Link Real Estate Investment Trust · HKEX:823
Link Real Estate Investment Trust — FY2025/2026 Earnings Presentation
44 slides from Link Real Estate Investment Trust's earnings presentation, May 28, 2026
Slide 1: Annual Results 2025/2026 Analyst Presentation
Annual Results 2025/2026 Analyst Presentation 28 May 2026
Slide 2: Agenda
2 Agenda 01 Key Theme – Back to Basics 02 Results Highlights 03 Financials 04 Link REIT Portfolio Highlights 05 Outlook & Focus Areas 06 Q&A 07 Appendix Announcement Presentation
Slide 3: Key Theme – Back to Basics
01 Key Theme – Back to Basics
Slide 4: Overview
4 Overview Back to Basics – Remain committed to focus on core strength in owning and actively managing malls and car parks across APAC Stabilisation – Rental levels begin to stabilise, yet negative rental reversion persists Cost Optimisation & Repositioning – Continue to drive cost optimisation and
Slide 5: Results Highlights
02 Results Highlights
Slide 6: Results Highlights
6 Results Highlights While HK and CML retail faced pressure, car park income held steady and international retail continued its positive trajectory NPI declined due to negative rental reversions in HK and CML amid intensifying competition from e-commerce, together with higher operating costs, contri
Slide 7: Navigating Headwinds with Operational Resilience
7 Navigating Headwinds with Operational Resilience 2025/2026 Performance Highlights Revenue Net Property Income Distribution Per Unit HK$13.9B HK$10.2B HK$2.54 2.0% YoY 3.7% YoY 6.9% YoY Staff and G&A Costs(2) NAV Per Unit Portfolio Value HK$1.3B HK$57.8 HK$216B 14.5% YoY 8.8% YoY 4.1% YoY Average A
Slide 8: Financials
03 Financials
Slide 9: Key Operational and Financial Highlights
9 Key Operational and Financial Highlights Retail & Car Park Other Assets • HK and CML retail occupancies at healthy • HK and CML offices maintained high 97.8% and 96.6% occupancies amid competitive supply • Stable in HK car park • AU office supported by long WALE and • SG and AU near-full occupancy
Slide 10: Link REIT Portfolio Overview
10 Link REIT Portfolio Overview (1) Portfolio Value : HK$216B (as at 31 March 2026) Retail and Car Park Assets Other Assets 140 Retail, 9 Offices & Car Parks and 6 Logistics Related Business 9.6% 90.4% Assets Portfolio Value Assets Portfolio Value 140 HK$195B 15 HK$21B 50.9% HK Retail(2) 3.4% AU Off
Slide 11: Portfolio Valuation Adjustments Across Certain Markets
11 Portfolio Valuation Adjustments Across Certain Markets Valuation Capitalisation Rate As at As at As at As at As at As at (HK$ billion) 31 Mar 2026 30 Sep 2025 31 Mar 2025 31 Mar 2026 30 Sep 2025 31 Mar 2025 Hong Kong 159.0 165.9 169.4 Retail properties 110.4 115.2 117.7 3.7% - 4.9% 3.7% - 4.9% 3.
