Singapore's Strength and Reduced Finance Expenses Offset Overseas Headwinds

(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 25 August 2005 (as amended))

For Immediate Release

• Reported DPU of 7.97 Singapore cents for FY25/26 and 1.90 Singapore cents for 4Q FY25/26. Excluding a one-off divestment-related tax charge, DPU for both periods would have been higher yoy

• Three divestments completed in FY25/26 with net proceeds deployed towards debt reduction

• Full-year Singapore NPI up 4.1% yoy on a comparable basis, cushioning overseas headwinds

• Key top-ten tenant renewals reinforce stability

• Net portfolio valuation decline primarily driven by forex impact as Singapore portfolio's

  valuation uplift largely offsets overseas operational decline

• VivoCity records 7.6% yoy growth in full-year NPI, 14.1% rental reversion, near-full committed occupancy and 3.7% yoy tenant sales growth

• Festival Walk ongoing reconfiguration transforms 18,800 square feet of single-tenant space into multi-concept cluster

‌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 Pasir Panjang Road, #13-01 Mapletree Business City, Singapore 117438 Tel 65 6377 6111 https://www.mapletreepact.com Co Reg No 200708826C

Singapore, 28 April 2026 - MPACT Management Ltd., as manager of Mapletree Pan Asia Commercial Trust ("MPACT" and as manager of MPACT, the "Manager"), announced its financial results for 4Q FY25/26 and Financial Year ended 31 March 2026. Singapore's continued operational strength and reduced finance expenses more than offset overseas headwinds, with reported Distribution per Unit ("DPU") for both 4Q FY25 /26 and FY25/26 impacted by a one-off tax charge recognised on completion of the divestment of the office component of Festival Walk ("Festival Walk Tower").

4Q FY25/26 gross revenue and net property income ("NPI") were S$210.7 million and S$159.6 million, respectively, 5.5% and 5.9% lower year -on-year ("yoy"). This reflects lower overseas contributions and the absence of full-period contributions from TS Ikebukuro Building ("TSI"), ABAS Shin-Yokohama Building ("ASY") and Festival Walk Tower, which were divested on 22 August 2025, 28 August 2025, and 2 February 2026, respectively.

Singapore's gross revenue and NPI grew 1.8% and 2.1% yoy, respectively, led by VivoCity following the completion of its Basement 2 asset enhancement initiative ("AEI") and robust rental growth, as well as higher contribution from Other Singapore Properties.

Property operating expenses fell 4.1% yoy due to reduced operation and maintenance expenses, and utility expenses. Finance expenses improved 17.9% yoy from lower interest rates and reduced debt as net divestment proceeds were deployed towards debt repayment.

A one-off tax charge of S$8.3 million was recognised on completion of the Festival Walk Tower divestment. Reported DPU for 4Q FY25/26 was 1.90 Singapore cents. Excluding this tax charge, 4Q FY25/26 DPU would have been 2.04 Singapore cents, 4.6% higher yoy.

For FY25/26, gross revenue and NPI were S$867.3 million and S$654.4 million, down 4.6% and 4.3% yoy, respectively, similarly reflecting lower overseas contribution and divestment effect. Singapore's gross revenue and NPI (excluding Mapletree Anson) grew 2.3% and 4.1% yoy, respectively. This, combined with lower finance expenses, more than covered lower overseas contributions. Full-year reported DPU was 7.97 Singapore cents, impacted by the one-off tax charge. Excluding this tax charge, FY25/26 DPU would have been 8.11 Singapore cents, 1.1% higher yoy.

Ms Sharon Lim, Chief Executive Officer of the Manager said, "FY25/26 was a year of deliberate reshaping. The three non-core asset divestments, together with disciplined debt reduction and cost management, have made MPACT more resilient than it was a year ago. Singapore now contributes 61% of our total assets under management ("AUM") and 66% of NPI, reflecting our focus on quality assets in our core market."

"The macro environment has grown more complex, but we are better positioned to navigate it. Our balance sheet is stronger and our portfolio is more focused. Operationally, we completed the Basement 2 AEI at VivoCity, renewed leases with key top-ten tenants, and we are currently embarking on a space reconfiguration at Festival Walk. These actions have bolstered cash flow stability. Looking ahead, we will continue to pursue targeted opportunities to optimise the portfolio, while maintaining discipline in capital deployment to drive long-term value for our unitholders."

During FY25/26, MPACT renewed and re-let approximately 3.0 million square feet of lettable area. Of this, approximately 1.5 million square feet were leases with expiries in FY25/26 .

