Capitaland China Trust · SGX:AU8U
Capitaland China Trust — FY 2025 Earnings Presentation
43 slides from Capitaland China Trust's earnings presentation, Feb 5, 2026
Slide 1: FY 2025 Financial Results
FY 2025 Financial Results 5 February 2026
Slide 2: Disclaimer
FY 2025 Financial Results CapitaLand China Trust Disclaimer This presentation may contain forward-looking statements. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptio
Slide 3: Agenda
Section CapitaLand China Trust Agenda 01 Key Highlights 02 Capital Management 03 Looking Forward 04 Appendix
Slide 4: First and Largest China-Focused S-REIT
FY 2025 Financial Results CapitaLand China Trust First and Largest China-Focused S-REIT Offers Diversified Exposure to China’s Domestic Growth, with Unique Connectivity to both S-REIT and C-REIT Markets S$4.5 billion Total Assets1,2 ~1.7 million 69.3% Key asset class positioned to benefit from gover
Slide 5: Key Highlights
01 Key Highlights
Slide 6: FY 2025 Financial Results Highlights
FY 2025 Financial Results CapitaLand China Trust FY 2025 Financial Results Highlights Gross Revenue (RMB million) -9.1% Net Property Income (RMB million) -9.4% Same store basis excluding CapitaMall Yuhuating’s contribution in FY 2024 Same store basis excluding CapitaMall Yuhuating’s contribution in
Slide 7: Improvements in Retail Portfolio Shopper Traffic and Tenant Sales
FY 2025 Financial Results CapitaLand China Trust Improvements in Retail Portfolio Shopper Traffic and Tenant Sales FY YoY Sales Improvements in Key Trade Sectors 4Q YoY Shopper Traffic (million) FY YoY Shopper Traffic (million) Food & Beverage: +5.8% 39.4% of Retail GRI 4Q YoY +4.1% FY YoY +2.7% Int
Slide 8: High Retail Occupancy of 97.2%
FY 2025 Financial Results CapitaLand China Trust High Retail Occupancy of 97.2%1 Committed Occupancy Committed Occupancy 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 CapitaMall Xizhimen 100.0% 100.0% 97.6% 99.6% 99.1% 98.3% 97.8% 96.9% 97.1% 97.2% Rock Square 99.2% 98.5% 98.9% 99.0% 99.0% Capit
Slide 9: Business Park Occupancy of 86.7%
FY 2025 Financial Results CapitaLand China Trust Business Park Occupancy of 86.7%1 Committed Occupancy Committed Occupancy 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 Ascendas Xinsu Portfolio 96.6% 94.4% 96.5% 95.9% 95.3% Ascendas 87.6% 86.9% 85.2% 86.7% Innovation Towers 83.7% Ascendas Innova
Slide 10: Business Parks Occupancy Outpacing Oversupplied Submarkets through Active Leasing
FY 2025 Financial Results CapitaLand China Trust Business Parks Occupancy Outpacing Oversupplied Submarkets through Active Leasing and Asset Management 95.3% 85.6% 80.0%2 74.3% 60.8%1 56.7%2 Suzhou Business Ascendas Xinsu Xi'an Business AIT & AIH Hangzhou Business Park SHSTP Phase I & II Park Submar
Slide 11: High Logistics Park Occupancy of 98.1%
FY 2025 Financial Results CapitaLand China Trust High Logistics Park Occupancy of 98.1%1 Committed Occupancy Committed Occupancy 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 97.6% 95.7% 96.6% 96.6% 98.1% Shanghai Fengxian Logistics Park 100.0% 100.0% 100.0% 100.0% 100.0% Kunshan Bacheng Logisti
Slide 12: Portfolio Valuation Remained Stable YoY
FY 2025 Financial Results CapitaLand China Trust Portfolio Valuation1 Remained Stable YoY Valuation (RMB million) As at 31 Dec 2025 As at 31 Dec 2024 Variance (%) CapitaMall Xizhimen 3,741 3,668 2.0 Portfolio Valuation Eased by Rock Square 3,410 3,410 - Approximately 0.8%; Cap Rates CapitaMall Wangj
Slide 13: Distribution Schedule
FY 2025 Financial Results CapitaLand China Trust Distribution Schedule Last Day of Trading on “cum” Basis 11 February 2026, 5.00 pm 2.33 S Cents Distribution Per Unit Ex-Date 12 February 2026, 9.00 am Record Date 13 February 2026, 5.00 pm 1 July 2025 to 31 December 2025 Distribution Payment Date 27
Slide 14: Capital Management
02 Capital Management
Slide 15: Healthy Financial Position
FY 2025 Financial Results CapitaLand China Trust Healthy Financial Position Impact to Distribution from Floating Loan Interest Rate Movement 31 December 30 September 31 December Change in Interest Distribution Impact DPU Impact DPU Impact 2025 2025 2024 Rate p.a (S$’m) (¢) (%) SGD + 50bps - 0.1 - 0.
