Annual financial statement
Page 1
…DBS/ DBS Group Holdings Ltd 12 Marina Boulevard DBS Asia Central @ Marina Bay Financial Centre Tower 3 Singapore 018982 Tel: 65.6878 8888 www.dbs.com Co. Reg. No. 199901152M To: Shareholders The Board of Directors of DBS Group Holdings Ltd (“DBSH” or “the Company”) reports the following: Financial Results for the Year Ended 31 December 2025 Details of the financial results are in the accompanying performance summary. Dividends For the financial year ended 31 December 2025, the Directors have recommended: (i) A final one-tier tax-exempt dividend of 66 cents for each DBSH ordinary share (“ FY25 Final Dividend”); and (ii) A one-tier tax-exempt capital return dividend of 15 cents for each DBSH ordinary share for fourth quarter 2025 (“4Q25 Capital Return Dividend”). These proposed dividends, which amount to a total of 81 cents for each DBSH ordinary share, will be subject to shareholders’ approval at the Annual General Meeting to be held on 31 March 2026. Together with the interim tax-exempt ordinary dividends of $1.80 and Capital Return dividends of $0.45 for the first three quarters, total dividends for the financial year ended 31 December 2025 will be $3.06 (comprising $2.46 of ordinary dividends and $0.60 of Capital Return dividends) for each DBSH ordinary share or $8.68 billion in aggregate, an increase of 38% from the previous year. In $ millions 2025 2024 DBSH Ordinary shares Interim one-tier tax-exempt ordinary dividends of $1.80 (2024: $1.62) 5,107 4,604 Final one-tier tax-exempt ordinary dividend of $0.66 (2024: $0.60) 1,872 1,705 One-tier tax-exempt Capital Return dividends paid for the first three quarters 2025 of $0.45 (2024: Nil) 1,277 - One-tier tax-exempt Capital Return dividend for fourth quarter 2025 of $0.15 (2024: Nil) 425 - 8,681 6,309 The DBSH Scrip Dividend Scheme will not be applied to the FY25 Final Dividend and 4Q25 Capital Return Dividend. The DBSH ordinary shares will be quoted ex -dividend on 8 April 2026 (Wednesday). The FY25 Final Dividend and 4Q25 Capital Return Dividend will be payable on or about 17 April 2026 (Friday). The Transfer Books and Register of Members of DBSH will be closed from 5.00 p.m. on 9 April 2026 (Thursday) up to (and including) 10 April 2026 (Friday) for the purpose of determining shareholders' entitlement to the FY25 Final Dividend and 4Q25 Capital Return Dividend. By order of the Board Marc Tan Group Secretary 9 February 2026 Singapore More information on the above announcement is available at www.dbs.com/investor
Page 2
Performance Summary Financial Results For the Year Ended 31 December 2025 DBS Group Holdings Ltd Incorporated in the Republic of Singapore Company Registration Number: 199901152M
Page 3
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 1 Contents Page Overview 2 Financial Review Net Interest Income 8 Net Fee and Commission Income 10 Other Non-Interest Income 10 Expenses 11 Allowances for Credit and Other Losses 11 Performance by Business Segments 12 Performance by Geography 16 Customer Loans 20 Non-Performing Assets and Loss Allowance Coverage 21 Customer Deposits 24 Debts Issued 25 Capital Adequacy 26 Unrealised Property Valuation Surplus 26 Financial Statements Audited Consolidated Income Statement 27 Audited Consolidated Statement of Comprehensive Income 28 Audited Balance Sheets 29 Audited Consolidated Statement of Changes in Equity 30 Audited Statement of Changes in Equity 32 Audited Consolidated Cash Flow Statement 34 Other Financial Information 35 Additional Information Share Capital 36 Interested Party Transactions Pursuant to Listing Rule 920(1) 36 Confirmation of Directors and Executive Officers’ Undertakings Pursuant to Listing Rule 720(1) 36 Report of Persons Occupying Managerial Positions who are Related to a Director, CEO or Substantial Shareholder 36 Attachment: Independent Auditor’s Report
Page 4
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 2 OVERVIEW DBS Group Holdings Ltd (“DBSH”) prepares its consolidated DBSH Group (“Group”) financial statements in accordance with Singapore Financial Reporting Standards (International) (“SFRS(I)”). The accounting policies and methods of computation applied for the current financial periods are consistent with those applied for the financial year ended 31 December 2024. The amendments and interpretations effective from 1 January 2025 do not have a significant impact on the Group’s financial statements.
Page 5
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 3 2nd Half 2025 2nd Half 2024 % chg 1st Half 2025 % chg Year 2025 Year 2024 % chg Selected income statement items ($m) Commercial book total income 10,670 10,769 (1) 10,856 (2) 21,526 21,375 1 Net interest income 7,150 7,627 (6) 7,344 (3) 14,494 15,043 (4) Net fee and commission income 2,456 2,077 18 2,442 1 4,898 4,168 18 Treasury customer sales and other income 1,064 1,065 (0) 1,070 (1) 2,134 2,164 (1) Markets trading Income 593 489 21 781 (24) 1,374 922 49 Net interest income 21 (302) NM (15) NM 6 (619) NM Non-interest income 572 791 (28) 796 (28) 1,368 1,541 (11) Total income 11,263 11,258 0 11,637 (3) 22,900 22,297 3 Of which: Net interest income 7,171 7,325 (2) 7,329 (2) 14,500 14,424 1 Expenses 4,765 4,644 3 4,484 6 9,249 8,895 4 Profit before allowances and amortisation 6,498 6,614 (2) 7,153 (9) 13,651 13,402 2 Amortisation of intangible assets 11 11 - 12 (8) 23 23 - Allowances for credit and other losses 333 339 (2) 458 (27) 791 622 27 ECL Stage 3 (SP) 584 349 67 270 >100 854 559 53 ECL Stage 1 and 2 (GP) (251) (10) (>100) 188 NM (63) 63 NM Share of profits/losses of associates and JVs 120 136 (12) 142 (15) 262 250 5 Profit before tax 6,274 6,400 (2) 6,825 (8) 13,099 13,007 1 Net profit 5,312 5,649 (6) 5,721 (7) 11,033 11,408 (3) Citi Integration - - - - - - (19) NM Provision for CSR1 (100) (100) - - NM (100) (100) - Reported net profit 5,212 5,549 (6) 5,721 (9) 10,933 11,289 (3) Selected balance sheet items ($m) Customer loans 445,011 430,594 3 433,046 3 445,011 430,594 3 Constant-currency change 6 3 6 Total assets 897,488 827,219 8 841,896 7 897,488 827,219 8 of which: Non-performing assets 4,843 5,036 (4) 4,686 3 4,843 5,036 (4) Customer deposits 610,023 561,730 9 573,965 6 610,023 561,730 9 Constant-currency change 12 6 12 Total liabilities 828,572 758,386 9 773,286 7 828,572 758,386 9 Shareholders’ funds 68,867 68,786 0 68,564 0 68,867 68,786 0 Key financial ratios (%)2,3 Net interest margin – Group 1.94 2.13 2.08 2.01 2.13 Net interest margin – Commercial Book 2.37 2.80 2.61 2.48 2.80 Cost/ income ratio 42.3 41.3 38.5 40.4 39.9 Return on assets 1.21 1.41 1.38 1.29 1.45 Return on equity4,5 15.3 17.2 17.0 16.2 18.0 Return on tangible equity4,5,6 16.9 19.1 18.8 17.8 20.0 NPL ratio 1.0 1.1 1.0 1.0 1.1 Total allowances/ NPA 130 129 137 130 129 Total allowances/ unsecured NPA 197 226 236 197 226 SP for loans/ average loans (bp) 26 17 12 19 13 Common Equity Tier 1 (CET-1) ratio 17.0 17.0 17.0 17.0 17.0 Fully phased-in CET-1 ratio7 15.0 15.1 15.1 15.0 15.1
Page 6
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 4 2nd Half 2025 2nd Half 2024 % chg 1st Half 2025 % chg Year 2025 Year 2024 % chg Per share data ($)3,8 Earnings2 Basic 3.71 3.92 4.04 3.88 3.98 Diluted9 3.69 3.92 4.04 3.86 3.98 Reported earnings Basic 3.67 3.89 4.04 3.84 3.94 Diluted9 3.66 3.89 4.04 3.82 3.94 Net book value5 24.29 23.38 23.82 24.29 23.38 USD/SGD exchange rate was 1.2840 as of 31 Dec 2025 (30 Jun 2025: 1.2746; 31 Dec 2024 1.3604) Notes: 1 Refers to Corporate Social Responsibility (CSR) commitment to DBS Foundation and other charitable causes 2 Excludes impact arising from Citi Integration and Provision for CSR 3 Return on assets, return on equity, return on tangible equity, ECL Stage 3 (SP) for loans/average loans and per share data are computed on an annualised basis 4 Calculated based on net profit attributable to the shareholders net of dividends on other equity instruments 5 Non-controlling interests and other equity instruments are not included as equity in the computation 6 Tangible equity represents ordinary shareholders’ equity less goodwill and intangible assets (net of related deferred tax) 7 Calculated based on the Basel III reforms output floor at 72.5% when fully phased-in on 1 January 2029 8 The weighted average number of ordinary shares used for per share data computation have been adjusted retrospectively for the 258 million bonus shares issued on 26 April 2024 as if the bonus issue had occurred on 1 January 2024 9 Adjusted for potential ordinary shares issuable under share-based compensation plan NM Not Meaningful
Page 7
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 5 4th Qtr 2025 4th Qtr 2024 % chg 3rd Qtr 2025 % chg Selected income statement items ($m) Commercial book total income 5,177 5,347 (3) 5,493 (6) Net interest income 3,592 3,831 (6) 3,558 1 Net fee and commission income 1,099 968 14 1,357 (19) Treasury customer sales and other income 486 548 (11) 578 (16) Markets trading Income 154 158 (3) 439 (65) Net interest income 1 (103) NM 20 (95) Non-interest income 153 261 (41) 419 (63) Total income 5,331 5,505 (3) 5,932 (10) Of which: Net interest income 3,593 3,728 (4) 3,578 0 Expenses 2,372 2,395 (1) 2,393 (1) Profit before allowances and amortisation 2,959 3,110 (5) 3,539 (16) Amortisation of intangible assets 5 5 - 6 (17) Allowances for credit and other losses 209 209 - 124 69 ECL Stage 3 (SP) 415 229 81 169 >100 ECL Stage 1 and 2 (GP) (206) (20) (>100) (45) (>100) Share of profits/losses of associates and JVs 53 70 (24) 67 (21) Profit before tax 2,798 2,966 (6) 3,476 (20) Net profit 2,358 2,622 (10) 2,954 (20) Citi Integration - - - - - Provision for CSR1 (100) (100) - - NM Reported net profit 2,258 2,522 (10) 2,954 (24) Selected balance sheet items ($m) Customer loans 445,011 430,594 3 437,027 2 Constant-currency change 6 2 Total assets 897,488 827,219 8 881,622 2 of which: Non-performing assets 4,843 5,036 (4) 4,627 5 Customer deposits 610,023 561,730 9 596,073 2 Constant-currency change 12 3 Total liabilities 828,572 758,386 9 812,729 2 Shareholders’ funds 68,867 68,786 0 68,845 0 Key financial ratios (%)2,3 Net interest margin – Group 1.93 2.15 1.96 Net interest margin – Commercial Book 2.34 2.77 2.40 Cost/ income ratio 44.5 43.5 40.3 Return on assets 1.06 1.30 1.36 Return on equity4,5 13.5 15.8 17.1 Return on tangible equity4,5,6 14.9 17.4 18.9 NPL ratio 1.0 1.1 1.0 Total allowances/ NPA 130 129 139 Total allowances/ unsecured NPA 197 226 229 SP for loans/ average loans (bp) 36 20 15 Common Equity Tier 1 (CET-1) ratio 17.0 17.0 16.9 Fully phased-in CET-1 ratio7 15.0 15.1 15.1
Page 8
