9M FY2025/2026 Operational Updates Published in March 2026

‌9M FY2025/2026

Operational Updates

16 March 2026

‌Agenda

2

1. Highlights

2. Retail and Car Park Assets Overview

   Sau Mau Ping Shopping Centre, Hong Kong

1. Other Assets Overview

2. Capital Management & Cost Optimisation

3. Focus Areas

4. Q&A

TKO Gateway, Hong Kong

‌Key Highlights

1. Geopolitical Landscape

   4

   • High levels of uncertainty as geopolitics and global economic environment evolve at pace

   • Rising oil prices adding inflationary pressure, feeding through to wages and services. Growth outlook divergent in Link's different geographies

   • Interest rates remain on hold for now, with the path forward driven by incoming data

   • Non-discretionary retail continues to show relative resilience

2. Operations

3. Capital

   Position

4. Focus

Areas

‌5

Link REIT Portfolio Overview

140 Retail,

Car Parks and Related Business 90.4%

51.7%

20.3%

10.7%

7.7%

HK Retail(2)

HK Car Parks and Related Business(3) CML Retail

AU & SG Retail

Portfolio Value(1): HK$223B (as at 30 Sep 2025)

Notes:

1. As at 30 September 2025, the total property valuation which includes 100% value of The Quayside, Dongguan and Foshan logistic facilities and 49.9% value of the prime office portfolio in Sydney and Melbourne.

2. Including a property under development for non-office commercial use.

3. Including two car park/car service centres and godown buildings in Hong Kong.

‌02

‌7

Snapshot of Retail Assets Performance

‌8

Snapshot of Hong Kong Assets Performance

HK Retail Operating Metrics

HK Car Parks and Related Business

Link's Tenant Sales(1) YoY Growth

HK Occupancy Costs(2)

General Retail - 14.1%

Food & Beverage - 12.8%

(3)

Overall - 12.8%

Supermarket & Foodstuff - 11.7%

14.1%

12.8%

12.8%

11.7%

9M

25/26

24/25

23/24

22/23

21/22

20/21

19/20

Notes:

1. Percentage figures represent year-on-year change in tenants' average monthly sales per square foot.

2. A ratio of base rent (excluding management fees) to tenant retail gross sales per square foot.

3. 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.

4. All figures for the period ended or as at 31 December 2025 unless stated otherwise.

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Chinese Mainland Office

• Link square's occupancy remained healthy, supported by hardware upgrade and provision of fitted-out units

• However, rental levels were impacted by elevated market vacancies and increased supply

Chinese Mainland Logistics

• Maintained high occupancy rate amid a challenging operating environment with rising supply

• Market demand driven by domestic e-commerce and retailers continued to underpin leasing activity from 3PLs

International Office

• Positive leasing momentum supported improvements in overall occupancy

• Core assets demonstrated greater resilience, supported by a flight-to-quality trend

Other Assets Performance

‌11

Prudent Capital Management Amid Changing Macro Outlook

Prudent Capital Management - Highlights Financing Arranged during FY25/26

Finance Costs

Hedge Ratio

Refinancing

Managed through competitive credit margins and effective interest rate risk management

Diversified Funding

Diverse funding sources, including bank loans, MTNs, and convertible bonds

Maintained fixed-rate hedge within 50-70% range and non-HKD currency exposure substantially hedged

Banking

Relationships

Established banking relationships across Asia-Pacific

HK$15B debt refinanced up to Feb 2026, at competitive rates

Market Access

Continued expansion of funding access through an enlarged MTN programme with dual HK and SG issuing entities

Notes:

(1) All as at February 2026 unless stated otherwise.

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Prudent Capital Management Amid Changing Macro Outlook

Net Gearing

Ratio

22.5%

Fixed-rate Debt

Ratio

65.8%

Average All-in

Borrowing Costs

3.2%

Average Debt

Maturity

2.9 years

EBITDA Interest

Coverage

5.4x

Available

Liquidity(2)

HK$9.4B

Ample Liquidity & Healthy Credit Metrics

Healthy Debt Maturity Profile with Prudent Refinancing Cadence

(HK$ billion)

9.6

11.7

Medium Term Notes Convertible Bonds Bank Loans

Debt Profile Breakdown

(HK$ billion)

6.1

1.2

8.3

7.9

4.4

6.7

7.5

0.3

Debt Mix by Type

16.3

(30%)

3.3

(6%)

35.4

(64%)

3.8

6.0

3.9

7.2

Medium Term Notes Convertible Bond Bank Loans

1.3

4.9

3.3

3.3

Debt Mix by Fixed

/ Floating Rates

(After interest rate swap)

Debt Mix by Currencies

(After currency swap)

36.2

(66%)

18.8

(34%)

Fixed Rate Floating Rate

0.1

1.2

2H FY25/26

1H FY26/27

1.3

2H FY26/27

0.5

1H FY27/28

0.5

2H FY27/28

0.7

FY28/29 FY29/30 FY30/31 FY31/32

and

beyond

HKD RMB AUD SGD

FY26/27 FY27/28

Notes:

1. All figures for the period ended or as at 30 September 2025 unless stated otherwise.

2. HK$5.8 billion undrawn committed facilities and HK$3.6 billion cash and bank balances as at 30 September 2025.

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Delivering On Cost Optimisation Initiatives

Organisational Streamlining Operational Efficiency

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Focus Areas

Swing By @ Thomson Plaza, Singapore

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Disclaimer

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• All information and data are provided for reference only. All opinions expressed herein are based on information available as of the date hereof and are subject to change without notice. The slides forming part of this document have been prepared solely as a support for oral discussion about Link REIT. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or suitability of any information or opinion contained herein. None of Link REIT, the Manager, or any of its directors, officers, employees, agents or advisors shall be in any way responsible for the contents hereof, nor shall they be liable for any loss arising from use of the information contained in this presentation or otherwise arising in connection therewith.

• This document may contain forward-looking statements. The past performance of Link REIT is not necessary indicative of the future performance of Link REIT and that the actual results may differ materially from those set forth in any forward-looking statements herein. Nothing contained in this document is, or shall be relied on, as a promise or forecast as to the future.

• This document does not constitute an offer or invitation to purchase or subscribe for any securities of Link REIT and neither any part of it shall form basis of or be relied upon in connection with any contract, commitment or investment decision whatsoever. No action has been taken or will be taken by Link REIT, the Manager or any of its directors, officers, employees, agents or advisers, to register this document as an offering document or otherwise to permit public distribution of this document.