First Sponsor Group Limited slipped into a net loss attributable to shareholders of S$78.76 million for the year ended 31 Dec 2025, reversing a profit of S$93.02 million a year earlier, after incurring sizeable mark-to-market losses on foreign-exchange hedges and non-cash impairments on mainland China projects and investment properties.
Revenue fell 8.1 year-on-year to S$291.71 million. The board has proposed a final tax-exempt cash dividend of 3.69 Singapore cents per share; together with the interim payout, the total FY2025 dividend would be 4.79 cents, 3 per cent higher than the prior year.
Recurring net operating income from the European property-holding portfolio inched up 1.2 per cent to €53.3 million. Within that, second-half income rose 4.6 per cent to €28.6 million, buoyed by firmer office and hotel contributions that offset disruption from the refurbishment of Le Méridien Frankfurt.
The bottom line was dragged by S$76.1 million of realised and unrealised losses on euro-denominated currency derivatives as the single currency appreciated sharply against the Singapore dollar. A further S$23.0 million of impairment and fair-value charges on PRC development projects and investment properties also weighed on results. Excluding these items, adjusted net profit would have been about S$20.3 million for FY2025, the company said.
Management is focusing on expanding recurring income streams. The Puccini Hotel Milan, under Hilton’s Tapestry Collection, commenced operations on 30 Jan 2026, while the Prins Hendrikkade Amsterdam redevelopment and the twin Live and Drive towers in Amsterdam are slated to complete later this year. In February 2026 the group lifted its stake in Allianz Tower Rotterdam to 50 per cent, valuing the fully paid-off leasehold office at €63.8 million. It also increased its interest in Dutch commercial landlord NSI N.V. to about 30 per cent.
Chief executive officer Neo Teck Pheng noted that derivative losses were largely offset by favourable translation gains in reserves, preserving shareholder equity. He added that construction on most mainland projects is substantially finished, limiting cash-flow pressure despite muted pre-sales. With total cash and undrawn committed facilities exceeding S$520 million and a net gearing ratio of 0.56 times at end-December, the group believes it remains well positioned to weather market volatility and seize new opportunities.