Chairman & CEO Message

It is with great pleasure that we present to you our annual report for the financial year ended 31 December 2025, highlighting another year of steady progress and disciplined growth for our Group. As we reflect on the achievements of the past year, we are proud to share our continued journey of value creation while strengthening the ONE°15 brand across our portfolio.

Our financial performance in FY2025 reflects the resilience of our business and our ability to navigate a dynamic operating environment. Revenue increased to S$39.9 million, while profit attributable to owners remained stable at S$8.4 million, supported by disciplined cost management and a continued focus on long-term growth. The Group also maintained a strong financial position, with the equity attributable to owners of the Company increasing to S$73.8 million and a healthy liquidity base of S$34.1 million in cash and cash equivalents and S$35.4 million in other financial assets, providing a firm foundation to support our future expansion plans.

Our shareholders will also be pleased to see continued stability in key financial metrics. Basic earnings per share stood at 9.42 Singapore cents, and the Board has proposed a final dividend of 5 cents per ordinary share, reinforcing our commitment to delivering sustainable returns to shareholders.

Operational discipline remained a key focus during the year. Through prudent cost management and careful allocation of resources, we maintained efficiency while continuing to enhance our operations and invest in opportunities that strengthen the Group’s long-term growth trajectory.

In 2025, the Group continued to strengthen its core operations at ONE°15 Marina Sentosa Cove, delivering steady performance across marina, hospitality and lifestyle segments under SUTL Enterprise. The marina maintained healthy occupancy levels and remained a key hub for superyacht and cruising activities in the region. The Group also hosted the Singapore Yachting Festival, held from 10 - 13 April 2025 at ONE°15 Marina Sentosa Cove, which marked its strongest edition yet with a 28% rise in participating brands and over 20 debuts at the Exhibition Pavilion zone. The festival featured leading yacht builders from around the world, showcasing the latest advances in yacht design, technology, and sustainable solutions. Showcasing 70 yachts - including 10 premieres and 15 superyachts - attendance topped 12,080, reinforcing Singapore’s position as Asia’s top yachting hub.

In addition, the Group hosted the Southeast Asia Yachting Conference (SEAYC) from 8 - 9 April 2025 at ONE°15 Marina Sentosa Cove, convening a distinguished assembly of international industry leaders, policymakers, developers and yacht manufacturers to exchange insights on market dynamics, infrastructure development, regulatory alignment and the future of yachting in the region. The conference not only provided a platform for dialogue, but also reinforced the Group’s role in shaping the regional yachting ecosystem, with discussions underscoring Southeast Asia’s strong growth potential and the need for coordinated marina development, progressive regulations and deeper cross-border collaboration to unlock this opportunity.

Member engagement remained active during the year through initiatives such as ON SAIL programmes, regattas, and curated lifestyle events including dining experiences and workshops. Enhancements to the Club’s facilities included the refurbishment of Latitude Restaurant & Terrace, as well as the introduction of the new ONE Fitness Centre, which features an upgraded gym, dedicated fitness studio and recovery room, all designed to elevate the overall member experience.

The year 2025 has also been marked by important strategic milestones that will further strengthen the Group’s position in the marina development and management sector. During the year, the Group entered into a put and call option agreement to acquire the Marina at Keppel Bay, representing a significant step in expanding its presence in Singapore’s premier yachting destination.

The Marina at Keppel Bay is a well-established berthing facility for luxury yachts, comprising 166 berths, including superyacht berthing capabilities for vessels of up to 280 feet. The property has a gross floor area of approximately 2,973 sq. m., of which around 1,290 sq. m. is dedicated to retail space currently leased to food and beverage and education providers.

In addition, we continued progressing with our regional marina expansion initiatives. Our subsidiary has begun preparations for operations at ONE°15 Marina Desaru Coast, Malaysia, while developments relating to ONE°15 Marina Panwa Phuket, Thailand have advanced. In Q1 FY2026, our Thailand partner successfully completed the Environmental Impact Assessment for the project, clearing a key condition precedent for the Group’s acquisition.

Looking ahead, these initiatives are expected to significantly increase the scale of our marina network. Upon completion of the acquisitions and developments currently underway, the Group anticipates doubling the number of berths within our portfolio, further reinforcing our leadership position in the regional marina industry.

Looking ahead to 2026 and beyond, we remain focused on strategically capturing opportunities within the rapidly growing yachting and marina tourism markets in Asia Pacific. By expanding our portfolio of marinas and strengthening our management capabilities, we are confident in our ability to deliver sustainable growth and long-term value for our shareholders.

In closing, we extend our heartfelt appreciation to our Board of Directors, management team, staff, club members, business partners, and you, our valued shareholders, for your unwavering support and confidence. Your trust motivates us to continue delivering excellence in all our endeavours.

Thank you for being an integral part of our journey. We look forward to sharing more successes with you in the years to come.