Half-year Results

Aseana Properties Limited (LSE: ASPL), a property developer with investments in Malaysia listed on the Main Market of the London Stock Exchange, announces its unaudited half-year results for the six-month period ended 30 June 2025.

Operational and Strategic highlights:

• The RuMa Hotel has achieved c.72% occupancy in the first six months of 2025 ("H1 2025"), +7% up on prior year whilst average daily room rate is in-line with the prior year. Reported Revenue Per Available Room ("RevPar") for the first half of 2025 is +10% up on prior year.
• The Harbour Mall Sandakan occupancy in H1 2025 was in-line with the prior year at 93%. Total mall revenue is +2% up on the prior year.
• On 24 February 2025, a shareholder resolution was passed at the Company's General Meeting, approving the issuance of 68,190,000 new Ordinary shares at US$0.08 per share to a strategic investor Neuchatel Investment Holdings Limited ("Neuchatel"), which raised gross proceeds of US$5.4 million for the Group and RM24 million (c.US$5.4 million) was used to partially repay the defaulted Sandakan loan in March 2025.
• On 17 March 2025, the Company disposed of 13,334,000 Ordinary shares held in treasury at US$0.08 per share to Mr. Ong Vincent, a new investor, raising gross proceeds of US$1.1m for the Group with the funds being utilised as further working capital and to repay certain bank facilities.
• On 24 June 2025, the Group announced that it had secured a facility of up to RM45.2 million from AmBank (M) Berhad, which will be utilised to settle the remaining outstanding sum of the defaulted Sandakan loan in full and to partially fund the re-opening of the Sandakan Hotel as well as for general working capital purposes. The outstanding sum of the Sandakan loan has been settled in full as announced on 4 July 2025 and the Receivers & Managers have been formally discharged as announced on 7 August 2025.
• During H1 2025, the Group completed the sale and purchase agreements for thirty (30) units of The RuMa Residences, generating a gross consideration of RM46.6 million (approximately US$10.7 million). In addition, sale and purchase agreements for the sale of eighteen (18) more units at The RuMa Residences are expected to complete by the end of December 2025, with a gross consideration of RM24.7 million (approximately US$5.9 million) which would be used towards redeeming the Potensi Angkasa Commercial Paper and/or Medium Term Note ("PASB MTN").

Financial highlights:

• Other income of US$8.2 million (H1 2024: US$7.0 million).
• Operating profit of US$3.4 million reported (H1 2024: US$2.8 million loss) which includes a foreign exchange gain of US$7.5 million due to the appreciation of the Malaysian Ringgit, in which all of the Group's assets were denominated in. Should the unrealized foreign exchange gain be excluded, the Group reported operating loss of US$4.1 million.
• Profit after tax of US$2.5 million (H1 2024: US$4.6 million loss), however, excluding the foreign exchange gain as mentioned above, the loss after tax would be US$4.9 million.
• Total comprehensive loss of US$2.5 million (H1 2024: US$2.7 million loss).
• Net asset value of US$45.7 million (31 December 2024 (audited): US$41.7 million) or US$0.21 per share (31 December 2024 (audited): US$0.24 per share).

Commenting on the results, Lim Tian Huat, Chairman of Aseana, said:

"The first half results of 2025 reflect the early outcome of the Group's implementation of its business priorities of preserving its limited cash balances, safeguarding ownership of the remaining assets to prevent destruction of value from distressed force sale activities and critically raising funds and bank refinancing to elevate the Group from its financial distress position. US$6.5 million of new funds have been raised to partially settle outstanding loans and therefore reducing financing costs incurred. The Group also expedited completion of the past sale and purchase agreements of the RuMa Residences units, further lowering its debts which were paying exorbitant interest rates. One of the Group's bank refinancing exercises was secured before the close of the half year period, with draw down on 4 July 2025. This new facility is more favourable in financing terms than the previous facility, including at a significantly lower interest rate (below 6% per annum vs. previous loans >10% per annum) and with up to 10 years of repayment period from the date of first drawdown (inclusive of 12 months grace period). However, the Group has other PASB MTN tranches that will be due in the coming months between October to December 2025 which the Management is addressing the repayment profiles that are very short term in nature and needs to be refinanced. The Management is also very focused on restarting the operations on its Sandakan Hotel asset, which has presented itself with costs overruns, details of which are further outlined in the section below. All in all, the Group continues to work towards improving operational performance of its assets and remains focused on restructuring the Group's debt profile, and there are still significant amounts of work to be done ahead."

