Condensed Interim Financial Statements and Dividend Announcement for the six months and full year ended 31 December 2025

Condensed interim consolidated statement of profit or loss and other comprehensive income

Condensed interim statements of financial position

Group Financial Performance

The Group's income is primarily derived from the realisation and/or revaluation of its investments and fee income.

During the financial year ended 31 December 2025, the Group reported total comprehensive income of S$9.94 million mainly attributed to:

(i) Fair value gain on debt investment at FVTPL of S$8.1 million;
(ii) Fair value gain on equity investments at FVTPL of S$5.64 million; and
(iii) Other operating income of S$4.41 million.

The gains were offset partially by:

(iv) Operating expenses of S$7.66 million.

Net Asset Value ("NAV")

The Group's NAV as at 31 December 2025 was S$144.02 million (representing a NAV of S$0.60 per share), an increase of S$7.52 million from the NAV of S$136.5 million (S$0.56 per share) as at 31 December 2024.

The increase in the Group's NAV of S$7.52 million was primarily due to fair value gain on debt investment at FVTPL of S$8.1 million and fair value gain of S$5.64 million on equity investments at FVTPL. The increase was partially offset by net operating expenses of S$3.25 million and a dividend payment of S$2.42 million for the financial year ended 31 December 2024.

Commentary

Private equity deals and exits showed clear signs of a sustained recovery in 2025. Following a challenging period, the industry entered 2026 with renewed momentum, marked by an increase in global deal value and a recovery in exits. This was supported by a stabilisation in the cost of capital, which helped buyers and sellers realign on pricing expectations and restore confidence in underwriting. Improved valuation clarity has increased sponsors' willingness to transact, while exit momentum has begun to reassert itself, allowing long-deferred liquidity plans to move forward. At the same time, the broader macroeconomic backdrop is becoming incrementally more supportive, with easing inflation across major economies and resilient labour markets in both developed and emerging regions, presenting opportunities for forward-looking growth.

Across Asia Pacific, private equity activity remains shaped by country-specific dynamics. Japan remains a focus for inbound investment as corporate reforms drive the divestment of non-core assets, while India’s buoyant IPO market, supported by domestic capital pools, has provided a more constructive exit environment. Private equity activity in China remains selective, led largely by domestic and pan-regional investors amid early signs of stabilisation in exit conditions.

Within Southeast Asia, private equity deal activity moderated sharply in 2025, reflecting a more cautious investment environment. The outlook for 2026 is expected to be characterised by cautious optimism, with activity expected to be driven by a strategic pivot towards technology and AI-driven innovation. Yet, heightened regulatory and foreign investment scrutiny are increasing deal complexity and influencing transaction timelines. As exit conditions remain uneven, secondary buyouts and continuation structures are increasingly utilised as flexible exit options. Firms with strong local market expertise and global industry experience are expected to be better positioned to capture emerging opportunities.

Against this backdrop, TIH remains disciplined and measured in identifying and pursuing investment opportunities. Anchored by a long-term investment horizon and supported by its strong regional networks across Southeast Asia and Greater China, the Group continues to evaluate strategic opportunities where value can be created through disciplined execution. TIH continues to focus on transactions in restructuring, mergers and acquisitions, turnarounds or special situations to unlock value, while maintaining a prudent approach to risk and capital deployment.

TIH's Investment Business segment is underpinned by its strong track record in restructuring, M&A and strategic transactions. Meanwhile the Fund Management segment, operated through TIH Investment Management Pte. Ltd. ("TIHIM"), continues to grow its base of recurring fee income and strengthen its platform of third-party funds across credit, public equity and alternative strategies. With a Capital Markets Services License from the Monetary Authority of Singapore ("MAS"), TIHIM has established a strong reputation and track record of managing third party investment funds.