Slides
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Fraser Suites Singapore FRASER SUITES Business Updates For the first nine months ended 30 June 2026 11 August 2026
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© Frasers Property Limited. All Rights Reserved. Contents The Tube, Düsseldorf, Germany © Frasers Property Limited. All Rights Reserved. 05 Operational updates by asset classes 12 14 Glossary 03 Key highlights 13 How we are positioned amid global developments Maintaining focus on active capital management
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© Frasers Property Limited. All Rights Reserved. © Frasers Property Limited. All Rights Reserved. Artist’s impression of Dunearn House, Singapore Key highlights
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© Frasers Property Limited. All Rights Reserved. and Portfolio actions supporting long - term value creation 4 9M FY26 at a glance 1. Residential component is 37.5% held by FPL; retail component is 50% held by FCT. 2 . Including divestments pending completion. Capital allocation focused on strategic fit, quality earnings and returns • Selective landbank replenishment – residential in Singapore (including Bayshore Drive GLS site 1 secured in July 2026) , Australia and China; I&L in Thailand and Germany • The Centrepoint leasehold plot tender award enables broader rejuvenation opportunities • Residential development across markets support future earnings • Ongoing build - to - core project delivery strengthens recurring income • Retail and hospitality AEIs enhance returns and long - term value Advancing the next phase of the Group’s hospitality strategy and enhancing capital efficiency • Unlock capital from stabilised assets while the Group continues to manage them for third - party capital and earn recurring fee income • Retain assets with upside potential • Hold remaining non - core assets for future opportunistic divestment • Consolidate full ownership of Fraser Suites Singapore , facilitating redevelopment of the Valley Point site Disciplined investing for better risk - adjusted returns Proposed optimis ation of FHT portfolio Creating capacity to reinvest into opportunities with stronger risk - adjusted returns while managing leverage • Recycling via the Group’s strategic REITs platform – divested stabilised I&L properties with total value of ~$460 million to FLCT and FTREIT • Leveraged expanded strategic capital partnership for Australia I&L with asset injection valued at ~$420 million • Sales of non - core assets to third parties - primarily Australia retail - total value at ~$1,330 million 2 Unlocking value through capital recycling and partnerships 1 2 3 Executing on our sustainable value creation pillars – creating, sustaining and unlocking value The Tube, Düsseldorf, Germany Artist’s impression of Capri by Fraser Kensington, London, UK Artist’s impression of Round Mountain, QLD, Australia
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© Frasers Property Limited. All Rights Reserved. © Frasers Property Limited. All Rights Reserved. Operational updates by asset classes Tampines 1, Singapore
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© Frasers Property Limited. All Rights Reserved. © Frasers Property Limited. All Rights Reserved. Development - Residential 6 Selective replenishment of residential development pipeline in targeted market segments Total unrecognised revenue: $1.0 billion (30.09.2025: $1.4 billion) PROGRESSING RESIDENTIAL DEVELOPMENT PIPELINE ACROSS MARKETS SINGAPORE Kallang Close GLS 1 : New 463 - unit city - fringe waterfront residential development benefitting from master plan transformations, underscoring our commitment to high - potential locations with long - term growth Project update: Target launch in 2H 2027 AUSTRALIA SkyRidge , Queensland 2 : A 334ha masterplanned community in a supply - constrained market, comprising 2,760 land lots, a retail centre and extensive open space throughout the development Project update: Launched in July 2026 THAILAND Grandio Petchkasem 81 3 : Single detached house project in an emerging Bangkok growth area, continuing to benefit from strong customer demand and the strength of our well - established flagship brand Project update: 99% of 107 units sold CHINA Fang