Mapletree Pan Asia Commercial Trust · SGX:N2IU
Mapletree Pan Asia Commercial Trust — Q2 2027 Earnings Presentation
65 slides from Mapletree Pan Asia Commercial Trust's earnings presentation, Oct 30, 2026
Slide 1: 2Q & 1H FY26/27 Financial Results
Mapletree Pan Asia Commercial Trust 2Q & 1H FY26/27 Financial Results 30 October 2026
Slide 2: Important Notice
Important Notice This presentation is for information only and does not have regard to your specific investment objectives, financial situation or your particular needs. This presentation does not constitute an invitation, offer or solicitation of any offer to sell or subscribe for, acquire or purch
Slide 3: Content
Content ▪ Key Highlights Page 4 ▪ Financial Performance Page 7 ▪ Portfolio Highlights Page 17 ▪ Commitment to Sustainability Page 30 ▪ Outlook Page 33 ▪ Appendix 1: Market Information Page 36 ▪ Appendix 2: Other Asset Information Page 55
Slide 4: Key Highlights
Key Highlights VivoCity, SG
Slide 5: Key Highlights
Key Highlights Financials and Capital Management 2Q FY26/27 Distribution per NAV per Unit Aggregate Weighted All-in Unit (“DPU”) Leverage Cost of Debt S$1.73 38.1% 2.95% p.a. 1.94 Singapore cents Operational Performance Assets Under Management (“AUM”)1 Portfolio Portfolio Portfolio Committed WALE Re
Slide 6: Key Highlights
Key Highlights Financial Performance Portfolio Performance (cont’d) 2Q and 1H FY26/27 VivoCity ▪ VivoCity’s growth and lower finance expenses partially offset ▪ NPI up 5.0% in 2Q and 6.9% yoy in 1H, supported by the overseas headwinds and foreign exchange impact completed Basement 2 AEI, rental grow
Slide 7: Financial Performance
Financial Performance Mapletree Business City, SG
Slide 8: 2Q FY26/27 vs 2Q FY25/26: VivoCity’s Growth and Lower Finance Expenses Cushioned Overseas Headwinds
2Q FY26/27 vs 2Q FY25/26: VivoCity’s Growth and Lower Finance Expenses Cushioned Overseas Headwinds Portfolio reshaping and disciplined debt reduction continued to deliver interest savings S$’000 unless 2Q FY26/27 2Q FY25/26 Variance otherwise stated Gross Revenue1 207,483 218,486 5.0% Singapore’s
Slide 9: 2Q FY26/27 vs 2Q FY25/26: VivoCity Gross Revenue Up 5.9% and NPI Up 5.0%
2Q FY26/27 vs 2Q FY25/26: VivoCity Gross Revenue Up 5.9% and NPI Up 5.0% MBC’s key committed leases expected to commence rental contribution progressively from 3Q FY26/27 Contribution to Gross Revenue Contribution to NPI on a comparable basis excluding divested assets1 on a comparable basis excludin
Slide 10: 1H FY26/27 vs 1H FY25/26: VivoCity Continued Strong Performance Amid Softer Overseas Contributions
1H FY26/27 vs 1H FY25/26: VivoCity Continued Strong Performance Amid Softer Overseas Contributions Interest savings from debt reduction and active capital management provided further support S$’000 unless 1H FY26/27 1H FY25/26 Variance otherwise stated Gross Revenue1 413,945 437,102 5.3% Singapore
Slide 11: 1H FY26/27 vs 1H FY25/26: VivoCity Gross Revenue Up 7.5% and NPI Up 6.9%
1H FY26/27 vs 1H FY25/26: VivoCity Gross Revenue Up 7.5% and NPI Up 6.9% Core assets, VivoCity and MBC, continued to anchor portfolio earnings, contributing 58% of gross revenue and 59% of NPI Contribution to Gross Revenue Contribution to NPI on a comparable basis excluding divested assets1 on a com
Slide 12: NAV per Unit Held Steady at S$1.73
NAV per Unit Held Steady at S$1.73 Balance sheet movements reflect previously announced S$250 million of perpetual securities redemption and S$200 million fixed-rate note issuance in June 2026 As at As at S$’000 unless otherwise stated 30 September 2026 31 March 2026 Investment Properties 15,021,114
