Link Real Estate Investment Trust : 1Q FY2025/2026 Operational Update Published in August 2025

About this update from Link Real Estate Investment Trust

1Q FY2025/2026 Operational Update 13 August 2025 Key Highlights 1 Operations  Occupancy sustained despite challenging operating environment in Hong Kong and Mainland China retail Robust operating conditions in Singapore and Australia retail with close to full occupancy Enhanced operational efficiency measures to preserve operating margins 2 Capital Position 3 Link 3.0 Benefitting from lower interest rate environment Pre-financing of $8.7B FY25/26 debt completed on more favourable terms Progress & continued momentum in establishing LREP Hong Kong - Portfolio Occupancy Stable; Car Park Revenue Steady Tenant Sales Growth (1) Link Hong Kong Retail & Office Performance Car Park Performance No. of Parking Tickets Moderate Decline Retail Occupancy 97.6% Retail Unit Rent psf $62.8 Retail Reversion Negative mid-single-digit Office Occupancy 99.2% Negative rental reversion, mainly from General Retail, Supermarkets, and Chinese Restaurants Tenant sales remain soft, though the pace of decline is narrowing. Supermarkets and F&B, Trade F&B 1Q25/26 1.6% 1Q24/25 -1.5% 1Q25/26 0.7% 1Q24/25 -2.1% Supermarket & Foodstuff 0.4% -5.9% 0.5% -4.4% General Retail (2) -3.8% -9.4% 0.2% -14.0% Overall -0.8% -5.9% 0.4% -9.9% HK Market vs Link's Tenant Sales YoY Growth Parking Tariffs Slight Growth Parking Revenue Marginal Growth The new smart parking systems streamlined operations and which form the bulk of our trade mix, are showing early signs of recovery While HK market rebounded from a steeper drop, Link's less volatile performance reflects its more resilient nature Occupancy costs remain stable -0.6% 0.4% HK Overall -1.6% -0.8% Link enabled innovative initiatives- such as dynamic pricing and diversified services-to support income stability 1Q25/26 4Q24/25 3Q24/25 2Q24/25 1Q24/25 4Q23/24 Notes: Tenant sales growth is measured by year-on-year change in tenants' average monthly sales per square foot. Including clothing, department store, electrical and household products, personal care/medicine, optical, books and stationer y, newspaper, valuable goods, services, leisure and entertainment, and other retail. Mainland China Business - Navigating Challenges Amid Headwinds Retail Occupancy 95.4% Office Occupancy 92.4% Logistics Occupancy 97.5% Performance and rental reversions, particularly at the two Beijing assets, remain under pressure amid a slow consumer spending recovery Two AEs in Beijing and two in Guangzhou are nearing completion. These upgrades, together with strategic tenant remixing, have attracted more innovative and competitive mix of brands Occupancy stable and rental rates under pressure Continued upgrade of building amenities to enhance appeal and draw in new tenants Rental pressure persists amid intense competition in Yangtze River Delta Lease renewal negotiations with key tenants underway to sustain occupancy rate International Business - Sustained Growth and Momentum SG Retail Occupancy 99.8% AU Retail Occupancy 99.5% Int'l Office Occupancy 85.5% Strong rental reversion, backed by continued interest from F&B Tenant sales moderated slightly due to lower discretionary spending, while sales of necessity trades remained stable Increased foot traffic in CBD and improved retailer sentiment to support strong occupancy levels Sustained performance observed across portfolio in F&B, Apparel, and Leisure Goods Flight-to-quality and core location continue to shape tenant demand Lease renewals and expansions by key tenants indicate increasing demand across our assets

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