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 SteadyTenant 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