deployment and supply chain strategies. Notwithstanding these potential headwinds, the long-term structural drivers supporting demand for modern logistics and high-specifications industrial assets remain intact. Ongoing supply chain reconfiguration in response to tariffs and geopolitical tensions, technology- and AI-driven demand for advance manufacturing components like semiconductors, and electronics and tenants’ increasing preference for well-located, efficient and sustainable facilities continue to underpin demand for quality industrial space. Against this backdrop, we will remain focused on proactive asset management, disciplined capital recycling, and targeted AEIs to maintain portfolio relevance and competitiveness. At the same time, we will continue to prioritise prudent capital management, maintaining a well-staggered debt maturity profile and financial flexibility to navigate market volatility while remaining ready to capture selective viable growth opportunities. Our approach to growth will remain measured and execution-driven, with an emphasis on earnings quality, resilient cash flows and long-term value. With an enhanced portfolio, improved earnings visibility and balance sheet, ESR-REIT will remain nimble and adaptable in responding to the evolving market conditions, and is well-equipped to navigate the uncertainties ahead while delivering earnings quality, stable distributions and sustainable growth for our Unitholders. ACKNOWLEDGEMENTS On behalf of the Board and Management team, we would like to express our appreciation to our Unitholders, tenants, business partners and our Sponsor for your continued trust and support. This belief in us has allowed us to deliver a stronger and more future-ready REIT. We also extend our gratitude to our employees, whose dedication and professionalism have been instrumental in executing our strategy and positioning ESR-REIT for the future. As we move forward from a position of strength, we remain committed to disciplined execution, responsible growth and delivering long-term value to all our stakeholders. Thank you for your continued confidence in ESR-REIT. Sincerely yours, MS. STEFANIE YUEN THIO Independent Non-Executive Chairperson MR. ADRIAN CHUI Chief Executive Officer and Executive Director 17 ESR-REIT ANNUAL REPORT 2025
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