Mapletree Pan Asia Commercial Trust (N2IU) Q3 25/26 earnings summary

Executive summary

• 3Q FY25/26 DPU rose 2.5% year-over-year to 2.05 Singapore cents, driven by strong Singapore performance and lower finance costs, offsetting softer overseas operations.

• Singapore NPI grew 5.3% year-over-year, led by VivoCity, which saw a 10.1% NPI increase, 14.7% rental reversion, and 4.4% tenant sales growth, maintaining 100% occupancy.

• Overseas operations faced headwinds from currency effects, divestments, and macroeconomic pressures, but proactive asset management and tenant renewals supported stability.

• Proposed divestment of Festival Walk's office component aims to capture value, address Greater China challenges, and enhance financial flexibility.

• Total assets under management stood at S$15.7 billion as of 31 December 2025, spanning 15 commercial properties across five Asian markets.

Financial highlights

• 3Q FY25/26 gross revenue was S$219.4M, down 1.9% year-over-year; NPI was S$164.9M, down 1.2% year-over-year.

• YTD FY25/26 gross revenue was S$656.6M, down 4.3% year-over-year; NPI was S$494.8M, down 3.7% year-over-year.

• Amount available for distribution to unitholders rose 3.3% in 3Q and 0.5% YTD; DPU for YTD FY25/26 held steady at 6.07 Singapore cents.

• Finance expenses improved 10.2% in 3Q and 14.5% YTD, mainly due to lower interest rates and debt reduction from divestment proceeds.

• NAV per unit was S$1.75, affected by SGD strength; excluding forex, NAV per unit would have been S$1.78.

Outlook and guidance

• Global uncertainties and overseas market pressures persist, but Singapore assets anchor portfolio stability.

• Manager will prioritize cash flow protection, tenant retention, and selective asset enhancements, maintaining financial flexibility for value-accretive opportunities.

• No forecast was disclosed for the next period.