Consumption_Elect Average consumption of Electricity (kWh) Premises Types Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 HDB 1-Room 149 140 151 148 139 142 128 127 121 119 128 136 HDB 2-Room 195 183 198 192 183 186 166 168 161 156 169 181 HDB 3-Room 277 264 283 277 266 266 243 238 231 231 250 265 HDB 4-Room 383 360 385 381 363 365 338 327 320 309 341 363 HDB 5-Room 448 416 447 446 427 429 397 379 374 359 399 425 HDB Executive 544 515 546 548 520 523 481 462 458 445 495 522 Apartment 543 500 513 539 523 519 486 446 419 417 476 516 Terrace 872 838 847 885 851 851 785 747 744 714 775 823 Semi-Detached 1,170 1,128 1,126 1,168 1,137 1,141 1,056 1,000 974 960 1,031 1,080 Bungalow 2,266 2,220 2,121 2,347 2,192 2,190 2,012 2,004 1,872 1,904 2,016 2,154 Note: The figures exclude electricity consumption for PAYU customers and customers who are not purchasing electricity at the regulated tariff.

Media Release Advisory: COVID-19: Gradual Resumption of Utilities Meter Readings Singapore, 2 June 2020 – SP Group is gradually resuming the manual reading of utilities meters from 2 June, in line with the easing of circuit breaker measures outlined by the Singapore government. Our meter readers will be visiting your premises to check your electricity, water and gas meters to record your monthly utilities consumption except for the following scenarios: — If you are opening a utilities account for premises with existing electricity, water or gas supply, the opening meter readings will be estimated. To avoid being billed on estimated consumption, please submit photos of the meter readings (clearly reflecting the meter reading and meter number) up to 3 days before or after your account opening date via email to mimoreading@spgroup.com.sg. — If you are closing a utilities account and/or have received a Takeover Notification, your final utilities bill will be estimated. To avoid being billed on estimated consumption, please submit photos of the meter readings up to 3 days before or after your account closing date via email to mimoreading@spgroup.com.sg. SP Group continues to provide essential services such as operating the national power grid and delivering electricity and gas supply to you. Our officers are on standby 24/7 to attend to any electricity/gas supply disruption. -Ends- About SP Group SP Group is a leading energy utilities group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and district cooling businesses in Singapore and China. SP Group is committed to providing customers with reliable and efficient energy utilities services. About 1.6 million industrial, commercial and residential customers in Singapore benefit from SP Group’s world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. SP Group also drives digital solutions to empower customers to manage their utilities, reduce consumption and save cost. For more information, please visit spgroup.com.sg or for follow us on Facebook at fb.com/SPGroupSG and on Twitter @SPGroupSG.

Media Release Singapore Power Charity Golf Raised $363,800 For Needy Elderly $7 million channelled to Home Help Service through SP Heartware Fund Singapore, 27 August 2013 - As if being encumbered with the triple chronic dread disease of hypertension, hypolipidemia (high cholesterol) and diabetes is not enough, Madam Chin Fee Fee also suffers from spinal stenosis – a narrowing of the open spaces within her spine, which renders her almost immobile. Yet the 78-year-old, who lives alone, remains upbeat, thanks to a group of volunteers who deliver hot meals to her home everyday and ferry her to and from her home to her medical appointments. Madam Chin is a beneficiary of Dorcas Home Care Service - supported by the Singapore Power (SP) Heartware Fund. The Fund is dedicated to supporting Community Chest’s Home Help Service programmes, which help the needy elderly in our community age with hope and dignity by delivering critical care services to them in their homes. The SP Heartware Fund received a boost when Singapore Power, together with its business associates, raised more than $363,800 in support of the Singapore Power Charity Golf 2013 which will be held at the Singapore Island Country Club on Friday, 30 August 2013. The SP Charity Golf is Singapore Power’s key community outreach event for the year. All donations from the event are channelled to the SP Heartware Fund. Since the launch of the SP Heartware Fund in October 2005, Singapore Power has raised more than $7 million for Community Chest in support of seven Home Help Service programmes. Needy seniors who live alone and are unable to cater to their basic needs are the main beneficiaries of the programme which include daily meal deliveries, assistance with personal hygiene and laundry, and transport to medical appointments. The needy elderly remain the focus of Singapore Power’s community outreach endeavours in view of Singapore’s ageing demography. By 2030, it is projected that there will be 117,000 seniors who are semi-ambulant or non-ambulant, i.e. more than 2.5 times that of today1. A culture of giving and sharing is taking root at Singapore Power. Beyond collaborating with its partners to raise funds through events like the Charity Golf, Singapore Power also encourages its staff to do their part in reaching out to the community through various community outreach initiatives. One of these is the recently launched Nature Cares programme where Singapore Power staff took time off from work and spent quality time bonding with the residents of St John’s Home for Elderly Persons and students of Cedar Primary School, over nature-related activities such as making bottled gardens and visits to parks. These activities give much boost to the morale and emotional well-being of the elderly beneficiaries. Staff have also been involved in other charitable initiatives such as the JP Morgan Run, in aid of Operation Smile, which provides free surgeries to repair facial deformities for children around the globe. Said Mr Wong Kim Yin, Group Chief Executive Officer, Singapore Power: "The needy elderly have made valuable contributions to society. It is extremely heartening when we at Singapore Power and our business partners are united in the cause of giving our pioneer generation a lift for their basic daily activities, to provide medical assistance and to support their desire to live independently and with dignity." _________________________________ 1COS speech by Minister Gan Kim Yong on Ministerial Committee on Ageing Initiatives (7 Mar 12)   About the SP Heartware Fund The SP Heartware Fund was launched in October 2005 to help the needy elderly in the community lead better lives. The Fund supports the operations of seven Home Help Service programmes. These programmes, operated by voluntary welfare organisations, are: Dorcas Home Care Service run by Presbyterian Community Services THK Home Help Service East and THK Home Help Service West run by Thye Hua Kwan Moral Charities Limited Sunlove Home Help Service run by Sunlove Abode for Intellectually-Infirmed Limited SWAMI Home Help Service run by Sunshine Welfare Action Mission Tembusu Home Help Service run by Sathya Sai Social Service (Singapore) TOUCH Home Care run by TOUCH Community Services Limited Singapore Power underwrites all fund-raising costs for the SP Heartware Fund. Every dollar raised for the Fund goes to the seven Home Help Service programmes administered by the Community Chest. The Fund has also sponsored the purchase of vans and ambulances for the Home Help Service providers. About Singapore Power Singapore Power Group (SP) is a leading energy utility group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia. Over a million industrial, commercial and residential customers in Singapore benefit from SP’s world-class transmission, distribution and market support services. The networks in Singapore are amongst the most reliable and cost-effective worldwide. About Community Chest Community Chest raises funds on a yearly basis to meet the needs of the social service programmes we help support. Community Chest ensures that the fund-raising and other operating costs are kept to a minimum. As these costs are covered mainly by Tote Board and Singapore Pools (Private) Limited, every dollar raised by Community Chest will be made available to social service programmes under its care. Visit comchest.sg for more information. Issued by: Singapore Power Ltd                  10 Pasir Panjang Road #03-01                  Mapletree Business City Singapore 117438                  Co. Reg No : 199406577N                  www.singaporepower.com.sg Annex 1 Madam Chin Fee Fee Age : 78 Beneficiary of Dorcas Home Help Service, under the care of Community Chest Divorced with one son who has lost contact with her for the past six years, Madam Chin lives alone in a two-room rental flat in Commonwealth Crescent. Madam Chin suffers from hypertension, hyperlipidemia (high cholesterol) and diabetes. She also has spinal stenosis – a narrowing of the open spaces within her spine, which puts pressure on her spinal cord and the nerves that travel through the spine. The condition causes her constant pain, numbness and muscle weakness. Her condition renders her home-bound most of the time, moving around her flat very slowly with the help of a walking aide. On the rare occasion when her health permits, she would travel on a wheelchair around her neighbourhood. Dorcas Home Care Service – supported by the SP Heartware Fund - has been providing Madam Chin with much needed assistance. Staff from Dorcas Home deliver hot meals to Madam Chin every day, and also provide transportation and escort her for medical appointments at the nearby Queenstown policlinic. In addition, staff and volunteers who help with the meal delivery make it a point to observe how Madam Chin is coping with the business of daily living and intervene where necessary. When Madam Chin’s mobility becomes increasingly laboured, volunteers would promptly inform staff of Dorcas Home who will then expedite a visit to the polyclinic. Said Madam Chin: “I am grateful for the kindness of volunteers who have helped me so much in my time of need.”

