Mapletree Pan Asia Commercial Trust (N2IU) Q4 24/25 earnings summary

Executive summary

• Q4 FY 2024-2025 gross revenue was SGD 222.9 million, NPI SGD 169.5 million, both down year-on-year due to Mapletree Anson divestment and lower overseas contributions.

• Full year gross revenue was SGD 908.8 million, NPI SGD 683.5 million, down 5.1% and 6.1% year-on-year, partially offset by stronger Singapore performance and lower OpEx.

• Portfolio resilience was anchored by Singapore assets, especially VivoCity, which achieved strong operational and financial performance despite ongoing asset enhancement initiatives and overseas headwinds.

• Aggregate leverage improved to 37.7% from 40.5% a year ago, following debt reduction from divestment proceeds.

• Overseas contributions were dampened by persistent SGD strength and macroeconomic uncertainties.

Financial highlights

• Q4 gross revenue and NPI declined 6.8% and 7.4% year-on-year, mainly due to asset divestment and weaker overseas performance.

• OpEx improved by 4.9% year-on-year, driven by divestment and lower utility costs.

• Net finance expense fell 9.4% year-on-year to SGD 61.1 million, reflecting lower borrowings.

• DPU for Q4 was SGD 0.0195, down 14.8% year-on-year; full year DPU was SGD 0.0802, down 10.0% year-on-year.

• NAV per unit rose to SGD 1.78 as at September 2025, up 1.7% from March 2024.

Outlook and guidance

• Market environment remains highly uncertain due to global trade tensions and unclear Fed rate trajectory, impacting business confidence and consumer sentiment.

• Singapore portfolio expected to remain resilient, with cost-conscious tenants favoring decentralized locations and high occupancy.

• Management will focus on preserving occupancy, prudent cost management, and selective asset enhancement initiatives.

• Interest rates expected to remain in the mid-threes for the next 12 months, with potential for gradual reduction as swaps roll off.

• Portfolio optimisation, especially in Japan, will be actively reviewed.