Sunway Real Estate Investment Trust · MYX:SUNREIT
Sunway Real Estate Investment Trust — Q4 2025 Earnings Presentation
45 slides from Sunway Real Estate Investment Trust's earnings presentation, Jan 29, 2026
Slide 1: Financial Results Fourth Quarter Ended 31 December 2025
FINANCIAL RESULTS Fourth Quarter Ended 31 December 2025 (FYE 31 December 2025) Date : 29 January 2026 0
Slide 2: Table of Contents
Table of Contents 1. Financial Highlights (Q4 2025) 2. Financial Results (Q4 2025) 3. Segmental Financial Results (Q4 2025) 4. Property Development Activities (YTD Q4 2025) 5. Market Outlook (Q4 2025) 6. Investor Relations (Q4 2025) Appendix I – Property Performance Empowering Businesses • Curating
Slide 3: Financial Highlights (Q4 2025)
FINANCIAL HIGHLIGHTS (Q4 2025) 2
Slide 4: Distribution Per Unit (DPU)
Distribution Per Unit (“DPU” ) DPU (sen) Details of Income Distribution Distribution Period 1 October 2025 - 31 December 2025 Distribution Per Unit (DPU) (sen) 4.82 14.48 Notice of Entitlement 29 January 2026 Ex-Dividend Date 16 February 2026 Book Closure Date 19 February 2026 10.00 8.80 Payment Dat
Slide 5: Distribution Per Unit (DPU) – (Cont'd)
Distribution Per Unit (“DPU”) – (Cont’d) For the H2 2025, the total distribution amounted to 8.80 sen compared to H2 2024 of 5.34 sen contributed by:- i) Higher NPI as a result of the contributions from properties acquired in Q4 2024 and 2025 namely Sunway 163 Mall, Sunway REIT Industrial – Prai, Su
Slide 6: 6-Years DPU
6-Years DPU 5-Year DPU CAGR Distribution Yield 14.6% 6.3% (Based on FY2020 DPU of 7.33 sen) (Based on unit price of RM2.31 as at 31 December 2025 with FY2025 DPU of 14.48 sen) Empowering Businesses • Curating Experiences • Enriching Lives 5
Slide 7: Financial Highlights – Q4 2025 vs Q4 2024
Financial Highlights – Q4 2025 vs Q4 2024 Highlights Q4 2025 Q4 2024 No. of Properties 28 28 Property Value (RM'billion) 10.246 @ 10.455 Units in Circulation 3,424,807,700 3,424,807,700 Unit Price as at 31 Dec 2025/2024 (RM) 2.31 1.85 Market Capitalisation (RM'billion) 7.911 6.336 Net Asset Value ("
Slide 8: Financial Highlights Q4 2025 vs Q4 2024 (QTD & YTD)
Financial Highlights Q4 2025 vs Q4 2024 (QTD & YTD) Reported in RM’000 Q4 YoY YTD Variance Variance YTD Q4 2025 vs YTD Q4 2024 The higher Revenue was primarily contributed by the properties acquired in 16.6% 2024 and 2025 and improvement from RM 127.2m retail segment, partially offset by the YTD 894
Slide 9: Financial Results (Q4 2025)
FINANCIAL RESULTS (Q4 2025) 8
Slide 10: Statement of Comprehensive Income – Consolidated
Statement of Comprehensive Income – Consolidated Q4 2025 Q4 2024 Change YTD 2025 YTD 2024 Change 1. NPI for FY2025 was higher compared to FY2024 primarily due to RM'000 RM'000 % RM'000 RM'000 % rental contributions from properties acquired in 2024 and 2025 as Revenue 227,638 220,850 3.1% 894,330 767
Slide 11: Statement of Financial Position – Consolidated
Statement of Financial Position – Consolidated 31 Dec 2025 31 Dec 2024 31 Dec 2025 31 Dec 2024 (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 10,185,943 1 10,384,928 Net
Slide 12: Statement of Cash Flows – Consolidated
Statement of Cash Flows – Consolidated Year ended 31.12.2025 31.12.2024 1. Higher net cash from operating activities for FY2025 of RM'000 RM'000 RM721.1 million, compared to NPI less trust expenses of RM601.6 million, was mainly contributed by advance Cash flows from operating activities Cash receip
Slide 13: Financing Profile as at 31 December 2025
Financing Profile as at 31 December 2025 Facility Limit Utilised Amount RM'mil RM'mil Revolving loan (USD) 306.0 306.0 1 Revolving credit (USD) 285.6 242.1 1 Revolving Loan (RM) 500.0 330.0 Commercial Paper 3,000.0 170.0 Unrated MTNs 10,000.0 1,550.0 2 Total Current Borrowings 2,598.1 Rated MTNs 400
Slide 14: Financing Profile as at 31 December 2025 (Cont'd)
Financing Profile as at 31 December 2025 (Cont’d) Empowering Businesses • Curating Experiences • Enriching Lives 13
Slide 15: Segmental Financial Results (Q4 2025)
SEGMENTAL FINANCIAL RESULTS (Q4 2025) 14
Slide 16: Retail Segment : Q4 2025
