Daiwa House Logistics Trust · SGX:DHLU
Daiwa House Logistics Trust — Q3 2025 Earnings Presentation
23 slides from Daiwa House Logistics Trust's earnings presentation, Nov 12, 2025
Slide 1: Business Update for third quarter ended 30 September 2025
Daiwa House Logistics Trust Business Update for third quarter ended 30 September 2025 (“3Q FY2025”) 12 November 2025
Slide 2: Important Notice
Important Notice This announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for units in Daiwa House Logistics Trust (“DHLT”, and the units in DHLT, the “Units”). The past performance of DHLT is not necessarily indicative of the future
Slide 3: 3Q FY2025 Highlights
3Q Portfolio Portfolio FY2025 Occupancy(1) WALE(1,2) HIGH LIGHTS 92.0% 6.5Yrs Aggregate Fixed Rate Interest Leverage(1) Borrowings(1) Coverage(1,3) 41.2% 99.3% 6.0x (1) Information as at 30 September 2025. (2) Weighted average lease expiry (“WALE”) by gross rental income (“GRI”) which was based on m
Slide 4: Operational Performance
Operational DPL Ibaraki Yuki Performance
Slide 5: Maintaining healthy portfolio occupancy
Maintaining healthy portfolio occupancy • Leasing update for 9M FY2025(1): Occupancy 31 Mar 30 Jun 30 Sep Rate 2025 2025 2025 2 leases renewed 3 leases signed with new tenants Japan 3 leases expired and vacated Portfolio(2) 91.8% 92.9% 91.6% 2 leases signed to partially backfill space vacated in FY2
Slide 6: Well-spread out lease expiry profile
Well-spread out lease expiry profile Portfolio Lease Expiry(1) as at 30 September 2025 59.9%(2) Portfolio WALE(1,2) 6.5YEARS Included a lease (2.5%) which expired on 30 Japan Portfolio WALE(1,2) September 2025 6.0YEARS 18.1% Vietnam Portfolio WALE(1,3) 10.5% 5.6% 4.9% 1.1% 18.1YEARS 2025 2026 2027 2
Slide 7: Portfolio anchored by stable and strong tenant base
Portfolio anchored by stable and strong tenant base % of Top 10 Tenant Sector NPI (1) 1 Mitsubishi Shokuhin 3PL 23.0 2 Suntory Logistics 3PL 7.3 Breakdown of 3 Meito Vietnam 3PL 5.3 Tenant Trade 4 Nippon Express 3PL 5.2 Sector (3) 5 Tenant A(2) 3PL 4.1 6 Create SD Retail 3.9 7 Tenant B(2) E-commerce
Slide 8: Financial Performance
Financial Performance D Project Kuki S
Slide 9: Stable performance from the Japan Portfolio
Stable performance from the Japan Portfolio Gross Rental Income(1) Net Property Income(1) (JPY million) (JPY million) +1.1% 4,175 4,220 -0.3% 3,618 3,608 9M FY2024 9M FY2025 9M FY2024 9M FY2025 • Performance of the Japan portfolio was marginally lower y-o-y as contributions from DPL Gunma Fujioka wh
Slide 10: Vietnam property drive overall NPI growth
Vietnam property drive overall NPI growth Net Property Income Distributable Income (S$ million) (S$ million) +3.3% 32.6 33.7 -8.4% 25.5 23.4 9M FY2024 9M FY2025 9M FY2024 9M FY2025 • Overall NPI increased by 3.3% y-o-y mainly due to the full 9-month contribution from D Project Tan Duc 2 (acquired in
Slide 11: Healthy financial position
Healthy financial position As at As at 31 Dec 2024 30 Sep 2025 (audited) (unaudited) Total Assets (S$ million) 1,083.5 1,105.8 Total Liabilities (S$ million) 565.4 602.1 Net Assets Attributable to Unitholders (S$ million)(1) 482.4 468.2 NAV per Unit attributable to Unitholders (S$)(1) 0.69 0.67 (1)
Slide 12: Refinancing progressing as scheduled
