar Bukit Raja Business Park, strengthening our growth pipeline and unlocking longterm value.

At the same time, we are progressively expanding beyond our traditional build-to-sell approach to include build-to-lease and build-to-suit offerings, alongside a broader product mix within the industrial and logistics development portfolio, supporting the Group’s strategy to strengthen recurring income streams.

This diversified mix continues to support both performance and resilience, while enabling us to respond to evolving market demand.

LEISURE

Financial Statements

Governance

The Leisure business delivered stable performance in FY2025 with a Revenue of RM105.5 million. Golf remained the primary revenue contributor, driven by higher participation across our clubs. KLGCC further reinforced its position as a premier tournament venue, hosting the LPGA-sanctioned Maybank Championship for the third time, alongside the Faldo Futures and Junior Tour—its first at the club—underscoring our commitment in nurturing the next generation of golfers.

Additional Information

Furthermore, we invested significantly in upgrading our assets, with a capital expenditure (“CAPEX”) of approximately RM65 million to enhance key facilities, including turf renovation works, the acquisition of buggy and golf course machinery, and the refurbishment of the KLGCC Convention Centre, to elevate customer experience while strengthening long-term appeal and relevance.

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Group Managing Director & Chief Executive Officer’s Review

INTERNATIONAL DEVELOPMENTS

Our international portfolio continues to progress, with a focus on strengthening asset performance and expanding into new growth markets.

In the United Kingdom, Battersea Power Station remains a key flagship asset, attracting over 13.6 million visitors in 2025 and more than 40 million since opening. Phase 3B (Koa) achieved 86% sales, while 50 Electric Boulevard is approximately 45% leased, with established tenants in place. While broader market conditions remained challenging, performance improved year-on-year, with a lower share of losses. Our focus remains on enhancing leasing momentum and income visibility. For future development phases, we have appointed Studio Egret West to evolve the masterplan in line with changing lifestyle and workspace expectations.

In Australia, we made our first entry into Melbourne through the acquisition of a multi-storey carpark at 380 Queen Street, the site of our AURUM development. The project will have a residential component with an estimated GDV of approximately AUD1 billion. It will also introduce purpose built student accommodation (“PBSA”). This project marks our entry into a mature and resilient real estate market, and introduces PBSA as a new asset class for the Group, addressing strong demand from the city’s large international student population. Strategically located in Melbourne’s Central Business District near major landmarks, we are targeting the launch of the build-to-sell residential offering in 2026.

SUSTAINABILITY & RESPONSIBLE DEVELOPMENT

Sustainability is embedded in how we plan, design, and operate our developments, reflecting our responsibility as a developer shaping communities and environments over the long term.

Aligned with our beliefs as a company and as a collective of people, we see ourselves as a Force for Good—using our resources to deliver outcomes that contribute positively to the world around us.

Guided by our Sustainability Strategy and Roadmap 2030 (“SSR2030”), we have integrated environmental and social considerations into our business strategy, risk management, and operational decision-making. The roadmap is structured around four pillars—Energy and Carbon, Urban Biodiversity, Climate Resilience, and Community Experience—and supported by six strategic imperatives that drive execution and accountability.

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ADVANCING ENERGY TRANSITION

During the year, we expanded rooftop solar installations across key assets and accelerated the adoption of green energy solutions through initiatives such as the Green Electricity Tariff (“GET”).

In parallel, we supported advancement of Malaysia’s energy transition through the launch of the nation’s first residential solar initiative under the National Energy Transition Roadmap (“NETR”), introducing a scalable rooftop leasing model that enables homeowners to participate in clean energy generation. This is complemented by our collaboration with Tenaga Nasional Berhad (“TNB”) under the Community Renewable Energy Aggregation Mechanism (“CREAM”), exploring enabling of residential solar generation to support nearby commercial and industrial demand—collectively advancing a scalable, decentralised clean energy model in support of our Net Zero 2050 ambitions.

These two pioneering projects will lead the way of how future Sime Darby Property townships can be more sustainable and generate part of its own energy needs.

Leadership Insights

Overview of Sime Darby Property

Value Creation

Guided by our Sustainability Strategy and Roadmap 2030 (“SSR2030”), we have integrated environmental and social considerations into our business strategy, risk management, and

operational decision-making.

