Sunway Real Estate Investment Trust · MYX:SUNREIT
Sunway Real Estate Investment Trust — Q3 2025 Earnings Presentation
43 slides from Sunway Real Estate Investment Trust's earnings presentation, Nov 10, 2025
Slide 1: Financial Results Third Quarter Ended 30 September 2025
FINANCIAL RESULTS Third Quarter Ended 30 September 2025 (FYE 31 December 2025) Date : 10 November 2025 0
Slide 2: Table of Contents
Table of Contents 1. Financial Highlights (Q3 2025) 2. Financial Results (Q3 2025) 3. Segmental Financial Results (Q3 2025) 4. Property Development Activities (Q3 2025) 5. Market Outlook (Q3 2025) 6. Investor Relations (Q3 2025) Appendix I – Property Performance Empowering Businesses • Curating Expe
Slide 3: Financial Highlights (Q3 2025)
FINANCIAL HIGHLIGHTS (Q3 2025) 2
Slide 4: Financial Highlights – Q3 2025 vs Q3 2024
Financial Highlights – Q3 2025 vs Q3 2024 Highlights Q3 2025 Q3 2024 No. of Properties 28 25 Property Value (RM'billion) 10.204 9.828 Units in Circulation 3,424,807,700 3,424,807,700 Unit Price as at 30 Sep 2025/2024 (RM) 2.10 1.70 Market Capitalisation (RM'billion) 7.192 5.822 Net Asset Value ("NAV
Slide 5: Financial Highlights Q3 2025 vs Q3 2024 (QTD & YTD)
Financial Highlights Q3 2025 vs Q3 2024 (QTD & YTD) Reported in RM’000 Q3 YoY YTD Variance Variance YTD Q3 2025 vs YTD Q3 2024 The higher Revenue primarily contributed by the properties acquired in 2024 and 22.0% improvement from retail segment. RM120.4m YTD 666,692 23.1% or Hotel segment has shown
Slide 6: Financial Results (Q3 2025)
FINANCIAL RESULTS (Q3 2025) 5
Slide 7: Statement of Comprehensive Income – Consolidated
Statement of Comprehensive Income – Consolidated Q3 2025 Q3 2024 Change YTD 2025 YTD 2024 Change 1. NPI for YTD Q3 2025 was higher compared to YTD Q3 2024 RM'000 RM'000 % RM'000 RM'000 % primarily driven by rental contributions from properties acquired in 2024 and 2025 as well as better performance
Slide 8: Statement of Financial Position – Consolidated
Statement of Financial Position – Consolidated 30 Sep 2025 31 Dec 2024 30 Sep 2025 31 Dec 2024 (Unaudited) (Audited) (Unaudited) (Audited) RM'000 RM'000 RM'000 RM'000 Assets Number of units in circulation ('000) 3,424,808 3,424,808 Non-current assets Investment properties 10,204,004 1 10,384,928 Net
Slide 9: Statement of Cash Flows – Consolidated
Statement of Cash Flows – Consolidated Cumulative Quarter ended 30.09.2025 30.09.2024 1. Higher net cash from operating activities for YTD Q3 RM'000 RM'000 2025 of RM588.5 million, compared to NPI less trust expenses of RM450.7 million, was mainly contributed by Cash flows from operating activities
Slide 10: Financing Profile as at 30 September 2025
Financing Profile as at 30 September 2025 Facility Limit Utilised Amount RM'mil RM'mil Revolving loan (USD) 350.0 316.1 1 330.0 1 Revolving credit (USD) 250.1 Revolving Loan (RM) 500.0 330.0 Commercial Paper 3,000.0 170.0 Unrated MTNs 10,000.0 1,950.0 2 Total Current 3,016.2 Rated MTNs 400.0 10,000.
Slide 11: Financing Profile as at 30 September 2025 (Cont’d)
Financing Profile as at 30 September 2025 (Cont’d) Fixed vs Floating Rate Floating Fixed rate rate 42% 58% Empowering Businesses • Curating Experiences • Enriching Lives 10
Slide 12: Segmental Financial Results (Q3 2025)
SEGMENTAL FINANCIAL RESULTS (Q3 2025) 11
Slide 13: Retail Segment : Q3 2025
Retail Segment : Q3 2025 Revenue for Retail segment in Q3 2025 recorded a robust increase of 28% fueled by new income contributions from Sunway 163 Mall, Sunway Kluang Mall and AEON Mall Seri Manjung, which were acquired in October 2024, December 2024 N and July 2025, respectively. / In addition, th
Slide 14: Retail Segment : Q3 2025 (Cont’d)
Retail Segment : Q3 2025 (Cont’d) Regional Malls Neighbourhood Super-Regional Malls Big-Box Retail Malls Local & Population within Population within 20km Population within 10km Target market & international tourists 50km net lettable area NLA > 1 million sq.ft. NLA > 500,000 sq.ft. NLA > 250,000 sq.
