JustCo launches S$100.0 million initial public offering

• Singapore-grown market leader with a proven operational track record
• Supported by multiple renowned institutional investors over the past decade, including GIC Realty and Frasers Property Limited
• Offering of 32,092,000 Offering Shares at S$0.94 per Offering Share subject to the Over-allotment Option
• Cornerstone commitments totalling approximately S$69.8 million, mainly from institutional investors and strategic investors, representing approximately 70% of the total amount to be raised
• Singapore Public Offer opens at 9.00pm on 15 May 2026 and closes at 12 noon on 20 May 2026; Trading debut expected at 9.00am on 22 May 2026

SINGAPORE, 15 May 2026 – JustCo Holdings Limited (“JustCo” or the “Company”, and together with its subsidiaries, the “Group”), a leading Singapore-grown flexible workspace operator with an extensive Asia Pacific network, has registered its prospectus (the

In connection with the Offering, Sing Long Investments Pte. Ltd., the Over-allotment Option Grantor, has granted the Joint Bookrunners and Underwriters the Over-allotment Option exercisable by DBS Bank Ltd. (the “Stabilising Manager”) (and/or its affiliates or other persons acting on its behalf), in full or in part, on one or more occasions, to purchase up to an aggregate of 5,319,000 Shares (representing approximately 16.6% of the total number of Offering Shares) at the Offering Price solely for the purpose of covering the over-allotment of Shares, if any, from the Listing Date until the earlier of (a) the date falling 30 days from the Listing Date, or (b) the date when the Stabilising Manager (and/or its affiliates or other persons acting on its behalf) has bought on the SGX-ST an aggregate of 5,319,000 Shares (representing approximately 16.6% of the total number of Offering Shares) in undertaking stabilising actions, subject to applicable laws and regulations, including the SFA and any regulations thereunder. The exercise of the Over-allotment Option will not increase the total number of issued and outstanding Shares immediately after the completion of the Offering and the issuance of the Cornerstone Shares.

“Prospectus”) for the proposed offering (the “Offering”) and listing of its shares on the Mainboard of the Singapore Exchange Securities Trading Limited (the “SGX-ST”).

The Offering

The Offering comprises a total of 32,092,000 new Shares (the “Offering Shares”) at an Offering Price of S$0.94 per Offering Share (the “Offering Price”), subject to the Over-allotment Option:

(a) an offering of 25,792,000 Offering Shares to investors, including institutional and other investors in Singapore and foreign institutional and selected investors outside the United States; and
(b) an offering of 6,300,000 Offering Shares by way of a public offer in Singapore (the “Singapore Public Offer”).

At the same time as but separate from the Offering, each of, Avanda Investment Management Pte. Ltd. (on behalf of certain investment funds and/or managed accounts), JPMorgan Asset Management (Singapore) Limited, Amova Asset Management Asia Limited, Maybank Asset Management Singapore Pte. Ltd., Maybank Securities Pte. Ltd. (on behalf of certain high-net-worth clients), Fullerton Fund Management Company Ltd., Farglory International Investment Co., Ltd., Jang Dah Fibre Industrial Co., Ltd. and Mr. Wei Chun Chieh (collectively, the “Cornerstone Investors”), has entered into separate cornerstone subscription agreements to subscribe for an aggregate of 74,291,000 new Shares (the “Cornerstone Shares”) at the Offering Price, subject to conditions.

The Offering, together with the issuance of Cornerstone Shares, are expected to raise total gross proceeds of approximately S$100.0 million.

JustCo intends to use the net proceeds for strategic investments and capital expenditures to support expansion plans in existing and new markets; and general corporate purposes and working capital.

The Singapore Public Offer opens at 9.00pm on 15 May 2026 and closes at 12 noon on 20 May 2026. Trading of the Offering Shares on the SGX-ST Mainboard is expected to commence on a “ready” basis at 9.00am on 22 May 2026.

The Prospectus is available on the MAS OPERA website at eservices.mas.gov.sg/opera and the SGX-ST website at www.sgx.com. Investors wishing to acquire the Offering Shares will need to make an application in the manner set out in the Prospectus.

DBS Bank Ltd. and UBS AG, Singapore Branch are the Joint Issue Managers and Global Coordinators. DBS Bank Ltd., UBS AG, Singapore Branch, and Maybank Securities Pte. Ltd. are the Joint Bookrunners and Underwriters.