Song, Songjiang 4 : P remium residential development in Shanghai, undertaken with reputable partners, comprising 194 high - end residential units Project update: 80% of 191 units sold following the third - batch launch on 7 May 2026 Singapore Australia Thailand 5 Earnings visibility from residential development • Singapore: Unrecognised revenue underpinned by two launched projects. Earnings visibility supported by sales at Dunearn House 6 (56% of 380 units sold during launch weekend on 25 July 2026), alongside additional pipeline from two GLS sites – Kallang Close (secured in April 2026) and Bayshore Drive 7 (secured in July 2026) • Australia: Stable unrecognised revenue despite lower contracts on hand (31.03.2026: $0.5b; 1,490 contracts on hand), reflecting softer market conditions amid higher interest rates. New project and staged launches across land projects in key markets continue to support earnings visibility China 1. Effective stake 50%. 2 . PDA. 3. Effective stake 59.4%. 4 . Effective stake 51%. 5 . Excluding assets at One Bangkok . 6 . Effective stake 33.3%. 7 . Effective stake 37.5% for residential component. $0.4 b 948 contracts on hand $0.5 b 1,415 contracts on hand $0.03 b 126 contracts on hand $0.1 b 178 contracts on hand
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© Frasers Property Limited. All Rights Reserved. Development – Industrial & Logistics 7 Build - to - core development exposure to support a high - quality and resilient recurring income base ~68,300 sqm Total I&L landbank added in 9M FY26 ~1,097,369 sqm Strong I&L development pipeline (including pipeline delivered in 9M FY26) © Frasers Property Limited. All Rights Reserved. • EU & UK : Completed two development projects in Germany – FlexCity , Mülheim , in 2Q FY26 and LINK, Günzburg, in 3Q FY26, adding sustainable industrial space in a key logistics market • Vietnam : Completed two development projects in Northern Vietnam in 3Q FY26; ~424,000 sqm of build - to - core pipeline in FY27 and well positioned to serve demand for high - quality industrial space Maintained a well - calibrated I&L development pipeline 266,687 567,005 709,707 351,754 745,615 Delivered FY23 Delivered FY24 Delivered FY25 Delivered and pipeline FY26 Pipeline FY27 and beyond Australia EU & UK Vietnam Thailand 205,538 delivered 9M FY26 CHARTS ( custom colours under Shape Fill) Australia CBBBA1 Singapore 748FA3 Thailand B0B0B4 UK 878181 Europe C1E2DE UK / EU F0ECE4 Vietnam C8DDED China C9D1D8 Development pipeline (GFA sqm)
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© Frasers Property Limited. All Rights Reserved. © Frasers Property Limited. All Rights Reserved. Rental reversion (average v average) WALE 1 Renewal and new leases in 9M FY26 Australia Positive 5.3 years 266,006 sqm EU Positive 4.6 years 400,559 sqm Thailand Positive 2.8 years 404 ,065 sqm Vietnam - 2 4.2 years 78,991 sqm UK - 3 9.9 years - 3 Recurring income – Industrial & Logistics 8 Strong I&L performance driven by steady tenant demand across our multinational network Healthy occupancy levels maintained across I&L portfolio • Europe : Occupancy rate Q - o - Q reflected the recent completion of FlexCity in Mülheim and planned vacancy at the Magstadt asset ahead of redevelopment • Vietnam : Occupancy rate Q - o - Q reflected the addition of newly completed space in June 2026 – Yen Phong Expansion Phase 2 and Dong Mai Phase 2 • Thailand : Positive rental reversion and stable occupancy reflected continued factory demand, with proactive lease management supporting renewal rates of around 80% Portfolio occupancy rate 4 (%) Portfolio lease expiry 5 (%) © Frasers Property Limited. All Rights Reserved. 1. By income. 2. No rental reversion as leases for the period under review relate only to new space. 3. No renewal and new leases for the period under review as the UK I&L portfolio is fully occupied. 4. Committed occupancy by NLA. 5. By NLA. 85 90 95 100 30-Jun-25 30-Sep-25 31-Dec-25 31-Mar-26 30-Jun-26 Australia EU Thailand Vietnam UK CHARTS ( custom colours under Shape Fill) Australia CBBBA1 Singapore 748FA3 Thailand B0B0B4 UK 878181 Europe C1E2DE UK / EU F0ECE4 Vietnam C8DDED China C9D1D8 0 20 40 60 80 100 FY26 FY27 FY28 FY29 FY30 and beyond Australia EU Thailand Vietnam UK
