Link Real Estate Investment Trust · HKEX:823
Link Real Estate Investment Trust — 1H 2025/2026 Earnings Presentation
46 slides from Link Real Estate Investment Trust's earnings presentation, Nov 20, 2025
Slide 1: Interim Results 2025/2026 Analyst Presentation
Interim Results 2025/2026 Analyst Presentation 20 November 2025
Slide 2: Agenda
2 Agenda 01 Macro 02 Results Highlights 03 Financials 04 Link REIT Portfolio Highlights 05 Other Updates 06 Q&A Announcement Presentation 07 Appendix
Slide 3: Macro
01 Macro
Slide 4: Diverging Global Trends
4 Diverging Global Trends Macro Landscape Market Prospects Market Rally US Policy Shift Hong Kong Chinese Mainland ▪ Driven by tech companies ▪ Growing concerns around the ▪ Market stabilisation ▪ Geopolitical tensions ▪ Optimism about AI’s reliability of the USD as a ▪ Minimum wage increases ▪ Defl
Slide 5: Results Highlights
02 Results Highlights
Slide 6: Highlights
6 Highlights Despite headwinds in Hong Kong and Chinese Mainland retail, the car park segment remained steady, while international retail sustained momentum NPI was impacted by negative rental reversions from Hong Kong and Chinese Mainland retail and higher operating costs from statutory wage adjust
Slide 7: Resilient Results amid Persistent Headwinds
7 Resilient Results amid Persistent Headwinds 1H 2025/2026 Performance Highlights Revenue Net Property Income Distributable Amount HK$7.0B HK$5.2B HK$3.3B 1.8% YoY 3.4% YoY 5.6% YoY Distribution Per Unit NAV Per Unit Portfolio Value HK$1.27 HK$61.2 HK$223B 5.9% YoY 3.3% HoH 1.3% HoH Average All-in C
Slide 8: Financials
03 Financials
Slide 9: Earnings Resilience Ensures Income Predictability
9 Earnings Resilience Ensures Income Predictability Hong Kong & Chinese International Financial Asset Mainland Businesses Business Position Valuation ▪ HK and CML retail occupancies ▪ Cap rates across our maintained at healthy ▪ Nearly full ▪ Benefited from lower portfolio remained level of 97.6% an
Slide 10: Link REIT Portfolio Overview
10 Link REIT Portfolio Overview (1) Portfolio Value : HK$223B Chinese Hong Kong International Mainland 74.4% 11.8% 13.8% Assets Portfolio Value Assets Portfolio Value Assets Portfolio Value 130 HK$166B 12 HK$31B 12 HK$26B Australia, Singapore, United Kingdom: Retail & car parks 6 retails, 1 office,
Slide 11: Cap Rates Largely Stable Across Portfolio
11 Cap Rates Largely Stable Across Portfolio Valuation Capitalisation Rate As at As at As at As at (HK$’B) 30 Sep 2025 31 Mar 2025 30 Sep 2025 31 Mar 2025 Hong Kong Retail properties 115.2 117.7 3.7% - 4.9% 3.7% - 4.9% Car parks and related business 45.3 46.0 3.0% - 5.0% 3.0% - 5.0% Office property
Slide 12: Prudent Capital Management
12 Prudent Capital Management Key Financial Metrics Net Gearing Ratio Average All-in Borrowing Costs EBITDA Interest Coverage 22.5% 3.2% 5.4x (1) Fixed-rate Debt Ratio Average Debt Maturity Available Liquidity 65.8% 2.9 years HK$9.4B Highlights Finance Costs Hedge Ratio Refinancing Managed through c
Slide 13: Healthy Debt Maturity Profile with Prudent Refinancing Cadence
