MYP (F86) H2 2025 earnings summary

Executive summary

• FY2025 net loss narrowed to S$2.4m from S$8.6m, mainly on investment-property fair-value gains, higher revenue and lower expenses; adjusted EBITDA was S$11.5m vs S$11.2m.

• Revenue rose 2.7% to S$18.3m, while cash and cash equivalents ended the year at S$82.4m and NAV per share was 17.4 cents.

Financial highlights

• Revenue was S$18.289m vs S$17.811m; operating results were S$11.868m vs S$6.854m.

• Net loss was S$2.428m vs S$8.561m; basic and diluted loss per share improved to 0.15 cents from 0.54 cents.

• Investment-property fair-value gain was S$0.4m vs a S$3.1m loss; FY2025 loss on disposal of a property held for sale was S$50,000.

• Total expenses fell 9.5% to S$21.1m; lower utility and maintenance costs and no repeat of FY2024's S$1.2m art impairment helped offset higher staff costs.

• Net finance costs decreased to S$14.350m from S$15.140m; income-tax credit was S$54,000 vs S$275,000 expense.

Outlook and guidance

• FY2026 priorities: preserve liquidity, maintain financial strength, improve rental yields through asset management and tenant engagement, and enhance operating efficiency.

• Sustainability upgrades and accelerated ESG initiatives are planned, aligned with Singapore Green Plan 2030 and the Building and Construction Authority's Green Mark framework.

• Core CBD Grade A rents are forecast to grow 2% in 2025; vacancy is expected to remain tight, with no major prime-area completions projected over three years.

• Singapore's 2025 GDP growth forecast was maintained at 0.0%–2.0%; geopolitical tensions, trade changes and inflationary cost pressures remain uncertainties.