The Directors hereby submit their report on the results of Aseana Properties Limited and its Group of companies for the six months ended 30 June 2025.

Interim Results for the Half Year ended 30 June 2025

For the six months ended 30 June 2025, the Group recorded an unaudited operating revenue of US$9.6 million (H1 2024: US$7.0 million), driven by higher revenue from The RuMa Hotel and Residences, including completion of the sale of thirty (30) The RuMa Residence units. Operating performance turned profitable with an operating profit of US$3.4 million generated (H1 2024: US$2.8 million losses), driven by the reported foreign exchange gain of US$7.5 million due to strong appreciation of Malaysian Ringgit against reporting currency of US Dollars. Operating performance excluding the foreign exchange differences is down on the prior year driven largely by the higher costs accrued in relation to the upcoming re-opening of the Sandakan Hotel as well as provision for certain costs that management consider highly likely to be incurred, but partially off-set by the completion of The RuMa Residence units sale & purchase agreements, improved operating performances of The RuMa Hotel and Harbour Mall in Sandakan. Net financing costs have decreased to US$0.9 million (H1 2024: US$1.8 million) due to partial settlement of the Sandakan loan amounted to c.US$5.5 million. Net profit for the period reported at US$2.5 million (H1 2024: US$4.6 million losses).

The Group's unaudited net asset value as at 30 June 2025 stood at US$45.7 million (31 December 2024 (audited): US$41.7 million) due to new equity raised and profit earned during the first half period of 2025. This translates to 21 US cents per voting share (31 December 2024 (audited): 24 US cents).

Our Business Focus and Recent Property Divestments

The business focus for the Group is still preserving cash balances, safeguarding ownership of the remaining assets to prevent destruction of value from distressed force sale activities and critically raising funds and bank refinancing to elevate the Group from its current financial distress position. Asset divestment remains a strategic option to the Board, but in a measured manner so as not to compromise shareholder value.

In January 2025, the Company entered into a conditional subscription agreement (the "Subscription Agreement") with Neuchatel Investment Holdings Limited ("Neuchatel") for the subscription of new ordinary shares of US$0.05 each in the Company (the "Subscription Shares"). Under the Subscription Agreement, Neuchatel subscribed for such number of Subscription Shares in the Company constituting up to 29.9% of the Company's enlarged issued share capital at a subscription price of US$0.08 per Subscription Share (the "Issue Price" together the "Subscription"). The circular in relation to the Subscription was published in the latter stages of January 2025 and a general meeting was held in late February 2025, during which shareholders approved the issue and allotment of 68,190,000 ordinary shares to Neuchatel.

The gross proceeds of US$5.4 million were predominantly allocated to partially settling the outstanding Medium Term Notes issued by the Company's indirect subsidiary, Silver Sparrow Bhd (collectively the "SSB MTN" or "Sandakan loan"), on 4 March 2025. As at the reporting date, approximately RM24.0 million (c.US$5.4 million) had been applied towards the SSB MTN, reducing the SSB MTN principal balance as at 30 June 2025 to approximately RM38.0 million (c.US$9.1 million).

In March 2025, the Company entered into an agreement to raise approximately US$1.1 million (before expenses) by way of a private placement of 13,334,000 existing ordinary shares of US$0.05 each in the capital of the Company currently held in treasury by the Company (the "Treasury Shares") at a price of US$0.08 per share (the "Treasury Share Placement"). The Treasury Shares represented 5.5 per cent of the enlarged issued share capital of the Company after the Subscription and following completion of the Treasury Share Placement, the Company no longer holds any shares in treasury.

The gross proceeds of US$1.1 million were primarily allocated towards the debt refinancing exercise and to also fund the associated transaction fees.

In February, March, April and June, 19 tranches of the PASB MTN with principal amount of RM37.1 million (c.US$8.8 million), secured by charges over The RuMa Hotel and Residences which have their maturity dates falling due in February, March, April and June 2025 respectively, have successfully secured an 180-day maturity dates extension from the noteholders and trustee. However, these PASB MTN will due in the coming months between October to December 2025 which the Management is addressing the repayment profiles that are very short term in nature and needs to be refinanced.