13 Healthy Debt Maturity Profile with Prudent Refinancing Cadence Debt Profile Breakdown Financing Arranged in 1H25/26 (HK$ billion) 16.3 3.3 35.4 Bank Loans HK$8.8B Debt Mix by Type (30%) (6%) (64%) Medium Term Notes Convertible Bond Bank Loans MTN Private Debt Mix by Fixed HK$1.3B 36.2 18.8 Placem
Slide 14: Link REIT Portfolio Highlights
04 Link REIT Portfolio Highlights
Slide 15: Hong Kong Retail – Navigating Market Challenges with Steady Occupancy
15 Hong Kong Retail – Navigating Market Challenges with Steady Occupancy Key Operating Metrics Revenue Occupancy Unit Rent psf Reversion -3.1% YoY 97.6% HK$62.1 -6.4% (4) Occupancy Cost Tenant Sales Growth (2) (3) General Retail – 14.5% Overall – 13.0% Link Hong Kong Food & Beverage – 13.0% Supermar
Slide 16: Hong Kong Retail – Proactive Leasing Approach
16 Hong Kong Retail – Proactive Leasing Approach Leasing Updates First to Link’s Portfolio Entertainment F&B Fashion Signed in 1H FY2025/2026 Retention Rate Over 345 New Leases(1) ~80%(1) (over 108 new brands & 237 existing brands) As of Sep 2025 by IFA Top New Leases by Category Specialty Learning
Slide 17: Hong Kong Car Parks and Related Business Remained Stable
17 Hong Kong Car Parks and Related Business Remained Stable Highlights Revenue Car Park Income Avg Car Park Valuation -0.1% YoY HK$3,386 HK$729,000 Per space per month Per space 0.1% YoY 2.5% YoY Car Park Rentals (HK$ million) Hourly car park 2,470 2,507 Monthly car park 2,395 (1) 2,130 207 207 Car
Slide 18: Hong Kong – Maximising Asset Value Amidst Changing Market Dynamics
18 Hong Kong – Maximising Asset Value Amidst Changing Market Dynamics AE Projects Completed Lei Yue Mun TKO Spot 3/F Projects Pipeline Estimated CAPEX HK$2.3B (Include projects underway, under planning and statutory approval, and The Anderson development project) CAPEX ▪ Renovated the façade and the
Slide 19: Chinese Mainland – Preserve Occupancy to Sustain Asset Value
19 Chinese Mainland – Preserve Occupancy to Sustain Asset Value Retail Occupancy Reversion(1) 95.9% -16.4% ▪ Rental reversion remained soft due to weaker-than-expected consumer sentiment in Beijing ▪ Excluding Link Plaza ZGC and the retail component of Link Square, reversion stood at +2.5% ▪ Signed
Slide 20: Chinese Mainland – Maximising Asset Value Amidst Changing Market Dynamics
20 Chinese Mainland – Maximising Asset Value Amidst Changing Market Dynamics AE Projects Completed Link Plaza Tianhe Link Plaza Tongzhou Smaller-Scale AE (2) Projects Aggregated CAPEX RMB36M Average ROI 9.0% CAPEX • Downsized and subdivided the CAPEX • Upgraded the main block to RMB381M(1) supermark
Slide 21: Chinese Mainland – Case Study: Unlocking Latent Value
21 Chinese Mainland – Case Study: Unlocking Latent Value Link Plaza Tianhe – Basement Area 3,719 sqm Downsized ▪ Downsized MaxValu and strategically Area transformed the released area into “Foodie+”, a vibrant food street concept created by Link 3,154 sqm ▪ Brought in 11 tenants to the new area, inc
Slide 22: International Business – Positive Reversions in Retail
22 International Business – Positive Reversions in Retail Jurong Point, Singapore The Strand Arcade, Sydney, Australia 567 Collins Street, Melbourne, Australia Singapore Retail Australia Retail International Office (1) (1) Occupancy Reversion Occupancy Reversion Occupancy 99.8% 12.9% 98.1% 16.3% 87.