About JustCo

Founded in 2011 and headquartered in Singapore, JustCo operates a leading flexible workspace platform across the Asia-Pacific region. As at the Latest Practicable Date, JustCo has an established network of 54 Centres across 12 cities, namely Bangkok, Bengaluru, Gurugram, Ho Chi Minh City, Hsinchu, Melbourne, Osaka, Seoul, Singapore, Sydney, Taipei and Tokyo, offering a total of approximately 37,500 workstations and a Net Lettable Area (“NLA”) of approximately 1.89 million square feet.

Over the past decade, JustCo has been supported by multiple renowned institutional investors, including GIC Realty and Frasers Property Limited who are Controlling Shareholders and are expected to continue to remain Controlling Shareholders immediately following JustCo’s listing on the SGX-ST.

JustCo’s industry-recognised leadership is supported by an experienced professional management team with a proven track record of disciplined expansion and risk management. This has translated into improving operational key performance indicators over the years as the Company improved its occupancy while expanding footprint.

Competitive Strengths

Positioned to benefit from large flexible office total addressable market with significant headroom for further growth

The total flexible office stock in the evaluated markets in APAC has grown by 46.8% since 2022, increasing from 56.6 million3 square feet in 2022 to 83.1 million3 square feet currently, significantly outpacing the growth of the broader office market. Despite this significant growth, flexible office penetration rates in APAC remained at 5.9%, well below the 10.6% penetration rates seen in developed markets like Central London.

Looking ahead to 2027, the evaluated markets in the APAC flexible office market is expected to continue to grow by a further 38.3%, bringing it to 114.9 million3 square feet.

In addition, the stricter enforcement of “return to office” protocol, particularly in APAC, is resulting in robust office leasing demand driven by high levels of office utilisation.

Derived from Independent Market Research Report based on the midpoints of the tracked total flexible office market size and the total office market size.

for the respective points in time. Years refer to actual calendar years.

Derived from the Independent Market Research Report for specific markets evaluated in APAC. The figures for India are as of the first quarter of 2025.

Trends such as a widening gap between peak and average utilisation of office spaces and higher adoption of flexible workspaces underscore the importance of flexible workspace.

The growth of flexible office spaces relative to traditional office spaces is further underpinned by capital and cost efficiencies for tenants, without significant upfront investments; flexibility in tenure and lease terms; the ability to customise workspaces to suit tenants’ preferences and business needs, and the facilitation of multi-geography expansions by leveraging an operator’s established network of locations.

Given the need for flexibility in office space as well as secular changes in work, cost and space, this has resulted in increased recognition from enterprises to make flexible office central to corporate real estate strategy.

Singapore-grown market leader with Asia Pacific-wide network focused on enterprises, anchored in top hubs

The Company has a double-digit penetration share across several key APAC cities, including Singapore, Bangkok, Melbourne and Taipei. Its operational footprint spans prime and emerging business hubs across markets that collectively accounted for more than 70% of total APAC (excluding Mainland China) GDP in 20245.

With occupancy for FY2025 at 84%, the Company has planned expansions into Hong Kong, India, Malaysia and the Philippines and existing markets. JustCo expects to increase its

According to the Independent Market Research Report.

This has been computed using JustCo’s proprietary information on gross area and net lettable area in the various markets and the total market size for flexible offices. For Taiwan and Seoul, the markets track gross area whereas the rest of the other markets (Australia, Singapore, Japan and Thailand) are based on net lettable area.

Occupancy rate is calculated based on number of occupied workstations as a percentage of available workstations annually (i.e., the sum of all workstations occupied over 12 months divided by the sum of all available workstations over the same 12-month period).

presence to approximately 20 cities and over 100 centres by 2029, targeting premier commercial districts and up-and-coming urban areas in Asia Pacific.

JustCo’s strategic focus on key APAC business hubs and one-stop solution enables the Company to support its members’ multi-city expansion strategies, as evidenced by Large Corporates accounting for over 53% of its portfolio as at 31 December 2025.

Comprehensive multi-brand offering with integrated value-added services underpinned by a loyal customer base

The Company’s brand portfolio comprises The Collective, its luxury offering; JustCo, its premium brand; and the boring office, its essentials brand. Its multi-brand proposition offering tiered services allows the Company to effectively target different member segments across price points and service requirements.

JustCo has a diverse member base well-distributed across industries and types of organisations, underpinning the resilience of its business model without dependence on any one industry or type of members. Its customers include global brands such as Coupang, Didi, General Electric, Klook, Moderna, Palo Alto, Pinterest, Tencent, Tory Burch and Zeekr.

Expansion into India, Malaysia and the Philippines is based on Committed New Centres while expansion into Hong Kong is based on Centres in the pipeline or under evaluation stage by our Group.

