Capitaland China Trust · SGX:AU8U
Capitaland China Trust — H1 2025 Earnings Presentation
45 slides from Capitaland China Trust's earnings presentation, Jul 30, 2025
Slide 1: Financial Results for 1H 2025
CapitaLand China Trust Financial Results for 1H 2025 30 July 2025 CapitaMall Xizhimen, Beijing, China Financial Results for 1H 2025 1
Slide 2: Disclaimer
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 assumptions. Representative examples of these factors incl
Slide 3: Table of Contents
Table of Contents 01 05 Key Highlights Business Park Portfolio 02 06 Capital Management Logistics Park Portfolio 03 Portfolio Overview 07 Looking Forward 04 Retail Portfolio 08 Appendix Kunshan Bacheng Logistics Park, Kunshan, China Financial Results for 1H 2025 3
Slide 4: First and Largest China-Focused S-REIT
First and Largest China-Focused S-REIT Trusted Proxy to China’s Future Domestic Growth Opportunities S$4.6 billion ~1.8 million S$1.4 billion 6.6% S$117B FUM5 Total Assets1 Gross Floor Area (sq m) Market Cap2 Distribution Yield3 26% Exposure in China 70.8% 25.8% 3.4% (by FUM)5 Retail Asset Business
Slide 5: Key Highlights
Key Highlights Ascendas Xinsu Portfolio, Suzhou, China Financial Results for 1H 2025 5
Slide 6: 1H 2025 Key Highlights
1H 2025 Key Highlights Gross Revenue -6.3% YoY Excluding the Business Park serviced office tenant1 and supermarket upgrading2: -5.0% YoY 925.9 867.6 • Retail revenue (excluding supermarket upgrading2) declined by 3.3%3 YoY, due to lower rents and occupancy at CapitaMall Xinnan RMB million • Business
Slide 7: 1H 2025 Key Highlights
1H 2025 Key Highlights 1H 2025 DPU Performance on Par with 2H 2024 Distribution Per Unit (S Cents) vs 1H 2024 vs 2H 2024 -12.3% -1.9% 3.01 2.64 2.59 Excluding distribution contributed from CapitaMall Yuhuating from 1 April 2025 to 30 June 2025 (2Q 2025), 1H 2025 DPU is 2.49 S Cents 1H 2024 2H 2024 1
Slide 8: 1H 2025 Key Milestones
1H 2025 Key Milestones Obtained Unitholders’ approval for Successfully issued RMB600 Sustainability Milestones CLCT’s proposed participation in million bond in April 2025 CLCR on 29 July 2025, comprising: • Obtained LEED Gold certification for • Issued 3-year RMB600 million the R&D blocks of Ascenda
Slide 9: Portfolio Shopper Traffic and Tenant Sales
Portfolio Shopper Traffic and Tenant Sales1 1H YoY Sales Improvements in Key Trade Sectors 1H YoY Shopper Traffic (million) Food & Beverage: +4.3% Information & Technology: +17.8% 39.2% of Retail GRI 4.1% of Retail GRI YoY: +1.0% Increase in F&B tenants by retail GRI Spending boost from consumption
Slide 10: High Retail Occupancy of 96.9%
High Retail Occupancy of 96.9%1 Occupancy of Retail 97.8% 97.9% 98.2% 97.7% 96.9% Portfolio Investment Property 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 CapitaMall Xizhimen 99.1% 100.0% 100.0% 100.0% 97.6% Rock Square 98.2% 98.3% 99.2% 98.5% 98.9% CapitaMall Wangjing 96.8% 97.0% 97.6% 96.0%
Slide 11: Business Park Occupancy at 86.9%
Business Park Occupancy at 86.9%1 Occupancy of Business 87.3% 90.5% 87.6% 83.7% 86.9% Park Portfolio Investment Property 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 • New commitment of U.S. Ascendas Xinsu Portfolio 97.1% 96.7% 96.6% 94.4% 96.5% Engineering tenant MNC in Ascendas Xinsu, boostin
Slide 12: Business Parks Occupancy Outpacing or On Par with Submarket Occupancy
Business Parks Occupancy Outpacing or On Par with Submarket Occupancy Despite Oversupply 96.5% 80.0%1 78.6% 77.1% 63.9%1 57.8%1 Suzhou Business Ascendas Xinsu Xi'an Business AIT & AIH Hangzhou Business SHSTP Park Submarket Portfolio Park Submarket (Combined Park Submarket Phase I & II Occupancy) (Co