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© Frasers Property Limited. All Rights Reserved. © Frasers Property Limited. All Rights Reserved. Recurring income – Retail 9 Note: Retail malls undergoing AEI works are excluded from portfolio metrics. 1. Excluding assets at One Bangkok. 2. Committed occupancy by NLA. 3. By NLA. Sustained retail performance anchored by Singapore suburban retail assets Healthy leasing fundamentals support sustained occupancy and positive rental reversion • Singapore : Occupancy and rental reversion remained healthy, supported by continued leasing momentum. Hougang Mall AEI is 99% committed ahead of its September 2026 completion, while NEX AEI Phase 1 space has achieved 87% pre - commitment to date • Australia : Strong tenant sales and improved occupancy reflected the opening of ECQ Outlet, NSW, in March 2026 • Thailand : Stable occupancy and positive rental reversion supported by successful renewals covering a substantial proportion of leases expiring in FY26, as resilient shopper traffic continued to support leasing momentum Portfolio occupancy rate 2 (%) Portfolio lease expiry 3 (%) Rental reversion (average v average) Tenant sales Y - o - Y change Renewal and new leases in 9M FY26 Singapore Positive 1.9 % 47,945 sqm Australia Positive 11.9% 22,606 sqm Thailand 1 Positive 8.4% 11,889 sqm © Frasers Property Limited. All Rights Reserved. 90 92 94 96 98 100 30-Jun-25 30-Sep-25 31-Dec-25 31-Mar-26 30-Jun-26 Singapore Australia Thailand 0 20 40 60 80 100 FY26 FY27 FY28 and beyond Singapore Australia Thailand CHARTS ( custom colours under Shape Fill) Australia CBBBA1 Singapore 748FA3 Thailand B0B0B4 UK 878181 Europe C1E2DE UK / EU F0ECE4 Vietnam C8DDED China C9D1D8
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© Frasers Property Limited. All Rights Reserved. © Frasers Property Limited. All Rights Reserved. 40 50 60 70 80 90 100 30-Jun-25 30-Sep-25 31-Dec-25 31-Mar-26 30-Jun-26 Singapore Australia Thailand Vietnam UK Recurring income – Commercial 1 10 Solid commercial performance supported by active leasing and positive rental reversion Portfolio occupancy rate 3 (%) Portfolio lease expiry 4 (%) © Frasers Property Limited. All Rights Reserved. 0 20 40 60 80 100 FY26 FY27 FY28 and beyond Singapore Australia Thailand Vietnam UK CHARTS ( custom colours under Shape Fill) Australia CBBBA1 Singapore 748FA3 Thailand B0B0B4 UK 878181 Europe C1E2DE UK / EU F0ECE4 Vietnam C8DDED China C9D1D8 Healthy leasing fundamentals support portfolio resilience • Singapore : Positive rental reversion and stable occupancy were supported by continued leasing momentum, with almost all FY26 expiries derisked • Thailand : Positive rental reversion and healthy renewal activity reflected continued demand for quality office space, with proactive tenant engagement supporting tenant retention • UK : Business parks performance continued to stabilise with positive rental reversion achieved. New leases were signed at The Rowe in 3Q FY26 amid challenging leasing conditions for the asset Rental reversion (average v average) Net leasable area Renewal and new leases in 9M FY26 Singapore Positive 240,604 sqm 34,335 sqm Australia Positive 208,471 sqm 5,133 sqm Thailand Positive 207,637 sqm 62,540 sqm Vietnam Positive 22,418 sqm 6,401 sqm UK Positive 402,151 sqm 47,827 sqm 1. Including offices, business parks and business space. 2 . Excluding assets at One Bangkok. 3 . Committed occupancy by NLA. 4 . By NLA. 5. Excluding Australia assets held by FLCT. Portfolio occupancy reflect vacancies at Lee Street due to deliberate non - renewal of leases to facilitate potential redevelopment opportunities. 5 5
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© Frasers Property Limited. All Rights Reserved. © Frasers Property Limited. All Rights Reserved. 