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

Executive summary

• Portfolio reshaped for resilience with three non-core asset divestments, including Festival Walk Tower, increasing Singapore's weighting to 61% of AUM and 66% of NPI, anchoring long-term stability and using proceeds 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 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.

• 4Q FY25/26 DPU at 1.90 Singapore cents; full-year DPU at 7.97 cents, both impacted by a one-off S$8.3m tax charge from Festival Walk Tower divestment; adjusted DPU would have been 1.1% higher yoy.

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

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

• Portfolio valuation at 31 March 2026 was SGD 15.2 billion, down 2.1% year-on-year on a same-store basis.

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 for a low 3% range.

• Negative rental reversions expected to persist in China and Festival Walk, with China facing at least 10% negative reversion.

• No immediate plans for major acquisitions; focus remains on cautious overseas expansion and maintaining strong Singapore base.

• Continued focus on quality assets, prudent capital deployment, and operational optimisation.