Slide 13: Increased Logistics Park Occupancy at 96.6%
Increased Logistics Park Occupancy at 96.6%1 Occupancy of Logistics 70.4% 72.5% 97.6% 95.7% 96.6% Park Portfolio2 Investment Property 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 Shanghai Fengxian Logistics Park Under repositioning evaluation 100.0% 100.0% 100.0% Kunshan Bacheng Logistics Park
Slide 14: Distribution Details
Distribution Details Distribution Schedule Distribution Per Unit (S Cents) Last Day of Trading on “cum” Basis 5 August 2025, 5.00 pm 2.49 Ex-Date 6 August 2025, 9.00 am Record Date 7 August 2025, 5.00 pm Distribution Period Distribution Payment Date 24 September 2025 1 January 2025 to 30 June 2025 C
Slide 15: Capital Management
Capital Management Shanghai Fengxian Logistics Park, Shanghai, China Financial Results for 1H 2025 15
Slide 16: Healthy Financial Position
Healthy Financial Position1 30 June 31 March ICR Sensitivity Analyses 2025 2025 Movement ICR (x) Total Debt (S$ million) 1,820.8 1,867.2 100 bps increase in interest rates 2.3 Gearing2 42.1% 42.6% 10% decrease in EBITDA 2.6 Average Cost of Debt3 3.42% 3.51% Impact of Exchange Rate Movement on Gearin
Slide 17: Debt Maturity Profile
Debt Funding Source Mix Well-Staggered Maturity Profile as at 30 June 2025 Completed All Debt Refinancings for 2025 RMB Bond 10% FTZ Bond 6% CCIRS S$ million In advanced negotiations with banks to refinance 13% SGD-denominated loans with RMB debt Onshore RMB Loan 500.0 12% Debt Maturity Profile 10.7
Slide 18: Looking Forward
Looking Forward CapitaMall Xinnan, Chengdu, China Financial Results for 1H 2025 18
Slide 19: Optimising Portfolio to Enhance Returns
Optimising Portfolio to Enhance Returns CapitaMall Xuefu Launched B.U.T Supermarket at CapitaMall Xuefu (~6,600 sq m), Achieving >7x Supermarket Sales per sq m in the First Month of Opening • As one of the strongest local supermarket operators, B.U.T (比优特 ) is well known for its supply chain managem
Slide 20: Optimising Portfolio to Enhance Returns
Optimising Portfolio to Enhance Returns Progress of Ongoing AEI CapitaMall Wangjing Opportunity to Recover Supermarket Area (~8,800 sq m) Refreshed tenant mix includes a new retail concept supermarket “7Fresh” by JD.com as well as around 17 popular retail, F&B and experience brands to offer a broade
Slide 21: Active Leasing Strategies and Asset Enhancements in Business Parks & Logistics Parks
Active Leasing Strategies and Asset Enhancements in Our Business Parks & Logistics Parks Singapore-Hangzhou Science Technology Park II (SHSTP II): Introduction of Renowned “Guochao” Plush Toy Brand 问童子, China’s high-end plush toy brand, creatively integrates Chinese cultural elements with modern des
Slide 22: Our Strategy
Create Value: Entering the growing C-REIT Unlock Value: Recycling CapitaMall market as a key stakeholder in CLCR, Yuhuating, unlocking value of mature Our broadening our access to China domestic capital market and providing Unitholders with retail asset and improving financial flexibility upside pot
Slide 23: Business Outlook
Business Outlook China’s economy grew 5.2% YoY for 2Q 2025, above market expectations, while retail CLCT’s portfolio aligns with government priorities, sales expanded 4.8% in June1 focusing on domestic consumption, innovation, • U.S. and China reached a trade truce, with U.S. tariffs set at 55% and
Slide 24: Thank you
Thank you For enquiries, please contact: Ms Nicole Chen, Investor Relations Direct: (65) 6713 1648, Email: nicole.chen@capitaland.com CapitaLand China Trust Management Limited (https://www.clct.com.sg) 168 Robinson Road, #30-01 Capital Tower, Singapore 068912 Tel: (65) 6713 2888, Fax: (65) 6713 2999