SPPowerAssets Limited AnnualReport Yearended31March2025 RegistrationNumber:200302108D Directors’ statement SP PowerAssets Limited Directors’ statement Year ended 31 March 2025 We are pleased to submit this annual report to the member of SP PowerAssets Limited (the “Company”) together with the audited financial statements for the financial year ended 31 March 2025. Opinion of the Directors In our opinion, (a) (b) the financial statements set out are drawn up so as to give a true and fair view of the financial position of the Company as at 31 March 2025 and the financial performance, changes in equity and cash flows of the Company for the year ended on that date in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”); and at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. Directors The directors in office at the date of this statement are as follows: Mr Stanley Huang Tian Guan Mrs Jeanne Cheng Ms Amelia Champion Ms Loong Hui Chee Mr Kenneth Soh Yew Chin Mr Lee Choon Kwee (appointed on 1 April 2025) Directors’ interests According to the register kept by the Company for the purposes of Section 164 of the Act, particulars of interests of directors who held office at the end of the financial year (including those held by their spouses and infant children) in shares, debentures, warrants and share options in the Company and in related corporations are as follows: Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year Holdings at end of the year Mr Stanley Huang Tian Guan Paragon REIT – units 323,000 323,000 Singapore Airlines Limited 10,000 10,000 SIA Engineering Company Limited 10,000 10,000 Astrea 7 Pte Ltd - 4.125% Class A-1 Secured Bonds due 27 May 2032 (units) 40,000 40,000 CapitaLand China Trust – units 100,000 100,000 Astrea 8 Pte Ltd - 4.35% Class A-1 Secured Bonds due 19 July 2039 − S$38,000 Mapletree Industrial Trust – units − 150,000 1 SP PowerAssets Limited Directors’ statement Year ended 31 March 2025 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year Holdings at end of the year Mrs Jeanne Cheng Singapore Telecommunications Limited 11,180 11,180 Singapore Technologies Engineering Ltd 10,000 10,000 Astrea 8 Pte Ltd - 6.35% Class A-2 Secured Bonds due 19 July 2039 − US$30,000 Ms Amelia Champion CapitaLand Ascott Trust – units 285 285 CapitaLand Investment Limited 5,000 5,000 CapitaLand Integrated Commercial Trust – units 773 3,900 Paragon REIT – units 3,128 3,128 Mapletree Treasury Services Limited - MAPLSP 3.7% Perpetual Bond S$250,000 S$250,000 Singapore Airlines Limited - 5.25% Bonds due 21 March 2034 US$200,000 US$200,000 Singapore Telecommunications Limited 1,430 1,430 Ms Loong Hui Chee Astrea 8 Pte Ltd - 4.35% Class A-1 Secured Bonds due 19 July 2039 − S$100,000 CapitaLand Ascendas Real Estate Investment Trust – units 14,615 14,615 CapitaLand Ascott Trust – units 160,388 160,388 CapitaLand Investment Limited 21,531 21,531 CapitaLand Integrated Commercial Trust – units 69,043 69,043 Mapletree Treasury Services Limited - 3.95% Perpetual Bond S$250,000 S$250,000 Singapore Airlines Limited 20,669 20,669 Singapore Technologies Engineering Ltd 1,495 1,495 Singapore Telecommunications Limited 117,108 117,108 Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures, warrants or share options of the Company, or of related corporations, either at the beginning of the financial year, or at the end of the financial year. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. 2 SP PowerAssets Limited Directors’ statement Year ended 31 March 2025 Share options During the financial year, there were: (i) (ii) no options granted by the Company to any person to take up unissued shares in the Company; and no shares issued by virtue of any exercise of option to take up unissued shares of the Company. As at the end of the financial year, there were no unissued shares of the Company under option. On behalf of the Board of Directors ──────────────────────── MR STANLEY HUANG TIAN GUAN Chairman ──────────────────────── MS LOONG HUI CHEE Director 23 May 2025 3 Independent Auditor’s Report For the financial year ended 31 March 2025 Independent Auditor’s Report to the Member of SP PowerAssets Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of SP PowerAssets Limited (the “Company”) which comprise the balance sheet as at 31 March 2025, the income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the financial year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the accompanying financial statements of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Company as at 31 March 2025 and of the financial performance, changes in equity and cash flows of the Company for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For the matter below, our description of how our audit addressed the matter is provided in that context. 4 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2025 We have fulfilled our responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report, including in relation to the matter. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matter below, provide the basis for our audit opinion on the accompanying financial statements. Goodwill impairment review The Company has recorded an asset of $2,166.8 million which represents goodwill on the acquisition of the transmission business as discussed in Note 6. The goodwill balance is reviewed annually for impairment based on fair value which is determined by discounting expected future cash flows as discussed in Note 6. The assessment of fair value requires significant management judgement in establishing future cash flows, the terminal value and the discount rate. Our audit procedures included assessing the key assumptions used in arriving at the fair value, including the terminal value, forecast future cash flows, and the discount rate. In performing our audit procedures, we assessed the reasonableness of cash flow projections by assessing the reliability of management’s budgeting process, the Company’s own historical data and performance and the market and economic conditions prevailing at the reporting date. In relation to other key inputs, such as the terminal value and discount rate, we compared these inputs to externally available industry, economic and financial data. We further reviewed the adequacy of the disclosure in the financial statements in Note 6 of the financial statements. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 5 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2025 Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Company’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. 6 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2025 • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act. The engagement partner on the audit resulting in this independent auditor’s report is Philip Ling Soon Hwa. Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 23 May 2025 7 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Balance sheet As at 31 March 2025 Note 2025 2024 $ million $ million Non-current assets Property, plant and equipment 4 11,623.8 11,128.5 Intangible assets 6 2,177.6 2,177.2 Derivative assets 7 10.7 52.6 13,812.1 13,358.3 Current assets Inventories 8 34.1 31.4 Trade and other receivables 9 430.6 402.9 Derivative assets 7 14.9 27.7 Cash and cash equivalents 10 # # 479.6 462.0 Total assets 14,291.7 13,820.3 Regulatory deferral accounts (“RDA”) debit balances and related deferred tax assets 11 18.3 80.0 Total assets and RDA debit balances 14,310.0 13,900.3 Equity Share capital 12 2,512.4 2,512.4 Hedging reserve 13 (5.7) 47.5 Accumulated profits 3,033.6 2,828.5 Total equity 5,540.3 5,388.4 Non-current liabilities Debt obligations 14 1,192.1 2,068.7 Derivative liabilities 7 100.0 208.2 Deferred tax liabilities 15 1,464.6 1,474.9 Deferred income 16 107.1 115.9 Deferred construction cost compensation 17 256.2 256.2 Lease liabilities 5 0.1 0.2 3,120.1 4,124.1 Current liabilities Debt obligations 14 927.5 199.5 Derivative liabilities 7 73.0 99.5 Current tax payable 164.9 119.3 Trade and other payables 18 4,376.3 3,952.0 Lease liabilities 5 0.1 3.9 5,541.8 4,374.2 Total liabilities 8,661.9 8,498.3 Total equity and liabilities 14,202.2 13,886.7 RDA credit balances and related deferred tax liabilities 11 107.8 13.6 Total equity, liabilities and RDA related deferred tax liabilities 14,310.0 13,900.3 # Less than $0.1 million The accompanying notes form an integral part of these financial statements. 8 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Income statement Year ended 31 March 2025 Note 2025 2024 $ million $ million Revenue 19 2,185.8 1,960.7 Other income 20 101.5 80.0 Expenses - Depreciation of property, plant and equipment 4 (723.9) (670.2) - Amortisation of intangible assets 6 (1.6) (1.1) - Maintenance (130.5) (122.1) - Management fees (166.6) (159.8) - Property taxes (66.4) (60.9) - Agency fee (31.9) (30.4) - Support services (35.1) (36.5) - Other operating expenses (64.0) (61.4) Operating profit 1,067.3 898.3 Finance income 21 5.7 0.3 Finance costs 22 (169.3) (147.6) Profit before taxation 903.7 751.0 Tax expense 23 (165.6) (134.6) Profit for the year 24 738.1 616.4 Net movement in RDA balances related to profit or loss and the related deferred tax movement 11 (155.9) (111.5) Profit for the year and net movement in RDA balances 582.2 504.9 The accompanying notes form an integral part of these financial statements. 9 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Statement of comprehensive income Year ended 31 March 2025 2025 2024 $ million $ million Profit for the year and net movement in RDA balances 582.2 504.9 Other comprehensive income Items that are or may be reclassified subsequently to profit or loss: Effective portion of changes in fair value of cash flow hedges, net of tax (6.0) 22.4 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (51.5) (69.7) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 4.3 1.7 Other comprehensive income for the year, net of tax (53.2) (45.6) Total comprehensive income for the year 529.0 459.3 The accompanying notes form an integral part of these financial statements. 10 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Statement of changes in equity Year ended 31 March 2025 Share Hedging Accumulated Total capital reserve profits equity Note $ million $ million $ million $ million At 1 April 2023 2,512.4 93.1 2,694.6 5,300.1 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 504.9 504.9 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − 22.4 − 22.4 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − (69.7) − (69.7) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − 1.7 − 1.7 Total other comprehensive income − (45.6) − (45.6) Total comprehensive income for the year − (45.6) 504.9 459.3 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared 29 − − (371.0) (371.0) At 31 March 2024 2,512.4 47.5 2,828.5 5,388.4 The accompanying notes form an integral part of these financial statements. 11 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Statement of changes in equity Year ended 31 March 2025 (cont'd) Share Hedging Accumulated Total capital reserve profits equity Note $ million $ million $ million $ million At 1 April 2024 2,512.4 47.5 2,828.5 5,388.4 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 582.2 582.2 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − (6.0) − (6.0) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − (51.5) − (51.5) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − 4.3 − 4.3 Total other comprehensive income − (53.2) − (53.2) Total comprehensive income for the year − (53.2) 582.2 529.0 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared 29 − − (377.1) (377.1) At 31 March 2025 2,512.4 (5.7) 3,033.6 5,540.3 The accompanying notes form an integral part of these financial statements. 12 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Statement of cash flows Year ended 31 March 2025 2025 2024 Note $ million $ million Cash flows from operating activities Profit for the year and net movement in RDA balances 582.2 504.9 Adjustments for: Tax expense 23 165.6 134.6 Depreciation and amortisation 4,6 725.5 671.3 (Gain)/loss on disposal of property, plant and equipment and intangible assets 24 (0.1) 0.1 Deferred income 16 (8.8) (9.0) Inventories written down, net 8 3.7 9.6 Write-back of allowance for expected credit loss on trade receivables, net 9 − (1.4) Finance income 21 (5.7) (0.3) Finance costs 22 169.3 147.6 Exchange loss/(gain), net 24 1.2 (1.2) Net movements in RDA balances related to profit or loss and the related deferred tax movement 11 155.9 111.5 1,788.8 1,567.7 Changes in working capital: Inventories (6.4) (3.7) Trade and other receivables (31.2) (61.9) Trade and other payables 25.5 (41.7) Cash generated from operations 1,776.7 1,460.4 Interest received 0.2 0.3 Income tax paid (119.4) (82.4) Net cash generated from operating activities 1,657.5 1,378.3 Cash flows from investing activities Purchase of property, plant and equipment (1,159.4) (975.5) Purchase of intangible assets (2.0) (7.2) Proceeds from disposal of property, plant and equipment and intangible assets 1.2 5.2 Net cash used in investing activities (1,160.2) (977.5) Cash flows from financing activities Interest paid (37.8) (39.8) Repayment of bond (305.0) − (Repayment of)/proceeds from related company loans 226.5 (357.5) Dividend paid 29 (377.1) − Payment of principal portion of lease liabilities 5 (3.9) (3.6) Net cash used in financing activities (497.3) (400.9) Net decrease in cash and cash equivalents # (0.1) Cash and cash equivalents at beginning of the year # 0.1 Cash and cash equivalents at end of the year 10 # # # Less than $0.1 million In 2024, tax-exempt dividend declared to the immediate holding company in relation to the financial year ended 31 March 2023 of $371.0 million was settled via loans from a related company. The accompanying notes form an integral part of these financial statements. 