We are a multinational investor-developer-operator of real estate products and services.

Our multinational businesses operate across five asset classes, namely, commercial & business parks, hospitality, industrial & logistics, residential and retail. The Group has businesses in Southeast Asia, Australia, Europe and China, and its well-established hospitality business owns and/or operates serviced apartments and hotels in 20 countries across Asia, Australia, Europe, the Middle East and Africa.

Listed on the Main Board of the Singapore Exchange Securities Trading Limited ("SGX-ST") and headquartered in Singapore, Frasers Property is the sponsor of two real estate investment trusts ("REITs") listed on the SGX-ST, Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust, respectively focused on retail, and industrial & commercial properties.

In addition, the Group sponsors two REITs listed on the Stock Exchange of Thailand. Frasers Property (Thailand) Public Company Limited is the sponsor of Frasers Property Thailand Industrial Freehold & Leasehold REIT, which is focused on industrial & logistics properties in Thailand, and Golden Ventures Leasehold Real Estate Investment Trust, which is focused on commercial properties in Thailand.

The Company's policy is to recommend dividends of up to 75% of the Company's net profit after tax after considering a number of factors, including the Company's level of cash and reserves, results of operations, business prospects, capital requirements and surplus, general financial condition, contractual restrictions, the absence of any circumstances which might reduce the amount of reserves available to pay dividends and other factors considered to be relevant by the Board, including the expected financial performance of the Company.

Following the amendments to Rule 705(2) of the Listing Manual of the Singapore Exchange Securities Trading Limited which took effect from 7 February 2020, Frasers Property Limited changed to half-yearly reporting with immediate effect as of 13 May 2020.

We remain committed to engaging the investment community through clear, timely, as well as consistent communications, and will provide first and third quarter business updates. We will continue to keep shareholders updated on material developments relating to the Group in compliance with our continuing disclosure obligations.

Online versions of published annual reports can be accessed here.

The mailing of annual reports to shareholders en masse has been discontinued in line with our sustainability strategy, and we hope you will join us in our sustainability efforts and embrace e-communications. Nonetheless, if you would like a hard copy of the annual report, you can request for one via the "Contact us" page or write in to ir@frasersproperty.com.

Information on our retail bonds can be found on the "Retail bonds" page.

At Frasers Property, we focus on creating long-term sustainable value for our stakeholders. In the past decade, we have reshaped our portfolio to create competitive and distinctive business platforms, strengthened by diverse asset classes across geographies.

In today's volatile global economy, characterised by inflationary pressures, higher interest rates, and geopolitical tensions reshaping markets worldwide, it is essential for us to embrace a more agile and forward-thinking strategic approach. The real estate sector is also undergoing a transformative shift, with an increasing emphasis on the built environment's role in societal resilience and a growing demand for sustainable and flexible spaces. Adapting to these evolving conditions and anticipating future trends is critical for maintaining our competitive edge.

As we face macroeconomic uncertainties, the next phase of our journey is on delivering sustainable value creation. At Frasers Property, sustainable value creation is built on three essential pillars - creating value, sustaining value, and unlocking value. Our integrated model as an investor, developer, and operator enables us to tap our capabilities across the real estate value chain, capturing opportunities for value creation and enhancing the resilience of our income streams over time.

Creating and sustaining value in this market environment requires a multifaceted approach. Our development capabilities are integral to our value creation strategy as we use our deep market insights to align both our residential and non-residential offerings with evolving market demands.

While residential development remains a key focus, we adopt a prudent approach, emphasising segments with robust domestic demand and utilising capital-efficient structures. By participating in joint ventures from the tender stage and bringing in capital partners for ongoing projects, we can deploy capital across more projects and manage both risks and the distribution of residential development contributions.

FY24 exemplifies this approach. While residential contributions boosted performance, unrecognised revenue was below our five-year average due to the timing of launches. Despite these fluctuations, our strong business platforms and their established local networks position us well to select and manage projects that deliver attractive returns.

Beyond residential development, we leverage our capabilities in non-residential asset classes with a build-to-core approach, creating value via development uplifts. The Group's development of industrial and logistics (I&L) assets ensures a robust recurring income base of high-quality assets in strategic locations. As at 30 September 2024, 88% of the Group's property assets and 74% of the Group's FY24 PBIT are from recurring income asset classes.

