GLP Pte Ltd: Update on deferred consideration following FY25 first take

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GLP Pte Ltd: Update on deferred consideration following FY25 first take

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GLP Pte Ltd

Update on deferred consideration

following FY25 first take

Company Update

Increase in deferred consideration in non-current assets 18 May 2026

As highlighted in GLP’s FY25 first take, the company reported deferred consideration Global Emerging Markets | Corporate

receivables of USD653mn at YE25, rising from USD137mn at YE24, reflecting proceeds Credit

due and contingent consideration from the disposal of subsidiaries. We view recognition Asia | Singapore

Industrials/Multi-Industryof this receivable, audited by KPMG, indicates that payment conditions are considered

probable and measurable under IFRS. However, its classification as non‑current suggests Xiang Gao, CFA

a back‑ended cash receipt profile, implying timing uncertainty and execution risk around Research Analyst

Merrill Lynch (Singapore)

ultimate monetization. While GLP doesn’t disclose deal-level detail, we view the disposal +65 6678 0941

of GCP International to Ares (report), which was completed in Mar’25, may be a key xiang.gao@bofa.com

contributor. Jing Peng

Research Analyst

Recap of the transaction structure & earn‑out mechanics Merrill+852 3508Lynch3105(Hong Kong)

GLP management previously guided up to USD2.5bn of total proceeds from Ares’ jing.peng2@bofa.com

acquisition of GCP International, comprising USD1.8bn upfront consideration and up to Sirius Chan

USD0.7bn earn‑out (within a broader USD1.5bn earn‑out pool across all sellers & certain Merrill Lynch (Hong Kong)

professionals). Per Ares, the contingent consideration is tied to two performance-based +852 3508 3100 sirius.chan@bofa.com

components: (i) up to USD1.0bn linked to revenue of certain digital infrastructure funds, Suyang Lu