Refinancing progressing as scheduled Debt Maturity Profile as at 30 Sep 2025 As at (S$ million) 30 Sep 2025 Loan maturing in Nov 25 expected to be refinanced with 5-year loan Total borrowings • S$379.2 million Extends average debt tenure from 2.0 years to 3.1 years(1) Aggregate leverage(2) • 41.2% 1
Slide 13: ICR well above minimum threshold
ICR well above minimum threshold(1) Interest Coverage Ratio(2) 6.0x • The scenario assumed that the increase in interest rate applies to the entire borrowings of DHLT Adjusted ICR Adjusted ICR assuming • As at 30 September 2025, assuming 5% decline in 5.7x 50bps increase in 4.7x 99.3% of DHLT’s borr
Slide 14: Outlook
Outlook DPL Okayama Hayashima 1
Slide 15: Japan – Robust demand to support market
Japan – Robust demand to support market Easing supply after 2025(1) • The logistics sector in Japan was stable in general, with demand remaining firm • New supply of logistics facilities expected to decrease further after 2025 due to high construction and land costs • With the expected moderation of
Slide 16: Vietnam – Prospects promising despite supply
Vietnam – Prospects promising despite supply RBW market in the SKEZ expected to be well-supported(1) • Average occupancy rate of ready-built warehouse (“RBW”) in 3Q2025 in the Southern Key Economic Zone (“SKEZ”) was approximately 89% • Demand driven by sectors relating to essential goods such as con
Slide 17: Appendix
Appendix DPL Koriyama
Slide 18: Asia-focused with strong sponsor support
Asia-focused with strong sponsor support ASIA-FOCUSED LOGISTICS REIT WITH STRONG AND COMMITTED DEVELOPER HIGH QUALITY MODERN PROPERTIES SPONSOR TO SUPPORT FUTURE GROWTH Daiwa House Logistics Trust (DHLT) is established with the investment strategy of principally investing, directly or indirectly, in
Slide 19: Portfolio Summary
Portfolio Summary Completion NLA Land Property WALE by Year (sq m) Tenure Type GRI(1) (years) Occupancy(2) Valuation(3) JAPAN - Hokkaido / Tohoku DPL Sapporo Higashi Kariki 2018 60,347 Freehold Multi-tenanted 2.5 100.0% JPY 12,900m DPL Sendai Port 2017 63,119 Freehold Multi-tenanted 2.4 50.1% JPY 13
Slide 20: Summary of green-certified properties
Summary of green-certified properties Solar Energy Capacity Star Rating (MWp) 1. DPL Sapporo Higashi Kariki - 2. DPL Sendai Port 2.6 3. DPL Koriyama 3.0 4. D Project Nagano Suzaka S 0.9 5. D Project Maebashi S 1.4 6. D Project Kuki S - DPL Sendai Port 7. DPL Ibaraki Yuki(1) 0.8 8. DPL Gunma Fujioka(
Slide 21: Acquisitions track record
Acquisitions track record Listed with 15th & 16th + 14 properties freehold land 17th 18th 19th DPL Kawasaki Yako DPL Iwakuni 1 & 2 DPL Ibaraki Yuki D Project Tan Duc 2 DPL Gunma Fujioka Acquired for Acquired for Acquired for Acquired for Acquired for JPY71.1 billion JPY4.7 billion JPY2.6 billion VND
Slide 22: Sponsor - Daiwa House Industry Co., Ltd
Sponsor - Daiwa House Industry Co., Ltd ✓ One of the largest construction and real estate development companies in Japan ✓ Comprehensive property-related businesses across multiple asset-class and countries ✓ A leader in logistics development having developed approx. 14.9 million sqm(1) Listed on To
Slide 23: www.daiwahouse-logisticstrust.com
www.daiwahouse-logisticstrust.com
Daiwa House Logistics Trust — Q3 2025 Earnings Presentation on 6ix