1H FY2026 Financial Statements Announcement

CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 6 MONTHS ENDED 31 MARCH 2026

of a subsidiary 3,723 -

325,124 (386,909)

Items that will not be reclassified subsequently to profit or loss:

Change in fair value of equity investments at fair value through

other comprehensive income (6,068) (4,721)

Total other comprehensive income for the financial period,

1. CORPORATE INFORMATION

   Frasers Property Limited (the "Company") is a limited liability company incorporated and domiciled in Singapore. On 9 January 2014, the Company commenced trading on the Main Board of the Singapore Exchange Securities Trading Limited ("SGX-ST"). TCC Assets Limited is the immediate and ultimate holding company. These condensed interim financial statements as at and for the six months ended 31 March 2026 comprise the Company and its subsidiaries (collectively, the "Group").

   The principal activity of the Company is investment holding.

   The principal activities of the significant subsidiaries are those relating to investment holding, real estate development, investment in real estate assets as well as management of real estate assets.

2. BASIS OF PREPARATION

   The condensed interim financial statements for the six months ended 31 March 2026 have been prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)") 1-34 Interim Financial Reporting and should be read in conjunction with the Group's audited financial statements as at and for the financial year ended 30 September 2025. SFRS(I) are issued by the Accounting and Corporate Regulatory Authority Accounting Standards Committee. The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance of the Group since the last annual financial statements for the financial year ended 30 September 2025.

   The accounting policies adopted are consistent with those of the previous financial year which were prepared in accordance with SFRS(I)s, except for the adoption of new and amended standards as set out in Note 2.1.

   The condensed interim financial statements are presented in Singapore Dollars ("$"), the functional currency of the Company. All financial information presented in Singapore Dollars has been rounded to the nearest thousand, unless otherwise stated.

   1. NEW ACCOUNTING STANDARDS AND AMENDMENTS

      The Group has applied the following amendments to SFRS(I) for the first time for the annual financial period beginning on 1 October 2025:

      - Amendments to SFRS(I) 1-21: Lack of exchangeability

      The Group's application of these amendments to accounting standards does not have a material effect on its financial statements.

   2. USE OF JUDGEMENTS AND ESTIMATES

      The preparation of the financial statements in conformity with SFRS(I) requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

      Estimates and underlying assumptions are revised on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised, if the revisions affect only that period, or in the period of the revisions and future periods, if the revisions affect both current and future periods.

      The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are the same as those that applied to the consolidated financial statements as at and for the financial year ended 30 September 2025.

   3. SEASONAL OPERATIONS

      The Group's business and operations are not significantly affected by seasonal and cyclical factors during the financial period.

3. REVENUE Group

   	6 months ended	6 months ended
   	31 March 2026	31 March 2025
   	$'000	$'000
   Revenue from contracts with customers - Properties held for sale	361,749	466,072
   - Hotel income	240,345	265,045
   - Fee income	59,735	54,716
   	661,829	785,833
   Rent and related income	843,994	797,828
   Others	2,819	7,828
   	1,508,642	1,591,489

   In the following table, revenue is disaggregated by major products and service lines and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with the Group's reportable segments.

   6 months ended 31 March 2026

   Operating segment	Singapore	Australia	Industrial	Hospitality	Thailand & Vietnam	Others1	Corporate & others	Total
   	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
   Major products and service lines Properties held for sale	7	153,792	32,488	-	148,327	27,135	-	361,749
   Hotel income	-	-	-	232,575	7,770	-	-	240,345
   Fee income	10,397	8,237	5,424	10,858	23,498	1,041	280	59,735
   Rent and related	10,404	162,029	37,912	243,433	179,595	28,176	280	661,829
   income	268,369	35,674	329,865	103,620	68,777	37,689	-	843,994
   Others	75	1,007	766	-	-	218	753	2,819
   	278,848	198,710	368,543	347,053	248,372	66,083	1,033	1,508,642
   Timing of revenue recognition Products transferred at a point in time	-	153,792	32,488	86,180	148,789	27,135	-	448,384
   Products and services transferred over time	10,404	8,237	5,424	157,253	30,806	1,041	280	213,445
   	10,404	162,029	37,912	243,433	179,595	28,176	280	661,829

   6 months ended 31 March 2025

   Operating segment	Singapore	Australia	Industrial	Hospitality	Thailand & Vietnam	Others1	Corporate & others	Total
   	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
   Major products
   and service
   lines
   Properties held
   for sale	108,110	190,291	-	-	148,308	19,363	-	466,072
   Hotel income	-	-	-	257,436	7,609	-	-	265,045
   Fee income	10,798	9,097	1,501	11,996	19,406	1,510	408	54,716
   	118,908	199,388	1,501	269,432	175,323	20,873	408	785,833
   Rent and related
   income	227,869	32,310	320,356	92,206	71,986	53,101	-	797,828
   Others	1,097	4,375	743	-	-	884	729	7,828
   	347,874	236,073	322,600	361,638	247,309	74,858	1,137	1,591,489
   Timing of
   revenue
   recognition
   Products
   transferred
   at a point in time	3,481	190,291	-	93,887	148,745	19,363	-	455,767
   Products and
   services
   transferred
   over time	115,427	9,097	1,501	175,545	26,578	1,510	408	330,066
   	118,908	199,388	1,501	269,432	175,323	20,873	408	785,833