Slide 16: Well-Staggered Maturity Profile
FY 2025 Financial Results CapitaLand China Trust Well-Staggered Maturity Profile Debt Funding Source Mix as at 31 December 2025 Refinanced SGD loans with CNH loans, increasing RMB denominated debt YoY from 35% to 60%, with YoY interest costs savings of 8.1% SGD Loans with SGD Bonds CCIRS 9% Debt Mat
Slide 17: Looking Forward
03 Looking Forward
Slide 18: Optimising Portfolio to Enhance Returns
FY 2025 Financial Results CapitaLand China Trust Optimising Portfolio to Enhance Returns CapitaMall Xuefu CapitaMall Wangjing Rock Square CapitaMall Xizhimen Replaced the existing supermarket Strategic transformation of large Strategic optimisation of the corner Upgrading of Anchor Supermarket with
Slide 19: Our Strategy
FY 2025 Financial Results CapitaLand China Trust Our Strategy: Build a Balanced Multi-Asset Portfolio to Leverage China’s Domestic Consumption Growth and Innovation-Driven Economy Create Value Unlock Value 2025: Entered the growing C-REIT market as a key stakeholder in 2025: Recycled CapitaMall Yuhu
Slide 20: Business Outlook
FY 2025 Financial Results CapitaLand China Trust Business Outlook China’s economy recorded 4.5% YoY in 4Q Chinese regulators announced a range of Beginning in 3Q 2025, China implemented 2025. For FY 2025, GDP growth reached fiscal and monetary stimuli aimed at stricter tax on e-commerce platform sel
Slide 21: Appendix
04 Appendix
Slide 22: FY 2025 Financial Highlights
FY 2025 Financial Results CapitaLand China Trust FY 2025 Financial Highlights1 2H 2025 2H 2024 FY 2025 FY 2024 Gross Revenue (RMB’000) 802,356 911,631 1,670,000 1,837,560 Net Property Income (RMB’000) 524,370 587,735 1,104,635 1,219,063 Distributable amount to Unitholders (S$’000)2 40,507 45,501 83,
Slide 23: Gross Revenue (in RMB'mil)
FY 2025 Financial Results CapitaLand China Trust Gross Revenue (in RMB’mil) 1313.4 FY 2025 FY 2024 Portfolio 1187.6 FY 2025 1,670.0 RMB mil -9.1% YoY 475.4 431.2 FY 2024 1,837.6 RMB mil 51.2 48.8 Retail Business Park Logistics Park Note: 1. Presented based on 100% interest. 23
Slide 24: Net Property Income (in RMB'mil)
FY 2025 Financial Results CapitaLand China Trust Net Property Income (in RMB’mil) FY 2025 FY 2024 Portfolio 858.9 776.5 FY 2025 1,104.6 RMB mil -9.4% YoY 332.8 294.4 FY 2024 1,219.1 RMB mil 33.7 27.4 Retail Business Park Logistics Park Note: 1. Presented based on 100% interest. 24
Slide 25: Stable Balance Sheet
FY 2025 Financial Results CapitaLand China Trust Stable Balance Sheet As at 31 December 2025 S$’000 Non-Current Assets 4,230,689 Current Assets 254,080 1.03 Total Assets 4,484,769 Net Asset Value (NAV) per Unit (S$) Current Liabilities 264,443 Non-Current Liabilities 1,992,621 Total Liabilities 2,25
Slide 26: Improved Portfolio Stability by Mitigating Tenant Concentration Risks
FY 2025 Financial Results CapitaLand China Trust Improved Portfolio Stability by Mitigating Tenant Concentration Risks Well represented and No. Tenant Trade Sector Asset Class % of Total Rental Income diversified leases 1 JD.com Group of Companies E-commerce, Logistics and Retail, 1.8% Warehouse, Su
