CapitaLand Ascott Trust (HMN) investor relations material

Executive summary

• 1H 2026 distribution per Stapled Security remained 2.53 cents; income available for distribution rose 11% YoY to S$107.1m, while total distribution increased 1% to S$97.5m after S$9.6m of non-periodic items was retained.

• Gross revenue was S$370.9m and gross profit was S$161.6m, down 7% and 11% YoY; same-store REVPAU rose 1% despite macroeconomic uncertainty.

• The portfolio spans 16 countries, with S$8.8b in assets; Asia Pacific accounts for 56%, Europe 26% and the Americas 18%.

Financial highlights

• Income available for distribution was S$107.1m versus S$96.5m; core DPS was 2.16 cents, down 10% YoY, while total DPS was 2.53 cents, unchanged YoY.

• Revenue was S$370.9m versus S$398.5m and gross profit was S$161.6m versus S$182.5m; net income was S$106.2m versus S$100.5m.

• Total return was S$63.0m versus S$88.4m; H1 2025 included S$17.1m profit from divestments, compared with S$0.1m in H1 2026.

• Same-store revenue and gross profit declined 1% and 5% YoY; same-store distribution income declined ~1%.

• Trailing 12-month DPS of 6.11 cents represented a 6.9% distribution yield, based on the 30 June 2026 closing price of S$0.885.

Outlook and guidance

• Core distribution growth is expected from portfolio reconstitution, accretive acquisitions and completed AEIs; Robertson House and CCST divestment proceeds are expected for redeployment in 3Q 2026.

• Stable distributions are targeted, with non-periodic and/or past divestment gains used when appropriate to mitigate AEI impacts; completed and stabilised projects and acquisitions are expected to contribute more.

• Somerset Clarke Quay is scheduled to complete in 2026 and open in early 2027, with income expected to offset the absence of Robertson House.

• US student accommodation for AY 2026–2027 was >95% pre-leased, with revenue expected to rise >5% YoY; US hotel demand is expected to remain robust in 3Q 2026. France outlook was healthy and UK performance expected to be relatively stable.