Spring Real Estate Investment Trust · HKEX:1426
Spring Real Estate Investment Trust — FY2025 Earnings Presentation
25 slides from Spring Real Estate Investment Trust's earnings presentation, Mar 23, 2026
Slide 1: Annual Results 2025 Presentation
ANNUAL RESULTS 2025 PRESENTATION 23 Mar 2026
Slide 2: Disclaimer
Disclaimer This presentation may contain information which is proprietary, confidential and/or legally privileged and has been prepared by Spring Asset Management Limited, in its capacity as the manager (the “Manager”) of Spring Real Estate Investment Trust (the “Trust”). This presentation is being
Slide 3: FY2025 RESULTS HIGHLIGHTS CCP PROPERTY OPERATION REVIEW HUAMAO PLACE OPERATION REVIEW
1 FY2025 RESULTS HIGHLIGHTS 2 CCP PROPERTY OPERATION REVIEW 3 HUAMAO PLACE OPERATION REVIEW 4 CAPITAL MANAGEMENT 5 OUTLOOK & STRATEGIC PRIORITIES
Slide 4: FY2025 Results Highlights
FY2025 RESULTS HIGHLIGHTS
Slide 5: FY2025 Results Highlights
FY2025 Results Highlights Core China assets remained resilient in a challenging operating environment At the CCP Property in Beijing, occupancy was maintained at approximately 90.0% as at 31 Dec 2025, supported by proactive leasing efforts amid softer office conditions. At Huamao Place in Huizhou, o
Slide 6: Financial Summary
Financial Summary Operating Results (in RMB million) FY2025 FY2024 YoY Chg Revenue 621.05 702.47 (11.6%) Property operating expenses (182.61) (187.18) (2.4%) Net property income 438.44 515.29 (14.9%) Net property income margin 70.6% 73.4% -2.8 ppts G&A expenses (81.35) (88.73) (8.3%) Cash interest e
Slide 7: CCP Property Operation Review
CCP PROPERTY OPERATION REVIEW
Slide 8: Beijing Leasing Market Condition
Beijing Leasing Market Condition • Beijing’s Grade-A office market remained competitive in 2025, with occupiers continuing to focus on cost efficiency, optimise space utilisation and consolidate premises rather than expand. • Citywide Grade-A office vacancy was approximately 12% at the end of 2025,
Slide 9: Beijing Future Grade-A Office Supply
Beijing Future Grade-A Office Supply • Of the approximately 699,000 sqm of new Grade-A office supply expected in Beijing in 2026, around 510,000 sqm will be in the CBD, mainly from four Zhongfu-area projects. Approximately 42% of this CBD supply is designated for self-use, which should reduce direct
Slide 10: Comparison of Grade-A Office Markets across China
Comparison of Grade-A Office Markets across China • Beijing continued to stand out among the reference cities, with office occupancy of approximately 88%, the highest in the peer group. • Looking ahead, Beijing is also expected to see relatively modest new supply over the next three years at approxi
Slide 11: The CCP Property: Financial Summary
The CCP Property : Financial Summary • Against a challenging Beijing office market, the CCP Property continued to maintain a solid operating condition, with lower rental income reflecting pressure on rental levels. • Property operating expenses decreased by 5.8% YoY, mainly due to lower revenue-link
Slide 12: The CCP Property: Leasing Strategies
The CCP Property : Leasing Strategies Prioritise occupancy Emphasis on quality tenant retention 1 2 Enhance service Sustainability standard for tenants 3 4 11
Slide 13: The CCP Property: Operations Summary
The CCP Property : Operations Summary Average monthly unit rent (RMB/sqm)1 • The Manager continued to adopt a disciplined leasing approach, 357 including selective incentives in line with market practice, to support 344 tenant retention and occupancy. • Occupancy improved to 90.0% as at 31 Dec 2025
Slide 14: The CCP Property: Diverse and High-quality Tenant Mix
The CCP Property : Diverse and High-quality Tenant Mix Tenants by industry Top 5 tenants As % of leased office GFA Tenants % of total leased GFA Education/ Epson 5.8% Technology media/sports/ Business center Zhong De Securities 4.4% and others 3% Financial institution/ 5% Global Law Office 4.4% 22.1
Slide 15: Huamao Place Operation Review
HUAMAO PLACE OPERATION REVIEW
Slide 16: Huizhou Retail Market Overview
Huizhou Retail Market Overview • Huizhou’s shopping mall industry has experienced robust growth, driven by high economic growth potential, ongoing urbanisation, consumption upgrading, expanding retail facilities, and continued government support. • 34 shopping malls in Huizhou with overall retail GF
Slide 17: Huamao Place in Huizhou: Financial Summary
Huamao Place in Huizhou : Financial Summary • Huamao Place in Huizhou recorded a resilient FY25 performance amid a challenging operating environment, with total revenue and NPI easing by 2.5% and 5.3% YoY respectively. • Property operating expenses increased by 3.7% YoY, mainly attributable to highe
Slide 18: Huamao Place in Huizhou: Leasing Strategies
Huamao Place in Huizhou : Leasing Strategies Debut brands in Huizhou Sustainability VIP loyalty programme Tenant reconfigurations Green building Marketing Social media and events exposure 17
Slide 19: Huamao Place in Huizhou: Operations Summary
Huamao Place in Huizhou : Operations Summary Average monthly unit rent (RMB/sqm)1 • Continued to strengthen Huamao Place’s positioning as a distinctive high-end lifestyle mall and a leading shopping and 173 173 leisure destination in Huizhou. 19 19 • A range of well-known brands were introduced to e
Slide 20: Huamao Place in Huizhou: Tenant Mix
Huamao Place in Huizhou : Tenant Mix Tenants by industry Top 5 tenants As % of leased GFA Tenants’ trade sector % of total leased GFA F&B 4.3% Others Lifestyle Entertainment 3.9% Healthcare and Beauty 4% 3% Tech and Automobiles 1.8% 5% Food and Beverages 13.3% Household 5% Household 1.8% Tech and 31
Slide 21: Huamao Place in Huizhou: Case Study
Huamao Place in Huizhou : Case Study 星聚會KTV Ameigo 梅果 Restaurant Space Transformation Reconfigured the former large-format cinema space, replacing it with a smaller modernised cinema and introducing a quality KTV operator and a cluster of dining concepts alongside it. 揀 · 西厨酒廊 Restaurant UME Cinema
Slide 22: Capital Management
CAPITAL MANAGEMENT
Slide 23: Capital Management
Capital Management Debt maturity profile (RMB million equivalent) • Spring REIT maintained a prudent capital structure as at 31 Dec 2025, with gearing at 39.3% and a weighted average debt maturity of 2.8 years. Partial protection against interest 4,047 2.8 yrs rate volatility remained in place throu
Slide 24: Outlook & Strategic Priorities
OUTLOOK & STRATEGIC PRIORITIES
Slide 25: Outlook & Strategic Priorities
Outlook & Strategic Priorities Beijing: Proactive tenant engagement to maintain stable occupancy • In the Beijing office market, rental pressures are not expected to ease in 2026 as operating conditions are likely to remain difficult. Vacancy levels across the broader market are expected to remain h
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