Slide 12: Prudent Capital Management
12 Prudent Capital Management Key Financial Metrics Net Gearing Ratio Average All-in Borrowing Costs EBITDA Interest Coverage 23.9% 3.4% 5.1x (1) Fixed-rate Debt Ratio Average Debt Maturity Available Liquidity 60.0% 3.5 years HK$12.2B Highlights Finance Costs Hedge Ratio Financing Managed through co
Slide 13: Healthy Debt Maturity Profile with Prudent Refinancing Cadence
13 Healthy Debt Maturity Profile with Prudent Refinancing Cadence Debt Profile Breakdown Financing Arranged in 2025/2026 (HK$ billion) 20.1 3.3 33.3 Bank Loans HK$19.0B Debt Mix by Type (35%) (6%) (59%) Medium Term Notes Convertible Bond Bank Loans MTN Private Debt Mix by Fixed HK$1.6B / Floating Ra
Slide 14: Link REIT Portfolio Highlights
04 Link REIT Portfolio Highlights
Slide 15: Hong Kong Retail – Navigating Market Challenges with Steady Occupancy
15 Hong Kong Retail – Navigating Market Challenges with Steady Occupancy Key Operating Metrics Revenue Occupancy Unit Rent psf Reversion -3.9% YoY 97.8% HK$60.1 -8.2% (4) Occupancy Cost Tenant Sales Growth (2) (3) General Retail – 13.9% Overall – 12.7% Link Hong Kong Food & Beverage – 12.7% Supermar
Slide 16: Hong Kong Retail – Proactive Leasing Approach
16 Hong Kong Retail – Proactive Leasing Approach Leasing Updates Selected First-to-Link Portfolio Brands Signed in 2025/2026 Retention Rate Toys & Gift F&B 207 New Brands(1) >80%(1) (587 new leases & 380 existing brands) As of Mar 2026 by IFA Top New Leases by Category Responding to E-commerce Learn
Slide 17: Hong Kong Car Parks and Related Business Remained Stable
17 Hong Kong Car Parks and Related Business Remained Stable Highlights Revenue Car Park Income Avg Car Park Valuation -0.2% YoY HK$3,388 HK$705,000 Per space per month Per space 0.1% YoY 4.0% YoY Car Park and Related Business Revenue (HK$ million) 2,470 2,507 2,505 2,395 2,130 207 207 207 207 1,883
Slide 18: Hong Kong – Maximising Asset Value Through Asset Revitalisation
18 Hong Kong – Maximising Asset Value Through Asset Revitalisation AEs Completed in 2H 2025/2026 T-Town Rooftop Conversion Yat Tung CAPEX ROI HK$67M 10.6% ▪ Refurbished the façade and common area ▪ Drove income growth by enhancing trade mix and activating the common area for sales venue Projects Pip
Slide 19: Chinese Mainland Retail – Preserve Occupancy to Sustain Asset Value
19 Chinese Mainland Retail – Preserve Occupancy to Sustain Asset Value Chinese Mainland Retail Occupancy Reversion(1) 96.6% -14.3% ▪ Occupancy remained high, supported by strong leasing activities, with over 174 brands introduced in 2025/2026, driven by lifestyle retail and casual F&B demand ▪ Renta
Slide 20: International Retail – Supportive Retail Environment Underpinning Operations
20 International Retail – Supportive Retail Environment Underpinning Operations Jurong Point, Singapore Jurong Point, Singapore The Strand Arcade, Sydney, Australia QVB, Sydney, Australia Singapore Retail Australia Retail (1) (1) Occupancy Reversion Occupancy Reversion 98.2% 12.3% 99.5% 16.5% ▪ Stro
Slide 21: Other Businesses – Demonstrated Stability Amid New Supply
21 Other Businesses – Demonstrated Stability Amid New Supply Office Occupancies CML Logistics Third-Party Partnership Hong Kong Chinese Mainland International Occupancy 99.6% 95.7% 87.7% 97.9% ▪ Sustained high occupancy despite the influx of new supply ▪ Solid occupancy despite ▪ Continue to build t
Slide 22: Outlook & Focus Areas
05 Outlook & Focus Areas
