Fortune Real Estate Investment Trust · HKEX:778
Fortune Real Estate Investment Trust — FY2025 Earnings Presentation
51 slides from Fortune Real Estate Investment Trust's earnings presentation, Mar 10, 2026
Slide 1: Financial Results
Financial Results For the year ended 31 December 2025 10 March 2026
Slide 2: Go Green and Paperless with us
Go Green and Paperless with us Scan the QR Codes for our Financial Results Presentation Announcement 中文版簡報 中文版公告
Slide 3: Results Overview
CNY “Lion Dance” Tradition at Fortune Malls RESULTS OVERVIEW
Slide 4: FY2025 Results Overview
FY2025 Results Overview 7.2% Healthy Improved Dividend Yield Balance Sheet Portfolio Occupancy HK$722.9 M 26.9% 95.8% Stable Gearing Solid Occupancy1 Distributable Income HK$0.3522 50% 83% Full Year DPU Fixed Rate Debt1 High Tenant Retention 1.0% Note: 1. As at 31 December 2025 FORTUNE REIT | FY2025
Slide 5: FY2025 Financial Highlights
FY2025 Financial Highlights Significant interest savings offset decline in NPI and support bottom line Revenue NPI Finance Cost1 FY2025 FY2025 FY2025 HK$1,682.4M 3.7% YoY HK$1,188.1M 5.2% YoY HK$339.9M 14.4% YoY 2H2025 2H2025 2H2025 HK$827.9M 5.3% YoY HK$575.5M 7.2% YoY HK$166.6M 16.2% YoY ▪ Revenue
Slide 6: High Base Rent Model Ensures Stable Revenue Stream
High Base Rent Model Ensures Stable Revenue Stream Over 90% of revenue from stable streams 76.6% Base rental1: HK$1,288.9M 5.3% FY2025 Revenue 15.1% Charge-out income2: HK$254.7M 3.8% HK$1,682.4M 7.3% Carpark income: HK$123.2M 0.4% 0.7% Turnover rent: HK$12.1M 17.7% 0.2% Other income: HK$3.5M 44.4%
Slide 7: Capital Management
Awarded two prestigious honors at HK CG and ESG Excellence Awards 2025 CAPITAL MANAGEMENT
Slide 8: Prudent Debt Management
Prudent Debt Management Debt Maturity Profile (HK$M) as at 31 Dec 2025 Total loans available HK$10,505M; HK$9,902M were drawn 26.9% 3.5% Gearing Effective borrowing cost1 In discussion with banks for Loan in HKD Loan in SGD2 refinancing 3,800 Refinanced HK$2.5 billion loan facilities due in Oct 25 2
Slide 9: Stable Portfolio Valuation
Stable Portfolio Valuation Portfolio Total Hong Kong Portfolio Singapore Asset HK$ 36,524M HK$ 35,949M SG$ 95M 4.0% from Dec 2024 4.2% from Dec 2024 Remains Unchanged Per sf (G) retail HK$11,975 psf NAV Per Unit Acquisition of Stars of HK$ 12.22 Per carpark lot HK$781,000 Kovan Property 7.5% from De
Slide 10: Portfolio Performance
New F&B offering @Fortune City One PORTFOLIO PERFORMANCE
Slide 11: Portfolio Performance Highlights
Portfolio Performance Highlights Occupancy +WOO climbed to 98.7% - a new Increased occupancy driven by decade high; Waldorf Avenue at 95.8% good leasing momentum at 100%, while Laguna Plaza’s malls post AEIs occupancy picked up in 2H, reaching As at 31 Dec 2025 96.0% by year-end Retention Signed 1.3
Slide 12: A Strategic Focus on Necessity Trades
A Strategic Focus on Necessity Trades Necessity Trades WALE Lease Expiry in FY2026 71% 1.5 Yrs 1,026k sq.ft OR 38% of rental By rental income By rental income By Gross Rentable Area Tenant’s Trade Mix By Gross Rental Income (as at 31 Dec 2025) 27.7% Services & Education 27.0% 26.1% Food & Beverages
Slide 13: Strengthen F&B Mix with Popular Dining Concepts
Strengthen F&B Mix with Popular Dining Concepts Quick @Metro Town @Fortune City One @Laguna Plaza Service Specialty @+WOO @Fortune City One Dining @Fortune Metropolis @Ma On Shan Plaza @Laguna Plaza Quick @Ma On Shan Plaza @Laguna Plaza @Ma On Shan Plaza Brew FORTUNE REIT | FY2025 Financial Results
Slide 14: Growing Experiential Offerings Drive Repeat Visits