Slide 15: Hotel Segment : Q3 2025
Hotel Segment : Q3 2025 Revenue for the Hotel segment improved by 20% in Q3 2025, supported by an increase in occupancy rate to 76% (Q3 2024: 72%), driven by strong demand for meetings, incentives, conferences, and exhibitions (MICE) during the quarter. Compared to Q2 2025, Hotel segment recorded a
Slide 16: Office Segment : Q3 2025
Office Segment : Q3 2025 Revenue for Office segment in Q3 2025 declined marginally due to the drop in occupancy rate from 83% in Q3 2024 to 81% in Q3 2025, largely attributed to non-renewal of a tenant in Wisma Sunway in June 2025. That said, Office segment is expected to remain resilient in Q4 2025
Slide 17: Services Segment : Q3 2025
Services Segment : Q3 2025 Revenue for Services segment increased marginally in Q3 2025 contributed by annual rental reversion of Sunway university & college campus in accordance with the lease agreements. The disposal of Sunway university & college 1 campus disposal was completed in September 2025
Slide 18: Industrial & Others Segment : Q3 2025
Industrial & Others Segment : Q3 2025 Industrial & Others segment recorded a sharp increase in revenue and NPI in Q3 2025, largely supported by rental contribution from acquisition of Sunway REIT Industrial – Prai since October 2024. The performance for Industrial & Others segment is expected to con
Slide 19: Key Performance Indicators YTD Q3 2025 / YoY %
Key Performance Indicators YTD Q3 2025 / YoY % RETAIL 1 HOTEL 2 OFFICE 3 Occupancy Occupancy = Average + 2% YTD Q3 2025: 97% YTD Q3 2025: 65% Occupancy gross rent YTD Q3 2024: 95% YTD Q3 2024: 65% FY2024: 98% FY2024: 65% - 3% - 1% YTD Q3 2025: 81% YTD Q3 2024: 84% FY2024: 83% Average Average gross r
Slide 20: Key Performance Indicators – Hotel QoQ %
Key Performance Indicators – Hotel QoQ % HOTEL 1 Occupancy 11% Q3 2025: 76% Q2 2025: 64% Average room rate 3% Foreign Revenue for Hotel segment more than doubled QoQ, supported by higher guests occupancy rates, improved average room rate and stronger F&B performance. The growth was mainly contribute
Slide 21: Property Development Activities (Q3 2025)
PROPERTY DEVELOPMENT ACTIVITIES (Q3 2025) 20
Slide 22: Property Development Activities
Property Development Activities Sunway Hotel Seberang Sunway Pier Development Jaya (New) Estimated total property development cost RM462 million #1 RM 140 million #2 Cumulative cost incurred from initiation to Q3 2025 RM70 million NIL Expected completion H2 2028 Q4 2027 NLA (sq. ft.) / Number of Hot
Slide 23: Market Outlook (Q3 2025)
MARKET OUTLOOK (Q3 2025) 22
Slide 24: General Outlook – Key Economic Indicators
General Outlook – Key Economic Indicators Q3 Q2 Q1 Indicators 2026 (F) 2025 (F) 2024 2023 2022 2025 2025 2025 Gross Domestic Product 4.0% - 4.5% 6 4.0% - 4.8% 5 5.2% 3 4.4% 4.4% 5.1% 3.7% 8.7% (GDP) (YoY) Consumer Price 1.3% to 2.0% 6 1.5% - 2.3% 5 1.5% 2 1.3% 1.5% 1.8% 2.5% 3.3% Index (CPI) (YoY) O
Slide 25: General Outlook
General Outlook General Outlook Malaysia’s economic growth is anticipated to moderate in 2025 and 2026, following the strong 5.1% expansion in gross domestic product (GDP) recorded in 2024. The moderation reflects heightened market volatility amid persistent geopolitical uncertainties. The United St
Slide 26: Segmental Outlook - Retail
Segmental Outlook - Retail Retail Segment (2024 Contribution : 73%) For 2025, Retail Group Malaysia (RGM) has now lowered its full-year growth forecast for the sector to 2.7% from 3.1% previously, in view of the 3% contraction in retail sales for Q2 2025. It cited that fragile consumer sentiment rem
Slide 27: Segmental Outlook - Hotel
Segmental Outlook - Hotel Hotel Segment (2024 Contribution : 13%) Tourism Malaysia reported a 8.1% y-o-y increase in tourist arrivals during the first eight months in 2025, driven by accommodating policies and enhanced air connectivity which have supported the growth of the tourism sector. Our Hotel
Slide 28: Segmental Outlook - Office
Segmental Outlook - Office Office Segment (2024 Contribution: 11%) The office sector in Klang Valley is anticipated to see a continued increase in incoming supply of approximately 2.5 million sq.ft. and 2.3 million sq.ft. of net lettable area (NLA) in 2025 and 2026 respectively. Demand for quality o
Slide 29: Segmental Outlook - Industrial
Segmental Outlook - Industrial Industrial & Others Segment (2024 Contribution: 6%) In line with the growing investments in Malaysia, demand for industrial properties is expected to remain strong. Under the New Industrial Master Plan 2030 (NIMP 2030) and the National Energy Transition Roadmap (NETR),
Slide 30: Investor Relations (Q3 2025)
INVESTOR RELATIONS (Q3 2025) 29
Slide 31: Unit Price Performance from IPO to Q3 2025
Unit Price Performance from IPO to Q3 2025 Unit Price Performance of Sunway REIT versus Benchmarks (8 July 2010 – 30 September 2025) Sunway REIT +133.3% FBM Top 100 Index +35.4% FBM KLCI +22.5% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Performance Statistics IPO
Slide 32: Unitholders’ Composition (as at 30 September 2025)
Unitholders’ Composition (as at 30 September 2025) Foreign Retail 10.4% 7.0% Sunway Berhad 40.9% Institutions & Corporates 52.1% Domestic 89.6% September 2025 June 2025 Q-o-Q Change No. of unitholders 34,525 32,498 +6.2% (+2,027) Retail unitholdings 7.0% 7.0% Unchanged Foreign unitholdings 10.4% 9.3
Slide 33: Analyst Recommendation (as at September 2025)
Analyst Recommendation (as at 30 September 2025) Target Price as at Upside / Downside to unit price as at 30 Sep 2025 (RM) 30 Sep 2025 (%) 16.2 15.2 14.3 14.3 12.9 10.0 10.5 8.6 5.2 3.3 2.44 2.42 2.40 2.40 2.37 2.31 2.17 1.90 2.32 2.21 2.16 2.9 2.14 1.9 2.11 2.10 2.10 2.05 2.28 0.5 0.0 0.0 (2.4) (9.