Slide 23: Focus Areas
23 Focus Areas Key Priorities Core Capabilities Non-Core Asset Recycling Cost Discipline & Unit Buyback o Focus on core strength in owning o Simplify portfolio by reinvigorating the o Streamlined management structure and actively managing malls and car core and divesting non-core assets o Discipline
Slide 24: Diverging Global Trends
24 Diverging Global Trends OUTLOOK Macro Themes Operating Environment Medium- to long-term Global Turbulence Persists ▪ Energy shock adds uncertainty and ▪ Urban population growth supports inflation pressure long-term spending Evolving Consumer ▪ E-commerce penetration in HK ▪ Physical retail remain
Slide 25: Distribution Calendar
25 Distribution Calendar Distribution period Oct 2025 – Mar 2026 Last day of trading on a “cum” basis 10 Jun 2026 Ex-distribution date 11 Jun 2026 15 Jun 2026 – 18 Jun 2026 Distribution book close (both days inclusive) Record date for entitlement to distribution 18 Jun 2026 Ten trading days to deter
Slide 26: AACE
AACE Su
Slide 27: Appendix
07 Appendix
Slide 28: Table of Contents
28 Table of Contents Financial Data 29 • Financial Statements 29 • Capital Management 33 • Valuation 34 Operational Data 35 Hong Kong Market Data 39 ESG Updates 40 • ESG Indices Performance 40 • Community Engagement and Sustainability Initiatives 42 Definitions and Glossary 43
Slide 29: Key Financial Data
29 Appendix 1 Key Financial Data Percentage contribution Year ended Year ended year ended 31 Mar 2026 31 Mar 2025 YoY 31 Mar 2026 Consolidated HK$’M HK$’M % (%) Revenue 13,938 14,223 -2.0 - Net property income 10,230 10,619 -3.7 - Rentals Hong Kong retail and office properties 6,346 6,657 -4.7 45.5
Slide 30: Income Statement Summary
30 Appendix 2 Income Statement Summary Year ended Year ended 31 Mar 2026 31 Mar 2025 YoY HK$’M HK$’M % Revenue 13,938 14,223 -2.0 Property operating expenses (3,708) (3,604) +2.9 Net property income 10,230 10,619 -3.7 General and administrative expenses (829) (915) -9.4 Interest income 65 224 -71.0
Slide 31: Property Operating Expenses Analysis
31 Appendix 3 Property Operating Expenses Analysis Percentage contribution Year ended Year ended year ended 31 Mar 2026 31 Mar 2025 YoY 31 Mar 2026 (HK$’M) (HK$’M) (%) (%) Property managers’ fees, security 1,035 958 +8.0% 27.9% and cleaning Staff costs 614 660 -7.0% 16.5% Repair and maintenance 337
Slide 32: Financials – Distribution Statement Summary
32 Appendix 4 Financials – Distribution Statement Summary Year ended Year ended 31 Mar 2026 31 Mar 2025 YoY HK$’M HK$’M % Loss for the year, before transactions with Unitholders (7,397) (8,863) -16.5% attributable to Unitholders Change in fair values of investment properties attributable to 13,934 1
Slide 33: Capital Management
33 Appendix 5 Capital Management S&P Moody’s Fitch As at requirement requirement requirement Key Credit Metrics by Rating Agencies 31 Mar 2026(1) (A / Stable) (A2 / Stable) (A / Stable) Net debt / IP 25.0% N/A N/A <30% Debt / Debt + Equity 26.9% <30% N/A N/A EBITDA Interest Coverage 5.1x N/A >3.0x >
Slide 34: Portfolio Valuation
34 Appendix 6 Portfolio Valuation Valuation Capitalisation Rate Local As at As at As at As at As at As at (‘ billion) Currency HoH% YoY% 31 Mar 2026 30 Sep 2025 31 Mar 2025 31 Mar 2026 30 Sep 2025 31 Mar 2025 Hong Kong HKD -4.2% -6.2% 159.0 165.9 169.4 Retail properties 110.4 115.2 117.7 3.7% - 4.9%
Slide 35: Retail Portfolio – Lease Expiry Profile
