Sunway Real Estate Investment Trust · MYX:SUNREIT
Sunway Real Estate Investment Trust — Q1 2026 Earnings Presentation
41 slides from Sunway Real Estate Investment Trust's earnings presentation, May 13, 2026
Slide 1: Financial Results First Quarter Ended 31 March 2026
FINANCIAL RESULTS First Quarter Ended 31 March 2026 (FYE 31 December 2026) Date : 13 May 2026 0
Slide 2: Table of Contents
Table of Contents 1. Financial Highlights (Q1 2026) 2. Financial Results (Q1 2026) 3. Segmental Financial Results (Q1 2026) 4. Property Development Activities (YTD Q1 2026) 5. Market Outlook (Q1 2026) 6. Investor Relations (Q1 2026) Appendix I – Property Performance Empowering Businesses • Curating
Slide 3: Financial Highlights (Q1 2026)
FINANCIAL HIGHLIGHTS (Q1 2026) 2
Slide 4: Financial Highlights – Q1 2026 vs Q1 2025
Financial Highlights – Q1 2026 vs Q1 2025 Highlights Q1 2026 Q1 2025 No. of Properties 28 28 @ Property Value (RM'billion) 10.277 10.607 Units in Circulation 3,424,807,700 3,424,807,700 Unit Price as at 31 March 2026/2025 (RM) 2.31 1.82 Market Capitalisation (RM'billion) 7.911 6.233 Net Asset Value
Slide 5: Financial Highlights Q1 2026 vs Q1 2025
Financial Highlights Q1 2026 vs Q1 2025 Reported in RM’000 Q1 YoY Variance Q1 2026 vs Q1 2025 Higher Revenue was primarily contributed by stronger performance from the retail segment and contribution from AEON Mall Seri Manjung 1.9% or since in Q3 2025, partially offset by the absence of * RM 4.1m r
Slide 6: Financial Results (Q1 2026)
FINANCIAL RESULTS (Q1 2026) 5
Slide 7: Statement of Comprehensive Income – Consolidated
Statement of Comprehensive Income – Consolidated Q1 2026 Q1 2025 Change 1. NPI for Q1 2026 was higher compared to Q1 2025 RM'000 RM'000 % primarily due to strong performance from the Revenue 223,008 218,862 1.9% retail segment as well as contribution from AEON Property operating expenses (58,592) (6
Slide 8: Statement of Financial Position – Consolidated
Statement of Financial Position – Consolidated 31 Mar 2026 31 Dec 2025 31 Mar 2026 31 Dec 2025 (Unaudited) (Audited) (Unaudited) (Audited) RM'000 RM'000 RM'000 RM'000 Assets Number of units in circulation ('000) 3,424,808 3,424,808 Non-current assets Investment properties 10,217,059 1 10,185,943 Net
Slide 9: Statement of Cash Flows – Consolidated
Statement of Cash Flows – Consolidated Cumulative Quarter ended 31.03.2026 31.03.2025 1. Net cash from operating activities for Q1 2026 RM'000 RM'000 of RM116.0 million was lower compared to NPI Cash flows from operating activities less trust expenses of RM149.6 million due to Cash receipts from cus
Slide 10: Financing Profile as at 31 March 2026
Financing Profile as at 31 March 2026 Facility Limit Utilised Amount RM'mil RM'mil Revolving Loan (USD) 303.1 303.1 1 Revolving Credit (USD) 282.9 112.2 1 Revolving Loan (RM) 500.0 500.0 Unrated MTNs 10,000.0 1,760.0 2 Total Current Borrowings 2,675.3 Rated MTNs 400.0 10,000.0 Unrated MTNs 1,200.0 T
Slide 11: Financing Profile as at 31 March 2026 (Cont’d)
Financing Profile as at 31 March 2026 (Cont’d) Empowering Businesses • Curating Experiences • Enriching Lives 10
Slide 12: Segmental Financial Results (Q1 2026)
SEGMENTAL FINANCIAL RESULTS (Q1 2026) 11
Slide 13: Retail Segment : Q1 2026
Retail Segment : Q1 2026 Retail segment sustained its strong momentum in Q1 2026, delivering double-digit growth driven by incremental rental contributions from the full reopening of Sunway Carnival Mall’s old wing in May 2025, alongside the newly acquired AEON Mall Seri Manjung, which commenced in
Slide 14: Retail Segment : Q1 2026 (Cont’d)
Retail Segment : Q1 2026 (Cont’d) Regional Malls Neighbourhood Super-Regional Malls Big-Box Retail Malls Local & Population within Population within 20km Population within 10km Target market & international tourists 50km net lettable area NLA > 1 million sq.ft. NLA > 500,000 sq.ft. NLA > 250,000 sq.