Sustaining value enhances the performance of our existing assets through active asset management and customer-centric property management practices. By continuously reviewing the strategic plan for each asset, we ensure our properties remain relevant and appealing, generating stable income streams and supporting the long-term value of our investment properties.

We will gradually increase the Group's development exposure in both residential and selected non-residential asset classes, exploring opportunities across greenfield sites, redevelopments, and asset repurposing to generate the best risk-adjusted returns. This transition will take time, and our approach will be measured and deliberate.

Real estate investing is inherently capital intensive, and active capital management is crucial for enhancing returns. At Frasers Property, we are committed to recycling capital within our portfolio for reinvestment into opportunities that allow us to enhance the returns and resilience of our portfolio.

In FY24, the Group undertook asset transactions totalling $1.8 billion. This included the divestment of our stake in NEX, a suburban retail mall in Singapore, to FCT and four German I&L properties to FLCT. Our disciplined approach to capital recycling through the Group's REITs consistently unlocks capital while continuing to create value for our broader investor base. In fact, since our listing in FY14, we have recycled approximately $9.0 billion via the Group's REITs. We also divest assets to the market, as seen with Fraser Residence River Promenade and Capri by Fraser, Changi City this year.

Additionally, we focus on holding investment properties and development projects through capital-efficient structures to optimise capital and manage risk. In FY24, we entered into six capital partnerships, bringing our total to 37 investment properties and development projects held under such partnerships by the end of the financial year. We will continue to seek collaboration opportunities to further enhance our capital efficiency.

Recognising the significant embedded value within our balance sheet, we identify assets suitable for redevelopment to enhance value. A recent example is our announcement of the redevelopment of Robertson Walk and Fraser Place Robertson Walk into a residential and lifestyle hub.

Our Purpose - Inspiring experiences, creating places for good. - continues to guide us in advancing our Environmental, Social, and Governance (ESG) goals, with a critical focus on enhancing our business resilience against climate risks. This year, we have made substantial strides, supported by the development of innovative internal tools and frameworks that enable action across the Group. Our decarbonisation tool helps assess our decarbonisation pathways and evaluate its associated cost-benefit. Meanwhile, our Climate Value at Risk platform allows us to factor climate considerations in how we manage our risks and portfolio. We are also developing the Group's Climate and Nature Transition Plan, including an internal Nature Framework for future nature-related disclosures, and formalising a Social Value Strategy to provide a common framework for the Group.

A landmark achievement this year was our partnership with SP Group to install solar panels across seven of our retail and commercial properties in Singapore. This initiative marks the largest single solar panel roll-out for retail malls in Singapore. Our commitment to enhancing property resilience is further validated by our green certifications, and we continue to engage our suppliers through our Responsible Sourcing Policy to drive sustainability across our value chain.

The effectiveness of our ESG initiatives is reflected in our GRESB 2024 assessment results, where we secured six global and regional sector leadership positions. This marks the fourth consecutive year that all listed and non-listed units of Frasers Property, including our five REITs, have participated in GRESB for targeted sector benchmarking.

Our journey towards sustaining value creation is a shared challenge across industries and geographies. We are leveraging our position in the value chain to collaborate with stakeholders, creating shared value for our planet and society while maintaining a focus on financial returns for our shareholders. We believe that this strong commitment to sustainability will ultimately enhance our business resilience. By anchoring to our Purpose and focusing on engaging with and delivering better outcomes for our stakeholders, Frasers Property can deliver long-term value creation and resilience.

We are making steady progress on our journey toward sustainable value creation. Our residential development efforts will proceed at a measured pace, calibrated to local market conditions, while we maintain a robust build-to-core pipeline. By prioritising active asset management and customer-centric approaches, we will drive returns from our investment properties. Unlocking value will remain a key priority as we optimise the Group's capital efficiency, sustain our recurring earnings base, and enhance our risk-adjusted returns.

While we remain cautious about the macroeconomic environment, we have taken steps to enhance our agility and strategic focus to better navigate the challenges ahead. Early in the year, we made organisational changes to better harness our Group scale and synergies, strengthen business resilience, and build further on our geographical and asset class strengths.

While we continue to enhance our operating model, we are also optimising our resourcing and capabilities to drive a high-performing organisation as one enterprise. Our strategic priorities are clear: to drive sustainable value creation, optimise capital efficiency, and enhance our portfolio returns. By staying true to these priorities and continuously adapting to market conditions, we ensure that Frasers Property remains resilient and well-positioned for the future.