Slide 25: 1H 2025 Financial Highlights
1H 2025 Financial Highlights 1H 2025 vs 1H 2025 vs 1H 2025 1H 2024 2H 2024 1H 2024 (%) 2H 2024 (%) Gross Revenue (RMB’000) 867,644 925,929 (6.3%) 911,631 (4.8%) Net Property Income (RMB’000) 580,265 631,328 (8.1%) 587,735 (1.3%) Amount available for distribution to 45,173 51,302 (11.9%) 45,501 (0.7%
Slide 26: Gross Revenue (in RMB'mil)
Gross Revenue (in RMB’mil) 658.7 Portfolio1 629.3 1H 2025 1H 2024 1H 2025 867.6 RMB mil -6.3% YoY 243.5 214.2 1H 2024 925.9 24.1 23.7 RMB mil Retail Business Parks Logistics Parks Note: 1. Presented based on 100% interest. C a p i t a L a n d C h i n a Tr u s t Financial Results for 1H 2025 26
Slide 27: Net Property Income (in RMB'mil)
Net Property Income (in RMB’mil) Portfolio1 442.1 1H 2025 1H 2024 418.4 1H 2025 580.3 RMB mil -8.1% YoY 175.3 147.2 1H 2024 631.3 14.7 13.9 RMB mil Retail Business Parks Logistics Parks Note: 1. Presented based on 100% interest. C a p i t a L a n d C h i n a Tr u s t Financial Results for 1H 2025 27
Slide 28: Balance Sheet
Balance Sheet As at 30 June 2025 S$’000 Non-Current Assets 4,185,430 Current Assets 426,944 1.04 Total Assets 4,612,374 Net Asset Value (NAV) Current Liabilities 325,805 per Unit (S$) Non-Current Liabilities 2,090,734 Total Liabilities 2,416,539 Unitholders' Funds 1,816,700 Perpetual Securities Hold
Slide 29: Improved Portfolio Stability by Mitigating Tenant Concentration Risks
Improved Portfolio Stability by Mitigating Tenant Concentration Risks % of Total Well represented and No. Tenant Trade Sector Asset Class Rental Income diversified leases across the retail, business park, E-commerce, Logistics and 1 JD.com Group of Companies Retail, Logistics Park 1.5% and logistics
Slide 30: Portfolio Lease Expiry Profile
Portfolio Lease Expiry Profile1 Portfolio WALE Remains Stable at 2.4 years by NLA WALE (years) Retail Business Park Logistics Park Portfolio By Gross Rental Income2 2.0 1.6 2.3 1.9 By Net Lettable Area 3.5 1.6 2.6 2.4 % of total Gross Rental Income2 22.4% 20.1% Retail Business Park Logistics Park 10
Slide 31: Proactive Leasing Management
Proactive Leasing Management Retail Business Park Logistics Park Renewed Leases, 42.9% FY 2024 Renewed Renewed Retail Leases, 63.7% Leases, 100% Retention FY 2024 FY 2024 by NLA New Leases, Business Logistics 57.1% Park Park Retention by New Leases, Retention by NLA 36.3% NLA Top 3 trade categories
Slide 32: Retail Portfolio Overview
Retail Portfolio Overview Harbin, 12.7% 17.1 9 6 Total Valuation1 Retail Cities (across 4 (RMB billion) Malls2 core city clusters) Hohhot, 6.0% Beijing, 48.6% Chengdu, 8.1% Changsha, Guangzhou, 4.6% 20.0% Note: 1. Based on valuation on a 100% basis as at 31 December 2024. 2. Excluding CapitaMall Qib
Slide 33: Retail Portfolio Lease Expiry Profile
Retail Portfolio Lease Expiry Profile Lease Expiry Profile by Year1 % of Total Gross % of Total Weighted Average Year No. of Leases Rental Income2,3 Net Lettable Area4 Lease Expiry (years) 2025 848 28.4% 21.5% 2026 789 31.6% 23.0% 2.0 By Gross Rental Income2 2027 304 14.9% 12.9% 2028 132 8.5% 8.4% 3
Slide 34: Building Strength through Active Retail Tenancy Remixing
Building Strength through Active Retail Tenancy Remixing Retail contributes 70.8% of Portfolio GRI Food & Beverages 39.2% Fashion 17.0% Beauty & Healthcare 6.0% Leisure & Entertainment 5.2% F&B increased from 38.0%2 to 39.2% with specialty F&B tenants introduced to attract Tenant Information & Techn
Slide 35: Designing Engaging Lifestyle Experiences