Slide 13: 1H FY26/27 Cost of Debt Lower YOY Despite Rate Pressure in 2Q
1H FY26/27 Cost of Debt Lower YOY Despite Rate Pressure in 2Q Increase in aggregate leverage mostly due to additional working-capital borrowings Lower proportion of fixed-rate debt reflects the timing of debt maturities and hedge expiries As at As at As at 30 September 2026 30 June 2026 30 September
Slide 14: Risk-Based Capital Management Focuses on Financial Resilience
Risk-Based Capital Management Focuses on Financial Resilience Prudent management mitigates risks, although financing costs remain subject to market conditions Supported by ample ICR well above Alignment of debt mix with AUM composition liquidity 1.5x statutory limit Foreign-denominated debt, 39% Tot
Slide 15: Hedging Cushions DPU Against Interest Rate and Foreign Exchange Movements
Hedging Cushions DPU Against Interest Rate and Foreign Exchange Movements Over 70% of debt on fixed-rates or hedged ~94% of expected distributable income in SGD or hedged into SGD to provide income stability ~72% of total debt hedged or fixed ~94% of Expected Distributable Income1 Derived from or He
Slide 16: Distribution Details
Distribution Details Unitholders will receive 2Q FY26/27 DPU of 1.94 Singapore cents on 16 December 2026 Distribution Period 1 July 2026 to 30 September 2026 Distribution Amount 1.94 Singapore cents per Unit Distribution Timetable Notice of Record Date Friday, 30 October 2026 Last Day of Trading on
Slide 17: Portfolio Highlights
Portfolio Highlights Mapletree Business City, SG
Slide 18: Portfolio Highlights
Portfolio Highlights Portfolio1 Committed Occupancy Total Lettable Area Renewed & Re-let 85.6% 479,613 sq ft 1,734,792 sq ft Retail Office/Business Park Rental Reversion Tenant Retention Rate 3.5% 74.0% VivoCity Festival Walk Tenant Sales Shopper Traffic Tenant Sales Shopper Traffic 4.1% 1.1%
Slide 19: Portfolio Achieves Higher Committed Occupancy
Portfolio Achieves Higher Committed Occupancy Gains in committed occupancy across markets MBC commitment up to 95.4%, with key committed leases to commence progressively from 3Q FY26/27 As at As at As at 30 September 2026 30 June 2026 30 September 2025 Leasing Update (%) (%) (%) Key committed leases
Slide 20: Singapore Drives Positive Rental Reversion of +3.5%
Singapore Drives Positive Rental Reversion of +3.5% VivoCity leads with 15.0% rental uplift Overseas leasing continues to prioritise occupancy over headline rents, with Festival Walk’s rental reversion reflecting renewals of leases with higher expiring rents Retention Rate by Lettable Area Number of
Slide 21: Balanced Lease Expiry Profile
Balanced Lease Expiry Profile (as at 30 September 2026) Proactive lease management mitigates concentration risk Weighted Average Lease Expiry (“WALE”) by Gross Monthly Income (“GRI”) Portfolio Retail Office/Business Park 2.3 years1 1.9 years 2.7 years Lease Expiry Profile by Percentage of Monthly GR
Slide 22: Performance of Office/Business Park Assets
Performance of Office/Business Park Assets Healthy occupancy and rental uplifts continue to anchor Leasing efforts remain focused on occupancy and portfolio performance stability amid soft market conditions Committed Occupancy Total LA Committed Occupancy Total LA 95.4% 95.4% Renewed/Relet YTD 569 8
Slide 23: Performance of Retail Assets
