Mapletree Pan Asia Commercial TrustSGX: N2IU

2Q and 1H FY25/26 Financial Results

· Issued by Mapletree Pan Asia Commercial Trust








Mapletree Pan Asia Commercial Trus t

2Q and 1H FY25/26 Financial Results

22 October 2025

Content

  • Key Highlights Page 4

  • Financial Performance Page 7

  • Portfolio Highlights Page 17

  • Commitment to Sustainability Page 34

  • Outlook Page 37

  • Appendix 1: Market Information Page 41

  • Appendix 2: Other Asset Information Page 59



Key Highlights

Vivo City, SG



Key Highlights

Financials and Capital Management

2Q FY25/26

Distribution per Unit ("DPU")

2.01 Singapore cents

NAV per Unit S$1.75

Aggregate Leverage

37.6 %

Operational Performance

Assets Under Management

("AUM")1

S$15.7 billion

15 commercial properties across five key gateway markets of Asia

Portfolio Committed Occupancy

88.9 %

Portfolio WALE

2.2 years

Note:

  • Where "Hong Kong" or "HK" is mentioned, it refers to the Hong Kong Special Administrative Region.

  • Due to rounding differences , figures throughout this presentation deck may not add up, and percentages may not total 100%.

1. Based on carrying amounts and exchange rates as at 30 September 2025, including MPACT's 50% effective interest in The Pinnacle Gangnam.

5



Key Highlights (cont'd)

Financial Performance

Key Drivers Across 2Q and 1H FY25/26

  • Singapore anchors portfolio resilience: 6.1% NPI growth in 2Q and 4.5% in 1H on a comparable yoy basis, led by VivoCity's robust performance despite AEI works

  • Lower operating expenses and finance costs : Driven by reduced utility rates and strategic debt reduction

  • 2Q FY25/26 DPU of 2.01 Singapore cents: 1.5% higher yoy, reflects Singapore's strength, strategic divestments and debt reductions, and interest rate tailwinds

  • 1H FY25/26 DPU of 4.02 Singapore cents : 1.2% lower yoy as overseas headwinds offset Singapore's gains and savings in operating expenses and finance costs

    Capital Management

  • Lower weighted average cost of debt: Achieved through proactive debt management, supported by favourable interest rate environment

  • Maintained prudent sub-40% gearing: Provides stability and financial flexibility

    Portfolio Performance

  • Agile leasing delivered results: Higher committed occupancy in most markets despite market pressures

  • Portfolio rental reversion: Reflects strategic prioritisation of tenant retention and cash flow stability



    Portfolio Performance (cont'd)

    VivoCity

    • Exceptional all-round performance: NPI growth of 7.7% in 2Q and 6.9% in 1H despite AEI works, underpinned by robust rental reversion and 100% committed occupancy

    • Basement 2 AEI completed: New retail zone operational since late August 2025

    • 2Q FY25/26 tenant sales growth accelerated to 4.8% yoy

      despite AEI disruptions

      Festival Walk

    • Marketing initiatives continue to drive footfall although tenant sales remain affected by high outbound travel

      Completed Divestment of Two Japan Properties

      6

  • Ongoing portfolio optimisation: Strengthening focus on Singapore and quality assets across portfolio

Financial Performance

Mapletree Bus iness City, SG





2Q FY25/26 vs 2Q FY24/25: Singapore's Strength and Strategic Portfolio Optimisation Drive Resilience

Achieved cost savings through improved operating costs and proactive debt reduction, further supported by favourable interest rate environment

S$'000 unless otherwise stated

2Q FY25/26

2Q FY24/25

Variance

Gross Revenue1

218,486

225,619

▼

3.2%

Gross revenue lower yoy, mainly attributed to:

  • Higher contribution from Singapore properties despite the absence of contribution from Mapletree Anson following its divestment on 31 July 2024; and

  • Lower overseas contributions, further dampened by a stronger SGD against HKD and RMB, as well as absence of full period contribution from TS Ikebukuro Building ("TSI") and ABAS Shin-Yokohama Building ("ASY") following their divestments on 22 August 2025 and 28 August 2025, respectively.

    Singapore's gross revenue higher 3.5% yoy (excluding Mapletree Anson) mainly due to:

  • VivoCity's higher contributions despite downtime from the Basement 2 asset enhancement initiative ("AEI"); and

  • Higher one-off compensation income at Mapletree Business City.

    Lower property operating expenses mainly due to:

  • Divestment effects; and

  • Reduced utility expenses due to lower contracted utility rates in Singapore.

    Portfolio net property income ("NPI") lower yoy:

  • On a constant currency basis, gross revenue and NPI would have been 2.0% and 1.1% lower yoy respectively instead.

Property Operating Expenses1

(54,582)

(57,945)

▼

5.8%

Net Property Income1

163,904

167,674

▼

2.2%

Finance Expenses1

(47,350)

(56,620)

▼

16.4%

Finance expenses improved 16.4% yoy, mainly due to:

  • Lower interest rates on HKD and SGD borrowings; and

  • Reduced borrowings as net proceeds from the divestments of Mapletree Anson, TSI and ASY were deployed towards debt reduction.

