Metro Holdings Ltd · SGX:M01
Metro — FY2026 Earnings Presentation
34 slides from Metro's earnings presentation, May 22, 2026
Slide 1: FY2026 Results Presentation
FY2026 Results Presentation Metro Holdings Limited 22 May 2026
Slide 2: Contents
Contents 1. Metro at a Glance 2. Proactive Asset Management 3. Navigating Challenges Positioning for the Future 4. Financial Highlights 5. Sustainability
Slide 3: About Metro
About Metro Listed on the Mainboard of the SGX-ST since 1973 & headquartered in Singapore, Metro is a property investment and development group with a diversified net asset portfolio valued at S$0.9 billion & a turnover of S$97.7 million for the financial year ended 31 March 2026. Founded in 1957 by
Slide 4: Vision and Strategy
Vision Metro aims to be a leading property investment and development group in the region, building on the synergies of our rich retail experience, strong foothold in our core markets, & our strategic partnerships. Strategy 1. Continuing to grow in Singapore, China, Indonesia, the UK & Australia 2.
Slide 5: Diversification Through Geography & Sector
Diversification Through Geography & Sector United Kingdom London 5 Chancery Lane China Shanghai Guangzhou Metro City GIE Tower Manchester Middlewood Locks Metro Tower Bay Valley Chengdu Shanghai Plaza The Atrium Mall Sheffield Endeavour, Sheffield Digital Campus Singapore Asia Green Bristol Warwick
Slide 6: Diversification Through Partnerships
Diversification Through Partnerships China United Kingdom (1993) (2014) (2004) (2018) (2007) (2011) (2020) (2018) Indonesia (2019) (2001) (2019) (2017) Singapore (2012) Australia (2019) Evia Real Estate (2019) (2022) (2023) Note: Year in brackets refer to year where partnership was established 6
Slide 7: Proactive Asset Management
2: Proactive Asset Management
Slide 8: Dalyellup Shopping Centre Divestment
Dalyellup Shopping Centre Divestment Exterior of Dalyellup Shopping Centre, Western Australia Driving Portfolio Reconstitution and Capital Recycling: • Completed divestment of Dalyellup Shopping Centre in November 2025 • Together with the October 2024 acquisition of 1 Castlereagh Street, Sydney, thi
Slide 9: Divestment of 26% Stake in Boustead Industrial Fund
Divestment of 26% Stake in Boustead Industrial Fund • Divested at an agreed property value of S$765.7 million in March 2026 • Total net sale proceeds of S$116.0 million; to recycle capital into strategic opportunities 9
Slide 10: 5 Chancery Lane, UK – Asset Enhancement Works
5 Chancery Lane, UK – Asset Enhancement Works • Topping-out achieved in March 2026 • Practical completion targeted by end of 2026 Structural works completed Asset enhancement works in March 2026 in progress Topping-out ceremony in March 2026 Asset enhancement works in progress Asset enhancement work
Slide 11: Navigating Challenges, Positioning for the Future
3: Navigating Challenges Positioning for the Future
Slide 12: Investment Properties
Investment Properties GIE Tower Metro City Metro Tower Asia Green 广州国际电子大厦 美罗城 美罗大厦 Singapore Guangzhou, China Shanghai, China Shanghai, China Type of Development Commercial Retail Commercial Commercial Two blocks of premium Part of a 7-storey shopping Lifestyle entertainment Grade-A office spread a
Slide 13: Investment Properties (cont'd)
Investment Properties (cont’d) Expiry Profile and Tenant Mix GIE Tower Metro City Metro Tower Asia Green 广州国际电子大厦 美罗城 美罗大厦 Singapore Guangzhou, China Shanghai, China Shanghai, China 1H FY2027 6.6% 13.7% 7.0% 7.1% Expiry Profile 2H FY2027 17.2% 17.5% 17.1% 4.1% 2.2% 3.8% 7.0% 6.3% 6.1% 10.1% 7.1% 19.
Slide 14: Investment Properties (cont'd)
Investment Properties (cont’d) Bay Valley Shanghai Plaza The Atrium Mall 杨浦 上海广场 晶融汇 Shanghai, China Shanghai, China Chengdu, China Type of Development Commercial Mixed-use Retail Office buildings (A4, C7 & C4) LEED Gold® certified commercial Retail mall, centrally located at Huai Key Project Descri
Slide 15: Overview of Australian Portfolio
Overview of Australian Portfolio Quality Freehold Properties Comprising 12 Defensive Retail Centres & 5 Offices • Located in New South Wales, Victoria, Queensland & Western Australia Valuation(2): A$1,402m (S$1,242m) • NLA(1): 171,603 sqm % owned by Metro: 30% 2 Occupancy(1,3): 93.9% (92.9%) • Portf
Slide 16: Overview of Purpose-Built Student Accommodation (PBSA)
Overview of Purpose-Built Student Accommodation (“PBSA”) Building Scale In Defensive UK PBSA Segment • Six freehold properties under UK PBSA Fund “Paideia Capital UK Trust” Valuation(2): £136m (S$232m) % owned by Metro: 30% • No. of Beds(1): 902 Occupancy(1,3): 97.8% (99.3%) • Partners/Fund Manager:
Slide 17: Trading Properties
Trading Properties Trans Park Bintaro, Trans Park Juanda, Bekasi, Jakarta, Indonesia Jakarta, Indonesia Type of Development Residential Residential 5,686 units with total saleable GFA(1) of 162,754 sqm 2 residential towers comprising 1,260 apartment and Key Project Description Five 32-storey residen