Performance of Retail Assets VivoCity – Strong performance across tenant sales, Festival Walk – Near-full committed occupancy, with active committed occupancy and rental reversions management focused on stabilising performance Committed Occupancy Committed Occupancy Total LA Total LA 100.0% Renewed/
Slide 24: VivoCity – 1H FY26/27 Tenant Sales Up 4.1% YOY
VivoCity – 1H FY26/27 Tenant Sales Up 4.1% YOY 2Q FY26/27 tenant sales up 3.3% yoy, supported by Basement 2 AEI despite moderated footfall amid changes in the HarbourFront precinct1 Shopper Traffic (mil) Tenant Sales (S$ mil)2 1.1% 4.1% year-on-year year-on-year 21.9 22.1 519.1 540.5 11.4 11.2 2
Slide 25: VivoCity – Ongoing Tenant Remixing and Rejuvenation
VivoCity – Ongoing Tenant Remixing and Rejuvenation New concepts and refreshed stores keep VivoCity’s offerings fresh and dynamic New-to-mall concepts expand retail offerings Bake it Babe, L1 – Viral banana cake Bee Cheng Hiang, B2 – Homegrown Mister Mobile, L2 – One-stop mobile Tissot, L1 – Swiss w
Slide 26: VivoCity – Signature Events Drive Shopper Engagement
VivoCity – Signature Events Drive Shopper Engagement Strategic partnerships deliver immersive and shareable experiences Sanrio Characters Moonlit Garden x TANGS Mid-Autumn Fair 2026 (25 August – 27 September 2026) Sanrio mascot meet-and-greets, carnival games Sky Park transformed with larger-than-li
Slide 27: Festival Walk – 1H FY26/27 Tenant Sales Up 3.9% YOY
Festival Walk – 1H FY26/27 Tenant Sales Up 3.9% YOY 2Q FY26/27 tenant sales rose 3.7% yoy alongside 10.3% growth in shopper traffic Spending on higher-value luxury items and space reconfiguration completed in July 2026 supported sales Shopper Traffic (mil) Tenant Sales (HKD mil)1 6.7% 3.9% year-
Slide 28: Festival Walk – Active Tenant Remixing to Match Local Preferences
Festival Walk – Active Tenant Remixing to Match Local Preferences Ongoing efforts to broaden choices for shoppers and refresh storefronts to elevate shopping experience ICBC, L1 – Providing professional banking and financial So Gor Beef Brisket, G – Popular beef brisket specialist bringing services
Slide 29: Festival Walk – High-Impact Events and Experiences Drive Footfall
Festival Walk – High-Impact Events and Experiences Drive Footfall Pop-up events and celebrity appearances give shoppers more reasons to visit Winnie the Pooh The 100th Year of Celebration Pop-up – Exclusive merchandise “Beware of Love” Press Conference – Celebrities and themed photo spots to celebra
Slide 30: Commitment to Sustainability
Commitment to Sustainability Mapletree Business City, SG
Slide 31: Our Steadfast Commitment to Sustainability
Our Steadfast Commitment to Sustainability 12 material topics mapped to United Nations Sustainable Development Goals (“SDGs”) Underpinned by four sustainability pillars Enhancing Social Value Building a Resilient and Safeguarding Against the Upholding High Ethical in the Workplace and Sustainable Bu
Slide 32: Net Zero by 2050: Building a Climate-Resilient Portfolio
Net Zero by 2050: Building a Climate-Resilient Portfolio Sector Leader recognition and improved Five-Star rating at the 2026 GRESB Real Estate Assessment Roadmap to Building a Climate-Resilient Portfolio 1. Foundation and 2. Stakeholder 3. Decarbonisation 4. Compensate Pathway Development Engagement
Slide 33: Outlook
Outlook Mapletree Business City, SG
Slide 34: Looking Ahead: Navigating From A Stronger Position