13 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Notes to the financial statements These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 23 May 2025. 1 Domicile and activities SP PowerAssets Limited (the “Company”) is incorporated in the Republic of Singapore and has its registered office at 2 Kallang Sector, SP Group Building, Singapore 349277. The principal activities of the Company are those relating to the provision of services in connection with the transmission and distribution of electricity. The immediate and ultimate holding companies are Singapore Power Limited and Temasek Holdings (Private) Limited respectively. Both companies are incorporated in the Republic of Singapore. 2 Basis of preparation 2.1 Statement of compliance The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (International) (“SFRS(I)”). 2.2 Basis of measurement The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies set out below. 2.3 Functional and presentation currency The financial statements are presented in Singapore dollars, which is the Company’s functional currency. All financial information presented in Singapore dollars has been rounded to the nearest 0.1 million, unless otherwise stated. 2.4 Use of estimates and judgements The preparation of financial statements in conformity with SFRS(I) requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. 14 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is discussed below: Impairment of goodwill and indefinite-lived intangible assets Impairment reviews in respect of goodwill and intangible assets are performed at least annually. More regular reviews are performed if changes in circumstances or the occurrence of events indicate potential impairment. The Company uses the present value of future cash flows to determine the recoverable amounts of the cash generating units. In calculating the recoverable amounts, significant management judgement is required in forecasting cash flows of the cash generating units, in estimating the terminal growth values and in selecting an appropriate discount rate. Details of key assumptions made are set out in Note 6. Regulatory deferral accounts Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes (as set out in Note 3.13) and revenue earned for regulatory purposes. Revenue earned for regulatory purposes is estimated based on the revenue allowed by the Energy Market Authority (“EMA”) (in accordance with the price regulation framework), taking into consideration the services rendered and volume of electricity delivered to consumers. Note 3.11 sets out the accounting policy for regulatory deferral accounts. 2.5 Changes in accounting policies Adoption of new and revised SFRS(I)s and Interpretation to SFRS(I) The accounting policies adopted are consistent with those of the previous financial year except that in the current financial year, the Company has adopted all the new and revised standards which are effective for annual financial periods beginning on or after 1 April 2024. The adoption of these standards did not have a material effect on the financial performance or position of the Company. 3 Material accounting policy information The accounting policies set out below have been applied consistently for all periods presented in these financial statements, and have been consistently applied by the Company. 15 SP PowerAssets Limited Financial statements Year ended 31 March 2025 3.1 Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the functional currency of the Company at the exchange rate at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate prevailing on the date which the fair value was determined. Nonmonetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognised in profit or loss, except for differences arising on the translation of qualifying cash flow hedges, which are recognised in other comprehensive income. 3.2 Property, plant and equipment Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located and capitalised borrowing cost. Capitalisation of borrowing costs will cease when the asset is ready for its intended use. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and is recognised net within other income/other operating expenses in profit or loss. 16 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Subsequent costs The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Freehold land and constructionin-progress are not depreciated. The estimated useful lives for the current and comparative periods are as follows: Leasehold land Buildings and tunnels Transformers and switchgear Other plant and machinery - Works and other equipment 3 to 10 years - Standby electricity generator and other machinery 15 to 30 years Mains 30 years Other fixed assets (principally meters and motor vehicles) 3 to 10 years Over the term of the lease ranging from 20 to 99 years 30 to 40 years or the lease term, if shorter 30 years Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. 3.3 Intangible assets Goodwill Goodwill arising from acquisition represents the excess of the cost of acquisition over the fair value of identifiable net assets acquired. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses and is tested for impairment on an annual basis as described in Note 3.5. Other intangible assets Computer software is stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life of 5 years. 17 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Computer software development in-progress is stated at cost. No amortisation is provided until it is ready for use. 3.4 Financial instruments Non-derivative financial assets Initial recognition and measurement Financial assets are recognised when, and only when the entity becomes party to the contractual provisions of the instruments. At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Trade receivables are measured at the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition. Subsequent measurement Investments in debt instruments Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the contractual cash flow characteristics of the asset. Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the assets are derecognised or impaired, and through the amortisation process. Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Cash and cash equivalents Cash and cash equivalents comprise cash balances and bank deposits. Non-derivative financial liabilities Initial recognition and measurement 18 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Financial liabilities are recognised when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. For financial liabilities at fair value through profit or loss, directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent measurement After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process. Financial liabilities at fair value through profit or loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. On derecognition, the difference between the carrying amounts and the consideration paid is recognised in profit or loss. Offsetting Financial assets and liabilities are offset and the net amount presented on the balance sheet when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The rights of offset must not be contingent on a future event and must be enforceable in the event of bankruptcy or insolvency of all the counterparties to the contract. Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Derivative financial instruments and hedge accounting The Company holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. Derivatives are initially measured at fair value and any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. The Company designates certain derivatives and non-derivative financial instruments as hedging instruments in qualifying hedging relationships. At inception of designated hedging relationships, the Company documents the risk management objective and strategy for undertaking the hedge. The Company also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. 19 SP PowerAssets Limited Financial statements Year ended 31 March 2025 The Company applies hedge accounting for certain hedging relationships which qualify for hedge accounting. For the purpose of hedge accounting, hedges are classified as: • cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; or • fair value hedges when hedging the exposure to changes in fair value of a recognised asset or liability or an unrecognised firm commitment Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income and presented in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognised. In other cases, the amount accumulated in equity is reclassified to profit and loss in the same period that the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. When a cash flow hedge is discontinued, the cumulative gain or loss previously recognised in other comprehensive income will remain in the cash flow hedge reserve until the future cash flows occur if the hedged future cash flows are still expected to occur or reclassified to profit or loss immediately if the hedged future cash flows are no longer expected to occur. Fair value hedges Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are recognised in profit or loss. The hedged item is adjusted to reflect changes in its fair value in respect of the risk being hedged; the gain or loss attributable to the hedged risk is recognised in profit or loss with an adjustment to the carrying amount of the hedged item. 3.5 Impairment Non-derivative financial assets The Company recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss and financial guarantee contracts. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. 20 SP PowerAssets Limited Financial statements Year ended 31 March 2025 ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognised for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL). For trade receivables and contract assets, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Company considers a financial asset potentially in default when contractual payments are 180 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Non-financial assets The carrying amounts of the Company’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. For goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (“CGU”) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis. 21 SP PowerAssets Limited Financial statements Year ended 31 March 2025 An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Such reversal of impairment is recognised in profit or loss. 3.6 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.7 Provisions A provision is recognised if, as a result of past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. 3.8 Government grants Capital grants are recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants. Operating grants are presented within other income and are taken to profit or loss on a systematic basis in the same periods in which the expenses are incurred. 3.9 Deferred construction cost compensation Deferred construction cost compensation received to defray costs relating to the construction of an asset are accounted for as a government grant. Note 3.8 sets out the government grant accounting policy. 3.10 Deferred income Deferred income comprises (i) government grant for the purchase of depreciable assets and (ii) contributions made by certain customers towards the cost of capital projects received prior to 1 July 2009. Government grants and customer contributions Deferred income is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants and customers’ contribution. 3.11 Regulatory deferral account (“RDA”) debit or credit balances Use of system charges Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes and revenue earned for regulatory purposes. 