Slide 23: Other Updates
05 Other Updates
Slide 24: Strategy Update
24 Strategy Update Link REIT as a Compelling ‘REIT Plus’ Investment Case Optimise Link REIT Portfolio Grow REIM Business Active Management and Diversification Evolving our Capabilities ▪ Accretive investments in assets with ▪ Asset and property management growth potential in our key markets ▪ Fund m
Slide 25: Distribution Calendar
25 Distribution Calendar Distribution period 1 Apr 2025 – 30 Sep 2025 Next Update Last day of trading on a “cum” basis 1 Dec 2025 9M FY2025/2026 Operational Update in Feb 2026 Ex-distribution date 2 Dec 2025 Distribution book close 4 Dec 2025 Record date for entitlement to distribution 4 Dec 2025 Te
Slide 26: AACE
AACE Su
Slide 27: Appendix
07 Appendix
Slide 28: Table of Contents
28 Table of Contents Financial Data 29 • Financial Statements 29 • Capital Management 33 • Valuation 34 Operational Data 35 Hong Kong Market Data 39 • Car Park Demand and Supply 39 • Retail Sales 40 • Transport Infrastructure 41 ESG Updates 42 • Link Sustainability Lab 42 • ESG Indices Performance 4
Slide 29: Key Financial Data
29 Appendix 1 Key Financial Data Percentage Six months Six months contribution Six ended 30 ended 30 months ended Sep 2025 Sep 2024 YoY 30 Sep 2025 Consolidated HK$’M HK$’M % (%) Revenue 7,023 7,153 -1.8 - Net property income 5,178 5,359 -3.4 - Rentals Hong Kong retail and office properties 3,224 3,
Slide 30: Income Statement Summary
30 Appendix 2 Income Statement Summary Six months Six months ended 30 ended 30 Sep 2025 Sep 2024 YoY HK$’M HK$’M % Revenue 7,023 7,153 -1.8 Property operating expenses (1,845) (1,794) +2.8 Net property income 5,178 5,359 -3.4 General and administrative expenses (461) (441) +4.5 (1) Interest income 3
Slide 31: Property Operating Expenses Analysis
31 Appendix 3 Property Operating Expenses Analysis Percentage Six months Six months contribution Six ended 30 ended 30 months ended Sep 2025 Sep 2024 YoY 30 Sep 2025 HK$’M HK$’M (%) (%) Property managers’ fees, security 513 479 +7.1 27.9 and cleaning Staff costs 324 329 -1.5 17.6 Repair and maintena
Slide 32: Distribution Statement Summary
32 Appendix 4 Distribution Statement Summary Six months Six months ended 30 ended 30 Sep 2025 Sep 2024 YoY HK$’M HK$’M % Loss for the period, before transactions with Unitholders (1,614) (3,684) -56.2 attributable to Unitholders Change in fair values of investment properties attributable to 5,034 7,
Slide 33: Capital Management
33 Appendix 5 Capital Management Key Credit Metrics by Rating Agencies S&P Moody’s Fitch As at requirement requirement requirement 30 Sep 2025 (A / Stable) (A2 / Stable) (A / Stable) Net debt / IP 23.4% N/A N/A <30% Debt / Debt + Equity 25.2% <30% N/A N/A EBITDA Interest Coverage 5.4x N/A >3.0x – 3.
Slide 34: Valuation
34 Appendix 6 Valuation Valuation Capitalisation Rate Local As at As at As at As at (’B) Currency HoH% 30 Sep 2025 31 Mar 2025 30 Sep 2025 31 Mar 2025 Hong Kong HKD -2.1% Retail properties 115.2 117.7 3.7% - 4.9% 3.7% - 4.9% Car parks and related 45.3 46.0 3.0% - 5.0% 3.0% - 5.0% business Office pro
Slide 35: Retail Portfolio – Lease Expiry Profile
35 Appendix 7 Retail Portfolio – Lease Expiry Profile (2) Hong Kong Retail Chinese Mainland Retail Australia Retail Singapore Retail As % of As % of As % of As % of monthly monthly monthly monthly total area rent (1) total area rent (1) total area rent (1) total area rent (3) As at 30 Sep 2025 (%) (
Slide 36: Office Portfolio – Lease Expiry Profile
36 Appendix 8 Office Portfolio – Lease Expiry Profile Hong Kong Office Chinese Mainland Office International Office As % of As % of As % of total area monthly total area monthly total area monthly (%) rent(1) (%) rent(1) (%) rent(1) As at 30 Sep 2025 (%) (%) (%) 2025/2026 7.2 3.5 2.9 3.2 1.3 1.7 202