Looking Ahead: Navigating From A Stronger Position Proactive portfolio actions have deepened Singapore’s weighting, while strategic debt reduction has strengthened MPACT’s position to weather uncertainties and pursue opportunities OPERATING ENVIRONMENT Geopolitical tensions continue to weigh on busi
Slide 35: Thank You
Thank You For enquiries, please contact: Teng Li Yeng Cassandra Seet Investor Relations & Sustainability Investor Relations & Sustainability Tel: +65 6377 6111 Tel: +65 6807 4064 Email: [email protected] Email: [email protected] 35
Slide 36: Appendix 1: Market Information
Appendix 1: Market Information Festival Walk, HK
Slide 37: Singapore Retail – Market Overview
Singapore Retail – Market Overview Consumer spending turning cautious while retailers face labour shortages, higher operating costs and competition from e-commerce. Tight prime retail space supply should continue to support rents Key Retail Malls and Submarkets Average Rent Orchard Suburban S$38.10
Slide 38: Singapore Retail – Market Overview (cont’d)
Singapore Retail – Market Overview (cont’d) Planned New Supply (2026 – 2028) Area Expected Area Expected Submarket Property Submarket Property (’000 sq ft) Completion (’000 sq ft) Completion Marine Parade Orchard One Sophia 82.7 2028 Fringe 99.8 2026 Underground Mall Orchard Comcentre 71.2 2028 Orch
Slide 39: Singapore Retail Sales Performance
Singapore Retail Sales Performance Total retail sales excluding motor vehicles for July-August 2026 rose 1.5% yoy amid a more cautious consumer sentiment (S$ bil) (Online Sales Proportion) 5.0 100.0% 4.5 4.4 90.0% 4.2 4.2 4.1 4.0 4.0 3.9 3.9 80.0% 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.6 3.7 3.7 3.6 3.7 3.7
Slide 40: Singapore Visitor Arrivals
Singapore Visitor Arrivals Visitor arrivals declined 1.8% yoy in July-September and 1.7% in the first nine months of 2026 25.0 20.0 19.1 International Visitor Arrivals (millions) 16.9 16.5 15.0 13.6 12.7 10.0 6.3 5.0 2.7 0.3 0.0 2019 2020 2021 2022 2023 2024 2025 2026 (9 months) Source: Singapore To
Slide 41: Singapore Office – Market Overview
Singapore Office – Market Overview Limited supply and demand from technology and non-bank financial firms are expected to support prime office rental growth Key Office Districts Average Rent Occupancy Islandwide Islandwide S$7.03 89.0% per sq ft per month 0.2 p.p. 1.9% qoq from last quarter ▪ In
Slide 42: Singapore Office – Market Overview (cont’d)
Singapore Office – Market Overview (cont’d) Planned New Supply (2026 – 2028) Submarket Property Area (’000 sq ft) Expected Completion Core CBD Solitaire On Cecil 197.0 2026 Core CBD Newport Tower 220.0 2027 Core CBD Cecil Place (formerly known as Aviva Building) 70.0 2027 Core CBD The Skywaters 745.
Slide 43: Singapore Business Parks – Market Overview
Singapore Business Parks – Market Overview Demand from technology and biomedical firms supported leasing but market remains segmented, with modern and well-located business parks more resilient than older ones as occupiers focus on quality Existing and Planned Business Park Clusters Planned New Supp
Slide 44: Hong Kong Retail – Market Overview
Hong Kong Retail – Market Overview Retail sales and visitor arrivals continue to recover, but new supply in Kowloon East expected to pressure near-term occupancy and rents Key Retail Areas Average Rent Occupancy Kowloon East Kowloon East HKD255 85.9% per sq ft per month 1.5 p.p. Festival Walk
Slide 45: Hong Kong Retail – Market Overview (cont’d)
