Sasseur Real Estate Investment Trust · SGX:CRPU
Sasseur Real Estate Investment Trust — Sasseur REIT — Q1 2026 Earnings Presentation
28 slides from Sasseur Real Estate Investment Trust's earnings presentation, May 14, 2026
Slide 1: Sasseur REIT – Asia’s First Outlet Mall REIT
Sasseur REIT – Asia’s First Outlet Mall REIT Business and Operational Updates For the First Quarter ended 31 March 2026 14 May 2026 Sasseur (Chongqing Bishan) Outlet 1
Slide 2: Legal Disclaimer
Legal Disclaimer Not for release, publication or distribution in or into the United States, Canada, Japan or the People’s Republic of China. This presentation is for information only and does not constitute or form part of an offer, invitation or solicitation of any offer to purchase or subscribe fo
Slide 3: Contents
Contents 1Q 2026 Key Highlights 05 Financial Performance and Capital Management 07 Portfolio Performance 11 Looking Forward 19 Appendix 23 Sasseur (Kunming) Outlet 3
Slide 4: 1Q 2026 Key Highlights
1Q 2026 Key Highlights Sasseur (Hefei)4 Outlet
Slide 5: Strong 1Q 2026 Performance
Strong 1Q 2026 Performance • Portfolio sales hit an all-time high, up double digits YoY • Cost of debt lowered further to 3.9% Portfolio Financials Capital Management 1Q 2026 1Q 2026 As at 31 Mar 2026 Total Outlet Sales EMA Rental Income (RMB)2 Aggregate Leverage 25.4% RMB1,390.4m RMB185.5m ▲ 11.4%
Slide 6: Financial Performance and Capital Management
Financial Performance and Capital Management Sasseur (Hefei)6 Outlet
Slide 7: 1Q 2026 EMA Rental Income Higher YoY
1Q 2026 EMA Rental Income Higher YoY Driven by double-digit outlet sales growth 1Q 2026 1Q 2025 Variance % • 1Q 2026 EMA rental income (RMB) ▲5.7 YoY, attributed to both Outlet sales (RMB m) 1,390.4 1,247.7 +11.4 • Variable component income ▲11.5% YoY, driven by the ▲11.4% in outlet sales EMA rental
Slide 8: Enhanced Debt Profile Anchored in RMB
Enhanced Debt Profile Anchored in RMB Proactively refinanced onshore bank loans and further reduced funding costs Enhanced Debt Profile Maturity profile as at 31 March 2026 S$219m1 Proactively refinanced onshore (49%) bank loans ahead of maturity, RMB Offshore S$169m1 extending the debt tenor from 2
Slide 9: Prudent Capital Management
Prudent Capital Management Low gearing maintained; debt maturity extended 31 Mar 2026 31 Dec 2025 Low aggregate leverage Gross borrowings S$444.1 mil S$436.9 mil 25.4% Vs 25.1% as at 31 Dec 2025 Average debt maturity 5.1 years 4.2 years Weighted average cost of debt per year 3.9% 4.4%1 Sensitivity o
Slide 10: Portfolio Performance
Portfolio Performance 10 Outlet Sasseur (Chongqing Bishan)
Slide 11: 1Q 2026 Portfolio Sales Overview
1Q 2026 Portfolio Sales Overview Record 1Q portfolio sales since listing Outlet sales (RMB m) 1Q 2026 1Q 2025 Variance % Chongqing Liangjiang 732.2 658.9 11.1% Chongqing Bishan 124.0 106.5 16.4% Hefei 325.4 284.1 14.5% Kunming 208.8 198.2 5.3% Portfolio 1,390.4 1,247.7 11.4% 1Q 2026 Portfolio Sales
Slide 12: Thematic Experiential Shopping Campaigns
Thematic Experiential Shopping Campaigns Curating vibrant retail experiences to drive shopper engagement Chinese New Year Spring Carnival Sasseur (Hefei) Outlet Sasseur (Chongqing Liangjiang) Outlet Sasseur (Chongqing Bishan) Outlet Sasseur (Kunming) Outlet Sasseur (Bishan) Outlet Sasseur (Chongqing
Slide 13: Diversified Trade Mix
Diversified Trade Mix Shoes & leather, 3.5% Others3 , 6.3% Of the Portfolio’s Gross Others2 , 16.7% Children's Revenue4 wear, 6.9% Fashion Food & Beverage, 6.4% % of NLA (Domestic), % of GR4 Fashion Top 10 tenants contribute 34.2% as at 31 (Domestic), as at 31 Anchor tenants1, Mar Sports, 21.2% Mar
Slide 14: Stable Portfolio Occupancy Rate
Stable Portfolio Occupancy Rate Proactive leasing strategies and efforts continue to drive high occupancy levels Stable Portfolio Occupancy1 in 1Q 2026 Chongqing Liangjiang Outlet Chongqing Bishan Outlet 100.0% 99.3% 100.0% 100.0% 100.0% 99.4% 96.8% 97.0% 98.5% 2023 2024 2025 1Q 2026 2023 2024 2025
Slide 15: Weighted Average Lease Expiry (WALE)
Weighted Average Lease Expiry (WALE) Lease renewal efforts underway for 2026 expiries Lease Expiry Profile Continued emphasis on cultivating WALE (years) As at 31 Mar 2026 brand champions, and new and 68.4% exciting retail offerings 1.6 By Net Lettable Area (NLA) 59.2% 0.8 By Gross Revenue (GR ) 66.