Growing Experiential Offerings Drive Repeat Visits Entertainment & Wellness occupy 171k sq.ft.1 in total, up 26% in 2025 Health& 11,000 sq.ft. @+WOO 7,000 sq.ft. @+WOO 11,500 sq.ft. @ Centre de Laguna Wellness Formerly a kindergarten Formerly a supermarket The only 24-hr gym in neighborhood Gaming &
Slide 15: Targeted Marketing
Christmas celebration event with celebrities TARGETED MARKETING
Slide 16: Marketing & Events to Drive Footfall and Tenants' Sales
Marketing & Events to Drive Footfall and Tenants’ Sales Chinese New Year Easter & Springr Summer Holiday Christmas Lion dance tradition Spending rewards Premiums redemption Lucky draw FORTUNE REIT | FY2025 Financial Results | Page 17
Slide 17: Thematic Events and Targeted Promotional Campaigns
Thematic Events and Targeted Promotional Campaigns Thematic Mall Events Targeted Promotional Campaigns & Spending Rewards Education Day – Family Carnival Live Broadcast of National Games Free parking promotion Wet market promotion F&B promotion TV Drama Promotion Movie tickets redemption Gifts redem
Slide 18: Customer Loyalty Empowered by Digital Engagements
Customer Loyalty Empowered by Digital Engagements Fortune Malls APP Active presence on social platforms enhances customer loyalty and KOL reels generate massive and supports tenant sales coverage User Growth Spending Growth 40% YoY 12% YoY New members Registered spending 21% YoY 14% YoY Active membe
Slide 19: Comprehensive Efforts Drive Consistent Mall Traffic
Comprehensive Efforts Drive Consistent Mall Traffic • Footfall fell 1.8% YoY in 2025, demonstrating resilience despite a 13% increase in outbound travel from HK • Outbound travel and online competition remain structural headwinds for domestic retail • Proactive traffic-driving initiatives, including
Slide 20: Enhancement Initiatives
Refurbished Waldorf Avenue ENHANCEMENT INITIATIVES
Slide 21: AEIs Completed at Laguna Plaza
AEIs Completed at Laguna Plaza Reconfiguration of Basement floor for Trade Mix Enhancement Diverse Offerings Brings Vibrancy To Basement Positive Leasing Momentum Continued 3 F&B outlets entered G/F in 2H2025 CAPEX HK$32M New F&B New Beauty Salon Laguna Plaza Lifestyle Store F&B mix Commencement rai
Slide 22: AEIs Completed at Waldorf Avenue
AEIs Completed at Waldorf Avenue Refurbishment of Public Corridor to Enhance Mall Positioning BEFORE BEFORE BEFORE CAPEX HK$9M Commencement Inviting entrance Feature walls and better signages Modernized ceiling & lighting Feb 2025 Completion Jul 2025 Occupancy 100% Dec 2025 AFTER AFTER AFTER FORTUNE
Slide 23: Outlook & Strategies
Fortune Metropolis OUTLOOK & STRATEGIES
Slide 24: Outlook and Strategies
Outlook and Strategies Supportive macro fundamentals, alongside robust stock and property markets, are driving a more optimistic leasing outlook for 2026. Strengthening portfolio resilience through sustained high occupancy levels and strong tenant retention Capturing growth opportunities amid market
Slide 25: Sustainability
Farm@Fortune event @Fortune City One SUSTAINABILITY
Slide 26: Accelerating Sustainability Progress
Accelerating Sustainability Progress 85% GRA 354.2 tonnes Equipped with BMS Food waste diverted in 2025 Added smart food waste pretreatment system in 2 malls Smart food waste pretreatment system 8 1,500 Fortune Malls installed EV chargers Solar panels installed 10 EV chargers added in 2025 279 panel
Slide 27: On Track to Achieve Mid- to Long-Term Sustainability Goals
On Track to Achieve Mid- to Long-Term Sustainability Goals Emission Energy Water Waste Scope 1 & 2 Energy Water Waste GOALS GHG Emissions Consumption Intensity Recycling Rate Against a 2019 baseline 46% reduction 30% reduction 10% reduction 15% by 2030 by 2035 by 2035 by 2035 PROGRESS 39%1 27% 6% 8.