   1 Others include revenue contribution from China and the United Kingdom (the "UK").

4. TRADING PROFIT Group

   	6 months ended	6 months ended
   	31 March 2026	31 March 2025
   	$'000	$'000
   Trading profit includes the following:
   Net allowance for impairment on trade receivables	(1,257)	(2,641)
   Bad debts recovered	206	53
   Depreciation of property, plant and equipment and
   right-of-use assets	(38,033)	(36,790)
   Amortisation of intangible assets	(2,844)	(2,326)
   Net write-down to net realisable value of properties
   held for sale	(14,292)	(6,098)
   Employee share-based payment expense	(17,086)	(13,641)
   Write-off of intangible assets	(21)	-
   Included in other income/(losses) are:
   Net fair value change on derivative financial instruments	(90,105)	72,896
   Foreign exchange gain/(loss)	89,101	(75,816)
   Gain on disposal of a subsidiary	13,801	-
   Government grant income	193	549
   (Loss)/Gain on disposal of property, plant and
   equipment	(13)	4

5. EXCEPTIONAL ITEMS Group

   	6 months ended	6 months ended
   	31 March 2026	31 March 2025
   	$'000	$'000
   Transaction costs incurred on acquisitions and disposals of subsidiaries, a joint venture and an associate	(4,394)	(1,355)
   Loss on disposal of a subsidiary	(3,463)	-
   Gain on disposal of an associate	3,497	-
   Impairment of investment in and loan to a joint venture Loss on disposal of property, plant and equipment -	(38,241)	-

   land and building - (123)

   (42,601) (1,478)
6. TAX (EXPENSE)/CREDIT

   Tax on profits has been calculated at tax rates prevailing in the territories in which the Group operates.

   Components of Income Tax (Expense)/Credit

   The components of income tax (expense)/credit for the financial periods ended 31 March are:

   Group 6 months ended

   6 months

   ended

   31 March 2026 31 March 2025 $'000 $'000

   Based on profit for the financial period:

   - Current tax	(44,585)	(40,776)
   - Withholding tax	(13,997)	(11,271)
   - Deferred tax	(13,744)	(15,472)
   	(72,326)	(67,519)
   Overprovision/(Underprovision) in prior financial periods: - Current tax	4,136	9,431
   - Deferred tax	(119)	64,187
   	4,017	73,618
   	(68,309)	6,099

   The Group was in a net tax credit position in the prior financial period mainly due to reversal of tax provisions subsequent to finalisation.

   The Group has determined that the global minimum top-up tax, which is required to be paid under Pillar Two legislation, is an income tax in the scope of SFRS(I) 1-12. The Group has applied temporary mandatory exceptions in recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

   The Group operates in several jurisdictions where most have enacted or substantively enacted the new legislation to implement the global minimum top-up tax from 31 December 2023. The new legislation is effective for certain jurisdictions within the Group since the financial year beginning 1 October 2024.

   The Group does not expect material top-up tax in these jurisdictions. Due to the complex nature of the legislation, the Group will continue to monitor and reassess the impact of the legislation.

7. EARNINGS PER SHARE

   Earnings per share ("EPS") is calculated by dividing the Group's attributable profit (after adjusting for distributions to perpetual securities holders of $10,637,000 for the 6 months ended 31 March 2026 (6 months ended 31 March 2025: $6,624,000)) by the weighted average number of ordinary shares in issue during the financial period. The following table reflects the profit and share data used in the computation of basic and diluted EPS for the financial periods ended 31 March:

   Group
   	6 months ended 31 March 2026 $'000	6 months ended 31 March 2025 $'000
   Attributable profit to owners of the Company
   after adjusting for distributions to perpetual securities
   holders:
   - before fair value change and exceptional items	127,443	130,111
   - after fair value change and exceptional items	77,805	135,558
   No. of Shares
   	'000	'000
   Weighted average number of ordinary shares in issue	3,926,042	3,926,042
   EPS (cents)
   (a) Basic EPS:
   - before fair value change and exceptional items	3.3	3.3
   - after fair value change and exceptional items	2.0	3.5
   (b) On a fully diluted basis:
   - before fair value change and exceptional items	3.3	3.3
   - after fair value change and exceptional items	2.0	3.5

   The diluted EPS is the same as the basic EPS as the effect of dilutive potential instruments is not material.

8. SEGMENT INFORMATION

The operating segments are determined based on the reports reviewed and used by the Group CEO (the chief operating decision maker) for strategic decision-making and resource allocation.

The Group CEO considers the Group's operations from both a geographic and business segment perspective, and reviews internal management reports of each segment at least quarterly.