The Group has sold a total of eighteen units of the unsold RuMa Residences for total gross proceeds of RM24.7 million (approximately US$5.9 million), with the sale of the units expected to complete by the end of December 2025, with the funds being put towards redeeming the PASB MTN.

The Group continues to work on improving the performances of its operating assets and seeks to re-open the Sandakan Hotel by the end of 2025 or early 2026. Nevertheless, costs of re-opening the Sandakan Hotel (includes rectify defects, undertake major servicing of mechanical, electrical, and plant equipment, replace obsolete interior design elements and equipment, carry out necessary renovations to refresh the property, and replace furniture, fixtures, operating equipment, and supplies) are significantly higher (at c.US$5 million) than initially anticipated (c.US$1.5 million) due to the lapse of approximately five years since the hotel was shut down in mid-2020, which has taken a toll on the condition of the hotel compared to original expectations.

At the Annual General Meeting on 30 May 2025, Lim Tian Huat, Dato Dr Kok Cheong Thong and Leong Kheng Cheong who had retired by rotation were re-elected as Directors.

Acknowledgements

I would like to take this opportunity to thank my colleagues on the Board and throughout our Group and our external advisers, bankers and service providers for their tireless efforts on behalf of the Group and its Shareholders.

Thank you.

LIM TIAN HUAT

Chairman

PROPERTY PORTFOLIO AS AT 30 JUNE 2025

Other comprehensive income/(loss), net of tax

Items that are or may be reclassified subsequently to profit or loss

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2025 - UNAUDITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONT'D)

FOR THE SIX MONTHS ENDED 30 JUNE 2024 - UNAUDITED

• Included in short term bank deposits and cash and bank balance is US$1,089,782 (31 December 2024: US$2,141,000; 30 June 2024: US$2,333,000) pledged for loans and borrowings and Medium Term Notes of the Group.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2025

1 GENERAL INFORMATION

The principal activities of the Group were the development of upscale residential and hospitality projects in Malaysia. The Group's immediate focus is to resolve the debt situation, particularly with the SSB MTN being in default. The Group is also focused on carrying out its divestment program for certain Malaysian assets, to repay its debts.

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION

The interim condensed consolidated financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2024 which have been prepared in accordance with IFRS.

Taxes on income in the interim period are accrued using the tax rate that would be applicable to expected total annual earnings.

The interim results have not been audited nor reviewed and do not constitute statutory financial statements.

The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.

The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2024 as described in those annual financial statements.

The interim report and financial statements were approved by the Board of Directors on 30 September 2025.

3 SEGMENTAL INFORMATION

Segmental information represents the level at which financial information is reported to the Board of Directors, being the chief operating decision makers as defined in IFRS 8. The Directors determine the operating segments based on reports reviewed and used by their staff for strategic decision making and resource allocations. For management purposes, the Group is organised into project units.

The Group's reportable operating segments are as follows:

• Investment Holding Companies - investing activities;
• Ireka Land Sdn. Bhd. - developed Tiffani ("Tiffani") by i-ZEN;
• Amatir Resources Sdn. Bhd. - developed SENI Mont' Kiara ("SENI"); and
• Urban DNA Sdn Bhd, - developed The RuMa Hotel and Residences ("The RuMa").

Information regarding the operations of each reportable segment is included below. The Board of Directors monitors the operating results of each segment for the purpose of performance assessments and making decisions on resource allocation. Performance is based on segment gross profit/(loss) and profit/(loss) before taxation, which the Directors believes are the most relevant in evaluating the results relative to other entities in the industry. Segment assets and liabilities are presented inclusive of inter-segment balances and inter-segment pricing is determined on an arm's length basis.

The Group's revenue generating development projects are in Malaysia.

3 SEGMENTAL INFORMATION (CONT'D)

Operating Segments ended 30 June 2025 - Unaudited

3 SEGMENTAL INFORMATION (CONT'D)

Operating Segments - Year ended 31 December 2024 - Audited

3 SEGMENTAL INFORMATION (CONT'D)

Geographical Information - six months ended 30 June 2025 - Unaudited

Geographical Information - six months ended 30 June 2024 - Unaudited

Geographical Information - year ended 31 December 2024 - Audited

In the financial period/year ended 30 June 2025; 30 June 2024; 31 December 2024, no single customer exceeded 10% of the Group's total revenue.