Retail Segment : Q4 2025 Revenue for Retail segment registered a moderate growth in Q4 2025, after an encouraging Q3 2025, largely fueled by stronger performance at Sunway Carnival Mall and Sunway Pyramid Mall and new income contributions from Sunway Kluang Mall and N AEON Mall Seri Manjung which we
Slide 17: Retail Segment : Q4 2025 (Cont'd)
Retail Segment : Q4 2025 (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 18: Hotel Segment : Q4 2025
Hotel Segment : Q4 2025 Hotel segment recorded improved performance across almost all hotels supported by improvement in tourism activity, particularly during festive periods and year-end holiday seasons. Empowering Businesses • Curating Experiences • Enriching Lives 17
Slide 19: Office Segment : Q4 2025
Office Segment : Q4 2025 Revenue for Office segment in Q4 2025 has declined marginally largely due to the non-renewal of a tenant in Wisma Sunway in June 2025 and a temporary dip in occupancy for Sunway Putra Tower during the year. Office segment is expected to remain resilient in 2026 supported by
Slide 20: Services Segment : Q4 2025
Services Segment : Q4 2025 There was no revenue contribution from Services segment in Q4 2025 as the disposal of Sunway university & college campus was completed in September 2025. Empowering Businesses • Curating Experiences • Enriching Lives 19
Slide 21: Industrial & Others Segment : Q4 2025
Industrial & Others Segment : Q4 2025 Industrial & Others segment recorded a sharp increase in revenue and NPI in Q4 2025 boosted by improved occupancy at Sunway REIT Industrial – PJ1 and new rental contribution from Sunway REIT Industrial – Prai acquired in October 2024. The performance for Industr
Slide 22: Key Performance Indicators (2025 vs 2024)
Key Performance Indicators (2025 vs 2024) YoY % RETAIL 1 HOTEL 2 OFFICE 3 Occupancy Occupancy - Rooms = Average + 1% FY2025: 65% FY2025: 97% FY2024: 65% Occupancy gross rent FY2024: 96% - 1% - 1% Occupancy - Banquet FY2025: 82% FY2024: 83% + 4% Average FY2025 : 59% gross rent FY2024: 55% + 2% Averag
Slide 23: Property Development Activities (YTD Q4 2025)
PROPERTY DEVELOPMENT ACTIVITIES (YTD Q4 2025) 22
Slide 24: Property Development Activities
Property Development Activities New Sunway Hotel Sunway Pier Seberang Jaya Estimated total property development cost RM462 million #1 RM 140 million #2 Cumulative cost incurred from initiation to Q4 2025 RM82 million RM1 million Expected completion H2 2028 H2 2027 NLA (sq. ft.) / Number of Hotel Roo
Slide 25: Market Outlook (Q4 2025)
MARKET OUTLOOK (Q4 2025) 24
Slide 26: General Outlook – Key Economic Indicators
General Outlook – Key Economic Indicators Q4 Q3 Q2 Q1 Indicators 2026 (F) 2025 2024 2023 2022 2025 2025 2025 2025 Gross Domestic Product 4.0% - 4.5% 5 4.9% 3 5.7% 3 5.2% 4.4% 4.4% 5.1% 3.7% 8.7% (GDP) (YoY) Consumer Price 1.3% to 2.0% 5 1.4% 2 1.6% 2 1.5% 1.3% 1.5% 1.8% 2.5% 3.3% Index (CPI) (YoY) O
Slide 27: General Outlook
General Outlook General Outlook Even though Malaysia’s economic growth is forecast to moderate, it will still remain resilient, growing at 4- 4.5% in 2026 aided by robust domestic consumption, ongoing infrastructure activities, and strong tourist arrival spurred by Visit Malaysia 2026. This will con
Slide 28: Segmental Outlook - Retail
Segmental Outlook - Retail Retail Segment (2025 Contribution : 75%) Malaysia’s retail sales for Q3 2025 was better than expected, clocking in a 4.9% year-on-year growth. This was significantly higher than the projected growth rate of 2.6%, a result of several government policy initiatives introduced
Slide 29: Segmental Outlook - Hotel
Segmental Outlook - Hotel Hotel Segment (2025 Contribution : 11%) Tourism Malaysia reported a 8.1% y-o-y increase in tourist arrivals during the first eight months in 2025, driven by accommodating policies and enhanced air connectivity which have supported the growth of the tourism sector. Not withs
Slide 30: Segmental Outlook - Office
Segmental Outlook - Office Office Segment (2025 Contribution: 9%) Between H2 2025 and 2026, approximately 4.41 million sq. ft. of new office supply was projected for the Klang Valley (1.3 million sq. ft. in H2 2025 and 3.1 million sq. ft. in 2026). Nonetheless, strong take up was reported with absor