ENHANCING URBAN BIODIVERSITY

Our developments continue to incorporate biodiversity corridors, integrating natural ecosystems within urban environments.

In 2025, we hosted the inaugural Urban Biodiversity Conference, bringing together close to 500 policymakers, planners, and industry stakeholders to engage and dialogue on biodiversity and its importance in urban and suburban developments. This platform not only facilitated knowledge exchange but also contributed to shaping broader discourse on biodiversity integration within urban development.

STRENGTHENING CLIMATE RESILIENCE & COMMUNITIES

Management Discussion and Analysis

Sustainability Statement

Leadership

Beyond environmental initiatives, we continue to prioritise resilient township planning and community-centric development. Our projects are increasingly designed to address climate-related risks, improve urban biodiversity integration, while enhancing liveability, connectivity, and long-term community value – in line with our Purpose: Driving Real Estate as a Value Multiplier for People, Businesses, Economies and the Planet.

RECOGNITION & PERFORMANCE

Governance

Our progress is reflected in improved ESG performance and external recognition:

• Achieved a ‘B’ rating from CDP, making us the only Malaysian property developer at this level

• Improved FTSE4Good Bursa Malaysia Index score to 3.50

  Financial Statements

• Recognised in TIME’s World’s Best Companies for Sustainable Growth

Additional Information

Collectively, these efforts reflect a structured and measurable approach to sustainability—moving beyond commitments towards implementation and outcomes.

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Group Managing Director & Chief Executive Officer’s Review

STRENGTHENING OUR FOUNDATIONS FOR GROWTH

As we scale into a more diversified real estate platform, strengthening organisational capability, digital integration, and operational discipline remains critical to sustaining long-term growth.

During the year, we continued to invest in building a future-ready organisation. This included structured leadership development, targeted capability-building programmes, and expanded access to continuous learning. This includes programmes such as the Accelerated Leadership Programme in collaboration with Melbourne Business School, as well as the implementation of Individual Development Plans to support personalised growth and succession readiness. In 2025 alone, we invested RM7.6 million in learning and development, delivering over 124,800 learning hours across the Group. These efforts are complemented by cross-functional exposure and structured development pathways to ensure our people are equipped to support evolving business priorities.

At the same time, we have begun laying the foundations for a more integrated, data-enabled operating model. This includes the establishment of a Performance Analytics & Command Centre (“PACC”) and the development of an AI-enabled data platform, in enhancing visibility across operations and support more informed, data-driven decision-making. Efforts to integrate systems across the value chain—from sales to delivery—are ongoing, with the aim of streamlining processes, reducing manual intervention, and improving the overall customer journey. While these capabilities are still being built and operationalised, they represent important steps toward strengthening our digital infrastructure and long-term efficiency.

Safety remains a core priority and a fundamental responsibility. During the year, we strengthened our safety practices through targeted interventions, leadership-led engagements, and the adoption of AI-enabled tools—piloted under the Bengkel Inovasi GLC (“BIG”) programme, including SafePass AI and Guardian AI—to enhance risk detection, enable realtime monitoring, and drive more consistent enforcement of safety standards across our operations.

Despite our efforts, we recorded two fatalities during the year, which we consider an unacceptable outcome from our operations. We remain firmly committed to achieving zero fatalities through stronger controls, building a strong safety culture, greater accountability, and sustained vigilance across all operations and partners.

Collectively, these initiatives strengthen the foundations required to support our next phase of growth—ensuring that we scale not only with performance, but with the right capabilities, systems, and discipline.

LOOKING AHEAD

The Malaysian economy in 2026 is projected to grow between 4.0% and 4.5%, supported by domestic demand, investment activity, and a stable monetary environment. While these conditions are expected to sustain property demand, we anticipate a more competitive landscape driven by increased supply and evolving customer expectations.

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Leadership Insights

We also take cognisance of a more uncertain and volatile global operating environment and the potential impacts and disruptions to supply chains and how our operations could be affected.

Sime Darby Property enters FY2026 from a position of strength. Our balance sheet remains robust, supported by a cash balance of RM702.1 million and a net gearing ratio of 35.9%. During the year, we also successfully issued RM800 million in Sukuk at competitive pricing, reflecting continued market confidence in our fundamentals and long-term strategy.

