1HFY2025 Core Underlying EBITDA remains strong at US$1.8 billion

Resilient operations provide stable and positive cashflows with high visibility

Consolidated net leverage remains healthy at 28%

GLP continues to attract high quality, long term capital evidenced by recent strategic partnerships

Singapore, 26 September 2025 – GLP Pte Ltd (“GLP” or “the Group”) today announced its results for the first half ended 30 June 2025 (“1HFY2025” or “the period”), demonstrating resilient operating performance and strong cashflow generation. 

Nicholas Johnson, Chief Financial Officer of GLP, said “GLP delivered another period of resilient results, driven by robust sector fundamentals and our differentiated capabilities in operations and fund management. Our diversified, platform-based business model continues to resonate strongly with investors, and we are extremely proud of completing the recent strategic transactions with ADIA and Zhejiang government-backed investors.”

The Group’s revenue was US$1.0 billion for the period, stable year-on-year (“YoY”), with approximately 38% from rental and related income, 27% from asset and fund management fees and the balance contributed by the Group’s higher growth platforms such as data centers, and freezer services.

GLP recorded Core Underlying EBITDA (“CUEBITDA”)^[1] of US$1.8 billion in 1HFY2025, up 211% YoY, lifted by disciplined platform and asset monetization. The Group’s data center business posted strong income growth of 41% YoY as it continues to scale operations, establishing it as a more significant growth driver for the Group. 

GLP’s logistics portfolio demonstrated resilience with a Group stabilized lease ratio of 87% and a healthy weighted average lease expiry of 3.5 years. Total new and renewal leases grew 2% YoY to 16.1 million sqm with a healthy customer retention rate of 60%. In China, the Group’s scale, operational expertise and ecosystem approach continue to drive strong differentiation, enabling GLP to consistently achieve above-market rents and occupancy rates in a fragmented market.

Net cash generated from operating and investing activities was US$1.3 billion for the period, bringing the total to US$2.0 billion over the last 12 months, providing a solid foundation to support the Group’s financial position and growth priorities. 

Demand from institutional investors to partner with GLP remains high. Recently announced strategic investments from Abu Dhabi Investment Authority and Zhejiang government-backed investors underscore the Group’s institutional rigor and global reach. During the period, GLP continued to raise new income funds across its logistics and data center businesses and expects to continue leveraging its fund management platform to unlock value from mature assets and grow fee-based income.

The Group has continued to deliver on debt reduction, lowering total loans and borrowings by US$3.4 billion[2] since 2022, including US$1.4 billion in 1HFY2025. Net leverage stood at 28% as of 30 June 2025 and GLP maintains a robust funding position supported by cash generation capabilities, diversified financing sources and stable banking relationships.