Slide 15: Hotel Segment : Q1 2026
Hotel Segment : Q1 2026 Hotel segment experienced a softer start to the year, reflecting more subdued travel activity following the year-end peak and the Ramadan period in Q1 2026. Ongoing Middle East conflicts have led to flight disruptions and elevated fuel costs, further weighing on overall trave
Slide 16: Office Segment : Q1 2026
Office Segment : Q1 2026 Office segment delivered a resilient performance in Q1 2026, supported by a stable portfolio occupancy rate of above 80%. Leasing momentum continued to strengthen during the quarter, with Wisma Sunway on track to achieve full occupancy by Q4 2026. Meanwhile, Sunway Putra Tow
Slide 17: Industrial & Others Segment : Q1 2026
Industrial & Others Segment : Q1 2026 Industrial & Others segment recorded a robust improvement in Q1 2026, underpinned by higher occupancy at Sunway REIT Industrial – PJ 1. Sunway REIT Industrial – PJ 1 saw its committed occupancy rise to approximately 78% as of March 2026, up from 71% as of Decemb
Slide 18: Key Performance Indicators Q1 2026 / YoY %
Key Performance Indicators Q1 2026 / YoY % RETAIL 1 HOTEL 2 OFFICE 3 Occupancy - Rooms Occupancy + 1% Occupancy Average - 1% Q1 2026: 56% + 1% gross rent Q1 2026: 98% Q1 2025: 55% Q1 2025: 99% FY2025: 65% Q1 2026: 83% + 1% Q1 2025: 82% FY2025: 97% Occupancy - Banquet FY2025: 82% - 1% Q1 2026: 52% Q1
Slide 19: Property Development Activities (YTD Q1 2026)
PROPERTY DEVELOPMENT ACTIVITIES (YTD Q1 2026) 18
Slide 20: Property Development Activities
Property Development Activities New Sunway Hotel Sunway Pier Seberang Jaya Estimated total property development cost RM462 million #1 RM140 million #2 Cumulative cost incurred from initiation to Q1 2026 RM103 million RM6 million Expected completion H2 2028 H2 2027 NLA (sq. ft.) / Number of Hotel Roo
Slide 21: Market Outlook (Q1 2026)
MARKET OUTLOOK (Q1 2026) 20
Slide 22: General Outlook – Key Economic Indicators
General Outlook – Key Economic Indicators Indicators 2026 (F) Q1 2026 2025 2024 2023 2022 Gross Domestic Product 4.0% - 5.0% 5 5.3% 3 5.2% 5.1% 3.7% 8.7% (GDP) (YoY) Consumer Price Index (CPI) (YoY) 1.5% to 2.5% 5 1.7% 2 1.4% 1.8% 2.5% 3.3% Overnight Policy Rate (OPR) 2.75% 4 2.75% 1 2.75% 3.0% 3.0%
Slide 23: General Outlook
General Outlook General Outlook Malaysia’s economy is forecasted to remain resilient, growing at 4.0%– 5.0% in 2026, supported by robust domestic consumption, ongoing infrastructure developments and higher tourist arrivals driven by Visit Malaysia Year 2026. This is expected to sustain demand for lo
Slide 24: Segmental Outlook - Retail
Segmental Outlook - Retail Retail Segment (2025 Contribution : 75%) Retail Group Malaysia (RGM) projects retail sales growth of 4.0% in 2026 (2.4% in 2025) underpinned by various government initiatives, including cash aid programmes aimed at supporting household spending, as well as the launch of Vi
Slide 25: Segmental Outlook - Hotel
Segmental Outlook - Hotel Hotel Segment (2025 Contribution : 11%) Federal Budget 2026 provides a supportive backdrop for the hospitality industry, with approximately RM700 million allocated to tourism, including RM500 million for Visit Malaysia Year 2026, alongside tax relief of up to RM1,000 for do
Slide 26: Segmental Outlook - Office
Segmental Outlook - Office Office Segment (2025 Contribution: 9%) Malaysian office market is expected to face a substantial supply pipeline of over 4 million sq ft over the next two years, with significant completions — approximately 1.53 million sq ft in the KL Fringe and 1.2 million sq ft in Selan
Slide 27: Segmental Outlook – Industrial
Segmental Outlook – Industrial Industrial & Others Segment (2025 Contribution: 2%) In line with growing investments in Malaysia, demand for industrial properties is expected to remain strong. Under the New Industrial Master Plan (NIMP) 2030 and the National Energy Transition Roadmap (NETR), there wi
Slide 28: Investor Relations (Q1 2026)
INVESTOR RELATIONS (Q1 2026) 27
Slide 29: Unit Price Performance from IPO to Q1 2026
Unit Price Performance from IPO to Q1 2026 Unit Price Performance of Sunway REIT versus Benchmarks (8 July 2010 – 31 March 2026) Sunway REIT +156.7% FBM Top 100 Index +40.6% FBM KLCI +28.4% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Performance Statistics IPO to
Slide 30: Unitholders’ Composition (as at 31 March 2026)
Unitholders’ Composition (as at 31 March 2026) Foreign Retail 13.2% 6.5% Sunway Berhad 40.9% Institutions & Domestic Corporates 86.8% 52.6% March 2026 December 2025 Q-o-Q Change No. of unitholders 36,912 34,969 +5.6% (+1,943) Retail unitholdings 6.5% 6.8% -0.3% Foreign unitholdings 13.2% 11.5% +1.7%
Slide 31: Analyst Recommendation (as at March 2026)
Analyst Recommendation (as at 31 March 2026) Target Price as at Upside / Downside to unit price as at 25.5 31 Mar 2026 (RM) 31 Mar 2026 (%) 21.2 16.9 16.9 14.7 10.8 9.1 8.2 7.4 6.1 4.3 2.90 2.80 2.65 2.52 2.48 2.31 1.90 2.70 2.70 2.56 2.50 2.45 2.41 2.32 2.14 2.10 2.17 0.0 0.4 (6.1) (7.4) (9.1) (17.
