Mapletree Pan Asia Commercial Trust (N2IU) Q2 26/27 earnings summary

Executive summary

• Q2 FY26/27 gross revenue fell 5.0% YoY to S$207.5m and NPI declined 6.3% to S$153.5m; DPU was 1.94 cents, down 3.5%.

• VivoCity growth and lower finance expenses cushioned weaker overseas contributions; Singapore represented 61% of AUM and 68% of 1H NPI.

• Portfolio committed occupancy improved 1.2 p.p. QoQ to 85.6%; 1H rental reversion was +3.5%.

Financial highlights

• 1H gross revenue was S$413.9m, down 5.3% YoY; NPI was S$308.3m, down 6.5%.

• Amount available for distribution fell 2.9% to S$103.1m in Q2 and 2.7% to S$207.3m in 1H; DPU declined 3.5% to 1.94 cents and 3.0% to 3.90 cents, respectively.

• Finance expenses fell 10.1% to S$42.6m in Q2 and 14.4% to S$83.4m in 1H, reflecting lower rates and debt repayment using divestment proceeds.

• Q2 profit after tax rose 2.6% to S$101.3m; 1H profit after tax fell 4.5% to S$191.6m.

• Property operating expenses declined 1.2% to S$53.9m in Q2 and 1.5% to S$105.6m in 1H.

Outlook and guidance

• MBC committed leases are expected to contribute rental income progressively from Q3 FY26/27; backfilling continues.

• Overseas leasing will prioritise occupancy and cash-flow stability; Festival Walk’s tenant remixing and MTR-level reconfiguration support its repositioning.

• FY26/27 cost of debt is expected to be above 3% but below 3.16%; further finance-cost savings may narrow as rates rise.

• Portfolio optimisation will focus on quality assets in core markets, with prudent capital management preserving flexibility for long-term value creation.

• China contributions are expected to remain under pressure; VivoCity AEI work will create downtime, with gains expected from a phased programme over two years.