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 6 4th Qtr 2025 4th Qtr 2024 % chg 3rd Qtr 2025 % chg Per share data ($)3,8 Earnings2 Basic 3.30 3.64 4.12 Diluted9 3.28 3.64 4.12 Reported earnings Basic 3.26 3.60 4.12 Diluted9 3.25 3.60 4.12 Net book value5 24.29 23.38 24.28 USD/SGD exchange rate was 1.2840 as of 31 Dec 2025 (30 Sep 2025: 1.2894; 31 Dec 2024 1.3604) Notes: 1 Refers to Corporate Social Responsibility (CSR) commitment to DBS Foundation and other charitable causes 2 Excludes impact arising from Provision for CSR 3 Return on assets, return on equity, return on tangible equity, ECL Stage 3 (SP) for loans/average loans and per share data are computed on an annualised basis 4 Calculated based on net profit attributable to the shareholders net of dividends on other equity instruments 5 Non-controlling interests and other equity instruments are not included as equity in the computation 6 Tangible equity represents ordinary shareholders’ equity less goodwill and intangible assets (net of related deferred tax) 7 Calculated based on the Basel III reforms output floor at 72.5% when fully phased-in on 1 January 2029 8 The weighted average number of ordinary shares used for per share data computation have been adjusted retrospectively for the 258 million bonus shares issued on 26 April 2024 as if the bonus issue had occurred on 1 January 2024 9 Adjusted for potential ordinary shares issuable under share-based compensation plan NM Not Meaningful
Page 9
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 7 Second Half Second-half net profit declined 6% from a year ago to $5.31 billion, reflecting rate headwinds and higher tax expense arising from the consequential implementation of the 15% global minimum tax. Total income was slightly higher at $11.3 billion, as proactive hedging, robust deposit and wealth AUM inflows, and the capture of market opportunities offset the impact of sharply lower Sora and Hibor as well as FX translation from a stronger Singapore dollar. The cost-income ratio was 42%. Asset quality remained sound. Notwithstanding the prudent downgrade of a previously watchlisted real estate exposure to NPL in the fourth quarter, the NPL ratio was stable at 1.0%. Total allowances were slightly lower as higher specific allowances were more than offset by a release of general allowances. Return on equity was 15.3%, while return on tangible equity was 16.9%. Group net interest income fell 2% to $7.17 billion as rate pressures were partially offset by balance sheet hedging and deposit growth. Group net interest margin declined 19 basis points to 1.94%. Commercial book net interest income of $7.15 billion was 6% lower. Loans grew $24 billion or 6% in constant-currency terms to $445 billion, led by broad-based growth in corporate loans and wealth management loans. Deposits rose $64 billion or 12% in constant-currency terms to $610 billion, the largest absolute increase in the bank’s history, with over two-thirds in Casa. Surplus deposits were deployed into liquid assets, which supported net interest income and return on equity, but modestly reduced net interest margin. Commercial book net fee income rose 18% to $2.46 billion. The increase was broad-based and led by wealth management fees, which rose 28% to a record $1.44 billion from growth in investment products and bancassurance. Loan-related, investment banking and transaction service fees were also higher. Commercial book other non-interest income was at $1.06 billion. Treasury customer sales grew 17%. The increase was offset by lower other income, which had included non- recurring gains a year ago. Markets trading income rose 21% to $593 million benefiting from lower funding costs and a more conducive trading environment. Expenses were 3% higher at $4.77 billion led by staff and revenue-related costs. The cost-income ratio was 42%, and profit before allowances declined 2% to $6.50 billion. Specific allowances rose to $584 million, largely due to the real estate NPL. General allowances of $251 million were written back, including amounts previously set aside for the exposure. The Group remained well-capitalised and highly liquid. The reported Common Equity Tier-1 ratio was 17.0% based on transitional arrangements, while the pro-forma fully phased-in ratio was 15.0%. The leverage ratio of 6.2%, liquidity coverage ratio of 155% and net stable funding ratio of 117% were all comfortably above regulatory requirements. Compared to the first half, net profit declined 7%. Total income fell 3% as lower interest rates reduced net interest income, partly offset by balance sheet hedging and deposit growth, while non-interest income declined due to a seasonally lower fourth quarter. Expenses were 6% higher. Total allowances fell 27% as higher specific allowances were more than offset by a general allowance write-back. Fourth Quarter Net profit declined 10% from a year ago to $2.36 billion, as stronger fee income and treasury customer sales were more than offset by rate headwinds, higher tax expenses and the absence of non-recurring gains recorded a year ago. The cost-income ratio was stable. Total allowances were unchanged, as higher specific allowances were offset by a general allowance release. Compared to the previous quarter, net profit fell 20%. Group net interest income declined 4% from a year ago to $3.59 billion as net interest margin narrowed 22 basis points to 1.93% from rate headwinds. Commercial book net interest income fell 6% to $3.59 billion. Compared to the previous quarter, Group net interest income was marginally higher as deposit growth offset a three-basis- point decline in net interest margin. Commercial book net interest income rose 1%. Commercial book net fee income grew 14% from a year ago to $1.10 billion, led by higher wealth management. Investment banking and loan-related fees were also higher. Compared to the previous quarter, it fell 19%, largely due to seasonally slower activity. Commercial book other non-interest income was $486 million. A 13% increase in treasury customer sales was offset by lower other income, which had included non- recurring gains a year ago. Compared to the previous quarter, it was lower due to seasonal effects. Markets trading income was slightly below the level a year ago at $154 million. It fell 65% from the previous quarter’s high base and seasonal factors. Expenses were 1% lower than both a year ago and the previous quarter at $2.37 billion. Specific allowances were $415 million, while general allowances of $206 million were written back. Full Year Full-year net profit declined 3% to $11.0 billion reflecting the impact of rate and tax headwinds. Return on equity was 16.2% and return on tangible equity was 17.8%. Total income rose 3% to a record $22.9 billion as fee income and treasury customer sales reached new highs, net interest income was resilient despite the rate pressures, and markets trading income strengthened to its highest level since 2021. The cost-income ratio was unchanged at 40%. Asset quality was sound with specific allowances at 19 basis points of loans. As part of DBS’s CSR commitment of up to $1 billion over 10 years to support vulnerable communities, $100 million was set aside from this year’s profits, bringing the cumulative amount to $300 million since 2023.
Page 10
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 8 NET INTEREST INCOME In $m 2nd Half 2025 2nd Half 2024 1st Half 2025 Year 2025 Year 2024 Net interest income (NII) 7,171 7,325 7,329 14,500 14,424 Less: Markets Trading 21 (302) (15) 6 (619) Commercial Book NII 7,150 7,627 7,344 14,494 15,043 Average interest-bearing assets (IBA) 733,326 683,738 709,263 721,393 676,148 Less: Markets Trading 134,248 141,226 141,953 138,069 138,325 Commercial Book average IBA 599,078 542,512 567,310 583,324 537,823 Net interest margin (%)1 1.94 2.13 2.08 2.01 2.13 Commercial Book NIM (%)1 2.37 2.80 2.61 2.48 2.80 2nd Half 2025 2nd Half 2024 1st Half 2025 Average balance sheet Average balance ($m) Interest ($m) Average rate (%) Average balance ($m) Interest ($m) Average rate (%) Average balance ($m) Interest ($m) Average rate (%) Customer non-trade loans 393,124 7,782 3.93 380,925 8,891 4.63 390,459 8,393 4.33 Trade assets 44,480 1,059 4.72 43,260 1,237 5.67 41,615 1,044 5.06 Interbank assets2 85,759 1,181 2.73 91,887 1,747 3.77 94,167 1,483 3.18 Securities and others 209,963 3,705 3.50 167,666 3,585 4.24 183,022 3,621 3.99 Interest-bearing assets 733,326 13,727 3.71 683,738 15,460 4.49 709,263 14,541 4.13 Customer deposits 596,127 4,579 1.52 551,844 5,988 2.15 571,529 5,195 1.83 Other borrowings 103,686 1,977 3.78 94,887 2,147 4.49 100,610 2,017 4.04 Interest-bearing liabilities 699,813 6,556 1.86 646,731 8,135 2.50 672,139 7,212 2.16 Net interest income/margin1 7,171 1.94 7,325 2.13 7,329 2.08 Year 2025 Year 2024 Average balance sheet Average balance ($m) Interest ($m) Average rate (%) Average balance ($m) Interest ($m) Average rate (%) Customer non-trade loans 391,802 16,174 4.13 381,992 18,112 4.73 Trade assets 43,060 2,103 4.88 42,330 2,473 5.83 Interbank assets2 89,928 2,665 2.96 90,739 3,583 3.94 Securities and others 196,603 7,326 3.73 161,087 6,759 4.18 Interest-bearing assets 721,393 28,268 3.92 676,148 30,927 4.56 Customer deposits 583,930 9,774 1.67 547,782 12,362 2.25 Other borrowings 102,160 3,994 3.91 90,907 4,141 4.54 Interest-bearing liabilities 686,090 13,768 2.01 638,689 16,503 2.58 Net interest income/margin1 14,500 2.01 14,424 2.13 Notes: 1 Net interest margin is net interest income expressed as a percentage of average interest-bearing assets. 2 Includes non-restricted balances with central banks
Page 11
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 9 2nd Half 2025 vs 2nd Half 2024 2nd Half 2025 vs 1st Half 2025 Volume and rate analysis ($m) Increase/(decrease) due to change in Volume Rate Net change Volume Rate Net change Interest income Customer non-trade loans 241 (1,350) (1,109) 53 (803) (750) Trade assets 29 (207) (178) 68 (71) (3) Interbank assets (84) (482) (566) (116) (211) (327) Securities and others 746 (626) 120 475 (452) 23 Total 932 (2,665) (1,733) 480 (1,537) (1,057) Interest expense Customer deposits 340 (1,749) (1,409) 189 (892) (703) Other borrowings 168 (338) (170) 59 (132) (73) Total 508 (2,087) (1,579) 248 (1,024) (776) Net impact on net interest income 424 (578) (154) 232 (513) (281) Due to change in number of days - 123 Net Interest Income (154) (158) Year 2025 vs Year 2024 Volume and rate analysis ($m) Increase/(decrease) due to change in Volume Rate Net Change Interest income Customer non-trade loans 405 (2,293) (1,888) Trade assets 36 (398) (362) Interbank assets (24) (884) (908) Securities and others 1,323 (739) 584 Total 1,740 (4,314) (2,574) Interest expense Customer deposits 605 (3,159) (2,554) Other borrowings 440 (576) (136) Total 1,045 (3,735) (2,690) Net impact on net interest income 695 (579) 116 Due to change in number of days (40) Net Interest Income 76 Second-half net interest income was $7.17 billion, 2% lower from both a year ago and the previous half. The declines were due to lower interest rates and FX translation effects from a stronger Singapore dollar, partially offset by balance sheet hedging and robust deposit growth. Net interest margin declined 19 basis points from a year ago and 14 basis points from the previous half to 1.94%. While deposit costs were repriced lower, asset yields fell by a larger extent. Commercial book net interest income was 6% lower from a year ago and 3% below the previous half. For the full year, net interest income rose slightly to $14.5 billion. Record deposit growth and proactive balance sheet hedging more than offset the impact of rate headwinds.