Slide 37: Hong Kong and Chinese Mainland Retail Portfolio – Trade Mix
37 Appendix 9 Hong Kong and Chinese Mainland Retail Portfolio – Trade Mix 14.9% 6.1% 2.9% 5 0.7% 8 4 1.0% 7 6 1 29.1% 5.5% 5 39.9% 26.4% 5 Hong Kong Chinese Mainland Retail Trade Mix 3 Retail Trade Mix 1 4 10.6% (by rent)(1) (by rent)(1) 4 2 3 20.9% 17.3% 2 24.7% Hong Kong Retail Sep-25 Mar-25 Chine
Slide 38: International Retail Portfolio – Trade Mix
38 Appendix 10 International Retail Portfolio – Trade Mix 4.5% 0.5% 11.4% 16.6% 56 4.3% 8 4 7 4.9% 38.0% 6 44.5% 1 Australia 1 5.9% 5 Singapore 12.0% Retail Trade Mix Retail Trade Mix 3 (by rent) (1,3) (by rent) (2,4) 4 1 9.6% 2 3 2 21.9% 11.9% 14.0% Australia Retail Sep-25 Mar-25 Singapore Retail S
Slide 39: Hong Kong Market Data – Car Park Demand and Supply
39 Appendix 11 Hong Kong Market Data – Car Park Demand and Supply No. of Registration of Vehicles and Private Car Demand and Supply (YoY) Parking Spaces (Private Cars) 718,277 4.8% 4.1% 3.1% 617,732 2.9% 629,104 1.3% 0.8% 1.0% 1.0% 0.7% 0.6% 0.3% 0.5% 0.3% -0.1% -0.2% -1.7% 421,062 2008 2009 2010 20
Slide 40: Hong Kong Market Data – Retail Sales
40 Appendix 12 Hong Kong Market Data – Retail Sales YoY% Change Hong Kong Retail Sales 80.0% Total Retail Sales (2) Sep 2025 65.2% Non-discretionary 60.0% Discretionary 54.4% 40.0% +3.2% YoY Non-discretionary retail sales 21.4% 20.0% 12.5% 11.8% 9.1% +3.8% 2.6% 3.8% YoY 0.0% 3.2% Total retail sales
Slide 41: Hong Kong Market Data – Transport Infrastructure
41 Appendix 13 Hong Kong Market Data – Transport Infrastructure Smart and Green Mass Transit System 6 Link REIT’s assets poised to benefit from enhanced connectivity Choi Hung Choi Wan Station Station Shun Lee Station Sau Mau Ping Shun Lee Kwun Tong Central Lam Tin Yau Tong Choi Hung Hillside Shun O
Slide 42: Link Sustainability Lab
42 Appendix 14 Link Sustainability Lab About Current Exhibition To mark the 20th anniversary of Link REIT’s IPO, Link Sustainability Lab launches a new theme: “People make Places: the Making of Liveable Spaces” This special curation showcases Link’s two-decade journey in creating vibrant, sustainabl
Slide 43: ESG Indices Performance
43 Appendix 15 ESG Indices Performance Benchmark Public Disclosure 4 Star A AA 2025: 89/100 2025: 100/100 2025: 78.77/100 2024: 87/100 2024: 98/100 2024: 78.55/100 Asia Pacific Index BBB 2024: 68/100 2025: 5.5/10 2023: 70/100 2024: 5.6/10 FTSE4GOOD Index Negligible Risk 2025: 3.9/5 2025: 7.83/100 (1
Slide 44: Community Engagement and Sustainability Initiatives
44 Appendix 16 Community Engagement and Sustainability Initiatives Renewable Energy Adoption (1) Link Together Initiatives Our flagship charity and community engagement programme aims to engage 58 Assets in Hong Kong stakeholders in the communities and enhance sustainable development • 6.9 MW instal
Slide 45: Definitions and Glossary
45 Appendix 17 Definitions and Glossary average monthly unit rent the average base rent per month psf of leased area in respect of a lease, the standard rent payable under the lease, exclusive of any additional turnover rent (if applicable) and other charges base rent and reimbursements DPU distribu
Slide 46: Disclaimer
46 Disclaimer ◼ This document has been prepared by Link Asset Management Limited in its capacity as the Manager (the “Manager”) of Link Real Estate Investment Trust (“Link REIT”) solely for use at the presentations/meetings held and may not be reproduced or redistributed without permission. Neither
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