We are pleased to present FCT’s Annual Report for the financial year 2025. Despite an uncertain operating environment, FY25 was a defining year for FCT, marked by notable accomplishments and strategic initiatives that strengthened the trust’s portfolio and reinforced its financial stability, positioning it for sustained long-term growth.

REVIEW OF FY25 PERFORMANCE

A strong set of results driven by the acquisition of Northpoint City South Wing and resilient operating performance

FCT delivered a strong set of results for FY25. Gross revenue rose 10.8% y-o-y to $389.6 million and NPI increased 9.7% to $278.0 million. The solid performance was underpinned by contributions from Northpoint City South Wing, following its acquisition in May 2025 and from Tampines 1, which completed its AEI in August 2024. The portfolio also saw broad-based improvements in both revenue and NPI. Distributions from investments, arising from FCT’s 50.0% interest in each of Waterway Point and NEX, grew 37.1% y-o-y. Correspondingly, total distributions to Unitholders increased 8.8% to $233.2 million. This translated to a DPU of 12.113 cents for FY25, up 0.6% from 12.042 cents for FY24, accounting for a larger unit base.

FCT maintained a healthy financial position with aggregate leverage at 39.6% as at 30 September 2025. The interest coverage ratio remained strong at 3.46 times, underscoring FCT’s prudent capital management. The average cost of borrowing in 4Q25 declined to 3.5% from 4.0% in 1Q25, bringing the full-year average cost of borrowing to 3.8%, down from 4.1% in FY24. The trust also has sufficient financial facilities to repay borrowings maturing in FY26, demonstrating continued balance sheet resilience.

The aggregate appraised value of FCT’s portfolio saw a 16.8%¹ uplift to approximately $8.2 billion due to the addition of Northpoint City South Wing and stronger performance across most malls. Excluding Northpoint City South Wing which was acquired in May 2025 and Yishun 10 Retail Podium which was divested in September 2025, on a like-for-like basis, the portfolio valuation increased by approximately 1.0% or $78 million.

Robust operating metrics underpinned by strong rental reversions and tenants’ sales

In FY25, FCT’s portfolio registered a robust set of operating performance. The portfolio achieved a positive average rental reversion of 7.8%² for FY25 on an average-to-average basis. Shopper traffic in FY25 grew 1.6%² y-o-y, while tenants’ sales rose 3.7%² y-o-y. Committed occupancy eased slightly to 98.1% as at 30 September 2025 from 99.7% as at 30 September 2024 due to the exit of Cathay Cineplexes at Causeway Point and Century Square. Excluding Cathay Cineplexes, portfolio committed occupancy would have remained strong at 99.9%.

Supported by a sustained leasing momentum, FCT continued to enhance its tenant mix and curate placemaking initiatives to excite shoppers, attract footfall and boost tenants’ sales. A total of 76 new-to-FCT brands, including both local and global brands, opened at our malls during the year. With improved tenants’ sales, the retail portfolio’s average occupancy cost remained healthy at 16.1% in FY25, providing headroom for future rental growth.

FY25 ACHIEVEMENTS

FY25 has been a fruitful year, both on the acquisition front as well as portfolio enhancement and organic growth opportunities.

Acquisition of Northpoint City South Wing cements FCT’s position as the largest owner of suburban retail malls in Singapore

The successful acquisition of Northpoint City South Wing on 26 May 2025 marked a significant milestone that reinforced FCT’s position as Singapore’s largest suburban retail space owner and granted the trust full ownership of both the North Wing and South Wing of Northpoint City. The consolidation of our ownership in the mall unlocks multiple value creation opportunities through AEIs, optimised tenant mix strategies and operational efficiencies. Today, FCT owns or jointly owns four of Singapore’s top ten largest suburban malls – NEX, Northpoint City, Causeway Point and Waterway Point – further anchoring its leadership in the suburban retail space.