The Group's reportable operating segments comprise the following business units:

1. Singapore, which encompasses the development, ownership, management and operation of residential, retail and commercial properties in Singapore,

2. Australia, which encompasses the development, ownership, management and operation of residential, retail and commercial properties in Australia,

3. Industrial, which encompasses the development, ownership, management and operation of industrial, logistics and commercial properties and business parks in Australia and Continental Europe,

4. Hospitality, which encompasses the Group's hospitality operations and the ownership/management and operation of hotels and serviced apartments,

5. Thailand & Vietnam, which encompasses the development, ownership, management and operation of industrial, residential, retail, hospitality and commercial properties in Thailand and Vietnam, and

6. Others, which comprise the development, ownership, management and operation of residential, industrial, logistics and commercial properties and business parks in China and the UK.

Information regarding the results of each reportable segment is included below. Performance is measured based on segment PBIT, as included in the internal management reports that are reviewed by the Group CEO. Segment PBIT is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Group financing (including finance costs) and income taxes are managed on a group basis and are not allocated to operating segments. Segment assets are presented net of inter-segment balances.

Geographically, management reviews the performance of the businesses in Singapore, Australia, Europe, China, Thailand and Others. Geographical segment revenue is based on the geographical location of the customers. Geographical segment assets are based on the geographical location of the assets.

The following table presents financial information regarding operating segments:

The following table presents financial information regarding geographical segments:

1. The attributable profit disclosed includes inter-segment interest income and expense, in order to reflect the cost of financing of the Group's internal funds between segments.

2. Others in operating segment include China, whose contribution to the Group's external revenue, PBIT, attributable profit, investments in joint ventures and associates and other operating segment assets amount to $19,125,000, $69,834,000, $70,109,000, $910,846,000 and

   $268,690,000, respectively.

3. Europe includes the UK and Continental Europe.

4. Others in geographical segment include Vietnam, Japan, New Zealand, Indonesia, Hong Kong, and Malaysia.

5. Non-current assets exclude financial instruments and deferred tax assets.

6. months ended 31 March 2025

   The following table presents financial information regarding operating segments:

   	Singapore	Australia	Industrial		Hospitality	Thailand & Vietnam		Others2	Corporate & others	Eliminations		Total
   	$'000	$'000	$'000		$'000	$'000		$'000	$'000	$'000		$'000
   Revenue - external	347,874	236,073	322,600		361,638	247,309		74,858	1,137	-		1,591,489
   Revenue - inter-segment	6,458	1,337	73		165	7		1,765	29,995	(39,800)		-
   Trading profit/(loss) Share of results of joint ventures	183,849	7,389	196,632		36,183	49,482		33,365	(23,166)	-		483,734
   and associates, net of tax	42,843	124	5,314		(882)	21,595		60,853	(14,234)	-		115,613
   Profit/(loss) before interest, fair
   value change, tax and exceptional items	226,692	7,513	201,946		35,301	71,077		94,218	(37,400)	-		599,347
   Interest income												46,751
   Interest expense												(328,255)
   Profit before fair value
   change, tax and
   exceptional items												317,843
   Fair value change and
   gain on disposal of
   investment properties	-	389	-		845	10,071		(43,179)	-	-		(31,874)
   Profit before tax and
   exceptional items												285,969
   Exceptional items	(200)	-	(354)		(123)	(1,321)		520	-	-		(1,478)
   Profit before tax												284,491
   Tax credit												6,099
   Profit for the financial period												290,590
   Investments in joint ventures and associates	2,064,034	196,298	369,905		33,770	1,199,294		882,872	155,606	-		4,901,779
   Other segment assets	7,587,193	2,712,154	11,475,179		3,807,410	4,298,247		1,546,613	314,173	-		31,740,969
   Reportable segment assets	9,651,227	2,908,452	11,845,084		3,841,180	5,497,541		2,429,485	469,779	-		36,642,748
   Tax assets												41,781
   Bank deposits												500
   Cash and cash equivalents												2,222,455
   Total assets												38,907,484
   Other segment information
   Depreciation of property,
   plant and equipment and
   right-of-use assets	(15)	(2,337)	(1,999)		(26,239)	(4,005)		(813)	(1,382)	-		(36,790)
   Amortisation of intangible assets (Write-down)/Reversal of write-	(377)	(524)	(8)		(204)	(413)		(44)	(756)	-		(2,326)
   down to net realisable value of
   properties held for sale	-	-	-		-	(6,467)		369	-	-		(6,098)
   Attributable profit/(loss) before
   fair value change and
   exceptional items1	61,564	(15,429)	26,865		(20,498)	(1,522)		59,407	26,348	-		136,735
   Fair value change	34,083	272	-		1,904	13,775		(43,642)	-	-		6,392
   Exceptional items	(200)	-	(354)		(123)	(788)		520	-	-		(945)
   Attributable profit/(loss) to owners of the Company	95,447	(15,157)	26,511		(18,717)	11,465		16,285	26,348	-		142,182

   The following table presents financial information regarding geographical segments:

   	Singapore	Australia	Europe3	China	Thailand	Others4	Total
   	$'000	$'000	$'000	$'000	$'000	$'000	$'000
   Revenue - external	438,260	465,273	367,255	19,041	229,503	72,157	1,591,489
   Non-current assets5	11,251,602	8,416,258	6,502,951	954,031	3,246,007	1,223,844	31,594,693

   1. The attributable profit disclosed included inter-segment interest income and expense, in order to reflect the cost of financing of the Group's internal funds between segments.