Hong Kong Retail – Market Overview (cont’d) Planned New Supply (2026 – 2028) Submarket Property Area (’000 sq ft) Expected Completion Others XRL Terminus (Retail Portion) 602.8 2026 Kowloon East The KEyPoint 300.0 2026 CWB/Wan Chai Lee Garden Eight IL 8945 (Caroline Hill Road) 107.6 2026 Central IL
Slide 46: Hong Kong Retail Sales Performance
Hong Kong Retail Sales Performance Retail sales rose 5.1% yoy in July-August and 8.5% yoy in January-August 2026, mainly driven by stronger spending on jewellery, watches, clocks and valuable gifts, as well as consumer durable goods (HKD bil) (Online Sales Proportion) 40.0 100.0% 37.3 36.2 36.3 36.5
Slide 47: Hong Kong Visitor Arrivals
Hong Kong Visitor Arrivals Visitor arrivals rose 9.0% yoy to 14.0 million in July-September, and 11.6% yoy to 40.7 million in the first nine months of 2026 60,000 55,913 49,895 50,000 12,138 44,514 12,061 Number of Visitor Arrivals ('000) 40,704 40,000 10,481 34,003 8,804 30,000 7,241 43,775 20,000
Slide 48: Beijing Office Market – Market Overview
Beijing Office Market – Market Overview Elevated supply will keep rents under pressure, although demand from strategic emerging industries is expected to support leasing activity Key Office Districts Average Rent Occupancy Lufthansa (Grade A) Lufthansa (Grade A) RMB179.2 72.7% per sq ft per month
Slide 49: Beijing Office Market – Market Overview (cont’d)
Beijing Office Market – Market Overview (cont’d) Planned New Supply (2026 – 2028) Submarket Property Area (’000 sq m) Expected Completion Lufthansa Maoyuan Yao Zone 38.0 4Q 2026 Financial Street Zhaotai Financial Center (T1-T4) 35.0 4Q 2026 Lize Zhongyang Plaza 78.0 4Q 2026 Others South Plot of Chao
Slide 50: Shanghai Business Parks – Market Overview
Shanghai Business Parks – Market Overview High vacancy and new supply continue to weigh on the market Expansion in the AI, integrated circuits and biomedicine sectors provides support to leasing demand Core and Emerging Business Parks Average Rent Occupancy Zhangjiang Zhangjiang RMB3.40 67.3% per sq
Slide 51: Shanghai Business Parks – Market Overview (cont’d)
Shanghai Business Parks – Market Overview (cont’d) Planned New Submarket Supply (2026 – 2028) Area Property Expected Submarket Property Area Expected (’000 sq m) Completion (’000 sq m) Completion Zhangjiang East Hope Project 58.1 4Q 2026 Shanghai Riverfront Zhangjiang 156.0 2027 Harbor B-3-11 Caohej
Slide 52: Greater Tokyo Office – Market Overview
Greater Tokyo Office – Market Overview Office market fundamentals strengthened in both Tokyo Central 5 wards and Tokyo 18 wards in 3Q 2026 Occupancy remains soft in the Makuhari area where vacancies are expected to take longer to backfill Map of Office Markets Planned New Supply (2026 – 2028)1 Expe
Slide 53: Seoul Office – Market Overview
Seoul Office – Market Overview Construction of new prime office space in the CBD has been delayed mainly due to financing constraints and late project commencements. Limited new supply and sustained occupier demand expected to support rents Map of Major Office Submarkets Average Rent Occupancy GBD G
Slide 54: Seoul Office – Market Overview (cont’d)
Seoul Office – Market Overview (cont’d) Planned New Supply (2026 – 2028) Submarket Property Area (million pyeong) Expected Completion CBD Euljiro Central Office 3ga 12 District 0.01 4Q 2026 CBD Supyo City Environment Renovation Office Development Project 0.03 4Q 2026 CBD The 3rd Seoul City Hall 0.01
Slide 55: Appendix 2: Other Asset Information
Appendix 2: Other Asset Information Festival Walk, HK
Slide 56: Overall Top Ten Tenants