22 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Movements in the regulatory deferral account debit or credit balances are recognised in profit or loss over the periods necessary to adjust revenue recognised for financial reporting purposes to revenue earned for regulatory purposes based on services rendered. At the end of each regulatory period, adjustments for amounts to be recovered or refunded are taken to profit or loss as net movement in regulatory deferral account balances. 3.12 Price regulation and licence The Company’s operations in Singapore are regulated under the Electricity Licence for Transmission Licensee issued by the EMA of Singapore. Allowed revenue to be earned from the transmission of electricity is regulated based on certain formulae and parameters set out in the licence, relevant acts and codes. Revenue recognised for financial reporting purposes may differ from revenue earned for regulatory purposes due to volume variances. This may result in adjustments that may increase or decrease tariffs in succeeding periods. Amounts to be recovered or refunded are brought to account as adjustments to net movement in regulatory deferral account debit or credit balances in the income statement in the period in which the Company becomes entitled to the recovery or liable for the refund. The Company’s capital expenditure may differ from its regulatory plan and is subject to a review by the EMA. The results of the variances in capital expenditure may be translated into price adjustments, if any, in the following reset period. The use of system charges are approved by the EMA for a 5-year regulatory period in accordance with the price regulation framework. 3.13 Revenue recognition Revenue is measured based on the consideration to which the Company expects to be entitled in exchange for transferring promised services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Company satisfies a performance obligation by transferring the promised service to the customer, which is when the customer obtains control of the service. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation. Use of system charges Revenue for financial reporting purposes is recognised over time based on tariff billings to customers when the volume of electricity is delivered. 3.14 Leases The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 23 SP PowerAssets Limited Financial statements Year ended 31 March 2025 As lessor Leases in which the Company does not transfer substantially all the risks and rewards of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term. Rental income under operating leases are recognised in profit or loss over the term of the lease. As lessee The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. (i) Right-of-use assets The Company recognises right-of-use assets at the commencement or on modification date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to Note 3.5 for the accounting policy. (ii) Lease liabilities At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. 24 SP PowerAssets Limited Financial statements Year ended 31 March 2025 In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. (iii) Short-term leases The Company applies the short-term lease recognition exemption to its short-term leases of leasehold land (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term. 3.15 Finance income and costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions, fair value gains or losses on financial assets and liabilities at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), gains or losses on hedging instruments that are recognised in profit or loss, amortisation of transaction costs capitalised and interest expense on lease liabilities. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. 3.16 Tax expense Tax expense comprises current and deferred tax. Current and deferred taxes are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in the other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: - temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and at the time of the transaction (i) affects neither accounting nor taxable profit or loss and (ii) does not give rise to equal taxable and deductible temporary differences; and - taxable temporary differences arising on the initial recognition of goodwill. 25 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. In determining the amount of current and deferred tax, the Company takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Company believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. The movement in a deferred tax asset or liability that arises from the temporary differences created as a result of recognising regulatory deferral account balances are presented in the income statement net of the movement in regulatory deferral account balances related to profit or loss. 3.17 Segment reporting The Company determines and presents operating segments based on the information that is provided internally to the chief operating decision maker. The Company has only one operating segment – electricity transmission and distribution, and hence no separate disclosures are made in the financial statements. 26 SP PowerAssets Limited Financial statements Year ended 31 March 2025 3.18 New standards and interpretations not yet adopted A number of new amendments to standards that have been issued but not yet effective have not been early adopted in preparing these financial statements. Other than as described below, the new standards, amendments to standards and interpretations to SFRS(I)s are not expected to have a significant impact on the Company’s financial statements. SFRS(I) 18: Presentation and Disclosure in Financial Statements SFRS(I) 18 will replace SFRS(I) 1-1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new standard introduces the following key new requirements: • Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities’ net profit will not change. • Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. • Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Company is still in the process of assessing the impact of the new standard on the primary financial statements and notes to the financial statements. 27 SP PowerAssets Limited Financial statements Year ended 31 March 2025 4 Property, plant and equipment Freehold land Leasehold land Buildings and tunnels Switchgear Transformers Other plant and machinery Mains Other fixed assets Construction -in-progress Total $ million $ million $ million $ million $ million $ million $ million $ million $ million $ million Cost At 1 April 2023 0.3 504.2 1,879.5 3,503.4 1,937.5 621.6 7,795.6 291.2 1,561.7 18,095.0 Additions − − − − − 2.9 − 25.6 1,017.0 1,045.5 Disposals − (48.4) (0.3) (61.4) (23.9) (52.1) (3.3) (6.6) − (196.0) Reclassification − 4.5 34.0 100.4 114.1 54.3 323.3 33.8 (664.4) − At 31 March 2024 0.3 460.3 1,913.2 3,542.4 2,027.7 626.7 8,115.6 344.0 1,914.3 18,944.5 Additions − 0.3 − 0.2 − 2.1 − 59.7 1,154.9 1,217.2 Disposals − − (7.1) (144.2) (15.9) (5.9) (196.0) (18.9) − (388.0) Transfers − − − 96.5 − − − − − 96.5 Reclassification − 14.8 144.3 331.4 219.0 66.0 674.5 4.3 (1,454.3) − At 31 March 2025 0.3 475.4 2,050.4 3,826.3 2,230.8 688.9 8,594.1 389.1 1,614.9 19,870.2 Accumulated depreciation At 1 April 2023 − 192.8 810.3 1,924.1 765.3 378.4 3,086.8 178.8 − 7,336.5 Depreciation − 10.0 70.1 156.0 71.2 55.3 273.8 33.8 − 670.2 Disposals − (48.3) (0.3) (58.2) (22.0) (52.1) (3.3) (6.5) − (190.7) At 31 March 2024 − 154.5 880.1 2,021.9 814.5 381.6 3,357.3 206.1 − 7,816.0 Depreciation − 11.0 81.1 164.0 86.1 59.4 287.5 34.8 − 723.9 Disposals − − (7.1) (143.8) (15.6) (5.6) (196.0) (18.8) − (386.9) Transfers − − − 93.4 − − − − − 93.4 At 31 March 2025 − 165.5 954.1 2,135.5 885.0 435.4 3,448.8 222.1 − 8,246.4 Carrying amounts At 31 March 2024 0.3 305.8 1,033.1 1,520.5 1,213.2 245.1 4,758.3 137.9 1,914.3 11,128.5 At 31 March 2025 0.3 309.9 1,096.3 1,690.8 1,345.8 253.5 5,145.3 167.0 1,614.9 11,623.8 28 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Expenses capitalised The following expenses were capitalised in property, plant and equipment during the year: 2025 2024 $ million $ million Management fees (staff cost) 103.5 96.0 As at 31 March 2025, property, plant and equipment includes right-of-use assets of $310.1 million (2024: $309.8 million) relating to leasehold land, building and office under leasing arrangements. Details are presented in Note 5. 5 Right-of-use assets/ Lease liabilities Set out below are the carrying amounts of right-of-use assets recognised within property, plant and equipment and the movements during the year: Leasehold Buildings and land tunnels Total $ million $ million $ million At 1 April 2023 311.4 7.8 319.2 Disposals (0.1) − (0.1) Reclassification 4.5 − 4.5 Depreciation (10.0) (3.8) (13.8) At 31 March 2024 305.8 4.0 309.8 Additions 0.3 − 0.3 Reclassification 14.8 − 14.8 Depreciation (11.0) (3.8) (14.8) At 31 March 2025 309.9 0.2 310.1 Set out below are the carrying amounts of lease liabilities (included under trade and other payables) and the movements during the year: 2025 2024 $ million $ million At 1 April 4.1 7.8 Lease modification − − Accretion of interest 0.1 0.2 Payments (4.0) (3.9) At 31 March 0.2 4.1 Current 0.1 3.9 Non-current 0.1 0.2 0.2 4.1 The maturity analysis of lease liabilities is disclosed in Note 26. 29 SP PowerAssets Limited Financial statements Year ended 31 March 2025 The following are the amounts recognised in profit or loss: 2025 2024 $ million $ million Depreciation expense of right-of-use assets 14.8 13.8 Interest expense on lease liabilities 0.1 0.2 Expenses relating to short-term leases (included in other operating expenses) 0.3 0.4 15.2 14.4 The Company had total cash outflow for leases of $4.3 million (2024: $4.3 million) for the financial year ended 31 March 2025. 6 Intangible assets Goodwill on acquisition Deferred expenditure Computer software Computer software development in-progress Total $ million $ million $ million $ million $ million Cost At 1 April 2023 2,166.8 112.2 40.0 1.4 2,320.4 Additions − 0.7 − 6.6 7.3 Disposals − − (0.1) − (0.1) Reclassifications − − 0.2 (0.2) − At 31 March 2024 2,166.8 112.9 40.1 7.8 2,327.6 Additions − 1.6 − 3.5 5.1 Disposals − (17.9) − − (17.9) Transfers − (96.6) 0.1 − (96.5) Reclassifications − − 3.5 (3.5) − At 31 March 2025 2,166.8 − 43.7 7.8 2,218.3 Accumulated amortisation At 1 April 2023 − 110.0 39.4 − 149.4 Amortisation − 0.6 0.5 − 1.1 Disposals − − (0.1) − (0.1) At 31 March 2024 − 110.6 39.8 − 150.4 Amortisation − 0.8 0.8 − 1.6 Disposals − (17.9) − − (17.9) Transfers − (93.5) 0.1 − (93.4) At 31 March 2025 − − 40.7 − 40.7 Carrying amounts At 31 March 2024 2,166.8 2.3 0.3 7.8 2,177.2 At 31 March 2025 2,166.8 − 3.0 7.8 2,177.6 30 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Impairment test for goodwill The Company as a whole is considered a CGU. The recoverable amount of the CGU is based on the higher of fair value less costs to sell and value in use. The recoverable amount of the CGU is determined to be higher than its carrying amount hence no impairment is necessary. Fair value is determined by discounting future cash flows generated from the continuing use of the CGU and is based on the following key assumptions: 1. Cash flows are projected based on a 5-year business plan. 2. Cash flows are discounted using a pre-tax discount rate of 7.04% (2024: 7.04%) per annum that reflects current market assessments of the time value of money and risks specific to the CGU. 3. Terminal value is calculated based on a multiple of 1.3 times (2024: 1.3 times) of the carrying amounts of property, plant and equipment. Expenses capitalised The following expenses were capitalised in intangible assets during the year: 2025 2024 $ million $ million Management fees (staff cost) 0.4 0.3 31 SP PowerAssets Limited Financial statements Year ended 31 March 2025 7 Derivative assets and liabilities 2025 2024 Outstanding Outstanding notional amounts Assets Liabilities notional amounts Assets Liabilities $ million $ million $ million $ million $ million $ million Current: Cross-currency interest rate swaps 996.0 − (69.4) 230.0 − (95.9) Interest rate swaps 1,210.7 13.1 − 1,188.5 25.9 (0.1) Foreign exchange forwards 187.8 1.8 (3.6) 218.4 1.8 (3.5) 14.9 (73.0) 27.7 (99.5) Non-current: Cross-currency interest rate swaps 923.2 − (89.2) 1,919.2 − (198.5) Interest rate swaps 1,623.2 10.7 (8.1) 1,560.7 52.5 (2.8) Foreign exchange forwards 45.2 # (2.7) 72.7 0.1 (6.9) 10.7 (100.0) 52.6 (208.2) # Less than $0.1 million 32 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Offsetting financial assets and financial liabilities The Company’s derivative transactions are entered into under International Swaps and Derivatives Association (“ISDA”) Master Agreements. The ISDA agreements create a right of set-off of recognised amounts that is enforceable only following an event of default, insolvency or bankruptcy of the Company or the counterparties. As such, these agreements do not meet the criteria for offsetting under SFRS(I) 1-32 Financial Instruments: Presentation. The Company and its counterparties do not intend to settle on