Portfolio's committed occupancy improved from the last quarter to 89.4% as at 31 March 2026. Income stability is reinforced by sustained occupancy and key lease renewals secured during the year, including another top-ten tenant renewal at Mapletree Business City ("MBC") in 4Q FY25/26. China's committed occupancy continues to reflect market headwinds, while

Japan has largely absorbed the occupancy pressures from the properties in Makuhari after

Fujitsu Limited's lease expiry at Fujitsu Makuhari Building on 31 March 2026.2

Steady performance in Singapore, including VivoCity's 14.1% rental uplift, offset overseas softness. Consequently, the portfolio registered flat rental reversion for FY25/26 as the Manager prioritised tenant retention and occupancy stability over headline rents in those overseas markets.

The portfolio's weighted average lease expiry ("WALE") improved to 2.4 years as at 31 March 2026, with 1.8 years for the retail segment and 2.9 years for the office/business park segment. The key lease renewal at MBC contributed to the improvement in WALE during the quarter.

In Singapore, VivoCity maintained near-full committed occupancy through the year with robust rental uplift. Full-year tenant sales reached S$1.1 billion, up 3.7% yoy, while shopper traffic grew 3.6% yoy to 45.4 million. This performance is underpinned by the Manager's active management approach across tenant remixing, space upgrading, targeted marketing initiatives and asset enhancements. The Basement 2 AEI, completed in 3Q FY25/26, added 14,000 square feet of retail lettable area and is generating over 10% of return on investment ("ROI").3

Despite the uneven retail landscape in Hong Kong, Festival Walk maintained 100% committed occupancy. Full-year tenant sales declined 0.8% yoy, with 4Q FY25/26 tenant sales up 6.0% yoy driven by spending on higher-value luxury items. Full-year shopper traffic grew 4.1% yoy as marketing initiatives continued to draw footfall. A space reconfiguration is currently ongoing at Festival Walk, where approximately 18,800 square feet of single-tenant space across three floors will be converted into a multi-concept cluster to accommodate F&B and lifestyle offerings. The increased F&B options are expected to transform the cluster into a more vibrant destination, amplifying footfall and shopper dwell time. This reconfiguration exercise has a projected ROI of close to 50%.4 Completion is expected in 2Q FY26/27.

‌2 Following the lease expiry of this single tenant at Fujitsu Makuhari Building, the committed occupancy for Japan Properties is 57.1%.‌

‌3 Based on revenue on a stabilised basis and capital expenditure of approximately S$43 million.

4 Based on revenue on a stabilised basis and capital expenditure of approximately HK$5.3 million.

At the close of the financial year, aggregate leverage ratio improved to 36.5% and the weighted average all-in cost of debt declined to 3.16%, strengthening interest coverage to 3.2 times on a trailing 12-month basis. These improvements, as well as reduced finance expenses, were driven by proactive debt management and supported by lower interest rates.

As at 31 March 2026, MPACT's debt maturity profile remained well-spread with no single financial year facing more than 23% of debt refinancing. The average term to debt maturity was 3.0 years.

To mitigate interest rate and foreign exchange volatility, 75.1% of the total gross debt of S$5.7 billion was either fixed-rate debts or hedged through interest rate swaps, while approximately 95% of MPACT's distributable income (based on rolling four quarters) was generated in or hedged into Singapore dollars (as at 31 March 2026). Cash and undrawn committed facilities totalling approximately S$0.9 billion provide sufficient liquidity for working capital needs and financial obligations.

MPACT's total portfolio valuation was S$15.2 billion5 as at 31 March 2026, 2.1% lower yoy on a comparable basis. Singapore's valuation uplift of S$278.0 million, or 3.1% yoy, largely offset the S$301.7 million operational valuation decline in the overseas portfolio. The overseas portfolio was further impacted by S$301.1 million of foreign exchange effect resulting from a stronger SGD against HKD, JPY and KRW. Excluding this foreign exchange impact, the total portfolio valuation would have been broadly stable.

The higher valuation for the Singapore portfolio was driven by VivoCity, which recorded 5.4% uplift on a yoy basis, with the remaining Singapore assets holding steady. The overseas valuations were lower yoy, driven by foreign exchange impact and softer market conditions in Greater China and the Makuhari submarket of Chiba in Japan. Net asset value per Unit was S$1.73 as at 31 March 2026.

‌5 Includes MPACT's 50% effective interest in The Pinnacle Gangnam.