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Link Real Estate Investment Trust (823) investor relations material

Link Real Estate Investment Trust H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary20 Nov, 2025

Executive summary

  • Delivered resilient results amid macroeconomic and market challenges, with net property income and revenue declining 3.4% and 1.8% year-over-year, mainly due to negative rental reversions in Hong Kong and the Chinese Mainland.

  • Operational efficiency drive launched, targeting over HKD 200 million in annualized cost savings, with a focus on cost management and diversification of capital sources.

  • CEO transition underway, with interim management in place and a global search for a new CEO ongoing.

Financial highlights

  • Net property income declined 3.4% year-over-year to HK$5,178 million, with distributable amounts and distribution per unit falling 5.6% and 5.9% respectively.

  • Portfolio valuation at HKD 223 billion as of September 2025, with NAV per unit at HK$61.19, and net gearing at 22.5%.

  • Average borrowing cost reduced to 3.2%, and 65.8% of debt portfolio at fixed interest rates.

  • Over HK$10 billion of debt refinanced in the past six months at competitive rates.

  • Ample liquidity of HK$9.4 billion as at 30 September 2025.

Outlook and guidance

  • Operating conditions expected to worsen slightly in the second half before stabilizing, with negative rental reversions persisting in Hong Kong and the Chinese Mainland.

  • Gradual recovery anticipated, supported by market stabilization, rising consumer confidence, and potential US interest rate cuts.

  • Cost control benefits to be fully realized in the next financial year, targeting HKD 200 million in annualized savings.

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H2 202626 May, 2026
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