Frasers Hospitality Trust (ACV) Q3 2025 TU earnings summary

Executive summary

• Portfolio RevPAR performance was mixed in 3Q FY2025, with notable year-on-year growth in Japan and stable results in Australia and the UK, while Singapore, Malaysia, and London saw declines due to softer ADR and demand.

• Occupancy generally improved or remained resilient across most markets, offsetting some ADR weakness.

• The portfolio continues to benefit from the recovery in international tourism and steady domestic demand in key markets.

Financial highlights

• Singapore RevPAR fell 5.6% year-on-year in 3Q FY2025 and 3.1% for 9M FY2025, mainly due to lower ADR despite higher occupancy.

• Australia RevPAR was down 1.2% in 3Q FY2025 but up 0.3% for 9M FY2025, with occupancy up 2.1pp year-on-year.

• UK RevPAR was flat in 3Q FY2025 and up 2.6% for 9M FY2025, driven by occupancy gains.

• Japan posted a 17.6% year-on-year RevPAR increase for both 3Q and 9M FY2025, supported by higher occupancy and ADR.

• Malaysia RevPAR declined 1.5% in 3Q FY2025 and 0.1% for 9M FY2025, reflecting softer corporate and group demand.

Outlook and guidance

• IMF projects global GDP growth of 3.0% in 2025 and 3.1% in 2026, with cautious optimism for international tourism recovery.

• Geopolitical tensions and FX volatility remain key risks, while interest rates are expected to stay elevated in the near term.

• UN Tourism Confidence Index signals cautious optimism for May–August 2025.