Page 12
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 10 NET FEE AND COMMISSION INCOME ($m) 2nd Half 2025 2nd Half 2024 % chg 1st Half 2025 % chg Year 2025 Year 2024 % chg Investment banking 99 64 55 47 >100 146 101 45 Transaction services1 475 459 3 467 2 942 918 3 Loan-related 321 273 18 412 (22) 733 644 14 Cards2 626 626 - 599 5 1,225 1,240 (1) Wealth management 1,441 1,129 28 1,373 5 2,814 2,183 29 Fee and commission income 2,962 2,551 16 2,898 2 5,860 5,086 15 Less: Fee and commission expense 506 474 7 456 11 962 918 5 Total 2,456 2,077 18 2,442 1 4,898 4,168 18 Notes: 1 Includes trade & remittances, guarantees and deposit-related fees 2 Net of interchange fees paid Second-half net fee income rose 18% from a year ago to $2.46 billion. The increase was led by a 28% rise in wealth management fees to $1.44 billion from broad- based growth in investment products and bancassurance. Loan-related, investment banking and transaction service fees were also higher. Card fees were unchanged at $626 million. Net fee income rose 1% from the previous half despite seasonally slower client activity in the fourth quarter, with increases across all categories except loan-related fees. For the full year, net fee income rose 18% to $4.90 billion. Wealth management fees increased 29% to a record $2.81 billion. Transaction service and loan-related fees also reached new highs, while investment banking fees were higher. Card fees were slightly lower. OTHER NON-INTEREST INCOME ($m) 2nd Half 2025 2nd Half 2024 % chg 1st Half 2025 % chg Year 2025 Year 2024 % chg Net trading income 1,638 1,648 (1) 1,723 (5) 3,361 3,381 (1) Customer sales 1,066 910 17 1,076 (1) 2,142 1,886 14 Non-customer sales 572 738 (22) 647 (12) 1,219 1,495 (18) Net income from investment securities (23) 72 NM 123 NM 100 163 (39) Others (include rental income and gain on disposal of fixed assets) 21 136 (85) 20 5 41 161 (75) Total 1,636 1,856 (12) 1,866 (12) 3,502 3,705 (5) Commercial book 1,064 1,065 (0) 1,070 (1) 2,134 2,164 (1) Markets Trading 572 791 (28) 796 (28) 1,368 1,541 (11) Total 1,636 1,856 (12) 1,866 (12) 3,502 3,705 (5) Second-half other non-interest income declined 12% from a year ago to $1.64 billion as higher treasury customer sales were more than offset by lower non- interest trading income, a decline in investment gains, and the absence of non-recurring property disposal gains recorded a year ago. Compared to the previous half, other non-interest income fell 12% due to seasonally lower treasury customer sales and markets trading in the fourth quarter. For the full year, other non-interest income declined 5% to $3.50 billion as record treasury customer sales were offset by a decline in non-interest trading income, lower investment gains and the absence of prior-year non-recurring gains.
Page 13
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 11 EXPENSES1 ($m) 2nd Half 2025 2nd Half 2024 % chg 1st Half 2025 % chg Year 2025 Year 2024 % chg Staff 2,923 2,866 2 2,909 0 5,832 5,594 4 Occupancy 245 238 3 214 14 459 453 1 Computerisation 720 729 (1) 640 13 1,360 1,335 2 Revenue-related 336 283 19 276 22 612 536 14 Others 541 528 2 445 22 986 977 1 Total 4,765 4,644 3 4,484 6 9,249 8,895 4 Staff count2 at period-end 39,721 41,354 (4) 40,187 (1) 39,721 41,354 (4) Included in the above table was: Depreciation of properties and other fixed assets 414 401 3 410 1 824 806 2 Notes: 1 Excludes impact arising from Citi Integration and Provision for CSR 2 Measured based on full-time equivalent Second-half expenses increased 3% from a year ago to $4.77 billion, led by higher staff and revenue-related costs. Compared to the previous half, expenses were 6% higher. For the full year, expenses rose 4% to $9.25 billion. The cost-income ratio was unchanged at 40%. ALLOWANCES FOR CREDIT AND OTHER LOSSES ($m) 2nd Half 2025 2nd Half 2024 % chg 1st Half 2025 % chg Year 2025 Year 2024 % chg ECL Stage 1 and 2 (GP) (251) (10) (>100) 188 NM (63) 63 NM ECL Stage 3 (SP) for loans1 575 372 55 267 >100 842 562 50 Singapore 197 (19) NM (39) NM 158 35 >100 Hong Kong 267 61 >100 60 >100 327 103 >100 Rest of Greater China 59 162 (64) 46 28 105 214 (51) South and Southeast Asia 57 86 (34) 62 (8) 119 136 (13) Rest of the World (5) 82 NM 138 NM 133 74 80 ECL Stage 3 (SP) for other credit exposures 10 (24) NM (7) NM 3 (2) NM Total ECL Stage 3 (SP) 585 348 68 260 >100 845 560 51 Allowances for other assets (1) 1 NM 10 NM 9 (1) NM Total 333 339 (2) 458 (27) 791 622 27 Notes: 1 SP for loans by geography are determined according to the location where the borrower is incorporated NM Not Meaningful Second-half total allowances of $333 million were slightly lower than a year ago. Specific allowances for loans rose to $575 million, with a large part of the increase due to the prudent downgrade of a previously watchlisted real estate exposure to NPL in the fourth quarter. This was offset by general allowance write- backs of $251 million, including amounts previously set aside for the exposure. Compared to the previous half, higher specific allowances were more than offset by a release in general allowances. Full-year total allowances increased 27% to $791 million. Specific allowances for loan amounted to $842 million or 19 basis points of loans, around the through-cycle average. General allowances of $63 million were written back.
Page 14
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 12 PERFORMANCE BY BUSINESS SEGMENTS ($m) Commercial Book Markets Total Consumer Banking/ Wealth Management Institutional Banking Others Trading Selected income statement items1 2nd Half 2025 Net interest income 3,007 3,113 1,030 21 7,171 Net fee and commission income 1,644 823 (11) - 2,456 Other non-interest income 606 464 (6) 572 1,636 Total income 5,257 4,400 1,013 593 11,263 Expenses 2,842 1,527 (26) 422 4,765 Amortisation of intangible assets - - 11 - 11 Allowances for credit and other losses 270 239 (175) (1) 333 Share of profits/losses of associates and JVs - 7 110 3 120 Profit before tax 2,145 2,641 1,313 175 6,274 1st Half 2025 Net interest income 3,099 3,155 1,090 (15) 7,329 Net fee and commission income 1,602 852 (12) - 2,442 Other non-interest income 583 499 (12) 796 1,866 Total income 5,284 4,506 1,066 781 11,637 Expenses 2,658 1,421 17 388 4,484 Amortisation of intangible assets - - 12 - 12 Allowances for credit and other losses 229 2 227 - 458 Share of profits/losses of associates and JVs - 6 136 - 142 Profit before tax 2,397 3,089 946 393 6,825 2nd Half 2024 Net interest income 3,237 3,307 1,083 (302) 7,325 Net fee and commission income 1,364 726 (13) - 2,077 Other non-interest income 495 439 131 791 1,856 Total income 5,096 4,472 1,201 489 11,258 Expenses 2,782 1,477 1 384 4,644 Amortisation of intangible assets - - 11 - 11 Allowances for credit and other losses 223 (12) 128 - 339 Share of profits/losses of associates and JVs - 13 119 4 136 Profit before tax 2,091 3,020 1,180 109 6,400 Year 2025 Net interest income 6,106 6,268 2,120 6 14,500 Net fee and commission income 3,246 1,675 (23) - 4,898 Other non-interest income 1,189 963 (18) 1,368 3,502 Total income 10,541 8,906 2,079 1,374 22,900 Expenses 5,500 2,948 (9) 810 9,249 Amortisation of intangible assets - - 23 - 23 Allowances for credit and other losses 499 241 52 (1) 791 Share of profits/losses of associates and JVs - 13 246 3 262 Profit before tax 4,542 5,730 2,259 568 13,099 Year 2024 Net interest income 6,469 6,730 1,844 (619) 14,424 Net fee and commission income 2,677 1,513 (22) - 4,168 Other non-interest income 1,009 916 239 1,541 3,705 Total income 10,155 9,159 2,061 922 22,297 Expenses 5,273 2,820 65 737 8,895 Amortisation of intangible assets - - 23 - 23 Allowances for credit and other losses 445 9 166 2 622 Share of profits/losses of associates and JVs - 20 228 2 250 Profit before tax 4,437 6,350 2,035 185 13,007
Page 15
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 13 ($m) Commercial Book Markets Consumer Banking/ Wealth Management Institutional Banking Others Trading Total Selected balance sheet and other Items2 31 Dec 2025 Total assets before goodwill and intangible assets 135,866 347,241 164,475 243,592 891,174 Goodwill and intangible assets 6,314 Total assets 897,488 Total liabilities 357,077 250,252 66,120 155,123 828,572 Capital expenditure for 2nd Half 2025 104 25 157 18 304 Depreciation for 2nd Half 2025 22 3 386 3 414 30 Jun 2025 Total assets before goodwill and intangible assets 133,617 337,405 133,768 230,709 835,499 Goodwill and intangible assets 6,397 Total assets 841,896 Total liabilities 334,453 227,373 62,732 148,728 773,286 Capital expenditure for 1st Half 2025 67 10 133 11 221 Depreciation for 1st Half 2025 12 4 392 2 410 31 Dec 2024 Total assets before goodwill and intangible assets 133,626 337,392 115,431 234,398 820,847 Goodwill and intangible assets 6,372 Total assets 827,219 Total liabilities 324,634 223,665 59,331 150,756 758,386 Capital expenditure for 2nd Half 2024 102 30 512 17 661 Depreciation for 2nd Half 2024 22 5 372 2 401 Notes: 1 Excludes impact arising from Citi Integration and Provision for CSR 2 Refer to sections on Customer Loans and Non-Performing Assets and Loss Allowance Coverage for more information on business segments
Page 16
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 14 The business segment results are prepared based on the Group’s internal management reporting, which reflects its management structure. As the activities of the Group are highly integrated, internal allocations have been made in preparing the segment information. Amounts for each business segment are shown after the allocation of certain centralised costs, funding income and the application of transfer pricing, where appropriate. Transactions between segments are recorded within the segment as if they are third party transactions and are eliminated on consolidation. The various business segments are described below: Consumer Banking/ Wealth Management Consumer Banking/ Wealth Management provides individual customers with a diverse range of banking and related financial services. The products and services available to customers include current and savings accounts, fixed deposits, loans and home finance, cards, payments, investment and insurance products. Second-half profit before tax was 3% higher than a year ago at $2.15 billion. Total income rose 3% to $5.26 billion. Net interest income declined 7% to $3.01 billion as the impact from a lower net interest margin was moderated by volume growth. Non-interest income grew 21% to $2.25 billion driven by increased sales of investment products and bancassurance and higher net card fees. Expenses increased 2% to $2.84 billion. Total allowances rose by 21% to $270 million from higher general allowances. Compared to the previous half year, profit before tax declined 11%. Total income was 1% lower. Net interest income declined 3% as the impact from a lower net interest margin was moderated by volume growth. Non- interest income grew 3% from growth in investment product sales and card fees. Expenses were 7% higher, while total allowances were 18% higher. For the full year, profit before tax increased 2% to $4.54 billion. Total income grew 4% to $10.5 billion. Net interest income declined 6% to $6.11 billion as the impact from a lower net interest margin was mitigated by volume growth. Non-interest income grew 20% to $4.44 billion led by double-digit percentage growth in investment and bancassurance fees. Expenses increased 4% to $5.50 billion. Total allowances increased 12% to $499 million. Institutional Banking Institutional Banking provides financial services and products to institutional clients, including bank and non- bank financial institutions, government-linked companies, large corporates and small and medium sized businesses. Products and services comprise the full range of credit facilities from short-term working capital financing to specialised lending. It also provides global transactional services such as cash management, trade finance and securities and fiduciary services; treasury and markets products; corporate finance and advisory banking as well as capital markets solutions. Compared to a year ago, second-half profit before tax fell 13% to $2.64 billion. Total income was 2% lower at $4.40 billion. Net interest income fell 6% to $3.11 billion as the impact from a lower net interest margin was moderated by volume growth. Non- interest income grew 10% to $1.29 billion driven by higher loan related fees, cash management fees and treasury customer income. Expenses were 3% higher at $1.53 billion. Total allowances increased from a write-back of $12 million to a charge of $239 million, driven by higher specific allowances largely from the prudent downgrade of a previously watchlisted real estate exposure to NPL in the fourth quarter. Compared to the previous half year, profit before tax fell 15%. Total income declined 2%, driven by a 1% decrease in net interest income from a lower net interest margin and a 5% drop in non-interest due to lower loan-related fees. Expenses rose 7%. Total allowances rose to $239 million due to higher specific allowances. For the full year, profit before tax fell 10% to $5.73 billion. Total income declined 3% to $8.91 billion as higher loan-related fees, cash management fees and treasury customer income were offset by lower net interest income. Expenses increased 5% to $2.95 billion. Total allowances rose by $232 million to $241 million due to higher specific allowances largely from the real estate NPL in the fourth quarter. .
