Link Real Estate Investment Trust · HKEX:823
Link Real Estate Investment Trust — 9M FY2025/2026 Earnings Presentation
17 slides from Link Real Estate Investment Trust's earnings presentation, Mar 16, 2026
Slide 1: 9M FY2025/2026 Operational Updates
9M FY2025/2026 Operational Updates 16 March 2026
Slide 2: Agenda
2 Agenda 01 Highlights 02 Retail and Car Park Assets Overview 03 Other Assets Overview 04 Capital Management & Cost Optimisation 05 Focus Areas Sau Mau Ping Shopping Centre, Hong Kong 06 Q&A
Slide 3: Highlights
01 Highlights TKO Gateway, Hong Kong
Slide 4: Key Highlights
4 Key Highlights ▪ High levels of uncertainty as geopolitics and global economic environment evolve at pace 01 Geopolitical ▪ Rising oil prices adding inflationary pressure, feeding through to wages and services. Landscape Growth outlook divergent in Link’s different geographies ▪ Interest rates rem
Slide 5: Link REIT Portfolio Overview
5 Link REIT Portfolio Overview (1) Portfolio Value : HK$223B (as at 30 Sep 2025) Retail and Car Park Assets Other Assets 140 Retail, 9 Offices & Car Parks and 5 Logistics Related Business 9.6% 90.4% Assets Portfolio Value Assets Portfolio Value 140 HK$202B 14 HK$21B 3.2% AU Office 51.7% HK Retail(2)
Slide 6: Retail and Car Park Assets Overview
02 Retail and Car Park Assets Overview Queen Victoria Building, Sydney, Australia
Slide 7: Snapshot of Retail Assets Performance
7 Snapshot of Retail Assets Performance Retail Occupancy (as at 31 Dec 2025) Hong Kong retail Chinese Mainland still challenging with measures ongoing trade mix optimisation Hong Kong 97.0% to mitigate the impact to boost performance Chinese Mainland 95.3% Singapore retail Australia retail Singapore
Slide 8: Snapshot of Hong Kong Assets Performance
8 Snapshot of Hong Kong Assets Performance HK Retail Operating Metrics HK Car Parks and Related Business Occupancy (as of 31 Dec 2025) 97.0% o Parking revenue edged lower, reflecting tariff growth offset by lower ticket volumes Unit Rent psf (as of 31 Dec 2025) HK$61.0 o Further optimise the revenue
Slide 9: Other Assets Performance
9 Other Assets Performance Hong Kong Chinese Mainland Office Office Occupancy (as at 31 Dec 2025) ▪ Improving HK office market ▪ Link square’s occupancy remained outlook, supported by demand from healthy, supported by hardware the banking and finance sector upgrade and provision of fitted-out units
Slide 10: Capital Management & Cost Optimisation
04 Capital Management & Cost Optimisation Link Plaza Zhongguancun, Beijing, Chinese Mainland
Slide 11: Prudent Capital Management Amid Changing Macro Outlook
11 Prudent Capital Management Amid Changing Macro Outlook Prudent Capital Management – Highlights Financing Arranged during FY25/26 Feb 2026 o US$600M 10-year notes at 4.875% p.a. Finance Hedge Refinancing Costs Ratio Dec 2025 o HK$300M 6-year notes at 3.55% p.a. Managed through Maintained fixed-rat
Slide 12: Prudent Capital Management Amid Changing Macro Outlook
12 Prudent Capital Management Amid Changing Macro Outlook Ample Liquidity & Healthy Credit Metrics Healthy Debt Maturity Profile with Prudent Refinancing Cadence (HK$ billion) Net Gearing Average All-in EBITDA Interest Ratio Borrowing Costs Coverage 22.5% 3.2% 5.4x Medium Term Notes Convertible Bond
Slide 13: Delivering On Cost Optimisation Initiatives
13 Delivering On Cost Optimisation Initiatives Organisational Streamlining Operational Efficiency ▪ Resized G&A cost base ▪ Expanded the use of automation to accelerate operational processes, including: ▪ Further rationalised and simplified the executive structure, ensuring a leaner and more nimble
Slide 14: Focus Areas
05 Focus Areas Queen Victoria Building, Sydney, Australia
Slide 15: Focus Areas
15 Focus Areas Sustainable Unitholder Value through Core Strength, Capital Recycling, and Cost Discipline Harnessing Core Recycling Non-Core Optimising Cost Capabilities Assets Structure ▪ Actively manage shopping ▪ Advance recycling ▪ Maintain lean operating model malls and car parks in APAC opport
Slide 16: Q&A
06 Q&A Swing By @ Thomson Plaza, Singapore
Slide 17: Disclaimer
17 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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