Slide 34: Comparative Yields for Various Assets
Comparative Yields for Various Assets (as at 30 September 2025) 6.30%5 5.80%2 5.33%1 3.45%3 2.75%6 2.10%4 Sunway REIT M-REITs 10-Year MGS Fixed Deposit EPF Yield OPR Note: 1 Distribution yield is computed based on Consensus DPU of 11.20 sen and unit price of RM2.10 as of 30 September 2025 (Source: S
Slide 35: Appendix I: Property Performance (YTD Q3 2025 YoY Analysis)
APPENDIX I: PROPERTY PERFORMANCE (YTD Q3 2025 YoY Analysis) 34
Slide 36: Average Occupancy Rate (YTD Q3 2025) – Retail
Average Occupancy Rate (YTD Q3 2025) RETAIL N/A N/A N/A Retail segment's average occupancy rate improved to 99% in YTD Q3 2025 largely driven by full occupancy at Sunway REIT's hypermarkets and high occupancy rate for the newly acquired assets—Sunway 163 Mall, Sunway Kluang Mall and AEON Seri Manjun
Slide 37: Projected Lease Expiry Schedule – Retail
Projected Lease Expiry Schedule RETAIL WALE = 2.2 years Sunway Pyramid Sunway Carnival Sunway Putra Sunway 163 Sunway Kluang Mall Mall Mall Mall Mall Based on the total Based on the total NLA Based on the total Based on the total NLA Based on the total NLA net lettable area of 337,360 sq. ft. due NL
Slide 38: Average Occupancy Rate (YTD Q3 2025) – Hotel
Average Occupancy Rate (YTD Q3 2025) WALE = 5.0 years HOTEL Hotel segment’s average occupancy rate remained stable at 65% in YTD Q3 2025. compared with YTD Q3 2024. Notably, the rate improved by 5% from 60% in YTD Q2 2025 reflecting stronger demand in the current quarter. The improvement in current
Slide 39: Average Occupancy Rate (YTD Q3 2025) – Office
Average Occupancy Rate (YTD Q3 2025) OFFICE Average occupancy rate for the Office segment declined to 81% in YTD Q3 2025, mainly due to the non-renewal of a tenant at Wisma Sunway in June 2025. The property manager is in the process of securing a replacement tenant, with an existing tenant expressin
Slide 40: Projected Lease Expiry Schedule – Office
Projected Lease Expiry Schedule OFFICE WALE = 1.5 years Menara Sunway Sunway Putra Wisma Sunway Sunway Tower Tower Sunway Pinnacle Based on total NLA Based on total NLA of Based on total NLA of Based on total NLA of Based on total NLA of of 26,611 sq. ft. due 91,899 sq. ft. due for 75,211 sq. ft. du
Slide 41: Average Occupancy (YTD Q3 2025) – Services, Industrial & Others
Average Occupancy (YTD Q3 2025) SERVICES, INDUSTRIAL & OTHERS Industrial WALE = 4.9 years N/A Services Sunway REIT has completed the disposal of Sunway university & college campus on 30 September 2025. Industrial Sunway REIT Industrial – Petaling Jaya 1 is expected to achieve an occupancy rate of mo
Slide 42: Thank You
Thank You Empowering Businesses • Curating Experiences • Enriching Lives 41
Slide 43: Disclaimer
Disclaimer This presentation is for information purposes only and does not constitute an offer, solicitation or advertisement with respect to the purchase or sale of any security of Sunway Real Estate Investment Trust (“Sunway REIT”) and no part of it shall form the basis of, or be relied on in conn
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