77.5 78.0 3Q FY25 3Q FY26 67.4 69.1 3Q FY25 3Q FY26 77.2 74.0 3Q FY25 3Q FY26 Asia Pacific (ex - Thailand) Thailand 2 EMEA AOR (%) ADR ($) RevPAR ($) 164.5 145.7 11.4% 3Q FY25 3Q FY26 230.6 236.6 2.6% 3Q FY25 3Q FY26 111.9 102.1 8.8% 3Q FY25 3Q FY26 178.8 184.5 3.2% 3Q FY25 3Q FY26 163.8 151.8 3Q FY25 3Q FY26 3.2 pp 1.7 pp Recurring income – Hospitality 11 Geographic diversification moderates seasonal volatility in hospitality performance 114 operational properties across 20 countries ~17,000 units in operation ~4,600 units in the pipeline APAC : RevPAR down Y - o - Y on softer ADR in China and Malaysia, the ramp - up of Frasers House following an operator change and the May 2025 deflagging of Fraser Place Robertson Walk, partly offset by stronger performance in Japan and Australia; Q - o - Q performance softened outside Japan, where demand was supported by the cherry blossom season RevPAR performance varied across regions, reflecting seasonality and market - specific factors Thailand : RevPAR down Y - o - Y on softer ADR following the divestment of W Hotel Bangkok, a relatively high - ADR asset, and weaker corporate and MICE demand, partially offset by improved occupancy; Q - o - Q performance reflected similar trends 212.1 205.1 3Q FY25 3Q FY26 3.3% 2. As reported by FPT; excluding assets at One Bangkok . 7.3% 0.5 pp EMEA : RevPAR up Y - o - Y, supported by strong long - stay and group demand in the UK and continued strength in Germany's corporate and public segments; Q - o - Q performance improved from the seasonally softer Q2 OpCo 1 1. Including properties under management contracts. PropCo
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© Frasers Property Limited. All Rights Reserved. Maintaining focus on active capital management 12 Debt maturity profile (In $m) Second data point First data point CHARTS ( custom colours under Shape Fill) 1. Gross debt. 2. Includes net debt of consolidated SGX - listed REITs. 3. Includes non - controlling interests (primarily related to consolidated SGX - listed REITs) and perpetual securities. 4. Includes cash and bank deposits classified under assets held for sale, if any. • Key metrics remained stable • Keen focus on debt capital management to ensure prudent leverage • Well - positioned to repay and/or refinance debt • Continuing efforts to extend debt maturities with focus on green and sustainable financing 914 4,583 3,799 3,494 2,666 2,602 FY26 FY27 FY28 FY29 FY30 >FY30 $2.0 b Cash and bank balances 4 FY25 = $2.4 b $1.0 b Pre - sold revenue FY25 = $1.4 b 93.6% Net debt 2 / total equity 3 FY25 = 89.2% 44.9% Net debt 2 / property assets FY25 = 43.7% Total debt including listed REITs: $18,058 m 1
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© Frasers Property Limited. All Rights Reserved. 13 13 How we are positioned amid global developments Adapt to evolving business environment to ensure sustainable competitive edge Growing headwinds and uncertainty Energy disruptions and trade frictions arising from Iran war Interest rate and currency volatility Strengthening resilience and future - proofing operations Further intensify focus on three pillars to deliver sustainable value: CREATING VALUE Maintain development exposure in resilient residential and I&L markets SUSTAINING VALUE Maintaining the sustainability and quality of recurring income from the investment portfolio UNLOCKING VALUE Timely capital recycling responding to market dynamics Energy cost exposure actively managed through hedging and tenant cost recovery mechanisms , limiting near - term financial impact Development and AEI decisions factor in detailed cost and risk assessment Green - certified portfolio supports energy efficiency and long - term financial resilience: 62% of operating assets (by GFA) certified or pursuing certification as of FY25 Consistent hedging policy mitigates impact of potential rising interest rates from renewed inflationary pressures and financial market volatility Natural hedge strategy in place to manage heightened currency volatility Embedded ‘Group Enterprise Risk Management Framework’ integrates risk management, sustainability and strategy Developing AI capability to enhance operational and decision - making agility across asset performance, service delivery and risk management Investments in greener, energy - efficient assets strengthen long - term asset competitiveness amid climate risk and higher energy costs, guided by Climate and Nature Transition Plan
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© Frasers Property Limited. All Rights Reserved. © Frasers Property Limited. All Rights Reserved. Glossary Divider slide option 1 ( ensure consistency of dividers throughout presentation ) Frasers Property Logistics Center (Bangplee 3), Samut Prakan, Thailand © Frasers Property Limited. All Rights Reserved.
