Spring Real Estate Investment Trust · HKEX:1426
Spring Real Estate Investment Trust — H1 2026 Earnings Presentation
25 slides from Spring Real Estate Investment Trust's earnings presentation, Aug 20, 2026
Slide 1: Interim Results 2026 Presentation
INTERIM RESULTS 2026 PRESENTATION 20 Aug 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: 1H 2026 RESULTS HIGHLIGHTS CCP PROPERTY OPERATION REVIEW HUAMAO PLACE OPERATION REVIEW
1 1H 2026 RESULTS HIGHLIGHTS 2 CCP PROPERTY OPERATION REVIEW 3 HUAMAO PLACE OPERATION REVIEW 4 CAPITAL MANAGEMENT 5 OUTLOOK & STRATEGIC PRIORITIES
Slide 4: 1H 2026 Results Highlights
1H 2026 RESULTS HIGHLIGHTS
Slide 5: 1H 2026 Results Highlights
1H 2026 Results Highlights Core China Assets: High Occupancy Maintained • Market-leading occupancy: securing a high 90.8% occupancy at CCP Property as at 30 Jun 2026, successfully mitigating softer office market conditions through proactive leasing efforts • Premium retail dominance: sustaining a hi
Slide 6: Financial Summary
Financial Summary Operating Results (in RMB million) 1H 2026 HoH Chg 2H 2025 HoH Chg 1H 2025 Revenue 289.62 (3.0%) 298.49 (7.5%) 322.56 Property operating expenses (84.59) (12.5%) (96.70) 12.6% (85.91) Net property income 205.03 1.6% 201.80 (14.7%) 236.64 Net property income margin 70.8% +3.2 ppts 6
Slide 7: CCP Property Operation Review
CCP PROPERTY OPERATION REVIEW
Slide 8: Beijing Leasing Market Condition
Beijing Leasing Market Condition • With more options available in the market, landlords adjusted their strategies to meet the changing demand: 1) Offering more competitive rental rates 2) Introducing attractive lease concessions to draw in prospective tenants • 1H 2026, the vacancy rate for major pr
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 in the Core CBD area. • Approximately 42% of this CBD supply is designated for self-use, mitigating impact to the leasing ma
Slide 10: Comparison of Grade-A Office Markets Across Major Cities in China
Comparison of Grade-A Office Markets Across Major Cities in China • Beijing continued to stand out among the reference cities, with office occupancy of approximately 89%, the highest in the peer group. • Looking ahead, Beijing is also expected to see relatively modest new supply over the next three
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 declined by 11.8% HoH, primarily attributed to lower le
Slide 12: The CCP Property: Leasing Strategies
The CCP Property : Leasing Strategies Prioritise occupancy Emphasis on quality 1 2 tenant retention Enhance service Sustainability standard for tenants 4 3 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 348 approach, including selective incentives in line with market 341 333 practice, to support tenant retention and occupancy. • Occupancy improved to 90.8% as at 30 Jun 2
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 Epson 5.8% Education/ Technology media/sports Zhong De Securities 4.4% Business center and others 3% Financial institution/ 6% insurance/investment Global
Slide 15: Huamao Place Operation Review
HUAMAO PLACE OPERATION REVIEW
Slide 16: Huizhou Retail Market Overview
Huizhou Retail Market Overview • Economic growth, urbanisation, better mall management and government support have driven robust growth in Huizhou’s shopping mall industry. • 35 shopping malls in Huizhou with overall retail GFA of approximately 2.5 million sqm as of 30 June 2026, managed by 29 shopp
Slide 17: Huamao Place in Huizhou: Financial Summary
Huamao Place in Huizhou : Financial Summary • Huamao Place in Huizhou recorded a resilient performance amid a challenging operating environment, with total revenue and NPI increased 2.9% and 12.8% HoH respectively. • Property operating expenses decreased by 13.4% HoH, mainly attributable to lower pr
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 178 173 distinctive high-end lifestyle mall and a leading shopping 168 20 and leisure destination in Huizhou. 19 21 • Elevated tenant mix with premier brands, i
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 Entertainment 4.1% Lifestyle Others F&B 2.1% Healthcare and Beauty 4% 3% Tech and Automobiles 1.9% 11.1% Household 4% Food and Beverages 6% 28% Household 1.5% Jewelle
Slide 21: Space Transformation: Driving Utilisation and Consumer Experience
Space Transformation: Driving Utilisation and Consumer Experience A More Flexible & Diversified Layout ✓ New Cinema ✓ Quality KTV Operator ✓ Escape Game Room ✓ A Cluster of Dining Establishments 星聚會KTV Dining Establishments UME Cinema 狐离逃脫 Escape Room 20
Slide 22: Capital Management
CAPITAL MANAGEMENT
Slide 23: Capital Management
Capital Management • Spring REIT maintained a prudent capital structure as at 30 77% Jun 2026, with gearing at 39.4%. • Protection against interest rate volatility remained in place through hedging, fixed-rate borrowings and borrowings of loans either hedged or at stable rate linked to relatively st
Slide 24: Outlook & Strategic Priorities
OUTLOOK & STRATEGIC PRIORITIES
Slide 25: Outlook & Strategic Priorities
Outlook & Strategic Priorities Outlook Huizhou: High-End Retail • Beijing Office Market: It is expected to remain •Capturing GBA Growth: Capitalising on favourable challenging in the near term, with leasing demand growth prospect of Huizhou and GBA retail markets, remaining relatively weak and cost-
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