Mapletree Pan Asia Commercial Trust : 4Q & FY24/25 Results Presentation

Mapletree Pan Asia Commercial Trust

4Q and FY24/25 Financial Results

25 April 2025

Content

▪	Key Highlights	Page 4
▪	Financial Performance	Page 7
▪	Portfolio Highlights	Page 21
▪	Commitment to Sustainability	Page 37
▪	Outlook	Page 40
▪	Appendix 1: Market Information	Page 42
▪	Appendix 2: Other Asset Information	Page 60

Key Highlights

Financials and Capital Management Operational Performance

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

Key Highlights (cont'd)

Financial Performance

4Q FY24/25 vs 4Q FY23/24

• ▪ VivoCity showed continued strength: Maintained strong performance despite impact from ongoing asset enhancement initiative ("AEI"), partially offsetting overseas headwinds

• ▪ Lower operating and finance costs: Achieved savings through lower utility rates and strategic debt reduction FY24/25 vs FY23/24

• ▪ Singapore's strength and

  Mapletree Anson: Provided headwinds and forex pressures

  accretive divestment of

  stability against overseas

• ▪ Sustained stability from Singapore: VivoCity spearheaded Singapore's growth in gross revenue and NPI

• ▪ Overseas contributions: Tempered by persistent SGD strength

Capital Management

• ▪ Long-term financing secured at competitive interest rate: Issued S$200 mil of seven-year green notes at 3.104% p.a.

• ▪ Capital discipline in market volatility: Upholding financial stability with sub-40% gearing

Portfolio Performance

• ▪ Agile leasing strategies: Delivered 89.6% portfolio committed occupancy despite market pressures

• ▪ Achieved full-year portfolio rental uplift: Demonstrating core market strength led by VivoCity

• ▪ Stable portfolio valuation: adjustments in overseas assets Singapore's uplift offset

• ▪ Navigating heightened macro uncertainties: Strategic focus on preserving occupancy while actively pursuing targeted opportunities to address challenges

  VivoCity

  • ▪ Steady trajectory towards long-term success: Tenant sales exceeded S$1 billion milestone for third consecutive year despite increased downtime

  • ▪ Basement 2 AEI on track: Phase 1 nearing completion with majority of food kiosks fully operational; Phase 2 retail area expansion progressing on schedule

  Festival Walk

  • ▪ Shopper traffic and tenant sales performance continued to outperform market: Overcoming broader spending shifts, including currency-driven outbound travel and cross-border consumption trend

4Q FY24/25 vs 4Q FY23/24: VivoCity's Strong Performance Despite AEI Cushioned Portfolio Against Overseas Headwinds

Lower utility expenses and strategic debt reduction improved operating and finance costs

S$'000 unless otherwise stated	4Q FY24/25	4Q FY23/24	Variance
Gross Revenue1	222,894	239,222	 6.8%	Gross revenue lower year-on-year ("yoy"), mainly attributed to: • Reduced contribution from Singapore properties due to divestment of Mapletree Anson on 31 July 2024; and • Lower overseas contributions. Singapore's gross revenue stable yoy (excluding Mapletree Anson), spearheaded by: • VivoCity's strong performance despite impact from ongoing AEI. Lower property operating expenses mainly due to: • Divestment of Mapletree Anson and lower utility expenses.
Property Operating Expenses1	(53,349)	(56,087)	 4.9%
Net Property Income1	169,545	183,135	 7.4%
Net Finance Costs1	(51,123)	(56,434)	 9.4%	Finance costs improved 9.4% yoy: • Net proceeds from Mapletree Anson's divestment deployed towards debt reduction, partially offset by higher interest rates on HKD and JPY borrowings. DPU lower yoy, largely due to: • Lower overseas contributions; • Mitigated by: o Singapore's stable contribution (excluding Mapletree Anson); o Lower property operating expenses; and o Lower net finance costs resulting from reduced borrowings post-divestment.
Amount Available for Distribution to Unitholders	103,620	120,522	 14.0%
Distribution per Unit (Singapore cents)	1.95	2.29	 14.8%

1. Gross revenue, property operating expenses, NPI and net finance costs 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

Singapore's 1.4% rise in Contribution to NPI (excluding Mapletree Anson1) moderated against the effects of diverging overseas currents

4Q FY24/25 vs 4Q FY23/24: VivoCity's 6.5% NPI Growth Anchored Overall Singapore Stability

Contribution to Gross Revenue

Contribution to NPI

(S$ million)

(S$ million)

242.2

ContributiontoGrossRevenue

(S$million)

185.4

4Q FY23/24

53% of revenue from core assets

ContributiontoNPI

(S$million)

4Q FY24/25

4Q FY23/24

53% of NPI from core assets

4Q FY24/25

MBC, SG VivoCity, SG Other SG properties Festival Walk, HK China properties Japan properties The Pinnacle Gangnam, KR

1. Mapletree Anson contributed S$9.5 million of gross revenue and S$7.8 million of NPI in 4Q FY23/24.

FY24/25 vs FY23/24: Singapore Stability and Accretive Divestment Injected Resilience

Singapore's higher gross revenue (excluding Mapletree Anson) alongside lower finance costs from debt reduction provided resilience; DPU impacted by overseas headwinds, forex and absence of one-off property tax refund

S$'000 unless otherwise stated	FY24/25	FY23/24	Variance
Gross Revenue1	908,841	958,088	 5.1%	Gross revenue lower yoy, mainly due to: • Reduced contributions from Singapore properties due to Mapletree Anson's divestment on 31 July 2024. • Lower overseas contributions further dampened by a stronger SGD against JPY, RMB and HKD. Singapore's gross revenue was higher yoy (excluding Mapletree Anson), mainly led by: • VivoCity's stronger performance despite impact from the ongoing AEI. Lower property operating expenses due to: • Divestment of Mapletree Anson and lower utility expenses; • Partially offset by refund of property tax relating to VivoCity (S$3.0m) recorded in FY23/24 that was absent in FY24/25, higher property tax and staff cost. Portfolio NPI lower yoy. • On a constant currency basis, gross revenue and NPI would have been 4.6% and 5.6% lower yoy respectively instead.
Property Operating Expenses1	(225,304)	(230,159)	 2.1%
Net Property Income1	683,537	727,929	 6.1%
Net Finance Costs1	(218,382)	(225,482)	 3.1%	Finance costs improved 3.1% yoy: • Strategic debt reduction post-divestment successfully shielded against higher interest rates on SGD, HKD and JPY borrowings. DPU lower yoy, largely due to: • Overseas headwinds and adverse forex movements; and • Absence of one-off property tax refund in FY24/25; • Mitigated by: o Singapore's higher contributions on a comparable basis; and o Improved finance costs after repayment of debts with divestment proceeds. DPU would be 8.6% lower yoy if NPI were held on a constant currency and excluding the one-off property tax refund for VivoCity recorded in FY23/24.
Amount Available for Distribution to Unitholders	423,022	468,569	 9.7%
Distribution per Unit (Singapore cents)	8.02	8.91	 10.0%

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