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© Frasers Property Limited. All Rights Reserved. Glossary FCT : Frasers Centrepoint Trust FHT : Frasers Hospitality Trust FLCT : Frasers Logistics & Commercial Trust FPA : Frasers Property Australia FPHT : Frasers Property Holdings Thailand Co., Ltd FPI : Frasers Property Industrial FPL or Frasers Property : Frasers Property Limited FPT : Frasers Property (Thailand) Public Company Limited FPV : Frasers Property Vietnam FTREIT : Frasers Property Thailand Industrial Freehold & Leasehold REIT GVREIT : Golden Ventures Leasehold Real Estate Investment Trust The Group : Frasers Property Limited, together with its subsidiaries Other acronyms ADR : Average daily rate AEI : Asset enhancement initiative AOR : Average occupancy rate APAC : Asia Pacific APBFE : Attributable profit before fair value change and exceptional items ARR : Average rental rate AUM : Assets under management EBITDA : Profit before interest, fair value change, tax, exceptional items, depreciation and amortisation EI : Exceptional items EPS : Earnings per share EU: European Union EMEA: Europe, Middle East and Africa FV : Fair value FY : Financial year GDP : Gross domestic product GDV : Gross development value GFA: Gross floor area I&L : Industrial & logistics JO : Joint operation JV : Joint venture MICE : Meetings, incentives, conferences and exhibitions N/M : Not meaningful NCI : Non - controlling interests NLA : Net lettable area NSW : New South Wales PBIT : Profit before interest, fair value change, tax and exceptional items PDA : Project development agreement QLD : Queensland Q - o - Q : Quarter - on - quarter pp : Percentage point REIT : Real estate investment trust ROI : Return on investment RevPAR : Revenue per available room sqm : Square metres TOP: Temporary occupation permit UK : United Kingdom VIC : Victoria WALE : Weighted average lease expiry Y - o - Y : Year - on - year Frasers Property entities 15
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© Frasers Property Limited. All Rights Reserved. Glossary (continued) Additional notes on financials • In the tables, the arrow direction indicates the increase (up) or decrease (down) of the absolute figure. The colour indicates if the change is positive (champagne colour ), negative (red) or neutral (black). Any change over 200% is indicated as N/M. • In the tables and charts, any discrepancy between individual amount and the aggregate is due to rounding. • Profit & loss and balance sheet numbers include the Group’s SGX - listed REITs as they are consolidated, SET - listed REITs are equi ty accounted as associates, unless otherwise stated. • All numbers are for the reporting period unless otherwise stated. • PBIT includes the Group’s share of fair value change and exceptional items of JVs and associates, unless otherwise stated. • Property assets comprise investment properties, property, plant and equipment, investments in JVs and associates, shareholder lo ans to/from JVs and associates, properties held for sale and assets held for sale. • AUM comprises property assets in - market in which the Group has an interest, including assets held by its listed REITs and Staple d Trust, JVs and associates. • All exchange rates are as at period end, unless otherwise stated. o S$/A$ : 0.8952 (FY25 – S$/A$ : 0.8532) o S$/ € : 1.4780 (FY25 – S$/ € : 1.5136) o S$/THB : 0.0389 (FY25 – S$/THB : 0.0402) o S$/1,000 VND : 0.049240 (FY25 – S$/1,000 VND : 0.049020) o S$/RMB : 0.1906 (FY25 – S$/RMB : 0.1815) o S$/£ : 1.7159 (FY25 – S$/£ : 1.7343) o S$/RM : 0.3151 (FY25 – S$/RM : 0.3074) o S$/ ¥ : 0.008010 (FY25 – S$/ ¥ : 0.008637) Additional notes on business operations • Unrecognised revenue, units sold and contracts on hand include options signed, unless otherwise stated. • Unrecognised revenue include subsidiaries at gross (100%) and JVs, associates, JOs and PDAs at the Group’s interest. • Units sold and contracts on hand stated at gross (100%). • Portfolio metrics reflect portfolio metrics of respective AUM. • Hospitality units/keys include owned and/or managed assets, namely serviced apartment, premium rental apartment and hotel uni ts; and assets held by FHT. • All references to REITs includes the Group’s listed REITs and Stapled Trust. 16
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© Frasers Property Limited. All Rights Reserved. © Frasers Property Limited. All Rights Reserved. © Frasers Property Limited. All Rights Reserved. Inspiring experiences, creating places for good. © Frasers Property Limited. All Rights Reserved.