Mapletree Pan Asia Commercial Trust (N2IU) Q4 25/26 earnings summary

Executive summary

• Portfolio reshaped for resilience with three non-core asset divestments, increasing Singapore's weighting to 61% of AUM and 66% of NPI, anchoring long-term stability; proceeds used for debt reduction.

• Singapore's strong operational performance, especially at VivoCity and office assets, offset overseas headwinds and currency impacts.

• Gross revenue and NPI for Q4 were SGD 210.7 million and SGD 160 million, down 5.5% and 5.9% year-on-year, mainly due to lower overseas contributions, FX headwinds, and divestments.

• Distributable income for Q4 was SGD 100.2 million, DPU at SGD 0.019, both lower year-on-year; adjusted DPU excluding one-off charges would have been 4.6% higher.

• Disciplined capital management and sustainability initiatives underpin stability and future growth.

Financial highlights

• FY25/26 gross revenue was SGD 867.3 million (down 4.6% yoy), NPI was SGD 664.4 million (down 4.3% yoy), mainly due to lower overseas contributions and currency effects.

• Interest expense for the year was SGD 186.8 million, down 15.3% due to lower rates and debt repayment.

• DPU for the year was SGD 0.0797, marginally lower year-on-year; adjusted DPU would have been 1.1% higher.

• Portfolio valuation at 31 March 2026 was SGD 15.2 billion, down 2.1% on a same-store basis; Singapore assets saw a 3.1% uplift, offsetting overseas declines and FX impact.

• NAV per unit decreased from SGD 1.78 to SGD 1.73, reflecting lower portfolio valuation and stronger SGD.

Outlook and guidance

• Portfolio positioned to weather macroeconomic and geopolitical uncertainties, with Singapore as the anchor market.

• Interest rate guidance for FY 2027 is above 3%, with expectations of slight declines depending on market conditions.

• DPU outlook faces downside from negative reversions in overseas assets and FX pressure, with some upside from lower interest rates.

• Continued focus on quality assets, prudent capital deployment, and operational optimisation; no immediate plans for major acquisitions, especially avoiding China.

• Market expects stable Singapore retail and office performance, with limited new supply and resilient demand.