4 SEASONALITY

The Group's business operations were not materially affected by seasonal factors for the period under review.

5 COST OF SALES

7 Taxation (Cont'd)

The numerical reconciliation between the income tax expense and the product of accounting results multiplied by the applicable tax rate is computed as follows:

The applicable corporate tax rate in Malaysia is 24%.

The Company is treated as a tax resident of Jersey for the purpose of Jersey tax laws and is subject to a tax rate of 0%.

8 PROFIT/(LOSS) PER SHARE

Basic and diluted profit/(loss) per ordinary share

The calculation of basic and diluted loss per ordinary share for the period/year ended was based on the profit/(loss) attributable to equity holders of the parent and a weighted average number of ordinary shares outstanding, calculated as below:

The effective interest rates on the bank loans and finance lease arrangement for the period is 13.3% (30 June 2024: 12%; 31 December 2024: 13.3%) per annum respectively.

Borrowings are denominated in Malaysian Ringgit.

Borrowings are secured by land held for property development, operating assets of the Group, pledged deposits and some are secured by the corporate guarantee of the Company.

Reconciliation of movement of loans and borrowings to cash flows arising from financing activities:

* Nil net transaction costs in relation to medium term notes due within twelve months. (30 June 2024: Nil; 31 December 2024: Nil)

Reconciliation of movement of medium term notes to cash flows arising from financing activities:

Notes issued by Silver Sparrow Berhad

Following the completion of the sale of the AKLS by the Group in 2016, the net adjusted price value for the sale of AKLS, which included the sale of the entire issued share capital of ASPL M3B Limited and Iringan Flora Sdn. Bhd. (the "Aloft Companies") were used to redeem the MTN Series 2 and Series 3. Following the completion of the disposal of AKLS, US$96.25 million (RM394.0 million) of MTN associated with the AKLS (Series 3) and the former Four Points Sheraton Sandakan (Series 2) were repaid on 19 August 2016. The charge in relation to AKLS was also discharged following the completion of the disposal.

The Group completed the "roll-over" for the remaining MTNs of US$24.43 million which was due on 10 December 2020, 2021.

A repayment of US$8.89 million (RM39.0 million) was made on 7 April 2022. Subsequently, the remaining MTNs were further "rolled over" and were repayable on 8 December 2023, but they remain outstanding.

The MTNs matured on 8 December 2023 however due to the non-completion of the sale of the Sandakan assets, an event of default occurred as evidenced by the receipt of a Notice of Default received from the facility agent.

On 5 November 2024 vide a Debenture from SSB and ICSD Ventures Sdn Bhd ("ICSD") giving MIBB a fixed and floating charge over the present and future assets and properties of SSB and ICSD, KPMG Corporate Restructuring PLT was appointed as Receivers and Managers (the "R&M") to ICSD.

On 24 February 2025, shareholders approved a fundraising by issuance of 68,190,000 new ordinary shares at an issue price of US$0.08 each to Neuchatel. The subscription amount of US$5.4 million was received on 27 February 2025 and predominantly all of such proceeds were applied to partially settle the outstanding SSB MTN. As at 30 June 2025, the defaulted SSB MTN principal balance has been reduced from c.RM61 million to c.RM38 million or c.US$9.1 million (31 December 2024 (audited): US$13.6 million).

Notes issued by Potensi Angkasa Sdn. Bhd

Potensi Angkasa Sdn Bhd ("PASB"), an indirect subsidiary incorporated on 25 February 2019, has secured a commercial paper and/or medium term notes programme of not exceeding US$19.07 mil (RM90.0 million) ("CP/MTN Programme") to fund a project known as The RuMa Hotel and Residences. PASB may, from time to time, issue commercial paper and/or medium term notes (the "PASB Notes" or "Notes") whereby the nominal value of outstanding Notes shall not exceed US$19.07 million (RM90.0 million) at any one time.

