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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
First Sponsor
First Sponsor (ADN) investor relations material
First Sponsor Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 TU earnings summary26 Oct, 2026
Executive summary
European property NOI rose 14.8% YoY to €17.2m in 3Q2026, supported by new leased-hotel income and higher Dutch office income.
Weaker PRC hotel performance and challenging Chengdu retail leasing weighed on results; PRC development sales remained slow but steady.
S$341.7m of additional equity funding came from warrant exercises and a PCCS rights issue in Sep–Oct 2026.
Financial highlights
European property NOI was €17.2m in 3Q2026, up 14.8% YoY; 9M NOI was €42.664m, up 7.7%.
European hotel portfolio revenue reached €35.64m in 3Q2026, up 15.1% YoY; EBITDA was €7.76m, down 1.9%.
Chengdu hotels’ 3Q2026 revenue fell 16.1% YoY to RMB14.44m and EBITDA fell 52.4% to RMB1.09m.
Chengdu retail podium NPI was RMB2.08m in 3Q2026, down 10.0% YoY; 9M NPI was RMB5.38m, down 21.2%.
Outlook and guidance
Live Tower is targeted for completion in 1Q2027; Sydney House completion is expected in 1H2028 and Meerparc in 2031.
Drive Tower and PHK16-19 are complete; leasing activity is ongoing, with Drive Tower’s first tenancy expected to commence in Nov 2026.
Pre-leasing for Live Tower is scheduled to begin in 4Q2026; a gym operator is expected to lease its commercial plinth after an anticipated Nov 2026 zoning change.
Meerparc construction is expected to start in 1Q2028, subject to building-permit approval and rezoning.
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Latest events from First Sponsor
- European income grew as PRC presales stayed weak; NSI profit and S$244m rights proceeds bolstered 3Q.ADN
Q3 2024 TU - FY2023 profit fell 90.5% as European property income and equity proceeds supported resilience.ADNH2 2023
- European income and hotel earnings improved as PRC property demand stayed weak.ADNQ1 2024 TU
- Revenue rose 27.2% and profit 12.4%, despite weak PRC pre-sales and higher financing costs.ADNH1 2024
- NSI earnings lifted FY2024 profit despite PRC weakness and impairment charges.ADNH2 2024
- Weak PRC presales contrast with stable European income and progress on loan recovery.ADNQ1 2025
- Attributable profit rose 59.2% despite lower revenue and subdued PRC pre-sales.ADNH1 2025
- Loan recovery and refinancing bolster flexibility as PRC sales stay weak and European income edges higher.ADNQ3 2025 TU
- Derivative losses drove FY2025 reported loss despite adjusted profit and stronger European hotels.ADNH2 2025
- H1 attributable loss reached S$92.8m as derivatives and Humen impairment offset European NOI growth.ADNH1 2026
Next First Sponsor earnings date
H2 202625 Feb, 2027
First Sponsor
Next First Sponsor earnings date
H2 202625 Feb, 2027
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