Frasers Centrepoint Trust · SGX:J69U
Frasers Centrepoint Trust — FY2025 Earnings Presentation
45 slides from Frasers Centrepoint Trust's earnings presentation, Oct 23, 2025
Slide 1: Frasers Centrepoint Trust Financial Results 2H and FY2025
Frasers Centrepoint Trust Financial Results for the Second Half and Financial Year ended 30 September 2025 23 October 2025 NEX Causeway Point Waterway Point Tampines 1 Northpoint City Tiong Bahru Plaza & Century Square Hougang Mall White Sands Central Plaza
Slide 2: Important Notice
Important Notice • Certain statements in this Presentation constitute “forward-looking statements”, including forward-looking financial information. Such forward-looking statement and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual re
Slide 3: Contents
Northpoint City, Singapore Contents Item Slide 1. FY25 summary and highlights 4–6 2. Macroeconomics and retail market in Singapore 7 – 10 3. Financial highlights 11 – 18 4. Portfolio highlights 19 – 29 6. ESG highlights 30 – 34 5. Looking ahead 35 – 36 Appendix 37 – 44 © Frasers Centrepoint Asset Ma
Slide 4: FY25 Summary
White Sands, Singapore FY25 Summary Acquisition of Northpoint City South Wing and resilient retail operating performance boosted 2H25 DPU growth; Divestment of Yishun 10 Retail Podium as part of proactive portfolio reconstitution strategy Successful secondary market fundraising: Completed equity fun
Slide 5: FY25 Financial Highlights
FY25 Financial Highlights Robust financial performance underpinned by both acquisition and organic growth 12.113 39.6% 3.8% $2.23 cents Aggregate Leverage Cost of debt Net Asset Value per Unit Distribution Per Unit vs. 12.042 cents vs. 38.5% vs. 4.1% vs. $2.29 for FY24 as at 30 Sep 2024 for FY24 as
Slide 6: FY25 Operational Highlights
FY25 Operational Highlights Operating performance remains healthy Retail portfolio Shopper Traffic(4)1 and Vacancy rate Rental Reversion2 MGR uplift Hougang Mall(5) AEI committed occupancy1 Tenants’ Sales1 4Q25 +7.8% y-o-y change +7.7% 99.9% +3.9% 1.8% +1.5% 98.1% Shopper Traffic Tenants' Sales 20%
Slide 7: Macroeconomics and retail market in Singapore
Macroeconomics and retail market in Singapore Tampines 1, Singapore
Slide 8: Macroeconomics and retail market in Singapore
Macroeconomics and retail market in Singapore Retail sector remains relatively resilient, with sales and rental growth across submarkets ▪ Based on advance estimates, the Singapore economy grew by 2.9% on a year-on-year basis in the third quarter of 2025, moderating from the 4.5% Singapore growth in
Slide 9: Limited new retail space in the pipeline
Limited new retail space in the pipeline Growth in new retail space between 2025 and 2028 is estimated at 2.4% of total private stock Year Proposed Project Micro-market Estimated NLA (sf) The private retail supply pipeline between 2025 and 2028 is 2025 Marine Parade Underground Mall Fringe 99,800 99
Slide 10: Positive outlook for Singapore suburban retail
Positive outlook for Singapore suburban retail Limited supply and healthy demand continue to underpin the Singapore suburban retail market Limited supply of retail pipeline + Strong occupancy for retail floorspace = Healthy demand / supply dynamics to support rental growth Future Supply Pipeline Occ
Slide 11: Financial highlights
Financial highlights Waterway Point, Singapore
Slide 12: 2H25 financial performance
2H25 financial performance The acquisition of Northpoint City South Wing uplifted distributions to Unitholders $’000 2H25 2H24 Fav / (Unfav) unless otherwise stated Gross revenue 205,212 179,521 14.3% Property expenses (60,922) (50,747) (20.1%) Net property income 144,290 128,774 12.0% Distributions
Slide 13: FY25 financial performance
FY25 financial performance Higher NPI mainly contributed by the acquisition of Northpoint City South Wing; Higher distributions from investments led to higher distribution for FY25 $’000 FY25 FY24 Fav / (Unfav) unless otherwise stated Gross revenue 389,603 351,733 10.8% Property expenses (111,623) (
Slide 14: Financial position
Financial position NAV1 per Unit at $2.23 $’000 30 September 2025 30 September 2024 unless otherwise stated Non-current assets 7,491,651 6,342,377 Current assets 120,581 36,494 Total assets 7,612,232 6,378,871 Current liabilities 554,355 428,741 Non-current liabilities 2,316,008 1,789,464 Total liab
Slide 15: Financial metrics
Financial metrics Healthy financial position with improved average cost of debt 30 September 2025 30 June 2025 Aggregate leverage1 39.6% 42.8% Interest coverage ratio (times)2 3.46 3.39 YTD average cost of debt (all-in) 3.8% 3.8% Quarter average cost of debt (all-in) 3.5% 3.7% Average debt maturity
Slide 16: Capital Management