Designing Engaging Lifestyle Experiences Book Donation Partnered with tenant 比优特, social welfare groups, and children's institutions to host a book donation event at CapitaMall Aidemengdun, where shoppers exchanged old books for vegetables. The donated books were given to various beneficiaries, prom
Slide 36: Business Park Portfolio Overview
Business Park Portfolio Overview 5.4 5 3 Total Valuation1 Business Cities (RMB billion) Parks Xi’an, 22.6% Suzhou, 43.4% Hangzhou, 34.0% Note: 1. Based on valuation on a 100% basis as at 31 December 2024. C a p i t a L a n d C h i n a Tr u s t Financial Results for 1H 2025 36
Slide 37: Business Park Portfolio Lease Expiry Profile
Business Park Portfolio Lease Expiry Profile Lease Expiry Profile By Year1 % of Total Gross % of Total Year No. of Leases Weighted Average Rental Income2 Net Lettable Area3 Lease Expiry (years) 2025 192 24.0% 23.4% 2026 345 32.3% 30.2% 1.6 2027 199 28.3% 29.4% By Gross Rental Income 2028 60 8.1% 8.7
Slide 38: Proactively Attracting Tenants Across Sectors for Business and Logistics Parks
Proactively Attracting Tenants Across Sectors for Business and Logistics Parks Business Parks and Logistics Parks contribute 25.8% and 3.4% of Portfolio GRI respectively Electronics 18.9% Engineering 15.1% Information & Communications Technology 9.8% Tenant Sector Engineering increased from by Busin
Slide 39: Nurturing our Business Park Community
Nurturing our Business Park Community Dragon Boat Festival Career Fair First Aid Training Organised a vibrant Dragon Boat Festival Held a career fair at Ascendas Xinsu Portfolio Organised a first aid certification training at event at AIH and AIT, featuring a variety of in collaboration with Suzhou
Slide 40: Logistics Park Portfolio Overview
Logistics Park Portfolio Overview 1.51 4 4 Total Valuation Logistics Cities (RMB billion) Parks Wuhan, 22.6% Kunshan, 19.8% Shanghai, 34.7% Chengdu, 22.9% Note: 1. Based on valuation on a 100% basis as at 31 December 2024. C a p i t a L a n d C h i n a Tr u s t Financial Results for 1H 2025 40
Slide 41: Logistics Portfolio Lease Expiry Profile
Logistics Portfolio Lease Expiry Profile Lease Expiry Profile By Year1 % of Total Gross % of Total Year No. of Leases Weighted Average Rental Income2 Net Lettable Area3 Lease Expiry (years) 2025 99 53.9% 54.3% 2026 10 11.2% 8.2% 2.3 By Gross Rental Income 2027 18 12.6% 10.7% 2028 2 0.2% 0.3% 2.6 202
Slide 42: Portfolio at a Glance
Portfolio at a Glance1 CapitaMall CapitaMall CapitaMall Grand Rock Square CapitaMall Xuefu Xizhimen Wangjing Canyon 乐峰广场 凯德广场•学府 凯德MALL•西直门 凯德MALL•望京 凯德MALL• 大峡谷 Location Beijing Guangzhou Beijing Beijing Harbin GFA (sq m) 83,075 88,279 83,768 92,918 123,811 NLA (sq m) 50,510 52,953 36,6413 40,514 6
Slide 43: Portfolio at a Glance
Portfolio at a Glance1 CapitaMall CapitaMall CapitaMall Xinnan CapitaMall Yuhuating Nuohemule Aidemengdun 凯德广场• 新南 凯德广场•雨花亭 凯德广场•诺和木勒 凯德广场•埃德蒙顿 Location Chengdu Hohhot Changsha Harbin GFA (sq m) 91,816 100,047 75,431 49,040 NLA (sq m) 36,765 44,236 43,274 28,130 Land Use Right Expiry 17 Oct 2047 26
Slide 44: Portfolio at a Glance
Portfolio at a Glance1 • Portfolio at a Xinsu Glance Ascendas Portfolio Ascendas Innovation Towers Ascendas Innovation Hub Singapore-Hangzhou Science Technology Singapore-Hangzhou Science Technology 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 Location Suzhou Xi’an Xi’an Han
Slide 45: Portfolio at a Glance
Portfolio at a Glance1 Shanghai Fengxian Kunshan Bacheng Wuhan Yangluo Chengdu Shuangliu Logistics Park Logistics Park Logistics Park Logistics Park 上海奉贤物流园 昆山巴城物流园 武汉阳逻物流园 成都双流物流园 Location Shanghai Kunshan Wuhan Chengdu GFA (sq m) 62,785 43,945 86,973 71,556 Land Use Right Expiry 20 July 2059 16 Ju
CapitaLand China Trust — H1 2025 Earnings Presentation on 6ix