To fund the acquisition, FCT raised approximately $421.3 million from an equity fund raising via private placement and preferential offering and issued $200 million in perpetual securities during the year. The private placement was four times subscribed, reflecting strong confidence and participation from new and existing institutional, accredited and other investors

Divestment of Yishun 10 Retail Podium

As part of our proactive portfolio reconstitution strategy, FCT divested Yishun 10 Retail Podium for $34.5 million, which was successfully completed on 23 September 2025. Net proceeds were used to pare down debt, reducing aggregate leverage and strengthening FCT’s financial position.

BUILDING ON OUR ESG MOMENTUM TO DRIVE LONG-TERM VALUE CREATION

Industry recognition for ESG progress

Building on our sustainability momentum, FCT was awarded the Regional Sector Leader (Listed) in the Asia, Retail category in the 2025 GRESB Real Estate Assessment, maintaining its 5-Star rating for the fifth consecutive year with an improved score compared to last year. FCT also maintained its “AA” rating from MSCI ESG Ratings. On the governance front, we are pleased to share that FCT was ranked 6th in the REIT & Business Trust category in the Singapore Governance & Transparency Index 2025.

The implementation of Singapore’s first circular economy food waste solution, the WasteMaster food waste valorisation system, across five of FCT’s malls reduced approximately 258,000 kilograms of food waste in FY25, equivalent to over 1.6 tonnes of carbon emissions avoidance. FCT’s solarisation programme atop eight malls generated 1,497 MWh³ of renewable energy in FY25, which can power about 348 four-room HDB flats for a year, representing an increase of over four times from FY24. All of FCT’s properties are also green-certified.

Stepping up our green financing efforts

In FY25, FCT expanded its sustainable financing efforts, aligning capital management with environmental objectives. During the year, it secured $694 million in green loans and green club loan facilities, and issued $80 million fixed-rate green notes due 2032 under the Sustainable Finance Framework, with proceeds earmarked for eligible sustainable projects and assets. With these initiatives in place, the proportion of green loans³ in FCT’s borrowings increased to 90.1% as at 30 September 2025, up from 82.8% the same period last year.

Enhancing our social impact through active community engagement

FCT continues to promote inclusivity and community engagement through various initiatives and collaborations with retail partners. Frasers Property Singapore’s Inclusion Champions Programme has expanded to 81 stores offering ‘calm hours’ to support persons with sensory needs, with 110 designated dementia go-to points. As part of the “Our Love Letter to Singapore” SG60 community campaign during the year, a total of $200,000 was raised across the Group and donated in support of Caregivers Alliance and SG Enable through Community Chest. Shoppers and tenants were also actively rallied during the campaign, fostering a strong sense of shared purpose and community spirit.

This year, we have published our sustainability report online and we invite you to explore the progress we have made on our ESG journey over the years.

ABUNDANT GROWTH OPPORTUNITIES

Looking ahead, we see multiple opportunities to unlock further value within FCT’s portfolio, leveraging our strong asset management and disciplined execution expertise.

On track for Hougang Mall AEI

The $51 million AEI at Hougang Mall, which commenced in April 2025, is progressing well and on track for completion by September 2026, with a 7% target return on investment. The AEI, which will add an additional 11,000 square feet of net lettable area approximately, aims to elevate the retail experience through new retail concepts and space optimisation. We are excited to share that more than 80% of overall AEI spaces have been pre-committed to date⁴ with 40% new-to-Hougang concepts.

Causeway Point and Northpoint City to benefit from transformative growth in Northern Singapore

The Urban Redevelopment Authority (URA) Master Plan 2025⁵ has outlined exciting redevelopment plans for Singapore’s northern region, including new housing, commercial developments, and green community spaces. The region is also poised to benefit from the Johor-Singapore Special Economic Zone (JS-SEZ) which is expected to drive cross-border growth and investment, creating new employment opportunities. To support the projected population growth in the northern region of Singapore, more than 50,000 residential units are expected to be completed over the next 10 to 15 years⁶.