Slide 31: Segmental Outlook – Industrial
Segmental Outlook – Industrial Industrial & Others Segment (2025 Contribution: 2%) In line with the growing investments in Malaysia, demand for industrial properties is expected to remain strong. Under the New Industrial Master Plan 2030 (NIMP 2030) and the National Energy Transition Roadmap (NETR),
Slide 32: Investor Relations (Q4 2025)
INVESTOR RELATIONS (Q4 2025) 31
Slide 33: Unit Price Performance from IPO to Q4 2025
Unit Price Performance from IPO to Q4 2025 Unit Price Performance of Sunway REIT versus Benchmarks (8 July 2010 – 31 December 2025) Sunway REIT +156.7% FBM Top 100 Index +39.8% FBM KLCI +27.7% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Performance Statistics IPO
Slide 34: Unitholders' Composition (as at 31 December 2025)
Unitholders’ Composition (as at 31 December 2025) Foreign Retail 11.5% 6.8% Sunway Berhad 40.9% Institutions & Domestic Corporates 88.5% 52.3% December 2025 September 2025 Q-o-Q Change No. of unitholders 34,969 34,525 +1.3% (+444) Retail unitholdings 6.8% 7.0% -0.2% Foreign unitholdings 11.5% 10.4%
Slide 35: Analyst Recommendation (as at December 2025)
Analyst Recommendation (as at 31 December 2025) Target Price as at Upside / Downside to unit price as at 31 Dec 2025 (RM) 31 Dec 2025 (%) 9.1 6.1 5.6 3.9 3.9 2.52 2.45 2.44 2.40 2.40 2.38 3.0 2.34 1.3 2.32 2.31 2.31 2.17 1.90 2.35 1.7 2.32 2.22 2.14 2.10 0.4 0.0 0.0 0.4 (3.9) (6.1) (7.4) (9.1) (17.7
Slide 36: Comparative Yields for Various Assets
Comparative Yields for Various Assets (as at 31 December 2025) 6.27%1 6.30%5 5.80%2 3.49%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 DPU of 14.48 sen and unit price of RM2.31 as of 31 December 2025 (Source: Sunway REIT).
Slide 37: Appendix I: Property Performance (YTD Q4 2025 YoY Analysis)
APPENDIX I: PROPERTY PERFORMANCE (YTD Q4 2025 YoY Analysis) 36
Slide 38: Average Occupancy Rate (YTD Q4 2025) – Retail
Average Occupancy Rate (YTD Q4 2025) RETAIL N/A N/A N/A Retail segment's average occupancy rate remained resilient at 98% in YTD Q4 2025 supported by full occupancy at Sunway REIT's hypermarkets and high occupancy rate for the newly acquired assets—Sunway 163 Mall, Sunway Kluang Mall and AEON Seri M
Slide 39: Projected Lease Expiry Schedule – Retail
Projected Lease Expiry Schedule RETAIL WALE = 2.2 years Sunway Pyramid Sunway Carnival Sunway Putra Sunway 163 Sunway Kluang Mall Mall Mall Mall Mall Based on the total Based on the total NLA Based on the total Based on the total NLA Based on the total NLA net lettable area of 337,360 sq. ft. due NL
Slide 40: Average Occupancy Rate (YTD Q4 2025) – Hotel
Average Occupancy Rate (YTD Q4 2025) WALE = 4.8 years HOTEL Hotel segment’s average occupancy rate remained stable at 65% in YTD Q4 2025 compared to YTD Q4 2024. The improvement in H2 2025 has effectively offset the softer occupancy rates recorded in H1 2025 supported by robust demand for MICE event
Slide 41: Average Occupancy Rate (YTD Q4 2025) – Office
Average Occupancy Rate (YTD Q4 2025) OFFICE Average occupancy rate for the Office segment recorded a marginal drop in YTD Q4 2025, despite a non-renewal case at Wisma Sunway in June 2025. The property manager is in the process of securing a replacement tenant, with an existing tenant expressing inte
Slide 42: Projected Lease Expiry Schedule – Office
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 26,611 sq. ft. due 91,899 sq. ft. due for 75,211 sq. ft. du
Slide 43: Average Occupancy Rate (YTD Q4 2025) – Industrial & Others
Average Occupancy Rate (YTD Q4 2025) INDUSTRIAL & OTHERS Industrial WALE = 4.6 years Sunway REIT Industrial – Petaling Jaya 1 occupancy as of December 2025 = 71%. Empowering Businesses • Curating Experiences • Enriching Lives 42
Slide 44: Thank You
Thank You Empowering Businesses • Curating Experiences • Enriching Lives 43
Slide 45: 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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