   2. Others in operating segment include China, whose contribution to the Group's external revenue, PBIT, attributable profit, investments in joint ventures and associates and other operating segment assets amount to $14,553,000, $68,467,000, $63,240,000, $882,872,000 and

      $210,204,000, respectively.

   3. Europe included the UK and Continental Europe.

   4. Others in geographical segment included Vietnam, Japan, New Zealand, Indonesia, Hong Kong, and Malaysia.

   5. Non-current assets exclude financial instruments and deferred tax assets.

The carrying amounts of the investment properties as at 31 March 2026 were based on valuations determined by independent external valuers as at 30 September 2025, adjusted for capital expenditure incurred subsequent to the valuation date and translation differences, except for certain properties with changes to the inputs used in the valuation. The Group has assessed that the carrying amounts of the investment properties as at 31 March 2026 approximate their fair values.

The methodologies, significant inputs and interrelationships between the inputs and fair values are presented in the Group's audited financial statements for the financial year ended 30 September 2025 except for properties which are revalued as at 31 March 2026.

The Group recorded a net fair value loss of $10,866,000 for the 6 months ended 31 March 2026 (6 months ended 31 March 2025: loss of $30,609,000), largely due to industrial and logistics assets in Europe, partially offset by fair value gains on industrial and logistics assets in Australia.

1. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES Group Company

   	31 March	30 September	31 March	30 September
   	2026	2025	2026	2025
   	$'000	$'000	$'000	$'000
   Investments in joint ventures	4,032,770	3,811,765	60,632	60,632
   Investments in associates	1,339,319	1,327,522	-	-
   	5,372,089	5,139,287	60,632	60,632

   The increase in investments in joint ventures and associates of $232,802,000 is mainly due to capital injections in joint ventures in Australia and Thailand of $21,745,000 and $34,749,000, respectively, the reclassification of $40,299,000 to a joint venture following the dilution of interest in a subsidiary, and share of results of $186,939,000, partially offset by dividends from joint ventures and associates of $83,836,000.

   The Group assesses as at each reporting date whether there is any objective evidence that its investments in joint ventures and associates are impaired. Where there is objective evidence of impairment, the recoverable amount is estimated based on the higher of value in use and fair value less costs to sell.

   During the 6 months ended 31 March 2026, the Group recognises impairment losses of

   $8,596,000 (6 months ended 31 March 2025: nil) on investment in a joint venture.

2. PROPERTIES HELD FOR SALE

   The Group makes allowance for foreseeable losses by applying its experience in estimating the net realisable values of completed units and properties under development. References are made to comparable properties, timing of sale launches, location of property, management's expected net selling prices and estimated development expenditure. Market conditions may, however, change which may affect the future selling prices of the remaining unsold units of the properties and accordingly, the carrying amount of properties held for sale may have to be adjusted in future periods.

   The Group recognises a net write-down to the net realisable value of properties held for sale of

   $14,292,000 for the 6 months ended 31 March 2026 (6 months ended 31 March 2025:

   $6,098,000).

3. CONTRACT ASSETS AND CONTRACT LIABILITIES

   Contract assets primarily relate to the Group's rights to consideration for work completed on construction of development properties but not billed as at the reporting date. Contract assets are transferred to trade receivables when the rights become unconditional. This usually occurs when the Group invoices the customer.

   Contract liabilities primarily relate to advance consideration received from customers and progress billings issued in excess of the Group's rights to the consideration.

4. ASSETS/LIABILITIES HELD FOR SALE Group

   31 March	30 September
   2026	2025
   $'000	$'000
   Investment properties 4,346	284,031
   Investment properties under construction 246,106	205,609
   Property, plant and equipment -	12,302
   Trade and other receivables -	327
   Cash and cash equivalents -	902
   Other current assets -	57
   Assets held for sale 250,452	503,228
   Trade and other payables -	56
   Lease liabilities -	1,145
   Liabilities held for sale -	1,201
   As at 31 March 2026, the assets/liabilities held for sale are as follows:

   1. On 10 March 2026, FPE Investments RE38 B.V., a subsidiary of the Group, entered into a sale and purchase agreement for the sale of a property located in Hanau, Germany. The sale is expected to be completed in the quarter ending 30 June 2026.