Slide 27: Portfolio Lease Expiry Profile
FY 2025 Financial Results CapitaLand China Trust Portfolio Lease Expiry Profile1 Portfolio WALE Remains Stable at 2.6 years by NLA % of total Gross Rental Income2 Retail Business Logistics Portfolio WALE (Years) Retail Business Park Logistics Park Park Park By Gross Rental Income2 2.1 1.9 2.7 2.1 30
Slide 28: Driving New Leases and Tenant Retention Through Active Leasing Momentum
FY 2025 Financial Results CapitaLand China Trust Driving New Leases and Tenant Retention Through Active Leasing Momentum Retail Business Logistics Park Park Renewed Renewed Renewed Leases, Leases, Leases, 44.5% FY 2025 66.4% FY 2025 98.3% FY 2025 Retail Leases Business Logistics New Leases, Park Lea
Slide 29: Retail Portfolio Overview
FY 2025 FY 2025 Financial Financial Results Results CapitaLand China CapitaLand ChinaTrust Trust Retail Portfolio Overview Harbin, 13.3% 16.2 8 5 Total Valuation1 Retail Cities (across 3 Malls1 core city clusters) Hohhot, 6.3% (RMB billion) Beijing, 51.4% Chengdu, 8.0% Guangzhou, 21.0% Note: 1. Base
Slide 30: Retail Portfolio Lease Expiry Profile
FY 2025 Financial Results CapitaLand China Trust Retail Portfolio Lease Expiry Profile Lease Expiry Profile by Year1 Weighted Average % of % of Lease Expiry (years) Year No. of Leases Gross Rental Income2,3 Net Lettable Area4 2.1 2026 1,206 44.0% 32.5% 2027 460 21.8% 18.1% By Gross Rental Income2 20
Slide 31: Building Strength through Active Tenancy Remixing
FY 2025 Financial Results CapitaLand China Trust Building Strength through Active Tenancy Remixing Retail contributes 69.3% of Portfolio GRI Food & Beverages Food & Beverages 39.4% Increased from 38.4%2 to 39.4%1, reflecting a more Fashion & Accessories 17.1% compelling and diversified dining lineup
Slide 32: Designing Engaging Lifestyle Experiences
FY 2025 Financial Results CapitaLand China Trust Designing Engaging Lifestyle Experiences Kickboxing Championship Golden Autumn Charity Sale New Year Countdown Concert at CapitaMall Aidemengdun at CapitaMall Xuefu at CapitaMall Xizhimen Hosted the National Youth Kickboxing Co-hosted the 5th “Golden
Slide 33: Business Park Portfolio Overview
FY 2025 FY 2025 Financial Financial Results Results CapitaLand China CapitaLand ChinaTrust Trust Business Park Portfolio Overview 5.4 5 3 Total Valuation1 Business Cities Xi’an, 22.5% (RMB billion) Parks1 Suzhou, 43.6% Hangzhou, 33.9% Note: 1. Based on valuation on a 100% basis as at 31 December 202
Slide 34: Business Park Portfolio Lease Expiry Profile
FY 2025 Financial Results CapitaLand China Trust Business Park Portfolio Lease Expiry Profile Lease Expiry Profile by Year1 Weighted Average % of % of Lease Expiry (years) Year No. of Leases Gross Rental Income2 Net Lettable Area3 1.9 2026 456 34.2% 32.8% 2027 263 30.6% 30.7% By Gross Rental Income
Slide 35: Proactively Attracting Tenants Across Sectors for Business and Logistics Parks
