Frasers Centrepoint Trust

Hello, a very good morning to everyone. Welcome to Fraser's Centrepoint Trust First Half FY2026 Results Briefing. I have with me today the management team, Mr. Richard Ng, who is our CEO, Ms. Annie Kuang, our CFO, as well as Ms. Pauline Lim, our Managing Director for Investment and Asset Management. I'm sure we have lots to cover today. So without further ado, can I pass it on to Richard to kickstart the briefing, please? Thank you.

Yeah, thanks, Judy, and a very good morning to all of you. Thanks for joining us this morning again, and I figured that you guys probably have some time to go through the deck, so we're just going to run through and perhaps can spend a little bit more time on the Q&A part of it. All right, come, Judy, let's go. Yep. Okay, once again, I'm very happy to share a set of strong results that we have delivered for this first half. If you look at all the numbers here, it's all positive. It's grown, has improved. Revenue, of course, came in pretty strong, more than 20%. MPI, likewise, more than 20%. Even for DPU, we grew by 1.4%. And if you look at the operating matrices as well, tenant sales have increased by 3.2%. Traffic has gone up. Occupancy is again very resilient, very strong at 99.8%. Rental reversion is also at 6.5% for this first half. In terms of the capital management side, Annie will go into a little bit more details, but just on a broad perspective, our leverage is about 40%, and for this quarter, our cost of fund is about 3.2%. Okay, next we're going to touch on the broader market perspective. The macroeconomics in retail market in Singapore, I'm not going to dwell too much on the economic indicators. You guys are pretty much aware as much as we do. But let's maybe perhaps look at the sales numbers. So for retail sales in Singapore as a whole, We are looking at this January-February because as you are aware, typically the same steps, it's a little bit behind time. So we try to compare on the same period of time. And you know that January-February is an average of, you know, depending on which month is the Chinese New Year. So for this, we normally put it, put these two months together. So on the average, Singapore retail sales grew by about 3.4%. And SAT is actually ahead of that at 3.5%. and if you also strip out the rest and just focus on the F&B because there's a lot of conversations around this particular sector the broader market saw a 1% increase but for FCT we actually delivered a 1.7% increase so that's where perhaps One of the differences, right? I mean, you read a lot about F&B operators shutting and so on. So it is not the fact that it's not across every mall, but maybe some are more affected than others. This is, again, strong numbers that you can look at in comparison with the broader market perspective. In terms of rent, for this quarter-on-quarter, suburban prime retail rents grew by 0.2% and year-on-year grew by 1.4%. In terms of financial highlights, I will then hand over to Annie.

Thank you, Richard. Good morning, everyone. I will go through the financial performance. The gross revenue for one half FY26 stood at $221.9, which is an increase of 20.3% compared to the same time last year. The increase was mainly due to the North Point City South Wing acquisition in May 2025 last year and also higher passing rent across most malls. This was partially offset by the AEI at Hougang Mall as well as the divestment of issue in September 2025. Property expenses for 1.526 is 20.5% higher compared to 1.5 last year. Excluding the effect of North Point City, South Point and Algon Mall, it is comparable to the corresponding period last year. So accordingly, our NPI for this 1.5 is higher by 20.2%. There's a lower distribution from joint ventures for the 1.5 this year due mainly to the absence of the one-off dividend compared to the same time last year. The DPU for one half is at $0.6136, which is 1.4% higher than last year. So this excludes an amount of $4.6 million, which has been retained for general corporate and working capital purposes. Next slide, please. There are no significant movement in balance sheet position compared to 30th September 2025. The NAV and adjusted NAV increased to 2.25 and 2.19 cents respectively, mainly because of the effect of the mark-to-market recognised for the directly financial instruments. Next chart, please. As at 31st March, our aggregate leverage is at 40%, which is 0.3 percentage point lower than last quarter. Interest coverage ratio remain healthy at 3.59 times. Average cost of debt for the six months is at 3.3%, but for the quarter it is 3.2%, which is the early basis point drop from last quarter. We have refinanced all the loans in FY26 this quarter, as well as partially refinanced some loans due in FY29, therefore extending the weighted average debt maturity to 3.92 year as of 31st March. The hedge ratio is lower at 66% due to the interest rate swap that happened. Slide 11. So there's no refinancing raised in FY2026. As mentioned earlier, I think we did an early refinancing for borrowing which was previously due in FY2029 by pushing it to FY2031. With that, there is no more than 30% loan due in any one year. Next slide please. So the DPU, 6.13 cents for the first half will be paid on 29 May 2026. So I'll now hand over to Polly for portfolio highlights.