Page 17
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 15 Markets Trading The Markets Trading segment reflects the structuring, market-making and trading activities carried out by Global Financial Markets (GFM) across the range of treasury asset classes. GFM is also involved in the sale of treasury products, investment banking services and digital asset activities. Such customer income is reflected in Consumer Banking/ Wealth Management and Institutional Banking and not the Markets Trading segment. Second-half profit before tax rose 61% from a year ago to $175 million. Total income increased 21% to $593 million due to higher equity derivatives and credit income, partially offset by lower interest rate and foreign exchange income. Expenses rose 10% to $422 million from higher staff and business-related expenses. Compared to the previous half year, total income fell 24% mainly due to lower contributions from interest rate, foreign exchange and credit activities, partially offset by higher contributions from equity derivatives. Expenses rose 9% due mainly to higher staff and business-related expenses. For the full year, profit before tax tripled to $568 million. Total income increased 49% to $1.37 billion driven by broad-based contributions across products. Expenses increased 10% to $810 million from higher staff costs and business-related expenses. Income from treasury customer activities which have been incorporated fully into Consumer Banking/ Wealth Management and Institutional Banking income, rose 31% from a year ago to $1.50 billion in the second half, driven by growth across most products. Compared to the previous half year, income from treasury customer activities rose 11% mainly from equity derivatives, partially offset by lower interest rate and foreign exchange product income. For the full year, income rose 23% to $2.84 billion across most products. Others The Others segment encompasses the results of corporate decisions that are not attributed to business segments. It includes earnings on capital deployed into high quality assets, earnings from non-core asset sales and certain other head office items such as centrally raised allowances.
Page 18
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 16 PERFORMANCE BY GEOGRAPHY ($m) Singapore Hong Kong Rest of Greater China South and South-east Asia Rest of the World Total Selected income statement items1 2nd Half 2025 Net interest income 4,596 1,083 616 597 279 7,171 Net fee and commission income 1,501 488 249 148 70 2,456 Other non-interest income 1,133 173 207 56 67 1,636 Total income 7,230 1,744 1,072 801 416 11,263 Expenses 2,802 697 687 482 97 4,765 Amortisation of intangible assets - - 11 - - 11 Allowances for credit and other losses (35) 190 - 67 127 (16) 333 Share of profits/losses of associates and JVs 21 - 96 - 3 120 Profit before tax 4,484 857 403 192 338 6,274 Income tax expense and non-controlling interests 668 119 50 33 92 962 Net profit 3,816 738 353 159 246 5,312 1st Half 2025 Net interest income 4,875 1,007 566 602 279 7,329 Net fee and commission income 1,445 505 268 165 59 2,442 Other non-interest income 1,105 268 281 130 82 1,866 Total income 7,425 1,780 1,115 897 420 11,637 Expenses 2,639 636 652 474 83 4,484 Amortisation of intangible assets - - 12 - - 12 Allowances for credit and other losses 80 106 53 93 126 458 Share of profits/losses of associates and JVs 15 - 127 - - 142 Profit before tax 4,721 1,038 525 330 211 6,825 Income tax expense and non-controlling interests 697 167 87 76 77 1,104 Net profit 4,024 871 438 254 134 5,721 2nd Half 2024 Net interest income 4,807 1,042 550 629 297 7,325 Net fee and commission income 1,255 420 212 133 57 2,077 Other non-interest income 1,295 247 197 27 90 1,856 Total income 7,357 1,709 959 789 444 11,258 Expenses 2,695 700 671 491 87 4,644 Amortisation of intangible assets - - 11 - - 11 Allowances for credit and other losses 36 59 112 103 29 339 Share of profits/losses of associates and JVs 28 - 105 - 3 136 Profit before tax 4,654 950 270 195 331 6,400 Income tax expense and non-controlling interests 421 153 33 43 101 751 Net profit 4,233 797 237 152 230 5,649
Page 19
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 17 ($m) Singapore Hong Kong Rest of Greater China South and South- east Asia Rest of the World Total Year 2025 Net interest income 9,471 2,090 1,182 1,199 558 14,500 Net fee and commission income 2,946 993 517 313 129 4,898 Other non-interest income 2,238 441 488 186 149 3,502 Total income 14,655 3,524 2,187 1,698 836 22,900 Expenses 5,441 1,333 1,339 956 180 9,249 Amortisation of intangible assets - - 23 - - 23 Allowances for credit and other losses 45 296 120 220 110 791 Share of profits/losses of associates and JVs 36 - 223 - 3 262 Profit before tax 9,205 1,895 928 522 549 13,099 Income tax expense and non-controlling interests 1,365 286 137 109 169 2,066 Net profit 7,840 1,609 791 413 380 11,033 Year 2024 Net interest income 9,428 2,076 1,107 1,245 568 14,424 Net fee and commission income 2,499 831 444 287 107 4,168 Other non-interest income 2,584 481 426 37 177 3,705 Total income 14,511 3,388 1,977 1,569 852 22,297 Expenses 5,150 1,326 1,319 941 159 8,895 Amortisation of intangible assets - - 23 - - 23 Allowances for credit and other losses 12 152 216 174 68 622 Share of profits/losses of associates and JVs 43 - 205 - 2 250 Profit before tax 9,392 1,910 624 454 627 13,007 Income tax expense and non-controlling interests 923 313 82 97 184 1,599 Net profit 8,469 1,597 542 357 443 11,408 Selected balance sheet items 31 Dec 2025 Total assets before goodwill and intangible assets 596,150 105,692 81,214 42,270 65,848 891,174 Goodwill and intangible assets 5,115 28 1,014 157 - 6,314 Total assets 601,265 105,720 82,228 42,427 65,848 897,488 Non-current assets2 4,667 746 1,344 217 2 6,976 Gross customer loans 271,652 62,919 48,029 25,560 42,756 450,916 30 Jun 2025 Total assets before goodwill and intangible assets 552,635 101,545 76,035 41,419 63,865 835,499 Goodwill and intangible assets 5,115 28 1,091 163 - 6,397 Total assets 557,750 101,573 77,126 41,582 63,865 841,896 Non-current assets2 4,606 760 1,301 253 5 6,925 Gross customer loans 263,476 60,606 48,324 25,260 41,434 439,100 31 Dec 2024 Total assets before goodwill and intangible assets 538,730 105,804 72,219 43,906 60,188 820,847 Goodwill and intangible assets 5,115 30 1,053 174 - 6,372 Total assets 543,845 105,834 73,272 44,080 60,188 827,219 Non-current assets2 4,511 847 1,292 286 10 6,946 Gross customer loans 261,375 65,910 45,113 25,266 39,020 436,684 Note: 1 Excludes impact arising from Citi Integration and Provision for CSR 2 Includes investments in associates and joint ventures, properties and other fixed assets
Page 20
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 18 The Group’s performance by geography includes net revenues and expenses from internal and external counterparties. The performance by geography is classified based on the location in which income and assets are recorded, while some items such as centrally- managed credit allowances and technology-related services are reflected in Singapore. Hong Kong comprises mainly DBS Bank (HK) Limited and DBS HK branch. Rest of Greater China comprises mainly DBS Bank (China) Ltd, DBS Bank (Taiwan) Ltd and DBS Taipei branch and DBS Securities (China) Co., Ltd. South and Southeast Asia comprises mainly PT Bank DBS Indonesia, DBS Bank India Ltd, DBS Labuan branch, DBS Vietnam branch and DBS Gift City branch. All results are prepared in accordance with Singapore Financial Reporting Standards (International). Singapore Second-half profit before tax declined 4% to $4.48 billion from a year ago, while net profit fell 10% to $3.82 billion due to higher tax expenses arising from the consequential implementation of the 15% global minimum tax. Total income was 2% lower at $7.23 billion. Net interest income declined 4% to $4.60 billion due mainly to lower interest rates. Net fee income rose 20% to $1.50 billion led by wealth management. Other non-interest income fell 13% to $1.13 billion as higher treasury customer sales were offset by lower markets trading non-interest income and the absence of non- recurring property disposal gains recorded a year ago. Expenses increased 4% to $2.80 billion led by higher staff costs. Total allowances fell from a $36 million charge a year ago to a $35 million write-back as an increase in specific allowances was more than offset by a general allowance writeback. Compared to the previous half year, net profit was 5% lower. Total income declined 3% as a 6% decrease in net interest income was partially offset by higher fee income and other non-interest income. Expenses rose 6%, while total allowances decreased due to a general allowance writeback. For the full year, profit before tax declined 2% to $9.21 billion, while net profit fell 7% to $7.84 billion due to higher tax expenses. Total income increased 1% to $14.7 billion. Net interest income was stable at $9.47 billion as deposit growth and proactive hedging offset the impact of rate headwinds. Net fee income grew 18% to $2.95 billion led by wealth management. Other non- interest income declined 13% to $2.24 billion as record treasury customer sales were offset by a decline in markets trading non-interest income and the absence of prior-year non-recurring gains. Expenses rose 6% to $5.44 billion led by higher staff costs. Total allowances rose to $45 million due to higher specific allowances, partially offset by a higher general allowance write-back. Hong Kong The second-half results incorporated a 3% depreciation of the Hong Kong dollar against the Singapore dollar from a year ago. The full-year results incorporated a 2% depreciation from a year ago. Second-half net profit fell 7% from a year ago to $738 million. Total income was 2% higher at $1.74 billion. Net interest income rose 4% to $1.08 billion due mainly to balance sheet growth. Net fee income increased 16% to $488 million led by wealth management. Other non- interest income fell 30% to $173 million due to lower markets trading non-interest income, partially offset by higher treasury customer sales. Expenses were little changed at $700 million. Total allowances increased from $59 million to $190 million, reflecting higher specific allowances largely from the prudent downgrade of a previously watchlisted real estate exposure to NPL in the fourth quarter. Compared to the previous half year, net profit was 15% lower. Total income declined 2% as an 8% increase in net interest income was offset by lower fee income and other non-interest income. Expenses grew 10% led by higher staff costs. Total allowances increased due to higher specific allowances. For the full year, net profit increased 1% to a record $1.61 billion. Total income rose 4% to $3.52 billion. Net interest income grew 1% to $2.09 billion due mainly to balance sheet growth. Deposits grew 10% in constant- currency terms, outpacing loan growth of 1%. Surplus deposits were deployed into non-loan assets, supporting net interest income. Net fee income rose 19% to $993 million led by wealth management. Other non-interest income was 8% lower at $441 million as lower markets trading non-interest income was partially offset by higher treasury customer sales. Expenses were little changed at $1.33 billion, resulting in a 6% growth in profit before allowances to $2.19 billion. Total allowances doubled, reflecting higher specific allowances largely from the real estate NPL in the fourth quarter. Rest of Greater China Second-half net profit rose 49% to $353 million from a year ago. Total income grew 12% to $1.07 billion from a 12% rise in net interest income to $616 million and an 11% increase in non-interest income to $456 million. Expenses grew 2% to $687 million, resulting in a 34% increase in profit before allowances to $385 million. Total allowances declined 40% to $67 million from the previous year which had higher specific allowances in mainland China. Net profit was 19% lower from the previous half year. Total income fell 4% as an increase in net interest income was more than offset by lower fees and other non-interest income. Expenses grew 5%, while total allowances were 26% higher. For the full year, net profit rose 46% to $791 million. Total income rose 11% to $2.19 billion, driven by a 7% increase in net interest income to $1.18 billion and double-digit growth in fee income and other non-interest income. Expenses grew 2% to $1.34 billion, resulting in a 29% increase in profit before allowances to $848 million. Total allowances declined 44% to $120 million due to lower specific allowances in mainland China.