   2. On 14 August 2025, Frasers Property Fortitude Valley Unitholder Pty Limited, a subsidiary of the Group, entered into a contract of sale for the divestment of Frasers Property Fortitude Valley Trust ("the Trust"), a wholly-owned trust of the Group. The Trust holds interest in the property, Brunswick & Co, located in Queensland, Australia. As at 30 September 2025, all the assets and liabilities held by the Trust were transferred to assets held for sale and liabilities held for sale, respectively, and remain classified as held for sale as at 31 March 2026. The divestment was completed on 22 April 2026 subsequent to the reporting date.

      In addition to (b), the assets/liabilities held for sale as at 30 September 2025 were as follows:

   3. On 1 June 2025, Frasers Property Industrial Australia Pty Limited ("FPIA"), a subsidiary of the Group, entered into a non-binding term sheet to divest 50% of its interest in four properties located in Queensland, Australia, and two properties located in New South Wales, Australia, and 80% of its interest in two properties located in Victoria, Australia, and one property located in New South Wales, Australia, to a capital partner.

      Pursuant to the planned divestments, all the assets and liabilities of the disposal groups were transferred to assets held for sale and liabilities held for sale, respectively. Subsequent to the financial year ended 30 September 2025, the sale and purchase agreements were signed between subsidiaries of FPIA and the capital partner. The divestments were completed on 24 October 2025, 28 November 2025, and 19 December

      2025, respectively.

   4. On 1 September 2025, Frasers Property AHL Limited ("FPAHL"), a subsidiary of the Group, received a binding offer for the sale of its wholly-owned subsidiary, Real Utilities Pty Limited ("Real Utilities"). On 24 October 2025, FPAHL entered into a share sale agreement. Pursuant to the planned divestment, all the assets and liabilities held by Real Utilities were transferred to assets held for sale and liabilities held for sale, respectively. The divestment was completed on 31 October 2025.

5. LOANS AND BORROWINGS Group

   	31 March	30 September
   	2026	2025
   	$'000	$'000
   Repayable within one year: Secured	177,188	82,368
   Unsecured	3,361,242	2,714,329
   	3,538,430	2,796,697
   Repayable after one year:
   Secured	1,458,705	1,601,876
   Unsecured	13,081,217	13,264,228
   	14,539,922	14,866,104

   Secured borrowings are generally bank loans secured on certain investment properties, property, plant and equipment and properties held for sale and/or a first fixed and floating charge over the assets, and assignment of all rights, benefits and title in contracts of the respective borrowing group entities.

   Reconciliation of movements of loans and borrowings to cash flows arising from financing activities is as follows:

   	Loans and borrowings $'000
   As at 1 October 2025	17,662,801
   Changes from financing cash flows
   Proceeds from bank borrowings, net of costs	4,743,114
   Repayments of bank borrowings	(4,112,871)
   Proceeds from issue of medium term notes and other bonds,
   net of costs	136,173
   Repayments of medium term notes and other bonds	(241,031)
   Total changes from financing cash flows	525,385
   Effect of exchange rate movements	(109,718)
   Others	(116)
   As at 31 March 2026	18,078,352

6. SHARE CAPITAL Issued and fully paid:

   Ordinary shares

   As at beginning and end of Group and Company 31 March 2026 30 September 2025 No. of shares $'000 No. of shares $'000 the financial period/year 3,926,041,573 2,987,858 3,926,041,573 2,987,858

   The Company does not have any treasury shares as at 31 March 2026 (30 September 2025: nil).

7. SHARE-BASED COMPENSATION PLANS
   1. Restricted Cash Plan ("RCP") awards

      The RCP is a cash-settled share-based compensation plan for eligible participants.

      The final number of RCP awards range from 0% to 150% of the initial grant of the RCP awards and will vest equally in three tranches at or around the 1st, 2nd and 3rd anniversary of the grant date.

      All final awards will be settled in cash based on the Company's share price as at the relevant dates.

      Since 1 October 2024, the Company has not granted awards under the RCP and has put in place the Deferred Incentive Scheme ("DIS") and Performance Cash Plan ("PCP"), which are cash-settled share-based compensation plans explained in Note 16(b). Any outstanding awards under the RCP will be maintained until fully vested by December 2026.

      The fair value of RCP as at 31 March 2026 is measured based on the market share price of

      $0.98.

   2. Deferred Incentive Scheme ("DIS") and Performance Cash Plan ("PCP") awards

      The Company introduced the DIS and PCP to streamline and strengthen the measurements of the long-term incentive plans. The DIS and PCP are cash-settled share-based compensation plans for eligible participants, with the PCP specifically designed for selected senior and key personnel of the Company. Employees participating in the DIS and/or PCP are granted an initial award which is then subject to meeting predefined performance conditions over a specific performance period to determine the final award. The performance periods for DIS and PCP are one year and three years respectively.

      The final number of DIS awards will range from 0 to 150% of the initial grant of the DIS awards and will vest equally in three tranches at or around the 1st, 2nd and 3rd anniversary of the grant date.

