Frasers Centrepoint Trust · SGX:J69U
Frasers Centrepoint Trust — H1 FY2026 Earnings Presentation
51 slides from Frasers Centrepoint Trust's earnings presentation, Apr 24, 2026
Slide 1: Financial Results for the First Half ended 31 March 2026
Frasers Centrepoint Trust Financial Results for the First Half ended 31 March 2026 24 April 2026 NEX Causeway Point Waterway Point Tampines 1 Northpoint City Tiong Bahru Plaza & Century Square Hougang Mall White Sands Central Plaza © Frasers Centrepoint Asset Management Ltd. All Rights Reserved.
Slide 2: Contents
Tampines 1, Singapore Contents 03 1HFY26 results highlights Macroeconomics and 05 retail market in Singapore 07 Financial highlights 13 Portfolio & AEI highlights 26 ESG 29 Looking ahead 35 Overview of FCT 41 Appendix © Frasers Centrepoint Asset Management Ltd. All Rights Reserved.
Slide 3: 1HFY26 results highlights
1HFY26 results highlights © Frasers Centrepoint Asset Management Ltd. All Rights Reserved. Inspiring experiences, creating places for good. NEX , Singapore © Frasers Centrepoint Asset Management Ltd. All Rights Reserved.
Slide 4: 1HFY26 results highlights: Financial highlights
Tampines 1, Singapore 1HFY26 results highlights Financial highlights $221.9 million $160.8 million $125.0 million 6.136 cents Gross Revenue Net Property Income Distributions to Distribution per Unit Unitholders 20.3% y -o -y 20.2% y -o -y 13.6% y -o -y 1.4% y -o -y Capital management highlights Oper
Slide 5: Macroeconomics and retail market in Singapore
Macroeconomics and retail market in Singapore © Frasers Centrepoint Asset Management Ltd. All Rights Reserved. Inspiring experiences, creating places for good. Century Square, Singapore © Frasers Centrepoint Asset Management Ltd. All Rights Reserved.
Slide 6: Macroeconomics and retail market in Singapore
Macroeconomics and retail market in Singapore Retail sales and rents remained resilient at the start of 2026 ; operating environment remains uncertain for businesses Prime retail rents by submarkets 4 ($) Economic indicators (y - o - y change) 2025 2026 2.0 – 4.0% GDP 1 5.0% 1Q 2026: 4.6% $38.70 1.5
Slide 7: Financial highlights
Financial highlights © Frasers Centrepoint Asset Management Ltd. All Rights Reserved. Inspiring experiences, creating places for good. Northpoint City , Singapore © Frasers Centrepoint Asset Management Ltd. All Rights Reserved.
Slide 8: 1HFY26 financial performance
1HFY26 financial performance Acquisition of Northpoint City South Wing and organic growth within the portfolio were key contributors • Higher NPI mainly driven by $’000 the acquisition of Northpoint 1HFY26 1HFY25 Fav / (Unfav) unless otherwise stated Cit y South Wing and higher passing rents across
Slide 9: Balance sheet
Balance sheet Robust financial position $’000 31 March 2026 30 September 2025 unless otherwise stated Non - current assets 7,506,837 7,491,651 Current assets 164,358 120,581 • Adjusted net asset value Total assets 7,671,195 7,612,232 per Unit increased mainly due to c hanges in fair Current liabilit
Slide 10: Financial metrics
Financial metrics Healthy financial position with lower cost of debt 31 March 2026 31 December 2025 Aggregate leverage 1 40.0% 40.3% Interest coverage ratio (times) 2 3.59 3.54 • Refinanced all loans due YTD average cost of debt (all - in) 3.3% 3.5% in FY26 with two new Quarter average cost of debt
Slide 11: Capital management
Capital management Diversified sources of funding with a well - staggered debt maturity profile Debt maturity profile ($ million) as at 31 March 2026 Composition of borrowings as at 31 March 2026 3.0% 262.1 647.7 Total 34.0% 80.0 borrowings: 535.5 $2,673.1 380.7 345.9 million 1 223.9 63.0% 103.0 94.
Slide 12: 1HFY26 distribution
1HFY26 distribution Distribution details Distribution period 1 October 2025 to 31 March 2026 DPU 6.136 cents Ex -Distribution date 4 May 2026 Books closure date 5 May 2026 (5.00 pm) Payment date 29 May 2026 Tampines White 1, Singapore Sands, Singapore © Frasers Centrepoint Asset Management Ltd. All
Slide 13: Portfolio & AEI highlights
Portfolio & AEI highlights © Frasers Centrepoint Asset Management Ltd. All Rights Reserved. Inspiring experiences, creating places for good. Tampines 1 , Singapore © Frasers Centrepoint Asset Management Ltd. All Rights Reserved.