Page 21
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 19 South and Southeast Asia Second-half net profit was 5% higher from a year ago at $159 million. Total income grew 2% to $801 million from increases in fee income and other non-interest income. Expenses declined 2% to $482 million, resulting in a 7% growth in profit before allowances to $319 million. Total allowances rose 23% to $127 million from higher general allowances. Net profit fell 37% from the previous half, driven by an 11% decline in total income, a 2% increase in expenses and a 37% rise in total allowances. For the full year, net profit rose 16% to a record $413 million. Total income rose 8% to $1.70 billion led by trading gains in India and Indonesia. Expenses grew 2% to $956 million, while total allowances rose 26% to $220 million. Rest of the World Second-half net profit increased 7% from a year ago to $246 million. Total income declined 6% to $416 million as decreases in net interest income and other non- interest income more than offset higher fee income. Expenses increased 11% to $97 million. Total allowances declined from a $29 million charge to a write- back of $16 million. Compared to the previous half, net profit was 84% higher as total allowances fell from a $126 million charge to a write-back of $16 million. Total income decreased 1% while expenses rose 17%. For the full year, net profit was 14% lower at $380 million. Total income declined 2% to $836 million as decreases in net interest income and other non-interest income more than offset higher fee income. Expenses were 13% higher at $180 million led by higher staff costs. Total allowances rose 62% to $110 million due to higher specific allowances.
Page 22
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 20 CUSTOMER LOANS ($m) 31 Dec 2025 30 Jun 2025 31 Dec 2024 Gross 450,916 439,100 436,684 Less: ECL Stage 3 (SP) 2,324 2,216 2,393 ECL Stage 1 & 2 (GP) 3,581 3,838 3,697 Net total 445,011 433,046 430,594 By business unit Consumer Banking/Wealth Management 135,158 132,549 132,831 Institutional Banking 310,034 302,098 300,519 Others 5,724 4,453 3,334 Total (Gross) 450,916 439,100 436,684 By geography1 Singapore 202,317 197,458 196,076 Hong Kong 56,184 57,196 63,003 Rest of Greater China 58,429 59,236 57,530 South and Southeast Asia 38,773 38,588 36,731 Rest of the World 95,213 86,622 83,344 Total (Gross) 450,916 439,100 436,684 By industry Manufacturing 46,829 43,744 42,934 Building and construction 111,925 113,902 113,451 Housing loans 84,012 85,512 85,746 General commerce 45,576 41,961 43,709 Transportation, storage & communications 33,703 33,092 33,599 Financial institutions, investment & holding companies 45,343 41,941 39,641 Professionals & private individuals (excluding housing loans) 44,437 41,331 41,579 Others 39,091 37,617 36,025 Total (Gross) 450,916 439,100 436,684 By currency Singapore dollar 168,298 168,077 166,474 US dollar 120,367 108,154 109,112 Hong Kong dollar 40,366 40,918 45,403 Taiwan dollar 23,071 26,987 24,452 Chinese yuan 24,366 22,332 21,696 Others 74,448 72,632 69,547 Total (Gross) 450,916 439,100 436,684 Notes: 1 Loans by geography are determined according to the location where the borrower, or the issuing bank in the case of bank backed export financing, is incorporated Gross customer loans rose 3% or $12 billion from the previous half in constant-currency terms to $451 billion, due to increases in trade and wealth management loans. Compared to a year ago, gross customer loans were 6% or $24 billion higher in constant-currency terms, with broad-based growth across corporate and wealth management loans.
Page 23
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 21 NON-PERFORMING ASSETS AND LOSS ALLOWANCE COVERAGE Notes: 1 NPLs by geography are determined according to the location where the borrower is incorporated 31 Dec 2025 30 Jun 2025 31 Dec 2024 NPA ($m) NPL (% of loans) SP ($m) NPA ($m) NPL (% of loans) SP ($m) NPA ($m) NPL (% of loans) SP ($m) By business unit Consumer Banking/ Wealth Management 1,039 0.8 317 1,028 0.8 298 991 0.7 304 Institutional Banking and Others 3,590 1.1 2,007 3,424 1.1 1,918 3,789 1.2 2,089 Total non-performing loans (NPL) 4,629 1.0 2,324 4,452 1.0 2,216 4,780 1.1 2,393 Debt securities, contingent liabilities & others 214 - 98 234 - 116 256 - 152 Total non-performing assets (NPA) 4,843 - 2,422 4,686 - 2,332 5,036 - 2,545 By geography1 Singapore 1,907 0.9 1,185 1,728 0.9 1,045 1,958 1.0 1,190 Hong Kong 1,367 2.4 509 997 1.7 319 1,048 1.7 322 Rest of Greater China 844 1.4 279 863 1.5 304 853 1.5 289 South and Southeast Asia 362 0.9 317 494 1.3 400 594 1.6 492 Rest of the World 149 0.2 34 370 0.4 148 327 0.4 100 Total non-performing loans (NPL) 4,629 1.0 2,324 4,452 1.0 2,216 4,780 1.1 2,393 Debt securities, contingent liabilities & others 214 - 98 234 - 116 256 - 152 Total non-performing assets (NPA) 4,843 - 2,422 4,686 - 2,332 5,036 - 2,545 Loss Allowance Coverage ECL Stage 3 (SP) 2,422 2,332 2,545 ECL Stage 1 and 2 (GP) 3,859 4,109 3,969 Total allowances 6,281 6,441 6,514 Total allowances/ NPA 130% 137% 129% Total allowances/ unsecured NPA 197% 236% 226%
Page 24
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 22 ($m) 31 Dec 2025 30 Jun 2025 31 Dec 2024 NPA SP NPA SP NPA SP By industry Manufacturing 255 146 487 347 637 363 Building and construction 1,364 562 1,018 314 972 313 Housing loans 190 5 214 3 188 5 General commerce 803 544 868 567 921 581 Transportation, storage & communications 670 538 680 537 898 680 Financial institutions, investment & holding companies 104 27 47 1 62 # Professionals & private individuals (excluding housing loans) 803 309 791 295 768 301 Others 440 193 347 152 334 150 Total non-performing loans 4,629 2,324 4,452 2,216 4,780 2,393 Debt securities, contingent liabilities & others 214 98 234 116 256 152 Total non-performing assets (NPA) 4,843 2,422 4,686 2,332 5,036 2,545 ($m) 31 Dec 2025 30 Jun 2025 31 Dec 2024 NPA SP NPA SP NPA SP By loan grading Non-performing assets Substandard 2,390 343 2,613 376 2,732 547 Doubtful 1,357 983 1,050 933 1,234 928 Loss 1,096 1,096 1,023 1,023 1,070 1,070 Total 4,843 2,422 4,686 2,332 5,036 2,545 Of which: restructured assets Substandard 735 157 900 153 1,118 301 Doubtful 323 313 293 287 237 232 Loss 113 113 104 104 43 43 Total 1,171 583 1,297 544 1,398 576 ($m) 31 Dec 2025 30 Jun 2025 31 Dec 2024 NPA NPA NPA By collateral type Unsecured non-performing assets 3,183 2,725 2,880 Secured non-performing assets by collateral type Properties 1,066 1,226 1,211 Shares and debentures - 1 1 Cash deposits 6 10 4 Others 588 724 940 Total 4,843 4,686 5,036 # Amount is less than $500,000
Page 25
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 23 ($m) 31 Dec 2025 30 Jun 2025 31 Dec 2024 NPA NPA NPA By period overdue Not overdue 1,673 1,137 1,585 Within 90 days 450 505 564 Over 90 to180 days 285 741 485 Over 180 days 2,435 2,303 2,402 Total 4,843 4,686 5,036 Compared to the first half, the NPL ratio was stable at 1.0% notwithstanding the prudent recognition of a previously watchlisted real estate exposure as an NPL in the fourth quarter. Total allowance reserves were $6.28 billion. Allowance coverage was at 130% and 197% after considering collateral.
Page 26
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 24 CUSTOMER DEPOSITS ($m) 31 Dec 2025 30 Jun 2025 31 Dec 2024 By currency and product Singapore dollar 230,646 215,550 204,704 Fixed deposits 32,837 35,316 35,249 Savings accounts 153,918 140,565 132,949 Current accounts 43,573 39,556 36,359 Others 318 113 147 US dollar 241,063 220,143 223,732 Fixed deposits 157,800 148,331 147,045 Savings accounts 27,713 24,791 25,817 Current accounts 53,731 45,294 48,937 Others 1,819 1,727 1,933 Hong Kong dollar 32,181 34,850 33,464 Fixed deposits 14,601 15,885 17,746 Savings accounts 9,646 9,941 7,914 Current accounts 7,594 8,852 7,652 Others 340 172 152 Taiwan dollar 22,413 22,790 20,245 Fixed deposits 16,395 16,635 14,595 Savings accounts 5,986 6,123 5,616 Current accounts 31 32 34 Others 1 # # Chinese yuan 27,632 22,548 19,840 Fixed deposits 13,339 12,244 9,973 Savings accounts 3,719 2,393 2,754 Current accounts 7,478 5,649 5,313 Others 3,096 2,262 1,800 Others 56,088 58,084 59,745 Fixed deposits 36,603 40,125 41,695 Savings accounts 8,006 7,679 8,115 Current accounts 11,091 9,925 9,606 Others 388 355 329 Total 610,023 573,965 561,730 Fixed deposits 271,575 268,536 266,303 Savings accounts 208,988 191,492 183,165 Current accounts 123,498 109,308 107,901 Others 5,962 4,629 4,361 # Amount is less than $500,000 Customer deposits rose 6% from the previous half and 12% from a year ago in constant-currency terms to $610 billion. The increase of $64 billion for the full year was the highest on record, with more than two-thirds of the inflows in Casa as interest rates declined.
