Mapletree Pan Asia Commercial Trust (N2IU) Q2 25/26 earnings summary

Executive summary

• Singapore's portfolio delivered 6.1% NPI growth in 2Q FY25/26 and 4.5% in 1H FY25/26, led by VivoCity's robust performance and supported by portfolio optimisation and proactive debt reduction.

• 2Q FY25/26 DPU rose 1.5% year-over-year to 2.01 Singapore cents, while 1H FY25/26 DPU declined 1.2% to 4.02 Singapore cents due to overseas headwinds.

• Portfolio optimisation continued with divestments in Japan and Mapletree Anson, sharpening focus on core Singapore assets.

• Overseas properties faced challenges from lower occupancies, negative rental reversions, and FX depreciation.

• Total assets under management stood at S$15.7 billion as of 30 September 2025, spanning 15 commercial properties across five Asian markets.

Financial highlights

• 2Q FY25/26 gross revenue was S$218.5 million (down 3.2% yoy); NPI was S$163.9 million (down 2.2% yoy); DPU was 2.01 cents (up 1.5% yoy).

• 1H FY25/26 gross revenue was S$437.1 million (down 5.4% yoy); NPI was S$329.9 million (down 5.0% yoy); DPU was 4.02 cents (down 1.2% yoy).

• Finance expenses improved 16.4% year-over-year in both 2Q and 1H FY25/26 due to lower interest rates and debt reduction.

• Amount available for distribution in 2Q FY25/26 was S$107.3 million (up 2.0% yoy); 1H FY25/26 was S$213.0 million (down 0.8% yoy).

• Net asset value per unit was S$1.75 as of 30 September 2025.

Outlook and guidance

• Singapore is expected to remain the anchor of stability, with continued focus on tenant retention, prudent cost management, and selective asset enhancements.

• Overseas markets, especially China and Hong Kong, are expected to remain challenging due to weak rental reversions, lower margins, and macroeconomic headwinds.

• Interest cost is expected to remain around 3.23% for FY25/26, with minor fluctuations.

• Portfolio mix is unlikely to change significantly in the near term; Singapore will remain the major contributor.

• Portfolio optimisation and balance sheet discipline will continue to support performance.