Frasers Property (TQ5) H1 2026 earnings summary

Executive summary

• Attributable profit for 1H FY26 was $88.4 million, impacted by a $38.2 million impairment in Thailand and the absence of Sky Eden @ Bedok's contribution after its TOP in September 2025.

• Excluding a one-off tax reversal in 1H FY25, attributable profit rose 77% year-over-year, driven by higher PBIT from residential, industrial, and land sales.

• PBIT rose 13.2% to $678.7 million, led by residential projects in Singapore, Australia, China, and industrial land sales in Thailand.

• Disciplined execution focused on quality earnings, strategic alignment, and capital recycling, with significant divestments and new project launches across key markets.

• Progressed asset enhancement and capital recycling, including divestments in Australia and a collective sale award in Singapore.

Financial highlights

• Revenue for 1H FY26 was $1,508.6 million, down 5.2% year-over-year.

• EBITDA increased 12.7% to $719.6 million; PBIT rose 13.2% to $678.7 million.

• Attributable profit dropped 37.8% to $88.4 million due to exceptional items; EPS after fair value and exceptional items was 2.0 cents, down 42.9%.

• Net asset value per share was $2.40, up from $2.37 at FY25.

• Net debt/total equity increased to 94.2% from 89.2%, mainly due to redemption of perpetual securities and capex.

Outlook and guidance

• Focus remains on maintaining development exposure in resilient residential and industrial & logistics markets, with disciplined asset management and capital recycling.

• Recurring income underpins 76% of PBIT, with ongoing asset management and capital recycling to support earnings resilience.

• Management expects global growth to weaken in 2026, with downside risks from geopolitical tensions, inflation, and trade barriers.

• No interim dividend declared due to the uncertain business environment; full-year dividend to be assessed later.

• Residential pipeline provides strong earnings visibility with $1.1 billion in unrecognised revenue.