Looking ahead, we will:

• Deliver RM4.7 billion in planned launches

• Expand industrial and investment fund portfolios

• Progress our first hyperscale data centre

• Continue diversifying geographically, including developments in Melbourne

  Sime Darby Property officially refreshed its brand identity in 2025, making a pivotal milestone in our transformation into a future -focused real estate company.

  With SHIFT25 completed, we are now entering the next stage of our transformation—SHIFT32—a strategy focusing on evolving our position as a leading regional diversified real estate company by scaling growth through a capital-efficient platform-driven model:

• Evolve our property development model into a full-fledged development management platform, providing end-to-end solutions to all stakeholders while broadening our product offerings in expanding geographical presence

• Institutionalise and scale our investment management platform to grow funds under management (“FUM”) and fee-based income, positioning ourselves as a regional investment manager.

• Strengthen our asset management & operational capabilities across key operating platforms, driving value creation and performance uplift for community-enabling and infrastructure assets.

ACKNOWLEDGEMENTS

Overview of Sime Darby Property

Our performance reflects the collective efforts of all our stakeholders who place their trust in Sime Darby Property; from the Federal and State Governments and their agencies, including regulatory bodies, to industry associations, local authorities, our partners, vendors, tenants, customers, and the communities we serve. Your partnership and support strengthen our ability to operate responsibly and deliver consistent results.

Value Creation

Management Discussion and Analysis

To our Board of Directors, I thank you for your guidance, vigilant governance and steady oversight which has guided Sime Darby Property throughout our years of growth and transformation.

We are grateful for the enduring trust of our investors and shareholders, including key stakeholders such as Permodalan Nasional Berhad (“PNB”). Your continued confidence has enabled us to execute our strategy with conviction and stability.

Sustainability Statement

Most of all, I would like to extend my sincere appreciation to our Management and every member of TEAM Sime Darby Property. SHIFT25 called for resilience, adaptability, and a willingness to embrace new capabilities. Your commitment, professionalism and drive to deliver have been instrumental in achieving the progress we see today. That evolution has been demanding, but it has also positioned us for sustained growth.

Leadership

Governance

As we enter the next chapter under SHIFT32, we do so with momentum and clarity. Our Purpose is clear, and it is realised through tangible outcomes: quality homes that strengthen communities, industrial ecosystems that support enterprise and employment, resilient assets that weather economic cycles, and developments that respect and restore the environments in which we operate. That is the standard to which we will hold ourselves as we build the next phase of Sime Darby Property’s growth.

Financial Statements

DATO’ SERI AZMIR MERICAN

Additional Information

Group Managing Director & Chief Executive Officer

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Who We Are

Sime Darby Property (“the Group”) is a multiple award-winning property developer in Malaysia with over 50 years of experience in developing sustainable, master-planned communities. Beyond building more than 100,000 homes across 27 active townships and developments across the country, we are part of a Malaysian consortium that successfully redeveloped the iconic Battersea Power Station in Central London, the United Kingdom, and recently expanded to Melbourne, Australia, as part of our geographical diversification strategy.

In addition to residential and integrated developments, the Group has a strong foothold in the industrial and logistics sector with facilities across Selangor, Negeri Sembilan, and Johor. As Sime Darby Property transitions into a real estate company, we are expanding our recurring income portfolio under the Investment & Asset Management segment, including into data centres, to diversify income streams and meet the growing demand for institutional-grade digital infrastructure supporting new economy sectors. The Group also wholly owns and operates three retail assets—KL East Mall, Elmina Lakeside Mall and KLGCC Mall—located within our townships, while our Leisure segment includes the Kuala Lumpur Golf & Country Club, a premier lifestyle and sporting destination in the region.

Aligned with our 2030 Sustainability Goals and commitment to achieving Net Zero carbon emissions by 2050, Sime Darby Property continues to integrate responsible practices across our developments and operations, in line with our role as a Force for Good. Deeply committed to making a positive impact on society, we work with our philanthropic arm, Yayasan Sime Darby (“YSD”) on social welfare initiatives to support underprivileged communities within and around our townships.