a net basis or to realise the assets and settle the liabilities simultaneously but have the right to set off in the case of default and insolvency or bankruptcy. The Company’s financial assets and liabilities subject to an enforceable master netting arrangement that are not otherwise set-off are as follows: Types of financial assets / liabilities Gross amounts of recognised financial assets / liabilities Related amounts not offset in the balance sheet – financial instruments Net amounts $ million $ million $ million 2025 Derivative assets 25.6 (12.7) 12.9 2024 Derivative assets 80.3 (38.1) 42.2 2025 Derivative liabilities 173.0 (12.7) 160.3 2024 Derivative liabilities 307.7 (38.1) 269.6 33 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Hedge Accounting As at 31 March 2025 and 2024, the Company held various types of derivative financial instruments and formally designated a portion of them in cash flow and fair value hedge relationships for accounting purposes, in accordance with the requirements of SFRS(I) 9. The following table summarises the derivative financial instruments in the balance sheet and the effects of hedge accounting on the Company’s financial position and performance. Changes in fair value used for calculating ---- Hedge instrument ---- ----------------- Hedged item ----------------- ------------ hedge ineffectiveness ------------ Financial Carrying statement line Accumulated Hedge Outstanding amount of that includes amount of ineffectiveness notional Assets/ assets/ the hedged fair value Hedging Hedged recognised in amounts (liabilities) (liabilities) item adjustments instrument item profit or loss $ million $ million $ million $ million $ million $ million $ million Hedge rates Maturity (Year) 2025 Cash flow hedge Interest rate risk – Finance cost 4,403.1 (0.5) − − − 73.6 (73.6) − 0.4640% - 2.5450% Up to 2030 Foreign exchange risk – Refer to Note 26 under Foreign currency risk 233.0 (4.5) − − − 5.8 (5.8) − CHF/SGD: 1.471 - 1.577 CNY/SGD: 0.186 EUR/SGD: 1.409 - 1.653 JPY/SGD: 0.009 - 0.010 USD/SGD: 1.272 - 1.382 Up to 2026 Up to 2025 Up to 2028 Up to 2027 Up to 2028 Fair value hedge Interest rate risk 350.0 10.4 (359.7) Debt obligations (10.5) 12.8 (11.6) 1.2 6 month SORA Up to 2032 Foreign exchange risk 1,919.2 (152.8) (1,759.9) Debt obligations 157.4 48.3 (58.5) (10.2) Refer to footnotes of Note 14 Up to 2027 34 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Changes in fair value used for calculating ----- Hedge instrument ---- ----------------- Hedged item ----------------- ------------ hedge ineffectiveness ------------ Financial Carrying statement line Accumulated Hedge Outstanding amount of that includes amount of ineffectiveness notional Assets/ assets/ the hedged fair value Hedging Hedged recognised in amounts (liabilities) (liabilities) item adjustments instrument item profit or loss $ million $ million $ million $ million $ million $ million $ million Hedge rates Maturity (Year) 2024 Cash flow hedge Interest rate risk – Finance cost 4,473.4 69.4 − − − (63.5) 63.5 − 0.3900% - 1.3275% Up to 2027 Foreign exchange risk – Refer to Note 26 under Foreign currency risk 291.1 (8.5) − − − (5.2) 5.2 − CHF/SGD: 1.397 - 1.546 CNY/SGD: 0.186 - 0.193 EUR/SGD: 1.430 - 1.657 JPY/SGD: 0.009 - 0.013 MYR/SGD: 0.280 - 0.330 USD/SGD: 1.272 - 1.382 Up to 2025 Up to 2024 Up to 2028 Up to 2026 Up to 2024 Up to 2028 Fair value hedge Interest rate risk 425.0 (2.4) (423.1) Debt obligations 1.1 (0.9) 0.9 − 6 month Fall Back SOR/ SORA Up to 2032 Foreign exchange risk 2,149.2 (285.9) (1,845.1) Debt obligations 300.7 (9.4) 14.7 5.3 Refer to footnotes of Note 14 Up to 2027 35 SP PowerAssets Limited Financial statements Year ended 31 March 2025 8 Inventories 2025 2024 $ million $ million Cables 27.7 22.6 Transformers 0.6 1.8 Switchgear 3.8 5.2 Spare parts and accessories 2.0 1.8 34.1 31.4 In the financial year ended 31 March 2025, inventories recognised as an expense in the income statement amounted to $3.8 million (2024: $3.4 million). The write-down of inventories to net realisable value amounted to $3.7 million (2024: $9.6 million). The utilization of inventory obsolescence provision upon sale of the inventory items amounted to $2.3 million (2024: $0.7 million). 9 Trade and other receivables 2025 2024 $ million $ million Trade receivables: - Third parties 105.7 113.8 - Related companies 82.4 70.7 - Immediate holding company 7.5 − 195.6 184.5 Impairment loss (0.2) (0.2) 195.4 184.3 Accrued revenue 176.3 169.8 Deposits 0.2 0.4 371.9 354.5 Prepayments 58.7 48.4 430.6 402.9 Trade receivables The average credit term is between 8 to 30 calendar days (2024: between 8 to 30 calendar days). Collateral in the form of bank guarantees and deposits are obtained from counterparties where appropriate. There were no amounts called upon during the year. 36 SP PowerAssets Limited Financial statements Year ended 31 March 2025 The maximum exposure to credit risk for trade receivables at the reporting date by types of customer is as follows: 2025 2024 $ million $ million Contestable transmission/ distribution customers 149.5 138.3 Non-contestable transmission/ distribution customers 14.3 14.0 Project-based customers 22.3 28.5 Others 9.3 3.5 195.4 184.3 The Company provides for lifetime expected credit losses for all trade receivables using a provision matrix. The provision rates are determined based on the evaluation of collectability and ageing analysis of trade receivables and on the estimation of the management. A considerable amount of estimation is required in assessing the ultimate realisation of these receivables, including the current creditworthiness and the past collection history of each customer. The Company categorises trade receivables for potential write-off on the overdue trade receivables of customers that have failed to make contractual payments for more than 180 days. Where trade receivables have been impaired or written off, the Company continues to engage enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss. The maximum exposure to credit risk for trade receivables by geographic region, relates mainly to Singapore at the reporting date. There is no significant concentration of credit risk of trade receivables. The Company has policies in place to monitor its credit risk. Contractual deposits are collected and sufficient collaterals are obtained to mitigate the risk of financial loss from defaults. The Company’s customers are spread across diverse industries and ongoing credit evaluation is performed on the financial condition of receivables to ensure minimal exposure to bad debts. The ageing of trade receivables at the reporting date is as follows: 2025 2024 $ million $ million Not past due 192.5 177.3 Past due 0-30 days 0.8 2.5 Past due 31-90 days 0.8 0.6 Past due 91-180 days 0.4 1.2 Past due more than 180 days 1.1 2.9 195.6 184.5 37 SP PowerAssets Limited Financial statements Year ended 31 March 2025 Expected credit losses The movement in allowance for expected credit losses of trade receivables computed based on lifetime ECL are as follows: 2025 2024 $ million $ million At 1 April 0.2 4.5 Impairment loss recognised 0.2 0.2 Impairment loss utilized − (2.9) Impairment loss written back (0.2) (1.6) At 31 March 0.2 0.2 Trade and other receivables are denominated predominantly in the functional currency of the Company. 10 Cash and cash equivalents 2025 2024 $ million $ million Cash at bank and in hand # # As at reporting date, cash and cash equivalents are denominated in the functional currency of the Company. # Less than $0.1 million 11 Regulatory deferral accounts 2025 2024 $ million $ million Net movement in RDA balances related to profit or loss (187.8) (134.3) RDA related deferred tax movement 31.9 22.8 Net movement in RDA balances related to profit or loss and the related deferred tax movement (155.9) (111.5) 38 SP PowerAssets Limited Financial statements Year ended 31 March 2025 RDA debit balances and related deferred tax assets At 1 April 2024 $ million Reclassification $ million Balances arising in the period $ million (Recovery)/ reversal $ million At 31 March 2025 $ million Deferral of revenue based on service rendered 80.7 (80.7) – – – Under recovery of volume variance (0.7) 0.7 – – – RDA related deferred tax assets – (13.6) (15.3) 47.2 18.3 80.0 (93.6) (15.3) 47.2 18.3 RDA credit balances and related deferred tax liabilities Deferral of revenue based on service rendered – 80.7 87.2 (276.8) (108.9) Under recovery of volume variance – (0.7) 2.9 (1.1) 1.1 RDA related deferred tax liabilities (13.6) 13.6 – – – (13.6) 93.6 90.1 (277.9) (107.8) At 1 April 2023 $ million Balances arising in the period $ million (Recovery)/ reversal $ million At 31 March 2024 $ million RDA debit balances Deferral of revenue based on service rendered 274.6 (36.9) (157.0) 80.7 Over recovery of volume variance (60.3) (1.0) 60.6 (0.7) 214.3 (37.9) (96.4) 80.0 RDA related deferred tax liabilities RDA related deferred tax liabilities (36.4) 6.4 16.4 (13.6) The recovery/reversal period of RDA debit and credit balances are directed by EMA. The Company is currently the sole electricity transmission and distribution company in Singapore. The EMA may not terminate the Company’s Transmission Licence except by giving 25 years’ notice, or otherwise revoking the Transmission Licence in accordance with the Electricity Act (including where the EMA is satisfied that the Company has gone into compulsory liquidation or voluntary liquidation other than for the purpose of amalgamation or reconstruction, or the public interest or security of Singapore requires). The Company therefore considers the exposure on recovery of regulatory deferral debit balances to be minimal. 39 SP PowerAssets Limited Financial statements Year ended 31 March 2025 12 Share capital 2025 2024 No. of shares No. of shares million million Ordinary shares Issued and fully-paid, with no par value At 1 April and 31 March 2,512.4 2,512.4 The holder of ordinary shares is entitled to receive dividends as declared from time to time and is entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company’s residual assets. 13 Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to highly probable forecast transactions. 2025 2024 $ million $ million Hedging reserves At beginning of year 47.5 93.1 Effective portion of changes in fair value of cash flow hedges: - Interest rate risks (6.5) 28.4 - Foreign exchange risks 0.5 (6.0) Net change in fair value of cash flow hedges reclassified to profit or loss, net of tax: - Interest rate risks (51.5) (69.7) Net change in fair value of cash flow hedges, on recognition of the hedged items on balance sheet, net of tax: - Foreign exchange risks 4.3 1.7 At end of year (5.7) 47.5 40 SP PowerAssets Limited Financial statements Year ended 31 March 2025 14 Debt obligations Principal amount Date of maturity 2025 2024 $ million $ million Fixed rate notes JPY 15 billion (1) April 2024 − 123.2 SGD 75 million May 2024 − 76.3 USD 700 million (2) November 2025 927.5 905.4 JPY 7 billion (3) October 2026 58.8 59.8 USD 600 million (4) September 2027 773.6 756.8 SGD 100 million May 2029 101.5 98.2 SGD 250 million September 2032 258.2 248.5 2,119.6 2,268.2 Current 927.5 199.5 Non-current 1,192.1 2,068.7 2,119.6 2,268.2 (1) JPY 15 billion swapped to SGD 230.0 million (2) USD 700 million swapped to SGD 996.0 million (3) JPY 7 billion swapped to SGD 114.7 million (4) USD 600 million swapped to SGD 808.5 million The debt obligations are on bullet repayment terms. Interest rates on debt obligations denominated in Singapore dollars range from 3.40% to 5.07% (2024: 3.40% to 5.07%) per annum. Interest rates on foreign currency debt obligations range from 1.95% to 3.25% (2024: 1.95% to 3.25%) per annum. 41 SP PowerAssets Limited Financial statements Year ended 31 March 2025 A reconciliation of liabilities arising from financing activities is as follows: 2024 --------------- Cash flows--------------- -----------------------------------------Non-cash changes----------------------------------------- 2025 Proceeds $ million Repayment $ million Interest paid $ million Additions $ million Repayment $ million Foreign exchange movement $ million Changes in fair value $ million Interest $ million Reclassification $ million $ million $ million Debt obligations Current 199.5 − (305.0) − − − 40.3 (2.8) − 995.5 927.5 Non-current 2,068.7 − − − − − 44.5 74.4 − (995.5) 1,192.1 Interest payable 9.0 − (36.8) − − − − 35.2 * − 7.4 Loans from a related company Current 3,289.4 226.5 − (0.9) − (5.5) − − 123.5 − 3,633.0 Lease liabilities Current 3.9 − (3.9) (0.1) − − − − 0.1 0.1 0.1 Non-current 0.2 − − − − − − − − (0.1) 0.1 5,570.7 226.5 (308.9) (37.8) − (5.5) 84.8 71.6 158.8 − 5,760.2 * Comprises interest on debt obligations and net change in fair value of cash flow hedges reclassified from equity as disclosed in Note 22. 