Slide 28: Appendix
Festive displays and decoration @Ma On Shan Plaza APPENDIX
Slide 29: Investment Highlights
Investment Highlights HK$10.1B HK$36.5B HK$12.22 71% income MSCI index Highest 5-Star Market Portfolio NAV from non-discretionary Inclusion in World GRESB Rating Cap Valuation per Unit trades Small Cap Fortune City One Ma On Shan Plaza +WOO Fortune Metropolis Laguna Plaza 20+ years A pure-play in of
Slide 30: Sustainability Achievements Highlights
Sustainability Achievements Highlights 5-Star 1st HK REIT Received SBTi’s approval Highest rating in GRESB for near-term emission reduction for 5 consecutive years target 9-Yr AA- Low Risk in consecutive Sustainability Rating by Morningstar Hang Seng Corporate Hong Kong Quality Assurance Sustainalyt
Slide 31: A Hong Kong-Focused Neighborhood Mall Portfolio
A Hong Kong-Focused Neighborhood Mall Portfolio 17 Assets 2 Flagship Malls in HK 16 neighborhood malls in Hong Kong 1 suburban retail property in Singapore 1 Fortune City One New 3 10 2 +WOO Territories Tai Wai 1 City One 8 5 Fortune Metropolis 15 16 6 Tsuen Wan West 11 3 million sq.ft. 12 Kowloon D
Slide 32: Portfolio Valuation Breakdown
Portfolio Valuation Breakdown (13) Stars of Kovan Portfolio Valuation1 (HK$M) Property 1.6% (1) Fortune City One 7,320 Portfolio valuation (2) +WOO 7,265 (3) Ma On Shan Plaza 5,148 HK$36,524M (4) Metro Town 3,314 (9) 3.1% (1) 20.0% (5) Fortune Metropolis 2,319 (8) 4.6% (6) Belvedere Square 2,225 (7)
Slide 33: Stable Portfolio Occupancy
Stable Fortune REIT’s portfolio GRA(sq.ft.) Occupancy Portfolio 31 Dec 25 30 Jun 25 31 Dec 24 1. Fortune City One 414,469 96.3% 97.0% 95.2% Occupancy 2. +WOO 665,244 98.7% 97.1% 94.7% 3. Ma On Shan Plaza 310,084 99.1% 98.7% 98.2% 4. Metro Town 180,822 98.7% 98.0% 100.0% 5. Belvedere Square 276,862 9
Slide 34: Resilient Asset Class with Attractive Yield
Resilient Asset Class An attractive distribution yield of 7.2% with Attractive Yield 7.2% 5.3% 4.2% 3.1% 3.0% 1.9% 1.4% Fortune HS Property HS Index HK 10Y Govt. HK US 10Y China 10Y 2 REIT's Index Dividend Bond Yield Composite Treasury Govt. 2 2 Annualized Dividend Yield 2 Interest Rate 2 Yield Bond
Slide 35: Income Statement (FY2025)
Income (HK$’M) 2025 2024 YoY% Statement Revenue 1,682.4 1,746.3 -3.7% Property operating expenses (457.5) (454.2) +0.7% (FY2025) Manager’s performance fee (36.8) (38.8) -5.2% Net property income 1,188.1 1,253.3 -5.2% Manager’s base fee (111.8) (116.2) -3.8% Finance costs 1 (504.6) (501.7) +0.6% Chan
Slide 36: Income Statement (2H2025)
Income (HK$’M) 2H2025 1H2025 HoH% 2H2024 YoY% Statement Revenue 827.9 854.5 -3.1% 874.5 -5.3% Property operating expenses (234.6) (222.9) +5.2% (235.1) -0.2% Manager’s performance fee (17.8) (19.0) -6.3% (19.2) -7.3% (2H2025) Net property income 575.5 612.6 -6.1% 620.2 -7.2% Manager’s base fee (55.8
Slide 37: Balance Sheet
Balance Sheet HK$’000 31 Dec 2025 31 Dec 2024 Gearing ratio Current assets 181,324 198,924 26.9% Non-current assets 36,564,358 38,260,513 Total assets 36,745,682 38,459,437 Portfolio valuation Current liabilities 5,141,753 4,310,885 HK$36,524M Non-current liabilities 6,464,298 7,217,799 Total liabil
Slide 38: Distribution Details
DISTRIBUTION DETAILS 26 March 2026 (Thu) E x -d a te 16.81 HK cents 27 March 2026 (Fri) F in a l D P U f o r the ye a r e n d e d 3 1 D e c 2 0 2 5 R e co r d D a te 24 April 2026 (Fri) P a ym e nt D a te FORTUNE REIT | FY2025 Financial Results | Page 39
Slide 39: Acquisitions for Growth
Acquisitions for Growth Asset Portfolio grew >10 times in 20+ years AUM increased to HK$36.5 billion from HK$3.3 billion since IPO 17 17 17 14 16 Malls Malls 16 Malls Malls Malls 11 Malls Malls +WOO Laguna Plaza Stars of Kovan Property 5 Provident Square Malls Rhine Avenue Metro Town Caribbean Squar