The effective interest rates of the medium-term notes and their outstanding principal amounts were as follows:

8,807

Security for CP/MTN Programme

• In respect of the 75% of the sale proceeds of a Secured Asset ("Net Sale Proceeds") arising from the disposal of a Secured Asset, the Noteholders of the relevant Tranche secured by such Secured Asset shall have the first ranking security over such Net Sale Proceeds;
• In respect of the insurance proceeds from the Secured Assets ("Insurance Proceeds"), the Noteholders of the relevant Tranche secured by such Secured Asset shall have the first ranking security over such Insurance Proceeds;
• In respect of the sale deposits from the Secured Assets ("Sale Deposits"), the Noteholders of the relevant Tranche secured by such Secured Asset shall have the first ranking security over such Sale Deposits;
• In respect of the amount at least equivalent to an amount payable in respect of any coupon payment of that particular Tranche for the next six (6) months to be maintained by the Issuer ("Issuer's DSRA Minimum Required Balance"), the Noteholders of the relevant Tranche shall have the first ranking security over such Issuer's DSRA Minimum Required Balance;
• In respect of the proceeds from the Collection Account ("CA Proceeds"), the Noteholders of the relevant Tranche shall have the first ranking security over such CA Proceeds; and
• In respect of any amount deposited by the Guarantor which are earmarked for the purposes of an early redemption of a particular Tranche of the Notes and/or principal payment of a particular Tranche of the Notes ("Deposited Amount"), the Noteholders of the relevant Tranche shall have the first ranking security over such Deposited Amount;
• An irrevocable and unconditional guarantee provided by the Urban DNA Sdn Bhd for all payments due and payable under the CP/MTN Programme (the "Guarantee"); and
• Any other security deemed appropriate and mutually agreed between the PASB and the Principal Adviser/Lead Arranger (the "PA/LA"), the latter being Kenanga Investment Bank Berhad.

Security for each medium term note:

The security for each Tranche is referred to as "Tranche Security".

11 RELATED PARTY TRANSACTIONS

Related party transactions refer to transactions between the Group and its related parties, such as its substantial shareholders and/or key management personnel(s), who is/(are) defined as those persons having authority and responsibility for planning, directing and controlling the activities of the Group either directly or indirectly. The key management personnel include all the Directors of the Group, and certain members of senior management of the Group.

The outstanding amounts due to the other significant related parties as at 30 June 2025, 30 June 2024 and 31 December 2024 are as follows:

Transactions between the parent company and its subsidiaries are eliminated in these consolidated financial statements.

12 EVENTS AFTER STATEMENT OF FINANCIAL POSITION DATE

Refinancing of the Defaulted SSB MTN

On 24 June 2025, the Group announced that it had secured a facility of up to RM45.2 million (c.US$10.7 million) from AmBank (M) Berhad, which will be utilized to settle the remaining outstanding sum of the defaulted SSB MTN in full and to partially fund the re-opening of the Sandakan Hotel as well as for general working capital purposes.

The outstanding sum of the SSB MTN has been settled in full as announced on 4 July 2025 and the Receivers & Managers were formally discharged as announced on 7 August 2025.

Potensi Angkasa ("PASB") Commercial Paper and/or MTN (collectively the "PASB MTN")

19 tranches of the PASB MTN with principal amount of RM37.1 million (c.US$8.8 million), secured by charges over The RuMa Residences or Hotel units which have their maturity dates falling due in February, March, April and June 2025 respectively, have successfully secured an 180-day maturity dates extension from the noteholders and trustee. These extended PASB MTN will due in the coming months between October to December 2025 which the Management is addressing the repayment profiles that are very short term in nature and needs to be refinanced.

Sale of The RuMa Residences Units

Up to 30 September 2025, the Group made further progress in the sale of The RuMa Residences with Sale and Purchase Agreements for eighteen (18) more units are expected to be completed by the end of December 2025, for a gross consideration of RM24.7 million (approximately US$5.9 million), which would be used towards redeeming the PASB MTN.

13 DIVIDENDS

The Company has not paid or declared any dividends during the financial period ended 30 June 2025.

14 INTERIM STATEMENT

Copies of the annual report will be available on the Company's website at and from the Company's registered office, Osprey House, Old Street, St. Helier, Jersey, JE2 3RG, Channel Islands

PRINCIPAL RISKS AND UNCERTAINTIES

• Economic
• Strategic
• Regulatory
• Law and regulations
• Tax regimes
• Management and control
• Operational
• Financial
• Liquidity
• Refinancing
• Human Resources

For greater detail, please refer to page 19 of the Company's Annual Report for 2024, a copy of which is available on the Company's website www.aseanaproperties.com.

On behalf of the Board

LIM TIAN HUAT

Chairman