Mapletree Industrial Trust · SGX:ME8U
Mapletree Industrial Trust — 1HFY25/26 Earnings Presentation
30 slides from Mapletree Industrial Trust's earnings presentation, Oct 29, 2025
Slide 1: 2Q & 1HFY25/26 Financial Results
2Q & 1HFY25/26 Financial Results 29 October 2025
Slide 2: Important Notice
Important Notice This presentation shall be read in conjunction with Mapletree Industrial Trust’s (“MIT”) financial results for Second Quarter Financial Year 2025/2026 in the SGXNET announcement dated 29 October 2025. This presentation is for information only and does not constitute an offer or soli
Slide 3: Contents
Contents 01 Key Highlights – 1 Jul 2025 to 30 Sep 2025 02 2Q & 1HFY25/26 Financial Performance 03 Portfolio Update 04 Investment Update 05 Outlook 3
Slide 4: Key Highlights 1 Jul 2025 to 30 Sep 2025
KEY HIGHLIGHTS 1 JUL 2025 TO 30 SEP 2025 Data Centres, 13831 Katy Freeway, Houston
Slide 5: 2QFY25/26 Results Highlights
2QFY25/26 Results Highlights Absence of one-off divestment gain, reduced income from portfolio divestment and foreign exchange headwinds weighed on DPU • 2QFY25/26 Net Property Income: S$124.0 million ( 7.8% y-o-y) • 2QFY25/26 Distribution to Unitholders: S$90.7 million ( 5.3% y-o-y) • 2QFY25/26 D
Slide 6: 2Q & 1HFY25/26 Financial Performance
2Q & 1HFY25/26 FINANCIAL PERFORMANCE Hi-Tech Buildings and Business Space, build-to-suit project for HP
Slide 7: Comparison of 2QFY25/26 and 2QFY24/25
Comparison of 2QFY25/26 and 2QFY24/25 2QFY25/26 2QFY24/25 Net property income decreased due to Year-on-Year / () • loss of income from the divestment of three (S$’000) (S$’000) industrial properties in Singapore (“SG”), completed in August 2025; Gross revenue 170,211 181,445 (6.2%) • lower cont
Slide 8: Comparison of 1HFY25/26 and 1HFY24/25
Comparison of 1HFY25/26 and 1HFY24/25 1HFY25/26 1HFY24/25 Net property income decreased due to Year-on-Year / () (S$’000) (S$’000) • lower contributions from the NA Portfolio with non-renewal of leases and the weakening of Gross revenue 346,093 356,724 (3.0%) USD against SGD; and • loss of inco
Slide 9: Comparison of 2QFY25/26 and 1QFY25/26
Comparison of 2QFY25/26 and 1QFY25/26 2QFY25/26 1QFY25/26 Net property income decreased due to Quarter-on-Quarter / () (S$’000) (S$’000) • loss of income from the divestment of three industrial properties in SG; Gross revenue 170,211 175,882 (3.2%) • full quarter impact of end of lease amortisa
Slide 10: Statement of Financial Position
Statement of Financial Position 30 Sep 2025 31 Mar 2025 / () Total assets (S$ million) 8,126.0 8,800.2 (7.7%) Total liabilities (S$ million) 3,013.8 3,607.7 (16.5%) Net assets attributable to Unitholders 4,807.5 4,887.7 (1.6%) (S$ million) Net asset value per Unit (S$)1 1.69 1.71 (1.2%) 1 Net tan
Slide 11: Strong Balance Sheet
Strong Balance Sheet Including MIT’s proportionate share of joint venture 30 Sep 2025 30 Jun 2025 Total borrowings S$3,134.3 million S$3,662.8 million Weighted average tenor of debt 3.0 years 3.2 years Aggregate leverage ratio 37.3% 40.1% Interest rate hedge ratio 92.9% 79.7% Weighted average hedge
Slide 12: Well Distributed Debt Maturity Profile
Well Distributed Debt Maturity Profile DEBT MATURITY PROFILE1 As at 30 September 2025 DEBT CURRENCY PROFILE1 Total borrowings outstanding (S$ million) As at 30 September 2025 24% 48.1 18.8% 19% 17% 17% 96.2 0.3% 182.2 11% 718.3 474.6 105.8 495.7 288.6 13.0% 120.0 4% 3% 3% 2% 67.9% 125.0 96.2 130.3 6
Slide 13: Interest Rate and Forex Risk Management
Interest Rate and Forex Risk Management INTEREST RATE RISK MANAGEMENT FOREX RISK MANAGEMENT About 92.9% of total debt is hedged or drawn in fixed Draw local currency loans to provide natural hedge rates About 86.1% of amount available for distribution in A 50 basis points change in base rate
Slide 14: Portfolio Update
PORTFOLIO UPDATE Hi-Tech Buildings and Business Space, Mapletree Hi-Tech Park @ Kallang Way
Slide 15: Diverse Portfolio of 136 Properties
Diverse Portfolio of 136 Properties S$8.5 billion1 23.9 million2 >2,000 tenants AUM NLA (sq ft) Tenant Base Data Centres: 58.3% Data Centres North America: 47.2% Japan: 7.6% Singapore: 3.5% General Industrial Buildings 23.6% Data Centres Hi-Tech Buildings and Business Space AUM1 S$8.5 billion Hi-
Slide 16: Active Portfolio Rejuvenation