      The final number of PCP awards range from 0 to 230% of the initial grant of the PCP awards and will vest fully at or around the 3rd anniversary of the grant date.

      Employees who receive DIS or PCP awards will also be eligible to receive cash dividends accrued on the unvested awards. For DIS, this is calculated based on the latest full year dividend paid to shareholders as at the end of the financial year immediately preceding each vesting tranche. For PCP, this is calculated based on the total dividends paid to shareholders during the performance period.

      All final DIS and PCP awards, together with dividends accrued, will be settled in cash based on the Company's share price as at the relevant dates, in accordance with the vesting rules and schedule of the initial grant of DIS or PCP awards.

      The fair values of DIS and PCP as at 31 March 2026 are measured based on the market share price of $0.98.

      Awards granted

      On 1 October 2025, the Restricted Stapled Security Plan ("RSSP") awards for the Group's wholly-owned subsidiary, Frasers Hospitality Asset Management Pte. Ltd. ("FHAM"), were converted to RCP, DIS and PCP awards. The details of the awards granted in aggregate as at 31 March 2026 are as follows:

      RCP awards	Grant date	As at 1 October 2025	Converted from FHAM RSSP	Granted	Cancelled	Adjusted for performance targets	Vested	As at 31 March 2026
      FY23	25 November 2022	7,062,264	485,283	-	(137,138)	-	(7,410,409)	-
      FY24	24 November 2023	19,911,412	332,215	-	(497,938)	-	(9,935,796)	9,809,893
      		26,973,676	817,498	-	(635,076)	-	(17,346,205)	9,809,893
      		As at	Converted			Adjusted for		As at
      DIS		1 October	from FHAM			performance		31 March
      awards	Grant date	2025	RSSP	Granted	Cancelled	targets	Vested	2026
      FY25	7 March 2025	23,503,160	491,465	-	(895,938)	5,260,830	(9,622,285)	18,737,232
      FY26	6 March 2026	-	-	18,604,390	(271,390)	-	-	18,333,000
      		23,503,160	491,465	18,604,390	(1,167,328)	5,260,830	(9,622,285)	37,070,232
      		As at	Converted			Adjusted for		As at
      PCP		1 October	from FHAM			performance		31 March
      awards	Grant date	2025	RSSP	Granted	Cancelled	targets	Vested	2026
      FY25	7 March 2025	2,982,280	169,257	-	-	-	-	3,151,537
      FY26	6 March 2026	-	-	2,663,270	-	-	-	2,663,270
      		2,982,280	169,257	2,663,270	-	-	-	5,814,807

      The expense recognised in the Statement of Profit or Loss for forementioned awards granted is

      $16,003,000 for the 6 months ended 31 March 2026 (6 months ended 31 March 2025:

      $12,520,000).

   3. Restricted Unit Plan ("RUP") awards of subsidiaries

      The RUPs for the Group's wholly-owned subsidiaries, Frasers Centrepoint Asset Management Ltd. ("FCAM") and Frasers Logistics & Commercial Asset Management Pte. Ltd. ("FLCAM"), managers of Frasers Centrepoint Trust ("FCT") and Frasers Logistics & Commercial Trust ("FLCT"), respectively, collectively known as the "Managers", are unit-based incentive plans for eligible participants. These RUPs were approved by the respective board of directors of the Managers.

      Since 1 October 2024, the respective Managers have not granted RUP awards and have put in place the Deferred Incentive Scheme ("DIS") and Performance Unit Plan ("PUP") as explained in Note 16(d). Any outstanding awards under the RUPs will be maintained until fully vested by December 2026.

      The final number of RUP awards range from 0% to 150% of the initial grant of the RUP awards and will vest in three tranches at or around the 1st, 2nd and 3rd anniversary of the grant date of the respective RUP awards.

      All final awards will be settled in the respective REIT units, their cash equivalent or a combination of both based on the respective REIT unit price as at the relevant dates.

   4. Deferred Incentive Scheme ("DIS") and Performance Unit Plan ("PUP") awards of subsidiaries

      The Group introduced the DIS and PUP to streamline and strengthen the measurement of the long-term plans for the Managers. The DIS and PUP are unit-based compensation plans for eligible participants, with the PUP specifically designed for selected senior and key personnel of the Managers. Employees participating in the DIS and/or PUP are granted an initial award which is then subject to meeting predefined performance conditions over a specific performance period to determine the final award. The performance periods for DIS and PUP are one year and three years respectively.

      The final number of DIS awards will range from 0 to 150% of the initial grant of the DIS awards and will vest equally in three tranches at or around the 1st, 2nd and 3rd anniversary of the grant date.

      The final number of PUP awards range from 0 to 200% of the initial grant of the PUP awards and will vest fully at or around the 3rd anniversary of the grant date.

      Employees who receive DIS or PUP awards will also be eligible to receive distribution accrued on the unvested awards. For DIS, this is calculated based on the latest distribution paid to unitholders as at the end of the financial year immediately preceding each vesting tranche. For PUP, this is calculated based on the total distribution paid to unitholders during the performance period.