42 SP PowerAssets Limited Financial statements Year ended 31 March 2025 2023 ---------------- Cash flows---------------- ----------------------------------------Non-cash changes---------------------------------------- 2024 Proceeds $ million Repayment $ million Interest paid $ million Additions $ million Foreign exchange movement $ million Changes in fair value $ million Interest $ million Reclassification $ million $ million $ million Debt obligations Current − − − − − − − − 199.5 199.5 Non-current 2,281.2 − − − − 1.1 (14.1) − (199.5) 2,068.7 Interest payable 8.8 − − (38.9) − − − 39.1 * − 9.0 Loans from a related company Current 3,164.5 − (357.5) (0.6) 371.0 − − 112.0 − 3,289.4 Lease liabilities Current 3.6 − (3.6) − − − − − 3.9 3.9 Non-current 4.2 − − (0.3) − − − 0.2 (3.9) 0.2 5,462.3 − (361.1) (39.8) 371.0 1.1 (14.1) 151.3 − 5,570.7 * Comprises interest on debt obligations and net change in fair value of cash flow hedges reclassified from equity as disclosed in Note 22. 43 SP PowerAssets Limited Financial statements Year ended 31 March 2025 15 Deferred taxation Movements in deferred tax assets and liabilities during the year are as follows: At 31 March 2023 Recognised in profit or loss (Note 23) Recognised in other comprehensive income (Note 23) At 31 March 2024 Recognised in profit or loss (Note 23) Recognised in other comprehensive income (Note 23) At 31 March 2025 $ million $ million $ million $ million $ million $ million $ million Deferred tax liabilities Property, plant and (1,470.9) (12.4) – (1,483.3) 1.0 – equipment (1,482.3) Right-of-use assets (1.4) 0.7 – (0.7) 0.7 – – Intangible assets (0.7) (0.9) – (1.6) (0.1) – (1.7) Hedging reserve (19.2) – 9.3 (9.9) – 10.9 1.0 (1,492.2) (12.6) 9.3 (1,495.5) 1.6 10.9 (1,483.0) Set off of tax 22.8 20.6 18.4 Net deferred tax liabilities (1,469.4) (1,474.9) (1,464.6) Deferred tax assets Deferred income 21.4 (1.5) – 19.9 (1.5) – 18.4 Lease liabilities 1.4 (0.7) – 0.7 (0.7) – – 22.8 (2.2) – 20.6 (2.2) – 18.4 Set off of tax (22.8) (20.6) (18.4) Net deferred tax assets – – – 16 Deferred income 2025 2024 $ million $ million Customers’ contributions 265.9 265.9 Government grant for depreciable assets 0.5 0.5 Accumulated accretion (159.3) (150.5) 107.1 115.9 Movements in accumulated accretion are as follows: At 1 April 150.5 141.5 Accretion for the year 8.8 9.0 At 31 March 159.3 150.5 17 Deferred construction cost compensation 2025 2024 $ million $ million Deferred construction cost compensation 256.2 256.2 44 SP PowerAssets Limited Financial statements Year ended 31 March 2025 18 Trade and other payables 2025 2024 $ million $ million Trade payables: - Third parties 101.0 64.5 - Related companies 56.4 44.0 - Immediate holding company 0.5 0.3 Interest payable 7.4 9.0 Deposits received 18.5 28.4 Advance receipts 165.7 167.8 Accrued operating expenditure 108.9 103.5 Accrued capital expenditure 284.9 245.1 Loans from a related company - Loan balances 3,536.5 3,205.6 - Interest payable 96.5 83.8 4,376.3 3,952.0 Payables denominated in currencies other than the Company’s functional currency comprise $15.2 million (2024: $7.3 million) of payables and accruals denominated in United States dollar (“USD”), $1.9 million (2024: $2.2 million) in Japanese yen (“JPY”), $5.8 million (2024: $nil million) in Euro (“EUR”) and $5.4 million (2024: $nil million) in Swiss Franc (“CHF”). As at 31 March 2025, the loans from a related company are unsecured, repayable on demand and bear interest at rates ranging from 2.37% to 4.19% (2024: 2.37% to 4.22%) per annum. 19 Revenue Revenue comprises use of system charges and the service is transferred over time. Transaction price allocated to remaining performance obligations The Company has applied the practical expedient not to disclose information about its remaining performance obligations as the Company recognises revenue in the amount to which the Company has a right to invoice customers in amounts that correspond directly with the value to the customer of the Company’s performance completed to date. 45 SP PowerAssets Limited Financial statements Year ended 31 March 2025 20 Other income 2025 2024 $ million $ million Rental income 4.7 3.1 Leasing income 4.1 5.5 Disbursement recoverable jobs 37.4 27.0 Sale of scrap 31.0 26.4 Accretion of deferred income 8.8 9.0 Grant income 6.8 2.0 Others 8.7 7.0 101.5 80.0 21 Finance income 2025 2024 $ million $ million Interest income receivable/received from related company 5.5 − Interest income receivable/received from banks 0.2 0.3 5.7 0.3 22 Finance costs 2025 2024 $ million $ million Interest expense on loans from a related company 123.5 112.0 Interest expense on debt obligations 97.3 123.1 Net change in fair value of cash flow hedges reclassified from equity (62.1) (84.0) Loss/(gain) arising from financial assets/liabilities in a fair value hedge: - hedged items 70.1 (15.7) - hedging instruments (61.1) 10.4 Amortisation of capitalised transaction costs 1.5 1.6 Interest expense on lease liabilities 0.1 0.2 169.3 147.6 46 SP PowerAssets Limited Financial statements Year ended 31 March 2025 23 Tax expense Tax recognised in profit or loss 2025 2024 $ million $ million Current tax expense Current year 165.7 120.4 Over provision in respect of prior years (0.7) (0.6) 165.0 119.8 Deferred tax expense Origination and reversal of temporary differences 0.3 15.1 Under/(over) provision in respect of prior years 0.3 (0.3) 0.6 14.8 Total tax expense 165.6 134.6 Tax recognised in other comprehensive income 2025 2024 Before Tax (expense)/ Net of Before Tax (expense)/ Net of tax credit tax tax credit tax $ million $ million $ million $ million $ million $ million Effective portion of changes in fair value of cash flow hedges (7.2) 1.2 (6.0) 27.0 (4.6) 22.4 Net change in fair value of: - Cash flow hedges reclassified to profit or loss (62.1) 10.6 (51.5) (84.0) 14.3 (69.7) - Cash flow hedges on recognition of the hedged items on balance sheet 5.2 (0.9) 4.3 2.1 (0.4) 1.7 (64.1) 10.9 (53.2) (54.9) 9.3 (45.6) Reconciliation of effective tax rate 2025 2024 $ million $ million Profit before taxation 903.7 751.0 Tax calculated using Singapore tax rate of 17% (2024: 17%) 153.6 127.7 Non-deductible expenses 12.9 9.4 Non-taxable income (0.5) (1.6) (Over)/under provision in respect of prior years current tax (0.7) (0.6) deferred tax 0.3 (0.3) 165.6 134.6 47 SP PowerAssets Limited Financial statements Year ended 31 March 2025 24 Profit for the year The following items have been included in arriving at profit for the year: 2025 2024 $ million $ million Auditors of the Company - Audit fees 0.1 0.1 - Non-audit fees – Audit-related services 0.2 # Exchange (loss)/gain, net (1.2) 1.2 Gain/(loss) on disposal of property, plant and equipment and intangible assets 0.1 (0.1) # Less than $0.1 million 25 Related parties For the purpose of the financial statements, parties are considered to be related to the Company if the Company has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Company and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. The immediate and ultimate holding companies are Singapore Power Limited and Temasek Holdings (Private) Limited (“Temasek”) respectively. These companies are incorporated in the Republic of Singapore. Temasek is an investment company headquartered in Singapore with a diversified investment portfolio. Accordingly, all the subsidiaries of Temasek are related corporations and are subject to common control. The Company engages in a wide variety of transactions with related corporations in the normal course of business on terms similar to those available to other customers. Such transactions include but are not limited to sales and purchases of power, provision of consultancy and engineering services, leasing of cables and ducts, agency services and financial and banking services. The related party transactions are carried out on terms negotiated between the parties which are intended to reflect competitive terms. All electricity supplied to companies in the Temasek group are related party transactions. The Temasek group has extensive interests in a large number of companies. As the Company’s rates for electricity transmission and distribution are based on tariffs approved by the EMA, the Company has concluded that it is not meaningful to present information relating to such revenue. Other than as disclosed elsewhere in the financial statements, transactions with related parties are as follows: 48 SP PowerAssets Limited Financial statements Year ended 31 March 2025 2025 2024 $ million $ million Related companies - management fee expenses (270.5) (256.1) - maintenance expenses (16.2) (11.7) - agency fee expenses (31.9) (30.4) - support service expenses (1.8) (1.8) - service expenses, including leases (4.5) (5.2) - leasing income 4.1 5.5 - service income 2.7 1.4 - trustee fee income 0.3 0.4 Immediate holding company - maintenance expenses (19.2) (20.0) - support service expenses (33.3) (34.7) 26 Financial risk management The Company’s activities expose it to foreign currency, interest rate, credit and liquidity risks which arise in the normal course of business. Generally, the Company’s overall objective is to manage and minimise exposure to such risks. The Company adopts the risk management policies and guidelines established by its immediate holding company, Singapore Power Limited, and has established processes for monitoring compliances with such policies. The Company uses forward foreign currency exchange contracts, interest rate swaps and cross currency interest rate swaps to manage its exposure to foreign currency and interest rate risks respectively. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The material financial risks associated with the Company’s activities are each described below, together with details of the Company’s policies for managing the risks. Foreign currency risk The Company is exposed to foreign currency risks from borrowing activities, purchase, supply and installation contracts, and trade creditors which are denominated in a currency other than Singapore dollars. The objective of the Company’s risk management policies is to mitigate foreign exchange risk by utilising various hedging instruments. The Company therefore considers avoidable currency risk exposure to be minimal for the Company. The Company enters into cross-currency interest rate swaps to manage exposures arising from foreign currency borrowings including the United States Dollar (“USD”) and Japanese Yen (“JPY”). Under crosscurrency interest rate swaps, the Company agrees to exchange specified foreign currency principal and interest amounts at an agreed future date at a pre-determined exchange rate. Such contracts enable the Company to mitigate the risk of adverse movements in foreign exchange rates. Except where a foreign currency borrowing is taken with the intention of providing a natural hedge by matching the underlying cash flows, all foreign currency borrowings are swapped back to Singapore dollars. For foreign currency swaps that do not meet the requirements of hedge accounting, changes in fair value are recorded in profit or loss. 49 SP PowerAssets Limited Financial statements Year ended 31 March 2025 The Company uses forward foreign currency exchange contracts to substantially hedge foreign currency risk attributable to purchase transactions. The maturities of the forward foreign currency exchange contracts are intended to match the forecasted progress payments of the supply and installation contracts. Whenever necessary, the forward foreign exchange contracts are either rolled over at maturity or translated into foreign currency deposits, whichever is more cost efficient. As at 31 March 2025, the Company has outstanding forward foreign currency exchange contracts with notional amounts of approximately $233.0 million (2024: $291.1 million). The net fair value of forward foreign currency exchange contracts as at 31 March 2025 is $4.5 million net liabilities (2024: $8.5 million net liabilities) comprising assets of $1.8 million (2024: $1.9 million) and liabilities of $6.3 million (2024: $10.4 million). These amounts were recognised as derivative assets and liabilities respectively. Sensitivity analysis for foreign currency risk As at 31 March 2025 and 2024, if the functional currency of the Company had moved against each of the currencies as illustrated in the table below, with all other variables held constant, equity would have been affected as below: Equity (hedging reserve) $ million Judgements of reasonably possible movements – increase/(decrease) 2025 USD Increase of the SGD by 5 per cent against US Dollar (3.1) Decrease of the SGD by 5 per cent against US Dollar 3.1 EUR Increase of the SGD by 9 per cent against EUR Dollar (4.4) Decrease of the SGD by 9 per cent against EUR Dollar 4.4 JPY Increase of the SGD by 14 per cent against Japanese Yen (7.5) Decrease of the SGD by 14 per cent against Japanese Yen 7.5 CHF Increase of the SGD by 6 per cent against Swiss Franc (1.8) Decrease of the SGD by 6 per cent against