4Q & Full Year FY24/25 Financial Results Briefing

Hi, good morning. Welcome to MLT's results briefing for the fourth quarter and full year for the financial year and March 2025. We have the full management and strength here. To start off the meeting will be our CFO, Shamein. Over to you, please. Hi, everyone. Good morning, everyone. Thank you for dialing in today. For Q at 4.2425 results, our results continue to be impacted by the lower confusion from China, higher boring costs as well as some effects impact. Overall, BPU is at 1.955 cents, 11.6% lower against 4Q last year, mainly due to the same reasons I've highlighted above earlier. Operationally, our portfolio of currency is stable, while rental reversion is slightly better

compared to CQ results, really, it's only longer, 2.8 years. Tax-per-management-wise, our aggregate leverage has slipped up to 40.7% against 40.3% last quarter, mainly due to the valuation loss as well as some effects translation due to the weakening regional currencies against the same dollar. We continue to hedge our debt, about 81% is in fixed rates with a debt maturity of 3.8 years and 35% of our income have been hedged in the same dollars for the next 12 months. During the quarter, we completed three Malaysian divestments. The proceeds have been used to power down loans. We also announced the divestments of another three projects, two in Singapore and one in Malaysia that will be completed in the new financial year. See, if I move on to the results itself,

gross revenue is 0.8% lower, mainly due to lower contribution from China, absence of revenue contribution from divested property, because of currency weaknesses. This is mitigated by better performance in the rest of our market. MPI is lower by 1.6% accordingly. In terms of borrowing costs, we had higher average out of the 4% increase, about 2.4 million, is actually due to incremental borrowing to fund the acquisitions we completed at the beginning of the financial year. The higher average interest, while we saw higher average interest costs when we did the replacement of our hedged debt law, these were offsetted by loan repayments with proceeds from divestments. After taking to account DG of 7.7 million, 4.3 million lower than the 12 million we declared last year, DI is 10.3% lower, translating to a DPU that's 11.6% lower at 1.955 cents.

Excluding divestment gain pop up, we adjusted DPU would have been 8.5% lower or 1.833 cents, versus the 1.971 cents last year. Moving on to a full year result, the reasons behind the variances are very similar to the 4Q year on year. Cross revenue is 6.9 million or 0.9% lower compared to last year, full year, mainly due to lower contribution from China, absence of revenue contribution from divestment properties. Okay, shall we please continue? Okay, so MPI is lower by 1.5%, and year on year, our DG, after taking to account of borrowing costs higher, mainly due to an interest in cut on incremental borrowing to fund the acquisition,

that's about 9.3 million of the 11 million increase in borrowing costs. So after accounting for DG of about 27 million, which is 14.6 million lower than the 41.6 million last year, our DI is 9.1% or 40.8 million lower year on year translating to a DPU of 8.05% for this financial year, versus 9.003 cents last financial year. If we take away the impact of DG, adjusted DPU would have been 7.519 cents, versus the 8.167 cents last year. Moving on to cross on quarter, cross revenue is 1.5% lower, mainly due to the same reasons mentioned earlier. Accordingly, MPI is lower quarter on quarter, although we note that there is a slightly higher property expenses incurred quarter on quarter

due to one off expenses in 4Q itself. DG is very similar to last quarter, so DPU for this quarter is 1.955 cents, versus 2.003 cents last quarter. Excluding DG, it would have been 1.803 cents versus one point. On the balance sheet as well as capital management fund, our investment properties slightly lower, 13.3 billion versus 13.4 billion. This is mainly due to valuation losses, which Malan will share a bit more about later. In terms of the debt, we have kept it at similar levels, and NAB is at $1.31, versus $1.34 cents, mainly due to same reasons valuation losses, as well as translation losses. Interest rate is stable at 2.7%,

and interest coverage is also stable at 2.9%. We continue to maintain a well-segregated maturity profile with a healthy average debt duration of 3.8 years. What's coming due in the new financial year is about 7% of total debt that's $374 million, and on hand, we have available committed credit facilities of $833 million, so this is more than sufficient to meet our refinancing as well as capital requirements for the next 12 months. In terms of the hedges, we continue to hedge our interest rates, as well as effects in the current volatile environment. So about 81% of our debt has been hedged into fixed rates. The unhedged portion, about half of it is in JPY, and the other half is in dollars. As for FX, about 75% of our amount is attributable in the next 12 months has been hedged.

The next slide will be the distribution details, and I will hand over to James to bring you through the portfolio update. In 4Q, our diversified portfolio gives us much stability. 70% of our MLT's portfolio by AUM and revenue continues to be contributed by the developed markets, IE, Singapore, Hong Kong, Japan, Korea, and Australia.