FY 2025 Financial Results CapitaLand China Trust Proactively Attracting Tenants Across Sectors for Business and Logistics Parks Business Parks and Logistics Parks contribute 27.0% and 3.7% of Portfolio GRI respectively Electonics 19.6% Engineering Engineering 15.6% increased from 12.8%2 to 15.6%1, d
Slide 36: Nurturing our Business Park Community
FY 2025 Financial Results CapitaLand China Trust Nurturing our Business Park Community Christmas Lifestyle Event Thanksgiving Event at Ascendas Xinsu Portfolio at AIT and AIH Hosted a Christmas lifestyle event, featuring Tencent activations at Organised a Thanksgiving event at AIT and AIH, delightin
Slide 37: Logistics Park Portfolio Overview
FY 2025 Financial Results CapitaLand China Trust Logistics Park Portfolio Overview 1.4 4 4 Total Valuation1 Logistics Cities (RMB billion) Parks Wuhan, 23.8% Kunshan, 20.6% Shanghai, 32.0% Chengdu, 23.6% Note: 1. Based on valuation on a 100% basis as at 31 December 2025. 37
Slide 38: Logistics Park Portfolio Lease Expiry Profile
FY 2025 Financial Results CapitaLand China Trust Logistics Park Portfolio Lease Expiry Profile Lease Expiry Profile by Year1 Weighted Average % of % of Lease Expiry (years) Year No. of Leases Gross Rental Income2 Net Lettable Area3 2.7 2026 115 47.5% 48.2% 2027 32 25.1% 20.5% By Gross Rental Income
Slide 39: Portfolio at a Glance
FY 2025 Financial Results CapitaLand China Trust Portfolio at a Glance1 CapitaMall Xizhimen Rock Square CapitaMall Wangjing CapitaMall Xuefu 凯德MALL•西直门 乐峰广场 凯德MALL•望京 凯德广场•学府 Location Beijing Guangzhou Beijing Harbin GFA (sq m) 83,075 88,279 83,768 123,811 NLA (sq m) 50,424 53,077 41,611 63,218 23 A
Slide 40: Portfolio at a Glance
FY 2025 Financial Results CapitaLand China Trust Portfolio at a Glance1 CapitaMall Grand CapitaMall CapitaMall Xinnan CapitaMall Nuohemule Canyon Aidemengdun 凯德广场• 新南 凯德广场•诺和木勒 凯德MALL• 大峡谷 凯德MALL•埃德蒙顿 Location Beijing Chengdu Hohhot Harbin GFA (sq m) 92,918 91,816 100,047 49,040 NLA (sq m) 40,672 36
Slide 41: Portfolio at a Glance
FY 2025 Financial Results CapitaLand China Trust Portfolio at a Glance1 Singapore-Hangzhou Singapore-Hangzhou Ascendas Ascendas Innovation Ascendas Innovation Science Technology Science Technology Xinsu Portfolio Towers Hub Park Phase I Park Phase II 腾飞新苏 新加坡腾飞科汇城 腾飞创新中心 新加坡杭州科技园一期 新加坡杭州科技园二期 Locati
Slide 42: Portfolio at a Glance
FY 2025 Financial Results CapitaLand China Trust Portfolio at a Glance1 Shanghai Fengxian Wuhan Yangluo Chengdu Shuangliu Kunshan Bacheng Logistics Park Logistics Park Logistics Park Logistics Park 上海奉贤物流园 武汉阳逻物流园 成都双流物流园 昆山巴城物流园 Location Shanghai Wuhan Chengdu Kunshan GFA (sq m) 62,785 86,973 71,55
Slide 43: Thank You
FY 2025 Financial Results CapitaLand China Trust Thank You For enquiries, please contact: Ms Ng Xiuyi, Manager, Investor Relations Direct: (65) 6713 1649 | Email: ng.xiuyi@capitaland.com CapitaLand China Trust Management Limited Tel: (65) 6713 2888 | Fax: (65) 6713 2999 clct.com.sg 43
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