Swiss Franc 1.8 2024 USD Increase of the SGD by 5 per cent against US Dollar (4.1) Decrease of the SGD by 5 per cent against US Dollar 4.1 EUR Increase of the SGD by 9 per cent against EUR Dollar (5.0) Decrease of the SGD by 9 per cent against EUR Dollar 5.0 JPY Increase of the SGD by 16 per cent against Japanese Yen (11.4) Decrease of the SGD by 16 per cent against Japanese Yen 11.4 50 SP PowerAssets Limited Financial statements Year ended 31 March 2025 The judgements of reasonably possible movements were determined using statistical analysis of the 90 th percentile of the best and worst expected outcomes having regard to actual historical exchange rate data over the previous five years. Management considers that past movements are a reasonable basis for estimating possible movements in foreign currency exchange rates. Interest rate risk The Company manages its interest rate exposure by maintaining a significant portion of its debt at fixed interest rates. This is done by the (i) issuance of fixed rate debt; (ii) use of interest rate swaps to convert floating rate debt to fixed rate debt; or (iii) use of cross-currency interest rate swaps to convert fixed or floating rate non-functional currency denominated debt to fixed rate functional currency denominated debt. The use of derivative financial instruments relates directly to the underlying existing and anticipated indebtedness. As at 31 March 2025, the Company has interest rate and cross-currency swaps with notional amount of $4,753.1 million (2024: $4,898.4 million). The Company classifies these swaps as cash flow and fair value hedges. The net fair value of swaps as at 31 March 2025 is $142.9 million net liabilities (2024: $218.9 million net liabilities) comprising assets of $23.8 million (2024: $78.4 million) and liabilities of $166.7 million (2024: $297.3 million). These amounts were recognised as derivative assets and liabilities respectively. The Company’s excess funds are principally invested in bank deposits of varying maturities to match its cash flow needs, or deposited with a related company. At the reporting date, if interest rates had moved as illustrated in the table below, with all other variables held constant, profit before taxation and equity would have been affected as follows: Profit before taxation Equity (hedging reserve) $ million $ million Judgements of reasonably possible movements – increase/(decrease) 2025 Increase with all other variables held constant (4.1) 72.5 Decrease with all other variables held constant 4.0 (78.3) 2024 Increase with all other variables held constant (13.3) 47.7 Decrease with all other variables held constant 13.3 (49.4) The judgements of reasonably possible movements were determined using statistical analysis of the 90 th percentile of the best and worst expected outcomes having regard to actual historical interest rate data over the previous five years based on the six month Singapore Overnight Rate Average, three month USD Secured Overnight Financing Rate and six month JPY Tokyo Overnight Average Rate. Management considers that past movements are a reasonable basis for determining possible movements in interest rates. 51 SP PowerAssets Limited Financial statements Year ended 31 March 2025 As at 31 March 2025, the movements in interest rates used in the table above are as follows: • Singapore interest rates – 211 basis points (2024: 197 basis points) • United States interest rates – 324 basis points (2024: 325 basis points) • Japan interest rates – 21 basis points (2024: 6 basis points) Credit risk Credit risk is the risk of financial loss to the Company if a customer or a counterparty to a financial instrument fails to meet its contractual obligations. This arises principally from the Company’s financial assets, comprising cash and cash equivalents, trade and other receivables and derivative assets. The Company provides for lifetime ECL for all trade receivables using a provision matrix as disclosed in Note 9. For other receivables, the Company considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. As at 31 March 2025 and 2024, other receivables have been assessed to be subject to immaterial ECL. Surplus funds are invested in interest bearing deposits with financial institutions with good credit ratings assigned by international credit rating agencies. Counterparty risks are managed by limiting exposure to any individual counterparty. The Company’s portfolio of financial instruments is entered into with a number of creditworthy counterparties, thereby mitigating concentration of credit risk. The Company held cash and cash equivalents of less than $0.1 million (2024: less than $0.1 million) which represents its maximum exposure on these assets. Counterparty risks on derivatives are generally restricted to any gain or loss when marked to market, and not on the notional amount transacted. As a prudent measure, the Company enters into derivatives only with financial institutions with good credit ratings assigned by international credit rating agencies. Therefore, the possibility of a material loss arising from the non-performance by a counterparty is considered remote. There is no significant concentration of credit risk of trade receivables. The credit quality of trade and other receivables that are not past due or impaired at the reporting date is of acceptable risk. In addition to customers’ deposits, the Company holds guarantees from creditworthy financial institutions to secure the obligations of certain customers. At reporting date, the Company has significant receivables arising from amounts due from related corporations. Management considers the probability of default remote. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company adopts prudent liquidity risk management by maintaining sufficient cash and liquid financial assets, and ensures the availability of funding through an adequate level of bank credit lines. Intercompany borrowings are obtained when necessary to meet its working capital requirements. The following are the expected contractual undiscounted cash flows of financial liabilities, including interest payments and excluding the impact of netting agreements. 52 SP PowerAssets Limited Financial statements Year ended 31 March 2025 For swap hedging instruments that are cash flow hedges, the tables below indicate the periods that they are expected to impact profit or loss. Carrying amount Contractual cash flows Within 1 year 1 – 2 years 2 – 5 years More than 5 years $ million $ million $ million $ million $ million $ million 2025 Non-derivative financial liabilities Trade and other payables* (4,210.6) (4,210.6) (4,210.6) – – – Lease liabilities (0.2) (0.2) (0.1) (0.1) – – Debt obligations - current (927.5) (958.3) (958.3) – – – - non-current (1,192.1) (1,334.9) (38.6) (102.6) (922.4) (271.3) Derivatives Derivative assets Interest rate swaps/crosscurrency interest rate swaps 23.8 35.2 25.5 2.4 5.3 2

Cents/kWh MEDIA RELEASE ELECTRICITY TARIFF REVISION FOR THE PERIOD 1 APRIL TO 30 JUNE 2018 Singapore, 29 Mar 2018 – For the period from 1 April to 30 June 2018, electricity tariffs will increase by an average of 2.8% or 0.59 cent per kWh compared to the previous quarter. This is mainly due to the higher energy cost of producing electricity. For households, the electricity tariff will increase from 21.56 to 22.15 cents per kWh for 1 April to 30 June 2018. The average monthly electricity bill for families living in four-room HDB flats will increase by $1.86 (see Appendix 3 for the average monthly electricity bill for different household types). 23.00 22.00 21.00 20.00 19.00 18.00 17.00 16.00 Quarterly Household Electricity Tariff 22.15 21.39 21.56 20.72 20.20 20.30 19.27 19.13 Jul - Sep '16 Oct - Dec '16 Jan - Mar '17 Apr - Jun '17 Jul - Sep '17 Oct - Dec '17 Jan - Mar '18 Apr - Jun '18 SP Group reviews the electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA), the electricity industry regulator. The tariffs given in Appendix 1 have been approved by the EMA. Issued by: SP Group 2 Kallang Sector Singapore 349277 www.spgroup.com.sg Appendix 1 ELECTRICITY TARIFFS FROM 1 APRIL 2018 Existing Tariff (without GST) New Tariff (without GST) New Tariff (with 7% GST) LOW TENSION SUPPLIES, DOMESTIC All units, ¢/kWh LOW TENSION SUPPLIES, NON-DOMESTIC All units, ¢/kWh HIGH TENSION SMALL (HTS) SUPPLIES Contracted Capacity Charge $/kW/month Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh HIGH TENSION LARGE (HTL) SUPPLIES Contracted Capacity Charge $/kW/month Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh EXTRA HIGH TENSION (EHT) SUPPLIES Contracted Capacity Charge $/kW/month Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh 21.56 22.15 23.70 21.56 22.15 23.70 8.36 8.58 9.18 12.54 12.87 13.77 18.88 19.56 20.93 11.37 11.77 12.59 0.59 0.59 0.63 8.36 8.58 9.18 12.54 12.87 13.77 18.66 19.34 20.69 11.36 11.76 12.58 0.59 0.59 0.63 7.54 7.68 8.22 11.31 11.52 12.33 17.77 18.44 19.73 11.26 11.66 12.48 0.48 0.48 0.51 Appendix 2 BREAKDOWN OF ELECTRICITY TARIFF 1. The electricity tariff consists of the following four components: a) Energy costs (paid to the generation companies): This component is adjusted quarterly to reflect changes in the cost of power generation. b) Network costs (paid to SP PowerAssets): This fee is reviewed annually. c) Market Support Services Fee (paid to SP Services): This fee is reviewed annually. d) Market Administration and Power System Operation Fee (paid to Energy Market Company and Power System Operator): This fee is reviewed annually to recover the costs of operating the electricity wholesale market and power system. Q2 2018 TARIFF Market Admin & PSO Fee (No Change) 0.05¢/kWh (<1%) MSS Fee (Increase by 0.03¢/kWh) 0.40¢/kWh (1.8%) Network Costs (Increase by 0.01¢/kWh) 5.31¢/kWh (24%) Energy Costs (Increase by 0.55¢/kWh) 16.39¢/kWh (74%) Appendix 3 AVERAGE MONTHLY ELECTRICITY BILLS OF DOMESTIC CUSTOMERS (TARIFF WEF 1 APRIL 2018) Types of Premises Average monthly consumption per Customer Average Monthly Bill New Average Monthly Bill Average Change in Monthly Bill HDB 1 Room HDB 2 Room HDB 3 Room HDB 4 Room HDB 5 Room HDB Executive Apartment Terrace Semi-Detached Bungalow Average kWh $(a) $(b) $(b-a) % 120.50 25.98 26.69 0.71 2.7 163.52 35.26 36.22 0.96 2.7 233.46 50.33 51.71 1.38 2.7 314.49 67.80 69.66 1.86 2.7 363.52 78.37 80.52 2.15 2.7 446.42 96.25 98.88 2.63 2.7 438.09 94.45 97.04 2.59 2.7 782.09 168.62 173.23 4.61 2.7 1,035.55 223.26 229.37 6.11 2.7 2,063.00 444.78 456.95 12.17 2.7 371.31 80.05 82.25 2.20 2.7

Utility Bill Avg_With Gas Utility Bill Average ($) for households with gas Premises Types Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 HDB 1-Room 77.04 73.76 80.08 82.78 87.43 83.34 86.23 82.42 81.64 83.97 78.63 77.93 HDB 2-Room 89.30 85.50 92.72 97.00 100.66 97.91 99.45 95.00 93.57 97.93 90.47 90.07 HDB 3-Room 112.98 109.85 119.73 124.51 129.34 124.22 126.71 122.50 121.04 124.31 116.58 115.44 HDB 4-Room 135.07 130.30 142.95 148.52 154.60 149.22 151.99 147.59 145.21 150.28 139.53 138.26 HDB 5-Room 144.01 139.05 152.34 157.84 164.50 159.46 162.46 157.97 155.35 160.85 149.14 146.83 HDB Executive 159.60 154.76 169.93 174.70 182.36 177.32 179.80 175.34 171.18 178.17 164.07 162.41 Apartment 158.33 158.04 175.68 183.56 189.46 182.17 184.14 182.73 180.50 187.96 176.05 165.34 Terrace 267.59 261.56 279.64 288.94 301.97 291.01 298.11 292.67 293.17 295.21 285.78 275.95 Semi-Detached 332.11 329.24 351.85 364.56 382.10 371.24 376.26 370.72 362.56 376.52 353.09 342.58 Bungalow 621.11 635.40 675.97 699.68 725.88 709.75 708.95 728.77 693.44 732.73 682.55 680.55 Note: The figures exclude electricity charges for PAYU customers and customers who are not purchasing electricity at the regulated tariff. Utility Bill Avg_WO Gas Utility Bill Average ($) for households without gas Premises Types Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 HDB 1-Room 67.47 64.90 70.52 74.13 78.40 75.61 77.97 73.97 73.36 75.72 70.53 69.56 HDB 2-Room 80.06 76.74 83.39 87.87 91.84 89.70 91.17 86.56 85.41 89.23 82.47 81.75 HDB 3-Room 100.23 97.68 106.96 112.09 116.92 112.61 114.89 110.33 109.14 112.40 105.15 103.85 HDB 4-Room 119.36 114.92 126.86 133.11 139.31 134.99 137.35 132.51 130.31 135.32 125.42 124.11 HDB 5-Room 126.62 121.76 134.46 140.89 147.54 143.70 146.23 141.18 138.68 144.16 133.40 131.27 HDB Executive 140.97 136.47 150.92 156.71 164.42 160.31 162.51 157.57 153.76 160.51 147.39 145.83 Apartment 135.55 134.92 152.04 161.94 168.66 163.45 164.54 161.05 158.14 166.34 155.85 144.88 Terrace 240.95 235.09 253.19 263.33 276.05 267.47 273.88 266.42 265.98 269.32 259.90 252.25 Semi-Detached 301.32 299.32 321.27 335.61 352.45 342.67 347.15 340.35 333.46 344.79 323.43 314.80 Bungalow 573.47 585.41 625.30 651.42 679.81 663.52 665.92 680.97 644.28 684.59 638.58 634.59 Note: The figures exclude electricity charges for PAYU customers and customers who are not purchasing electricity at the regulated tariff.