Slide 14: Committed occupancy
Committed occupancy Strong Retail portfolio committed occupancy at 99.8% Retail Portfolio 1 NEX Northpoint City Causeway Point Waterway Point 99.8% 100.0% 100.0% 100.0% 100.0% 99.8% 98.1% 99.9% 99.8% 92.3% ▲ 1.7 ppts No change ▼ 0.1 ppts ▲ 7.7 ppts ▼ 0.2 ppts 31-Dec-25 31-Mar-26 31-Dec-25 31-Mar-26
Slide 15: Revenue and NPI by property
Revenue and NPI by property 1 Broad - based improvements in Revenue and NPI were observed across most malls Waterway Point 2 NEX 2 Northpoint City 3 Causeway Point 66.6 67.7 67.3 49.1 48.9 50.4 51.5 49.5 42.8 44.2 35.5 36.1 33.4 32.3 Revenue NPI Revenue NPI Revenue NPI Revenue NPI Tampines 1 Tiong B
Slide 16: Shopper traffic and tenants’ sales
Tiong Bahru Plaza, Singapore Shopper traffic and tenants’ sales Sustained growth in shopper traffic 1 and tenants’ sales 1 2QFY26 Retail portfolio shopper 1HFY26 Retail portfolio shopper traffic and tenants’ sales traffic and tenants’ sales Shopper traffic and tenants’ Shopper traffic and tenants’ s
Slide 17: Rental reversion
Rental reversion 1HFY26 retail portfolio rental reversion 1 at + 6.5 % 2 , supported by healthy leasing traction Rental reversion 1,2 Number of renewals/ As percentage of Property NLA (sf) new leases property NLA 6.5% NEX 65 72,275 12% 3 2 Northpoint City 63 55,763 11% Tenant retention Causeway Poin
Slide 18: Lease maturity profile
Lease maturity profile Well - spread lease maturity profile with n o concentration risk in FY26 Lease expiry profile as % of Total GRI WALE 1,2 as at 31 March 2026 • 1.7 years by NLA (1QFY26: 1.7 years) FY26 Lease expiry as at 30 September 2025 • 1.7 years by GRI (1QFY26: 1.8 years) Lease expiry as
Slide 19: 48 new-to-portfolio tenancies in 1HFY26
48 new - to - portfolio tenancies in 1HFY 26 Continuous leasing efforts to curate and refresh retail offerings Pull -Tab Coffee at NEX – Beverage chain Mi Bibimbap at NEX – Fast casual Korean - Hoe Nam Vintage at Tiong Bahru Plaza – rumeL at Tiong Bahru Plaza – Italian cuisine offering specialty aer
Slide 20: Vibrant and dynamic shopper experience
Vibrant and dynamic shopper experience Festive period placemaking initiatives to enhance shopper engagement Celebrating Lunar New Year with exciting line - ups Mediacorp’s Lunar New Year activation @ Waterway Point Event featured artiste appearances and a horse mascot meet -and -greet, alongside int
Slide 21: More than malls: Lively social hubs connecting the society
More than malls: Lively social hubs connecting the society Variety of placemaking initiatives to engage, enrich and excite the community Party Time with Dino @ Causeway Point Yishun Beacon Neighbours’ Welcome Session @ Northpoint City and Yishun Town Square Causeway Point marked the Dino mascot’s fi
Slide 22: Strategic Partnerships
Strategic Partnerships Initiatives that support the long - term sustainability and success of our tenants Five -year partnership agreement with CIMB Frasers Property’s “Silver Social Spaces ” Singapore programme Collaboration with Print Lab First - to - market flexible financing Collaborating on ini
Slide 23: Asset Enhancement Initiatives (AEIs)
Asset Enhancement Initiatives (AEIs) © Frasers Centrepoint Asset Management Ltd. All Rights Reserved. Inspiring experiences, creating places for good. Hougang Mall, Singapore © Frasers Centrepoint Asset Management Ltd. All Rights Reserved.
Slide 24: Hougang Mall AEI
Hougang Mall AEI Leasing and construction on track with over 88% of AEI space committed • Phase 1 of AEI completed: F&B and Retail outlets at Basement 1 and Level 1 commenced operations from November 2025 Retailers to open from May 2026 onwards • Phase 2 of AEI is on track for completion in Septembe
Slide 25: Upcoming AEI at NEX
Up coming AEI at NEX Phase 1 AEI targeted to commence in May 2026 • Achieved over 40% 1 leasing pre -commitment for Phase 1 with another 28% in advanced negotiations • Phase 1 works at the ex -Isetan space is targeted to commence in May 2026 and complete by end 2026 • New clusters focusing on Kids/E
Slide 26: ESG
ESG © Frasers Centrepoint Asset Management Ltd. All Rights Reserved. Inspiring experiences, creating places for good. Tiong Bahru Plaza, Singapore © Frasers Centrepoint Asset Management Ltd. All Rights Reserved.