Capital Management Diversified sources of funding ▪ Issued a 7-year $80 million green bond in March 2025 to diversify sources of funding ▪ Issued $200 million perpetual securities in July 2025 ▪ Sufficient facilities to repay the borrowings maturing in FY26 Composition of borrowings as at 30 Sep 202
Slide 17: Aggregate appraised value of portfolio up 16.8%
Aggregate appraised value of portfolio up 16.8%1 Driven by the acquisition of Northpoint City South Wing and stronger performance 30 September 2025 30 September 2024 Investment properties Appraised value Appraised value Appraised value Appraised value ($ million) ($ psf NLA2) ($ million) ($ psf NLA2
Slide 18: Distribution for 2H25
Distribution for 2H25 DPU to be paid on 28 November 2025 Distribution for 4 April 2025 to 30 September 20251 Distribution per Unit 5.963 cents Ex date 9.00 a.m. on 31 October 2025 (Friday) Books closure date 5.00 p.m. on 3 November 2025 (Monday) Payment date 28 November 2025 (Friday) 1. Advanced dis
Slide 19: Portfolio highlights
Northpoint City, Singapore Portfolio highlights
Slide 20: Retail Portfolio Committed Occupancy at 98.1%
Retail Portfolio Committed Occupancy at 98.1%1 Excluding Cathay Cineplexes, retail portfolio committed occupancy would have been 99.9% 1. Excludes Hougang Mall due to ongoing AEI works. Accordingly, the chart for Hougang Mall has been excluded. 2. Includes Northpoint City North Wing and South Wing b
Slide 21: Broad-based improved performance across the portfolio properties
Broad-based improved performance across the portfolio properties1 1. Excludes Hougang Mall due to ongoing AEI works. Accordingly, the chart for Hougang Mall has been excluded. 2. FCT has an effective interest of 50.0% in NEX and in Waterway Point as at 30 September 2025. The revenue and NPI reported
Slide 22: Rental reversions underpinned by healthy leasing traction
Rental reversions underpinned by healthy leasing traction FY25 Retail Portfolio rental reversion1 at +7.8%2 NLA No. of Renewals / FY25 rental Property As percentage of New Leases Area (sf) reversion1 Mall NEX 105 121,193 20% 7.6% Northpoint City3 51 43,881 9% 6.5% Causeway Point 65 77,011 18% 8.9% W
Slide 23: Stable Retail Portfolio occupancy cost
Stable Retail Portfolio occupancy cost Strong sales growth underpins healthy occupancy cost Retail Portfolio Occupancy Cost1 19.2% 17.5% 17.0% 16.2% 16.0%2 16.1%3 15.6%2 FY19 FY20 FY21 FY22 FY23 FY24 FY25 (Affected by Circuit Breaker) 1. Occupancy cost refers to the ratio of gross rental (including
Slide 24: Retail Portfolio shopper traffic and tenants' sales
Retail Portfolio shopper traffic and tenants’ sales Positive y-o-y growth in shopper traffic and tenants’ sales 4Q25 Retail Portfolio FY25 Retail Portfolio shopper traffic1 and tenants’ sales1 shopper traffic1 and tenants’ sales1 y-o-y change y-o-y change +3.9% +3.7% +1.5% +1.6% Shopper Traffic Tena
Slide 25: Well-spread lease maturity profile
Well-spread lease maturity profile No concentration risk in FY26 Lease expiry profile as % of Total GRI WALE1,2 @ 30 September 2025 ▪ 1.8 years by NLA (3Q25: 1.9 years) ▪ 1.8 years by GRI (3Q25: 1.9 years) 32.1% 32.6% 30.0% 31.2% 28.2% 26.0% Lease expiry as at 30 June 2025 Lease expiry as at 30 Sept
Slide 26: Portfolio composition
Portfolio composition Portfolio composition and essential trade mix underpin resilience and stability FY25 – Valuation by Property1 Retail Portfolio3 Trade Mix by GRI as at 30 September 2025 Central Plaza Essential services4 c.54% White Sands 2.7% 5.3% Causeway Hougang Mall Point 5.7% 16.5% F&B Cent
Slide 27: 76 new-to-portfolio tenancies in FY25
76 new-to-portfolio tenancies in FY25 Continuous leasing effort to curate and refresh retail offerings Hakka Yu at Northpoint City Rechic at Tampines 1 Wingstop at White Sands Bolon at Waterway Point A Hot Hideout at NEX One2play at Waterway Point Fore Coffee at Tiong Bahru Plaza CHJ Jewellery at No
Slide 28: More than malls: Vibrant social hubs driving community engagement
More than malls: Vibrant social hubs driving community engagement Variety of placemaking initiatives to engage, enrich and excite the community Celebrating SG60 through an exciting line-up of events and promotions Singapore’s First Indoor Pink Beach @ Tampines 1 Immersive and Instagram-worthy experi
Slide 29: Hougang Mall AEI
Hougang Mall AEI First phase of AEI units to commence operations from November 2025 onwards ▪ More than 80% of overall AEI spaces have been pre- New-to-mall tenants committed to date1 with 40% new-to-Hougang concepts ▪ Mall continues to operate as works are staged; exciting line-up of events and pro
Slide 30: ESG highlights
Waterway Point, Singapore ESG highlights
Slide 31: ESG highlights
ESG highlights Recognised as Regional Sector Leader (Listed) in the Asia, Retail category Achieved fifth consecutive five-star rating 2020 2021 2022 2023 2024 2025 ★★★ ★★★★★ ★★★★★ ★★★★★ ★★★★★ ★★★★★ FCT 2025 GRESB Assessment Highlights © Frasers Centrepoint Asset Management Ltd. All Rights Reserved.
