SF Real Estate Investment Trust · HKEX:2191
SF Real Estate Investment Trust — FY2025 Earnings Presentation
20 slides from SF Real Estate Investment Trust's earnings presentation, Mar 12, 2026
Slide 1: 2025 Annual Results Investor Presentation - March 2026
i REIT (SE) Ne 8 BBE SF REAL ESTATE INVESTMENT TRUST eRe se AR Sn (Stock Code: 2191) 2025 Annual Results Investor Presentation - March 2026
Slide 2: Contents
CONTENTS O01 Financial Performance ( 04 Sustainability ) ( 02 Operational Performance ) O05 Market Updates ig §=603 = Capital Management (_ 06 Strategies )
Slide 3: Financial Highlights
Financial Highlights Ne ~\ c @ Revenue * @ Net Property Income * @ Total Distributable Income HK$460.4M HK$383.7M HK$240.0M 0, t) Property operating 9 A 2.0% A 6.2% expenses reduced with A 2.4 0 Steady growth (2024: HK$451.4M) (2024: HK$361.2M) improved efficiency (2024: HK$234.4M) Year-on-year XQ a
Slide 4: Breakdown by Properties
». Breakdown by Properties @ Revenue * @ Net Property Income * Wuhu Wuhu Foshan 48% Foshan 4.2% 11.5% 1.7% Changsha Changsha 10% 10.7% Hong Kong 72.8% Hong Kong 74.3% * Adjusted to reflect the step-up rentmechanism in leases and excluding depreciations, where appropriate. Wy
Slide 5: Portfolio GLA, Valuation and Occupancy
Changsha Wuhu 98.0% 95.9% (2024: 98.9%) (2024: 95.4%) Total GLA Overall Occupancy 427,657 sq.m. 96.9% (2024: 98%) Hong Kong Foshan Total Valuation 94.8% 100.0% SFH Occupancy HK$ 6,171 M (2024: 97.3%) (2024: 100.0%) 80.7% (2024: HK$ 6,731M) (2024: 80.3%)
Slide 6: SF Leases Renewal
| SF Leases Renewal * Majority of subsisting leases with the SFH Group tenants were due to expire in 2026 * Renewed Leasing Framework Agreement in January 2026 to set out the terms and conditions and pricing policy governing the new SF leases until end of December 2031 + Renewed all major leases wit
Slide 7: SF Leases Renewal
SF Leases Renewal SF occupancy as in Annual Rental Property Rental Reversion % of GLA Term Increment Hong Kong -20% 66.8% (-3.4ppt) 2/3/5 years - Changsha -35% 95.9% (+20.4ppt) 59 months - 5 years 0-2% Foshan -39% 99.9% (unchanged) 3 years - Wuhu -45% 91.1% (unchanged) 5 years 2% * Terms of new SF l
Slide 8: Leases Expiry of Individual and All Properties
Leases Expiry of Individual Properties (% of Property’s GLA) Leases Expiry of All Properties (% of Total GLA)
Slide 9: Valuation of Assets
Valuation of Assets Valuation (Million) Capitalisation Rate Property pec2025 | Dec 2024 change Dec2025 Dec 2024 canoe | Hong Kong HKS 5,120.0 HKS 5,620.0 -8.9% 4.25% Changsha RMB 416.9 RMB 452.8 -7.9% 5.55% Foshan RMB 371.8 RMB 416.5 -10.7% 5.45% Wuhu RMB 156.3 RMB 175.3 -10.8% 5.70% Primarily attri
Slide 10: Loans Overview
Loans Overview HK Property Mainland Property Portfolio Value $ g HKS 5,120M (83% HKS 1,051M (17% HK$ 6,171M eo uw” HKD Borrowings RMB Borrowings Borrowings HKS 313M HKS 2,159M (87% HK$ 2,472M waa Fixed-rate Borrowings 42% HKS Borrowings 58% HK$ Borrowings Ber cue 36% (fixed w/ IRS till 2027) (floati
Slide 11: Loans Expiry Profile
Loans Expiry Profile Prudent capital management by successfully refinancing RMB loans in advance for amuch HK$ Term Loan (HK$ 2,159 *) longer maturity of 10 years to enhance cash ——————— > — — —< > 2-year extension option management flexibility Maturity: Sep 2027 Changsha RMB Loan (RMB 227M *) se ee
Slide 12: ESG Achievements GRESB
ESG Achievements GRESB 2025 GRESB 5-Star Rating & Public Disclosure Level A Hong Kong Quality Assurance Agency ] Gold Seal for Contribution to Sustainable Property - ry | 0 & Promoting Environmental Protection & Promoting Community Care Ll aa Al Snes - . f aeoTsal Hong Kong Investor Relations Associ
Slide 13: ESG Snapshots
j ESG Snapshots ‘Tw CF MENU oe ene om TE EL RRIRMESRRAOMREOO | 4 ma - Lge NM} ay i i iV Q “i "1 a fp )) a= Tenant Engagement f=} Community Service 18.
Slide 14: Reduced Demand - Downward pressure on rents and occupancy
Reduced Demand - Imposes downward pressure on both rents and occupancy * Macro-Uncertainties: Geopolitical tension and looming tariff * Risk-Adverse Sentiment from Occupiers: Headwind for Hong Kong Market Occupiers are cost-sensitive and negotiate for aggressive rent reductions Overall and Prime War
Slide 15: • • 2026 2027 2028 2029 2030
8 • 7 6 5 • 4 3 2 1 0 2026 2027 2028 2029 2030
Slide 16: Pressurized China Market
Southwestern Stock: 15M sq.m. Vacancy: 9.2% _ Pressurized China Market 202504 China Overall Stock: 136M sq.m. China Average Vacancy: 18.3% Northern Stock: 37M sq.m. Vacancy: 23.3% Central Stock: 11M sq.m. Vacancy: 11.9% SF Wuhu Property 211.9% Vacancy: 4.1% e SF Changsha Property Eastern Vacancy: 2.
Slide 17: New Supply Adds Pressure to China Market
New Supply Adds Pressure to China Market ag Wy iy China Overall Rent (asking) Current Stock oO, 136M sum. V 62% Abundant Supply * Demand/Supply Imbalance: Weak demand with significant stock and new supply * Landlord’s Strategy: Future Supply Price-for-volume to secure occupancy (2026-2028) i i 46Msq
Slide 18: Global Outlook
- Global Outlook Market visibility is expected to remain low, constrained by multiple factors: * Elevated interest rates * Heightened geopolitical tensions across the globe hey
Slide 19: Our Strategies
Our Strategies Proactive Challenges Management Strengthen our strategic relationship with tenants and enhance their experience at our properties under the pressurised market Prudent Capital Management Stay prudent in capital management by maintaining a healthy balance sheet to navigate potential cha
Slide 20: Disclaimer
_ Disclaimer The distribution of this document in certain jurisdictions may be restricted by law, and the recipients into whose possession this document comes should inform themselves about, and observe, such restrictions. Neither this document nor any part or copy of it may be taken or transmitted
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