Slide 27: Community engagement
Community engagement Our malls are vibrant social hubs where communities can connect, engage and thrive Frasers Property Singapore’s Nee Soon Central Senior Citizens’ Silver Social Spaces initiative Hong Bao Presentation Golden Connection Lohei Ranger Buddies Mission • Northpoint City hosted the Nee
Slide 28: Driving operational and cost efficiencies
Driving operational and cost efficiencies Leveraging technology and ESG initiatives SMART FACILITIES MANAGEMENT REMOTE MONITORING & DIAGNOSTICS RENEWABLE ENERGY Leveraging AI for security, cleaning and other facility Use of technology to monitor lifts and escalators for FCT has fully hedged its elec
Slide 29: Looking ahead
Looking ahead © Frasers Centrepoint Asset Management Ltd. All Rights Reserved. Inspiring experiences, creating places for good. Waterway Point, Singapore © Frasers Centrepoint Asset Management Ltd. All Rights Reserved.
Slide 30: Singapore suburban retail: demand drivers
Singapore suburban retail: demand drivers Population growth and new housing units to increase shopper catchment Population growth 1 Housing growth • Singapore’s population grew by 1.2% to 6.11 million as of June • Approximately 145,000 housing units (both public and private) are 2025 planned or unde
Slide 31: Singapore suburban retail: demand drivers
Singapore suburban retail: demand drivers Growth in median household income and constructive government support retail spending growth 1 Constructive government support 2 Median household income growth • Median household income in Singapore in 2025 exceeded Government support $12,000 mark for the fi
Slide 32: Outlook
Outlook FCT’s focus on essential services and long - term structural drivers that support the Singapore suburban retail market underpin its resilience Focus on essential trades Growth in demand drivers Limited suburban retail space supply 3 Less than 20% of new retail space supply between 2026 – 202
Slide 33: Looking ahead: Staying resilient
Looking ahead: Staying resilient Navigating an uncertain operating environment ENHANCEMENT ACQUISITION ORGANIC PROACTIVE COST GROWTH GROWTH GROWTH MANAGEMENT Sizable portfolio today Proactive portfolio Resilient operating Operating environment offers abundant AEI reconstitution has performance as re
Slide 34: Thank you
Thank you For enquiries, please contact: Judy Tan Investor Relations Direct: +65 6277 2657 Email: judy.tan@frasersproperty.com Inspiring experiences, creating places for good. © Frasers Centrepoint © Frasers Property Asset Management Limited. All Rights Ltd. AllReserved. Rights Reserved.
Slide 35: Overview of Frasers Centrepoint Trust (FCT)
Overview of Frasers Centrepoint Trust (FCT) © Frasers Centrepoint Asset Management Ltd. All Rights Reserved. Inspiring experiences, creating places for good. Causeway Point, Singapore © Frasers Centrepoint Asset Management Ltd. All Rights Reserved.
Slide 36: About FCT
About FCT Pure - play Singapore suburban retail REIT Total AUM 1 Retail portfolio NLA 2 Committed occupancy 3 Number of leases GRESB rating $8.4 billion ~3.0 million sf 99.8% >1,900 5- star 9 malls Stock Information (31 March 2026) Highlights of FCT’s Retail Portfolio SGX:J69U Well - connected locat
Slide 37: Quality portfolio in Singapore
Quality portfolio in Singapore Singapore’s largest suburban retail space owner ~3.0 million sf Retail portfolio NLA NEX (FCT 50.0% effective interest) Northpoint City Causeway Point >1,900 Number of leases Waterway Point (FCT 50.0% interest) Tampines 1 Tiong Bahru Plaza 99.8% Committed occupancy Cen
Slide 38: Largest owner of Singapore suburban malls
Largest owner of Singapore suburban malls Owns four of the 10 largest suburban malls Top 10 largest retail malls outside the Singapore Market share of private shopping centres by NLA by owner (suburban only) 2 central area by NLA (thousand sf) 1 720 635 581 566 12% 10.2% 531 10% 8.5% 444 424 420 409
Slide 39: FCT investment merits
White Sands, Singapore F CT investment merits 1 3 Focus on essential Market Leadership 2 High quality portfolio services Pure - play Singapore Owns four of Singapore’s top Suburban malls benefit from suburban retail REIT and 10 largest suburban malls stable, necessity - driven Singapore’s largest su
Slide 40: Strong track record since IPO
Strong track record since IPO Market cap has increased from $615 million at IPO to $4.4 billion 1 ; AUM grew from $915 million to $8.4 billion 1 Acquisition of 1-year 3-year 5-year Since IPO AsiaRetail Fund Acquisition portfolio; of NPC SW Total 6.4% 24.3% 23.2% 342.3% Raised $1.34 billion in return
Slide 41: Appendix
Appendix © Frasers Centrepoint Asset Management Ltd. All Rights Reserved. Inspiring experiences, creating places for good. Tiong Bahru Plaza, Singapore © Frasers Centrepoint Asset Management Ltd. All Rights Reserved.