Slide 18: Trading Properties (cont'd)
Trading Properties (cont’d) Middlewood Locks Endeavour, Sheffield Digital Campus VisionCrest Orchard Manchester, UK Sheffield, UK Singapore Type of Development Mixed-use Commercial Commercial 11-storey freehold, LEED Gold® Certified 2,215 units, and an additional 1,000 new Grade-A office building wi
Slide 19: Asset Enhancement Works in Progress
Asset Enhancement Works in Progress 5 Chancery Lane London, UK Type of Development Commercial Office building located in Midtown Key Project Description Central London 5 Chancery Lane acquired in 2018 % owned by Group 50% Tenure Freehold Partner 7,882 sqm Lettable Area (84,836 sq ft) Valuation GBP10
Slide 20: Retail: Outlook
Retail: Outlook • Singapore’s retail sector continues to face a challenging operating environment, with consumer sentiment weighed by inflationary pressures and a potential economic slowdown1 • Department store sales continue to face headwinds, reflecting cautious discretionary spending • Retail sal
Slide 21: Unlocking Metro's Next Growth Chapter: The House of Concepts
Unlocking Metro's Next Growth Chapter: The House of Concepts The Strategic Shift From To Traditional Department Store A Portfolio of Scalable Concepts Growth capped by a single Distinct, curated and scalable concepts, retail format and dependence each strong enough to stand alone, on flagship footfa
Slide 22: Financial Highlights
Ka A METRO 4: Financial Highlights
Slide 23: Key Financial Highlights – FY2026
Key Financial Highlights – FY2026 Revenue (S$’M) Revenue decreased 6.6% from S$104.5m in FY2025 to S$97.7m in FY2026, mainly due 6.6% 1 to: FY2026 97.7 • Lower sales from Retail Division’s two department stores in Singapore, Metro 5.4 92.3 Paragon & Metro Causeway, amid the challenges confronting Si
Slide 24: Key Financial Highlights – FY2026
Key Financial Highlights – FY2026 Basic EPS NAV Per /(Loss Per Share) Share (24.5) cents S$1.12 N.M. -20.0% YoY FY2025 FY2025 (27.2) cents S$1.40 Return on Return on Total Assets(1) Equity(1) -10.5% -19.5% -1.0% YoY -12.1% YoY FY2025 FY2025 -10.4% -17.4% Remarks: N.M. = Not meaningful (1) In calcula
Slide 25: Fiscal Discipline & Resilience
Fiscal Discipline & Resilience(1) Healthy cash balance, available undrawn facilities and disciplined financial management positions us well to weather future economic headwinds and capitalise on opportunities Strong Balance Sheet, S$0.9b S$435.9m Healthy Cash & Banking Lines Net Assets Cash & Cash E
Slide 26: Key Financial Highlights – FY2026 Proposed Dividend
Key Financial Highlights – FY2026 Proposed Dividend(1) S$16.6 million Comprises: • Ordinary Dividend 0% YoY - 2.0 cents FY2025 S$16.6 million Remarks: (1) FY2026’s proposed dividend subject to shareholders’ approval at the AGM 26
Slide 27: Dividend Payout
Dividend Payout Cents per Share 6 Ordinary Special 120% 100% 4 80% 3 2.5 60% 1 2 0.25 0.25 40% 2 2 2 2 2 2 2 2 2 20% 0 0% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026* Payout 26.0% 38.7% 51.4% 50.7% 104.8% 74.1% 113.8% n.m. n.m. Ratio: *FY2026 proposed dividend subject to sharehold
Slide 28: Consolidated Income Statement
Consolidated Income Statement 2nd Half Year Ended Full Year Ended (S$ ’000) 31-Mar-26 31-Mar-25 Change 31-Mar-26 31-Mar-25 Change Revenue 56,013 56,154 (0.3%) 97,650 104,504 (6.6%) Loss Before Tax (188,764) (226,847) (16.8%) (201,639) (219,843) (8.3%) Comprising:- Metro City, Metro Tower, GIE Tower,
Slide 29: Balance Sheet Highlights
Balance Sheet Highlights As at (S$ million) Change 31-Mar-26 31-Mar-25 Investment Property 86.3 98.7 (12.6%) Associates 416.6 631.8 (34.1%) Joint Ventures 374.1 433.2 (13.6%) Other Non-current Assets 42.6 102.9 (58.6%) Current Assets 882.0 789.1 11.8% Total Assets 1,801.6 2,055.7 (12.4%) Current Lia
Slide 30: Key Financial Highlights – 2HFY2026
Key Financial Highlights – 2HFY2026 Revenue (S$’M) 1 Revenue decreased marginally from S$56.2m in 2HFY2025 to S$56.0m in 2HFY2026, -0.3% mainly due to: FY2026 56.0 • Lower sales from Retail Division’s Point two department stores in Singapore, Metro 2.5 53.5 Paragon & Metro Causeway, amid the challen
Slide 31: Sustainability
Ka A METRO 5: Sustainability
Slide 32: Our Commitment to Sustainability: Initiatives & Progress
Our Commitment to Sustainability: Initiatives & Progress Building a resilient and resource-efficient real estate portfolio Asia Green, Singapore VisionCrest Orchard, Singapore BCA Green Mark Platinum LEED Gold® Certified 59 Albany Highway, WA, Australia 50 Margaret Street, NSW, Australia 1 Castlerea
Slide 33: Our Commitment to Sustainability: Initiatives & Progress
Our Commitment to Sustainability: Initiatives & Progress Metro (Private) Limited recognised for/as: • Conferred “Company of Good – Three Hearts” status (2025–2027) by the National Volunteer & Philanthropy Centre, recognising Metro’s sustained social impact, CSR programmes and community partnerships
Slide 34: Thank You
x8 DAI METRO Thank You