Frasers Centrepoint Trust

Good morning, everyone. My name is Judy, the Head of Investor Relations for Fraser Centrepoint Trust. Welcome to FCT's second half and full year financial results for the financial year 2025. With me today, we have got our Senior Management Team, Mr Richard Ng, our CEO, Ms Annie Kong, our CFO, and Ms Pauline Lin, the Managing Director for Investment and Asset Management. Without further ado, I'll pass it on to Richard to kick off today's briefing.

Hi, thanks Judy and very good morning to all of you. Thanks for joining us in this call. Okay, just to start off with, maybe we can give all of you a quick recap of what happened for the full year financial FY25. Of course, one of the key aspects is the acquisition of North Point City South Wing, which we announced in March of this year. And coupled with the divestment of Y10, that kind of helped us again to proactively reconstitute our portfolio. As we have shared before, the idea is for us to grow, but at the same time to continue to strengthen the portfolio that we have, and we have done exactly that. As part of that acquisition, we also did an EFR fundraising. We raised over $420 million. It was a very successful EFR, and at the same time, we raised another $200 million via the Perpetual Securities Act. Financial position very healthy at 39.6% and cost of debt has come down on a quarter to quarter basis. For this quarter is at 3.5% and later on we'll talk a little bit more about cost of fund and also our refinancing plan. The operating performance continue to be very strong as demonstrated in the positive rental reversion, shopper traffic and also tenant sales. Alkang Mall AEI is ongoing and it's actually on track in terms of timing, in terms of cost, and I'm happy to say that over 80% of the entire AEI spaces has already been pre-committed. Next slide, please. Okay, so I guess very high level numbers. DPU came in at 12.113 cents. That is a 0.6% higher compared to a full year FY24 at 12.042. Our aggregate leverage is below 40% at 39.6%. Cost of debt overall for the full year is at 3.8% and if you compare that to FY24 of 4.1%, so you have seen a downward trajectory for overall cost of debt. Net asset value came in at $2.23 compared to $2.29, a slight drop from FY24. Okay, operating highlights. Just wanted to stress a little bit in terms of the committed occupancy. Overall, the asset is, again, performing very well in terms of occupancy, but you could see on the slide there, or the chart there, it shows a 1.8% gap, and that is partly contributed by the two, or it's contributed by the two spaces that we have taken back from Kente. That accounts to the 1.8% that you are seeing there. Otherwise, occupancy rate would have been at 99.9% again. Shopper traffic and tenant sales, you can see the next chart. Shopper traffic has gone up for the full year, year-on-year at 1.6%, and tenant sales, we grew by 3.7%. Again, quite a strong sales that has a strong performance from our retailers as well. Parental reversion came in pretty strong at 7.8% versus 7.7% that you saw in FY24. And as I mentioned just now, Haukang AEI is very much on track to complete by September 2026, targeting an ROI of 7% based on 51 million care packs. We are still again on track to achieve that. More than 80% of the spaces has already been pre-committed as I indicated up front just now. A little bit on the big picture, general macroeconomics. The advance estimates for Singapore economy came in at 2.9%. Of course, if you compare to the 4.5% previous quarter, you could see a drop in that, but actually the numbers came in higher than the market estimates. So actually, it's a positive note. What is also interesting is the inflation continuing to ease down to 0.5% year on year in August. Again, this is helpful for us because easing of inflation is also helpful in terms of the cost perspective for our operation as well as also for our retailers. Overall market for retail sales seems to have kind of rebounded, even from the overall RSI perspective. So for August, it's a 4.6% growth year-on-year, pretty strong. And if we take the RSI year-to-date from January to August, because they always release the numbers one month later, so we only have up to August, so we can only measure January to August. For RSI, the overall number came in at about 1.2%, growth year-on-year. And if we were to take the same period for FCT's portfolio from January to August, our growth is actually at 4%, so we are ahead of the general market performance. Rental rents continue to track positively. Suburban prime rents grew by 0.5%, quarter on quarter and 1.7% year on year. So this actually kind of bring us to the next slide also looking at the supply side of things. so overall again very limited stock that's coming on stream from now to 2028 we are looking at about 1.2 million square feet of total spaces that's coming up but if you just focus strictly on suburban we are looking at about slightly over 340 000 square feet of space and even for that matter it's not looking at any significant mall for example You have Lentor Modern Mall coming up next year, 90,000 sqft Another one Parkpoint Neighbourhood Centre in Tengah, it's about 75,000 sqft So there are pockets of neighbourhood malls coming up So nothing significant on this list at this point in time Next slide, please. So this is the overall picture. Very limited supply, strong occupancy, and that's the reason why our CBRE in their forecast of rental trajectory is still on an upward trend, whether it be suburban or Orchard Road, and of course on an island-wide perspective. The next segment, we are going to go into the financial highlights. I'll hand over to Annie. Annie, please.