Slide 42: Glossary
Glossary All financial information presented in Singapore dollars, unless otherwise stated. • 1QFY26: Three months ended 31 December 2025 • Moody’s: Moody’s Investors Service (credit rating agency) • 2QFY26: Three months ended 31 March 2026 • MAS: Monetary Authority of Singapore • 1HFY25: Six months
Slide 43: Portfolio composition
Portfolio composition Diversified portfolio composition and essential trade mix underpin resilience and stability FY25 – valuation of property Retail portfolio 2 trade mix by GRI as at 30 September 2025 as at 31 March 2026 Central Plaza White Sands Essential services 3 ~ 54% 2.7% Hougang 5.3% Causew
Slide 44: Top 10 tenants by gross rental income
Top 10 tenants by gross rental income Retail Portfolio 1 , excluding CSFS area (as at 31 March 2026) No. Tenant As % of total GRI As % of total NLA 2 1 NTUC FairPrice 5.9% 9.0% 3 2 BreadTalk Group 3.1% 3.0% 3 Courts (Singapore) Pte. Ltd. 1.3% 1.9% 4 4 Metro (Private) Limited 1.3% 2.2% 5 Uniqlo (Sing
Slide 45: Trade mix
Trade mix Retail Portfolio 1 , excluding CSFS area (as at 31 March 2026) Trade category As % of total GRI As % of total NLA Food & Beverage 38.6% 31.0% Beauty & Healthcare 15.2% 11.3% Fashion & Accessories 11.6% 11.3% Sundry & Services 7.6% 5.8% Supermarket & Grocers 6.2% 10.7% Electrical & Electron
Slide 46: FY26 lease expiry
FY26 lease expiry Retail Portfolio 1 , excluding CSFS area, 11.6% of leases (by GRI) remaining in FY26 (as at 31 March 2026) Lease expiries in FY26 Number of leases Leased area As % of leased As % of total GRI 2 (as at 31 March 2026) expiring expiring (sf) area of property of property NEX 38 97,844
Slide 47: Singapore retail outlook
Singapore retail outlook Suburban retail space makes up less than 20% of upcoming new retail supply between 2026 – 2028 Year Proposed project Micro -market Estimated NLA (sf) The private retail supply pipeline between Tanjong Katong Complex (A/A) - Phase 1 Fringe 180,000 2026 - 2028 is estimated to
Slide 48: Singapore retail outlook
Singapore retail outlook Limited suburban retail supply between 2026 – 2028 underpin healthy suburban retail rents Average annual Average annual net supply net demand 2016 – 2025 (10 -year) 201,000 sf 236,000 sf Suburban Net Supply and Demand (sf in millions) 0.9 2021 – 2025 (5 -year) 121,000 sf 187
Slide 49: Singapore retail outlook
Singapore retail outlook Total retail sales grew 2.3% y - o- y to $44.1 billion in 2025; online sales remain steady around 15% on average in the last five y ears Retail Sales Value and Proportion of Online Sales - Excluding Motor Vehicles Highest 5 Lowest 25.0% 19.3% 12.6% 16.2% 4 20.0% 3 15.0% 2 10
Slide 50: Completed AEI: Tampines 1
Tampines 1, Singapore Completed AEI: Tampines 1 Successfully completed in August 2024, the $38 million AEI achieved a ROI exceeding 8% 1.4x >9,000sf >8% 1 Exceeded ROI 2 Valuation uplift NLA created and deployed to prime retail floors target 68 46 New - to - mall New - to - FCT concepts concepts (27
Slide 51: Inspiring experiences, creating places for good.
Inspiring experiences, creating places for good. © Frasers Centrepoint Asset Management Ltd. All Rights Reserved. © Frasers Centrepoint Asset Management Ltd. All Rights Reserved.
Frasers Centrepoint Trust — H1 FY2026 Earnings Presentation on 6ix