Slide 40: Proven Track Record in AEIs
Proven Track Record in AEIs Property / Enhanced Area Completion CAPEX (HK$) ROI1 Metro Town –10,000 sf 1Q 2023 5.3M 11% +WOO Phase 1 – 200,000 sf 3Q 2019 150M 10.5% Belvedere Square - 126,000 sf 4Q 2015 80M 20.3% Ma On Shan Plaza - 59,000 sf 4Q 2013 15M 60% (previously a supermarket) Fortune City On
Slide 41: AEIs at +WOO – Modernized Interior & Exterior
AEIs at +WOO – Modernized Interior & Exterior CAPEX HK$300M Enhanced ceiling aiming to save energy of main atrium LED screen and featured ceiling Completion July 2024 Occupancy 98.7% Dec 2025 Immediate Catchment 270K population & expanding Modernized interior with more prominent shop front Revamped
Slide 42: AEIs at +WOO - Upgraded Amenities
AEIs at +WOO - Upgraded Amenities Inclusive amenities New directory and service counter Improved accessibility with new ramp Kid’s playground, engaging games and visuals Nursery room Smart toilet with digital display Free filter water FORTUNE REIT | FY2025 Financial Results | Page 43
Slide 43: AEIs at Metro Town
AEIs at Metro Town CAPEX Completion Return on Investment HK$5.3M Jan 2023 11% ▪ Subdivided a 8,500 sq.ft. vacant kindergarten together with 2 adjacent shops into three shops to cater for new demand ▪ Introduced new F&B and household tenants ▪ More efficient layout with widen and more prominent shop
Slide 44: AEIs at Belvedere Square
AEIs at Belvedere Square Phase 3 CAPEX Completion ROI HK$80M 4Q2015 >20% Enhanced offerings after AEIs F&B Toy Shop Health Food FORTUNE REIT | FY2025 Financial Results | Page 45
Slide 45: AEIs at Fortune City One
AEIs at Fortune City One CAPEX Completion ROI HK$150M 3Q2013 >20% FORTUNE REIT | FY2025 Financial Results | Page 46
Slide 46: Hong Kong Economy – Macro Conditions
Hong Kong Economy – Macro Conditions 3.0 3.1 2.9 2.6 3.4 3.4 4.3 2.5 3.8 1.9 1.1 GDP -3.6 -3.5 4.7 -4.3 +3.8% YoY YoY % Change GDP in real terms Q4 2025 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 4Q 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5.7 4.3 4.9 3.7 2.9 2.4 2.5
Slide 47: Hong Kong Retail Sales and Restaurant Receipts
Hong Kong Retail Sales and Restaurant Receipts Retail Sales Value (YoY %) Total retail sales value +1% in 2025, 20% 14.3% recording 8 months of growth since 15% May. Among individual sectors: Supermarkets 10% 6.6% ▪ Jewelry & Watches (+1.9%) and 5% Total Retail Sales Medicines Cosmetics (+4.2%) 0% 0
Slide 48: Tourist Arrivals and Outbound Travels
Tourist Arrivals and Outbound Travels Daily Inbound Tourist Arrivals ▪ 49.9 million tourists (i.e. an average of 180,000 From Mainland From others YoY % of total arrivals 30% 137,000 per day) visited HK in 2025, up 24% 160,000 20% 25% 12.1% YoY. 140,000 17% 16% ▪ 76% visitors came from Mainland Chin
Slide 49: Singapore - Retail Market Performance
Singapore - Retail Market Performance S$B Retail Sales Pick Up Steadily Post-Covid +5.0% GDP 5.00 50% +6.9% YoY in 4Q2025 Retail Sales Value (Excl. Motor Vehicles) Online Sales Proportion YoY +4.6% YoY in 3Q2025 4.13 For 2025 4.00 40% 3.00 30% +1.8% Retail Sales1,2 2.00 17.0% 20% +1.6% YoY in Dec 20
Slide 50: Disclaimer
Disclaimer This document has been prepared by ESR Asset Management (Fortune) Limited, in of the Fortune REIT’s financial or trading position or prospects. This document its capacity as the manager (“REIT Manager”) of Fortune Real Estate Investment may contain forward looking statements. Investors ar
Slide 51: Contact Us
CONTACT US ESR Asset Management (Fortune) Limited Justina Chiu Chief Executive Officer justina.chiu@esr.com Jenny Hung Deputy Chief Executive Officer jenny.hung@esr.com Maggie Mui Assistant Director, Investor Relations maggie.mui@esr.com www.fortunereit.com www.fortunemalls.com.hk
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