Slide 32: ESG highlights
ESG highlights Initiatives across FCT Malls that contribute towards lower CO2 emissions Solarisation across FCT malls Food Waste Valorisation ▪ Solarisation programme in 8 FCT malls: ▪ The WasteMaster food waste valorisation system Causeway Point, Century Square, Hougang Mall, was implemented across
Slide 33: Community Engagement
Community Engagement More than Malls: Placemaking initiatives to engage, enrich and excite the community ▪ Inclusion Champions programme has expanded to 81 shops that offer ‘calm hours’ to support persons with sensory needs, with 110 designated as dementia go-to Multi-generational and inclusive spac
Slide 34: Community Engagement
Community Engagement Frasers Property Singapore recognised as Runner-Up for Singapore Retailers Association Retail Awards 2025: “Green Initiative Award of the Year” ▪ Our “Dive Into Sustainability” campaign was awarded Runner-Up for Green Initiative of the Year at the Singapore Retailers Association
Slide 35: Looking ahead
Looking ahead NEX, Singapore
Slide 36: Looking ahead
Tampines 1, Singapore Looking ahead FCT will continue to deliver steadfast growth and value creation A strong set of FY25 results driven by the acquisition of Northpoint City South Wing and resilient operating performance Strengthened portfolio with the acquisition of Northpoint City South Wing and
Slide 37: Appendix
2 GH Rint TRUST Appendix
Slide 38: Definition of terms used in this presentation
Definition of terms used in this presentation All financial information presented in Singapore dollar, unless otherwise stated. ▪ 4Q25: Three months ended 30 September 2025 ▪ MTN: Medium Term Notes under FCT’s S$1 billion multi-currency MTN programme or the ▪ 2H24: Six months ended 30 September 2024
Slide 39: FCT: A leading pureplay Singapore suburban retail REIT
FCT: A leading pureplay Singapore suburban retail REIT A resilient portfolio of 9 suburban malls 9 ~3.0 million sf1 $8.3 billion2 98.1%3 5-star Suburban malls Retail portfolio NLA AUM Occupancy GRESB rating Stock Information Highlights of FCT’s Retail Portfolio SGX:J69U 1 Well-connected locations: A
Slide 40: FCT: A leading pureplay Singapore suburban retail REIT
FCT: A leading pureplay Singapore suburban retail REIT FCT is Singapore’s largest suburban retail space owner, owning / jointly owning four of Singapore’s top ten largest suburban malls ~3.0 million sf NLA1 ~1,900 leases NEX (FCT 50.0% effective interest) Causeway Point Waterway Point (FCT 50.0% int
Slide 41: Top suburban malls in Singapore by NLA
Top 10 suburban malls in Singapore by NLA FCT owns / jointly owns four of Singapore’s top ten largest suburban malls NLA in ‘000 sf Top 10 Retail Malls Outside the Central Area by NLA1 Owned or jointly-owned by FCT 720 635 581 566 531 444 424 420 409 389 Jurong Point NEX JEM Parkway Parade Northpo
Slide 42: Top 10 tenants, Retail Portfolio
Retail Portfolio1, excluding CSFS area No. Tenants As % of total GRI As % of total NLA 1 NTUC Fairprice2 6.0% 9.1% 3 2 Breadtalk Group 3.2% 3.0% 3 Dairy Farm Group4 1.8% 1.7% 4 Courts (Singapore) Pte. Ltd. 1.3% 1.9% 5 Metro (Private) Limited5 1.3% 2.3% 6 Uniqlo (Singapore) Pte. Ltd. 1.2% 2.0% 7 Beau
Slide 43: Trade mix as at September 2025
Trade mix as at 30 September 2025 Retail Portfolio1, excluding CSFS area Trade category As % of total GRI As % of total NLA (by order of decreasing % of total GRI) Food & Beverage 38.7% 30.9% Beauty & Healthcare 15.6% 11.9% Fashion & Accessories 11.5% 11.0% Sundry & Services 7.5% 5.7% Supermarket
Slide 44: FY26 lease expiry
FY26 lease expiry Retail Portfolio1, excluding CSFS area: 26.0% of leases (by GRI) expiring in FY26 Lease expiries in FY26 Number of leases Leased area As % of leased As % of total GRI (As at 30 September 2025)2 expiring expiring (sf) area of property of property NEX 97 160,680 26.0% 28.2% Northpoin
Slide 45: Inspiring experiences, creating places for good.
Inspiring experiences, creating places for good.
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