Page 27
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 25 DEBTS ISSUED ($m) 31 Dec 2025 30 Jun 2025 31 Dec 2024 Subordinated term debts1 1,276 1,260 1,318 Negotiable certificates of deposit1 5,669 5,246 5,616 Senior medium term notes1 12,557 12,341 9,864 Commercial papers1 14,463 14,475 15,686 Covered bonds and other secured notes2 20,115 18,953 16,773 Other debt securities1 25,471 24,022 19,911 Total 79,551 76,297 69,168 Due within 1 year 52,235 49,244 44,486 Due after 1 year3 27,316 27,053 24,682 Total 79,551 76,297 69,168 Notes: 1 Unsecured 2 Collaterals are in the form of residential mortgages and corporate loans 3 Includes instruments in perpetuity
Page 28
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 26 CAPITAL ADEQUACY ($m) 31 Dec 2025 30 Sep 2025 30 Jun 2025 31 Dec 2024 Common Equity Tier 1 capital 62,195 61,972 60,538 59,993 Tier 1 capital 62,195 61,973 61,538 62,386 Total capital 65,446 65,235 64,709 65,601 Risk-Weighted Assets (“RWA”) Credit RWA 288,007 288,517 278,204 274,670 Market RWA 35,733 40,269 39,139 39,512 Operational RWA 41,641 37,817 37,817 37,820 Total RWA 365,381 366,603 355,160 352,002 Capital Adequacy Ratio (“CAR”) (%) Common Equity Tier 1 (CET-1) 17.0 16.9 17.0 17.0 Tier 1 17.0 16.9 17.3 17.7 Total 17.9 17.8 18.2 18.6 Fully phased-in CET-11 15.0 15.1 15.1 15.1 Minimum CAR including Buffer Requirements (%)2 CET-1 9.2 9.2 9.2 9.2 Effective Tier 1 10.7 10.7 10.7 10.7 Effective Total 12.7 12.7 12.7 12.7 Of which: Buffer Requirements (%) Capital Conservation Buffer 2.5 2.5 2.5 2.5 Countercyclical Capital Buffer 0.2 0.2 0.2 0.2 Note: 1 Calculated based on the Basel III reforms output floor at 72.5% when fully phased-in on 1 January 2029 2 Includes minimum Common Equity Tier 1, Tier 1 and Total CAR of 6.5%, 8.0% and 10.0% respectively The CET-1 ratio was at 17.0%, comfortably above the regulatory requirement. PILLAR 3, LIQUIDITY COVERAGE RATIO AND NET STABLE FUNDING RATIO DISCLOSURES The Group’s combined Pillar 3, Liquidity Coverage Ratio and Net Stable Funding Ratio disclosures document and Main Features of Capital Instruments document are published in the Investor Relations section of the Group’s website (https://www.dbs.com/investors/default.page) and (https://www.dbs.com/investors/fixed-income/capital-instruments) respectively. These disclosures are pursuant to MAS’s Notice to Designated Financial Holding Companies FHC-N637 “Notice on Risk Based Capital Adequacy Requirements”, FHC-N651 “Liquidity Coverage Ratio (“LCR”) Disclosure” and FHC-N653 “Net Stable Funding Ratio (“NSFR”) Disclosure”. UNREALISED PROPERTY VALUATION SURPLUS The unrealised property valuation surplus as at 31 December 2025 was approximately $960 million.
Page 29
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 27 AUDITED CONSOLIDATED INCOME STATEMENT In $ millions 2nd Half 20251 2nd Half 20241 +/(-) % 1st Half 20251 +/(-) % Year 2025 Year 2024 +/(-) % Income Interest and similar income 13,727 15,460 (11) 14,541 (6) 28,268 30,927 (9) Interest expense 6,556 8,135 (19) 7,212 (9) 13,768 16,503 (17) Net interest income 7,171 7,325 (2) 7,329 (2) 14,500 14,424 1 Net fee and commission income 2,456 2,077 18 2,442 1 4,898 4,168 18 Net trading income 1,638 1,648 (1) 1,723 (5) 3,361 3,381 (1) Net income from investment securities (23) 72 NM 123 NM 100 163 (39) Other income 21 136 (85) 20 5 41 161 (75) Non-interest income 4,092 3,933 4 4,308 (5) 8,400 7,873 7 Total income 11,263 11,258 0 11,637 (3) 22,900 22,297 3 Employee benefits 2,923 2,866 2 2,909 0 5,832 5,594 4 Other expenses 1,942 1,878 3 1,575 23 3,517 3,424 3 Total expenses 4,865 4,744 3 4,484 8 9,349 9,018 4 Profit before allowances and amortisation 6,398 6,514 (2) 7,153 (11) 13,551 13,279 2 Amortisation of intangible assets 11 11 - 12 (8) 23 23 - Allowances for credit and other losses 333 339 (2) 458 (27) 791 622 27 Profit after allowances and amortisation 6,054 6,164 (2) 6,683 (9) 12,737 12,634 1 Share of profits/losses of associates and JVs 120 136 (12) 142 (15) 262 250 5 Profit before tax 6,174 6,300 (2) 6,825 (10) 12,999 12,884 1 Income tax expense 961 750 28 1,104 (13) 2,065 1,594 30 Net profit 5,213 5,550 (6) 5,721 (9) 10,934 11,290 (3) Attributable to: Shareholders 5,212 5,549 (6) 5,721 (9) 10,933 11,289 (3) Non-controlling interests 1 1 - - NM 1 1 - 5,213 5,550 (6) 5,721 (9) 10,934 11,290 (3) Notes: 1 Unaudited NM Not Meaningful
Page 30
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 28 AUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME In $ millions 2nd Half 20251 2nd Half 20241 +/(-) % 1st Half 20251 +/(-) % Year 2025 Year 2024 +/(-) % Net profit 5,213 5,550 (6) 5,721 (9) 10,934 11,290 (3) Other comprehensive income Items that may be reclassified subsequently to income statement: Translation differences for foreign operations 141 18 >100 (1,559) NM (1,418) 518 NM Share of other comprehensive income of associates and joint ventures 10 (7) NM (7) NM 3 (7) NM Debt instruments at fair value through other comprehensive income Net valuation gains taken to equity 175 345 (49) 417 (58) 592 388 53 Losses/ (gains) transferred to income statement 41 (17) NM (103) NM (62) (76) 18 Taxation relating to components of other comprehensive income (33) 3 NM (39) 15 (72) 25 NM Cash flow hedges Net valuation gains taken to equity 853 1,026 (17) 1,531 (44) 2,384 913 >100 Gains transferred to income statement (809) (260) (>100) (574) (41) (1,383) (285) (>100) Taxation relating to components of other comprehensive income (17) (31) 45 (119) 86 (136) (3) (>100) Items that will not be reclassified to income statement: Gains on equity instruments at fair value through other comprehensive income (net of tax) 46 77 (40) 61 (25) 107 110 (3) Fair value change from own credit risk on financial liabilities designated at fair value (net of tax) (119) 9 NM (65) (83) (184) (12) (>100) Defined benefit plans remeasurements (net of tax) 1 6 (83) 3 (67) 4 (1) NM Other comprehensive income, net of tax 289 1,169 (75) (454) NM (165) 1,570 NM Total comprehensive income 5,502 6,719 (18) 5,267 4 10,769 12,860 (16) Attributable to: Shareholders 5,501 6,719 (18) 5,269 4 10,770 12,860 (16) Non-controlling interests 1 - NM (2) NM (1) - NM 5,502 6,719 (18) 5,267 4 10,769 12,860 (16) Notes: 1 Unaudited NM Not Meaningful
Page 31
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 29 AUDITED BALANCE SHEETS The Group The Company 31 Dec 30 Jun 31 Dec 31 Dec 30 Jun 31 Dec In $ millions 2025 20251 2024 2025 20251 2024 Assets Cash and balances with central banks 55,844 57,163 58,646 - - - Government securities and treasury bills 107,361 93,500 81,539 - - - Due from banks 93,881 84,068 80,415 75 359 27 Derivative assets 23,621 24,112 27,897 13 7 19 Bank and corporate securities 128,380 109,494 105,053 - - - Loans and advances to customers 445,011 433,046 430,594 - - - Other assets 30,100 27,191 29,757 - 4 3 Investment in subsidiaries - - - 18,835 19,687 21,090 Due from subsidiaries - - - 5,087 6,605 4,860 Associates and joint ventures 3,490 3,263 3,073 - - - Properties and other fixed assets 3,486 3,662 3,873 - - - Goodwill and intangible assets 6,314 6,397 6,372 - - - Total assets 897,488 841,896 827,219 24,010 26,662 25,999 Liabilities Due to banks 79,295 71,290 64,175 - - - Deposits and balances from customers 610,023 573,965 561,730 - - - Derivative liabilities 23,197 25,194 26,670 48 89 70 Other liabilities 36,506 26,540 36,643 48 64 55 Due to subsidiaries - - - 1,004 1,008 1,488 Other debt securities 78,275 75,037 67,850 3,991 5,708 3,374 Subordinated term debts 1,276 1,260 1,318 1,276 1,260 1,318 Total liabilities 828,572 773,286 758,386 6,367 8,129 6,305 Net assets 68,916 68,610 68,833 17,643 18,533 19,694 Equity Share capital 11,761 11,769 11,537 11,822 11,818 11,586 Other equity instruments - 1,000 2,392 - 1,000 2,392 Other reserves 1,723 1,173 1,694 145 23 170 Revenue reserves 55,383 54,622 53,163 5,676 5,692 5,546 Shareholders’ funds 68,867 68,564 68,786 17,643 18,533 19,694 Non-controlling interests 49 46 47 - - - Total equity 68,916 68,610 68,833 17,643 18,533 19,694 Other Information Net book value per share ($) 24.29 23.82 23.38 6.22 6.18 6.09 Note: 1 Unaudited
Page 32
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 30 AUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025 The Group Attributable to shareholders of the Company In $ millions Share Capital Other equity instruments Other reserves Revenue reserves Total Shareholders’ funds Non- controlling interests Total equity Balance at 1 January 2025 11,537 2,392 1,694 53,163 68,786 47 68,833 Purchase of treasury shares (26) - - - (26) - (26) Draw-down of share plan reserves upon vesting of performance shares 250 - (250) - - - - Cost of share-based payments - - 203 - 203 - 203 Redemption of perpetual capital securities - (2,392) - 51 (2,341) - (2,341) Dividends to shareholders1 - - - (8,151) (8,151) - (8,151) Shares repurchased and cancelled - - - (371) (371) - (371) Other movements - - - (3) (3) 3 - Net profit - - - 10,933 10,933 1 10,934 Other comprehensive income - - 76 (239) (163) (2) (165) Balance at 31 December 2025 11,761 - 1,723 55,383 68,867 49 68,916 Balance at 1 January 2024 11,604 2,392 (23) 48,092 62,065 182 62,247 Purchase of treasury shares (213) - - - (213) - (213) Draw-down of share plan reserves upon vesting of performance shares 146 - (149) - (3) - (3) Cost of share-based payments - - 177 - 177 - 177 Dividends to shareholders1 - - - (6,083) (6,083) - (6,083) Change in non-controlling interests - - - - - (152) (152) Other movements - - - (17) (17) 17 - Net profit - - - 11,289 11,289 1 11,290 Other comprehensive income - - 1,689 (118) 1,571 (1) 1,570 Balance at 31 December 2024 11,537 2,392 1,694 53,163 68,786 47 68,833 Note: 1 Includes distributions of $62 million paid on capital securities classified as equity for 2025 (2024: $84 million) and Capital Return dividends of $1,277 million (2024: Nil)
Page 33