      All final DIS and PUP awards, together with distribution accrued on the unvested units, will be settled in the respective REIT units, their cash equivalent, or a combination of both, based on the price of the respective REIT unit as at the relevant dates.

      The expense recognised in the Statement of Profit or Loss for awards granted under the RUPs, DIS and PUP is $1,083,000 for the 6 months ended 31 March 2026 (6 months ended 31 March 2025: $1,121,000).

8. DIVIDENDS Group and Company

   	6 months ended	6 months ended
   	31 March 2026	31 March 2025
   	$'000	$'000
   Dividends on ordinary shares
   Tax-exempt ordinary dividend of 4.5 cents per share paid
   in respect of financial year ended 30 September 2025
   (30 September 2024: 4.5 cents per share)	176,672	176,672

   The Company did not declare or recommend any dividend for the 6 months ended 31 March 2026 and 31 March 2025.

   The Board of Directors of the Company (the "Board") has taken the decision not to declare interim dividends in view of the uncertain business environment. The Board will assess the business outlook and declaration of full financial year dividends, if any.

9. NET ASSET VALUE Group Company 31 March

   30 September

   31 March

   30 September

   2026	2025	2026	2025
   $2.40	$2.37	$1.44	$1.49

   Net asset value per ordinary share based on issued share capital

10. SIGNIFICANT RELATED PARTY TRANSACTIONS Group 6 months ended

    6 months

    ended

    31 March 2026 31 March 2025 $'000 $'000 Related corporations

    Rental and service charge income/lease receipts 9,676 5,727

    Management/Service fee income 1,031 675

    Purchase of products and obtaining of services (4,062) (3,714)

    Proceeds from sale of investment in an associate to a

    related company 4,988 -

    Consideration for acquisition of a subsidiary from related

    companies (147,478) -

    Joint ventures and associates
    Rental and service charge income/lease receipts	6,221	6,456
    Rental and service charge expense/lease payments	(655)	(1,204)
    Management/Service fee income	27,817	28,240
    Purchase of products and obtaining of services	(2,264)	(1,627)
    Dividend income	90,130	62,016
    Dividend paid	(6,390)	(6,054)
    Proceeds from sale of properties	18,385	-
    Interest income	6,896	11,394
    Interest expense	-	(2,380)
    Marketing fee income	4,568	538

11. FAIR VALUE MEASUREMENT
    1. Fair Value Hierarchy

       A number of the Group's accounting policies require the measurement of fair values, for both financial and non-financial assets and liabilities.

       Significant changes in fair value measurements from period to period are evaluated for reasonableness. Key drivers of the changes are identified and assessed for reasonableness against relevant information from independent sources, or internal sources if necessary and appropriate.

       In accordance with the Group's reporting policies, the valuation process and the results of the independent valuations and directors' valuations are reviewed at least once a year by the Executive Committee of the Board and the Audit Committee before the results are presented to the Board of Directors for approval.

       When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

       Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

       Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

       Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

       Fair value measurements that use inputs of different hierarchy levels are categorised in their entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

    2. Classifications and Fair Values

       The following tables show the carrying amounts and fair values of financial assets and liabilities, including their levels in the fair value hierarchy. They do not include fair value information for trade and other receivables, bank deposits, cash and cash equivalents, trade and other payables and short-term borrowings as their carrying amounts are reasonable approximation of fair values.

       Carrying amount Fair value

       Derivatives used for

       hedging FVTPL FVOCI

       Amortised

       cost Total Level 1 Level 2 Level 3 Total

       $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000

       Group

       31 March 2026

       Financial assets measured at fair value

       Equity investments at fair value through

       other comprehensive

       income (FVOCI)	-	-	32,966	-	32,966		8,416	24,550	-	32,966
       Debt instrument
       at fair value through
       profit or loss (FVTPL)	-	41,709	-	-	41,709		-	-	41,709	41,709
       Derivative financial
       instruments	127,823	1,629	-	-	129,452		-	129,452	-	129,452
       	127,823	43,338	32,966	-	204,127		8,416	154,002	41,709	204,127

       Financial assets not measured at fair value

       Trade and other

       receivables#	-	-	-	1,583,348	1,583,348
       Bank deposits and cash and
       cash equivalents	-	-	-	1,980,757	1,980,757
       	-	-	-	3,564,105	3,564,105

       Financial liabilities measured at fair value

       Derivative financial

       instruments 366,333 1,813 - - 368,146 - 368,146 - 368,146

       Financial liabilities not measured at fair value

       Trade and other

       payables*	-	-	-	2,346,720	2,346,720
       Loans and borrowings
       (current)	-	-	-	3,538,430	3,538,430
       Loans and borrowings
       (non-current)	-	-	-	14,539,922	14,539,922		2,530,584	11,957,613	-	14,488,197
       	-	-	-	20,425,072	20,425,072		2,530,584	11,957,613	-	14,488,197