In addition, new infrastructure developments, including the 21.5 km North-South Corridor, a fully integrated transport artery that will directly connect Singapore's northern towns to the city centre and a new interchange station at Sungei Kadut connecting the North-South and Downtown MRT lines, bode well for our malls in Singapore’s northern region, Causeway Point and Northpoint City. These infrastructural, commercial and residential developments are expected to underpin growth in footfall and tenants' sales over time.

The Johor Bahru-Singapore Rapid Transit System (RTS) is scheduled to commence end-2026, potentially reducing travel time from Singapore to Johor Bahru. Despite concerns about potential retail spending shifts towards Johor Bahru, we are confident that the opportunities from the upcoming developments in the northern region, supported by a growing working population and residential catchment and FCT’s proactive tenant mix strategy, will outweigh the potential competition.

In particular, Causeway Point is strategically located a stone’s throw away from Woodlands MRT Station, a key interchange for the North-South line and Thomson-East Coast line, and a regional bus hub. With the upcoming RTS link linked to Woodlands North Station on the Thomson-East Coast Line just one stop away, we expect increased footfall with higher residential and commuter traffic. This presents a compelling opportunity to enhance our retail and F&B offerings at Causeway Point, which is well-positioned to be the connection hub in the Woodlands region.

LOOKING AHEAD

The Singapore retail sector is expected to stay resilient, underpinned by population growth, rising household incomes, supportive government schemes and a limited supply of new retail space in Singapore. Anchored by Singapore’s resilient suburban retail landscape, FCT is well-positioned to continue delivering consistent performance and long-term value for our Unitholders.

CELEBRATING 20 YEARS OF LISTING

In July 2026, FCT will celebrate its 20th year of listing on the Singapore Exchange, a significant milestone for the trust. Since its IPO, FCT has grown from strength to strength, expanding from an initial portfolio of three malls worth under $1 billion, to 9 malls worth over $8 billion today. This growth has translated to a total return exceeding 340%⁷, surpassing the total returns from both the FTSE REIT Index and STI for the same period. FCT’s market capitalisation has also increased from $615 million at its IPO to over $4.7 billion⁸ today.

The achievements this year mark a defining point in FCT’s journey – one that stands as the culmination of two decades of disciplined execution, strategic foresight, and a steadfast commitment to value creation for our Unitholders. They also set a strong foundation and clear direction for years to come.

With a solid track record, robust financial position and a forward-looking approach to portfolio enhancement and acquisition growth, FCT is well-positioned to navigate Singapore’s evolving retail landscape. We are confident that the next chapter of our growth will build on the same principles that have underpinned our success thus far.

ACKNOWLEDGEMENTS

As we reflect on the past year, we extend our sincere appreciation to our shoppers, tenants, Unitholders and partners for their continued trust and support. We are deeply grateful to our dedicated colleagues whose commitment and diligence drive our business forward, and to our Board for their steadfast guidance. Most importantly, we want to thank our Unitholders for their unwavering confidence in our mission and strategic direction, as we continue to drive long-term growth for FCT.

Together, we remain steadfast in our vision and disciplined in our execution to create, sustain and unlock long-term value for our stakeholders.

Koh Choon Fah
Chairman

Richard Ng
Chief Executive Officer

1. Based on FCT's investment property portfolio (including Central Plaza), including proportionate share of NEX and Waterway Point.
2. Excludes Hougang Mall due to ongoing AEI works.
3. The total renewable energy generated in FY25 across all FCT properties, regardless of operational control.
   The green loans and total borrowings include FCT’s proportionate share of borrowings of its joint ventures.
4. Based on NLA of leases signed and in advanced negotiations as a percentage of total AEI NLA.
5. URA website, URA Master Plan 2025.
6. Independent Market Study undertaken by CBRE Research.
7. Total return based on Bloomberg data assuming the DPUs were reinvested.
8. FCT’s market capitalisation as at 30 September 2025.