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 31 UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 The Group Attributable to shareholders of the Company In $ millions Share capital Other equity instruments Other reserves Revenue reserves Total Shareholders’ funds Non- controlling interests Total equity Balance at 1 July 2025 11,769 1,000 1,173 54,622 68,564 46 68,610 Purchase of treasury shares (11) - - - (11) - (11) Draw-down of share plan reserves upon vesting of performance shares 3 - (3) - - - - Cost of share-based payments - - 106 - 106 - 106 Redemption of perpetual capital securities - (1,000) - - (1,000) - (1,000) Dividends to shareholders1 - - - (4,275) (4,275) - (4,275) Shares repurchased and cancelled - - - (16) (16) - (16) Other movements - - - (2) (2) 2 - Net profit - - - 5,212 5,212 1 5,213 Other comprehensive income - - 447 (158) 289 - 289 Balance at 31 December 2025 11,761 - 1,723 55,383 68,867 49 68,916 Balance at 1 July 2024 11,743 2,392 412 50,754 65,301 193 65,494 Purchase of treasury shares (206) - - - (206) - (206) Draw-down of share plan reserves upon vesting of performance shares - - (1) - (1) - (1) Cost of share-based payments - - 90 - 90 - 90 Dividends to shareholders1 - - - (3,111) (3,111) - (3,111) Change in non-controlling interests - - - - - (152) (152) Other movements - - - (6) (6) 6 - Net profit - - - 5,549 5,549 1 5,550 Other comprehensive income - - 1,193 (23) 1,170 (1) 1,169 Balance at 31 December 2024 11,537 2,392 1,694 53,163 68,786 47 68,833 Note: 1 Includes distributions of $20 million paid on capital securities classified as equity for 2nd Half 2025 (2nd Half 2024: $42 million) and Capital Return dividends of $851 million (2024: Nil)
Page 34
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 32 AUDITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025 The Company In $ millions Share capital Other equity instruments Other reserves Revenue reserves Total equity Balance at 1 January 2025 11,586 2,392 170 5,546 19,694 Transfer of treasury shares 236 - - - 236 Draw-down of share plan reserves upon vesting of performance shares - - (251) - (251) Cost of share-based payments - - 203 - 203 Redemption of perpetual capital securities - (2,392) - 51 (2,341) Dividends to shareholders1 - - - (8,151) (8,151) Shares repurchased and cancelled - - - (371) (371) Net profit - - - 8,601 8,601 Other comprehensive income - - 23 - 23 Balance at 31 December 2025 11,822 - 145 5,676 17,643 Balance at 1 January 2024 11,650 2,392 123 5,531 19,696 Purchase of treasury shares (198) - - - (198) Transfer of treasury shares 134 - - - 134 Draw-down of share plan reserves upon vesting of performance shares - - (148) - (148) Cost of share-based payments - - 177 - 177 Dividends to shareholders1 - - - (6,087) (6,087) Net profit - - - 6,102 6,102 Other comprehensive income - - 18 - 18 Balance at 31 December 2024 11,586 2,392 170 5,546 19,694 Note: 1 Includes distributions of $62 million paid on capital securities classified as equity for 2025 (2024: $84 million) and Capital Return dividends of $1,277 million (2024: Nil)
Page 35
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 33 UNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 The Company In $ millions Share capital Other equity instruments Other reserves Revenue reserves Total equity Balance at 1 July 2025 11,818 1,000 23 5,692 18,533 Transfer of treasury shares 4 - - - 4 Draw-down of share plan reserves upon vesting of performance shares - - (4) - (4) Cost of share-based payments - - 106 - 106 Redemption of perpetual capital securities - (1,000) - - (1,000) Dividends to shareholders1 - - - (4,273) (4,273) Shares repurchased and cancelled - - - (16) (16) Net profit - - - 4,273 4,273 Other comprehensive income - - 20 - 20 Balance at 31 December 2025 11,822 - 145 5,676 17,643 Balance at 1 July 2024 11,784 2,392 65 5,543 19,784 Purchase of treasury shares (198) - - - (198) Cost of share-based payments - - 90 - 90 Dividends to shareholders1 - - - (3,113) (3,113) Net profit - - - 3,116 3,116 Other comprehensive income - - 15 - 15 Balance at 31 December 2024 11,586 2,392 170 5,546 19,694 Note: 1 Includes distributions of $20 million paid on capital securities classified as equity for 2nd Half 2025 (2nd Half 2024: $42 million) and Capital Return dividends of $851 million (2024: Nil)
Page 36
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 34 AUDITED CONSOLIDATED CASH FLOW STATEMENT In $ millions Year 2025 Year 2024 Cash flows from operating activities Profit before tax 12,999 12,884 Adjustments for non-cash and other items: Allowances for credit and other losses 791 622 Amortisation of intangible assets 23 23 Depreciation of properties and other fixed assets 824 806 Share of profits or losses of associates and joint ventures (262) (250) Net gain on disposal of interest in associates (1) - Net loss/ (gain) on disposal, net of write-off of properties and other fixed assets 15 (85) Net income from investment securities (100) (163) Cost of share-based payments 203 177 Interest expense on subordinated term debts 39 43 Interest expense on lease liabilities 22 23 Profit before changes in operating assets and liabilities 14,553 14,080 Increase/ (Decrease) in: Due to banks 20,686 15,898 Deposits and balances from customers 58,856 23,075 Derivative and other liabilities (1,190) 19,026 Other debt securities and borrowings 11,773 19,485 (Increase) /Decrease in: Restricted balances with central banks 1,671 (997) Government securities and treasury bills (28,746) (10,000) Due from banks (16,645) (11,830) Bank and corporate securities (25,863) (22,016) Loans and advances to customers (23,317) (13,582) Derivative and other assets 879 (16,360) Income taxes paid (1,633) (1,438) Net cash generated from operating activities (1) 11,024 15,341 Cash flows from investing activities Dividends from associates and joint ventures 117 122 Acquisition of interests in associates and joint ventures (426) (517) Return of capital from associates and joint ventures 80 86 Proceeds from disposal of properties and other fixed assets 14 134 Proceeds from disposal of associates 32 - Purchase of properties and other fixed assets (525) (916) Purchase of additional stake in a subsidiary from non-controlling interest - (152) Net cash used in investing activities (2) (708) (1,243) Cash flows from financing activities Interest paid on subordinated term debts (40) (43) Purchase of treasury shares (26) (213) Dividends paid to shareholders of the Company1 (8,151) (6,083) Repayment of lease liabilities (251) (265) Redemption of perpetual capital securities (2,341) - Shares repurchased and cancelled (371) - Net cash used in financing activities (3) (11,180) (6,604) Exchange translation adjustments (4) (106) (17) Net change in cash and cash equivalents2 (1)+(2)+(3)+(4) (970) 7,477 Cash and cash equivalents at beginning of year 47,352 39,875 Cash and cash equivalents at end of year 46,382 47,352 Notes: 1 Includes distributions paid on capital securities classified as equity and Capital Return dividends 2 Cash and cash equivalents refer to cash and non-restricted balances with central banks
Page 37
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 35 OTHER FINANCIAL INFORMATION 1. Fair Value Measurement The valuation process and fair value hierarchy policies applied for the current financial period are consistent with those for the financial year ended 31 December 2024. Fair Value Hierarchy The following tables present assets and liabilities measured at fair value, classified by level within the fair value hierarchy. 31 Dec 2025 31 Dec 2024 In $ millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Financial assets at FVPL1 - Government securities and treasury bills 15,985 3,064 - 19,049 12,931 4,921 - 17,852 - Bank and corporate securities 31,418 11,772 162 43,352 25,476 8,490 82 34,048 - Other financial assets - 51,910 - 51,910 - 41,325 - 41,325 FVOCI2 financial assets - Government securities and treasury bills 27,798 4,404 - 32,202 35,376 3,919 - 39,295 - Bank and corporate securities 19,253 5,317 1,166 25,736 17,952 4,697 831 23,480 - Other financial assets 72 5,769 - 5,841 19 7,801 - 7,820 Derivative assets 33 23,587 1 23,621 56 27,840 1 27,897 Non-financial assets 4,413 232 # 4,645 2,605 104 # 2,709 Liabilities Financial liabilities at FVPL1 - Other debt securities - 25,462 - 25,462 - 19,911 - 19,911 - Other financial liabilities 4,874 53,636 - 58,510 3,451 45,352 - 48,803 Derivative liabilities 277 22,920 # 23,197 156 26,513 1 26,670 # Amount is less than $500,000 Notes: 1 Refers to fair value through profit or loss 2 Refers to fair value through other comprehensive income The bank and corporate securities classified as Level 3 at 31 December 2025 comprised mainly securities which were marked using approximations, less liquid bonds and unquoted equity securities valued based on net asset value of the investments. 2. Off-balance Sheet Items In $ millions 31 Dec 2025 30 Jun 2025 31 Dec 2024 Contingent liabilities 39,094 37,606 37,931 Commitments1 458,983 444,849 439,788 Financial derivatives 3,576,168 3,621,180 3,436,974 Note: 1 Includes commitments that are unconditionally cancellable at any time of $373,188 million for 31 Dec 2025 (30 Jun 2025: $363,808 million; 31 Dec 2024: $362,303 million).
Page 38
DBS GROUP HOLDINGS LTD AND ITS SUBSIDIARIES 36 ADDITIONAL INFORMATION SHARE CAPITAL (a) The movement in the number of issued and fully paid-up ordinary shares of the Company is as follows: Number of shares (million) Year 2025 Year 2024 2nd Half 2025 2nd Half 2024 Issued Ordinary shares Balance at beginning of period 2,846 2,588 2,838 2,846 Shares repurchased and cancelled (8) - # - Issue of bonus shares - 258 - - Balance at end of period 2,838 2,846 2,838 2,846 Treasury shares Balance at beginning of period (6) (8) # (2) Purchase of treasury shares - (5) - (5) Issue of bonus shares - # - - Shares transferred pursuant to DBSH Share Plan 6 7 # 1 Balance at end of period # (6) # (6) Issued Ordinary shares net of Treasury shares 2,838 2,840 2,838 2,840 # represents less than 500,000 shares On 26 April 2024, the Group issued 258 million bonus shares on the basis of one bonus share for every existing 10 ordinary shares held. The bonus shares qualify for dividend payments from the first interim dividend of the financial year ended 31 December 2024. (b) The weighted average number of Issued Ordinary shares net of Treasury shares for the full year 2025 is 2,838 million (basic) and 2,850 million (fully diluted). INTERESTED PARTY TRANSACTIONS PURSUANT TO LISTING RULE 920(1) The Company has not obtained a general mandate from shareholders for Interested Person Transactions. CONFIRMATION OF DIRECTORS AND EXECUTIVE OFFICERS’ UNDERTAKINGS PURSUANT TO LISTING RULE 720(1) The Company has procured undertakings from all its directors and executive officers in compliance with Listing Rule 720(1). REPORT OF PERSONS OCCUPYING MANAGERIAL POSITIONS WHO ARE RELATED TO A DIRECTOR, CEO OR SUBSTANTIAL SHAREHOLDER Pursuant to Rule 704(13) of the SGX Listing Manual, DBSH wishes to advise that there are no persons occupying a managerial position in DBSH, DBS Bank Ltd or any of the principal subsidiaries of DBSH who are relatives of a director or chief executive officer or substantial shareholder of DBSH.