Slide 32: Comparative Yields for Various Assets (as at 31 March 2026)
Comparative Yields for Various Assets (as at 31 March 2026) 6.15%5 5.71%1 5.80%2 3.63%3 2.75%6 2.05%4 Sunway REIT M-REITs 10-Year MGS Fixed Deposit EPF Yield OPR Note: 1 Distribution yield is computed based on Consensus DPU of 13.20 sen and unit price of RM2.31 as of 31 March 2026 (Source: Sunway RE
Slide 33: Appendix I: Property Performance (YTD Q1 2026 YoY Analysis)
APPENDIX I: PROPERTY PERFORMANCE (YTD Q1 2026 YoY Analysis) 32
Slide 34: Average Occupancy Rate (YTD Q1 2026)
Average Occupancy Rate (YTD Q1 2026) RETAIL N/A Retail segment's average occupancy rate remained resilient at 99% for YTD Q1 2026, supported by full occupancy at Sunway REIT’s hypermarkets, Sunway Kluang Mall and AEON Mall Seri Manjung, as well as strong occupancy rates across the rest of the retail
Slide 35: Projected Lease Expiry Schedule
Projected Lease Expiry Schedule RETAIL WALE = 2.1 years Sunway Pyramid Sunway Carnival Sunway Putra Sunway 163 Sunway Kluang Mall Mall Mall Mall Mall Based on the total net Based on the total Based on the total Based on the total NLA Based on the total NLA lettable area (NLA) of NLA of 198,228 sq. f
Slide 36: Average Occupancy Rate (YTD Q1 2026)
Average Occupancy Rate (YTD Q1 2026) HOTEL WALE = 4.4 years Average occupancy rate for the Hotel segment improved to 56% in YTD Q1 2026 largely from Sunway Putra Hotel and Sunway Hotel Seberang Jaya, attributed to group bookings from China and India and stable demand from medical travellers associat
Slide 37: Average Occupancy Rate (YTD Q1 2026)
Average Occupancy Rate (YTD Q1 2026) OFFICE Average occupancy rate for the Office segment recorded a marginal improvement in YTD Q1 2026, driven by improved occupancy at Sunway Putra Tower. Leasing efforts are gaining momentum with Sunway Putra Tower recorded an improvement in committed occupancy to
Slide 38: Projected Lease Expiry Schedule
Projected Lease Expiry Schedule OFFICE WALE = 1.4 years Menara Sunway Sunway Putra Wisma Sunway Sunway Tower Tower Sunway Pinnacle Based on total NLA Based on total NLA of Based on total NLA of Based on total NLA of Based on total NLA of of 45,714 sq. ft. due 21,788 sq. ft. due for 113,705 sq. ft. d
Slide 39: Average Occupancy and Average Gross Rent (YTD Q1 2026)
Average Occupancy and Average Gross Rent (YTD Q1 2026) INDUSTRIAL & OTHERS Industrial WALE = 4.4 years Secured occupancy at Sunway REIT Industrial – Petaling Jaya 1 stood at 78% as at 31 March 2026. Empowering Businesses • Curating Experiences • Enriching Lives 38
Slide 40: Thank You
Thank You Empowering Businesses • Curating Experiences • Enriching Lives 39
Slide 41: Disclaimer
Disclaimer This presentation is for information purposes only and does not constitute an offer, solicitation or advertisement with respect to the purchase or sale of any security of Sunway Real Estate Investment Trust (“Sunway REIT”) and no part of it shall form the basis of, or be relied on in conn
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