As of December 2025, the Group holds approximately 12,950 acres of land, primarily in strategic locations along the west coast of Peninsular Malaysia. Within our Investment & Asset Management business, we manage around 7.8 million sq. ft. of net lettable area across retail, commercial/office, industrial and education assets under concession agreements.

Driving Real Estate as a Value Multiplier for People, Businesses, Economies and the Planet.

Advancing real estate as a force for collective progress, in harmony with the planet’s resources.

To develop, own and

MARKET CAPITALISATION

RM9.5

billion

as of

31 December 2025

TOTAL ASSETS

RM18.6

billion

as of

31 December 2025

TOTAL SALES

RM4.2

billion

as of

31 December 2025

manage a thriving asset portfolio, creating value for all stakeholders.

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Management Discussion and Analysis

Our Presence

UNITED KINGDOM

Leadership Insights

Overview of Sime Darby Property

Value Creation

Battersea Power Station, Central London

Sustainability Statement

Leadership

AUSTRALIA

T

Together

E

We Lead

MALAYSIA

A

We

M

Financial Statements

Additional Information

Governance

We Make

We Do What’s Right

with

Excellence

Embrace New

Approaches

Things Happen

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A Force for Good:

Real Estate as a Value Multiplier

People

We create inclusive, liveable communities that support quality of life, accessibility and long-term wellbeing, while investing in our people—empowering our workforce through a culture of growth, capability building and shared objective.

• Affordable to higher-end homes delivered across 27 townships

• Social and economic empowerment initiatives to support income growth and livelihoods

• Strong workforce development and inclusive talent practices

  Businesses

  We enable vibrant business ecosystems by delivering well-connected, integrated spaces that support growth, operational efficiency and sustained commercial activity.

• Integrated commercial and retail hubs supporting diverse tenant mixes

• Industrial and logistics developments aligned with evolving supply chain needs

• Strategic partnerships and collaborations enabling new economy assets

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Leadership Insights

Being a Force for Good defines how we translate development into outcomes—ensuring that every project we undertake delivers sustained value for people, businesses, economies and the planet. Through an integrated real estate platform, we shape environments that are not only commercially viable, but socially inclusive, economically catalytic and environmentally responsible.

This Integrated Annual Report reflects how we translate this commitment into action—demonstrating, across our businesses and operations, how we deliver as a Force for Good.

Overview of Sime Darby Property

Economies

Value Creation

We act as a catalyst for economic expansion by strengthening supply chains, enabling job creation and supporting key growth sectors—contributing to broader national development.

Management Discussion and Analysis

• Industrial development funds and build-to-lease models supporting recurring income

• Large-scale job creation across townships and business parks

  Sustainability Statement

• Contribution to regional growth corridors and national development agendas

  Leadership

  Governance

  Planet

  Financial Statements

  We embed environmental stewardship into our developments, advancing resource efficiency, climate resilience and biodiversity—ensuring long-term sustainability of the ecosystems we shape.

• Net Zero actions including rooftop solar, green electricity and EV readiness

  Additional Information

• Urban biodiversity corridors, wetlands and restored ecosystems across townships

• Climate-resilient infrastructure integrating green-blue solutions

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  INTEGRATED ANNUAL REPORT 2025

  What We Do: Core Business Segments

  PROPERTY DEVELOPMENT

  CORE FOUNDATIONS

• Leading developer of sustainable communities with 27 active townships across the Klang Valley, Negeri Sembilan and Johor, alongside an international presence in Central London, United Kingdom, with expansion into Melbourne, Australia in the pipeline.

• Extensive land bank of 12,950 acres, supporting a future development pipeline with an estimated gross development value of RM105 billion.

• Strong track record in large-scale township development, delivering well-planned communities that integrate residential, commercial and industrial components, establishing vibrant economic ecosystems.

• Diversified product portfolio spanning from affordable to premium landed homes, high-rise residential developments, commercial properties and industrial assets.

• Expanding presence in industrial and logistics developments, including hyperscale data centres, modern automated warehouses and build-to-suit industrial facilities within strategically located townships.

• Elevating lifestyle and creating value to all stakeholders through the ecosystems we build.

