1H 2026 Financial Results Webcast Briefing

Hello, a very good morning to everyone. Welcome to Phrasal's Center Point Trust, first half FY2026 results briefing. I have with me today the management team, Mr. Richard Ng, who is our CEO, Ms. Annie Kwang, our CFO, as well as Ms. Paulin Lim, our Managing Director for Investment and Asset Management. I'm sure we have lots to cover today. So without further ado, can I pass it on to Richard to kickstart the briefing, please? Thank you. Yeah, thanks, Judy, and a very good morning to all of you. Thanks for joining us this morning again, and I figured that you guys probably have some time to go through the deck. So we're just gonna run through and perhaps can spend a little bit more time on the Q&A part of it. All right, come, Judy, let's go. Yep. Okay, once again, I'm very happy to share a set of strong results that we have delivered for this first half. If you look at all the numbers here, it's all positive, has grown, has improved.

Revenue, of course, came in pretty strong, more than 20%. NPI is likewise more than 20%. Even for DPU, I mean, we grew by 1.4%. And if you look at the operating matrices as well, tenant sales have gone, you know, increased by 3.2%. Traffic has gone up. Occupancy is, again, very resilient, very strong, at 99.8%. Rental reversion is also at 6.5% for this first half, right? In terms of the capital management side, Annie will go into a little bit more details, but just on a broad perspective, our leverage is about 40%, and for this quarter, our cost of fund is about 3.2%. Okay, next, we're gonna touch on on the broader market perspective. The macroeconomics in retail market in Singapore, I'm not gonna dwell too much on the economic indicators. You guys are pretty much aware as much as we do,

but let's maybe perhaps look at the sales numbers. So for retail sales in Singapore as a whole, we are looking at just January, February, because as you are aware, typically the things that is a little bit behind time, so we try to compare on the same period of time. And you know that January, February is an average of, depending on which month is the Chinese New Year. So for this, we normally put its two months together. So on the average, Singapore retail sales grew by about 3.4%, and SCT is actually ahead of that at 3.5%. And if you also strip out the rest, and just focus on the FMB, because there's a lot of conversations around this particular sector, the broader market saw 1% increase, but for SCT, we actually delivered a 1.7% increase. So that's where perhaps one of the difference, right? I mean, you read a lot about FMB operators shutting and so on. So it is not the fact that it's not across every more,

but maybe some are more affected than others. This is again, a strong numbers that you can look at in comparison with the broader market perspective. In terms of rent, for this quarter on quarter, suburban prime retail rents grew by 0.2%, and year on year grew by 1.4%. Okay, next, in terms of financial highlights, I will then hand over to Annie. Yeah, thank you Richard. Good morning everyone. I will go through the financial performance. The gross revenue for one half of 2020 stood at 221.9, which is an increase of 20.3% compared to the same time last year. The increase was mainly due to the North Point City Soft Wing acquisition in May, 2025 last year, and also higher passing rate across most malls. This was partially offset by the EI at Alkomor, as well as the divestment of issue

in September, 2025. Wow. Okay, property expenses for one half, 26 is 20.5% higher compared to one half last year. Excluding the effect of North Point City Soft Wing and Alkomor, it is comparable to the corresponding period last year. So accordingly, our NPI for this one half is higher by 20.2%. There's a lower distribution from joint ventures for the one half this year due mainly to the absence of the one half dividend compared to the same time last year. The DPU at four one half is at 6.136 cents, which is 1.4% higher than last year. So this excludes an amount of 4.6 million, which has been retained for general corporate and working capital purposes. Next slide, please. There are no significant movement in balance position compared to 30th of September, 2025.

The NAV and adjusted NAV increased to 2.25 and 2.9 cents on 2.9 respectively, mainly because of the effect of the mark to make it recognized for the derivative financial instruments. Next slide, please. Okay, as at 31st March, our agreed leverage is at 40%, which is a 0.3 percentage point over the last quarter. Interest coverage ratio remain healthy at 3.59 times. Average cost of that for the six months is at 3.3%, but for the quarter it is 3.2%, which is the daily basis point dropped from last quarter. We have refinanced all the loans in FY26 this quarter as far as so partially refinanced some loans due in FY29, therefore extending the weighted average, that maturity to 3.92 year as at 31st March. The hedge ratio is lower at 66% due to the electricity swap there.

Start 11, yeah. So there's no refinancing rates in FY2026. As mentioned earlier, I think we did a refinancing, early refinancing for borrowing, which was previously due in FY2029, by pushing it to FY2031. With that, there is no more than 30% loan due in any one year. Okay, next slide, please. So the DPU 6.13 cents for the first half will be paid on 29 May, 2026. So I wanna hand over to Polly for portfolio highlights. Thank you, Annie. Good morning, everyone. I'm very pleased to share a very strong set of operating performance for our portfolio. So on this slide, you see the occupancy. Portfolio occupancy on a year or near basis has improved by 1.7% point to 99.8% as at the second quarter of this financial year.