9M FY2025/2026
Operational Updates
16 March 2026
Agenda
2
Highlights
Retail and Car Park Assets Overview
Sau Mau Ping Shopping Centre, Hong Kong
Other Assets Overview
Capital Management & Cost Optimisation
Focus Areas
Q&A
TKO Gateway, Hong Kong
01 Highlights
Key Highlights
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
Operations
Capital
Position
Focus
Areas
Occupancy stayed at healthy levels amid a challenging retail backdrop in HK and the CML, with full-year HK rental reversion expected to remain in the high negative single-digit range
Robust operating conditions in Singapore and Australia retail with close to full occupancy
Pre-financing of HK$15B FY25/26 debt completed at competitive rates
Continued focus on cost optimisation and efficiency to protect overall margin
Expect valuation adjustments to reflect negative rental reversions
Deep focus on core business to deliver sustainable returns
Advance asset recycling opportunities especially non-core
Return excess capital where appropriate
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
Retail and Car Park Assets
Portfolio Value(1): HK$223B (as at 30 Sep 2025)
Assets 140 | Portfolio Value HK$202B |
Other Assets | |
9 Offices & | |
5 Logistics | |
9.6% | |
3.2% | AU Office |
2.4% | HK Office |
2.1% | CML Office |
1.0% | CML Logistics |
0.9% | UK Office |
Assets 14 | Portfolio Value HK$21B |
Notes:
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.
Including a property under development for non-office commercial use.
Including two car park/car service centres and godown buildings in Hong Kong.
Queen Victoria Building, Sydney, Australia
02
Retail and Car Park Assets Overview7
Hong Kong Retail |
|
Chinese Mainland Retail |
|
Singapore Retail |
|
Australia Retail |
|
Snapshot of Retail Assets Performance
Singapore retail supported by stable economic fundamentals
Hong Kong retail
still challenging with measures to mitigate the impact
Australia retail
steady income growth
Chinese Mainland
ongoing trade mix optimisation to boost performance
Retail Occupancy (as at 31 Dec 2025) | |
Hong Kong | 97.0% |
Chinese Mainland | 95.3% |
Singapore | 98.8% |
Australia | 98.4% |
8
Snapshot of Hong Kong Assets Performance
HK Retail Operating Metrics
HK Car Parks and Related Business
Parking revenue edged lower, reflecting tariff growth offset by
lower ticket volumes
Further optimise the revenue model to strengthen the resilience of our earnings
Positive demand underpinned by favourable regulatory changes, demographic growth and increasing EV adoption
Occupancy (as of 31 Dec 2025) | 97.0% |
Unit Rent psf (as of 31 Dec 2025) | HK$61.0 |
Reversion (for the 9 months ended 31 Dec 2025) | -7.5% |
Link's Tenant Sales(1) YoY Growth
HK Occupancy Costs(2)
Trade | 9M25/26 | 9M24/25 |
F&B | 1.1% | Flat |
Supermarket & Foodstuff | -0.4% | -3.9% |
General Retail(3) | -5.1% | -5.5% |
Overall | -1.5% | -3.3% |
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:
Percentage figures represent year-on-year change in tenants' average monthly sales per square foot.
A ratio of base rent (excluding management fees) to tenant retail gross 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.
All figures for the period ended or as at 31 December 2025 unless stated otherwise.
9
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
Hong Kong Office
Improving HK office market outlook, supported by demand from the banking and finance sector
Vacancy rate in Kowloon East saw a decline, particularly in Kwun Tong and Kowloon Bay area
Occupancy (as at 31 Dec 2025) | |
Hong Kong Office | 99.6% |
Chinese Mainland Office | 96.1% |
Chinese Mainland Logistics | 97.4% |
International Office | 87.5% |
Link Plaza Zhongguancun, Beijing, Chinese Mainland
04 Capital Management & Cost Optimisation
11
Prudent Capital Management Amid Changing Macro Outlook
Feb 2026 | o US$600M 10-year notes at 4.875% p.a. |
Dec 2025 | o HK$300M 6-year notes at 3.55% p.a. |
Sep 2025 |
|
Aug 2025 | o HK$3.8B 4/5-year loan facilities |
Jul 2025 | o HK$1.8B 4/5-year loan facilities |
Jun 2025 |
|
May 2025 |
|
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.
12
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
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
7.8 | 27.2 | 6.6 | 13.4 |
(14%) | (50%) | (24%) | |
(12%) |
2H FY25/26
3.9
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:
All figures for the period ended or as at 30 September 2025 unless stated otherwise.
HK$5.8 billion undrawn committed facilities and HK$3.6 billion cash and bank balances as at 30 September 2025.
13
Delivering On Cost Optimisation Initiatives
Organisational Streamlining Operational Efficiency
Resized G&A cost base
Further rationalised and simplified the executive structure, ensuring a leaner and more nimble leadership structure
Exceeded the communicated target of HK$200M in annualised cost savings from the next financial year, reflecting the cumulative impact of these initiatives
Expanded the use of automation to accelerate operational processes, including:
Automated car park access controls
Deployment of on-site cleaning robots
Consolidated integrated facilities management (IFM) contracts to mitigate inflationary pressures
Queen Victoria Building, Sydney, Australia
05 Focus Areas
15
Focus Areas
Sustainable Unitholder Value through Core Strength, Capital Recycling, and Cost Discipline
Harnessing Core Capabilities
Actively manage shopping malls and car parks in APAC
Deep focus on our core in retail malls, especially in HK
Further optimise the car park revenue model
Optimising Cost Structure
Maintain lean operating model and adjusted cost base
Continue to enhance
operational efficiency
Recycling Non-Core Assets
Advance recycling opportunities, especially those which are non-core
Return excess capital where appropriate
Swing By @ Thomson Plaza, Singapore
06 Q&A
17
Disclaimer
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