Consumption_Elect Average consumption of Electricity (kWh) Premises Types Jun-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 HDB 1-Room 154 137 135 128 140 145 150 139 143 139 132 130 127 125 121 111 127 142 152 147 145 143 146 144 135 HDB 2-Room 204 183 182 169 183 189 199 186 186 184 172 171 165 166 158 148 166 185 202 190 190 189 190 188 176 HDB 3-Room 292 253 253 239 259 268 276 259 264 257 245 245 235 233 226 212 242 270 288 271 272 269 274 269 247 HDB 4-Room 400 351 349 329 354 370 380 356 361 354 333 334 320 318 309 289 326 367 391 371 371 367 374 370 342 HDB 5-Room 465 406 408 382 411 431 445 414 420 416 388 389 373 369 363 338 381 428 456 437 434 427 437 436 401 HDB Executive 574 497 498 470 500 527 543 506 514 504 472 476 448 453 443 414 473 528 561 531 536 528 541 530 478 Apartment 609 497 503 488 533 573 576 527 523 519 498 496 469 450 425 414 465 543 585 546 514 515 537 541 483 Terrace 891 789 811 771 816 873 865 817 833 815 781 785 752 748 727 686 756 867 902 868 866 859 890 881 804 Semi-Detached 1,225 1,078 1,099 1,029 1,090 1,196 1,174 1,092 1,097 1,091 1,030 1,054 995 997 962 930 1,024 1,182 1,233 1,159 1,134 1,150 1,187 1,174 1,065 Bungalow 2,433 2,194 2,141 2,063 2,218 2,365 2,403 2,168 2,144 2,146 2,004 2,182 1,986 2,073 1,938 1,901 2,016 2,303 2,482 2,320 2,219 2,298 2,308 2,358 2,075

Gas Distribution Connection Forms Updated 1 Apr 26 Gas Distribution Connection Forms S/No. Form No. Description 1 GD1 Application for Gas Distribution Connection 2 GD2 Application for Admittance of Gas 3 GD3 Certificate of Proof Test FORM GD1 - APPLICATION FOR GAS DISTRIBUTION CONNECTION To: PowerGas Ltd c/o HOS (Gas Distribution Planning) SP PowerGrid Ltd Through Retailer ____________________________ Signature, Name & Designation of Retailer Representative ____________________________ Name of Retailer GAS CONNECTION TO: _______________________________________________________ (Project Name) _______________________________________________________ (Address of Gas Installation) I would like to apply for connection to the PowerGas’ gas distribution pipeline network for the above project. I hereby submit the following documents and certify that the information provided is correct: a. Consumer Project Data Sheet (GD1 Appendix 1). b. Location / site plan showing: i. The project site; ii. Proposed connection point(s), including the demarcation of the responsibility, PE end fittings at/from the connection point and any transition joint c. Location of Meter Installation & indicative pipe route from property boundary to the Meter Installation (Applicable for Natural Gas connections only). Name of Applicant : ______________________ Designation : ___________________________ Company : _____________________________ Signature/ Date: _________________________ GD1 (0426) GD1 Appendix 1 CONSUMER PROJECT DATA SHEET Consumer Information Project Name : Address of Premises / Development : Request Type : New supply connection / Retailer switch (NG only) * Consumption Information Type of Gas : Town Gas / Natural Gas * Consumer Type : Residential / Non-residential * Application of Gas : Co-Gen / Tri-Gen / Boiler / Cooking / Water Heating / Others * If Others, please specify : ___________________________ (NG only) Retailer Name : (NG only) Injection Point : Gas Consumption Duration per Day : Expected Gas Admittance Date : Gas Usage : 8 / 12 / 24 * hours or otherwise, please specify : ____________ If gas supply is meant for interim use (less than 5 yrs), please specify duration of gas usage in years : ____________ (DD/MM/YY) Delivery Pressure and Flowrate Year 1 mmBtu / year Year 2 mmBtu / year Applicable to NG projects only * Load profile Year 3 Year 4 Year 5 mmBtu / year mmBtu / year mmBtu / year Applicable to TG projects only * Design pressure of gas installation : Maximum Instantaneous Flowrate : Minimum Flowrate : Average Monthly Consumption : Maximum Instantaneous Flowrate : Sm 3 /hr Sm 3 /hr kWh/mth Sm 3 /hr barg Submitted by Applicant Confirmation by Retailer Name of Company : Name of Retailer : Name of Officer : Name of Officer : Designation : Designation : Date : Date : Signature : Signature : I agree with the above information provided by the applicant. Note : The above is for information purposes only. PowerGas may not be able and/or obliged to fulfil any of the above requirements. The minimum committed delivery pressure at the outlet of the GSIV 1barg (NG projects), 10kPa (TG LPB projects) and 1kPa (TG LP projects). However, the gas user may receive higher than the minimum committed pressure which is based on the prevailing network supply pressure. *Delete where applicable GD1 (0426) FORM GD2 - APPLICATION FOR ADMITTANCE OF GAS PowerGas Ltd c/o HOS (Gas Distribution Projects) SP PowerGrid Ltd Through Retailer _______________________________ Signature, Name & Designation of Retailer Representative ____________________________ Name of Retailer ________________________________________ (Project Name) ________________________________________ (Address of Premises / Development) (A) I, the Designated Representative (DR) of the above project, certify that, i. The gas installation from the GSIV up to the Meter Installation (excluding GSIV and Meter) is ready to receive gas. ii. iii. iv. The consumer internal pipe is not connected to the meter installation. I attached the following forms for your reference please: - GD2 Appendix 1 - “Certificate of Completion” - GD2 Appendix 2 - “Certificate of Final Pressure Test” All end points are capped / blanked / plugged off. v. I undertake to conduct Proof Test and submit GD3 immediately prior to the connection. - GD3 “Certificate of Proof Test” ____________________________ Signature and Stamp of DR / Date Name : _______________________________ PE / LGSW No.: ________________________ ___________________________________________________________________________ (B) I hereby request for admittance of gas to the gas installation up to, but excluding, the Meter Installation on _______________. _____________________________ Signature of Applicant / Date Name : _____________________________ To the Retailer: This is to confirm gas admittance shall be carried out on ______________ (date) at _____________ (time). Please notify all relevant personnel to be present on site. Designation : ________________________ _____________________ SPPG Officer-in-charge GD2 (0426) CERTIFICATE OF COMPLETION GD2 Appendix 1 PowerGas Ltd c/o HOS (Gas Distribution Projects) SP PowerGrid Ltd Through Retailer _______________________________ Signature, Name & Designation of Retailer Representative ____________________________ Name of Retailer __________________________________________ (Project Name) ___________________________________________ (Address of Premises / Development) I, the Designated Representative (DR) of the above project, hereby certify that the Gas Installation for the above project from the GSIV up to the Meter Installation (excluding GSIV and Meter) have been designed and constructed in compliance with the requirements of the latest revision of the following, where applicable: • Gas Act (Cap 116A); • Gas (Supply) Regulations; • Gas Supply Code; • Singapore Standard, SS 608 – Code of Practice for gas Installation; • Other relevant code / standard : ______________________ • All relevant acts, regulations and rules which are applicable to the gas installation; • All statutory and relevant codes which are applicable to the gas installation; • All statutory requirements in government laws and relevant regulations of government departments. 2. The design pressure of the Gas Installation is __________ barg. ____________________________ Signature and Stamp of DR / Date Name : _______________________________ PE / LGSW No.: ______________________ GD2 (0426) CERTIFICATE OF FINAL PRESSURE TEST GD2 Appendix 2 PowerGas Ltd c/o HOS (Gas Distribution Projects) SP PowerGrid Ltd Through Retailer _______________________________ Signature, Name & Designation of Retailer Representative ____________________________ Name of Retailer ___________________________________________ (Project Name) ___________________________________________ (Address of Premises / Development) 1. I, Designated Representative (DR) of the above project, hereby certify that the Gas Installation from the GSIV up to the Meter Installation (excluding GSIV and Meter) has been successfully tested and passed the final pressure test in accordance with the requirements of: Codes / Standards □ □ (Please tick below where applicable) Singapore Standard, SS 608 – Code of Practice for Gas Installation; or Other relevant code / standard: Pressure Test □ □ □ Test Pressure (Barg) Duration (Hour) Date Passed First test Second test Other test 2. I hereby declare that the design pressure and maximum instantaneous flowrate for the above Gas Installation is in accordance the submission stated in our GD1 form. Should there be changes to the parameters, the DR shall inform Gas Distribution Planning Section (through the gas retailer) to evaluate changes before they are implemented. 3. I shall notify all parties concerned that the Gas Installation has been completed and pressure tested. _______________________________ Signature and Stamp of DR / Date Name : _______________________________ PE / LGSW No.: ________________________ GD2 (0426) PowerGas Ltd c/o HOS (Gas Distribution Projects) SP PowerGrid Ltd Through Retailer FORM GD3 - CERTIFICATE OF PROOF TEST _______________________________ Signature, Name & Designation of Retailer Representative ____________________________ Name of Retailer ___________________________________________ (Project Name) ___________________________________________ (Address of Premises / Development) I, Designated Representative (DR) of the above project, hereby certify that the Gas Installation for the above project from the GSIV up to the Meter Installation (excluding GSIV and Meter) have been tested and successfully passed the proof test 1 on _____________ (date). 2. I further certify that the test pressure has been released and the said Gas Installation is currently at atmospheric pressure. Accordingly, I hereby request to proceed with the connection and gas admittance. 3. I shall undertake to purge and commission the Gas Installation from the GSIV up to the Meter Installation (excluding GSIV and Meter) immediately after the gas admittance. _______________________________ Signature and Stamp of DR / Date Name : _______________________________ PE / LGSW No.: ________________________ 1 Proof test shall be conducted in accordance with the requirements of Singapore Standard SS 608 for installation designed to operate up to 50 kPa or 20 kPa respectively, otherwise, proof test shall be carried out at 100 kPa or the operating pressure, whichever is lower, for a period of 30mins. REQUEST FOR INTERIM ADMITTANCE OF GAS I, Designated Representative (DR) of the above project, hereby certify that the Gas Installation for the above project from the GSIV up to the Meter Installation (excluding GSIV and Meter) have been prepared and is ready for purging and commissioning. Please proceed to admit gas for the purpose of purging and commissioning. ______________________________ Signature and Stamp of DR / Date Name : _______________________________ PE / LGSW No.: ________________________ GD3 (0426)

Singapore Institute of Power and Gas Gas Pipe Fitter Course Code: GPL05 OBJECTIVES Upon completion of this course, participants will be able to: • Describe hazards and importance of safety at work at gas distribution pipeline • List the fundamental of gas and the types of pipeline integrity testing • Apply the correct jointing and fitting methodology for Ductile Iron (DI) and Polyethylene (PE) gas pipes MAIN CONTENTS Theory • Fundamentals o Gas Properties – town gas and natural gas o Gas hazards and safety o Use of gas detector o Types of gas pipes – DI, PE and GI (Galvanised Iron) o Safety Precautions in handling live gas mains o Layout of gas pipe connection and symbols • Pressure Testing and Commissioning: o Pressure Test Instruments o Pressure Testing o Purging and charging in • Gas Leak Detection and Repair: o Operating of Gas Detector o Locating Gas leak o Repair & Maintenance of Leaking Gas Mains & Services Practical • Jointing of DI Pipes and Fittings o DI Pipes & Fittings o DI Pipe Tools & Equipment o Tightening of a Fitting eg. Bend or Cap o Tapping of Gas Mains o Insertion of Gas Bags o Use of Wask Bagging Equipment • Jointing of PEPipes and Fittings o PE Pipes & Fittings o PE Pipe Tools & Equipment o Cutting of PE Pipe for Connection o Joining of PE Pipe Connection o Squeezing and re-rounding of PE Pipe METHODOLOGY Lecture and practical session Note: SIPG reserves the right to amend any details relating to the course without prior notice. Contact Us: training-institute@spgroup.com.sg or +65 6916 9730 Ver 01.20 Singapore Institute of Power and Gas TARGET AUDIENCE Engineering and technical staff who are required to carry out gas pipeline design, construction and commissioning related work COURSE DETAILS Course Duration / Time 2 days (14 hours) / 8:30am – 5:30pm Assessment Yes Certification SIPG Certificate of Completion 1 PDU by PE Board 2 - Course Fee before Funding $1,400 w/o GST $1,498 with GST Course Fee after Funding 3 Not applicable - CLICK TO REGISTER 1 Participants must attain at least 75% attendance rate and pass the assessment. 2 Applicable to Professional Engineers registered in Professional Engineers Board (PEB) only. 3 Funding grant is available for Singapore Citizens and Permanent Residents only. Note: SIPG reserves the right to amend any details relating to the course without prior notice. Contact Us: training-institute@spgroup.com.sg or +65 6916 9730 Ver 01.20

SINGAPORE DISTRICT COOLING PTE LTD TARIFF FOR DISTRICT COOLING SERVICES WITH EFFECT FROM 1 NOV 2025 Capacity Charge : $24.23/kWr per month Usage Charge : $0.0651/kWrh