Thank you, Richard. Good morning, everyone. Let me take you through the financial highlights. Gross revenue for the second half is 14.3% as compared to corresponding period last year. This is mainly because of the North Point City South Wing acquisition, completion of the AEI at Tampines One, partially offset by the Algang AEI, which commenced in April 2025. If you exclude the effect of these three MOS, gross revenue is about 2.1% higher, mainly due to the higher occupancy and the higher rent across most MOS. Property expenses for the second half is about 20.1% higher compared to same period last year. Excluding the three MOS, property expenses is about 5.1% higher due to the higher property tax. The second half, the MPI is about 12% higher compared to the same period last year. If you exclude the effect of the three moths, it's about 1% higher. Distribution from investment is 3.5% higher mainly because of the better performance from Waterway Point and NEXT. DPU for the second half is 0.6% at $6.059. Next slide, please. On a full year basis, the gross revenue is also higher mainly because of the same reason as previous slides. If you exclude the effect of the three malls, gross revenue is about 2.4% higher, mainly because of the higher passing rent across most malls. Property expenses is about 13.5% higher compared to last year. If you exclude the effect of the 3MOS, it is about 4.7% due to the higher property tax, marketing as well as the higher net allowance of our DAFU debts. NPI is about 9.7% higher than last year and is about 1.6% higher if you exclude the effect of the 3MOS. We recorded a higher distribution from investment by 37.1%, mainly due to the full-year contribution from NEXT, which was completed in March 2024, as well as inclusion of the ones of distribution from JV during the year. With the two-half DPO of $6.059, it brings us a total of from $12.113, which is 0.6% higher than last year. Next slide, please. The higher balance in the total assets and liabilities as at 30th September 2025 is mainly because of the inclusion of the North Point City South Wing. Net asset value is lower at 2.23 cents mainly because of the enlarged unit base following the equity fundraising during the year as well as the effects of the mark to market recognising the derivative financial instruments. Next slide please. Okay, as briefly mentioned by Richard, as at 30 September 2025, aggregate leverage is 39.6%, which is 3.2 percentage point over the last quarter. This is mainly due to the repayment of loans from the proceeds from the issuance of the PERPS, as well as the divestment proceeds from the Issue 10 in the last quarter. The interest coverage ratio is healthy at 3.46 times, and the average cost of debt for full year is at 3.8%, but on a quarter basis, it has dropped to 3.5%. Average debt maturity stood at about 3.16 year, and the hedge ratio for the asset year end is higher compared to last quarter at 3.4%, due to the repayment of variable borrowings during the quarter. Credit rating remained unchanged at BAA2 stable from Moody's. For the capital management front, we have diversified sources of funding where we issue a 7-year, $80 million bond as well as the $200 million perpetual securities during the year. For the debt that is maturing in FY2026, BALB is in Q2 2026 and we are in the advanced stage of refinancing of these loans. Next slide please. Aggregate appraised value for the total portfolio, including the 50% of Nex and Waterway Point, increased by 16.8%, as driven by the acquisition of North Point City South Wing, as well as stronger performance. The cap rates adopted by the valuers remain unchanged as compared to last financial year, which is in the range of 3.75% to 4.75%. Next slide, please. The DPU of 5.963 will be paid on the 28th November 2025 and this is for the distribution period from 4th April to 30th September 2025. I will now hand over to Colleen for portfolio highlights. Thank you.