Slide 16: Proactive Asset Management
Proactive Asset Management Repositioning and AEI initiatives to support near-term growth Kunming Outlet Hefei Outlet Tenant Repositioning to Strengthen Brand Synergies AEI Progress Ahead of Schedule Re-purposing of former cinema space Artist impression • +39space store relocated to prime ground floo
Slide 17: VIP Membership Continues Double-digit Growth
VIP Membership Continues Double-digit Growth VIP membership crossed the 5 million milestone, underscoring strong and sustained customer expansion Number of VIP Members in Portfolio (’000) Kunming Outlet 4-year CAGR (Dec 21 - Dec 25) 17.1% 1,057 20.9% 625 Chongqing Bishan Outlet 4,857 5,049 12.4% 1,5
Slide 18: Looking Forward
Looking Forward 18 Outlet Sasseur (Chongqing Liangjiang)
Slide 19: China Economic Outlook
China Economic Outlook Benefiting from China’s Pivot to China Macroeconomic Overview Consumption-led Growth • China‘s GDP grew 5.0% YoY in 1Q 20261, exceeding market expectations2 Prioritising domestic consumption as the next driver • Retail sales grew by 2.4% YoY in 1Q 20261. Discretionary segments
Slide 20: Key Management Focus for 2026
Key Management Focus for 2026 Disciplined approach in delivering sustainable returns, with an eye on growth opportunities Proactive Asset Management Prudent Capital Management Acquisition-led Growth • Curate immersive retail • Proactive refinancing strategy to • Seek accretive acquisition to experie
Slide 21: Thank You
Thank You For enquiries, please contact: Ms Helen Qiu, Investor Relations ir@sasseurreit.com (65) 6360 0290 Sasseur Asset Management Pte. Ltd. 7 Temasek Boulevard, #06-05, Suntec Tower One, Singapore 038987 21
Slide 22: Appendix
Appendix 22 Outlet Sasseur (Kunming)
Slide 23: Entrusted Management Agreement (EMA) Model
Entrusted Management Agreement (EMA) Model Aligning the interests of the Entrusted Manager, REIT Manager and Unitholders EMA Rental Income: EMA Resultant Rent + Performance Sharing1 Business Model REIT Income Model Outlet Sales Gross Revenue EMA Resultant Rent EM Base Fee Residual Payable to REIT Va
Slide 24: Promotional Activities in 2026
Promotional Activities in 2026 Engaging programs to attract shoppers and boost sales Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Anniversary Red Year End Key Events Spring Carnival Sales Festival Promotion 春购嘉年华 周年庆 红色第五季 跨年购 Labour Mid-Year Summer Autumn Day Sales Holidays Promotion Thematic 五一
Slide 25: Chongqing Liangjiang Outlet – Property Details
Chongqing Liangjiang Outlet – Property Details As at 31 March 2026, unless otherwise stated 3.9% % of GR3 as at 31 Mar 2026 Commencement Year of Operations 2008 3.4% 8.3% Fashion (Domestic) 44.5% 1 GFA (sqm) 73,373 Sports 21.3% 1 44.5% NLA (sqm) 50,885 Trade mix International brands 18.6% 21.3% Chil
Slide 26: Chongqing Bishan Outlet – Property Details
Chongqing Bishan Outlet – Property Details As at 31 March 2026, unless otherwise stated % of GR3 as at 31 Mar 2026 Commencement Year of Operations 2014 6.4% 3.3% Fashion (Domestic) 42.4% 1 8.3% GFA (sqm) 68,791 Sports 32.0% 1 42.4% NLA (sqm) 44,706 Children’s wear 8.3% Trade mix International brands
Slide 27: Hefei Outlet – Property Details
Hefei Outlet – Property Details As at 31 March 2026, unless otherwise stated % of GR3 as at 31 Mar 2026 Commencement Year of Operations 2016 7.4% 5.7% Fashion (Domestic) 50.7% 1 4.0% GFA (sqm) 147,316 Sports 16.5% 1 NLA (sqm) 144,583 16.5% Trade mix 50.7% International brands 15.7% Food & Beverage 5
Slide 28: Kunming Outlet – Property Details
Kunming Outlet – Property Details As at 31 March 2026, unless otherwise stated % of GR3 as at 31 Mar 2026 Commencement Year of Operations 2016 7.6% 3.3% Fashion (Domestic) 41.5% 1 9.1% GFA (sqm) 88,257 Sports 27.3% 41.5% International brands 11.2% NLA (sqm) 1 70,067 Trade mix Children's wear 9.1% Ex