Overall Top Ten Tenants (as at 31 March 2026) Top ten tenants contributed 21.4%1 of gross rental income % of Gross Rental Income Tenant Property(ies) (as at 31 March 2026) 1 Google Asia Pacific Pte. Ltd. MBC 6.2% 2 BMW Gateway Plaza 3.3% 3 Merrill Lynch Global Services Pte. Ltd. BOAHF 2.0% 4 TaSTe F
Slide 57: Portfolio Tenant Trade Mix
Portfolio Tenant Trade Mix (as at 31 March 2026) Trade Mix Sector % of Gross Rental Income 1 F&B Retail 17.2% 2 IT Services & Consultancy Office / Business Park 14.3% 3 Fashion Retail 7.8% 4 Banking & Financial Services Office / Business Park 6.2% 5 Departmental Store / Supermarket / Hypermarket Ret
Slide 58: 31 March 2026 vs 31 March 2025: Valuation Overview
31 March 2026 vs 31 March 2025: Singapore’s Valuation Growth Largely Offsets Overseas Operational Valuation Decline Excluding forex impact, total portfolio valuation broadly stable as Singapore’s uplift largely covers overseas operational decline Singapore’s uplift Forex impact on overseas assets Ex
Slide 59: Singapore Portfolio Valuation Up 3.1% YOY Driven by VivoCity
31 March 2026 vs 31 March 2025: Singapore Portfolio Valuation Up 3.1% YOY Driven by VivoCity VivoCity’s 5.4% valuation growth reflects its continued operational strength Valuation of the remaining Singapore assets held steady Valuation Properties S$ mil Variance 31 March 2026 Per Sq Ft Lettable Capi
Slide 60: Overseas Valuation Lower YOY Driven by Forex Impact and Market Conditions
31 March 2026 vs 31 March 2025: Overseas Valuation Lower YOY Driven by Forex Impact and Market Conditions in Greater China and Makuhari Impact from stronger SGD against HKD, JPY and KRW, and softer market rents in Greater China and Makuhari Valuation Valuation Variance Variance As at 31 March 2026 (
Slide 61: Assets in Singapore
Assets in Singapore VivoCity MBC I MBC II Part 20, 40, 50, 60, 70, 80 Address 1 HarbourFront Walk 10, 20, 30 Pasir Panjang Road Pasir Panjang Road Asset Type Retail Office and Business Park Business Park and Retail Year of Acquisition N.A.1 2016 2019 Leasehold 99 years Strata Lease from 25 August 20
Slide 62: Assets in Singapore
Assets in Singapore mTower BOAHF Address 460 Alexandra Road 2 HarbourFront Place Asset Type Office and Retail Office Year of Acquisition 2011 (IPO) 2011 (IPO) Leasehold 99 years Leasehold 99 years Title from 1 October 1997 from 1 October 1997 Carpark Lots 749 94 Lettable Area (sq ft) 523,582 215,963
Slide 63: Assets in Hong Kong, China and Seoul
Assets in Hong Kong, China and Seoul Festival Walk, Gateway Plaza, Sandhill Plaza, The Pinnacle Gangnam, Hong Kong Beijing, China Shanghai, China Seoul, South Korea No.18 Xiaguangli, East 3rd Blocks 1 to 5 and 7 to 9, No.80 Tat Chee Avenue, 343, Hakdong-ro, Gangnam- Address Ring Road North, Chaoyang
Slide 64: Assets in Greater Tokyo
Assets in Greater Tokyo Hewlett-Packard Japan IXINAL Monzen-nakacho Omori Prime Building, Tokyo, Headquarters Building, Tokyo, Building, Tokyo, Japan Japan Japan 2-1, Ojima 2-chome 5-4, Fukuzumi 21-12, Minami-oi 6-chome, Address Koto-ku 2-chome, Koto-ku Shinagawa-ku Asset Type Office Office Office Y
Slide 65: Assets in Greater Tokyo
Assets in Greater Tokyo Higashi-nihonbashi 1- mBAY POINT Makuhari, Fujitsu Makuhari Makuhari Bay Tower, chome Building, Tokyo, Chiba, Japan Building, Chiba, Japan Chiba, Japan Japan 4-6, Higashi-Nihonbashi 6, Nakase 1-chome, 9-3, Nakase 1-chome, 8, Nakase 1-chome, Address 1-chome, Chuo-ku Mihama-ku,
Mapletree Pan Asia Commercial Trust — Q2 2027 Earnings Presentation on 6ix