       Non-financial assets
       Investment properties	-	-	-	-	-	-	-	24,797,281	24,797,281

       # Exclude tax recoverable

       * Exclude taxes and deferred income

       Carrying amount Fair value

       Derivatives used for

       hedging FVTPL FVOCI

       Amortised

       cost Total Level 1 Level 2 Level 3 Total

       $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000

       Group

       30 September 2025

       Financial assets measured at fair value

       Equity investments

       at FVOCI	-	-	38,790	-	38,790		13,084	25,706	-	38,790
       Debt instrument at FVTPL	-	41,709	-	-	41,709		-	-	41,709	41,709
       Derivative financial instruments	119,846	607	-	-	120,453		-	120,453	-	120,453
       	119,846	42,316	38,790	-	200,952		13,084	146,159	41,709	200,952

       Financial assets not measured at fair value

       Trade and other

       receivables# Bank deposits and cash and cash equivalents	- -	- -	- -	1,351,228 2,357,315	1,351,228 2,357,315
       	-	-	-	3,708,543	3,708,543

       Financial liabilities measured at fair value

       Derivative financial

       instruments 402,650 2,044 - - 404,694 - 404,694 - 404,694

       Financial liabilities not measured at fair value

       Trade and other

       payables*	-	-	-	2,427,164	2,427,164
       Loans and borrowings
       (current)	-	-	-	2,796,697	2,796,697
       Loans and borrowings
       (non-current)	-	-	-	14,866,104	14,866,104		2,147,822	12,809,202	-	14,957,024
       	-	-	-	20,089,965	20,089,965		2,147,822	12,809,202	-	14,957,024

       Non-financial assets
       Investment properties	-	-	-	-	-	-	-	24,577,385	24,577,385

       # Excluded tax recoverable

       * Excluded taxes and deferred income

       Carrying amount Fair value

       Derivatives used for hedging FVTPL	FVOCI	Amortised cost	Total		Level 1	Level 2	Level 3	Total
       $'000 $'000	$'000	$'000	$'000		$'000	$'000	$'000	$'000
       Company
       31 March 2026
       Financial assets measured at fair value
       Equity investments
       at FVOCI - -	24,546	-	24,546		-	24,546	-	24,546
       Derivative financial
       instruments - 156,411	-	-	156,411		-	156,411	-	156,411
       - 156,411	24,546	-	180,957		-	180,957	-	180,957

       Financial assets not measured at fair value

       Trade and other

       receivables#	-	-	-	4,678,628	4,678,628
       Bank deposits and cash and
       cash equivalents	-	-	-	2,010	2,010

       - - - 4,680,638 4,680,638

       Financial liabilities measured at fair value

       Derivative financial

       instruments - 156,411 - - 156,411 - 156,411 - 156,411

       Financial liabilities not measured at fair value

       Trade and other payables - - - 769,547 769,547

       Non-financial assets
       Investment properties	-	-	-	-	-	-	-	2,220	2,220

       # Exclude tax recoverable

       Carrying amount Fair value

       Derivatives used for

       hedging FVTPL FVOCI

       Amortised

       cost Total Level 1 Level 2 Level 3 Total

       Company

       30 September 2025

       $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000

       Financial assets measured at fair value
       Equity investments
       at FVOCI	- -	25,702	-	25,702	-	25,702	-	25,702
       Derivative financial
       instruments	- 147,648	-	-	147,648	-	147,648	-	147,648

       -

       147,648

       25,702

       -

       173,350

       -

       173,350

       -

       173,350

       Financial assets not measured at fair value

       Trade and other

       receivables#	-	-	-	4,836,352	4,836,352
       Bank deposits and cash and cash equivalents	-	-	-	9,319	9,319

       - - - 4,845,671 4,845,671

       Financial liabilities measured at fair value

       Derivative financial

       instruments: - 147,648 - - 147,648 - 147,648 - 147,648

       Financial liabilities not measured at fair value

       Trade and other payables - - - 757,538 757,538

       Non-financial assets
       Investment properties	-	-	-	-	-	-	-	2,220	2,220

       # Excluded tax recoverable

    3. Measurement of Fair Values

       The valuation techniques and the significant unobservable inputs used in measuring Level 2 and Level 3 fair values as at 31 March 2026 for financial instruments measured at fair value in the statement of financial position are consistent with those disclosed in the Group's consolidated financial statements for the financial year ended 30 September 2025.

12. COMMITMENTS Group 31 March 2026

    30 September

    2025

    $'000 $'000

    Commitments in respect of contracts placed for:

    - development expenditure for properties held
    for sale	454,577	264,481
    - capital expenditure for investment properties	353,153	294,750
    - share of joint ventures' capital and development
    expenditure, and shareholders' loan commitments	454,643	397,711
    - equity investments in joint ventures	15,244	-
    - shareholders' loans committed to associates	25,442	26,121
    - others	65,893	45,410
    	1,368,952	1,028,473

13. ACQUISITION/DISPOSAL OF SUBSIDIARIES