1Q 2026 Business Update Conference Call

Good morning everyone, welcome to Fraser CentrePoint Trust's first quarter FY26 business updates call We have announced our first Q business updates last Friday after market close. So with me today I have the management team on the call First of all, we have Mr. Richard Ng our CEO and we have Ms. Annie Kwang our CFO as well as Ms. Pauline Lin our MD for investment and asset management. Without further ado, let me now welcome Richard to kick start the presentation Richard please Hi everybody and thanks Judy for the introduction Happy New Year. I know this is not first or second of January, but if you're still in the month of January And also soon we'll be celebrating Chinese New Year, right? So taking the opportunity to wish all of you ahead of time Can we go on to the first slide please Judy? What we have for you in this business update, I think it's a continuation of what you've seen last year

So in terms of operating metrics are still looking very positive Of course, we are also happy to share with you that the occupancy rate of our malls have gone back up to 99.9% post 31st December because the deal was signed Sometime just after the the closing of the first quarter, right? But nonetheless, we have found two tenants to take over at Century Square and also at Crossway Point So we are back to 99.9% In terms of the shopper traffic has also grown by 1.3% Year-on-year and sales continue to Do pretty well for our portfolio at the growth of 2.7% In terms of our debt management The debt gearing level is slightly marginally above 40% at 40.3% And the first queue cost of debt is at 3.5%

We will also be sharing a little bit about the update on outcome more AI When Pauline takes the session later on Okay, in terms of macroeconomics, I don't think we're gonna spend a lot of time on that but There's a very Couple of quick couple of points. Of course, the GDP grew by a hefty 5.7% year-on-year in Q4 Faster than the 4.3% in the previous quarter, right? So we saw a pretty strong performance overall And we hope that some of this will carry through for the year 2026 CPI again another very important component that we look at seems to have Kind of stabilized pretty much so In terms of retail sales index in November the wider retail sales index grew by 5.8% year-on-year And the FNB So if we look at just for FCT's portfolio for the overall tenant sales, we grew by 4.1% slightly

lower than the Singapore market RSI index number partly I believe because month of November is also where you have a lot of Sales happening your Black Friday your Singles day, etc. So a lot of sales and promotion that was going on in the city center Most so but nonetheless, we also grew by a good 4.1% Our FNB sales was very strong grew by 4.7% year-on-year Far surpass, you know the retail sales index that you see for the whole of Singapore I suppose there's also one reason why you know, there's a bit of Sometimes when people want to compare that, you know FNB are not doing well Overall in Singapore market, but when it comes to prime suburban more, I think there is a differentiator So if you look at our portfolio our FNB operators are still trading very well Retail rents for prime suburban retail rents grew by 1.6% year-on-year

So again, you know if you look at for the full year last year our rental reversion was at 7.8% Okay moving on So next up is the financial highlights. I will hand over to Annie Yeah, hey, good morning, everyone Yeah, let me take you through the financial matrix for the quarter so for this quarter gearing has increased slightly to 40.3% As compared to previous quarter due mainly because of the ongoing AEI cap back set outcome more The interest coverage ratio remains healthy at 3.54 times Because of that it is unchanged from last quarter at 3.5% 81.2% of our debt is fixed as a quarter and this percentage is expected to decrease in the next quarter once the interest rates swap some x-finance. We have approximately $0.9 million on drone facilities as at quarter end and credit rating for MODIS remain unchanged at BA2. Next slide, please.

We have approximately $422 million loans due in this financial year and subsequent to quarter end we have executed loan facilities refinance for the loans that still at the remaining debt still in FY26 will be refinanced in this quarter following that we will have no refinancing risk for FY26. I think that's some previously for this quarter. I will now hand over to Pauline who will go through financial portfolio highlights in the next section. Thank you. Thank you, Amy. Thank you, everyone. I'm actually very excited to share with all of you, you know, the details of our strong operating results. So I'll go into occupancy. You see that in terms of occupancy for retail portfolio at 99.9% with the de-risking of the two cinema spaces. So that's close to full occupancy. And we do see that across most of our malls within the portfolio

as well. So tracking at 100% continuing to perform at a very robust and strong level. Next slide, please. Now, shopper traffic tenants sales, they actually underpins the performance. It's actually the foundation of retail performance. Here we see that in terms of the growth, in terms of shopper traffic as well as tenant sales, that has extended into the new financial year. The other point to note is that the trajectory of growth for tenant sales has actually surpassed shopper traffic. So that kind of like indicates that, you know, it's just not about bringing people to the mall. It's also, you know, driving the sales, the unlocking of sales and the sales conversion to malls. And that's important for the trading health and sustainability of our retailers. Next slide, please. Okay, this slide, we look at the will. Now, the will is important. We see a very

healthy will of close to two years, which is very much in line with the fact that our average lease tenant is three years. The other takeaway is that there is no concentration risk, not just for the immediate year, but also for the medium term. So we are looking at lease expiries of, you know, on average one third for FY27, FY28. And this is evidence of the quality of the investment cash flow that is yielded by our portfolio of very strong moves. The other observation is the leasing traction. We see that for the remaining FY26, in terms of leases to be de-risked, we're looking at only 17.5%. So pretty good traction for the first quarter of this year, which, you know, votes well for the retail sector. Next slide, please. Right, what we wanted to showcase here

is the fact that the Singapore retail scene continues to be very dynamic. We see a lot of new brands as well as concepts that we are bringing into our portfolio. So over the first quarter of this financial year, we have brought 32 new to portfolio. So this is new to portfolio. At the most, the refresh continues, right, as the, you know, individual most change out the tendencies. By portfolio level, we have brought in 32 new tendencies just in the first quarter. And this is not just concentrated in one particular sector per se. It's actually a broad-based refresh across the various trade mix that we have in our most. Okay, next slide, please. Yep. We continue to celebrate with our communities. I think our most are very much entrenched in the lifestyle of the