Executing this will require the organisational backbone of the right people, processes, systems, and execution discipline. All of these will go a long way in supporting our ability to deliver lasting value to our stakeholders.

Frasers Property's profit before interest, fair value change, tax and exceptional items ("PBIT") for the first half-year ended 31 March 2026 ("1H FY26") rose 13.2% to $678.7 million, driven by residential projects in Singapore, Australia and China, industrial estate land sales in Thailand, non-core land sales in Australia, and higher retail contribution from Singapore following the increased stake in Northpoint City South Wing in May 2025. Attributable profit was impacted by an impairment on an investment in Thailand of $38.2 million. Excluding a one-off tax provisions reversal in 1H FY25, attributable profit rose 77% year-on-year.

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For the half year ended 31 March 2026, the Group's net debt to total equity ratio stood at 94.2% (30 September 2025: 89.2%). The higher net debt to total equity ratio was mainly due to the redemption of perpetual securities in January 2026. The net debt to equity ratio is derived based on consolidated net debt (including 100% of the net debt of consolidated SGX-listed REITs) as the numerator, divided by total equity of the Group (including non-controlling interests ("NCI"), primarily related to consolidated SGX-listed REITs, and perpetual securities) as the denominator. The Group does not use equity attributable to owners of the Company as the denominator as comparing consolidated net debt to equity that excludes NCI is a mismatch in basis and would result in an inaccurate reflection of the Group's net gearing. Net debt to property assets ratio stood at 45.5% (30 September 2025: 43.7%).

Fixed-rate debt comprised 69.4% of the Group's total debt, which had an average weighted debt maturity of 2.5 years and blended cost of debt of 3.8% per annum. Net asset value per share as at 31 March 2026 rose to $2.40 (30 September 2025: $2.37).

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Disciplined development for better risk-adjusted returns

The Group grew its development exposure selectively, focusing on well-located sites in markets with strong underlying fundamentals. Partnerships remain central to its residential development strategy, as demonstrated by the acquisitions via joint ventures of a residential site at Suhewan in Shanghai, China and the Kallang Close government land sales site, a rare city-fringe waterfront location in Singapore.

The residential development pipeline provided strong earnings visibility, with unrecognised revenue of S$1.1 billion as at 31 March 2026. The Group also advanced its build-to-core strategy with approximately 1,067,000 sqm of industrial and logistics development pipeline in key markets, of which ~33,000 sqm was delivered in 1H FY26.

Active asset and portfolio management underpinning recurring income

Recurring income accounted for approximately 76% of 1H FY26 PBIT, supported by active asset and portfolio management. During the period, the Group progressed asset enhancement initiatives across selected hospitality and Singapore suburban retail assets to support income quality. Ongoing portfolio rebalancing across markets and asset classes reinforces earnings quality and supports resilience through economic and real estate cycles.

Systematic capital recycling and value realisation

Capital recycling is central to the Group's portfolio management. In the current operating environment, Frasers Property has maintained its focus on value realisation. The Group continued to realise value through multiple pathways, including recycling via the Group's strategic REITs platform, leveraging capital partnerships, third-party divestments and redevelopment and value-add initiatives. Notably, in April 2026, Frasers Property completed the divestments of its first built-to-rent development, Brunswick & Co, in Queensland, Australia, as well as Burwood Brickworks Shopping Centre in Victoria, Australia. Meanwhile, in Singapore, the award of the collective sale tender for the leasehold rear plot of The Centrepoint in February 2026 now allows the Group to assess broader rejuvenation opportunities for the area.

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Frasers Property's operating platforms, people and standards support consistent execution across the Group. In Thailand, the operational integration of Frasers Property Thailand and One Bangkok platforms has strengthened its scale and resilience. At the Group level, continued investment in leadership and capability building, including the appointment of a Group Chief Operating Officer, effective 1 October 2026, deepens its execution depth and supports more focused delivery of strategic priorities.

Together, these efforts reflect clear progress in strategy execution, risk management and sustainable value creation, positioning the Group to adapt and operate through a more uncertain global environment. Heightened geopolitical tensions are contributing to energy disruptions, trade frictions and renewed inflationary pressures, underscoring the importance of disciplined execution and portfolio resilience.