Notes to the Financial Statements For the financial year ended 31 December 2025 25. EARNINGS AND DISTRIBUTION PER UNIT (a) Basic earnings per Unit The calculation of basic earnings per Unit is based on the total return attributable to Unitholders and the weighted average number of Units in issue for the financial year. Group 2025 2024 $’000 $’000 Total return/(loss) after income tax 53,730 (107,614) Less: Non-controlling interests (22,073) (20,165) Amount reserved for distribution to perpetual securities holders (26,055) (20,277) Total return/(loss) attributable to Unitholders 5,602 (148,056) Number of Units 2025 2024 Restated(1) ‘000 ‘000 Weighted average number of Units: – Units issued at beginning of the year 804,916 768,916 Effect of issue of new Units: – Management fees paid in Units 2,904 2,424 – Preferential offering – 4,030 – Partial consideration paid in Units pursuant to the acquisition of subsidiaries – 357 – Acquisition fees paid in Units – 70 – Adjustment for effect of Unit consolidation 5 – Effect of unit buy-back (4,410) (2,264) 803,415 773,533 Group 2025 2024 Restated(1) Basic earnings per Unit (cents) 0.697 (19.140) (1) As disclosed in Note 18, ESR-REIT completed the Unit consolidation exercise on 5 May 2025. Pursuant to the Unit consolidation, the weighted average number of Units has decreased. Accordingly, the comparative weighted average number of Units and the basic earnings per Unit attributable to Unitholders have been restated to reflect the effects of the Unit consolidation. (b) Diluted earnings per Unit Diluted earnings per Unit is the same as basic earnings per Unit as there were no dilutive instruments in issue during the current and previous financial years. 199 ESR-REIT ANNUAL REPORT 2025
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