“Large Corporates”, where, as at 31 December 2025, they employ or engage more than 200 people in their business, they have more than 200 workstations in their membership arrangements with JustCo or they are a public listed company (including their subsidiaries) with more than S$100 million in annual revenue.

Distribution based on occupied workstations as at 31 December 2025.

Over 53% of members have been with JustCo for more than three years, and renewal success rates have grown year-on-year to 72.0% in FY2025.

In addition, the Company’s comprehensive technology suite enhances member experience by digitalising key touchpoints to deliver a seamless and hassle-free user journey, while value-added support and ancillary services such as pay-to-use meeting rooms, administrative and business support, fit-out and customisation services, contribute to services revenue.

Proven operational track record enabled by proprietary in-house tech, design, and operational capabilities

JustCo’s operational track record is underpinned by a strong foundation of proprietary in-house technology, distinctive design expertise and robust operational capabilities. These have enabled the Company to deliver consistent performance, drive continuous innovation and maintain high execution standards across the portfolio.

Through disciplined site selection, thorough due diligence, market research and prudent underwriting, JustCo has been able to achieve Cash EBITDA breakeven in approximately 5 months on average and an overall payback period of approximately between 15.86 to 24 months on average from a Centre’s launch.

Customer vintage has been calculated for the 29,422 workstations occupied by members as of 31 December 2025 based on the vintage of the unique license identification held by each member, which is calculated based on the start date of such license identification and the expiry date of such licence identification.

Renewal success rate is based on the total number of workstations with licences expiring during the relevant financial year. All such expiring workstations are included in the calculation. For renewing members, the full complement of workstations due for renewal is counted, notwithstanding any partial renewals.

Based on Cash EBITDA of each Centre, which excludes corporate expenses.

Among Centres opened after 1 January 2022 and that are considered Mature Centres as at 31 December 2025, approximately 25% of total NLA are operated under the traditional lease model and approximately 75% of total NLA are operated under the management contract model. Of these Mature Centres, 66% have achieved payback. Of the 34% that have not achieved payback, 20% were opened in 2022 (during Covid-19), 5% were opened in 2023 (beginning of Covid-19 recovery) and 9% were opened on or after August 2024. The weighted average payback period, weighted by NLA, for these Mature Centres is 16.4 months of which the weighted average payback periods for Mature Centres under the traditional lease model and the management contract model are 24.0 months and 15.8 months, respectively.

Financials

With deeper APAC presence, JustCo’s financial profile has strengthened, underpinned by robust revenue growth, margin expansion and a strong cash position of approximately US$104.0 million as at 31 December 2025.

The Company recorded revenue of US$150.8 million in FY2025. Cash EBITDA15, for FY2025 grew to US$13.8 million with a CAGR of 101.4% between FY2023 to FY2025. Cash EBITDA margin also expanded from 3.0% in FY2023 to 9.2% in FY2025. The Company has not drawn down on loans from financial institutions since inception and hence does not have any outstanding any external bank debt.

Business Strategies and Future Plans

Having established a presence in the markets that it operates in and built a strong financial position, JustCo is now at an inflection point and intends to execute a well-calibrated strategic expansion plan in 2026. It plans to open 28 new Centres in 2026, of which four have already been opened2 with a core focus on Japan to accelerate its regional presence. This is expected to increase JustCo’s total operational footprint to approximately 78 Centres by the end of 2026.

Among Centres opened after 1 January 2022 and that are considered Mature Centres as at 31 December 2025, approximately 25% of total NLA are operated under the traditional lease model and approximately 75% of total NLA are operated under the management contract model. Of these Mature Centres, 66% have achieved payback. Of the 34% that have not achieved payback, 20% were opened in 2022 (during Covid-19), 5% were opened in 2023 (beginning of Covid-19 recovery) and 9% were opened on or after August 2024. The weighted average payback period, weighted by NLA, for these Mature Centres is 16.4 months of which the weighted average payback periods for Mature Centres under the traditional lease model and the management contract model are 24.0 months and 15.8 months, respectively.

Refers to proforma financials for FY2025.

“Cash EBITDA” corresponds to earnings before interest, tax, depreciation and amortization (before lease-related expenses) less cash lease payments on lease liabilities, plus foreign exchange gain or loss, share based payment expense and one-off income or expenses.

In addition to deepening its presence in core markets, JustCo plans to expand its total addressable market by entering selected new markets across Hong Kong, India, Malaysia and the Philippines to strengthen its APAC footprint. It also intends to pursue a “protect and grow” strategy in existing markets by selectively scaling its network to consolidate and strengthen its market position.