OUE Ltd booked a loss attributable to shareholders of S$279.1 million for the year ended 31 Dec 2025, narrowing 2.7 per cent year-on-year after the absence of a sizeable fair-value loss on the divested Lippo Plaza Shanghai and lower finance expenses.

Full-year revenue slipped 4.6 per cent to S$617.0 million. The board proposed a final tax-exempt dividend of 1.0 Singapore cent a share, bringing the FY2025 payout to 2.0 cents following an interim distribution of the same amount in September 2025.

Group adjusted earnings before interest and tax fell into a loss of S$15.1 million from a S$63.4 million profit a year earlier, hurt by wider losses from equity-accounted investees and softer contributions across all operating divisions. Net gearing stood at 53.8 per cent at end-December, with management saying liquidity remains sufficient for debt servicing and operations.

Real Estate revenue declined 7.7 per cent to S$412.4 million, weighed by the absence of Lippo Plaza Shanghai and a softer hospitality showing after the prior year’s concert-driven tourism boost. Healthcare revenue edged up 0.3 per cent to S$152.7 million on stronger specialist clinic volumes and the consolidation of a cardiopulmonary physiotherapy business, offset by a discontinued PRC pharmaceutical unit and currency weakness at First REIT. The Others segment, comprising food-and-beverage operations, posted a 9.8 per cent rise to S$52.0 million on new dining outlets.

The wider S$230.0 million share of loss from equity-accounted investees reflected additional stake purchases and impairments at Hong Kong-listed Gemdale Properties and Investment, which has been affected by the prolonged slowdown in China’s property market.

During the year the group advanced several strategic projects. These include breaking ground on Singapore’s first zero-energy Hotel Indigo Changi Airport via a S$130 million green loan, refinancing OUE Bayfront with a S$600 million green facility, and OUE REIT’s A$195.5 million entry into Sydney’s Salesforce Tower. In healthcare, OUE lifted its stake in OUE Healthcare to 89.68 per cent and saw progress at hospitals in Shenzhen, Wuxi and Changshu, while First REIT divested a non-core Indonesian hotel asset to recycle capital.

Management did not provide numerical guidance but said the initiatives align with its “asset-right” and capital-efficient strategy aimed at strengthening recurring income streams and diversifying geographically and sectorally amid an uncertain macroeconomic environment.