Current location site: Global

1H 2026 revenue and gross profit were S$370.9 million and S$161.6 million respectively, 7% and 11% lower YoY. On a same-store basis⁵, revenue and gross profit dipped 1% and 5% YoY respectively.

REVPAU for 1H 2026 was S$147 with average occupancy of 78%. In 2Q 2026, REVPAU was S$156 with average occupancy of 79%.

Enhancing portfolio quality

CLAS actively pursues investment, divestment and asset enhancement opportunities to strengthen portfolio quality and deliver sustainable returns.

In February 2026, CLAS acquired three freehold rental housing properties in Southern Kanagawa, Greater Tokyo, Japan for JPY4.6 billion (S$38.3 million⁶). On a FY 2025 pro forma basis, the acquisition has a blended net operating income entry yield of 4.1% and DPS accretion of 0.2%.

In May 2026, CLAS announced the divestment of The Robertson House by The Crest Collection in Singapore for S$360.0 million. The divestment is at 4.0% above book value⁷ and an exit yield of 2.3%. It will enhance CLAS’ financial flexibility to redeploy the proceeds into higher-yielding properties, AEIs, and debt repayment. The transaction is expected to be completed by end July 2026.

CLAS’ strategically timed AEIs for its well-located properties in key gateway cities have enhanced asset performance. Citadines République Paris, which was refurbished in 2025, achieved an 18% uplift in REVPAU in 2Q 2026, compared to 2Q 2024. The early completion of the AEI at Sheraton Tribeca New York Hotel also enabled the property to capture the demand during the FIFA World Cup that was held between 11 June 2026 and 19 July 2026.

In 2026 and 2027, CLAS has three other properties undergoing AEIs. The Cavendish London, located in the exclusive Mayfair area, will be rebranded under The Crest Collection, a heritage-inspired luxury brand managed by CLAS’ sponsor, The Ascott Limited. The AEI will elevate the property’s positioning and income potential. The other two properties are Sotetsu Grand Fresa Osaka-Namba in Japan and Citadines Place d’Italie Paris in France.

CLAS is also redeveloping Somerset Clarke Quay Singapore, a 192-unit serviced residence with a hotel licence. The property is expected to be completed in 2026 and begin contributing income from early 2027.

Strong balance sheet and disciplined capital management

CLAS adopts a disciplined capital management strategy, underpinned by active capital recycling, diversified financing sources and a well-staggered debt maturity profile. Supported by its strong balance sheet, CLAS remains well-positioned to pursue accretive growth opportunities while navigating a dynamic macroeconomic environment. Its exposure to foreign exchange movements is further mitigated by a geographically diversified portfolio and hedging strategies.

As at 30 June 2026, CLAS' gearing stood at 37.7%. The average cost of debt remained low at 2.8% per annum and is expected to be relatively stable through 2026. The weighted average debt maturity was 3.5 years, with approximately 77% of borrowings effectively on fixed interest rates. Interest cover remained healthy at 2.9 times.

<sup>Notes:

[1] Relating to realised exchange gain arising from the settlement of cross currency interest rate swaps and repayment of foreign currency bank loans.</sup>

^{[2] Based on the total DPS for 2H 2025 of 3.58 Singapore cents and 1H 2026 of 2.53 Singapore cents, and closing price of S$0.885 on 30 June 2026.}

^{[3] Refers to income available for distribution less non-periodic items.}

^{[4] Madison Hamburg was closed in January 2026 for carpark works. The hotel reopened in February 2026, while the carpark remained out of service until the completion of works in June 2026.}

^{[5] Excluding The Cavendish London, acquisitions and divestments in FY 2025 and 1H 2026, comprising: Acquisitions: ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae (in January 2025), and six rental housing properties in Japan (in August 2025 and February 2026); Divestments: Somerset Olympic Tower Tianjin (in April 2025) and Citadines Central Shinjuku Tokyo (in October 2025).}

^{[6] Based on an exchange rate of JPY1 to S$0.008402, as announced on 23 February 2026.}

^{[7] As at 31 December 2025.}