35 Appendix 7 Retail Portfolio – Lease Expiry Profile (2) Hong Kong Retail Chinese Mainland Retail Australia Retail Singapore Retail As % of As % of As % of As % of monthly monthly monthly monthly total area rent (1) total area rent (1) total area rent (1) total area rent (3) As at 31 Mar 2026 (%) (
Slide 36: Office Portfolio – Lease Expiry Profile
36 Appendix 8 Office Portfolio – Lease Expiry Profile Hong Kong Office Chinese Mainland Office International Office As % of As % of As % of total area monthly total area monthly total area monthly (%) rent(1) (%) rent(1) (%) rent(1) As at 31 Mar 2026 (%) (%) (%) 2026/2027 13.8 15.8 14.9 17.1 0.2 0.2
Slide 37: Hong Kong and Chinese Mainland Retail Portfolio – Trade Mix
37 Appendix 9 Hong Kong and Chinese Mainland Retail Portfolio – Trade Mix 14.9% 6.2% 2.5% 5 0.7% 8 4 1.0% 7 6 1 29.2% 5.7% 39.0% 5 26.8% 5 Hong Kong Chinese Mainland Retail Trade Mix 3 Retail Trade Mix 1 4 (by rent)(1) 10.9% (by rent)(1) 4 2 3 20.6% 17.0% 2 25.5% Hong Kong Retail Mar-26 Mar-25 Chine
Slide 38: International Retail Portfolio – Trade Mix
38 Appendix 10 7 International Retail Portfolio – Trade Mix 4.4% 0.7% 10.6% 15.2% 56 4.5% 8 7 4 4.9% 6 39.1% 43.7% 1 Australia 1 6.0% 5 Singapore 14.6% Retail Trade Mix Retail Trade Mix 3 (by rent) (1,3) (by rent) (2,4) 8.3% 4 1 2 3 2 21.4% 11.8% 14.8% Australia Retail Mar-26 Mar-25 Singapore Retail
Slide 39: Hong Kong Market Data – Car Park Demand and Supply
39 Appendix 11 Hong Kong Market Data – Car Park Demand and Supply No. of Registration of Vehicles and Parking Spaces (Private Cars) 724,224 617,732 635,950 421,062 2011 2008 2009 2010 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q1 No. of private car parking spaces No.
Slide 40: 2025/2026 Progress on Material ESG KPIs
40 Appendix 12 2025/2026 Progress on Material ESG KPIs Material ESG KPIs Key Target FY25/26 Performance Progress Tracker Electricity Intensity Reduction 5% 5.3% ✓ Decarbonisation By 2025/2026 Compared to 2018/2019 Re-Baseline Carbon Intensity Reduction (Scope 1 & 2) 25% By 2025/2026 29.4% Compared t
Slide 41: ESG Indices Performance
41 Appendix 13 ESG Indices Performance High Priority Ratings Benchmark Public Disclosure 4 Star A Asia Pacific Index 2025: 89/100 2025: 100/100 2025: 68/100 2024: 87/100 2024: 98/100 2024: 70/100 Low Risk FTSE4GOOD Index 2025: 11.3/100 (2) 2025: 3.8/5 2024: 8.8/100 (2) 2024: 3.9/5 AA 2025: 78.77/100
Slide 42: Community Engagement and Sustainability Initiatives
42 Appendix 14 Community Engagement and Sustainability Initiatives Renewable Energy Adoption (1) Link Together Initiatives Our flagship charity and community engagement programme aims to engage 59 Assets in Hong Kong (3),(4) • 6.9 MW solar PV installed capacity stakeholders in the communities and en
Slide 43: Definitions and Glossary
43 Appendix 15 Definitions and Glossary average monthly unit rent the average base rent per month psf of leased area in respect of a lease, the standard rent payable under the lease, exclusive of any additional turnover rent (if applicable) and other charges base rent and reimbursements DPU distribu
Slide 44: Disclaimer
44 Disclaimer ◼ This document has been prepared by Link Asset Management Limited in its capacity as the Manager (the “Manager”) of Link Real Estate Investment Trust (“Link REIT”) solely for use at the presentations/meetings held and may not be reproduced or redistributed without permission. Neither
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