Active Portfolio Rejuvenation 3 Asset Enhancement Initiatives (“AEI”) FY21/22 FY22/23 FY23/24 FY24/25 FY25/26 S$8.9b S$9.1b 5 Build-to-Suit (“BTS”) S$8.8b S$8.8b Projects FY20/21 7 Divestments1 S$6.8b FY19/20 11 Acquisitions S$5.9b Acquisition Acquisition FY18/19 29 US DCs Osaka Data FY17/18 S$4.8b
Slide 17: Portfolio Overview
Portfolio Overview Singapore North American Japan Overall Portfolio Portfolio Portfolio Portfolio Number of properties 79 55 2 136 NLA (million sq ft) 15.1 8.31 0.5 23.91 Occupancy (%) 2QFY25/26 92.6 87.8 100.0 91.32 1QFY25/26 92.6 88.0 100.0 91.42 Average rental rate (psf/mth) S$2.27 US$2.45 - - SE
Slide 18: Lease Expiry Profile
Lease Expiry Profile EXPIRING LEASES BY GROSS RENTAL INCOME1 As at 30 September 2025 WALE based on date of commencement of leases (years)2 North American Portfolio 6.2 Singapore Portfolio 2.8 Japan Portfolio 14.2 36.2% Overall Portfolio1 4.6 19.2% 21.0% 13.6% 3 4.6% 5.4% FY25/26 FY26/27 FY27/28 FY28
Slide 19: Proactive Asset Management
Proactive Asset Management Three-pronged approach to managing the impact of vacancies in North American data centres Properties are located predominantly in primary data centre markets in North America Leased to diverse tenant types with a WALE of 6.2 years To manage impending lease expiration
Slide 20: Large and Diversified Tenant Base
Large and Diversified Tenant Base TOP 10 TENANTS BY GROSS RENTAL INCOME1 As at 30 September 2025 6.6% Over 2,000 tenants Largest tenant contributes 6.6% of Portfolio’s Gross Rental Income Top 10 tenants forms about 30.7% of Portfolio’s Gross Rental Income 4.5% 4.4% 3.1% 2.5% 2.5% 2.5% 1.7% 1.5
Slide 21: Tenant Diversification Across Trade Sectors
Tenant Diversification Across Trade Sectors1 No single trade sector accounted >16% of Portfolio’s Gross Rental Income By Gross Rental Income As at 30 Sep 2025 1 Includes MIT’s 50% interest of the joint venture with MIPL in three fully fitted hyperscale data centres and 10 powered shell data centres
Slide 22: Diversified Mix of Data Centres
Diversified Mix of Data Centres About 74.2% of MIT’s Data Centre Portfolio are on triple net lease structures whereby the majority of outgoings1 are borne by the tenants Good mix of powered shell, fitted and fitted hyperscale data centres SPLIT BETWEEN TENANT TYPES FOR SPLIT BETWEEN LEASE TYPES
Slide 23: Rental Reversions (Singapore)
Rental Reversions (Singapore) 2QFY25/26 2QFY25/26 rental 1QFY25/26 rental Renewal leases Number of reversion rate1 reversion rate1 (sq ft) renewals Hi-Tech Buildings and 52,888 14 -1.6% 5.0% Business Space General Industrial 479,969 159 8.0% 9.5% Buildings Portfolio weighted average 6.2% 8.2% rental
Slide 24: Building a Climate-resilient Portfolio
Building a Climate-resilient Portfolio Long-term Targets by FY29/30 15% 17% 10,000 kWp Average Building Average Building Scope 2 GHG Total Solar Energy Electricity Intensity1 Emissions Intensity1 Generating Capacity YTD FY25/26 Achievements Attained WELL Health-Safety Awarded 2025 Green Attained CAS
Slide 25: Investment Update
INVESTMENT UPDATE Data Centres, 44490 Chilum Place, Ashburn
Slide 26: Portfolio Rejuvenation Through Strategic Divestments
Portfolio Rejuvenation Through Strategic Divestments Divested Georgia Data Centre at 18.6% premium over market valuation Unlocks value for the Portfolio Divestment in Singapore at 22.1% over the original investment cost Georgia Data Centre Portfolio Divestment – (United States) Two Business Park Bui
Slide 27: Outlook
Data Centres, OUTLOOK 2601 West Broadway Road, Tempe
Slide 28: Outlook
Outlook Challenging operating environment in view of global uncertainties Global growth is projected to slow from 3.3% in 2024 to 3.2% in 2025 and to 3.1% in 2026, reflecting headwinds from uncertainty and protectionism, even though the tariff shock is smaller than originally announced1. Intensify
Slide 29: Outlook
Outlook North America • According to CBRE4, data centre inventory across primary markets in North America reached 8,155 megawatts (“MW”) in 1H2025, representing a 43% y-o-y increase. Despite the increase in supply, vacancy rates in primary markets decreased to 1.6%. While total under construction ca
Slide 30: End of Presentation
End of Presentation For enquiries, please contact Ms Cheng Mui Lian, Vice President, Investor Relations and Sustainability, DID: (65) 6377 4536, Email: cheng.muilian@mapletree.com.sg
Mapletree Industrial Trust — 1HFY25/26 Earnings Presentation on 6ix