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  Serenia Baleria, Serenia City

Leadership Insights

Overview of Sime Darby Property

Value Creation

Management Discussion and Analysis

Sustainability Statement

OUR PORTFOLIO

CITY OF ELMINA

• One of Sime Darby Property’s flagship master-planned townships, integrating residential, commercial and lifestyle components within a sustainable urban environment.

• Ongoing development phases continue to strengthen its positioning as a vibrant and self-sustaining township community.

  BANDAR BUKIT RAJA

• Integrated township featuring residential neighbourhoods and Bandar Bukit Raja Business Park, an ESG-focused industrial development hub.

• Includes BBR Wetland Park, a key sustainability initiative enhancing climate resilience and environmental stewardship.

  SERENIA CITY

  Leadership

  Governance

• Strategic township located near KLIA, combining residential developments with industrial and commercial facilities.

• Positioned to capitalise on growing demand for logistics and industrial infrastructure within the southern Klang Valley growth corridor.

  Financial Statements

  SUBANG JAYA CITY CENTRE & KL EAST

• Integrated developments offering high-rise residential, retail and commercial components within well-connected urban locations.

  Additional Information

• Designed to support transit-oriented developments (“TOD”), vibrant placemaking initiatives and sustainable urban living.

  For further information and performance in 2025, please refer to our Operations Review on pages 172 to 181.

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  INTEGRATED ANNUAL REPORT 2025

What We Do: Core Business Segments

INVESTMENT & ASSET MANAGEMENT

CORE FOUNDATIONS

• Our Investment & Asset Management (“IAM”) segment is anchored by a recurring income model, driven by the development, ownership and operation of investment-grade real estate assets. This includes stable rental income generated from our portfolio of investment properties, particularly within the retail and industrial segments.

• In parallel, IAM continues to expand its capital platform through strategic acquisitions and the formation of real estate funds, generating sustainable fee-based income. Platforms such as the Industrial Development Fund (“IDF”) demonstrate our ability to partner with institutional investors and scale our investment management capabilities.

• With an established presence across Malaysia, the United Kingdom and Singapore, IAM leverages its regional footprint to originate, execute and manage a diverse range of assets. Our portfolio spans retail, commercial/office, industrial and education assets under concession arrangements, reflecting a balanced and resilient asset mix.

• Over time, IAM is transitioning towards a capital-light, platform-driven model, where growth is increasingly supported by third-party capital alongside the Group’s balance sheet.

  OUR PORTFOLIO

  REAL ESTATE FUND MANAGEMENT & INDUSTRIAL PLATFORMS

  Industrial Development Fund (“IDF”)/ESR Joint Venture

• Raised over RM1 billion for SDP’s inaugural industrial development fund.

• Successfully completed Metrohub 1 and Metrohub 2, both of which have achieved full occupancy.

• Metrohub 4 remains on track for completion in Q3 2026.

  BUILD-TO-SUIT LOGISTICS & NEW ECONOMY ASSETS

  Automated Distribution Centre, City of Elmina

• RM450 million build-to-suit-to-lease logistics facility.

• Located on 19.0 acres of prime freehold land with a total built-up area of approximately 786,000 sq. ft.

• Incorporates an automated storage and retrieval system (“ASRS”), expected to increase throughput capacity by approximately 240%.

• Targeted for completion in Q3 2027.

  Hyperscale Data Centre Projects, Elmina Business Park

• Secured two build-to-suit lease agreements for the development of hyperscale data centre projects.

• Combined lease value of approximately RM7.6 billion, marking SDP’s entry into the new economy asset class.

  RETAIL ASSET OWNERSHIP & OPERATIONS

  KLGCC Mall

• Commenced operations on 24 October 2025.

• Achieved 90.0% committed occupancy shortly after opening.

  KL East Mall and Elmina Lakeside Mall

• Recorded 100% committed occupancy as at end-2025, reflecting sustained demand for well-curated retail destinations.

  INTERNATIONAL & OTHER RECURRING INCOME ASSETS

  Battersea Power Station

• Exposure to a landmark investment asset in Central London.

  CONCESSION ARRANGEMENT BUSINESS

• Manages campuses within the Pagoh Education Hub, contributing to recurring income through concession-based operations.

For further information and performance in 2025, please refer to our Operations Review on pages 182 to 189.

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