Page 39
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DBS GROUP HOLDINGS LTD Report on the Audit of the Financial Statements Our Opinion In our opinion, the accompanying consolidated financial statements of DBS Group Holdings Ltd (the “Company”) and its subsidiaries (the “Group”) and the balance sheet of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)s”) so as to give a true and fair view of the consolidated financial position of the Group and the financial position of the Company as at 31 December 2025 and of the consolidated financial performance, consolidated changes in equity and consolidated cash flows of the Group for the year ended on that date. What we have audited The financial statements of the Company and the Group comprise: the consolidated income statement of the Group for the year ended 31 December 2025; the consolidated statement of comprehensive income of the Group for the year ended 31 December 2025; the consolidated balance sheet of the Group as at 31 December 2025; the balance sheet of the Company as at 31 December 2025; the consolidated statement of changes in equity of the Group for the year then ended; the consolidated cash flow statement of the Group for the year then ended; and the notes to the financial statements, including material accounting policy information. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”), as applicable to audits of financial statements of public interest entities, together with the ethical requirements that are relevant to audits of the financial statements of public interest entities in Singapore. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. The auditor’s report dated 6 February 2026, as extracted from the financial statements of DBS Group Holdings Ltd and its subsidiaries for the year ended 31 December 2025, which have been prepared in accordance with Singapore Financial Reporting Standards (International), is as follows:
Page 40
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DBS GROUP HOLDINGS LTD (continued) Page 2 of 8 Our Audit Approach Overview Materiality We determined the overall Group materiality based on 5% of the Group’s profit before tax. Group scoping Full scope audit procedures were performed over the Singapore Operations of DBS Bank Ltd. and DBS Bank (Hong Kong) Limited (“significant components”). We identified as component entities (“other components”) the branches of DBS Bank Ltd. Hong Kong, Australia, Seoul, London and Gujarat International Finance Tec-City (“GIFT City”), as well as the subsidiaries DBS Bank (China) Limited, PT Bank DBS Indonesia and DBS Bank (Taiwan) Ltd. This is where certain account balances were considered to be significant in size in relation to the Group. Consequently, audit specified procedures for the significant account balances of these components were performed to obtain sufficient and appropriate audit evidence. Key audit matters Specific allowances for loans and advances to customers General allowances for credit losses (Stage 1 and 2 Expected Credit Loss) Valuation of financial instruments held at fair value As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the accompanying financial statements. In particular, we considered where management made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including, among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.
Page 41
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DBS GROUP HOLDINGS LTD (continued) Page 3 of 8 Materiality The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance as to whether the consolidated financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated financial statements. Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall group materiality for the consolidated financial statements as a whole, as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and on the financial statements as a whole. How we determined overall Group materiality 5% of the Group’s profit before tax Rationale for benchmark applied We chose ‘profit before tax’ as, in our view, it is the benchmark against which performance of the Group is most commonly measured. We selected 5% based on our professional judgement, noting that it is also within the range of commonly accepted profit-related thresholds. In performing our audit, we allocated materiality levels to the significant components and other components of the Group. These are less than the overall Group materiality. How we developed the audit scope We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates. The Group's financial reporting process is dependent on its Information Technology (“IT”) systems. Our audit scope included testing the operating effectiveness of the controls over the integrity of key financial data processed through the IT systems that are relevant to financial reporting. In establishing the overall Group audit approach, we determined the extent of audit procedures that were needed to be performed across the Group by us or by other PwC network firms, operating under our instruction, who are familiar with the local laws and regulations in each respective territory, (the “component auditors”). Where the work was performed by component auditors, we determined the level of involvement we needed to have in the procedures to be able to conclude whether sufficient and appropriate audit evidence had been obtained as a basis for our opinion on the financial statements as a whole.
Page 42
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DBS GROUP HOLDINGS LTD (continued) Page 4 of 8 Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements for the year ended 31 December 2025. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter How our audit addressed the key audit matter Specific allowances for loans and advances to customers As at 31 December 2025, the specific allowances for loans and advances to customers of the Group was $2,324 million, the majority of which related to Institutional Banking Group (“IBG”) customers. Specific allowances refer to loss allowances for credit-impaired exposures (i.e. Stage 3, per SFRS (I) 9). Expected Credit Losses (“ECL”) on non- impaired exposures (i.e. Stage 1 and Stage 2) are set out under the ‘General allowances for credit losses’ key audit matter. We focused on this area because management assessment of impairment can be inherently subjective and involves significant judgement over both the timing and estimation of the size of such impairment. This includes: principal assumptions underlying the calculation of specific allowances for loans and advances to IBG customers where there is evidence of impairment losses (including future profitability of borrowers and expected realisable value of collateral held); and classification of loans and advances in line with MAS Notice 612 (“MAS 612”). (Refer also to Notes 3 and 18 to the financial statements.) We assessed the design and evaluated the operating effectiveness of key controls over the specific allowances for loans and advances. These controls included: oversight of credit risk by the Group Credit Risk Committee; timely management review of credit risk; watchlist identification and monitoring; timely identification of impairment events; classification of loans and advances in line with MAS 612; and collateral monitoring and valuation. We determined that we could rely on these controls for the purposes of our audit. We selected samples of loans and advances to IBG customers to assess whether the classification of the loans and advances was in line with MAS 612. Where there was evidence of an impairment loss, we evaluated whether it had been identified in a timely manner. For selected samples of loans and advances where impairment had been identified, our work included: considering the latest developments in relation to the borrower; examining the forecasts of future cash flows prepared by management, including key assumptions in relation to the amount and timing of recoveries; comparing the collateral valuation and other sources of repayment to check the calculation of the impairment against external evidence, where available, including independent valuation reports; challenging management’s assumptions; and testing the calculations.
Page 43
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DBS GROUP HOLDINGS LTD (continued) Page 5 of 8 Key audit matter How our audit addressed the key audit matter For selected samples of performing loans and advances to IBG customers which had not been identified by management as potentially impaired, we evaluated management’s assumptions on their classification, using external evidence where available in respect of the relevant borrower. Based on procedures performed, we assessed that the aggregate specific allowance for loans and advances is appropriate. General allowances for credit losses (Stage 1 and 2 Expected Credit Loss) SFRS(I) 9 Financial Instruments (“SFRS(I) 9”) requires an ECL impairment model which takes into account forward- looking information to reflect potential future economic events. In estimating ECL over future time periods, significant judgement is required. We focused on the Group’s measurement of general allowances on non-impaired exposures ($3,859 million). This covers both ‘Stage 1’ exposures (where there has not been a significant increase in credit risk), and ‘Stage 2’ exposures (where a significant increase in credit risk has been observed). The ECL framework implemented by the Group involves significant judgement and assumptions that relate to, amongst others: adjustments to the Group’s Basel credit models and parameters; use of forward-looking and macro- economic information; estimates for the expected lifetime of revolving credit facilities; assessment of significant increase in credit risk; and post-model adjustments to account for limitations in the ECL models. (Refer also to Notes 3 and 11 to the financial statements.) We critically assessed management’s assumptions and estimates relating to Stage 1 and Stage 2 ECL for retail and non-retail portfolios as at 31 December 2025. This included assessing refinements in methodologies made during the year, as well as to account for changes in risk outlook. We assessed the design and evaluated the operating effectiveness of key controls, focusing on: involvement of governance committees, in reviewing and approving certain forward-looking macroeconomic assumptions, including post-model adjustments; completeness and accuracy of external and internal data inputs into the ECL calculations; and accuracy and timeliness of allocation of exposures into Stage 1 and Stage 2 based on quantitative and qualitative triggers. We determined that we could rely on these controls for the purposes of our audit. The Group’s internal experts continue to perform independent model validation of selected aspects of the Group’s ECL methodologies and assumptions each year. We checked their results as part of our work. We also reviewed the ECL of selected credit portfolios to assess if the methodologies and estimates are appropriate. Through the course of our work, we assessed the rationale and calculation basis of post-model adjustments. We also assessed the reasonableness of certain forward-looking economic inputs, as well as the overall ECL output. Overall, we concluded that the Group’s ECL on non- impaired exposures is appropriate.
Page 44
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DBS GROUP HOLDINGS LTD (continued) Page 6 of 8 Key audit matter How our audit addressed the key audit matter Valuation of financial instruments held at fair value Financial instruments held by the Group at fair value include derivative assets and liabilities, trading securities, certain debt instruments and other assets and liabilities designated at fair value. We considered the valuation of Level 2 and Level 3 financial instruments to be a key audit matter given the financial significance to the Group, the nature of the underlying products and the estimation involved to determine fair value. As at 31 December 2025, the Group held financial assets and financial liabilities classified as Level 2 in the fair value hierarchy amounting to $105,823 million and $102,018 million respectively. Additionally, the Group held financial assets classified as Level 3 in the fair value hierarchy amounting to $1,329 million. In determining fair value, management also make adjustments to recognise credit risk, funding costs, bid-offer spreads and, in some cases, parameter and model risk limitations. This is broadly consistent with the banking industry, albeit the methodology to calculate some of these adjustments is continuing to evolve. (Refer also to Notes 3 and 40 to the financial statements.) We assessed the design and tested the operating effectiveness of the controls over the Group’s financial instruments valuation processes. These included the controls over: management’s testing and approval of new models and revalidation of existing models; the completeness and accuracy of pricing data inputs into valuation models; monitoring of collateral disputes; and governance mechanisms and monitoring over the valuation processes (including derivative valuation adjustments) by the Group Market and Liquidity Risk Committee and the Group Valuation Committee. We determined that we could rely on the controls for the purposes of our audit. In addition, we: engaged our own specialists to use their models and input sources to determine an independent estimate of fair value for a sample of the Group's Level 2 financial instruments. We compared these to the Group’s calculations of fair value to assess individual material valuation differences or systemic bias; assessed the reasonableness of methodologies used and assumptions made for a sample of financial instrument valuations with significant unobservable valuation inputs (Level 3 instruments); performed procedures on collateral disputes to identify possible indicators of inappropriate valuations; and performed tests of inputs and assessed the methodology over fair value adjustments, in light of available market data and industry trends. Overall, we considered that the valuation of Level 2 and Level 3 financial instruments was within a reasonable range of outcomes. Other Information Management is responsible for the other information. The other information comprises the Directors’ Statement (but does not include the financial statements and our auditor’s report thereon), which we obtained prior to the date of this auditor’s report, and the other sections of the annual report (“the Other Sections”) which are expected to be made available to us after that date. Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.
Page 45
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DBS GROUP HOLDINGS LTD (continued) Page 7 of 8 In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. When we read the Other Sections, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take appropriate actions in accordance with SSAs. Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I)s, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
Page 46
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DBS GROUP HOLDINGS LTD (continued) conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. • Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiary corporations incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act. The engagement partner on the audit resulting in this independent auditor's report is Yura Mahindroo. PricewaterhouseCoopers LLP Public Accountants and Chartered Accountants Singapore, 6 February 2026 Page 8 of 8