    DPU 1.5% higher yoy mainly due to:

  • Singapore's higher contribution (excluding Mapletree Anson);

  • Lower property operating expenses; and

  • Savings in finance expenses.

Amount Available for Distribution to Unitholders

106,205

103,996

▲

2.1%

Distribution per Unit (Singapore cents)

2.01

1.98

▲

1.5%

1. Gross revenue, property operating expenses, NPI and finance expenses do not include contribution from The Pinnacle Gangnam. MPACT will share profit after tax of The Pinnacle Gangnam based on its 50% effective interest. 8



2Q FY25/26 vs 2Q FY24/25: Singapore's Robust Performance Cushions Overseas Headwinds

VivoCity's 7.7% NPI growth drives Singapore's 6.1% yoy increase in Contribution to NPI, delivering stable portfolio-level NPI on a comparable basis

Contribution to Gross Revenue1

(S$ million)

Contribution to NPI2

18.6

(S$ million)

20.6

2.9

228.5

3.1

221.6

2.1 2.3

49.9

45.6

20.6

18.4

59.7

62.3

15.5

36.9

16.9

10.3

169.8

14.1

33.4

15.0

166.2

8.0

58.6

57.2

Contribution to Gross Revenue (S$ million)

55% of revenue from core assets

43.1

46.4

Contribution to NPI (S$ million)

56% of NPI

46.9

45.0

from core assets

17.6

15.1

2Q FY24/25 2Q FY25/26

2Q FY24/25 2Q FY25/26

MBC, SG

VivoCity, SG

Other SG properties

Festival Walk, HK

China properties

Japan properties

The Pinnacle Gangnam, KR

  1. Contribution to Gross Revenue: The portfolio reported -S$7.0 million (-3.0%) variance (2Q FY25/26 vs 2Q FY24/25), including +S$1.7 million (+1.3%) from the Singapore properties. On a comparable basis excluding (i) Mapletree Anson (S$3.0 million higher in 2Q FY24/25) and (ii) TSI and ASY (S$0.4 million higher in 2Q FY24/25), the portfolio gross revenue variance was -S$3.6 million (-1.6%), while the Singapore properties posted S$4.7 million (+3.5%) higher gross revenue in 2Q FY25/26.

  2. Contribution to NPI: The portfolio reported -S$3.6 million (-2.1%) variance (2Q FY25/26 vs 2Q FY24/25), including +S$3.9 million (+3.7%) from the Singapore properties. On a comparable basis excluding (i) Mapletree Anson (S$2.3 million higher in 2Q FY24/25) and (ii) TSI and ASY (S$0.3 million higher in 2Q FY24/25), the portfolio NPI variance was -S$1.0 million (-0.6%), while the Singapore properties posted S$6.2 million (+6.1%) higher NPI in 2Q FY25/26.

9



1H FY25/26 vs 1H FY24/25: Positive Momentum in Singapore and Portfolio Optimisation Deliver Results

Sustained improvement in operating costs and proactive debt reduction underpin resilience

S$'000 unless otherwise stated

1H FY25/26

1H FY24/25

Variance

Gross Revenue1

437,102

462,273

▼

5.4%

Gross revenue lower yoy, mainly attributed to:

  • Reduced contribution from Singapore properties due to divestment of Mapletree Anson; and

  • Lower overseas contributions, further dampened by a stronger SGD against HKD and

    RMB, as well as absence of full period contribution from TSI and ASY that were divested.

    Singapore's gross revenue higher 1.9% yoy (excluding Mapletree Anson), mainly due to:

  • VivoCity's robust performance despite downtime from Basement 2 AEI; and

  • Higher contribution from Other Singapore Properties.

    Lower property operating expenses mainly due to:

  • Divestment effects; and

  • Reduced utility expenses due to lower contracted utility rates in Singapore.

    Portfolio NPI lower yoy:

  • On a constant currency basis, gross revenue and NPI would have been 4.5% and 4.0% lower yoy respectively instead.

Property Operating Expenses1

(107,208)

(115,197)

▼

6.9%

Net Property Income1

329,894

347,076

▼

5.0%

Finance Expenses1

(97,448)

(116,527)

▼

16.4%

Finance expenses improved 16.4% yoy, mainly due to:

  • Lower interest rates on HKD and SGD borrowings; and

  • Reduced borrowings as net proceeds from the divestments of Mapletree Anson, TSI and ASY were deployed towards debt reduction

    DPU lower yoy largely due to:

  • Lower overseas contributions;

  • Mitigated by:

    • Singapore's higher contribution (excluding Mapletree Anson);

    • Lower property operating expenses; and

    • Savings in finance expenses.

Amount Available for Distribution to Unitholders

212,974

214,746

▼

0.8%

Distribution per Unit

(Singapore cents)

4.02

4.07

▼

1.2%

1. Gross revenue, property operating expenses, NPI and finance expenses do not include contribution from The Pinnacle Gangnam. MPACT will share profit after tax of The Pinnacle Gangnam based on its 50% effective interest. 10

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